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, 2007

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Aggressive International Fund

July 31, 2007

1.804818.103

IVF-QTLY-0907

Investments July 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 84.2%
	Shares		Value
Argentina - 2.1%
Cresud S.A.C.I.F. y A. sponsored ADR	325,400		$ 6,455,936
Inversiones y Representaciones SA sponsored GDR (a)	174,400		3,200,240
Pampa Holding SA (a)	6,449,842		5,704,885
Pampa Holding SA GDR (a)(e)	11,400		253,658
TOTAL ARGENTINA			15,614,719
Canada - 19.9%
Abitibi-Consolidated, Inc.	5,678,900		13,522,458
Absolut Resources Corp. (a)	936,000		552,808
Aquiline Resources, Inc. (a)	1,162,500		11,116,059
Aquiline Resources, Inc. (a)(e)	494,600		4,729,465
Canadian Natural Resources Ltd.	277,500		19,045,444
Canfor Corp. (a)	460,500		5,577,632
Catalyst Paper Corp. (a)	6,903,500		20,127,388
European Goldfields Ltd. (a)	539,300		2,902,017
Guyana Goldfields, Inc. (a)	322,700		3,297,488
IAMGOLD Corp.	1,848,100		15,246,349
Meridian Gold, Inc. (a)	127,800		3,607,795
NuVista Energy Ltd. (a)	322,700		3,878,329
ProEx Energy Ltd. (a)	503,300		6,515,959
Saskatchewan Wheat Pool, Inc. (a)	408,300		4,344,431
Saskatchewan Wheat Pool, Inc. (a)(e)	1,198,000		12,747,070
Suncor Energy, Inc.	82,100		7,423,404
Trican Well Service Ltd.	568,800		10,723,322
TOTAL CANADA			145,357,418
Cayman Islands - 1.4%
GlobalSantaFe Corp.	143,900		10,319,069
Czech Republic - 2.0%
Philip Morris CR AS	30,300		14,892,707
France - 2.6%
Sanofi-Aventis sponsored ADR	455,000		18,996,250
Germany - 3.7%
E.ON AG	114,700		18,006,822
Lanxess AG	170,100		9,240,426
TOTAL GERMANY			27,247,248
Hong Kong - 5.0%
Hutchison Whampoa Ltd.	3,412,000		36,270,101
India - 1.1%
Reliance Industries Ltd.	168,000		7,915,103
Japan - 20.8%
Aioi Insurance Co. Ltd.	1,662,000		9,832,734
Canon, Inc.	98,700		5,238,996
Kose Corp. (d)	699,000		19,425,499
Kubota Corp.	2,059,400		17,100,340
Kubota Corp. sponsored ADR	88,800		3,704,736
Millea Holdings, Inc.	320,709		12,684,039

	Shares		Value
Mitsui Sumitomo Insurance Co. Ltd. (d)	779,000		$ 8,990,908
Nissin Healthcare Food Service Co.	223,100		3,140,090
SFCG Co. Ltd.	66,140		10,155,452
Shinsei Bank Ltd.	4,079,000		15,237,257
Takeda Pharamaceutical Co. Ltd.	442,200		28,805,485
Takefuji Corp.	473,840		14,751,624
Tokyo Steel Manufacturing Co. Ltd.	211,100		3,450,052
TOTAL JAPAN			152,517,212
Korea (South) - 0.6%
Samwhan Corp.	113,270		4,267,347
Luxembourg - 0.2%
SES SA (A Shares) FDR	73,917		1,557,623
Netherlands - 3.6%
Koninklijke Philips Electronics NV	343,800		13,889,574
Nutreco Holding NV	169,331		12,685,798
TOTAL NETHERLANDS			26,575,372
Philippines - 1.3%
DMCI Holdings, Inc.	18,944,000		3,755,419
Semirara Mining Corp.	7,229,400		5,573,326
TOTAL PHILIPPINES			9,328,745
South Africa - 4.5%
Gold Fields Ltd.	198,900		3,285,828
Gold Fields Ltd. sponsored ADR	1,794,100		29,638,532
TOTAL SOUTH AFRICA			32,924,360
Switzerland - 2.2%
Actelion Ltd. (Reg.) (a)	302,283		16,277,745
Taiwan - 1.6%
Taiwan Mobile Co. Ltd.	9,641,000		11,460,240
United Kingdom - 2.1%
Benfield Group PLC	2,284,200		15,358,810
United States of America - 9.5%
Bowater, Inc. (d)	680,900		13,359,258
Deere & Co.	47,700		5,744,034
Monsanto Co.	103,900		6,696,355
Synthes, Inc.	170,983		20,093,882
Virgin Media, Inc.	934,700		23,217,948
TOTAL UNITED STATES OF AMERICA			69,111,477
TOTAL COMMON STOCKS (Cost $587,142,845)		615,991,546
Nonconvertible Preferred Stocks - 1.6%

