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, 2006

This report on Form N-Q relates solely to the Registrant's Fidelity International Small Cap Fund, Fidelity International Small Cap Opportunities Fund, Fidelity International Discovery Fund, and Fidelity International Value Fund series (each, a "Fund" and collectively, the "Funds").

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® International Discovery Fund

July 31, 2006

1.804822.102

IGI-QTLY-0906

Investments July 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.5%

Shares

Value (000s)

Australia - 5.1%

AMP Ltd.

2,219,300

$ 15,322

Australia & New Zealand Banking Group Ltd.

871,800

16,867

Babcock & Brown Japan Property Trust

8,156,000

10,374

BHP Billiton Ltd.

2,656,100

56,044

Billabong International Ltd.

2,162,828

23,948

Commonwealth Bank of Australia

296,000

10,161

Computershare Ltd.

3,151,800

18,982

CSL Ltd.

606,250

24,504

Downer EDI Ltd.

3,246,297

18,631

Dyno Nobel Ltd.

1,156,300

2,153

Fosters Group Ltd.

4,060,500

16,739

Macquarie Airports unit

2,051,846

4,842

Macquarie Bank Ltd.

420,000

19,905

Macquarie Communications Infrastructure Group unit

1,632,940

7,583

Macquarie Infrastructure Group unit

1,680,541

3,503

Mortgage Choice Ltd.

1,123,400

2,135

Multiplex Group unit

6,100,300

16,687

National Australia Bank Ltd.

1,216,500

33,288

QBE Insurance Group Ltd.

1,230,667

20,793

Seek Ltd.

2,000,000

7,203

Sydney Roads Group unit

560,180

442

Transurban Group unit

952,767

5,169

Woolworths Ltd.

1,727,500

25,203

TOTAL AUSTRALIA

360,478

Austria - 0.7%

Austriamicrosystems AG (a)

111,000

6,025

C.A.T. oil AG Bearer

201,300

4,050

Oesterreichische Elektrizitaetswirtschafts AG (Verbund)

160,500

7,764

OMV AG

379,500

23,278

Telekom Austria AG

472,700

10,681

TOTAL AUSTRIA

51,798

Belgium - 0.2%

Almancora SCA (Certificaten Van Aandelen)

131,700

17,344

Bermuda - 0.1%

Catlin Group Ltd.

486,300

3,979

Ports Design Ltd.

2,005,000

3,045

TOTAL BERMUDA

7,024

Common Stocks - continued

Shares

Value (000s)

Brazil - 0.1%

Banco Nossa Caixa SA

256,500

$ 5,425

CSU Cardsystem SA sponsored ADR (e)

158,000

2,521

TOTAL BRAZIL

7,946

Cayman Islands - 0.5%

Foxconn International Holdings Ltd. (a)

5,711,000

13,274

GlobalSantaFe Corp.

283,300

15,562

Himax Technologies, Inc. sponsored ADR

158,800

1,027

Xinao Gas Holdings Ltd.

5,392,000

5,135

TOTAL CAYMAN ISLANDS

34,998

China - 0.5%

Bank of China Ltd. (H Shares)

10,737,000

4,740

China Shenhua Energy Co. Ltd. (H Shares)

5,943,500

10,694

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

238,791

2,426

Focus Media Holding Ltd. ADR

281,700

17,637

TOTAL CHINA

35,497

Denmark - 0.3%

Vestas Wind Systems AS (a)

670,200

18,070

Finland - 1.8%

Citycon Oyj

692,322

3,360

Fortum Oyj

964,500

26,143

Metso Corp.

294,800

10,630

Neste Oil Oyj

1,072,050

36,973

Nokia Corp. sponsored ADR

2,683,300

53,264

TOTAL FINLAND

130,370

France - 12.6%

Alcatel SA (RFD)

1,089,900

12,294

Alstom SA (a)

344,200

29,875

April Group

354,700

17,670

AXA SA

1,209,666

41,600

BNP Paribas SA

433,539

42,198

Carrefour SA

888,400

55,389

Compagnie Generale de Geophysique SA (a)

156,799

27,099

Electricite de France

318,800

16,423

Groupe Danone

228,600

30,222

Icade SA

254,900

11,783

L'Oreal SA

539,300

54,042

Louis Vuitton Moet Hennessy (LVMH)

338,000

33,957

Common Stocks - continued

Shares

Value (000s)

France - continued

Neopost SA

291,400

$ 31,732

Nexity

424,250

24,300

Orpea (a)(d)

279,164

19,256

Pernod Ricard SA

230,900

48,075

Renault SA

470,300

51,393

Sanofi-Aventis sponsored ADR

1,013,100

48,011

Schneider Electric SA

197,100

20,267

Societe Generale Series A

302,400

45,116

SR Teleperformance SA

230,684

8,802

Suez SA (France)

1,147,200

47,566

Total SA Series B

1,509,776

103,012

Veolia Environnement

283,300

15,387

Vinci SA

273,400

27,781

Vivendi Universal SA sponsored ADR

1,039,400

35,090

TOTAL FRANCE

898,340

Germany - 8.8%

ADVA AG Optical Networking (a)

279,500

2,353

Allianz AG (Reg.)

441,830

69,500

Bayer AG sponsored ADR

1,005,300

49,491

Bilfinger Berger AG

260,300

13,596

Continental AG

93,400

9,544

Deutsche Boerse AG

243,700

34,600

Deutsche Postbank AG

277,100

20,264

E.ON AG

789,000

95,082

Fresenius Medical Care AG

144,900

17,361

GFK AG

288,897

10,148

Hugo Boss AG

43,200

1,825

Hypo Real Estate Holding AG

179,368

9,976

Infineon Technologies AG sponsored ADR (a)

2,707,400

29,132

KarstadtQuelle AG (a)(d)

297,300

6,995

Linde AG

379,228

32,044

Merck KGaA

193,100

17,616

MPC Muenchmeyer Petersen Capital AG

50,500

3,658

MTU Aero Engines Holding AG

337,500

12,002

Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)

185,100

25,495

Pfleiderer AG

1,097,696

25,940

Premiere AG (a)(d)

907,900

11,249

Puma AG

44,800

16,247

Q-Cells AG (d)

143,000

10,240

RWE AG

620,119

54,473

SAP AG

49,800

9,089

Common Stocks - continued

Shares

Value (000s)

Germany - continued

SGL Carbon AG (a)

632,300

$ 11,647

SolarWorld AG (d)

142,400

7,783

Wincor Nixdorf AG

117,800

15,541

TOTAL GERMANY

622,891

Greece - 0.3%

EFG Eurobank Ergasias SA

374,100

10,561

Greek Organization of Football Prognostics SA

359,130

13,037

TOTAL GREECE

23,598

Hong Kong - 0.8%

Chaoda Modern Agriculture (Holdings) Ltd.

12,600,000

6,811

CNOOC Ltd.

21,546,300

18,500

Esprit Holdings Ltd.

3,746,000

28,492

TOTAL HONG KONG

53,803

India - 0.4%

Infosys Technologies Ltd.

711,488

25,331

Indonesia - 0.1%

PT Perusahaan Gas Negara Tbk Series B

5,903,500

7,680

Ireland - 0.9%

AgCert International (a)

1,462,000

4,711

Allied Irish Banks PLC

910,700

21,875

C&C Group PLC

2,070,005

21,682

Paddy Power PLC (Ireland)

623,197

10,404

Ryanair Holdings PLC sponsored ADR (a)

128,600

7,267

TOTAL IRELAND

65,939

Israel - 0.4%

Bank Hapoalim BM (Reg.)

2,497,200

11,167

Ormat Industries Ltd.

1,771,900

18,272

TOTAL ISRAEL

29,439

Italy - 3.2%

Azimut Holdings Spa

401,017

4,089

Banca Credit Firenze

2,548,526

7,162

ENI Spa

288,800

8,863

ENI Spa sponsored ADR

401,950

24,672

FASTWEB Spa

262,300

10,149

Fiat Spa (a)

2,195,000

31,063

Geox Spa

802,030

9,557

Lottomatica Spa

869,825

32,321

Common Stocks - continued

Shares

Value (000s)

Italy - continued

Mediobanca Spa

391,500

$ 7,953

Milano Assicurazioni Spa

1,947,700

13,338

Pirelli & C. Real Estate Spa

235,100

13,198

Saras Raffinerie Sarde Spa

701,500

4,422

Unicredito Italiano Spa

8,207,800

63,168

TOTAL ITALY

229,955

Japan - 17.8%

Aeon Co. Ltd.

1,499,400

34,984

Aeon Fantasy Co. Ltd.

19,400

723

Asics Corp.

1,396,000

13,796

Canon, Inc.

1,165,350

55,999

Credit Saison Co. Ltd.

188,700

8,180

Daiwa House Industry Co. Ltd.

939,000

15,299

Daiwa Securities Group, Inc.

2,659,000

29,709

East Japan Railway Co.

3,017

22,447

Fanuc Ltd.

288,900

24,090

Fast Retailing Co. Ltd.

149,500

12,166

Fullcast Co. Ltd. (d)

1,334

3,956

Honda Motor Co. Ltd.

536,700

17,684

Hoya Corp.

800,000

27,981

Japan Tobacco, Inc.

10,045

38,463

JSR Corp.

412,600

9,717

JTEKT Corp.

659,000

12,301

Kahma Co. Ltd. (d)

350,300

8,143

Kansai Urban Banking Corp.

1,288,000

5,078

Keyence Corp.

82,600

18,854

Kose Corp.

175,300

5,902

Matsushita Electric Industrial Co. Ltd.

2,184,000

45,296

Mitsubishi Estate Co. Ltd.

1,001,000

20,736

Mitsubishi UFJ Financial Group, Inc.

3,395

47,360

Mitsui & Co. Ltd. (d)

2,155,000

32,837

Mitsui Fudosan Co. Ltd.

1,385,000

29,415

Mizuho Financial Group, Inc.

7,321

61,493

Nidec Corp. (d)

131,900

9,365

Nikko Cordial Corp.

620,000

7,392

Nintendo Co. Ltd.

320,900

59,926

Nippon Electric Glass Co. Ltd.

414,000

9,244

Nippon Oil Corp.

1,544,000

12,093

Nishimatsuya Chain Co. Ltd.

141,800

2,702

Nissan Motor Co. Ltd. (d)

1,373,400

14,798

Nitto Denko Corp.

205,700

14,945

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Nomura Holdings, Inc.

433,500

$ 7,725

NSK Ltd.

1,893,000

14,513

NTT DoCoMo, Inc.

14,945

21,730

Omron Corp.

555,800

13,986

ORIX Corp.

206,040

54,004

Shin-Etsu Chemical Co. Ltd.

57,600

3,336

Sompo Japan Insurance, Inc.

2,002,000

27,048

Sony Corp. sponsored ADR

583,100

26,817

St. Marc Holdings Co. Ltd.

83,900

5,452

Sugi Pharmacy Co. Ltd. (d)

546,800

10,087

Sumco Corp.

373,900

21,720

Sumitomo Electric Industries Ltd.

1,786,100

23,415

Sumitomo Metal Industries Ltd.

4,099,000

16,375

Sumitomo Mitsui Financial Group, Inc.

5,877

62,538

Sumitomo Trust & Banking Co. Ltd.

1,452,000

15,413

T&D Holdings, Inc.

378,050

30,040

Takeda Pharamaceutical Co. Ltd.

698,600

45,091

The Sumitomo Warehouse Co. Ltd. (d)

338,000

2,258

Token Corp.

78,400

5,505

Tokuyama Corp.

523,000

6,947

Tokyo Tomin Bank Ltd.

40,700

1,796

Toyota Motor Corp.

1,677,000

88,227

Valor Co. Ltd.

147,400

2,616

Yamada Denki Co. Ltd.

255,400

24,838

TOTAL JAPAN

1,264,551

Korea (South) - 1.3%

Kookmin Bank

258,550

22,576

Korean Reinsurance Co.

946,600

10,902

LG Household & Health Care Ltd.

177,780

13,718

NHN Corp. (a)

246,216

27,376

Shinhan Financial Group Co. Ltd.

314,820

15,491

Shinsegae Co. Ltd.

7,900

3,904

TOTAL KOREA (SOUTH)

93,967

Luxembourg - 0.2%

SES Global unit

1,085,903

14,703

Mexico - 0.2%

Urbi, Desarrollos Urbanos, SA de CV (a)

4,121,400

10,697

Netherlands - 2.0%

Fugro NV (Certificaten Van Aandelen) unit

418,300

17,948

Common Stocks - continued

Shares

Value (000s)

Netherlands - continued

ING Groep NV (Certificaten Van Aandelen)

1,334,044

$ 54,029

Koninklijke KPN NV

2,772,000

31,478

Koninklijke Numico NV

461,400

22,137

Randstad Holdings NV

198,700

10,891

Tele Atlas NV (Netherlands) (a)

132,400

2,144

TOTAL NETHERLANDS

138,627

Norway - 1.9%

DnB NOR ASA

928,300

11,765

Norsk Hydro ASA

1,370,500

39,607

ProSafe ASA

329,200

19,523

Renewable Energy Corp. AS

756,200

10,167

Statoil ASA

511,800

15,176

TANDBERG ASA

1,789,900

16,722

Telenor ASA

1,897,200

24,198

TOTAL NORWAY

137,158

Portugal - 0.2%

Energias de Portugal SA

4,219,400

16,708

Russia - 0.3%

Novatek JSC GDR (e)

66,900

3,131

OAO Gazprom sponsored ADR

427,000

17,829

TOTAL RUSSIA

20,960

Singapore - 0.5%

Ascendas Real Estate Investment Trust (A-REIT)

4,630,000

5,689

HTL International Holdings Ltd.

7,187,500

5,326

Keppel Corp. Ltd.

1,166,000

11,299

Sembcorp Marine Ltd.

5,118,000

10,827

Singapore Exchange Ltd.

694,000

1,626

TOTAL SINGAPORE

34,767

South Africa - 0.2%

FirstRand Ltd.

2,253,800

5,603

Steinhoff International Holdings Ltd.

2,419,100

7,417

TOTAL SOUTH AFRICA

13,020

Spain - 3.7%

Altadis SA (Spain)

379,400

17,955

Antena 3 Television SA

554,756

12,068

Banco Bilbao Vizcaya Argentaria SA

3,378,000

72,053

Banco Santander Central Hispano SA

3,660,200

55,450

Common Stocks - continued

Shares

Value (000s)

Spain - continued

Gestevision Telecinco SA

256,800

$ 6,246

Inditex SA

1,032,600

44,859

Telefonica SA

3,291,100

55,587

TOTAL SPAIN

264,218

Sweden - 0.6%

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

574,100

21,308

Modern Times Group AB (MTG) (B Shares)

496,700

24,638

TOTAL SWEDEN

45,946

Switzerland - 9.6%

ABB Ltd. sponsored ADR

1,708,800

22,095

Actelion Ltd. (Reg.) (a)

123,336

15,544

Compagnie Financiere Richemont unit

525,208

23,686

Credit Suisse Group sponsored ADR

220,100

12,304

Credit Suisse Group (Reg.)

730,684

40,845

Lindt & Spruengli AG (participation certificate)

13,274

26,707

Nestle SA (Reg.)

242,443

79,442

Nobel Biocare Holding AG (Switzerland)

68,513

16,228

Novartis AG (Reg.)

1,871,819

105,234

Pargesa Holding SA

141,700

13,529

Phonak Holding AG

79,841

5,041

Roche Holding AG (participation certificate)

704,768

125,417

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

12,915

11,922

Swiss Life Holding

98,975

22,861

Syngenta AG (Switzerland)

279,681

40,204

Tecan Group AG

62,689

3,479

The Swatch Group AG (Reg.)

389,573

14,166

UBS AG (NY Shares)

1,414,100

76,927

Zurich Financial Services AG

108,976

24,462

TOTAL SWITZERLAND

680,093

Taiwan - 0.5%

Holtek Semiconductor, Inc.

2,808,044

5,042

Hon Hai Precision Industry Co. Ltd. (Foxconn)

3,415,742

20,236

Phoenix Precision Technology Corp.

147,000

193

Shin Kong Financial Holding Co. Ltd.

9,619,000

10,002

TOTAL TAIWAN

35,473

Turkey - 0.3%

Finansbank AS

5,689,491

22,035

Common Stocks - continued

Shares

Value (000s)

United Kingdom - 17.6%

Anglo American PLC (United Kingdom)

913,600

$ 38,144

AstraZeneca PLC sponsored ADR

1,130,000

68,964

BAE Systems PLC

4,081,909

27,241

Benfield Group PLC

2,897,300

19,511

BG Group PLC

1,368,000

18,400

BG Group PLC sponsored ADR

200,000

13,478

BHP Billiton PLC

1,397,300

26,468

BP PLC sponsored ADR

1,775,200

128,728

British American Tobacco PLC

1,173,500

31,573

British American Tobacco PLC sponsored ADR

402,700

21,669

British Land Co. PLC

627,900

16,034

Cable & Wireless PLC

8,734,800

18,765

Capita Group PLC

1,106,900

10,809

CLS Holdings PLC (a)

605,376

6,706

Enterprise Inns PLC

505,225

9,174

GlaxoSmithKline PLC

249,400

6,900

GlaxoSmithKline PLC sponsored ADR

1,674,800

92,667

HSBC Holdings PLC:

(Hong Kong) (Reg.)

3,810,944

69,329

(United Kingdom) (Reg.)

700,000

12,734

Imperial Energy PLC (a)

372,200

5,910

Imperial Tobacco Group PLC

76,000

2,485

Imperial Tobacco Group PLC sponsored ADR

175,100

11,425

Informa PLC

1,379,400

11,235

International Power PLC

5,092,700

28,017

Man Group PLC

273,700

12,547

Marks & Spencer Group PLC

4,168,800

46,453

National Grid PLC

1,576,500

17,950

NDS Group PLC sponsored ADR (a)

112,400

5,321

Prudential PLC

1,167,482

12,268

Reckitt Benckiser PLC

1,303,300

52,296

Renovo Group PLC

3,101,700

6,200

Reuters Group PLC sponsored ADR (d)

481,050

21,157

Rio Tinto PLC sponsored ADR (d)

137,100

28,639

Rolls-Royce Group PLC

3,776,051

31,090

Royal Bank of Scotland Group PLC

759,471

24,714

Royal Dutch Shell PLC Class B

1,999,459

73,840

Scottish & Southern Energy PLC

1,387,700

31,367

SIG PLC

536,100

9,294

Smiths Group PLC

913,000

15,375

Standard Life PLC

2,751,000

12,848

Tesco PLC

9,498,512

63,789

Common Stocks - continued

Shares

Value (000s)

United Kingdom - continued

Vedanta Resources PLC

464,600

$ 11,456

Vodafone Group PLC

20,051,336

43,471

VT Group PLC

1,218,600

11,393

Whatman PLC

735,900

3,987

William Hill PLC

1,250,500

13,806

Wolfson Microelectronics PLC (a)

138,200

1,167

TOTAL UNITED KINGDOM

1,246,794

United States of America - 0.8%

Macquarie Infrastructure Co. Trust

131,000

3,360

NTL, Inc.

943,200

21,552

Synthes, Inc.

253,649

29,268

TOTAL UNITED STATES OF AMERICA

54,180

TOTAL COMMON STOCKS

(Cost $5,648,524)

6,714,398

Nonconvertible Preferred Stocks - 1.6%

Germany - 0.7%

Fresenius AG (non-vtg.)

94,600

15,555

Hugo Boss AG (non-vtg.)

332,800

13,795

Porsche AG (non-vtg.)

21,395

20,961

TOTAL GERMANY

50,311

Italy - 0.9%

Banca Intesa Spa (Risp)

5,848,702

31,430

Telecom Italia Spa (Risp)

13,954,800

33,672

TOTAL ITALY

65,102

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $96,214)

115,413

Government Obligations - 0.1%

Principal Amount (000s)

United States of America - 0.1%

U.S. Treasury Bills, yield at date of purchase 4.8% to 5.04% 9/7/06 to 10/19/06 (f)
(Cost $5,410)

$ 5,460

5,411

Money Market Funds - 4.7%

Shares

Value (000s)

Fidelity Cash Central Fund, 5.3% (b)

252,238,810

$ 252,239

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

82,584,149

82,584

TOTAL MONEY MARKET FUNDS

(Cost $334,823)

334,823

TOTAL INVESTMENT PORTFOLIO - 100.9%

(Cost $6,084,971)

7,170,045

NET OTHER ASSETS - (0.9)%

(65,972)

NET ASSETS - 100%

$ 7,104,073

Futures Contracts

Expiration Date

Underlying Face Amount at Value (000s)

Unrealized Appreciation/
(Depreciation) (000s)

Purchased

Equity Index Contracts

1,382 Nikkei 225 Index Futures Contracts (Japan)

Sept. 2006

$ 106,656

$ (2,156)

The face value of futures purchased as a percentage of net assets - 1.5%

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $5,652,000 or 0.1% of net assets.

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $5,411,000.

Affiliated Central Funds

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

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 7,399

Fidelity Securities Lending Cash Central Fund

5,361

Total

$ 12,760

Income Tax Information

At July 31, 2006, the aggregate cost of investment securities for income tax purposes was $6,086,338,000. Net unrealized appreciation aggregated $1,083,707,000, of which $1,205,344,000 related to appreciated investment securities and $121,637,000 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please 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
Discovery Fund:
Class A
Class T
Class B
Class C
Institutional Class

July 31, 2006

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

1.834739.100

AIGI-QTLY-0906

Investments July 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.5%

Shares

Value (000s)

Australia - 5.1%

AMP Ltd.

2,219,300

$ 15,322

Australia & New Zealand Banking Group Ltd.

871,800

16,867

Babcock & Brown Japan Property Trust

8,156,000

10,374

BHP Billiton Ltd.

2,656,100

56,044

Billabong International Ltd.

2,162,828

23,948

Commonwealth Bank of Australia

296,000

10,161

Computershare Ltd.

3,151,800

18,982

CSL Ltd.

606,250

24,504

Downer EDI Ltd.

3,246,297

18,631

Dyno Nobel Ltd.

1,156,300

2,153

Fosters Group Ltd.

4,060,500

16,739

Macquarie Airports unit

2,051,846

4,842

Macquarie Bank Ltd.

420,000

19,905

Macquarie Communications Infrastructure Group unit

1,632,940

7,583

Macquarie Infrastructure Group unit

1,680,541

3,503

Mortgage Choice Ltd.

1,123,400

2,135

Multiplex Group unit

6,100,300

16,687

National Australia Bank Ltd.

1,216,500

33,288

QBE Insurance Group Ltd.

1,230,667

20,793

Seek Ltd.

2,000,000

7,203

Sydney Roads Group unit

560,180

442

Transurban Group unit

952,767

5,169

Woolworths Ltd.

1,727,500

25,203

TOTAL AUSTRALIA

360,478

Austria - 0.7%

Austriamicrosystems AG (a)

111,000

6,025

C.A.T. oil AG Bearer

201,300

4,050

Oesterreichische Elektrizitaetswirtschafts AG (Verbund)

160,500

7,764

OMV AG

379,500

23,278

Telekom Austria AG

472,700

10,681

TOTAL AUSTRIA

51,798

Belgium - 0.2%

Almancora SCA (Certificaten Van Aandelen)

131,700

17,344

Bermuda - 0.1%

Catlin Group Ltd.

486,300

3,979

Ports Design Ltd.

2,005,000

3,045

TOTAL BERMUDA

7,024

Common Stocks - continued

Shares

Value (000s)

Brazil - 0.1%

Banco Nossa Caixa SA

256,500

$ 5,425

CSU Cardsystem SA sponsored ADR (e)

158,000

2,521

TOTAL BRAZIL

7,946

Cayman Islands - 0.5%

Foxconn International Holdings Ltd. (a)

5,711,000

13,274

GlobalSantaFe Corp.

283,300

15,562

Himax Technologies, Inc. sponsored ADR

158,800

1,027

Xinao Gas Holdings Ltd.

5,392,000

5,135

TOTAL CAYMAN ISLANDS

34,998

China - 0.5%

Bank of China Ltd. (H Shares)

10,737,000

4,740

China Shenhua Energy Co. Ltd. (H Shares)

5,943,500

10,694

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

238,791

2,426

Focus Media Holding Ltd. ADR

281,700

17,637

TOTAL CHINA

35,497

Denmark - 0.3%

Vestas Wind Systems AS (a)

670,200

18,070

Finland - 1.8%

Citycon Oyj

692,322

3,360

Fortum Oyj

964,500

26,143

Metso Corp.

294,800

10,630

Neste Oil Oyj

1,072,050

36,973

Nokia Corp. sponsored ADR

2,683,300

53,264

TOTAL FINLAND

130,370

France - 12.6%

Alcatel SA (RFD)

1,089,900

12,294

Alstom SA (a)

344,200

29,875

April Group

354,700

17,670

AXA SA

1,209,666

41,600

BNP Paribas SA

433,539

42,198

Carrefour SA

888,400

55,389

Compagnie Generale de Geophysique SA (a)

156,799

27,099

Electricite de France

318,800

16,423

Groupe Danone

228,600

30,222

Icade SA

254,900

11,783

L'Oreal SA

539,300

54,042

Louis Vuitton Moet Hennessy (LVMH)

338,000

33,957

Common Stocks - continued

Shares

Value (000s)

France - continued

Neopost SA

291,400

$ 31,732

Nexity

424,250

24,300

Orpea (a)(d)

279,164

19,256

Pernod Ricard SA

230,900

48,075

Renault SA

470,300

51,393

Sanofi-Aventis sponsored ADR

1,013,100

48,011

Schneider Electric SA

197,100

20,267

Societe Generale Series A

302,400

45,116

SR Teleperformance SA

230,684

8,802

Suez SA (France)

1,147,200

47,566

Total SA Series B

1,509,776

103,012

Veolia Environnement

283,300

15,387

Vinci SA

273,400

27,781

Vivendi Universal SA sponsored ADR

1,039,400

35,090

TOTAL FRANCE

898,340

Germany - 8.8%

ADVA AG Optical Networking (a)

279,500

2,353

Allianz AG (Reg.)

441,830

69,500

Bayer AG sponsored ADR

1,005,300

49,491

Bilfinger Berger AG

260,300

13,596

Continental AG

93,400

9,544

Deutsche Boerse AG

243,700

34,600

Deutsche Postbank AG

277,100

20,264

E.ON AG

789,000

95,082

Fresenius Medical Care AG

144,900

17,361

GFK AG

288,897

10,148

Hugo Boss AG

43,200

1,825

Hypo Real Estate Holding AG

179,368

9,976

Infineon Technologies AG sponsored ADR (a)

2,707,400

29,132

KarstadtQuelle AG (a)(d)

297,300

6,995

Linde AG

379,228

32,044

Merck KGaA

193,100

17,616

MPC Muenchmeyer Petersen Capital AG

50,500

3,658

MTU Aero Engines Holding AG

337,500

12,002

Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)

185,100

25,495

Pfleiderer AG

1,097,696

25,940

Premiere AG (a)(d)

907,900

11,249

Puma AG

44,800

16,247

Q-Cells AG (d)

143,000

10,240

RWE AG

620,119

54,473

SAP AG

49,800

9,089

Common Stocks - continued

Shares

Value (000s)

Germany - continued

SGL Carbon AG (a)

632,300

$ 11,647

SolarWorld AG (d)

142,400

7,783

Wincor Nixdorf AG

117,800

15,541

TOTAL GERMANY

622,891

Greece - 0.3%

EFG Eurobank Ergasias SA

374,100

10,561

Greek Organization of Football Prognostics SA

359,130

13,037

TOTAL GREECE

23,598

Hong Kong - 0.8%

Chaoda Modern Agriculture (Holdings) Ltd.

12,600,000

6,811

CNOOC Ltd.

21,546,300

18,500

Esprit Holdings Ltd.

3,746,000

28,492

TOTAL HONG KONG

53,803

India - 0.4%

Infosys Technologies Ltd.

711,488

25,331

Indonesia - 0.1%

PT Perusahaan Gas Negara Tbk Series B

5,903,500

7,680

Ireland - 0.9%

AgCert International (a)

1,462,000

4,711

Allied Irish Banks PLC

910,700

21,875

C&C Group PLC

2,070,005

21,682

Paddy Power PLC (Ireland)

623,197

10,404

Ryanair Holdings PLC sponsored ADR (a)

128,600

7,267

TOTAL IRELAND

65,939

Israel - 0.4%

Bank Hapoalim BM (Reg.)

2,497,200

11,167

Ormat Industries Ltd.

1,771,900

18,272

TOTAL ISRAEL

29,439

Italy - 3.2%

Azimut Holdings Spa

401,017

4,089

Banca Credit Firenze

2,548,526

7,162

ENI Spa

288,800

8,863

ENI Spa sponsored ADR

401,950

24,672

FASTWEB Spa

262,300

10,149

Fiat Spa (a)

2,195,000

31,063

Geox Spa

802,030

9,557

Lottomatica Spa

869,825

32,321

Common Stocks - continued

Shares

Value (000s)

Italy - continued

Mediobanca Spa

391,500

$ 7,953

Milano Assicurazioni Spa

1,947,700

13,338

Pirelli & C. Real Estate Spa

235,100

13,198

Saras Raffinerie Sarde Spa

701,500

4,422

Unicredito Italiano Spa

8,207,800

63,168

TOTAL ITALY

229,955

Japan - 17.8%

Aeon Co. Ltd.

1,499,400

34,984

Aeon Fantasy Co. Ltd.

19,400

723

Asics Corp.

1,396,000

13,796

Canon, Inc.

1,165,350

55,999

Credit Saison Co. Ltd.

188,700

8,180

Daiwa House Industry Co. Ltd.

939,000

15,299

Daiwa Securities Group, Inc.

2,659,000

29,709

East Japan Railway Co.

3,017

22,447

Fanuc Ltd.

288,900

24,090

Fast Retailing Co. Ltd.

149,500

12,166

Fullcast Co. Ltd. (d)

1,334

3,956

Honda Motor Co. Ltd.

536,700

17,684

Hoya Corp.

800,000

27,981

Japan Tobacco, Inc.

10,045

38,463

JSR Corp.

412,600

9,717

JTEKT Corp.

659,000

12,301

Kahma Co. Ltd. (d)

350,300

8,143

Kansai Urban Banking Corp.

1,288,000

5,078

Keyence Corp.

82,600

18,854

Kose Corp.

175,300

5,902

Matsushita Electric Industrial Co. Ltd.

2,184,000

45,296

Mitsubishi Estate Co. Ltd.

1,001,000

20,736

Mitsubishi UFJ Financial Group, Inc.

3,395

47,360

Mitsui & Co. Ltd. (d)

2,155,000

32,837

Mitsui Fudosan Co. Ltd.

1,385,000

29,415

Mizuho Financial Group, Inc.

7,321

61,493

Nidec Corp. (d)

131,900

9,365

Nikko Cordial Corp.

620,000

7,392

Nintendo Co. Ltd.

320,900

59,926

Nippon Electric Glass Co. Ltd.

414,000

9,244

Nippon Oil Corp.

1,544,000

12,093

Nishimatsuya Chain Co. Ltd.

141,800

2,702

Nissan Motor Co. Ltd. (d)

1,373,400

14,798

Nitto Denko Corp.

205,700

14,945

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Nomura Holdings, Inc.

433,500

$ 7,725

NSK Ltd.

1,893,000

14,513

NTT DoCoMo, Inc.

14,945

21,730

Omron Corp.

555,800

13,986

ORIX Corp.

206,040

54,004

Shin-Etsu Chemical Co. Ltd.

57,600

3,336

Sompo Japan Insurance, Inc.

2,002,000

27,048

Sony Corp. sponsored ADR

583,100

26,817

St. Marc Holdings Co. Ltd.

83,900

5,452

Sugi Pharmacy Co. Ltd. (d)

546,800

10,087

Sumco Corp.

373,900

21,720

Sumitomo Electric Industries Ltd.

1,786,100

23,415

Sumitomo Metal Industries Ltd.

4,099,000

16,375

Sumitomo Mitsui Financial Group, Inc.

5,877

62,538

Sumitomo Trust & Banking Co. Ltd.

1,452,000

15,413

T&D Holdings, Inc.

378,050

30,040

Takeda Pharamaceutical Co. Ltd.

698,600

45,091

The Sumitomo Warehouse Co. Ltd. (d)

338,000

2,258

Token Corp.

78,400

5,505

Tokuyama Corp.

523,000

6,947

Tokyo Tomin Bank Ltd.

40,700

1,796

Toyota Motor Corp.

1,677,000

88,227

Valor Co. Ltd.

147,400

2,616

Yamada Denki Co. Ltd.

255,400

24,838

TOTAL JAPAN

1,264,551

Korea (South) - 1.3%

Kookmin Bank

258,550

22,576

Korean Reinsurance Co.

946,600

10,902

LG Household & Health Care Ltd.

177,780

13,718

NHN Corp. (a)

246,216

27,376

Shinhan Financial Group Co. Ltd.

314,820

15,491

Shinsegae Co. Ltd.

7,900

3,904

TOTAL KOREA (SOUTH)

93,967

Luxembourg - 0.2%

SES Global unit

1,085,903

14,703

Mexico - 0.2%

Urbi, Desarrollos Urbanos, SA de CV (a)

4,121,400

10,697

Netherlands - 2.0%

Fugro NV (Certificaten Van Aandelen) unit

418,300

17,948

Common Stocks - continued

Shares

Value (000s)

Netherlands - continued

ING Groep NV (Certificaten Van Aandelen)

1,334,044

$ 54,029

Koninklijke KPN NV

2,772,000

31,478

Koninklijke Numico NV

461,400

22,137

Randstad Holdings NV

198,700

10,891

Tele Atlas NV (Netherlands) (a)

132,400

2,144

TOTAL NETHERLANDS

138,627

Norway - 1.9%

DnB NOR ASA

928,300

11,765

Norsk Hydro ASA

1,370,500

39,607

ProSafe ASA

329,200

19,523

Renewable Energy Corp. AS

756,200

10,167

Statoil ASA

511,800

15,176

TANDBERG ASA

1,789,900

16,722

Telenor ASA

1,897,200

24,198

TOTAL NORWAY

137,158

Portugal - 0.2%

Energias de Portugal SA

4,219,400

16,708

Russia - 0.3%

Novatek JSC GDR (e)

66,900

3,131

OAO Gazprom sponsored ADR

427,000

17,829

TOTAL RUSSIA

20,960

Singapore - 0.5%

Ascendas Real Estate Investment Trust (A-REIT)

4,630,000

5,689

HTL International Holdings Ltd.

7,187,500

5,326

Keppel Corp. Ltd.

1,166,000

11,299

Sembcorp Marine Ltd.

5,118,000

10,827

Singapore Exchange Ltd.

694,000

1,626

TOTAL SINGAPORE

34,767

South Africa - 0.2%

FirstRand Ltd.

2,253,800

5,603

Steinhoff International Holdings Ltd.

2,419,100

7,417

TOTAL SOUTH AFRICA

13,020

Spain - 3.7%

Altadis SA (Spain)

379,400

17,955

Antena 3 Television SA

554,756

12,068

Banco Bilbao Vizcaya Argentaria SA

3,378,000

72,053

Banco Santander Central Hispano SA

3,660,200

55,450

Common Stocks - continued

Shares

Value (000s)

Spain - continued

Gestevision Telecinco SA

256,800

$ 6,246

Inditex SA

1,032,600

44,859

Telefonica SA

3,291,100

55,587

TOTAL SPAIN

264,218

Sweden - 0.6%

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

574,100

21,308

Modern Times Group AB (MTG) (B Shares)

496,700

24,638

TOTAL SWEDEN

45,946

Switzerland - 9.6%

ABB Ltd. sponsored ADR

1,708,800

22,095

Actelion Ltd. (Reg.) (a)

123,336

15,544

Compagnie Financiere Richemont unit

525,208

23,686

Credit Suisse Group sponsored ADR

220,100

12,304

Credit Suisse Group (Reg.)

730,684

40,845

Lindt & Spruengli AG (participation certificate)

13,274

26,707

Nestle SA (Reg.)

242,443

79,442

Nobel Biocare Holding AG (Switzerland)

68,513

16,228

Novartis AG (Reg.)

1,871,819

105,234

Pargesa Holding SA

141,700

13,529

Phonak Holding AG

79,841

5,041

Roche Holding AG (participation certificate)

704,768

125,417

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

12,915

11,922

Swiss Life Holding

98,975

22,861

Syngenta AG (Switzerland)

279,681

40,204

Tecan Group AG

62,689

3,479

The Swatch Group AG (Reg.)

389,573

14,166

UBS AG (NY Shares)

1,414,100

76,927

Zurich Financial Services AG

108,976

24,462

TOTAL SWITZERLAND

680,093

Taiwan - 0.5%

Holtek Semiconductor, Inc.

2,808,044

5,042

Hon Hai Precision Industry Co. Ltd. (Foxconn)

3,415,742

20,236

Phoenix Precision Technology Corp.

147,000

193

Shin Kong Financial Holding Co. Ltd.

9,619,000

10,002

TOTAL TAIWAN

35,473

Turkey - 0.3%

Finansbank AS

5,689,491

22,035

Common Stocks - continued

Shares

Value (000s)

United Kingdom - 17.6%

Anglo American PLC (United Kingdom)

913,600

$ 38,144

AstraZeneca PLC sponsored ADR

1,130,000

68,964

BAE Systems PLC

4,081,909

27,241

Benfield Group PLC

2,897,300

19,511

BG Group PLC

1,368,000

18,400

BG Group PLC sponsored ADR

200,000

13,478

BHP Billiton PLC

1,397,300

26,468

BP PLC sponsored ADR

1,775,200

128,728

British American Tobacco PLC

1,173,500

31,573

British American Tobacco PLC sponsored ADR

402,700

21,669

British Land Co. PLC

627,900

16,034

Cable & Wireless PLC

8,734,800

18,765

Capita Group PLC

1,106,900

10,809

CLS Holdings PLC (a)

605,376

6,706

Enterprise Inns PLC

505,225

9,174

GlaxoSmithKline PLC

249,400

6,900

GlaxoSmithKline PLC sponsored ADR

1,674,800

92,667

HSBC Holdings PLC:

(Hong Kong) (Reg.)

3,810,944

69,329

(United Kingdom) (Reg.)

700,000

12,734

Imperial Energy PLC (a)

372,200

5,910

Imperial Tobacco Group PLC

76,000

2,485

Imperial Tobacco Group PLC sponsored ADR

175,100

11,425

Informa PLC

1,379,400

11,235

International Power PLC

5,092,700

28,017

Man Group PLC

273,700

12,547

Marks & Spencer Group PLC

4,168,800

46,453

National Grid PLC

1,576,500

17,950

NDS Group PLC sponsored ADR (a)

112,400

5,321

Prudential PLC

1,167,482

12,268

Reckitt Benckiser PLC

1,303,300

52,296

Renovo Group PLC

3,101,700

6,200

Reuters Group PLC sponsored ADR (d)

481,050

21,157

Rio Tinto PLC sponsored ADR (d)

137,100

28,639

Rolls-Royce Group PLC

3,776,051

31,090

Royal Bank of Scotland Group PLC

759,471

24,714

Royal Dutch Shell PLC Class B

1,999,459

73,840

Scottish & Southern Energy PLC

1,387,700

31,367

SIG PLC

536,100

9,294

Smiths Group PLC

913,000

15,375

Standard Life PLC

2,751,000

12,848

Tesco PLC

9,498,512

63,789

Common Stocks - continued

Shares

Value (000s)

United Kingdom - continued

Vedanta Resources PLC

464,600

$ 11,456

Vodafone Group PLC

20,051,336

43,471

VT Group PLC

1,218,600

11,393

Whatman PLC

735,900

3,987

William Hill PLC

1,250,500

13,806

Wolfson Microelectronics PLC (a)

138,200

1,167

TOTAL UNITED KINGDOM

1,246,794

United States of America - 0.8%

Macquarie Infrastructure Co. Trust

131,000

3,360

NTL, Inc.

943,200

21,552

Synthes, Inc.

253,649

29,268

TOTAL UNITED STATES OF AMERICA

54,180

TOTAL COMMON STOCKS

(Cost $5,648,524)

6,714,398

Nonconvertible Preferred Stocks - 1.6%

Germany - 0.7%

Fresenius AG (non-vtg.)

94,600

15,555

Hugo Boss AG (non-vtg.)

332,800

13,795

Porsche AG (non-vtg.)

21,395

20,961

TOTAL GERMANY

50,311

Italy - 0.9%

Banca Intesa Spa (Risp)

5,848,702

31,430

Telecom Italia Spa (Risp)

13,954,800

33,672

TOTAL ITALY

65,102

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $96,214)

115,413

Government Obligations - 0.1%

Principal Amount (000s)

United States of America - 0.1%

U.S. Treasury Bills, yield at date of purchase 4.8% to 5.04% 9/7/06 to 10/19/06 (f)
(Cost $5,410)

$ 5,460

5,411

Money Market Funds - 4.7%

Shares

Value (000s)

Fidelity Cash Central Fund, 5.3% (b)

252,238,810

$ 252,239

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

82,584,149

82,584

TOTAL MONEY MARKET FUNDS

(Cost $334,823)

334,823

TOTAL INVESTMENT PORTFOLIO - 100.9%

(Cost $6,084,971)

7,170,045

NET OTHER ASSETS - (0.9)%

(65,972)

NET ASSETS - 100%

$ 7,104,073

Futures Contracts

Expiration Date

Underlying Face Amount at Value (000s)

Unrealized Appreciation/
(Depreciation) (000s)

Purchased

Equity Index Contracts

1,382 Nikkei 225 Index Futures Contracts (Japan)

Sept. 2006

$ 106,656

$ (2,156)

The face value of futures purchased as a percentage of net assets - 1.5%

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $5,652,000 or 0.1% of net assets.

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $5,411,000.

Affiliated Central Funds

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

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 7,399

Fidelity Securities Lending Cash Central Fund

5,361

Total

$ 12,760

Income Tax Information

At July 31, 2006, the aggregate cost of investment securities for income tax purposes was $6,086,338,000. Net unrealized appreciation aggregated $1,083,707,000, of which $1,205,344,000 related to appreciated investment securities and $121,637,000 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® International Small Cap Fund

July 31, 2006

1.804839.102

ISC-QTLY-0906

Investments July 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.1%

Shares

Value (000s)

Australia - 10.4%

Allied Gold Ltd. (a)

8,145,000

$ 2,216

AMP Ltd.

130,600

902

Austbrokers Holdings Ltd.

753,696

1,623

Australian Stock Exchange Ltd.

191,909

4,811

Australian Wealth Management Ltd.

3,628,887

6,256

Billabong International Ltd.

546,600

6,052

Biota Holdings Ltd. (a)

618,900

605

Bradken Ltd.

2,673,795

11,063

Capital-XX Ltd.

2,262,572

4,079

Centamin Egypt Ltd. (a)

5,903,500

3,088

Cochlear Ltd.

163,900

6,666

Coles Myer Ltd.

520,300

4,533

Computershare Ltd.

1,284,572

7,737

David Jones Ltd. (d)

1,445,900

3,346

Dominos Pizza Australia New Zealand Ltd.

2,152,596

5,773

Downer EDI Ltd.

2,255,457

12,945

Dwyka Diamonds Ltd. (a)

7,549,000

3,349

Dyno Nobel Ltd.

645,000

1,201

Elixir Petroleum Ltd. (a)

2,002,140

636

Elkedra Diamonds NL (a)

6,003,671

2,972

Energy Resources of Australia Ltd.

129,200

1,094

European Gas Ltd. (a)

3,307,100

1,267

Finders Resources Ltd.

1,281,400

598

Fox Resources Ltd. (a)

3,899,400

2,839

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

342,636

89

Hastie Group Ltd.

1,038,000

1,503

HFA Holdings Ltd.

2,152,000

2,836

International Ferro Metals (e)

27,199,526

18,546

Jumbuck Entertainment Ltd. (a)

841,100

1,515

Kimberley Diamond Co. NL (a)

1,014,300

917

Metcash Ltd.

2,138,000

6,422

Mineral Commodities Ltd. (a)(e)

7,900,000

1,211

Mineral Deposits Ltd. (a)

4,233,200

4,995

Mineral Securities Ltd. (a)

650,000

720

Mintails Ltd. (a)(d)

6,289,600

1,060

Monto Minerals Ltd. (a)

8,525,252

1,593

Monto Minerals Ltd. warrants 5/25/09 (a)

1,485,934

22

Mortgage Choice Ltd.

5,496,993

10,446

Multiplex Group unit

1,238,000

3,387

National Australia Bank Ltd.

160,700

4,397

Novera Energy Ltd. (a)

844,100

851

Origin Energy Ltd.

410,900

2,377

Common Stocks - continued

Shares

Value (000s)

Australia - continued

Paladin Resources Ltd. (a)(d)

1,336,800

$ 4,630

QBE Insurance Group Ltd.

257,323

4,348

Reverse Corp. Ltd.

832,700

1,595

Rinker Group Ltd.

75,000

757

Roc Oil Co. Ltd. (United Kingdom) (a)

5,966,492

19,784

Seek Ltd.