Italy - 1.6%
Istituto Finanziario Industriale SpA (IFI) (a) (Cost $12,347,760)	315,800		12,051,964

Government Obligations - 3.8%
		Principal Amount (f)		Value
Finland - 1.9%
Finnish Government 0.3% 10/18/07	JPY	1,679,500,000		$ 14,148,829
Hong Kong - 0.9%
Hong Kong Government Special Administrative Region 3.8% 8/1/07	HKD	54,000,000		6,899,290
Switzerland - 1.0%
Switzerland Confederation 4.25% 1/8/08	CHF	8,400,000		7,037,124
TOTAL GOVERNMENT OBLIGATIONS (Cost $27,782,070)			28,085,243

Money Market Funds - 10.9%
	Shares
Fidelity Cash Central Fund, 5.38% (b)	68,801,955		68,801,955
Fidelity Securities Lending Cash Central Fund, 5.39% (b)(c)	10,634,450		10,634,450
TOTAL MONEY MARKET FUNDS (Cost $79,436,405)		79,436,405

TOTAL INVESTMENT PORTFOLIO - 100.5%

(Cost $706,709,080)

735,565,158

NET OTHER ASSETS - (0.5)%			(3,708,477)
NET ASSETS - 100%		$ 731,856,681

Forward Foreign Currency Contracts
	Settlement Dates	Value	Unrealized Appreciation/ (Depreciation)
Contracts to Buy
4,265,081 AUD	August 2007	$ 3,632,574	$ (67,426)
4,437,003 CHF	August 2007	3,697,938	(2,062)
14,627,611 EUR	August 2007	20,028,296	(171,704)
6,538,904 GBP	August 2007	13,279,926	(20,074)
1,482,373,200 JPY	August 2007	12,543,086	343,086
		$ 53,181,820	$ 81,820

(Payable Amount $53,100,000)

The value of contracts to buy as a percentage of net assets - 7.3%

Currency Abbreviations
AUD	-	Australian dollar
CHF	-	Swiss franc
EUR	-	European Monetary Unit
GBP	-	British pound
HKD	-	Hong Kong dollar
JPY	-	Japanese yen

Legend

(a) Non-income producing

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $17,730,193 or 2.4% of net assets.

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,042,934
Fidelity Securities Lending Cash Central Fund	482,378
Total	$ 2,525,312

Income Tax Information

At July 31, 2007, the aggregate cost of investment securities for income tax purposes was $707,974,977. Net unrealized appreciation aggregated $27,590,181, of which $54,590,766 related to appreciated investment securities and $27,000,585 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Canada Fund

July 31, 2007

1.804819.103

CAN-QTLY-0907

Investments July 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.4%
	Shares		Value
CONSUMER DISCRETIONARY - 6.0%
Hotels, Restaurants & Leisure - 0.6%
Great Canadian Gaming Corp. (a)	800,000		$ 9,937,189
Tim Hortons, Inc.	500,000		15,435,000
			25,372,189
Media - 2.9%
Aeroplan Income Fund (e)	718,200		14,098,723
Aeroplan Income Fund (f)	31,800		624,254
Astral Media, Inc. Class A (non-vtg.)	225,000		8,827,458
Corus Entertainment, Inc. Class B (non-vtg.)	550,000		24,976,094
Quebecor, Inc. Class B (sub. vtg.)	900,000		32,398,988
Yellow Pages Income Fund (e)	2,850,000		35,855,442
			116,780,959
Multiline Retail - 0.5%
Canadian Tire Corp. Ltd. Class A (non-vtg.) (e)	260,000		20,213,556
Specialty Retail - 0.0%
Lululemon Athletica, Inc.	6,900		221,766
Textiles, Apparel & Luxury Goods - 2.0%
Gildan Activewear, Inc. (a)	2,275,000		78,186,463
TOTAL CONSUMER DISCRETIONARY			240,774,933
CONSUMER STAPLES - 3.3%
Food & Staples Retailing - 2.7%
Alimentation Couche-Tard, Inc. Class B (sub. vtg.)	1,250,000		24,526,577
Metro, Inc. Class A (sub. vtg.)	750,000		26,717,915
Shoppers Drug Mart Corp.	1,150,000		56,341,052
			107,585,544
Food Products - 0.6%
Saskatchewan Wheat Pool, Inc. (a)	826,500		8,794,202
Saskatchewan Wheat Pool, Inc. (a)(f)	1,273,500		13,550,412
			22,344,614
TOTAL CONSUMER STAPLES			129,930,158
ENERGY - 25.0%
Energy Equipment & Services - 0.8%
CCS Income Trust (e)	515,000		21,484,485
CCS Income Trust (f)	135,000		5,625,194
CHC Helicopter Corp. Class A (sub. vtg.)	150,000		4,054,092
Savanna Energy Services Corp. (a)	140,000		2,368,988
			33,532,759
Oil, Gas & Consumable Fuels - 24.2%
AltaGas Income Trust	650,000		16,696,353
Cameco Corp.	900,000		36,533,233
Canadian Natural Resources Ltd.	1,821,000		124,979,291