1,350,239

4,863

Sphere Investments Ltd. (a)

4,527,406

4,163

Stockland unit

559,508

2,932

Sylvania Resources Ltd. (a)(e)

7,484,597

4,932

Sylvania Resources Ltd. (UK) (a)(e)

4,662,600

3,332

Tanami Gold NL

23,140,700

4,610

United Group Ltd.

1,100,021

11,935

Virotec International Ltd. (United Kingdom) (a)

6,788,332

1,997

Woolworths Ltd.

388,818

5,673

WorleyParsons Ltd. (d)

149,430

2,296

TOTAL AUSTRALIA

236,385

Austria - 0.9%

OMV AG

315,700

19,365

Belgium - 0.2%

Melexis NV

88,999

1,415

Punch International NV (a)

27,500

2,995

TOTAL BELGIUM

4,410

Bermuda - 2.2%

Aquarius Platinum Ltd. (United Kingdom)

539,400

9,013

Integrated Distribution Services Group Ltd. (IDS)

520,000

917

Peace Mark Holdings Ltd.

2,210,000

1,132

Petra Diamonds Ltd. (a)

2,502,406

4,488

Ports Design Ltd.

1,955,500

2,970

RC Group (Holdings) Ltd.

2,376,827

2,153

SeaDrill Ltd. (a)(d)

668,921

8,722

Sinochem Hong Kong Holding Ltd.

2,247,400

833

Tanzanite One Ltd. (e)

5,808,701

11,448

Trefoil Ltd. (a)

737,000

4,550

Xceldiam Ltd. (e)

3,318,255

2,696

Xceldiam Ltd. warrants 11/16/07 (a)

1,659,127

356

TOTAL BERMUDA

49,278

Brazil - 0.1%

Uniao de Bancos Brasileiros SA (Unibanco) GDR

26,900

1,866

Common Stocks - continued

Shares

Value (000s)

British Virgin Islands - 0.4%

Albidon Ltd. unit (a)

1,469,000

$ 1,633

BDI Mining Corp. (a)(e)

8,728,890

3,424

CIC Energy Corp. (a)

296,700

2,171

Renesola Ltd.

612,900

939

Titanium Resources Group Ltd.

1,142,800

1,345

TOTAL BRITISH VIRGIN ISLANDS

9,512

Canada - 4.0%

Altius Minerals Corp. (a)

715,906

5,124

Antrim Energy, Inc. (a)

875,000

2,482

Artumas Group, Inc.

421,400

2,807

Bankers Petroleum Ltd. (a)

3,767,000

2,563

Banro Corp. (a)

167,500

1,636

Brazilian Diamonds Ltd. (a)

1,300,000

253

Falcon Oil & Gas Ltd. (a)

1,844,500

5,966

First Quantum Minerals Ltd.

104,171

4,747

Grove Energy Ltd. (a)

1,964,140

1,211

Lionore Mining International Ltd. (a)

480,000

2,617

MagIndustries Corp. (a)(e)

11,735,900

14,001

Oilexco, Inc. (a)

3,263,025

20,070

Platinum Group Metals Ltd. (a)

407,100

565

Rock Well Petroleum, Inc. (g)

770,400

1,021

Shore Gold, Inc. (a)

280,000

1,198

Starfield Resources, Inc. (a)(e)

10,393,131

3,398

Starfield Resources, Inc. (a)(e)(g)

2,626,050

773

Starfield Resources, Inc.:

warrants 5/9/07 (a)(g)

1,313,025

28

warrants 1/21/08 (a)(g)

1,678,100

77

StrataGold Corp. (a)

2,229,000

2,423

StrataGold Corp. (a)(g)

1,078,111

1,055

SXR Uranium One, Inc. (a)

475,740

3,547

Tenke Mining Corp. (a)

160,000

1,558

Uruguay Mineral Exploration, Inc. (a)

344,800

1,188

Valkyries Petroleum Corp. (a)

196,300

2,368

Visual Defence, Inc. (a)(e)

5,963,100

2,896

Western Canadian Coal Corp. (a)

2,161,418

4,393

Western Canadian Coal Corp. (United Kingdom) (a)

548,286

1,229

TOTAL CANADA

91,194

Cayman Islands - 0.6%

AAC Acoustic Technology Holdings, Inc.

1,000,000

965

Foxconn International Holdings Ltd. (a)

69,000

160

Common Stocks - continued

Shares

Value (000s)

Cayman Islands - continued

GlobalSantaFe Corp.

92,800

$ 5,098

New World China Land Ltd.

4,304,800

1,673

Prime Success International Group Ltd.

3,954,000

2,234

Solomon Systech International Ltd.

6,530,000

1,588

Wasion Meters Group Ltd.

2,450,000

1,119

TOTAL CAYMAN ISLANDS

12,837

China - 0.6%

Anhui Conch Cement Co. Ltd. (H Shares)

476,000

799

China Oilfield Services Ltd. (H Shares)

2,174,000

1,181

China Shenhua Energy Co. Ltd. (H Shares)

972,000

1,749

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

3,668,000

1,666

Focus Media Holding Ltd. ADR

59,500

3,725

Lianhua Supermarket Holdings Co. (H Shares)

639,000

699

Shenzhou International Group Holdings Ltd.

4,738,000

1,939

Yantai Changyu Pioneer Wine Co. (B Shares)

327,210

867

TOTAL CHINA

12,625

Denmark - 0.2%

Rockwool International AS Series A

34,100

4,232

Egypt - 0.0%

Commercial International Bank Ltd. sponsored GDR

100,900

1,100

Finland - 0.7%

Aldata Solutions Oyj (a)

1,598,429

4,390

Inion OY (a)(e)

3,740,300

3,197

Nokian Tyres Ltd. (d)

386,500

5,342

Tekla Oyj (A Shares)

344,180

2,198

TOTAL FINLAND

15,127

France - 2.3%

Altamir et Compagnie SA

5,500

1,175

Bourbon SA

28,076

1,506

BVRP Software SA (a)(d)

143,163

2,333

Carbone Lorraine

27,400

1,435

Constructions Industrielles dela Mediterranee SA

10,300

1,455

Electricite de France

146,200

7,532

Groupe Open SA (d)

52,500

922

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

14,809

7

Groupe Promeo

56,325

2,447

Guerbet SA

8,400

1,341

Icade SA

416,018

19,231

Common Stocks - continued

Shares

Value (000s)

France - continued

Maisons France Confort

29,084

$ 1,802

Orpea (a)

22,707

1,566

Sechilienne-Sidec

100,614

3,573

Signaux Girod

15,575

1,430

Tessi SA

48,053

3,066

The Lisi Group

22,500

1,409

TOTAL FRANCE

52,230

Germany - 1.6%

ADVA AG Optical Networking (a)

116,435

980

Articon-Integralis AG (Reg.) (a)

468,185

1,776

Deutz AG (a)

1,027,100

8,659

E.ON AG

28,500

3,435

ElringKlinger AG

18,284

923

Fresenius AG

20,771

3,285

Grenkeleasing AG

25,918

1,445

Kontron AG

133,764

1,598

Merck KGaA

24,041

2,193

Parsytec AG (a)

307,671

1,128

Pfleiderer AG

164,259

3,882

PSI AG (a)

540,949

3,109

Pulsion Medical Systems AG (a)

98,511

705

SGL Carbon AG (a)

200,700

3,697

TOTAL GERMANY

36,815

Greece - 0.8%

Autohellas SA

363,100

1,716

Fourlis Holdings SA

122,300

1,734

Intralot SA

69,400

1,755

Marfin Financial Group Holdings SA

100

3

Sarantis SA (Reg.)

1,261,716

12,797

TOTAL GREECE

18,005

Hong Kong - 0.9%

Bank of East Asia Ltd.

275,000

1,136

Cafe de Coral Holdings Ltd.

1,190,000

1,770

Chen Hsong Holdings Ltd.

1,606,000

899

China Everbright Ltd. (a)

90,000

55

China Overseas Land & Investment Ltd.

1,188,000

696

Citic International Financial Holdings Ltd.

1,297,000

733

Fong's Industries Co. Ltd.

844,000

529

Giordano International Ltd.

4,822,000

2,563

Common Stocks - continued

Shares

Value (000s)

Hong Kong - continued

Hong Kong Aircraft & Engineering Co.

75,200

$ 880

Industrial & Commercial Bank of China (Asia) Ltd.

738,000

1,250

Li & Fung Ltd.

158,000

331

Lifestyle International Holdings Ltd.

451,000

842

Midland Holdings Ltd.

710,000

349

Sa Sa International Holdings Ltd.

608,000

207

Singamas Container Holdings Ltd.

638,000

439

SmarTone Telecommunications Holdings Ltd.

1,015,000

959

Tai Cheung Holdings Ltd.

1,414,000

728

Vtech Holdings Ltd.

937,000

5,240

Wing Lung Bank Ltd.

122,700

1,086

TOTAL HONG KONG

20,692

Hungary - 0.2%

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

44,200

4,901

India - 0.2%

Great Eastern Energy Corp. Ltd. GDR

1,444,600

3,508

Noida Toll Bridge Co. Ltd. GDR

454,051

1,703

TOTAL INDIA

5,211

Indonesia - 0.2%

PT Bakrie Sumatera Plantation Tbk

19,757,000

2,331

PT Perusahaan Gas Negara Tbk Series B

2,088,500

2,717

TOTAL INDONESIA

5,048

Ireland - 0.7%

Adwalker PLC (a)(e)

9,125,000

405

Glanbia PLC

1,135,500

2,828

Kenmare Resources PLC (a)

2,933,800

2,233

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

1,712,500

760

Minco PLC (a)

2,627,271

540

Petroceltic International PLC (a)(d)

13,644,934

5,034

Providence Resources PLC (a)

12,936,300

1,305

Trinity Biotech PLC sponsored ADR (a)

227,325

1,764

Vimio PLC

867,300

1,231

TOTAL IRELAND

16,100

Israel - 0.5%

Advanced Vision Technology Ltd. (a)

133,900

1,603

Israel Chemicals Ltd.

917,000

4,341

Leadcom Integrated Solutions

3,766,400

3,588

Common Stocks - continued

Shares

Value (000s)

Israel - continued

Metal-Tech Ltd.

640,200

$ 1,782

MTI Wireless Edge Ltd.

705,128

553

TOTAL ISRAEL

11,867

Italy - 2.5%

Amplifon Spa

251,050

2,297

Banca Credit Firenze

2,832,064

7,959

Banca Italease Spa

788,800

37,484

Bastogi Spa (a)(d)

3,382,596

875

ERG Spa

109,100

2,649

Lottomatica Spa

81,000

3,010

Saipem Spa

55,700

1,284

Teleunit Spa (e)

12,719,158

1,426

TOTAL ITALY

56,984

Japan - 34.2%

Abc-Mart, Inc. (d)

298,900

6,374

Access Co. Ltd.

419

1,049

Access Co. Ltd. (a)(d)

422

2,433

Adeka Corp.

184,000

2,098

Advanced Media, Inc. Japan (a)(d)

70

241

Aeon Fantasy Co. Ltd.

76,900

2,864

Aichi Steel Corp. (d)

675,000

4,445

Ain Pharmaciez, Inc.

44,900

717

Alpen Co. Ltd.

50,900

1,603

AOC Holdings, Inc.

89,100

1,741

AOI Electronics Co. Ltd.

46,500

1,042

Ariake Japan Co. Ltd. (d)

154,500

3,423

Asahi Diamond Industrial Co. Ltd.

310,000

2,647

Asics Corp.

248,000

2,451

Asset Managers Co. Ltd. (d)

4,198

8,715

Atect Corp.

47,900

854

Atrium Co. Ltd. (d)

58,400

4,559

Axell Corp. (d)

646

2,367

Bit-isle, Inc.

359

1,603

Bookoff Corp. (d)

210,000

4,213

C. Uyemura & Co. Ltd.

1,100

60

Canon Fintech, Inc.

92,000

1,669

Casio Micronics Co. Ltd. (d)

200,500

2,641

Chiba Bank Ltd.

384,000

3,758

Chiyoda Co. Ltd.

68,500

1,497

Chiyoda Corp.

94,000

1,804

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Chugoku Marine Paints Ltd. (d)

60,000

$ 304

Chuo Denki Kogyo Co. Ltd. (d)

35,000

123

CMIC Co. Ltd. (d)

2,520

622

Create SD Co. Ltd.

70,800

1,084

CyberAgent, Inc. (d)

1,611

1,897

Daido Metal Co. Ltd. (d)

525,000

2,734

Daido Steel Co. Ltd.

1,752,000

13,279

Daito Gyorui Co. Ltd.

9,000

18

Daiwa Securities Group, Inc.

212,000

2,369

Daiwabo Information System Ltd. (d)

375,500

5,391

Denyo Co. Ltd.

62,900

800

Ebara Corp. (d)

873,000

3,655

Eiken Chemical Co. Ltd.

157,900

1,680

Elpida Memory, Inc. (a)(d)

106,300

4,256

Endo Lighting Corp.

202,000

2,112

Faith, Inc. (d)

1,619

379

FamilyMart Co. Ltd.

25,100

757

FCC Co. Ltd. (d)

127,000

2,531

FinTech Global, Inc. (d)

487

1,954

Fujikura Ltd. (d)

2,452,000

30,562

Fullcast Co. Ltd. (d)

1,169

3,467

Futaba Industrial Co. Ltd. (d)

370,800

8,085

Gentosha, Inc.

141

695

Hamamatsu Photonics KK (d)

186,800

6,338

Haseko Corp. (a)(d)

1,175,000

3,997

Heiwa Real Estate Co. Ltd. (d)

388,500

2,111

Hikari Tsushin, Inc. (d)

275,700

11,158

Hioki EE Corp. (d)

33,100

1,074

Hiroshima Bank Ltd.

738,000

4,583

Hitachi Construction Machinery Co. Ltd.

881,700

20,726

Hitachi Zosen Corp. (a)(d)

2,409,500

2,543

Hogy Medical Co.

28,400

1,291

Hokuriku Electric Industry (d)

1,083,000

3,703

Hokuto Corp.

239,800

3,987

Ibiden Co. Ltd.

68,700

3,320

IDU Co. (a)(d)

1,320

2,475

Ikyu Corp. (d)

366

568

Intelligence Ltd. (d)

2,400

6,699

Internet Research Institute, Inc. (d)

1,861

1,490

Iriso Electronics Co. Ltd.

86,700

2,843

Ishihara Chemical Co. Ltd.

48,000

1,047

Ishikawajima-Harima Heavy Industries Co. Ltd.

1,042,000

2,936

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Itochu Corp.

1,187,000

$ 10,695

Japan Communications, Inc. (a)(d)

394

179

Japan Digital Contents Trust, Inc. (a)(d)

877

211

Jastec Co. Ltd.

140,800

1,303

JGC Corp.

154,000

2,552

Joint Corp. (d)

98,400

2,678

JSR Corp.

151,700

3,573

Juroku Bank Ltd.

197,000

1,180

Kakaku.com, Inc. (d)

783

2,547

Kenedix, Inc. (d)

875

3,549

Kibun Food Chemifa Co. Ltd. (d)

89,900

1,043

KK daVinci Advisors (a)

6,038

5,029

Kobayashi Pharmaceutical Co. Ltd.

155,000

6,395

Kobe Steel Ltd.

1,530,000

4,617

Koito Manufacturing Co. Ltd.

183,000

2,579

Konica Minolta Holdings, Inc. (d)

644,000

8,207

Kubota Corp.

74,000

680

Kura Corp. Ltd. (e)

6,084

16,557

Kurita Water Industries Ltd.

111,800

2,087

Link Theory Holdings Co. Ltd. (d)

145

373

Lopro Corp. (d)

226,200

693

Media Global Links Co. Ltd.

233

695

Meganesuper Co. Ltd.

20

0

Meiko Electronics Co. Ltd.

179,700

8,135

Micronics Japan Co. Ltd. (d)

162,200

4,456

Miraca Holdings, Inc.

134,900

3,671

Mitsuba Corp.

263,000

2,739

Mitsubishi Gas Chemical Co., Inc.

1,241,000

12,480

Mitsubishi Materials Corp. (d)

1,252,000

4,969

Mitsui Engineering & Shipbuilding Co.

992,000

2,726

Mitsui O.S.K. Lines Ltd.

678,000

4,471

Mori Seiki Co. Ltd. (d)

125,500

2,594

Murata Manufacturing Co. Ltd.

165,500

10,942

Nachi-Fujikoshi Corp.

1,133,000

5,643

Namco Bandai Holdings, Inc.

132,100

1,897

NEC Leasing Ltd.

77,400

1,570

NEOMAX Co. Ltd. (d)

206,000

3,854

Net One Systems Co. Ltd.

169

261

NGK Spark Plug Co. Ltd. (d)

864,000

18,049

NHK Spring Co. Ltd.

381,000

4,064

NIC Corp.

267,300

2,425

Nidec Copal Electronics Corp. (d)

248,600

1,735

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Nidec Corp.

36,200

$ 2,570

Nidec Tosok Corp. (d)

38,300

435

Nihon Ceratec Co. Ltd. (d)

358

990

Nihon Dempa Kogyo Co. Ltd. (d)

426,300

14,129

Nihon Micro Coating Co. Ltd.

147,500

1,060

Nihon Trim Co. Ltd. (d)

198,500

8,934

Nihon Unicom Corp.

112,400

1,616

Nikkiso Co. Ltd.

222,000

2,484

Nippon Chemiphar Co. Ltd. (a)

380,000

2,502

Nippon Denko Co. Ltd. (d)

2,454,000

6,956

Nippon Mining Holdings, Inc.

103,500

876

Nippon Oil Corp.

259,000

2,029

Nippon Paint Co. Ltd.

615,000

2,816

Nippon Seiki Co. Ltd.

971,000

19,310

Nippon Soda Co. Ltd.

558,000

2,468

Nissei Corp.

128,000

1,563

Nissin Kogyo Co. Ltd.

1,273,000

24,316

Nissin Servicer Co. Ltd. (d)

1,311

425

Noritake Co. Ltd.

387,000

2,194

NTN Corp.

207,000

1,560

Obara Corp.

1,100

51

Oiles Corp. (d)

83,100

1,740

Opt, Inc. (a)

150

475

Optex Co. Ltd.

97,200

2,603

Optoelectronics Co. Ltd.

49,300

860

Otaki Gas Co. Ltd.

16,000

88

Otsuka Corp.

30,800

3,441

Pacific Metals Co. Ltd. (d)

748,000

5,441

Parker Corp.

9,000

99

Phoenix Electric Co. Ltd. (d)

251,000

1,789

Pigeon Corp. (d)

180,000

2,804

Produce Co. Ltd.

464

2,602

Ray Corp.

232,700

477

Relo Holdings Corp.

30,900

531

Rex Holdings Co. Ltd.

2,255

6,097

Royal Holdings Co. Ltd.

107,000

1,579

Ryobi Ltd.

359,000

2,414

Saison Information Systems Co. Ltd.

143,200

1,725

Saizeriya Co. Ltd. (d)

94,700

1,493

Sammy NetWorks Co. Ltd.

800

4,229

Sanyo Special Steel Co. Ltd.

168,000

1,319

Sato Corp.

285,500

6,263

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Sawai Pharmaceutical Co. Ltd. (d)

63,100

$ 3,368

SBI Holdings, Inc.

3,748

1,471

SBS Co. Ltd. (d)

175

502

Sega Sammy Holdings, Inc.

137,900

4,571

Sekisui Plastics Co. Ltd.

160,000

529

Senshukai Co. Ltd.

75,000

818

Seria Co. Ltd.

389

736

Shaddy Co. Ltd.

196,800

2,762

Shibaura Electronics Co. Ltd.

152,800

2,772

Shikoku Chemicals Corp. (d)

134,000

901

Shinohara Systems of Construction Co. Ltd.

453

988

Shizuki Electric Co., Inc.

380,000

1,657

Showa Denko KK

2,661,000

10,862

St. Marc Holdings Co. Ltd.

38,100

2,476

Star Micronics Co. Ltd.

557,000

10,324

Sumco Corp.

33,200

1,929

Sumitomo Corp.

1,208,000

17,111

Sumitomo Metal Industries Ltd.

2,202,000

8,796

Sumitomo Metal Mining Co. Ltd.

746,000

10,521

Sumitomo Titanium Corp. (d)

10,400

1,605

Sun Frontier Fudousan Co. Ltd.

616

1,010

Sunx Ltd.

197,800

4,468

Sysmex Corp.

106,300

4,877

T&D Holdings, Inc.

29,250

2,324

Taisei Corp.

358,000

1,199

Taiyo Ink Manufacturing Co. Ltd.

79,000

3,659

Taiyo Kagaku (d)

104,900

1,381

Taiyo Nippon Sanso Corp. Tokyo

361,000

2,840

Takiron Co. Ltd.

437,000

1,799

Telewave, Inc. (d)

3,227

8,697

The First Energy Service Co. Ltd. (a)(d)

191

136

The Keiyo Bank Ltd.

332,000

1,879

Toagosei Co. Ltd. (d)

533,000

2,069

Toc Co. Ltd.

104,000

536

Tohcello Co. Ltd.

209,000

2,550

Tokai Carbon Co. Ltd. (d)

580,000

3,233

Token Corp. (d)

235,100

16,507

Tokuyama Corp.

162,000

2,152

Tokyo Gas Co. Ltd. (d)

376,000

1,869

Tokyo Leasing Co. Ltd. (d)

152,000

1,895

Tokyo Seimitsu Co. Ltd. (d)

70,900

3,290

Tomen Devices Corp.

85,600

1,639

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Tomoe Engineering Co. Ltd.

79,300

$ 1,179

TonenGeneral Sekiyu KK (d)

189,000

1,889

Toppan Printing Co. Ltd.

278,000

3,198

Toray Industries, Inc.

705,000

5,922

Toshiba Machine Co. Ltd.

277,000

2,875

Toyo Ink Manufacturing Co. Ltd.

158,000

666

Toyo Suisan Kaisha Ltd.

59,000

953

Trancom Co. Ltd.

116,300

2,435

Trend Micro, Inc.

72,500

2,378

Tyo Productions, Inc. (d)

128,000

723

Usen Corp. (d)

275,760

2,742

Village Vanguard Co. Ltd.

179

1,144

Wacom Co. Ltd.

422

843

Wiz Co. Ltd.

404

1,198

Yachiyo Industry Co. Ltd. (d)

106,300

2,485

Yahoo! Japan Corp.

2,318

981

Yamada Denki Co. Ltd.

171,200

16,650

Yaskawa Electric Corp. (d)

361,000

4,178

Yokogawa Electric Corp.