	Shares		Value
Canadian Oil Sands Trust	1,175,000		$ 35,887,785
Duvernay Oil Corp. (a)	350,000		11,047,624
EnCana Corp.	2,200,000		134,677,041
Galleon Energy, Inc. (a)(f)	100,000		1,519,640
Galleon Energy, Inc. Class A (a)	700,000		10,637,480
Husky Energy, Inc.	1,400,000		55,425,143
Keyera Facilities Income Fund (e)	1,000,000		17,258,836
Nexen, Inc.	1,150,000		35,663,261
Niko Resources Ltd.	406,900		36,902,134
Niko Resources Ltd. (f)	20,000		1,813,818
Petro-Canada	1,000,000		54,551,420
Suncor Energy, Inc.	1,650,000		149,191,432
Talisman Energy, Inc.	3,200,000		58,528,171
TransCanada Corp.	2,500,000		90,231,555
Uranium One, Inc. (a)	275,300		3,192,520
Valero Energy Corp.	280,000		18,762,800
Western Oil Sands, Inc. Class A (a)	2,055,800		71,925,055
			965,424,592
TOTAL ENERGY			998,957,351
FINANCIALS - 24.1%
Capital Markets - 0.7%
Addenda Capital, Inc.	200,000		3,811,756
CI Financial Income Fund (e)	950,000		24,812,037
			28,623,793
Commercial Banks - 13.6%
Bank of Montreal	2,100,000		131,094,966
Canadian Imperial Bank of Commerce	675,000		58,533,327
National Bank of Canada	650,000		37,128,058
Royal Bank of Canada	2,850,000		144,517,203
Toronto-Dominion Bank	2,700,000		172,777,724
			544,051,278
Diversified Financial Services - 0.7%
Onex Corp. (sub. vtg.)	425,000		13,403,019
TSX Group, Inc.	350,000		14,141,746
			27,544,765
Insurance - 7.1%
ING Canada, Inc.	580,800		25,966,394
Manulife Financial Corp.	4,550,000		165,927,627
Power Corp. of Canada (sub. vtg.)	1,200,000		43,648,636
Sun Life Financial, Inc.	1,000,000		47,239,149
			282,781,806
Real Estate Management & Development - 2.0%
Brookfield Asset Management, Inc. Class A (e)	1,550,000		54,330,646
Brookfield Properties Corp.	1,150,000		25,990,000
			80,320,646
TOTAL FINANCIALS			963,322,288
Common Stocks - continued
	Shares		Value
INDUSTRIALS - 11.4%
Aerospace & Defense - 3.3%
Bombardier, Inc. Class B (sub. vtg.)	14,600,000		$ 88,281,616
CAE, Inc.	3,350,000		43,245,055
			131,526,671
Commercial Services & Supplies - 0.2%
Garda World Security Corp. (a)	440,000		8,559,108
Construction & Engineering - 2.4%
SNC-Lavalin Group, Inc.	2,675,000		96,823,615
Machinery - 0.2%
Bucyrus International, Inc. Class A	100,000		6,356,000
Road & Rail - 3.9%
Canadian National Railway Co.	2,150,000		111,904,003
Canadian Pacific Railway Ltd.	475,000		34,955,939
TransForce Income Fund (e)	844,237		10,866,574
			157,726,516
Trading Companies & Distributors - 1.4%
Finning International, Inc.	2,100,000		55,123,277
TOTAL INDUSTRIALS			456,115,187
INFORMATION TECHNOLOGY - 6.9%
Communications Equipment - 3.2%
Research In Motion Ltd. (a)	600,000		128,400,000
Electronic Equipment & Instruments - 0.2%
Miranda Technologies, Inc. (a)	513,700		4,382,366
Miranda Technologies, Inc. (a)(f)	186,300		1,589,322
			5,971,688
Internet Software & Services - 2.1%
Google, Inc. Class A (sub. vtg.) (a)	155,000		79,050,000
Open Text Corp. (a)	347,598		6,536,811
			85,586,811
IT Services - 0.6%
CGI Group, Inc. Class A (sub. vtg.) (a)	1,750,000		17,964,282
Emergis, Inc. (a)	700,000		4,560,795
			22,525,077
Semiconductors & Semiconductor Equipment - 0.3%
Broadcom Corp. Class A (a)	325,000		10,663,250
Tundra Semiconductor Corp. Ltd. (a)	200,000		2,039,936
			12,703,186
Software - 0.5%
MacDonald Dettwiler & Associates Ltd. (a)	410,000		18,364,864
TOTAL INFORMATION TECHNOLOGY			273,551,626

	Shares		Value
MATERIALS - 9.3%
Chemicals - 2.8%
Potash Corp. of Saskatchewan, Inc.	1,375,000		$ 111,017,503
Metals & Mining - 6.5%
Aber Diamond Corp.	450,000		16,773,226
Alcan, Inc.	1,000,000		97,131,340
Barrick Gold Corp.	900,000		29,564,076
Eldorado Gold Corp. (a)	1,100,000		5,001,406
Fording Canadian Coal Trust	370,000		12,081,279
Goldcorp, Inc.	850,000		21,594,638
Kinross Gold Corp. (a)	1,550,000		20,052,498
Meridian Gold, Inc. (a)	380,300		10,735,872
Shore Gold, Inc. (a)	2,000,000		8,924,721
Teck Cominco Ltd. Class B (sub. vtg.)	662,100		29,359,079
US Gold Corp. (a)	1,111,300		6,478,879
US Gold Corp. warrants 2/22/11 (a)(g)	200,000		365,614
			258,062,628
TOTAL MATERIALS			369,080,131
TELECOMMUNICATION SERVICES - 7.4%
Diversified Telecommunication Services - 3.4%
BCE, Inc.	1,100,000		41,537,452
TELUS Corp. (non-vtg.)	1,750,000		95,940,752
			137,478,204
Wireless Telecommunication Services - 4.0%
American Tower Corp. Class A (a)	325,000		13,539,500
Rogers Communications, Inc. Class B (non-vtg.)	3,225,000		145,785,600
			159,325,100
TOTAL TELECOMMUNICATION SERVICES			296,803,304
TOTAL COMMON STOCKS (Cost $2,584,309,934)		3,728,534,978

Government Obligations - 2.8%
		Principal Amount (d)
Canadian Government Treasury Bills 4.1501% to 4.5618% 8/9/07 to 11/1/07 (Cost $112,385,651)	CAD	121,650,000	113,432,713

Money Market Funds - 7.6%
	Shares		Value
Fidelity Cash Central Fund, 5.38% (b)	130,478,270		$ 130,478,270
Fidelity Securities Lending Cash Central Fund, 5.39% (b)(c)	174,120,500		174,120,500
TOTAL MONEY MARKET FUNDS (Cost $304,598,770)		304,598,770

TOTAL INVESTMENT PORTFOLIO - 103.8%

(Cost $3,001,294,355)

4,146,566,461

NET OTHER ASSETS - (3.8)%			(152,683,192)
NET ASSETS - 100%		$ 3,993,883,269

Currency Abbreviation
CAD	-	Canadian dollar

Legend

(a) Non-income producing

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

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

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $24,722,640 or 0.6% 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 $365,614 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
US Gold Corp. warrants 2/22/11	2/8/06	$ 98,359

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,897,082
Fidelity Securities Lending Cash Central Fund	3,203,752
Total	$ 5,100,834

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:

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
WestJet Airlines Ltd.	$ 3,582,328	$ 281,310	$ 5,177,899	$ -	$ -

Income Tax Information

At July 31, 2007, the aggregate cost of investment securities for income tax purposes was $3,008,641,312. Net unrealized appreciation aggregated $1,137,925,149, of which $1,180,019,511 related to appreciated investment securities and $42,094,362 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Canada Fund

July 31, 2007

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

1.855812.100

ACAN-QTLY-0907

Investments July 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.4%
	Shares		Value
CONSUMER DISCRETIONARY - 6.0%
Hotels, Restaurants & Leisure - 0.6%
Great Canadian Gaming Corp. (a)	800,000		$ 9,937,189
Tim Hortons, Inc.	500,000		15,435,000
			25,372,189
Media - 2.9%
Aeroplan Income Fund (e)	718,200		14,098,723
Aeroplan Income Fund (f)	31,800		624,254
Astral Media, Inc. Class A (non-vtg.)	225,000		8,827,458
Corus Entertainment, Inc. Class B (non-vtg.)	550,000		24,976,094
Quebecor, Inc. Class B (sub. vtg.)	900,000		32,398,988
Yellow Pages Income Fund (e)	2,850,000		35,855,442
			116,780,959
Multiline Retail - 0.5%
Canadian Tire Corp. Ltd. Class A (non-vtg.) (e)	260,000		20,213,556
Specialty Retail - 0.0%
Lululemon Athletica, Inc.	6,900		221,766
Textiles, Apparel & Luxury Goods - 2.0%
Gildan Activewear, Inc. (a)	2,275,000		78,186,463
TOTAL CONSUMER DISCRETIONARY			240,774,933
CONSUMER STAPLES - 3.3%
Food & Staples Retailing - 2.7%
Alimentation Couche-Tard, Inc. Class B (sub. vtg.)	1,250,000		24,526,577
Metro, Inc. Class A (sub. vtg.)	750,000		26,717,915
Shoppers Drug Mart Corp.	1,150,000		56,341,052
			107,585,544
Food Products - 0.6%
Saskatchewan Wheat Pool, Inc. (a)	826,500		8,794,202
Saskatchewan Wheat Pool, Inc. (a)(f)	1,273,500		13,550,412
			22,344,614
TOTAL CONSUMER STAPLES			129,930,158
ENERGY - 25.0%
Energy Equipment & Services - 0.8%
CCS Income Trust (e)	515,000		21,484,485
CCS Income Trust (f)	135,000		5,625,194
CHC Helicopter Corp. Class A (sub. vtg.)	150,000		4,054,092
Savanna Energy Services Corp. (a)	140,000		2,368,988
			33,532,759
Oil, Gas & Consumable Fuels - 24.2%
AltaGas Income Trust	650,000		16,696,353
Cameco Corp.	900,000		36,533,233
Canadian Natural Resources Ltd.	1,821,000		124,979,291