170,700

2,274

Yoshimoto Kogyo Co. Ltd. (d)

66,800

1,477

Zensho Co. Ltd. (d)

234,800

2,959

TOTAL JAPAN

773,824

Korea (South) - 0.4%

Core Logic, Inc.

13,549

407

Korean Reinsurance Co.

128,056

1,475

LG Household & Health Care Ltd.

10,410

803

LG Telecom Ltd. (a)

52,222

566

NHN Corp. (a)

16,737

1,861

SFA Engineering Corp.

25,920

860

SK Corp.

15,990

1,120

Taewoong Co. Ltd.

22,066

509

YBM Sisa.com, Inc.

59,359

1,262

TOTAL KOREA (SOUTH)

8,863

Malaysia - 0.2%

Kulim Malaysia BHD

856,700

932

PPB Oil Palms BHD

444,700

906

Steppe Cement Ltd. (a)

847,900

3,033

Uchi Technologies BHD

437,300

392

TOTAL MALAYSIA

5,263

Common Stocks - continued

Shares

Value (000s)

Netherlands - 0.5%

Bateman Engineering NV

484,157

$ 2,908

Engel East Europe NV

1,867,712

4,100

Nutreco Holding NV

63,900

3,973

TOTAL NETHERLANDS

10,981

New Zealand - 0.7%

Fisher & Paykel Healthcare Corp.

2,248,452

5,984

Freightways Ltd.

396,580

901

Sky City Entertainment Group Ltd.

2,149,916

7,076

Tower Ltd. (a)

550,205

1,159

TOTAL NEW ZEALAND

15,120

Norway - 2.4%

Aker Kvaerner ASA

32,000

3,224

Camillo Eitzen & Co. ASA (d)

252,400

2,625

Deep Ocean ASA (a)

373,747

1,184

Eitzen Maritime Services ASA (a)(d)

68,425

24

Fred Olsen Energy ASA (a)

25,500

1,173

P4 Radio Hele Norge ASA

141,400

505

Pertra AS (A Shares) (a)(e)

175,642

1,926

ProSafe ASA

318,600

18,894

Schibsted ASA (B Shares) (d)

48,600

1,319

Solstad Offshore ASA

114,000

2,223

Songa Offshore ASA (a)

871,386

6,796

Statoil ASA

124,700

3,698

Stepstone ASA (a)

4,710,000

7,959

TANDBERG ASA

263,700

2,464

TOTAL NORWAY

54,014

Papua New Guinea - 0.1%

Oil Search Ltd.

918,100

2,898

Poland - 0.0%

Polski Koncern Naftowy Orlen SA unit

20,900

806

Singapore - 2.0%

Advent Air Ltd. (a)(e)

15,269,299

3,138

Cosco Corp. Singapore Ltd.

2,159,000

2,092

DBS Group Holdings Ltd.

87,000

997

GES International Ltd.

5,357,000

4,106

HTL International Holdings Ltd.

1,244,375

922

Keppel Corp. Ltd.

91,000

882

Keppel Land Ltd.

622,000

1,544

Common Stocks - continued

Shares

Value (000s)

Singapore - continued

Parkway Holdings Ltd.

3,746,000

$ 6,074

Sembcorp Marine Ltd.

165,000

349

SIA Engineering Co. Ltd.

3,364,000

7,670

Singapore Petroleum Co. Ltd.

445,000

1,409

Singapore Post Ltd.

15,136,000

10,354

Uol Group Ltd.

1,451,000

2,647

Want Want Holdings Ltd.

1,752,000

2,523

TOTAL SINGAPORE

44,707

South Africa - 1.9%

African Bank Investments Ltd.

1,992,851

7,099

Barnard Jacobs Mellet Holdings Ltd.

3,499,100

2,392

MTN Group Ltd.

515,602

3,941

Steinhoff International Holdings Ltd.

7,338,332

22,499

Telkom SA Ltd.

146,300

2,757

Wilson Bayly Holmes-Ovcon Ltd.

446,856

3,505

TOTAL SOUTH AFRICA

42,193

Sweden - 1.0%

Hexagon AB (B Shares) (d)

239,511

8,009

Intrum Justitia AB

298,000

2,688

Modern Times Group AB (MTG) (B Shares)

227,750

11,297

VBG AB (B Shares)

26,840

328

TOTAL SWEDEN

22,322

Switzerland - 0.3%

Actelion Ltd. (Reg.) (a)

16,588

2,091

Bucher Holding AG

15,811

1,336

Escor Casino & Entertainment SA (a)

19,770

402

Mobilezone Holding AG

187,480

990

Pargesa Holding SA

14,130

1,349

Sulzer AG (Reg.)

2,304

1,724

TOTAL SWITZERLAND

7,892

Taiwan - 0.2%

Catcher Technology Co. Ltd.

100,000

1,023

Delta Electronics, Inc.

240,450

648

Holtek Semiconductor, Inc.

470,638

845

MJC Probe, Inc.

404,000

1,030

Common Stocks - continued

Shares

Value (000s)

Taiwan - continued

Phoenix Precision Technology Corp.

47,139

$ 62

Shin Kong Financial Holding Co. Ltd.

849,000

883

TOTAL TAIWAN

4,491

Thailand - 0.3%

Bumrungrad Hospital PCL (For. Reg.)

3,280,100

3,076

Thai Oil PCL (For. Reg.)

514,100

876

Total Access Communication PCL (a)

645,600

2,518

True Corp. PCL (a)

6,563,000

1,560

TOTAL THAILAND

8,030

Turkey - 0.4%

Dogan Gazetecilik AS (a)

2,095,955

3,527

Tupras-Turkiye Petrol Rafinerileri AS

274,600

5,180

TOTAL TURKEY

8,707

United Kingdom - 18.7%

Accuma Group PLC (a)

418,063

2,456

Accuma Group PLC (a)(g)

139,600

704

Advanced Technology (UK) PLC (a)(e)

7,355,000

0

AeroBox PLC (a)

5,694,657

332

Afren PLC (a)(d)(e)

13,838,800

11,827

African Consolidated Resources PLC

7,758,334

1,739

African Copper PLC (a)

1,742,884

2,100

Air Partner PLC

45,000

546

Alizyme PLC (a)

464,600

859

Alliance Pharma PLC (a)(e)

7,984,200

2,237

Alterian PLC (a)

1,020,800

1,897

Amlin PLC

206,973

963

Andor Technology Ltd. (a)

313,644

478

Anglo Asian Mining PLC

4,278,000

2,098

Angus & Ross PLC (a)

5,174,200

2,175

Appian Technology PLC (a)

5,391,178

944

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

479,045

21

Ascent Resources PLC (a)(e)

13,698,300

2,815

Ascent Resources PLC warrants 12/22/07 (a)

1,500,000

94

Asia Energy PLC (a)

1,360,038

8,810

Atrium Underwriting PLC

257,060

927

Autoclenz Holdings PLC (e)

555,000

1,135

Avanti Screenmedia Group PLC (a)(e)

1,561,600

7,993

Avation PLC (a)

1,526,929

0

Baltic Oil Terminals PLC

1,913,000

5,253

Common Stocks - continued

Shares

Value (000s)

United Kingdom - continued

Belitung Zinc Corp. PLC (g)

7,435,490

$ 1,389

BG Group PLC

151,000

2,031

Bioprogress PLC (a)(d)(e)

9,271,618

6,538

Blackstar Investors PLC (e)

2,870,000

6,058

Block Shield Corp. PLC (a)

1,171,700

2,648

BowLeven PLC (a)(e)

2,295,300

8,704

Caffe Nero Group PLC (a)

455,278

1,578

Cambrian Mining PLC (e)

7,535,000

21,290

Camco International Ltd.

868,900

901

Cardpoint PLC (a)

345,300

503

CareCapital Group PLC

1,847,500

1,035

Celsis International PLC

788,248

2,481

Central African Mining & Exploration Co. PLC (a)

23,558,719

24,205

Centurion Electronics PLC (a)(e)

880,024

732

Ceres Power Holding PLC (a)

759,497

4,001

Chaco Resources PLC (a)

13,877,350

3,240

Clapham House Group PLC (a)

494,150

1,952

Cobra Biomanufacturing PLC (a)

396,900

352

Coffeeheaven International PLC (a)(e)

6,468,509

3,081

Corac Group PLC (a)(e)

5,274,104

3,596

Corin Group PLC

828,814

3,522

Countermine PLC (a)(g)

4,939

476

Countermine PLC warrants 7/26/06 (a)(g)

4,939

0

CustomVis PLC (a)

1,558,936

87

DA Group PLC (a)(e)

1,800,165

1,227

Datacash Group PLC

800,350

2,729

Dominion Energy PLC (a)(e)

10,531,300

1,475

Domino's Pizza UK & IRL PLC

1

0

Dream Direct Group PLC (a)

145,000

91

Eclipse Energy Co. Ltd. (g)

102,000

1,429

Econergy International PLC

675,000

1,116

Emerald Energy PLC (a)

552,500

2,118

EnCore Oil PLC (a)

3,539,000

1,388

Eureka Mining PLC (a)

381,700

560

Europa Oil & Gas Holdings PLC (a)

1,000,000

476

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

500,000

51

European Diamonds PLC (a)

499,300

133

Faroe Petroleum PLC (a)

1,640,706

3,494

Financial Payment Systems Ltd. (a)(e)

7,787,504

1,600

Firestone Diamonds PLC (a)

1,718,100

3,418

Flomerics Group PLC

449,658

819

Forum Energy PLC (e)

1,694,770

2,374

Common Stocks - continued

Shares

Value (000s)

United Kingdom - continued

Future PLC

771,900

$ 570

Gemfields Resources PLC (d)(e)

6,859,200

4,805

GMA Resources PLC (a)(e)

23,646,083

4,859

Goals Soccer Centres PLC

662,100

2,665

Golden Prospect PLC

2,406,500

2,248

Goldshield Group PLC

416,400

2,116

GTL Resources PLC (a)

12,288,572

585

Gyrus Group PLC (a)

651,600

4,090

Hallin Marine Subsea International PLC

1,047,700

1,370

Hambledon Mining PLC (a)

6,671,400

2,087

Hardide Ltd. (a)(e)

9,126,000

1,449

Healthcare Enterprise Group PLC (a)(e)

16,540,108

2,246

Highbury House Communications PLC (a)

713,914

9

Hot Tuna International PLC (e)

2,359,400

1,609

Hot Tuna International PLC warrants 2/25/08 (a)(g)

1,179,700

73

Hydrodec Group PLC (a)(e)

16,486,086

8,546

ID Data PLC (a)(e)

84,350,500

867

Ideal Shopping Direct PLC

661,592

3,467

Impact Holdings PLC (UK) (a)(e)

4,666,600

1,177

Indago Petroleum Ltd.

3,089,846

2,915

Inova Holding PLC

1,443,461

1,470

Intec Telecom Systems PLC (a)

2,639,500

1,972

Interbulk Investments PLC (a)(e)

5,450,000

2,036

International Con Minerals Ltd. (g)

2,659,964

798

International Con Minerals Ltd. warrants 10/31/07 (a)(g)

1,329,982

0

Intertek Group PLC

104,610

1,279

iomart Group PLC

2,235,000

3,090

IPSA Group PLC (e)

3,246,075

2,213

ITE Group PLC

3,241,717

7,221

ITM Power PLC (a)

3,196,490

10,211

Jubilee Platinum PLC (a)(e)

7,171,303

7,401

Kalahari Minerals PLC

3,563,200

949

KimCor Diamonds PLC (e)

4,370,000

1,143

KimCor Diamonds PLC warrants 3/15/08 (a)

2,185,000

204

Landround PLC (e)

358,600

131

Lansdowne Oil & Gas PLC

907,620

1,034

Lawrence PLC

964,724

5,064

London Asia Chinese Private Equity Fund Ltd. (a)

527,000

1,044

London Asia Chinese Private Equity Fund Ltd. warrants 3/31/11 (a)

105,400

49

LTG Technologies PLC (a)(e)

19,449,772

3,134

Manpower Software PLC (a)

208,824

71

Common Stocks - continued

Shares

Value (000s)

United Kingdom - continued

Max Petroleum PLC (d)

13,208,808

$ 30,535

Metals Exploration PLC (a)(e)

2,795,077

1,906

Metals Exploration PLC warrants 9/14/07 (a)

1,410,039

435

Michelmersh Brick Holdings PLC

374,600

759

Monstermob Group PLC (a)

30,436

26

Motivcom PLC (e)

2,025,000

3,159

NDS Group PLC sponsored ADR (a)

105,154

4,978

NeutraHealth PLC (a)(e)

7,228,100

1,722

Oystertec PLC (a)

7,009,687

0

Pan African Resources PLC (a)

3,955,600

406

Peninsular Gold Ltd. (a)

350,000

327

Petrolatina Energy PLC (a)(e)

4,645,755

2,994

Petrolatina Energy PLC warrants 4/30/07 (a)

2,279,573

212

Pilat Media Global PLC (a)

1,026,000

1,006

Platinum Mining Corp. of India PLC (a)(e)

12,520,800

2,690

Plethora Solutions Holdings PLC (a)

431,818

1,319

PlusNet Technologies Ltd. (a)

1,409,404

3,173

Proteome Sciences PLC (a)(d)

780,842

525

Pureprofile Media PLC (g)

1,108,572

1,035

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

251,428

0

Pursuit Dynamics PLC (a)

666,667

1,507

Rambler Metals & Mining PLC (a)

1,300,000

1,190

Rheochem PLC (a)(e)

8,728,300

2,690

Rheochem PLC warrants 12/21/07 (a)

4,364,150

0

Ridge Mining PLC (a)

1,739,800

1,138

Sarantel Group PLC Class A (a)

864,900

267

SDL PLC (a)

948,100

3,702

Serabi Mining PLC (a)

1,640,800

981

Sibir Energy PLC (a)

84,580

726

Sinclair Pharma PLC (a)

2,521,696

5,676

Sinosoft Technology PLC

4,754,000

1,909

Solomon Gold PLC (e)

1,824,300

767

SPI Lasers PLC

629,350

2,686

Spice Holdings PLC

662,000

3,660

Stem Cell Sciences PLC

716,649

756

Sterling Energy PLC (a)

3,389,267

1,520

Stratex International PLC

4,891,100

697

SubSea Resources PLC (a)(e)

8,729,100

4,770

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

1,805,625

405

Synchronica PLC (a)

1,806,000

489

Synergy Healthcare PLC

253,972

2,609

Tanfield Group PLC (a)(e)

14,042,331

6,755

Common Stocks - continued

Shares

Value (000s)

United Kingdom - continued

Target Resources PLC

1,020,000

$ 972

Target Resources PLC warrants 7/1/08 (a)

1,020,000

86

Tersus Energy PLC (a)

1,420,122

995

Theratase PLC

1,725,000

1,402

Third Advance Value Realisation Co. Uk Ltd. (a)

507,108

890

Tikit Group PLC

520,608

2,003

TMO Biotec (g)

10,000

560

Toledo Mining Corp. PLC (a)(e)

1,608,144

2,989

Triple Plate Junction PLC (a)

3,638,000

1,155

Triple Plate Junction PLC warrants 5/9/07 (a)

1,818,750

0

Tristel PLC

274,418

238

UK Coal PLC

899,169

3,259

Unibet Group PLC unit

214,356

5,026

Vectura Group PLC (a)

2,859,400

5,261

Victoria Oil & Gas PLC (a)

2,605,000

3,942

Whatman PLC

280,100

1,517

William Ransom & Son PLC

3,429,500

2,883

Windsor PLC

700,000

523

World Gaming PLC (a)

1,170,500

1,771

ZincOx Resources PLC (a)

970,000

4,059

TOTAL UNITED KINGDOM

423,206

United States of America - 2.6%

121Media, Inc. (a)

644,900

15,661

Chindex International, Inc. (a)(d)

14,800

132

Cyberscan Technology, Inc. (e)

996,527

5,259

Diamond Offshore Drilling, Inc.

112,100

8,848

Frontera Resources Corp. (a)

2,167,700

3,989

Frontier Mining Ltd. (a)(e)

6,771,600

2,656

Marathon Oil Corp.

30,000

2,719

Solar Integrated Technologies, Inc. (a)

1,497,073

1,734

Spacelabs Healthcare, Inc.

707,250

1,777

Trico Marine Services, Inc. (a)

49,800

1,825

Uramin, Inc. warrants 7/26/08 (a)(g)

666,666

157

UTEK Corp. (d)

22,500

510

Valero Energy Corp.

70,900

4,781

X-Rite, Inc.

19,616

182

XL TechGroup, Inc. (a)

1,437,880

7,857

TOTAL UNITED STATES OF AMERICA

58,087

TOTAL COMMON STOCKS

(Cost $1,820,508)

2,177,188

Nonconvertible Preferred Stocks - 0.6%

Shares

Value (000s)

Germany - 0.5%

Fresenius AG (non-vtg.)

70,528

$ 11,597

United Kingdom - 0.1%

Third Advance Value Realisation Co. Uk Ltd. (a)

757,164

1,372

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $6,569)

12,969

Investment Companies - 0.0%

United Kingdom - 0.0%

The Greenhouse Fund Ltd. (a)
(Cost $404)

2,175,000

508

Corporate Bonds - 0.4%

Principal Amount (000s) (h)

Convertible Bonds - 0.4%

Canada - 0.3%

Western Canadian Coal Corp. 7.5% 3/24/11

CAD

$ 7,400

6,457

United Kingdom - 0.1%

BioCare Solutions Ltd. 1% 12/31/06 (g)

GBP

54,768

1,023

TOTAL CONVERTIBLE BONDS

7,480

Nonconvertible Bonds - 0.0%

Norway - 0.0%

Songa Offshore ASA 9% 9/8/10 (f)

600

581

TOTAL CORPORATE BONDS

(Cost $7,949)

8,061

Money Market Funds - 9.3%

Shares

Value (000s)

Fidelity Cash Central Fund, 5.3% (b)

28,894,051

$ 28,894

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

181,195,755

181,196

TOTAL MONEY MARKET FUNDS

(Cost $210,090)

210,090

TOTAL INVESTMENT PORTFOLIO - 106.4%

(Cost $2,045,520)

2,408,816

NET OTHER ASSETS - (6.4)%

(144,057)

NET ASSETS - 100%

$ 2,264,759

Currency Abbreviations

CAD

-

Canadian dollar

GBP

-

British pound

Legend

(a) Non-income producing

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

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

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

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $581,000 or 0.0% of net assets.

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $10,619,000 or 0.5% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Accuma Group PLC

7/28/06

$ 702

Appian Technology PLC warrants 2/28/08

2/18/05

$ 0

Belitung Zinc Corp. PLC

1/12/06

$ 1,308

BioCare Solutions Ltd. 1% 12/31/06

8/3/05

$ 974

Countermine PLC

12/22/05

$ 443

Countermine PLC warrants 7/26/06

12/22/05

$ 0

Eclipse Energy Co. Ltd.

4/28/05

$ 1,459

Hot Tuna International PLC warrants 2/25/08

2/14/06

$ 0

Security

Acquisition Date

Acquisition Cost (000s)

International Con Minerals Ltd.

1/30/06

$ 798

International Con Minerals Ltd. warrants 10/31/07

1/30/06

$ 0

Pureprofile Media PLC

5/3/05 - 1/11/06

$ 1,173

Pureprofile Media PLC warrants 7/31/06

5/3/05

$ 0

Rock Well Petroleum, Inc.

4/13/06

$ 1,004

Starfield Resources, Inc.

5/18/06

$ 1,242

Starfield Resources, Inc. warrants 5/9/07

5/18/06

$ 0

Starfield Resources, Inc. warrants 1/21/08

1/17/06

$ 0

StrataGold Corp.

4/6/06

$ 842

TMO Biotec

10/27/05

$ 535

Uramin, Inc. warrants 7/26/08

8/24/05

$ 0

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

Other Affiliated Issuers

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

121Media, Inc.

$ 1,832

$ 915

$ 704

$ -

$ -

Advanced Technology (UK) PLC

-

-

-

-

-

Advent Air Ltd.

-

2,523

-

-

3,138

Adwalker PLC

1,292

-

-

-

405

Afren PLC

12,040

2,657

2,876

-

11,827

Alliance Pharma PLC

2,924

-

318

-

2,237

Ascent Resources PLC

2,603

526

753

-

2,815

Autoclenz Holdings PLC

-

1,213

10

-

1,135

Avanti Screenmedia Group PLC

-

7,564

895

-

7,993

BDI Mining Corp.

4,646

494

-

-

3,424

Bioprogress PLC

2,479

4,451

237

-

6,538

Blackstar Investors PLC

-

5,074

-

-

6,058

BowLeven PLC

9,158

2,970

-

-

8,704

Cambrian Mining PLC

15,024

3,024

-

156

21,290

Centurion Electronics PLC

574

366

-

-

732

Coffeeheaven International PLC

1,580

1,537

686

-

3,081

Corac Group PLC

2,146

283

54

-

3,596

Cyberscan Technology, Inc.

1,725

8,966

-

-

5,259

DA Group PLC

2,490

-

64

-

1,227

Dominion Energy PLC

-

932

-

-

1,475

Encore Oil PLC (formerly, Oil Quest Resources PLC)

596

-

-

-

-

Financial Payment Systems Ltd.

-

1,729

-

-

1,600

Forum Energy PLC

2,505

1,207

-

-

2,374

Fox Resources Ltd.

844

-

432

-

-

Frontier Mining Ltd.

2,220

256

-

-

2,656

Gemfields Resources PLC

-

5,312

-

-

4,805

GMA Resources PLC

3,026

1,455

208

-

4,859

Hardide Ltd.

2,909

-

850

-

1,449

Healthcare Enterprise Group PLC

10,604

2,028

-

-

2,246

Hot Tuna International PLC

-

2,049

-

-

1,609

Hydrodec Group PLC

2,730

5,558

-

-

8,546

ID Data PLC

1,344

-

-

-

867

Impact Holdings PLC (UK)

-

860

-

-

1,177

Inion OY

3,466

2,117

-

-

3,197

Interbulk Investments PLC

-

2,006

132

-

2,036

International Ferro Metals

15,854

600

91

-

18,546

IPSA Group PLC

2,128

-

434

-

2,213

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Jubilee Platinum PLC

$ 3,339

$ 4,414

$ 791

$ -

$ 7,401

KimCor Diamonds PLC

-

1,147

-

-

1,143

Kura Corp. Ltd.

18,905

588

-

-

16,557

Lambert Howarth Group PLC

6,291

-

5,227

131

-

Landround PLC

582

54

-

-

131

Leadcom Integrated Solutions

4,705

-

1,258

64

-

LTG Technologies PLC

2,294

1,300

16

-

3,134

MagIndustries Corp.

-

13,459

461

-

14,001

Metals Exploration PLC

624

-

17

-

1,906

Mineral Commodities Ltd.

-

1,802

-

-

1,211

Mintails Ltd.

-

1,466

244

-

-

Motivcom PLC (formerly,
P&MM Group PLC)

3,423

-

16

27

3,159

NeutraHealth PLC

1,719

-

23

-

1,722

Pertra AS (A Shares)

-

3,513

1,508

-

1,926

Petrolatina Energy PLC

-

-

-

-

2,994

Pilat Media Global PLC

2,244

-

1,894

-

-

Platinum Mining Corp. of India PLC

3,602

-

-

-

2,690

PlusNet Technologies Ltd.

7,340

720

845

-

-

PSI AG

3,396

-

1,024

-

-

Rheochem PLC

1,854

-

-

-

2,690

Solomon Gold PLC

-

1,588

-

-

767

Sphere Investments Ltd.

2,552

-

553

-

-

Starfield Resources, Inc.

3,741

577

1,083

-

3,398

Starfield Resources, Inc. (restricted)

-

1,242

-

-

773

Stepstone ASA

5,719

-

-

-

-

SubSea Resources PLC

4,362

52

-

-

4,770

Sylvania Resources Ltd.

2,738

557

109

-

4,932

Sylvania Resources Ltd. (UK)

-

2,901

-

-

3,332

Synchronica PLC (formerly,
Dat Group PLC)

1,263

-

-

-

-

Taghmen Energy PLC

5,671

-

102

-

-

Tanfield Group PLC

2,911

2,114

224

-

6,755

Tanzanite One Ltd.

4,936

10,260

184

297

11,448

Teleunit Spa

3,683

710

28

94

1,426

Tikit Group PLC

2,436

-

716

22

-

Toledo Mining Corp. PLC

982

2,614

313

-

2,989

Visual Defence, Inc.

1,379

1,024

-

-

2,896

Xceldiam Ltd.

-

-

-

-

2,696

Total

$ 211,430

$ 120,774

$ 25,380

$ 791

$ 255,961

Affiliated Central Funds

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

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 1,086

Fidelity Securities Lending Cash Central Fund

1,996

Total

$ 3,082

Income Tax Information

At July 31, 2006, the aggregate cost of investment securities for income tax purposes was $2,063,344,000. Net unrealized appreciation aggregated $345,472,000, of which $540,301,000 related to appreciated investment securities and $194,829,000 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please 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, 2006

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

1.805999.102

AISC-QTLY-0906

Investments July 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.1%

Shares

Value (000s)

Australia - 10.4%

Allied Gold Ltd. (a)

8,145,000

$ 2,216

AMP Ltd.

130,600

902

Austbrokers Holdings Ltd.

753,696

1,623

Australian Stock Exchange Ltd.

191,909

4,811

Australian Wealth Management Ltd.

3,628,887

6,256

Billabong International Ltd.

546,600

6,052

Biota Holdings Ltd. (a)

618,900

605

Bradken Ltd.

2,673,795

11,063

Capital-XX Ltd.

2,262,572

4,079

Centamin Egypt Ltd. (a)

5,903,500

3,088

Cochlear Ltd.

163,900

6,666

Coles Myer Ltd.

520,300

4,533

Computershare Ltd.

1,284,572

7,737

David Jones Ltd. (d)

1,445,900

3,346

Dominos Pizza Australia New Zealand Ltd.

2,152,596

5,773

Downer EDI Ltd.

2,255,457

12,945

Dwyka Diamonds Ltd. (a)

7,549,000

3,349

Dyno Nobel Ltd.

645,000

1,201

Elixir Petroleum Ltd. (a)

2,002,140

636

Elkedra Diamonds NL (a)

6,003,671

2,972

Energy Resources of Australia Ltd.

129,200

1,094

European Gas Ltd. (a)

3,307,100

1,267

Finders Resources Ltd.

1,281,400

598

Fox Resources Ltd. (a)

3,899,400

2,839

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

342,636

89

Hastie Group Ltd.

1,038,000

1,503

HFA Holdings Ltd.

2,152,000

2,836

International Ferro Metals (e)

27,199,526

18,546

Jumbuck Entertainment Ltd. (a)

841,100

1,515

Kimberley Diamond Co. NL (a)

1,014,300

917

Metcash Ltd.

2,138,000

6,422

Mineral Commodities Ltd. (a)(e)

7,900,000

1,211

Mineral Deposits Ltd. (a)

4,233,200

4,995

Mineral Securities Ltd. (a)

650,000

720

Mintails Ltd. (a)(d)

6,289,600

1,060

Monto Minerals Ltd. (a)

8,525,252

1,593

Monto Minerals Ltd. warrants 5/25/09 (a)

1,485,934

22

Mortgage Choice Ltd.

5,496,993

10,446

Multiplex Group unit

1,238,000

3,387

National Australia Bank Ltd.

160,700

4,397

Novera Energy Ltd. (a)

844,100

851

Origin Energy Ltd.

410,900

2,377

Common Stocks - continued

Shares

Value (000s)

Australia - continued

Paladin Resources Ltd. (a)(d)

1,336,800

$ 4,630

QBE Insurance Group Ltd.

257,323

4,348

Reverse Corp. Ltd.

832,700

1,595

Rinker Group Ltd.

75,000

757

Roc Oil Co. Ltd. (United Kingdom) (a)

5,966,492

19,784

Seek Ltd.

1,350,239

4,863

Sphere Investments Ltd. (a)

4,527,406

4,163

Stockland unit

559,508

2,932

Sylvania Resources Ltd. (a)(e)

7,484,597

4,932

Sylvania Resources Ltd. (UK) (a)(e)

4,662,600

3,332

Tanami Gold NL

23,140,700

4,610

United Group Ltd.

1,100,021

11,935

Virotec International Ltd. (United Kingdom) (a)

6,788,332

1,997

Woolworths Ltd.

388,818

5,673

WorleyParsons Ltd. (d)

149,430

2,296

TOTAL AUSTRALIA

236,385

Austria - 0.9%

OMV AG

315,700

19,365

Belgium - 0.2%

Melexis NV

88,999

1,415

Punch International NV (a)

27,500

2,995

TOTAL BELGIUM

4,410

Bermuda - 2.2%

Aquarius Platinum Ltd. (United Kingdom)

539,400

9,013

Integrated Distribution Services Group Ltd. (IDS)

520,000

917

Peace Mark Holdings Ltd.

2,210,000

1,132

Petra Diamonds Ltd. (a)

2,502,406

4,488

Ports Design Ltd.

1,955,500

2,970

RC Group (Holdings) Ltd.

2,376,827

2,153

SeaDrill Ltd. (a)(d)

668,921

8,722

Sinochem Hong Kong Holding Ltd.

2,247,400

833

Tanzanite One Ltd. (e)

5,808,701

11,448

Trefoil Ltd. (a)

737,000

4,550

Xceldiam Ltd. (e)

3,318,255

2,696

Xceldiam Ltd. warrants 11/16/07 (a)

1,659,127

356

TOTAL BERMUDA

49,278

Brazil - 0.1%

Uniao de Bancos Brasileiros SA (Unibanco) GDR

26,900

1,866

Common Stocks - continued

Shares

Value (000s)

British Virgin Islands - 0.4%

Albidon Ltd. unit (a)

1,469,000

$ 1,633

BDI Mining Corp. (a)(e)

8,728,890

3,424

CIC Energy Corp. (a)

296,700

2,171

Renesola Ltd.

612,900

939

Titanium Resources Group Ltd.

1,142,800

1,345

TOTAL BRITISH VIRGIN ISLANDS

9,512

Canada - 4.0%

Altius Minerals Corp. (a)

715,906

5,124

Antrim Energy, Inc. (a)

875,000

2,482

Artumas Group, Inc.

421,400

2,807

Bankers Petroleum Ltd. (a)

3,767,000

2,563

Banro Corp. (a)

167,500

1,636

Brazilian Diamonds Ltd. (a)

1,300,000

253

Falcon Oil & Gas Ltd. (a)

1,844,500

5,966

First Quantum Minerals Ltd.

104,171

4,747

Grove Energy Ltd. (a)

1,964,140

1,211

Lionore Mining International Ltd. (a)

480,000

2,617

MagIndustries Corp. (a)(e)

11,735,900

14,001

Oilexco, Inc. (a)

3,263,025

20,070

Platinum Group Metals Ltd. (a)

407,100

565

Rock Well Petroleum, Inc. (g)

770,400

1,021

Shore Gold, Inc. (a)

280,000

1,198

Starfield Resources, Inc. (a)(e)

10,393,131

3,398

Starfield Resources, Inc. (a)(e)(g)

2,626,050

773

Starfield Resources, Inc.:

warrants 5/9/07 (a)(g)

1,313,025

28

warrants 1/21/08 (a)(g)

1,678,100

77

StrataGold Corp. (a)

2,229,000

2,423

StrataGold Corp. (a)(g)

1,078,111

1,055

SXR Uranium One, Inc. (a)

475,740

3,547

Tenke Mining Corp. (a)

160,000

1,558

Uruguay Mineral Exploration, Inc. (a)

344,800

1,188

Valkyries Petroleum Corp. (a)

196,300

2,368

Visual Defence, Inc. (a)(e)

5,963,100

2,896

Western Canadian Coal Corp. (a)

2,161,418

4,393

Western Canadian Coal Corp. (United Kingdom) (a)

548,286

1,229

TOTAL CANADA

91,194

Cayman Islands - 0.6%

AAC Acoustic Technology Holdings, Inc.

1,000,000

965

Foxconn International Holdings Ltd. (a)

69,000

160

Common Stocks - continued

Shares

Value (000s)

Cayman Islands - continued

GlobalSantaFe Corp.

92,800

$ 5,098

New World China Land Ltd.

4,304,800

1,673

Prime Success International Group Ltd.

3,954,000

2,234

Solomon Systech International Ltd.

6,530,000

1,588

Wasion Meters Group Ltd.

2,450,000

1,119

TOTAL CAYMAN ISLANDS

12,837

China - 0.6%

Anhui Conch Cement Co. Ltd. (H Shares)

476,000

799

China Oilfield Services Ltd. (H Shares)

2,174,000

1,181

China Shenhua Energy Co. Ltd. (H Shares)

972,000

1,749

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

3,668,000

1,666

Focus Media Holding Ltd. ADR

59,500

3,725

Lianhua Supermarket Holdings Co. (H Shares)

639,000

699

Shenzhou International Group Holdings Ltd.

4,738,000

1,939

Yantai Changyu Pioneer Wine Co. (B Shares)

327,210

867

TOTAL CHINA

12,625

Denmark - 0.2%

Rockwool International AS Series A

34,100

4,232

Egypt - 0.0%

Commercial International Bank Ltd. sponsored GDR

100,900

1,100

Finland - 0.7%

Aldata Solutions Oyj (a)

1,598,429

4,390

Inion OY (a)(e)

3,740,300

3,197

Nokian Tyres Ltd. (d)

386,500

5,342

Tekla Oyj (A Shares)

344,180

2,198

TOTAL FINLAND

15,127

France - 2.3%

Altamir et Compagnie SA

5,500

1,175

Bourbon SA

28,076

1,506

BVRP Software SA (a)(d)

143,163

2,333

Carbone Lorraine

27,400

1,435

Constructions Industrielles dela Mediterranee SA

10,300

1,455

Electricite de France

146,200

7,532

Groupe Open SA (d)

52,500

922

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

14,809

7

Groupe Promeo

56,325

2,447

Guerbet SA

8,400

1,341

Icade SA

416,018

19,231

Common Stocks - continued

Shares

Value (000s)

France - continued

Maisons France Confort

29,084

$ 1,802

Orpea (a)

22,707

1,566

Sechilienne-Sidec

100,614

3,573

Signaux Girod

15,575

1,430

Tessi SA

48,053

3,066

The Lisi Group

22,500

1,409

TOTAL FRANCE

52,230

Germany - 1.6%

ADVA AG Optical Networking (a)

116,435

980

Articon-Integralis AG (Reg.) (a)

468,185

1,776

Deutz AG (a)

1,027,100

8,659

E.ON AG

28,500

3,435

ElringKlinger AG

18,284

923

Fresenius AG

20,771

3,285

Grenkeleasing AG

25,918

1,445

Kontron AG

133,764

1,598

Merck KGaA

24,041

2,193

Parsytec AG (a)

307,671

1,128

Pfleiderer AG

164,259

3,882

PSI AG (a)

540,949

3,109

Pulsion Medical Systems AG (a)

98,511

705

SGL Carbon AG (a)

200,700

3,697

TOTAL GERMANY

36,815

Greece - 0.8%

Autohellas SA

363,100

1,716

Fourlis Holdings SA

122,300

1,734

Intralot SA

69,400

1,755

Marfin Financial Group Holdings SA

100

3

Sarantis SA (Reg.)

1,261,716

12,797

TOTAL GREECE

18,005

Hong Kong - 0.9%

Bank of East Asia Ltd.

275,000

1,136

Cafe de Coral Holdings Ltd.

1,190,000

1,770

Chen Hsong Holdings Ltd.

1,606,000

899

China Everbright Ltd. (a)

90,000

55

China Overseas Land & Investment Ltd.

1,188,000

696

Citic International Financial Holdings Ltd.

1,297,000

733

Fong's Industries Co. Ltd.

844,000

529

Giordano International Ltd.

4,822,000

2,563

Common Stocks - continued

Shares

Value (000s)

Hong Kong - continued

Hong Kong Aircraft & Engineering Co.

75,200

$ 880

Industrial & Commercial Bank of China (Asia) Ltd.

738,000

1,250

Li & Fung Ltd.

158,000

331

Lifestyle International Holdings Ltd.

451,000

842

Midland Holdings Ltd.

710,000

349

Sa Sa International Holdings Ltd.

608,000

207

Singamas Container Holdings Ltd.

638,000

439

SmarTone Telecommunications Holdings Ltd.

1,015,000

959

Tai Cheung Holdings Ltd.

1,414,000

728

Vtech Holdings Ltd.

937,000

5,240

Wing Lung Bank Ltd.

122,700

1,086

TOTAL HONG KONG

20,692

Hungary - 0.2%

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

44,200

4,901

India - 0.2%

Great Eastern Energy Corp. Ltd. GDR

1,444,600

3,508

Noida Toll Bridge Co. Ltd. GDR

454,051

1,703

TOTAL INDIA

5,211

Indonesia - 0.2%

PT Bakrie Sumatera Plantation Tbk

19,757,000

2,331

PT Perusahaan Gas Negara Tbk Series B

2,088,500

2,717

TOTAL INDONESIA

5,048

Ireland - 0.7%

Adwalker PLC (a)(e)

9,125,000

405

Glanbia PLC

1,135,500

2,828

Kenmare Resources PLC (a)

2,933,800

2,233

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

1,712,500

760

Minco PLC (a)

2,627,271

540

Petroceltic International PLC (a)(d)

13,644,934

5,034

Providence Resources PLC (a)

12,936,300

1,305

Trinity Biotech PLC sponsored ADR (a)

227,325

1,764

Vimio PLC

867,300

1,231

TOTAL IRELAND

16,100

Israel - 0.5%

Advanced Vision Technology Ltd. (a)

133,900

1,603

Israel Chemicals Ltd.

917,000

4,341

Leadcom Integrated Solutions

3,766,400

3,588

Common Stocks - continued

Shares

Value (000s)

Israel - continued

Metal-Tech Ltd.

640,200

$ 1,782

MTI Wireless Edge Ltd.

705,128

553

TOTAL ISRAEL

11,867

Italy - 2.5%

Amplifon Spa

251,050

2,297

Banca Credit Firenze

2,832,064

7,959

Banca Italease Spa

788,800

37,484

Bastogi Spa (a)(d)

3,382,596

875

ERG Spa

109,100

2,649

Lottomatica Spa

81,000

3,010

Saipem Spa

55,700

1,284

Teleunit Spa (e)

12,719,158

1,426

TOTAL ITALY

56,984

Japan - 34.2%

Abc-Mart, Inc. (d)

298,900

6,374

Access Co. Ltd.

419

1,049

Access Co. Ltd. (a)(d)

422

2,433

Adeka Corp.

184,000

2,098

Advanced Media, Inc. Japan (a)(d)

70

241

Aeon Fantasy Co. Ltd.

76,900

2,864

Aichi Steel Corp. (d)

675,000

4,445

Ain Pharmaciez, Inc.

44,900

717

Alpen Co. Ltd.

50,900

1,603

AOC Holdings, Inc.

89,100

1,741

AOI Electronics Co. Ltd.

46,500

1,042

Ariake Japan Co. Ltd. (d)

154,500

3,423

Asahi Diamond Industrial Co. Ltd.

310,000

2,647

Asics Corp.

248,000

2,451

Asset Managers Co. Ltd. (d)

4,198

8,715

Atect Corp.

47,900

854

Atrium Co. Ltd. (d)

58,400

4,559

Axell Corp. (d)

646

2,367

Bit-isle, Inc.

359

1,603

Bookoff Corp. (d)

210,000

4,213

C. Uyemura & Co. Ltd.

1,100

60

Canon Fintech, Inc.

92,000

1,669

Casio Micronics Co. Ltd. (d)

200,500

2,641

Chiba Bank Ltd.

384,000

3,758

Chiyoda Co. Ltd.

68,500

1,497

Chiyoda Corp.

94,000

1,804

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Chugoku Marine Paints Ltd. (d)

60,000

$ 304

Chuo Denki Kogyo Co. Ltd. (d)

35,000

123

CMIC Co. Ltd. (d)

2,520

622

Create SD Co. Ltd.

70,800

1,084

CyberAgent, Inc. (d)

1,611

1,897

Daido Metal Co. Ltd. (d)

525,000

2,734

Daido Steel Co. Ltd.

1,752,000

13,279

Daito Gyorui Co. Ltd.

9,000

18

Daiwa Securities Group, Inc.

212,000

2,369

Daiwabo Information System Ltd. (d)

375,500

5,391

Denyo Co. Ltd.

62,900

800

Ebara Corp. (d)

873,000

3,655

Eiken Chemical Co. Ltd.

157,900

1,680

Elpida Memory, Inc. (a)(d)

106,300

4,256

Endo Lighting Corp.

202,000

2,112

Faith, Inc. (d)

1,619

379

FamilyMart Co. Ltd.

25,100

757

FCC Co. Ltd. (d)

127,000

2,531

FinTech Global, Inc. (d)

487

1,954

Fujikura Ltd. (d)

2,452,000

30,562

Fullcast Co. Ltd. (d)

1,169

3,467

Futaba Industrial Co. Ltd. (d)

370,800

8,085

Gentosha, Inc.

141

695

Hamamatsu Photonics KK (d)

186,800

6,338

Haseko Corp. (a)(d)

1,175,000

3,997

Heiwa Real Estate Co. Ltd. (d)

388,500

2,111

Hikari Tsushin, Inc. (d)

275,700

11,158

Hioki EE Corp. (d)

33,100

1,074

Hiroshima Bank Ltd.

738,000

4,583

Hitachi Construction Machinery Co. Ltd.

881,700

20,726

Hitachi Zosen Corp. (a)(d)

2,409,500

2,543

Hogy Medical Co.

28,400

1,291

Hokuriku Electric Industry (d)

1,083,000

3,703

Hokuto Corp.

239,800

3,987

Ibiden Co. Ltd.

68,700

3,320

IDU Co. (a)(d)

1,320

2,475

Ikyu Corp. (d)

366

568

Intelligence Ltd. (d)

2,400

6,699

Internet Research Institute, Inc. (d)

1,861

1,490

Iriso Electronics Co. Ltd.

86,700

2,843

Ishihara Chemical Co. Ltd.

48,000

1,047

Ishikawajima-Harima Heavy Industries Co. Ltd.

1,042,000

2,936

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Itochu Corp.

1,187,000

$ 10,695

Japan Communications, Inc. (a)(d)

394

179

Japan Digital Contents Trust, Inc. (a)(d)

877

211

Jastec Co. Ltd.

140,800

1,303

JGC Corp.

154,000

2,552

Joint Corp. (d)

98,400

2,678

JSR Corp.

151,700

3,573

Juroku Bank Ltd.

197,000

1,180

Kakaku.com, Inc. (d)

783

2,547

Kenedix, Inc. (d)

875

3,549

Kibun Food Chemifa Co. Ltd. (d)

89,900

1,043

KK daVinci Advisors (a)

6,038

5,029

Kobayashi Pharmaceutical Co. Ltd.

155,000

6,395

Kobe Steel Ltd.

1,530,000

4,617

Koito Manufacturing Co. Ltd.

183,000

2,579

Konica Minolta Holdings, Inc. (d)

644,000

8,207

Kubota Corp.

74,000

680

Kura Corp. Ltd. (e)

6,084

16,557

Kurita Water Industries Ltd.

111,800

2,087

Link Theory Holdings Co. Ltd. (d)

145

373

Lopro Corp. (d)

226,200

693

Media Global Links Co. Ltd.

233

695

Meganesuper Co. Ltd.

20

0

Meiko Electronics Co. Ltd.

179,700

8,135

Micronics Japan Co. Ltd. (d)

162,200

4,456

Miraca Holdings, Inc.

134,900

3,671

Mitsuba Corp.

263,000

2,739

Mitsubishi Gas Chemical Co., Inc.

1,241,000

12,480

Mitsubishi Materials Corp. (d)

1,252,000

4,969

Mitsui Engineering & Shipbuilding Co.

992,000

2,726

Mitsui O.S.K. Lines Ltd.

678,000

4,471

Mori Seiki Co. Ltd. (d)

125,500

2,594

Murata Manufacturing Co. Ltd.

165,500

10,942

Nachi-Fujikoshi Corp.

1,133,000

5,643

Namco Bandai Holdings, Inc.

132,100

1,897

NEC Leasing Ltd.

77,400

1,570

NEOMAX Co. Ltd. (d)

206,000

3,854

Net One Systems Co. Ltd.

169

261

NGK Spark Plug Co. Ltd. (d)

864,000

18,049

NHK Spring Co. Ltd.

381,000

4,064

NIC Corp.

267,300

2,425

Nidec Copal Electronics Corp. (d)

248,600

1,735

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Nidec Corp.

36,200

$ 2,570

Nidec Tosok Corp. (d)

38,300

435

Nihon Ceratec Co. Ltd. (d)

358

990

Nihon Dempa Kogyo Co. Ltd. (d)

426,300

14,129

Nihon Micro Coating Co. Ltd.

147,500

1,060

Nihon Trim Co. Ltd. (d)

198,500

8,934

Nihon Unicom Corp.

112,400

1,616

Nikkiso Co. Ltd.