	Shares		Value
Canadian Oil Sands Trust	1,175,000		$ 35,887,785
Duvernay Oil Corp. (a)	350,000		11,047,624
EnCana Corp.	2,200,000		134,677,041
Galleon Energy, Inc. (a)(f)	100,000		1,519,640
Galleon Energy, Inc. Class A (a)	700,000		10,637,480
Husky Energy, Inc.	1,400,000		55,425,143
Keyera Facilities Income Fund (e)	1,000,000		17,258,836
Nexen, Inc.	1,150,000		35,663,261
Niko Resources Ltd.	406,900		36,902,134
Niko Resources Ltd. (f)	20,000		1,813,818
Petro-Canada	1,000,000		54,551,420
Suncor Energy, Inc.	1,650,000		149,191,432
Talisman Energy, Inc.	3,200,000		58,528,171
TransCanada Corp.	2,500,000		90,231,555
Uranium One, Inc. (a)	275,300		3,192,520
Valero Energy Corp.	280,000		18,762,800
Western Oil Sands, Inc. Class A (a)	2,055,800		71,925,055
			965,424,592
TOTAL ENERGY			998,957,351
FINANCIALS - 24.1%
Capital Markets - 0.7%
Addenda Capital, Inc.	200,000		3,811,756
CI Financial Income Fund (e)	950,000		24,812,037
			28,623,793
Commercial Banks - 13.6%
Bank of Montreal	2,100,000		131,094,966
Canadian Imperial Bank of Commerce	675,000		58,533,327
National Bank of Canada	650,000		37,128,058
Royal Bank of Canada	2,850,000		144,517,203
Toronto-Dominion Bank	2,700,000		172,777,724
			544,051,278
Diversified Financial Services - 0.7%
Onex Corp. (sub. vtg.)	425,000		13,403,019
TSX Group, Inc.	350,000		14,141,746
			27,544,765
Insurance - 7.1%
ING Canada, Inc.	580,800		25,966,394
Manulife Financial Corp.	4,550,000		165,927,627
Power Corp. of Canada (sub. vtg.)	1,200,000		43,648,636
Sun Life Financial, Inc.	1,000,000		47,239,149
			282,781,806
Real Estate Management & Development - 2.0%
Brookfield Asset Management, Inc. Class A (e)	1,550,000		54,330,646
Brookfield Properties Corp.	1,150,000		25,990,000
			80,320,646
TOTAL FINANCIALS			963,322,288
Common Stocks - continued
	Shares		Value
INDUSTRIALS - 11.4%
Aerospace & Defense - 3.3%
Bombardier, Inc. Class B (sub. vtg.)	14,600,000		$ 88,281,616
CAE, Inc.	3,350,000		43,245,055
			131,526,671
Commercial Services & Supplies - 0.2%
Garda World Security Corp. (a)	440,000		8,559,108
Construction & Engineering - 2.4%
SNC-Lavalin Group, Inc.	2,675,000		96,823,615
Machinery - 0.2%
Bucyrus International, Inc. Class A	100,000		6,356,000
Road & Rail - 3.9%
Canadian National Railway Co.	2,150,000		111,904,003
Canadian Pacific Railway Ltd.	475,000		34,955,939
TransForce Income Fund (e)	844,237		10,866,574
			157,726,516
Trading Companies & Distributors - 1.4%
Finning International, Inc.	2,100,000		55,123,277
TOTAL INDUSTRIALS			456,115,187
INFORMATION TECHNOLOGY - 6.9%
Communications Equipment - 3.2%
Research In Motion Ltd. (a)	600,000		128,400,000
Electronic Equipment & Instruments - 0.2%
Miranda Technologies, Inc. (a)	513,700		4,382,366
Miranda Technologies, Inc. (a)(f)	186,300		1,589,322
			5,971,688
Internet Software & Services - 2.1%
Google, Inc. Class A (sub. vtg.) (a)	155,000		79,050,000
Open Text Corp. (a)	347,598		6,536,811
			85,586,811
IT Services - 0.6%
CGI Group, Inc. Class A (sub. vtg.) (a)	1,750,000		17,964,282
Emergis, Inc. (a)	700,000		4,560,795
			22,525,077
Semiconductors & Semiconductor Equipment - 0.3%
Broadcom Corp. Class A (a)	325,000		10,663,250
Tundra Semiconductor Corp. Ltd. (a)	200,000		2,039,936
			12,703,186
Software - 0.5%
MacDonald Dettwiler & Associates Ltd. (a)	410,000		18,364,864
TOTAL INFORMATION TECHNOLOGY			273,551,626