222,000

2,484

Nippon Chemiphar Co. Ltd. (a)

380,000

2,502

Nippon Denko Co. Ltd. (d)

2,454,000

6,956

Nippon Mining Holdings, Inc.

103,500

876

Nippon Oil Corp.

259,000

2,029

Nippon Paint Co. Ltd.

615,000

2,816

Nippon Seiki Co. Ltd.

971,000

19,310

Nippon Soda Co. Ltd.

558,000

2,468

Nissei Corp.

128,000

1,563

Nissin Kogyo Co. Ltd.

1,273,000

24,316

Nissin Servicer Co. Ltd. (d)

1,311

425

Noritake Co. Ltd.

387,000

2,194

NTN Corp.

207,000

1,560

Obara Corp.

1,100

51

Oiles Corp. (d)

83,100

1,740

Opt, Inc. (a)

150

475

Optex Co. Ltd.

97,200

2,603

Optoelectronics Co. Ltd.

49,300

860

Otaki Gas Co. Ltd.

16,000

88

Otsuka Corp.

30,800

3,441

Pacific Metals Co. Ltd. (d)

748,000

5,441

Parker Corp.

9,000

99

Phoenix Electric Co. Ltd. (d)

251,000

1,789

Pigeon Corp. (d)

180,000

2,804

Produce Co. Ltd.

464

2,602

Ray Corp.

232,700

477

Relo Holdings Corp.

30,900

531

Rex Holdings Co. Ltd.

2,255

6,097

Royal Holdings Co. Ltd.

107,000

1,579

Ryobi Ltd.

359,000

2,414

Saison Information Systems Co. Ltd.

143,200

1,725

Saizeriya Co. Ltd. (d)

94,700

1,493

Sammy NetWorks Co. Ltd.

800

4,229

Sanyo Special Steel Co. Ltd.

168,000

1,319

Sato Corp.

285,500

6,263

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Sawai Pharmaceutical Co. Ltd. (d)

63,100

$ 3,368

SBI Holdings, Inc.

3,748

1,471

SBS Co. Ltd. (d)

175

502

Sega Sammy Holdings, Inc.

137,900

4,571

Sekisui Plastics Co. Ltd.

160,000

529

Senshukai Co. Ltd.

75,000

818

Seria Co. Ltd.

389

736

Shaddy Co. Ltd.

196,800

2,762

Shibaura Electronics Co. Ltd.

152,800

2,772

Shikoku Chemicals Corp. (d)

134,000

901

Shinohara Systems of Construction Co. Ltd.

453

988

Shizuki Electric Co., Inc.

380,000

1,657

Showa Denko KK

2,661,000

10,862

St. Marc Holdings Co. Ltd.

38,100

2,476

Star Micronics Co. Ltd.

557,000

10,324

Sumco Corp.

33,200

1,929

Sumitomo Corp.

1,208,000

17,111

Sumitomo Metal Industries Ltd.

2,202,000

8,796

Sumitomo Metal Mining Co. Ltd.

746,000

10,521

Sumitomo Titanium Corp. (d)

10,400

1,605

Sun Frontier Fudousan Co. Ltd.

616

1,010

Sunx Ltd.

197,800

4,468

Sysmex Corp.

106,300

4,877

T&D Holdings, Inc.

29,250

2,324

Taisei Corp.

358,000

1,199

Taiyo Ink Manufacturing Co. Ltd.

79,000

3,659

Taiyo Kagaku (d)

104,900

1,381

Taiyo Nippon Sanso Corp. Tokyo

361,000

2,840

Takiron Co. Ltd.

437,000

1,799

Telewave, Inc. (d)

3,227

8,697

The First Energy Service Co. Ltd. (a)(d)

191

136

The Keiyo Bank Ltd.

332,000

1,879

Toagosei Co. Ltd. (d)

533,000

2,069

Toc Co. Ltd.

104,000

536

Tohcello Co. Ltd.

209,000

2,550

Tokai Carbon Co. Ltd. (d)

580,000

3,233

Token Corp. (d)

235,100

16,507

Tokuyama Corp.

162,000

2,152

Tokyo Gas Co. Ltd. (d)

376,000

1,869

Tokyo Leasing Co. Ltd. (d)

152,000

1,895

Tokyo Seimitsu Co. Ltd. (d)

70,900

3,290

Tomen Devices Corp.

85,600

1,639

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Tomoe Engineering Co. Ltd.

79,300

$ 1,179

TonenGeneral Sekiyu KK (d)

189,000

1,889

Toppan Printing Co. Ltd.

278,000

3,198

Toray Industries, Inc.

705,000

5,922

Toshiba Machine Co. Ltd.

277,000

2,875

Toyo Ink Manufacturing Co. Ltd.

158,000

666

Toyo Suisan Kaisha Ltd.

59,000

953

Trancom Co. Ltd.

116,300

2,435

Trend Micro, Inc.

72,500

2,378

Tyo Productions, Inc. (d)

128,000

723

Usen Corp. (d)

275,760

2,742

Village Vanguard Co. Ltd.

179

1,144

Wacom Co. Ltd.

422

843

Wiz Co. Ltd.

404

1,198

Yachiyo Industry Co. Ltd. (d)

106,300

2,485

Yahoo! Japan Corp.

2,318

981

Yamada Denki Co. Ltd.

171,200

16,650

Yaskawa Electric Corp. (d)

361,000

4,178

Yokogawa Electric Corp.

170,700

2,274

Yoshimoto Kogyo Co. Ltd. (d)

66,800

1,477

Zensho Co. Ltd. (d)

234,800

2,959

TOTAL JAPAN

773,824

Korea (South) - 0.4%

Core Logic, Inc.

13,549

407

Korean Reinsurance Co.

128,056

1,475

LG Household & Health Care Ltd.

10,410

803

LG Telecom Ltd. (a)

52,222

566

NHN Corp. (a)

16,737

1,861

SFA Engineering Corp.

25,920

860

SK Corp.

15,990

1,120

Taewoong Co. Ltd.

22,066

509

YBM Sisa.com, Inc.

59,359

1,262

TOTAL KOREA (SOUTH)

8,863

Malaysia - 0.2%

Kulim Malaysia BHD

856,700

932

PPB Oil Palms BHD

444,700

906

Steppe Cement Ltd. (a)

847,900

3,033

Uchi Technologies BHD

437,300

392

TOTAL MALAYSIA

5,263

Common Stocks - continued

Shares

Value (000s)

Netherlands - 0.5%

Bateman Engineering NV

484,157

$ 2,908

Engel East Europe NV

1,867,712

4,100

Nutreco Holding NV

63,900

3,973

TOTAL NETHERLANDS

10,981

New Zealand - 0.7%

Fisher & Paykel Healthcare Corp.

2,248,452

5,984

Freightways Ltd.

396,580

901

Sky City Entertainment Group Ltd.

2,149,916

7,076

Tower Ltd. (a)

550,205

1,159

TOTAL NEW ZEALAND

15,120

Norway - 2.4%

Aker Kvaerner ASA

32,000

3,224

Camillo Eitzen & Co. ASA (d)

252,400

2,625

Deep Ocean ASA (a)

373,747

1,184

Eitzen Maritime Services ASA (a)(d)

68,425

24

Fred Olsen Energy ASA (a)

25,500

1,173

P4 Radio Hele Norge ASA

141,400

505

Pertra AS (A Shares) (a)(e)

175,642

1,926

ProSafe ASA

318,600

18,894

Schibsted ASA (B Shares) (d)

48,600

1,319

Solstad Offshore ASA

114,000

2,223

Songa Offshore ASA (a)

871,386

6,796

Statoil ASA

124,700

3,698

Stepstone ASA (a)

4,710,000

7,959

TANDBERG ASA

263,700

2,464

TOTAL NORWAY

54,014

Papua New Guinea - 0.1%

Oil Search Ltd.

918,100

2,898

Poland - 0.0%

Polski Koncern Naftowy Orlen SA unit

20,900

806

Singapore - 2.0%

Advent Air Ltd. (a)(e)

15,269,299

3,138

Cosco Corp. Singapore Ltd.

2,159,000

2,092

DBS Group Holdings Ltd.

87,000

997

GES International Ltd.

5,357,000

4,106

HTL International Holdings Ltd.

1,244,375

922

Keppel Corp. Ltd.

91,000

882

Keppel Land Ltd.

622,000

1,544

Common Stocks - continued

Shares

Value (000s)

Singapore - continued

Parkway Holdings Ltd.

3,746,000

$ 6,074

Sembcorp Marine Ltd.

165,000

349

SIA Engineering Co. Ltd.

3,364,000

7,670

Singapore Petroleum Co. Ltd.

445,000

1,409

Singapore Post Ltd.

15,136,000

10,354

Uol Group Ltd.

1,451,000

2,647

Want Want Holdings Ltd.

1,752,000

2,523

TOTAL SINGAPORE

44,707

South Africa - 1.9%

African Bank Investments Ltd.

1,992,851

7,099

Barnard Jacobs Mellet Holdings Ltd.

3,499,100

2,392

MTN Group Ltd.

515,602

3,941

Steinhoff International Holdings Ltd.

7,338,332

22,499

Telkom SA Ltd.

146,300

2,757

Wilson Bayly Holmes-Ovcon Ltd.

446,856

3,505

TOTAL SOUTH AFRICA

42,193

Sweden - 1.0%

Hexagon AB (B Shares) (d)

239,511

8,009

Intrum Justitia AB

298,000

2,688

Modern Times Group AB (MTG) (B Shares)

227,750

11,297

VBG AB (B Shares)

26,840

328

TOTAL SWEDEN

22,322

Switzerland - 0.3%

Actelion Ltd. (Reg.) (a)

16,588

2,091

Bucher Holding AG

15,811

1,336

Escor Casino & Entertainment SA (a)

19,770

402

Mobilezone Holding AG

187,480

990

Pargesa Holding SA

14,130

1,349

Sulzer AG (Reg.)

2,304

1,724

TOTAL SWITZERLAND

7,892

Taiwan - 0.2%

Catcher Technology Co. Ltd.

100,000

1,023

Delta Electronics, Inc.

240,450

648

Holtek Semiconductor, Inc.

470,638

845

MJC Probe, Inc.

404,000

1,030

Common Stocks - continued

Shares

Value (000s)

Taiwan - continued

Phoenix Precision Technology Corp.

47,139

$ 62

Shin Kong Financial Holding Co. Ltd.

849,000

883

TOTAL TAIWAN

4,491

Thailand - 0.3%

Bumrungrad Hospital PCL (For. Reg.)

3,280,100

3,076

Thai Oil PCL (For. Reg.)

514,100

876

Total Access Communication PCL (a)

645,600

2,518

True Corp. PCL (a)

6,563,000

1,560

TOTAL THAILAND

8,030

Turkey - 0.4%

Dogan Gazetecilik AS (a)

2,095,955

3,527

Tupras-Turkiye Petrol Rafinerileri AS

274,600

5,180

TOTAL TURKEY

8,707

United Kingdom - 18.7%

Accuma Group PLC (a)

418,063

2,456

Accuma Group PLC (a)(g)

139,600

704

Advanced Technology (UK) PLC (a)(e)

7,355,000

0

AeroBox PLC (a)

5,694,657

332

Afren PLC (a)(d)(e)

13,838,800

11,827

African Consolidated Resources PLC

7,758,334

1,739

African Copper PLC (a)

1,742,884

2,100

Air Partner PLC

45,000

546

Alizyme PLC (a)

464,600

859

Alliance Pharma PLC (a)(e)

7,984,200

2,237

Alterian PLC (a)

1,020,800

1,897

Amlin PLC

206,973

963

Andor Technology Ltd. (a)

313,644

478

Anglo Asian Mining PLC

4,278,000

2,098

Angus & Ross PLC (a)

5,174,200

2,175

Appian Technology PLC (a)

5,391,178

944

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

479,045

21

Ascent Resources PLC (a)(e)

13,698,300

2,815

Ascent Resources PLC warrants 12/22/07 (a)

1,500,000

94

Asia Energy PLC (a)

1,360,038

8,810

Atrium Underwriting PLC

257,060

927

Autoclenz Holdings PLC (e)

555,000

1,135

Avanti Screenmedia Group PLC (a)(e)

1,561,600

7,993

Avation PLC (a)

1,526,929

0

Baltic Oil Terminals PLC

1,913,000

5,253

Common Stocks - continued

Shares

Value (000s)

United Kingdom - continued

Belitung Zinc Corp. PLC (g)

7,435,490

$ 1,389

BG Group PLC

151,000

2,031

Bioprogress PLC (a)(d)(e)

9,271,618

6,538

Blackstar Investors PLC (e)

2,870,000

6,058

Block Shield Corp. PLC (a)

1,171,700

2,648

BowLeven PLC (a)(e)

2,295,300

8,704

Caffe Nero Group PLC (a)

455,278

1,578

Cambrian Mining PLC (e)

7,535,000

21,290

Camco International Ltd.

868,900

901

Cardpoint PLC (a)

345,300

503

CareCapital Group PLC

1,847,500

1,035

Celsis International PLC

788,248

2,481

Central African Mining & Exploration Co. PLC (a)

23,558,719

24,205

Centurion Electronics PLC (a)(e)

880,024

732

Ceres Power Holding PLC (a)

759,497

4,001

Chaco Resources PLC (a)

13,877,350

3,240

Clapham House Group PLC (a)

494,150

1,952

Cobra Biomanufacturing PLC (a)

396,900

352

Coffeeheaven International PLC (a)(e)

6,468,509

3,081

Corac Group PLC (a)(e)

5,274,104

3,596

Corin Group PLC

828,814

3,522

Countermine PLC (a)(g)

4,939

476

Countermine PLC warrants 7/26/06 (a)(g)

4,939

0

CustomVis PLC (a)

1,558,936

87

DA Group PLC (a)(e)

1,800,165

1,227

Datacash Group PLC

800,350

2,729

Dominion Energy PLC (a)(e)

10,531,300

1,475

Domino's Pizza UK & IRL PLC

1

0

Dream Direct Group PLC (a)

145,000

91

Eclipse Energy Co. Ltd. (g)

102,000

1,429

Econergy International PLC

675,000

1,116

Emerald Energy PLC (a)

552,500

2,118

EnCore Oil PLC (a)

3,539,000

1,388

Eureka Mining PLC (a)

381,700

560

Europa Oil & Gas Holdings PLC (a)

1,000,000

476

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

500,000

51

European Diamonds PLC (a)

499,300

133

Faroe Petroleum PLC (a)

1,640,706

3,494

Financial Payment Systems Ltd. (a)(e)

7,787,504

1,600

Firestone Diamonds PLC (a)

1,718,100

3,418

Flomerics Group PLC

449,658

819

Forum Energy PLC (e)

1,694,770

2,374

Common Stocks - continued

Shares

Value (000s)

United Kingdom - continued

Future PLC

771,900

$ 570

Gemfields Resources PLC (d)(e)

6,859,200

4,805

GMA Resources PLC (a)(e)

23,646,083

4,859

Goals Soccer Centres PLC

662,100

2,665

Golden Prospect PLC

2,406,500

2,248

Goldshield Group PLC

416,400

2,116

GTL Resources PLC (a)

12,288,572

585

Gyrus Group PLC (a)

651,600

4,090

Hallin Marine Subsea International PLC

1,047,700

1,370

Hambledon Mining PLC (a)

6,671,400

2,087

Hardide Ltd. (a)(e)

9,126,000

1,449

Healthcare Enterprise Group PLC (a)(e)

16,540,108

2,246

Highbury House Communications PLC (a)

713,914

9

Hot Tuna International PLC (e)

2,359,400

1,609

Hot Tuna International PLC warrants 2/25/08 (a)(g)

1,179,700

73

Hydrodec Group PLC (a)(e)

16,486,086

8,546

ID Data PLC (a)(e)

84,350,500

867

Ideal Shopping Direct PLC

661,592

3,467

Impact Holdings PLC (UK) (a)(e)

4,666,600

1,177

Indago Petroleum Ltd.

3,089,846

2,915

Inova Holding PLC

1,443,461

1,470

Intec Telecom Systems PLC (a)

2,639,500

1,972

Interbulk Investments PLC (a)(e)

5,450,000

2,036

International Con Minerals Ltd. (g)

2,659,964

798

International Con Minerals Ltd. warrants 10/31/07 (a)(g)

1,329,982

0

Intertek Group PLC

104,610

1,279

iomart Group PLC

2,235,000

3,090

IPSA Group PLC (e)

3,246,075

2,213

ITE Group PLC

3,241,717

7,221

ITM Power PLC (a)

3,196,490

10,211

Jubilee Platinum PLC (a)(e)

7,171,303

7,401

Kalahari Minerals PLC

3,563,200

949

KimCor Diamonds PLC (e)

4,370,000

1,143

KimCor Diamonds PLC warrants 3/15/08 (a)

2,185,000

204

Landround PLC (e)

358,600

131

Lansdowne Oil & Gas PLC

907,620

1,034

Lawrence PLC

964,724

5,064

London Asia Chinese Private Equity Fund Ltd. (a)

527,000

1,044

London Asia Chinese Private Equity Fund Ltd. warrants 3/31/11 (a)

105,400

49

LTG Technologies PLC (a)(e)

19,449,772

3,134

Manpower Software PLC (a)

208,824

71

Common Stocks - continued

Shares

Value (000s)

United Kingdom - continued

Max Petroleum PLC (d)

13,208,808

$ 30,535

Metals Exploration PLC (a)(e)

2,795,077

1,906

Metals Exploration PLC warrants 9/14/07 (a)

1,410,039

435

Michelmersh Brick Holdings PLC

374,600

759

Monstermob Group PLC (a)

30,436

26

Motivcom PLC (e)

2,025,000

3,159

NDS Group PLC sponsored ADR (a)

105,154

4,978

NeutraHealth PLC (a)(e)

7,228,100

1,722

Oystertec PLC (a)

7,009,687

0

Pan African Resources PLC (a)

3,955,600

406

Peninsular Gold Ltd. (a)

350,000

327

Petrolatina Energy PLC (a)(e)

4,645,755

2,994

Petrolatina Energy PLC warrants 4/30/07 (a)

2,279,573

212

Pilat Media Global PLC (a)

1,026,000

1,006

Platinum Mining Corp. of India PLC (a)(e)

12,520,800

2,690

Plethora Solutions Holdings PLC (a)

431,818

1,319

PlusNet Technologies Ltd. (a)

1,409,404

3,173

Proteome Sciences PLC (a)(d)

780,842

525

Pureprofile Media PLC (g)

1,108,572

1,035

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

251,428

0

Pursuit Dynamics PLC (a)

666,667

1,507

Rambler Metals & Mining PLC (a)

1,300,000

1,190

Rheochem PLC (a)(e)

8,728,300

2,690

Rheochem PLC warrants 12/21/07 (a)

4,364,150

0

Ridge Mining PLC (a)

1,739,800

1,138

Sarantel Group PLC Class A (a)

864,900

267

SDL PLC (a)

948,100

3,702

Serabi Mining PLC (a)

1,640,800

981

Sibir Energy PLC (a)

84,580

726

Sinclair Pharma PLC (a)

2,521,696

5,676

Sinosoft Technology PLC

4,754,000

1,909

Solomon Gold PLC (e)

1,824,300

767

SPI Lasers PLC

629,350

2,686

Spice Holdings PLC

662,000

3,660

Stem Cell Sciences PLC

716,649

756

Sterling Energy PLC (a)

3,389,267

1,520

Stratex International PLC

4,891,100

697

SubSea Resources PLC (a)(e)

8,729,100

4,770

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

1,805,625

405

Synchronica PLC (a)

1,806,000

489

Synergy Healthcare PLC

253,972

2,609

Tanfield Group PLC (a)(e)

14,042,331

6,755

Common Stocks - continued

Shares

Value (000s)

United Kingdom - continued

Target Resources PLC

1,020,000

$ 972

Target Resources PLC warrants 7/1/08 (a)

1,020,000

86

Tersus Energy PLC (a)

1,420,122

995

Theratase PLC

1,725,000

1,402

Third Advance Value Realisation Co. Uk Ltd. (a)

507,108

890

Tikit Group PLC

520,608

2,003

TMO Biotec (g)

10,000

560

Toledo Mining Corp. PLC (a)(e)

1,608,144

2,989

Triple Plate Junction PLC (a)

3,638,000

1,155

Triple Plate Junction PLC warrants 5/9/07 (a)

1,818,750

0

Tristel PLC

274,418

238

UK Coal PLC

899,169

3,259

Unibet Group PLC unit

214,356

5,026

Vectura Group PLC (a)

2,859,400

5,261

Victoria Oil & Gas PLC (a)

2,605,000

3,942

Whatman PLC

280,100

1,517

William Ransom & Son PLC

3,429,500

2,883

Windsor PLC

700,000

523

World Gaming PLC (a)

1,170,500

1,771

ZincOx Resources PLC (a)

970,000

4,059

TOTAL UNITED KINGDOM

423,206

United States of America - 2.6%

121Media, Inc. (a)

644,900

15,661

Chindex International, Inc. (a)(d)

14,800

132

Cyberscan Technology, Inc. (e)

996,527

5,259

Diamond Offshore Drilling, Inc.

112,100

8,848

Frontera Resources Corp. (a)

2,167,700

3,989

Frontier Mining Ltd. (a)(e)

6,771,600

2,656

Marathon Oil Corp.

30,000

2,719

Solar Integrated Technologies, Inc. (a)

1,497,073

1,734

Spacelabs Healthcare, Inc.

707,250

1,777

Trico Marine Services, Inc. (a)

49,800

1,825

Uramin, Inc. warrants 7/26/08 (a)(g)

666,666

157

UTEK Corp. (d)

22,500

510

Valero Energy Corp.

70,900

4,781

X-Rite, Inc.

19,616

182

XL TechGroup, Inc. (a)

1,437,880

7,857

TOTAL UNITED STATES OF AMERICA

58,087

TOTAL COMMON STOCKS

(Cost $1,820,508)

2,177,188

Nonconvertible Preferred Stocks - 0.6%

Shares

Value (000s)

Germany - 0.5%

Fresenius AG (non-vtg.)

70,528

$ 11,597

United Kingdom - 0.1%

Third Advance Value Realisation Co. Uk Ltd. (a)

757,164

1,372

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $6,569)

12,969

Investment Companies - 0.0%

United Kingdom - 0.0%

The Greenhouse Fund Ltd. (a)
(Cost $404)

2,175,000

508

Corporate Bonds - 0.4%

Principal Amount (000s) (h)

Convertible Bonds - 0.4%

Canada - 0.3%

Western Canadian Coal Corp. 7.5% 3/24/11

CAD

$ 7,400

6,457

United Kingdom - 0.1%

BioCare Solutions Ltd. 1% 12/31/06 (g)

GBP

54,768

1,023

TOTAL CONVERTIBLE BONDS

7,480

Nonconvertible Bonds - 0.0%

Norway - 0.0%

Songa Offshore ASA 9% 9/8/10 (f)

600

581

TOTAL CORPORATE BONDS

(Cost $7,949)

8,061

Money Market Funds - 9.3%

Shares

Value (000s)

Fidelity Cash Central Fund, 5.3% (b)

28,894,051

$ 28,894

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

181,195,755

181,196

TOTAL MONEY MARKET FUNDS

(Cost $210,090)

210,090

TOTAL INVESTMENT PORTFOLIO - 106.4%

(Cost $2,045,520)

2,408,816

NET OTHER ASSETS - (6.4)%

(144,057)

NET ASSETS - 100%

$ 2,264,759

Currency Abbreviations

CAD

-

Canadian dollar

GBP

-

British pound

Legend

(a) Non-income producing

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

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

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

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $581,000 or 0.0% of net assets.

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $10,619,000 or 0.5% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Accuma Group PLC

7/28/06

$ 702

Appian Technology PLC warrants 2/28/08

2/18/05

$ 0

Belitung Zinc Corp. PLC

1/12/06

$ 1,308

BioCare Solutions Ltd. 1% 12/31/06

8/3/05

$ 974

Countermine PLC

12/22/05

$ 443

Countermine PLC warrants 7/26/06

12/22/05

$ 0

Eclipse Energy Co. Ltd.

4/28/05

$ 1,459

Hot Tuna International PLC warrants 2/25/08

2/14/06

$ 0

Security

Acquisition Date

Acquisition Cost (000s)

International Con Minerals Ltd.

1/30/06

$ 798

International Con Minerals Ltd. warrants 10/31/07

1/30/06

$ 0

Pureprofile Media PLC

5/3/05 - 1/11/06

$ 1,173

Pureprofile Media PLC warrants 7/31/06

5/3/05

$ 0

Rock Well Petroleum, Inc.

4/13/06

$ 1,004

Starfield Resources, Inc.

5/18/06

$ 1,242

Starfield Resources, Inc. warrants 5/9/07

5/18/06

$ 0

Starfield Resources, Inc. warrants 1/21/08

1/17/06

$ 0

StrataGold Corp.

4/6/06

$ 842

TMO Biotec

10/27/05

$ 535

Uramin, Inc. warrants 7/26/08

8/24/05

$ 0

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

Other Affiliated Issuers

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

121Media, Inc.

$ 1,832

$ 915

$ 704

$ -

$ -

Advanced Technology (UK) PLC

-

-

-

-

-

Advent Air Ltd.

-

2,523

-

-

3,138

Adwalker PLC

1,292

-

-

-

405

Afren PLC

12,040

2,657

2,876

-

11,827

Alliance Pharma PLC

2,924

-

318

-

2,237

Ascent Resources PLC

2,603

526

753

-

2,815

Autoclenz Holdings PLC

-

1,213

10

-

1,135

Avanti Screenmedia Group PLC

-

7,564

895

-

7,993

BDI Mining Corp.

4,646

494

-

-

3,424

Bioprogress PLC

2,479

4,451

237

-

6,538

Blackstar Investors PLC

-

5,074

-

-

6,058

BowLeven PLC

9,158

2,970

-

-

8,704

Cambrian Mining PLC

15,024

3,024

-

156

21,290

Centurion Electronics PLC

574

366

-

-

732

Coffeeheaven International PLC

1,580

1,537

686

-

3,081

Corac Group PLC

2,146

283

54

-

3,596

Cyberscan Technology, Inc.

1,725

8,966

-

-

5,259

DA Group PLC

2,490

-

64

-

1,227

Dominion Energy PLC

-

932

-

-

1,475

Encore Oil PLC (formerly, Oil Quest Resources PLC)

596

-

-

-

-

Financial Payment Systems Ltd.

-

1,729

-

-

1,600

Forum Energy PLC

2,505

1,207

-

-

2,374

Fox Resources Ltd.

844

-

432

-

-

Frontier Mining Ltd.

2,220

256

-

-

2,656

Gemfields Resources PLC

-

5,312

-

-

4,805

GMA Resources PLC

3,026

1,455

208

-

4,859

Hardide Ltd.

2,909

-

850

-

1,449

Healthcare Enterprise Group PLC

10,604

2,028

-

-

2,246

Hot Tuna International PLC

-

2,049

-

-

1,609

Hydrodec Group PLC

2,730

5,558

-

-

8,546

ID Data PLC

1,344

-

-

-

867

Impact Holdings PLC (UK)

-

860

-

-

1,177

Inion OY

3,466

2,117

-

-

3,197

Interbulk Investments PLC

-

2,006

132

-

2,036

International Ferro Metals

15,854

600

91

-

18,546

IPSA Group PLC

2,128

-

434

-

2,213

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Jubilee Platinum PLC

$ 3,339

$ 4,414

$ 791

$ -

$ 7,401

KimCor Diamonds PLC

-

1,147

-

-

1,143

Kura Corp. Ltd.

18,905

588

-

-

16,557

Lambert Howarth Group PLC

6,291

-

5,227

131

-

Landround PLC

582

54

-

-

131

Leadcom Integrated Solutions

4,705

-

1,258

64

-

LTG Technologies PLC

2,294

1,300

16

-

3,134

MagIndustries Corp.

-

13,459

461

-

14,001

Metals Exploration PLC

624

-

17

-

1,906

Mineral Commodities Ltd.

-

1,802

-

-

1,211

Mintails Ltd.

-

1,466

244

-

-

Motivcom PLC (formerly,
P&MM Group PLC)

3,423

-

16

27

3,159

NeutraHealth PLC

1,719

-

23

-

1,722

Pertra AS (A Shares)

-

3,513

1,508

-

1,926

Petrolatina Energy PLC

-

-

-

-

2,994

Pilat Media Global PLC

2,244

-

1,894

-

-

Platinum Mining Corp. of India PLC

3,602

-

-

-

2,690

PlusNet Technologies Ltd.

7,340

720

845

-

-

PSI AG

3,396

-

1,024

-

-

Rheochem PLC

1,854

-

-

-

2,690

Solomon Gold PLC

-

1,588

-

-

767

Sphere Investments Ltd.

2,552

-

553

-

-

Starfield Resources, Inc.

3,741

577

1,083

-

3,398

Starfield Resources, Inc. (restricted)

-

1,242

-

-

773

Stepstone ASA

5,719

-

-

-

-

SubSea Resources PLC

4,362

52

-

-

4,770

Sylvania Resources Ltd.

2,738

557

109

-

4,932

Sylvania Resources Ltd. (UK)

-

2,901

-

-

3,332

Synchronica PLC (formerly,
Dat Group PLC)

1,263

-

-

-

-

Taghmen Energy PLC

5,671

-

102

-

-

Tanfield Group PLC

2,911

2,114

224

-

6,755

Tanzanite One Ltd.

4,936

10,260

184

297

11,448

Teleunit Spa

3,683

710

28

94

1,426

Tikit Group PLC

2,436

-

716

22

-

Toledo Mining Corp. PLC

982

2,614

313

-

2,989

Visual Defence, Inc.

1,379

1,024

-

-

2,896

Xceldiam Ltd.

-

-

-

-

2,696

Total

$ 211,430

$ 120,774

$ 25,380

$ 791

$ 255,961

Affiliated Central Funds

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

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 1,086

Fidelity Securities Lending Cash Central Fund

1,996

Total

$ 3,082

Income Tax Information

At July 31, 2006, the aggregate cost of investment securities for income tax purposes was $2,063,344,000. Net unrealized appreciation aggregated $345,472,000, of which $540,301,000 related to appreciated investment securities and $194,829,000 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® International Small Cap
Opportunities Fund

July 31, 2006

1.834743.100

ILS-QTLY-0906

Investments July 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%

Shares

Value

Australia - 5.5%

CSL Ltd.

266,300

$ 10,763,763

Downer EDI Ltd.

2,014,438

11,561,288

Dyno Nobel Ltd.

5,709,400

10,630,831

Oxiana Ltd.

3,000,000

7,011,187

United Group Ltd.

796,308

8,640,021

WorleyParsons Ltd. (d)

306,898

4,714,970

Zinifex Ltd.

950,000

7,679,741

TOTAL AUSTRALIA

61,001,801

Austria - 1.2%

Andritz AG

76,474

13,382,717

Belgium - 1.2%

Ackermans & Van Haaren SA

74,230

5,475,722

Delhaize Group

113,000

8,187,980

TOTAL BELGIUM

13,663,702

Bermuda - 0.4%

SeaDrill Ltd. (a)(d)

344,900

4,497,088

China - 0.7%

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

289,100

2,937,256

Global Bio-Chem Technology Group Co. Ltd.

15,223,300

5,113,552

TOTAL CHINA

8,050,808

Finland - 2.5%

KCI Konecranes Oyj

734,000

13,501,079

Metso Corp.

389,900

14,059,634

TOTAL FINLAND

27,560,713

France - 7.3%

Alstom SA (a)

137,662

11,948,502

ALTEN (a)

146,092

4,506,646

Compagnie Generale de Geophysique SA (a)

90,902

15,710,179

Neopost SA

178,400

19,426,705

Silicon On Insulator Technologies SA (SOITEC) (a)(d)

754,912

20,134,309

Vallourec SA

43,300

9,413,635

TOTAL FRANCE

81,139,976

Germany - 12.8%

Demag Cranes AG

600,000

18,562,450

Deutz AG (a)

1,951,432

16,451,567

Lanxess AG (a)

175,600

6,574,311

Common Stocks - continued

Shares

Value

Germany - continued

MG Technologies AG

1,119,800

$ 18,323,123

MPC Muenchmeyer Petersen Capital AG

65,957

4,776,985

MTU Aero Engines Holding AG

281,750

10,019,431

Pfleiderer AG

233,312

5,513,390

Q-Cells AG (d)

106,900

7,654,921

SGL Carbon AG (a)

320,000

5,894,204

SolarWorld AG (d)

134,400

7,346,009

Techem AG

366,400

16,848,757

Wacker Chemie AG

60,200

6,267,062

Wincor Nixdorf AG

130,900

17,268,944

TOTAL GERMANY

141,501,154

Hong Kong - 0.8%

Guangzhou Investment Co. Ltd.

25,376,000

4,408,901

PYI Corp. Ltd.

12,651,508

4,200,833

TOTAL HONG KONG

8,609,734

India - 0.3%

Bajaj Hindusthan Ltd.

500,000

3,570,968

Italy - 2.9%

Banca Italease Spa

339,240

16,124,143

Eurotech Spa

210,000

2,710,065

Lottomatica Spa

220,000

8,174,785

Nice Spa

577,500

4,904,765

TOTAL ITALY

31,913,758

Japan - 36.3%

Access Co. Ltd. (a)(d)

1,065

6,140,122

Air Water, Inc. (d)

941,000

8,732,874

Alpen Co. Ltd.

135,400

4,263,358

ARRK Corp.

377,800

7,480,209

Asahi Glass Co. Ltd.

464,000

5,945,190

Asics Corp.

484,000

4,783,009

Asset Managers Co. Ltd. (d)

3,916

8,129,158

Atrium Co. Ltd. (d)

50,000

3,903,184

Chiyoda Corp.

336,000

6,447,449

Credit Saison Co. Ltd.

130,800

5,670,092

Daiei, Inc. (a)(d)

162,700

2,994,304

Dainippon Screen Manufacturing Co. Ltd.

516,000

4,014,584

Fujikura Ltd.

1,275,000

15,891,627

Furukawa Co. Ltd. (d)

1,000,000

1,883,995

Furukawa Electric Co. Ltd.

838,000

5,416,119

Common Stocks - continued

Shares

Value

Japan - continued

Haseko Corp. (a)(d)

1,451,000

$ 4,935,805

Hisamitsu Pharmaceutical Co., Inc.

321,700

10,213,589

Hitachi Construction Machinery Co. Ltd.

193,500

4,548,474

Hitachi Metals Ltd.

685,000

6,386,960

Intelligence Ltd. (d)

2,727

7,611,339

Intelligent Wave, Inc. (d)

7,474

6,518,971

Izumiya Co. Ltd.

476,000

3,425,207

Japan Asia Investment Co. Ltd.

500,000

2,891,409

Japan General Estate Co. Ltd.

625,400

14,155,369

Japan Steel Works Ltd. (d)

677,000

4,174,784

JGC Corp.

794,000

13,158,308

Joint Corp. (d)

338,600

9,214,409

Kenedix, Inc. (d)

2,000

8,111,644

KK daVinci Advisors (a)(d)

18,098

15,075,089

Konaka Co. Ltd.

241,900

3,597,379

Meiko Electronics Co. Ltd.

100,000

4,526,821

Miraial Co. Ltd.

49,400

3,524,570

Mitsubishi Logistics Corp.

290,000

4,216,572

Mitsui Engineering & Shipbuilding Co.

1,547,000

4,250,371

Nabtesco Corp.

587,000

6,717,348

NEOMAX Co. Ltd. (d)

464,000

8,681,029

NGK Insulators Ltd.

387,000

4,965,347

Nidec Sankyo Corp. (d)

500,000

5,883,123

Nifco, Inc. (d)

125,000

2,431,313

Nintendo Co. Ltd.

70,000

13,071,958

Nippon Electric Glass Co. Ltd.

182,000

4,063,847

Nissan Chemical Industries Co. Ltd.

280,000

3,526,559

OMC Card, Inc. (d)

1,335,500

12,661,915

Omron Corp.

235,700

5,931,047

Organo Corp.

525,000

4,409,725

ORIX Corp.

40,760

10,683,280

Ryohin Keikaku Co. Ltd.

110,200

8,343,096

Sojitz Corp. (a)

500,000

1,613,607

Sumco Corp. (d)

228,600

13,279,337

Sumitomo Titanium Corp. (d)

21,900

3,379,075

Sysmex Corp.

151,600

6,955,220

Takeuchi Manufacturing Co. Ltd.

90,700

4,177,026

The Daimaru, Inc.

457,000

5,468,853

Toho Tenax Co. Ltd. (a)(d)

1,262,000

8,013,397

Toho Titanium Co. Ltd. (d)

85,800

4,235,744

Tokai Carbon Co. Ltd. (d)

500,000

2,786,742

Tokuyama Corp. (d)

1,035,000

13,748,844

Common Stocks - continued

Shares

Value

Japan - continued

Toray Industries, Inc.

1,180,000

$ 9,911,382

UNY Co. Ltd.

200,000

2,873,092

Urban Corp.

266,700

2,965,918

Valor Co. Ltd.

144,000

2,555,953

Venture Link Co. Ltd. (a)(d)

712,000

1,838,221

Zeon Corp.

387,000

4,138,352

TOTAL JAPAN

401,542,694

Luxembourg - 0.7%

Acergy SA (a)

434,600

7,462,082

Netherlands - 1.1%

Buhrmann NV

900,000

12,415,842

Norway - 3.2%

Fred Olsen Energy ASA (a)(d)

98,900

4,547,533

Petroleum Geo-Services ASA (a)

307,200

16,621,054

ProSafe ASA

50,000

2,965,214

Renewable Energy Corp. AS

603,100

8,108,685

TGS Nopec Geophysical Co. ASA (a)

200,000

3,542,009

TOTAL NORWAY

35,784,495

Singapore - 1.1%

GigaMedia Ltd. (a)

1,429,000

12,518,040

Spain - 4.7%

Abengoa SA

658,324

15,464,338

Azucarera Ebro Agricolas SA

900,000

18,692,740

Cementos Portland Valderriv SA

11,900

1,199,317

Grifols SA

1,927,380

16,593,468

TOTAL SPAIN

51,949,863

Sweden - 3.6%

Bergman & Beving AB (B Shares)

300,000

5,827,425

Boliden AB

645,000

11,455,053

HIQ International AB (d)

310,600

1,473,856

Lindex AB

1,000,000

13,458,577

Modern Times Group AB (MTG) (B Shares)

143,100

7,098,116

TOTAL SWEDEN

39,313,027

Switzerland - 0.9%

SEZ Holding AG (a)

200,000

4,916,101

Sulzer AG (Reg.)

6,000

4,490,310

TOTAL SWITZERLAND

9,406,411

Common Stocks - continued

Shares

Value

United Kingdom - 7.0%

Autonomy Corp. PLC (a)

700,000

$ 5,590,140

CSR PLC (a)

484,246

10,267,162

Expro International Group PLC

544,005

6,432,727

Informa PLC

500,000

4,072,349

Meggitt PLC

2,135,431

11,837,630

Michael Page International PLC

1,269,827

7,822,001

Optos PLC

1,900,000

6,841,266

Renovo Group PLC

6,837,663

13,667,213

Wolfson Microelectronics PLC (a)

500,000

4,221,793

Xansa PLC

5,150,000

6,469,758

TOTAL UNITED KINGDOM

77,222,039

United States of America - 5.5%

Allegheny Technologies, Inc. (d)

266,100

17,001,129

RTI International Metals, Inc. (a)

278,300

12,824,064

Titanium Metals Corp.

1,072,250

30,923,682

TOTAL UNITED STATES OF AMERICA

60,748,875

TOTAL COMMON STOCKS

(Cost $1,083,680,984)

1,103,255,787

Money Market Funds - 10.5%

Fidelity Cash Central Fund, 5.3% (b)

6,267,586

6,267,586

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

110,020,357

110,020,357

TOTAL MONEY MARKET FUNDS

(Cost $116,287,943)

116,287,943

TOTAL INVESTMENT PORTFOLIO - 110.2%

(Cost $1,199,968,927)

1,219,543,730

NET OTHER ASSETS - (10.2)%

(112,794,416)

NET ASSETS - 100%

$ 1,106,749,314

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 700,568

Fidelity Securities Lending Cash Central Fund

1,463,499

Total

$ 2,164,067

Income Tax Information

At July 31, 2006, the aggregate cost of investment securities for income tax purposes was $1,201,498,623. Net unrealized appreciation aggregated $18,045,107, of which $121,587,397 related to appreciated investment securities and $103,542,290 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please 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 Opportunities Fund:
Class A
Class T
Class B
Class C
Institutional Class

July 31, 2006

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

1.834740.100

AILS-QTLY-0906

Investments July 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%

Shares

Value

Australia - 5.5%

CSL Ltd.

266,300

$ 10,763,763

Downer EDI Ltd.

2,014,438

11,561,288

Dyno Nobel Ltd.

5,709,400

10,630,831

Oxiana Ltd.

3,000,000

7,011,187

United Group Ltd.

796,308

8,640,021

WorleyParsons Ltd. (d)

306,898

4,714,970

Zinifex Ltd.

950,000

7,679,741

TOTAL AUSTRALIA

61,001,801

Austria - 1.2%

Andritz AG

76,474

13,382,717

Belgium - 1.2%

Ackermans & Van Haaren SA

74,230

5,475,722

Delhaize Group

113,000

8,187,980

TOTAL BELGIUM

13,663,702

Bermuda - 0.4%

SeaDrill Ltd. (a)(d)

344,900

4,497,088

China - 0.7%

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

289,100

2,937,256

Global Bio-Chem Technology Group Co. Ltd.

15,223,300

5,113,552

TOTAL CHINA

8,050,808

Finland - 2.5%

KCI Konecranes Oyj

734,000

13,501,079

Metso Corp.

389,900

14,059,634

TOTAL FINLAND

27,560,713

France - 7.3%

Alstom SA (a)

137,662

11,948,502

ALTEN (a)

146,092

4,506,646

Compagnie Generale de Geophysique SA (a)

90,902

15,710,179

Neopost SA

178,400

19,426,705

Silicon On Insulator Technologies SA (SOITEC) (a)(d)

754,912

20,134,309

Vallourec SA

43,300

9,413,635

TOTAL FRANCE

81,139,976

Germany - 12.8%

Demag Cranes AG

600,000

18,562,450

Deutz AG (a)

1,951,432

16,451,567

Lanxess AG (a)

175,600

6,574,311

Common Stocks - continued

Shares

Value

Germany - continued

MG Technologies AG

1,119,800

$ 18,323,123

MPC Muenchmeyer Petersen Capital AG

65,957

4,776,985

MTU Aero Engines Holding AG

281,750

10,019,431

Pfleiderer AG

233,312

5,513,390

Q-Cells AG (d)

106,900

7,654,921

SGL Carbon AG (a)

320,000

5,894,204

SolarWorld AG (d)

134,400

7,346,009

Techem AG

366,400

16,848,757

Wacker Chemie AG

60,200

6,267,062

Wincor Nixdorf AG

130,900

17,268,944

TOTAL GERMANY

141,501,154

Hong Kong - 0.8%

Guangzhou Investment Co. Ltd.

25,376,000

4,408,901

PYI Corp. Ltd.

12,651,508

4,200,833

TOTAL HONG KONG

8,609,734

India - 0.3%

Bajaj Hindusthan Ltd.

500,000

3,570,968

Italy - 2.9%

Banca Italease Spa

339,240

16,124,143

Eurotech Spa

210,000

2,710,065

Lottomatica Spa

220,000

8,174,785

Nice Spa

577,500

4,904,765

TOTAL ITALY

31,913,758

Japan - 36.3%

Access Co. Ltd. (a)(d)

1,065

6,140,122

Air Water, Inc. (d)

941,000

8,732,874

Alpen Co. Ltd.

135,400

4,263,358

ARRK Corp.

377,800

7,480,209

Asahi Glass Co. Ltd.

464,000

5,945,190

Asics Corp.

484,000

4,783,009

Asset Managers Co. Ltd. (d)

3,916

8,129,158

Atrium Co. Ltd. (d)

50,000

3,903,184

Chiyoda Corp.

336,000

6,447,449

Credit Saison Co. Ltd.

130,800

5,670,092

Daiei, Inc. (a)(d)

162,700

2,994,304

Dainippon Screen Manufacturing Co. Ltd.

516,000

4,014,584

Fujikura Ltd.

1,275,000

15,891,627

Furukawa Co. Ltd. (d)

1,000,000

1,883,995

Furukawa Electric Co. Ltd.

838,000

5,416,119

Common Stocks - continued

Shares

Value

Japan - continued

Haseko Corp. (a)(d)

1,451,000

$ 4,935,805

Hisamitsu Pharmaceutical Co., Inc.

321,700

10,213,589

Hitachi Construction Machinery Co. Ltd.

193,500

4,548,474

Hitachi Metals Ltd.

685,000

6,386,960

Intelligence Ltd. (d)

2,727

7,611,339

Intelligent Wave, Inc. (d)

7,474

6,518,971

Izumiya Co. Ltd.

476,000

3,425,207

Japan Asia Investment Co. Ltd.