	Shares		Value
MATERIALS - 9.3%
Chemicals - 2.8%
Potash Corp. of Saskatchewan, Inc.	1,375,000		$ 111,017,503
Metals & Mining - 6.5%
Aber Diamond Corp.	450,000		16,773,226
Alcan, Inc.	1,000,000		97,131,340
Barrick Gold Corp.	900,000		29,564,076
Eldorado Gold Corp. (a)	1,100,000		5,001,406
Fording Canadian Coal Trust	370,000		12,081,279
Goldcorp, Inc.	850,000		21,594,638
Kinross Gold Corp. (a)	1,550,000		20,052,498
Meridian Gold, Inc. (a)	380,300		10,735,872
Shore Gold, Inc. (a)	2,000,000		8,924,721
Teck Cominco Ltd. Class B (sub. vtg.)	662,100		29,359,079
US Gold Corp. (a)	1,111,300		6,478,879
US Gold Corp. warrants 2/22/11 (a)(g)	200,000		365,614
			258,062,628
TOTAL MATERIALS			369,080,131
TELECOMMUNICATION SERVICES - 7.4%
Diversified Telecommunication Services - 3.4%
BCE, Inc.	1,100,000		41,537,452
TELUS Corp. (non-vtg.)	1,750,000		95,940,752
			137,478,204
Wireless Telecommunication Services - 4.0%
American Tower Corp. Class A (a)	325,000		13,539,500
Rogers Communications, Inc. Class B (non-vtg.)	3,225,000		145,785,600
			159,325,100
TOTAL TELECOMMUNICATION SERVICES			296,803,304
TOTAL COMMON STOCKS (Cost $2,584,309,934)		3,728,534,978

Government Obligations - 2.8%
		Principal Amount (d)
Canadian Government Treasury Bills 4.1501% to 4.5618% 8/9/07 to 11/1/07 (Cost $112,385,651)	CAD	121,650,000	113,432,713

Money Market Funds - 7.6%
	Shares		Value
Fidelity Cash Central Fund, 5.38% (b)	130,478,270		$ 130,478,270
Fidelity Securities Lending Cash Central Fund, 5.39% (b)(c)	174,120,500		174,120,500
TOTAL MONEY MARKET FUNDS (Cost $304,598,770)		304,598,770

TOTAL INVESTMENT PORTFOLIO - 103.8%

(Cost $3,001,294,355)

4,146,566,461

NET OTHER ASSETS - (3.8)%			(152,683,192)
NET ASSETS - 100%		$ 3,993,883,269

Currency Abbreviation
CAD	-	Canadian dollar

Legend

(a) Non-income producing

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

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

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
US Gold Corp. warrants 2/22/11	2/8/06	$ 98,359

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,897,082
Fidelity Securities Lending Cash Central Fund	3,203,752
Total	$ 5,100,834

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
WestJet Airlines Ltd.	$ 3,582,328	$ 281,310	$ 5,177,899	$ -	$ -