500,000

2,891,409

Japan General Estate Co. Ltd.

625,400

14,155,369

Japan Steel Works Ltd. (d)

677,000

4,174,784

JGC Corp.

794,000

13,158,308

Joint Corp. (d)

338,600

9,214,409

Kenedix, Inc. (d)

2,000

8,111,644

KK daVinci Advisors (a)(d)

18,098

15,075,089

Konaka Co. Ltd.

241,900

3,597,379

Meiko Electronics Co. Ltd.

100,000

4,526,821

Miraial Co. Ltd.

49,400

3,524,570

Mitsubishi Logistics Corp.

290,000

4,216,572

Mitsui Engineering & Shipbuilding Co.

1,547,000

4,250,371

Nabtesco Corp.

587,000

6,717,348

NEOMAX Co. Ltd. (d)

464,000

8,681,029

NGK Insulators Ltd.

387,000

4,965,347

Nidec Sankyo Corp. (d)

500,000

5,883,123

Nifco, Inc. (d)

125,000

2,431,313

Nintendo Co. Ltd.

70,000

13,071,958

Nippon Electric Glass Co. Ltd.

182,000

4,063,847

Nissan Chemical Industries Co. Ltd.

280,000

3,526,559

OMC Card, Inc. (d)

1,335,500

12,661,915

Omron Corp.

235,700

5,931,047

Organo Corp.

525,000

4,409,725

ORIX Corp.

40,760

10,683,280

Ryohin Keikaku Co. Ltd.

110,200

8,343,096

Sojitz Corp. (a)

500,000

1,613,607

Sumco Corp. (d)

228,600

13,279,337

Sumitomo Titanium Corp. (d)

21,900

3,379,075

Sysmex Corp.

151,600

6,955,220

Takeuchi Manufacturing Co. Ltd.

90,700

4,177,026

The Daimaru, Inc.

457,000

5,468,853

Toho Tenax Co. Ltd. (a)(d)

1,262,000

8,013,397

Toho Titanium Co. Ltd. (d)

85,800

4,235,744

Tokai Carbon Co. Ltd. (d)

500,000

2,786,742

Tokuyama Corp. (d)

1,035,000

13,748,844

Common Stocks - continued

Shares

Value

Japan - continued

Toray Industries, Inc.

1,180,000

$ 9,911,382

UNY Co. Ltd.

200,000

2,873,092

Urban Corp.

266,700

2,965,918

Valor Co. Ltd.

144,000

2,555,953

Venture Link Co. Ltd. (a)(d)

712,000

1,838,221

Zeon Corp.

387,000

4,138,352

TOTAL JAPAN

401,542,694

Luxembourg - 0.7%

Acergy SA (a)

434,600

7,462,082

Netherlands - 1.1%

Buhrmann NV

900,000

12,415,842

Norway - 3.2%

Fred Olsen Energy ASA (a)(d)

98,900

4,547,533

Petroleum Geo-Services ASA (a)

307,200

16,621,054

ProSafe ASA

50,000

2,965,214

Renewable Energy Corp. AS

603,100

8,108,685

TGS Nopec Geophysical Co. ASA (a)

200,000

3,542,009

TOTAL NORWAY

35,784,495

Singapore - 1.1%

GigaMedia Ltd. (a)

1,429,000

12,518,040

Spain - 4.7%

Abengoa SA

658,324

15,464,338

Azucarera Ebro Agricolas SA

900,000

18,692,740

Cementos Portland Valderriv SA

11,900

1,199,317

Grifols SA

1,927,380

16,593,468

TOTAL SPAIN

51,949,863

Sweden - 3.6%

Bergman & Beving AB (B Shares)

300,000

5,827,425

Boliden AB

645,000

11,455,053

HIQ International AB (d)

310,600

1,473,856

Lindex AB

1,000,000

13,458,577

Modern Times Group AB (MTG) (B Shares)

143,100

7,098,116

TOTAL SWEDEN

39,313,027

Switzerland - 0.9%

SEZ Holding AG (a)

200,000

4,916,101

Sulzer AG (Reg.)

6,000

4,490,310

TOTAL SWITZERLAND

9,406,411

Common Stocks - continued

Shares

Value

United Kingdom - 7.0%

Autonomy Corp. PLC (a)

700,000

$ 5,590,140

CSR PLC (a)

484,246

10,267,162

Expro International Group PLC

544,005

6,432,727

Informa PLC

500,000

4,072,349

Meggitt PLC

2,135,431

11,837,630

Michael Page International PLC

1,269,827

7,822,001

Optos PLC

1,900,000

6,841,266

Renovo Group PLC

6,837,663

13,667,213

Wolfson Microelectronics PLC (a)

500,000

4,221,793

Xansa PLC

5,150,000

6,469,758

TOTAL UNITED KINGDOM

77,222,039

United States of America - 5.5%

Allegheny Technologies, Inc. (d)

266,100

17,001,129

RTI International Metals, Inc. (a)

278,300

12,824,064

Titanium Metals Corp.

1,072,250

30,923,682

TOTAL UNITED STATES OF AMERICA

60,748,875

TOTAL COMMON STOCKS

(Cost $1,083,680,984)

1,103,255,787

Money Market Funds - 10.5%

Fidelity Cash Central Fund, 5.3% (b)

6,267,586

6,267,586

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

110,020,357

110,020,357

TOTAL MONEY MARKET FUNDS

(Cost $116,287,943)

116,287,943

TOTAL INVESTMENT PORTFOLIO - 110.2%

(Cost $1,199,968,927)

1,219,543,730

NET OTHER ASSETS - (10.2)%

(112,794,416)

NET ASSETS - 100%

$ 1,106,749,314

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 700,568

Fidelity Securities Lending Cash Central Fund

1,463,499

Total

$ 2,164,067

Income Tax Information

At July 31, 2006, the aggregate cost of investment securities for income tax purposes was $1,201,498,623. Net unrealized appreciation aggregated $18,045,107, of which $121,587,397 related to appreciated investment securities and $103,542,290 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity International
Value Fund

July 31, 2006

1.834741.100

FIV-QTLY-0906

Investments July 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%

Shares

Value

Australia - 2.0%

Amcor Ltd.

55,300

$ 286,870

Australia & New Zealand Banking Group Ltd.

17,300

334,717

Macquarie Airports unit

159,900

377,372

National Australia Bank Ltd.

34,600

946,794

Zinifex Ltd.

31,500

254,644

TOTAL AUSTRALIA

2,200,397

Austria - 1.4%

OMV AG

24,500

1,502,789

Brazil - 1.4%

Companhia Vale do Rio Doce sponsored ADR

41,000

951,200

Uniao de Bancos Brasileiros SA (Unibanco) GDR

9,100

631,267

TOTAL BRAZIL

1,582,467

Canada - 0.8%

Cognos, Inc. (a)

18,200

568,750

Research In Motion Ltd. (a)

5,100

334,713

TOTAL CANADA

903,463

Cayman Islands - 2.4%

GlobalSantaFe Corp.

49,300

2,708,049

China - 0.2%

Dongfeng Motor Group Co. Ltd. (H Shares)

460,000

206,021

Czech Republic - 0.2%

Ceske Energeticke Zavody AS

7,200

262,968

Finland - 0.4%

Nokia Corp. sponsored ADR

19,800

393,030

France - 9.8%

Accor SA

16,200

955,606

AXA SA sponsored ADR

18,600

639,654

BNP Paribas SA

18,300

1,781,213

Bouygues SA

6,000

299,590

Carrefour SA

9,900

617,240

Compagnie de St. Gobain

24,900

1,777,956

Pernod Ricard SA

6,600

1,374,173

Peugeot Citroen SA

11,900

624,587

Sanofi-Aventis sponsored ADR

8,100

383,859

Total SA sponsored ADR

29,600

2,019,608

Vivendi Universal SA

12,115

409,002

TOTAL FRANCE

10,882,488

Common Stocks - continued

Shares

Value

Germany - 8.1%

Adidas-Salomon AG

6,800

$ 317,212

Allianz AG sponsored ADR

138,000

2,170,740

BASF AG sponsored ADR

25,400

2,044,446

DaimlerChrysler AG

36,500

1,885,225

E.ON AG

15,900

1,916,109

Heidelberger Druckmaschinen AG

15,900

655,806

TOTAL GERMANY

8,989,538

Greece - 0.5%

Greek Organization of Football Prognostics SA

14,400

522,753

Hong Kong - 2.3%

Swire Pacific Ltd. (A Shares)

213,800

2,220,520

Yue Yuen Industrial Holdings Ltd.

129,500

362,495

TOTAL HONG KONG

2,583,015

India - 0.7%

Satyam Computer Services Ltd.

10,000

162,226

Satyam Computer Services Ltd. sponsored ADR

17,000

599,250

TOTAL INDIA

761,476

Ireland - 0.6%

Bank of Ireland

22,100

389,566

Kerry Group PLC Class A

15,700

316,859

TOTAL IRELAND

706,425

Israel - 0.3%

Teva Pharmaceutical Industries Ltd. sponsored ADR

10,200

337,416

Italy - 5.4%

Banca Intesa Spa

154,700

894,760

ENI Spa sponsored ADR

51,900

3,185,622

Mediaset Spa

45,900

520,638

Unicredito Italiano Spa

182,400

1,403,757

TOTAL ITALY

6,004,777

Japan - 19.0%

Asahi Breweries Ltd.

38,500

562,137

Astellas Pharma, Inc.

11,200

445,460

Canon, Inc.

44,750

2,150,387

Daiwa Securities Group, Inc.

32,000

357,540

East Japan Railway Co.

245

1,822,808

Fujitsu Ltd.

51,000

395,456

Japan Tobacco, Inc.

200

765,809

Common Stocks - continued

Shares

Value

Japan - continued

Kao Corp.

14,000

$ 363,890

Mitsui & Co. Ltd.

180,000

2,742,782

Mizuho Financial Group, Inc.

308

2,587,039

Nippon Oil Corp.

230,000

1,801,483

Nippon Steel Corp.

102,000

396,790

Nippon Yusen KK

88,000

566,454

ORIX Corp.

5,590

1,465,150

Takeda Pharamaceutical Co. Ltd.

9,100

587,353

Tokyo Gas Co. Ltd.

403,000

2,003,576

Toyota Motor Corp.

39,100

2,057,051

TOTAL JAPAN

21,071,165

Korea (South) - 1.6%

Kookmin Bank sponsored ADR

4,300

370,832

Samsung Electronics Co. Ltd. GDR

4,435

1,411,439

TOTAL KOREA (SOUTH)

1,782,271

Netherlands - 2.9%

ING Groep NV sponsored ADR

64,400

2,608,200

Royal DSM NV

15,000

586,304

TOTAL NETHERLANDS

3,194,504

Norway - 3.7%

DnB NOR ASA

115,400

1,462,492

Fred Olsen Energy ASA (a)

27,000

1,241,490

Petroleum Geo-Services ASA (a)

10,950

592,450

Statoil ASA

25,700

762,060

Telenor ASA

2,800

35,713

TOTAL NORWAY

4,094,205

Philippines - 0.4%

Philippine Long Distance Telephone Co. sponsored ADR

11,200

438,928

Russia - 0.5%

OAO Gazprom sponsored ADR

12,200

509,411

Singapore - 0.6%

DBS Group Holdings Ltd.

58,000

664,914

South Africa - 0.3%

FirstRand Ltd.

122,800

305,259

Common Stocks - continued

Shares

Value

Spain - 1.6%

Banco Bilbao Vizcaya Argentaria SA sponsored ADR

63,600

$ 1,356,588

Gestevision Telecinco SA

15,500

376,972

TOTAL SPAIN

1,733,560

Sweden - 0.7%

Atlas Copco AB (A Shares)

29,300

729,725

Switzerland - 10.1%

Adecco SA (Reg.)

8,763

509,837

Credit Suisse Group sponsored ADR

36,900

2,062,710

Nestle SA (Reg.)

5,421

1,776,312

Novartis AG sponsored ADR

26,600

1,495,452

Roche Holding AG (participation certificate)

1,728

307,506

Swiss Reinsurance Co. (Reg.)

7,069

508,355

UBS AG (NY Shares)

46,700

2,540,480

Zurich Financial Services AG (Reg.)

8,892

1,996,031

TOTAL SWITZERLAND

11,196,683

Taiwan - 0.6%

Hon Hai Precision Industry Co. Ltd. (Foxconn)

116,000

687,229

Turkey - 0.2%

Turkiye Garanti Bankasi AS

85,000

244,057

United Kingdom - 18.6%

BAE Systems PLC

102,600

684,712

Barclays PLC

186,000

2,199,915

BHP Billiton PLC

70,600

1,337,307

British American Tobacco PLC

53,500

1,439,418

HSBC Holdings PLC (United Kingdom) (Reg.)

173,900

3,163,590

National Grid PLC

67,400

767,401

Prudential PLC

77,600

815,404

Royal Bank of Scotland Group PLC

132,500

4,311,738

SABMiller PLC

20,400

409,663

Smiths Group PLC

61,300

1,032,321

Taylor Woodrow PLC

61,200

393,563

Tesco PLC

64,600

433,830

Vedanta Resources PLC

17,400

429,054

Vodafone Group PLC sponsored ADR

109,112

2,365,548

Yell Group PLC

85,600

813,917

TOTAL UNITED KINGDOM

20,597,381

Common Stocks - continued

Shares

Value

United States of America - 0.5%

NTL, Inc.

22,900

$ 523,265

TOTAL COMMON STOCKS

(Cost $106,218,460)

108,319,629

Money Market Funds - 2.3%

Fidelity Cash Central Fund, 5.3% (b)
(Cost $2,579,939)

2,579,939

2,579,939

TOTAL INVESTMENT PORTFOLIO - 100.1%

(Cost $108,798,399)

110,899,568

NET OTHER ASSETS - (0.1)%

(135,493)

NET ASSETS - 100%

$ 110,764,075

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 38,948

Income Tax Information

At July 31, 2006, the aggregate cost of investment securities for income tax purposes was $108,814,637. Net unrealized appreciation aggregated $2,084,931, of which $3,618,807 related to appreciated investment securities and $1,533,876 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

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
Value Fund:
Class A
Class T
Class B
Class C
Institutional Class

July 31, 2006

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

1.834738.100

AFIV-QTLY-0906

Investments July 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%

Shares

Value

Australia - 2.0%

Amcor Ltd.

55,300

$ 286,870

Australia & New Zealand Banking Group Ltd.

17,300

334,717

Macquarie Airports unit

159,900

377,372

National Australia Bank Ltd.

34,600

946,794

Zinifex Ltd.

31,500

254,644

TOTAL AUSTRALIA

2,200,397

Austria - 1.4%

OMV AG

24,500

1,502,789

Brazil - 1.4%

Companhia Vale do Rio Doce sponsored ADR

41,000

951,200

Uniao de Bancos Brasileiros SA (Unibanco) GDR

9,100

631,267

TOTAL BRAZIL

1,582,467

Canada - 0.8%

Cognos, Inc. (a)

18,200

568,750

Research In Motion Ltd. (a)

5,100

334,713

TOTAL CANADA

903,463

Cayman Islands - 2.4%

GlobalSantaFe Corp.

49,300

2,708,049

China - 0.2%

Dongfeng Motor Group Co. Ltd. (H Shares)

460,000

206,021

Czech Republic - 0.2%

Ceske Energeticke Zavody AS

7,200

262,968

Finland - 0.4%

Nokia Corp. sponsored ADR

19,800

393,030

France - 9.8%

Accor SA

16,200

955,606

AXA SA sponsored ADR

18,600

639,654

BNP Paribas SA

18,300

1,781,213

Bouygues SA

6,000

299,590

Carrefour SA

9,900

617,240

Compagnie de St. Gobain

24,900

1,777,956

Pernod Ricard SA

6,600

1,374,173

Peugeot Citroen SA

11,900

624,587

Sanofi-Aventis sponsored ADR

8,100

383,859

Total SA sponsored ADR

29,600

2,019,608

Vivendi Universal SA

12,115

409,002

TOTAL FRANCE

10,882,488

Common Stocks - continued

Shares

Value

Germany - 8.1%

Adidas-Salomon AG

6,800

$ 317,212

Allianz AG sponsored ADR

138,000

2,170,740

BASF AG sponsored ADR

25,400

2,044,446

DaimlerChrysler AG

36,500

1,885,225

E.ON AG

15,900

1,916,109

Heidelberger Druckmaschinen AG

15,900

655,806

TOTAL GERMANY

8,989,538

Greece - 0.5%

Greek Organization of Football Prognostics SA

14,400

522,753

Hong Kong - 2.3%

Swire Pacific Ltd. (A Shares)

213,800

2,220,520

Yue Yuen Industrial Holdings Ltd.

129,500

362,495

TOTAL HONG KONG

2,583,015

India - 0.7%

Satyam Computer Services Ltd.

10,000

162,226

Satyam Computer Services Ltd. sponsored ADR

17,000

599,250

TOTAL INDIA

761,476

Ireland - 0.6%

Bank of Ireland

22,100

389,566

Kerry Group PLC Class A

15,700

316,859

TOTAL IRELAND

706,425

Israel - 0.3%

Teva Pharmaceutical Industries Ltd. sponsored ADR

10,200

337,416

Italy - 5.4%

Banca Intesa Spa

154,700

894,760

ENI Spa sponsored ADR

51,900

3,185,622

Mediaset Spa

45,900

520,638

Unicredito Italiano Spa

182,400

1,403,757

TOTAL ITALY

6,004,777

Japan - 19.0%

Asahi Breweries Ltd.

38,500

562,137

Astellas Pharma, Inc.

11,200

445,460

Canon, Inc.

44,750

2,150,387

Daiwa Securities Group, Inc.

32,000

357,540

East Japan Railway Co.

245

1,822,808

Fujitsu Ltd.

51,000

395,456

Japan Tobacco, Inc.

200

765,809

Common Stocks - continued

Shares

Value

Japan - continued

Kao Corp.

14,000

$ 363,890

Mitsui & Co. Ltd.

180,000

2,742,782

Mizuho Financial Group, Inc.

308

2,587,039

Nippon Oil Corp.

230,000

1,801,483

Nippon Steel Corp.

102,000

396,790

Nippon Yusen KK

88,000

566,454

ORIX Corp.

5,590

1,465,150

Takeda Pharamaceutical Co. Ltd.

9,100

587,353

Tokyo Gas Co. Ltd.

403,000

2,003,576

Toyota Motor Corp.

39,100

2,057,051

TOTAL JAPAN

21,071,165

Korea (South) - 1.6%

Kookmin Bank sponsored ADR

4,300

370,832

Samsung Electronics Co. Ltd. GDR

4,435

1,411,439

TOTAL KOREA (SOUTH)

1,782,271

Netherlands - 2.9%

ING Groep NV sponsored ADR

64,400

2,608,200

Royal DSM NV

15,000

586,304

TOTAL NETHERLANDS

3,194,504

Norway - 3.7%

DnB NOR ASA

115,400

1,462,492

Fred Olsen Energy ASA (a)

27,000

1,241,490

Petroleum Geo-Services ASA (a)

10,950

592,450

Statoil ASA

25,700

762,060

Telenor ASA

2,800

35,713

TOTAL NORWAY

4,094,205

Philippines - 0.4%

Philippine Long Distance Telephone Co. sponsored ADR

11,200

438,928

Russia - 0.5%

OAO Gazprom sponsored ADR

12,200

509,411

Singapore - 0.6%

DBS Group Holdings Ltd.

58,000

664,914

South Africa - 0.3%

FirstRand Ltd.

122,800

305,259

Common Stocks - continued

Shares

Value

Spain - 1.6%

Banco Bilbao Vizcaya Argentaria SA sponsored ADR

63,600

$ 1,356,588

Gestevision Telecinco SA

15,500

376,972

TOTAL SPAIN

1,733,560

Sweden - 0.7%

Atlas Copco AB (A Shares)

29,300

729,725

Switzerland - 10.1%

Adecco SA (Reg.)

8,763

509,837

Credit Suisse Group sponsored ADR

36,900

2,062,710

Nestle SA (Reg.)

5,421

1,776,312

Novartis AG sponsored ADR

26,600

1,495,452

Roche Holding AG (participation certificate)

1,728

307,506

Swiss Reinsurance Co. (Reg.)

7,069

508,355

UBS AG (NY Shares)

46,700

2,540,480

Zurich Financial Services AG (Reg.)

8,892

1,996,031

TOTAL SWITZERLAND

11,196,683

Taiwan - 0.6%

Hon Hai Precision Industry Co. Ltd. (Foxconn)

116,000

687,229

Turkey - 0.2%

Turkiye Garanti Bankasi AS

85,000

244,057

United Kingdom - 18.6%

BAE Systems PLC

102,600

684,712

Barclays PLC

186,000

2,199,915

BHP Billiton PLC

70,600

1,337,307

British American Tobacco PLC

53,500

1,439,418

HSBC Holdings PLC (United Kingdom) (Reg.)

173,900

3,163,590

National Grid PLC

67,400

767,401

Prudential PLC

77,600

815,404

Royal Bank of Scotland Group PLC

132,500

4,311,738

SABMiller PLC

20,400

409,663

Smiths Group PLC

61,300

1,032,321

Taylor Woodrow PLC

61,200

393,563

Tesco PLC

64,600

433,830

Vedanta Resources PLC

17,400

429,054

Vodafone Group PLC sponsored ADR

109,112

2,365,548

Yell Group PLC

85,600

813,917

TOTAL UNITED KINGDOM

20,597,381

Common Stocks - continued

Shares

Value

United States of America - 0.5%

NTL, Inc.

22,900

$ 523,265

TOTAL COMMON STOCKS

(Cost $106,218,460)

108,319,629

Money Market Funds - 2.3%

Fidelity Cash Central Fund, 5.3% (b)
(Cost $2,579,939)

2,579,939

2,579,939

TOTAL INVESTMENT PORTFOLIO - 100.1%

(Cost $108,798,399)

110,899,568

NET OTHER ASSETS - (0.1)%

(135,493)

NET ASSETS - 100%

$ 110,764,075

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 38,948

Income Tax Information

At July 31, 2006, the aggregate cost of investment securities for income tax purposes was $108,814,637. Net unrealized appreciation aggregated $2,084,931, of which $3,618,807 related to appreciated investment securities and $1,533,876 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

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 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) for each Fund provide reasonable assurances that material information relating to such Fund 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 a Fund's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during a Fund's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, a Fund's internal control over financial reporting.

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Investment Trust

By:

/s/Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

Date:

October 9, 2006

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

By:

/s/Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

Date:

October 9, 2006

By:

/s/Joseph B. Hollis

Joseph B. Hollis

Chief Financial Officer

Date:

October 9, 2006