Income Tax Information

Investment Valuation

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 ® China Region Fund

July 31, 2007

1.804836.103

HKC-QTLY-0907

Investments July 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.1%
	Shares		Value
CONSUMER DISCRETIONARY - 11.8%
Automobiles - 0.1%
Yulon Motor Co. Ltd.	822,000		$ 1,047,261
Distributors - 1.7%
Li & Fung Ltd.	5,188,600		17,978,445
Hotels, Restaurants & Leisure - 1.1%
Ambassador Hotel	2,644,000		2,824,597
Banyan Tree Holdings Ltd.	1,720,000		2,666,227
China Travel International Investment HK Ltd.	2,962,000		1,969,257
Mandarin Oriental International Ltd.	2,130,000		4,643,400
			12,103,481
Household Durables - 0.3%
Chong Hong Construction Co. Ltd.	1,544,400		3,384,509
Leisure Equipment & Products - 0.7%
Li Ning Co. Ltd.	3,080,000		7,299,448
Media - 0.6%
Asia Media Co. Ltd.	286,000		4,162,107
Qin Jia Yuan Media Services Co. Ltd.	4,044,000		2,579,615
			6,741,722
Multiline Retail - 1.8%
Far East Department Stores Co. Ltd.	6,131,000		5,830,327
Lifestyle International Holdings Ltd.	1,456,000		5,799,996
Parkson Retail Group Ltd.	1,125,000		8,409,268
			20,039,591
Specialty Retail - 3.5%
Belle International Holdings Ltd.	10,559,000		12,277,593
Esprit Holdings Ltd.	1,764,000		23,573,693
GOME Electrical Appliances Holdings Ltd.	1,097,000		1,762,165
			37,613,451
Textiles, Apparel & Luxury Goods - 2.0%
China Hongxing Sports Ltd.	5,720,000		2,999,604
Embry Holdings Ltd.	3,123,000		2,742,331
Hongguo International Holdings Ltd.	2,019,000		1,398,384
Peace Mark Holdings Ltd.	3,764,000		5,855,683
Ports Design Ltd.	950,000		2,273,342
Qualipak International Holdings Ltd.	2,792,000		3,383,852
Tainan Spinning Co. Ltd.	5,802,000		2,873,678
Tak Sing Alliance Holdings Ltd.	1,174,000		427,537
			21,954,411
TOTAL CONSUMER DISCRETIONARY			128,162,319
CONSUMER STAPLES - 1.6%
Beverages - 0.3%
Dynasty Fine Wines Group Ltd.	159,000		62,465
Yantai Changyu Pioneer Wine Co. (B Shares)	615,963		3,404,002
			3,466,467

	Shares		Value
Food & Staples Retailing - 0.2%
Olam International Ltd.	1,109,000		$ 2,194,591
Food Products - 1.1%
China Mengniu Dairy Co. Ltd.	916,000		3,228,210
Unified-President Enterprises Corp.	5,268,000		5,692,054
Wilmar International Ltd.	1,104,000		2,475,989
			11,396,253
TOTAL CONSUMER STAPLES			17,057,311
ENERGY - 4.8%
Energy Equipment & Services - 0.7%
China Oilfield Services Ltd. (H Shares)	4,948,000		7,131,003
Oil, Gas & Consumable Fuels - 4.1%
China Coal Energy Co. Ltd. (H Shares)	9,957,000		18,432,206
China Shenhua Energy Co. Ltd. (H Shares)	3,475,000		13,640,418
Formosa Petrochemical Corp.	1,895,000		5,267,579
Straits Asia Resources Ltd.	5,679,000		4,345,409
Straits Resources Ltd.	828,476		2,965,140
			44,650,752
TOTAL ENERGY			51,781,755
FINANCIALS - 26.6%
Capital Markets - 2.6%
China Merchants Bank Co. Ltd. warrants (UBS Warrant Programme) 12/31/99 (a)	652,000		2,565,316
China Merchants Property Development Co. Ltd. warrants (UBS Warrant Programme) 6/4/10 (a)	296,173		2,349,369
Guangzhou Baiyun International Airport warrants (UBS Warrant Programme) 5/28/10 (a)	2,565,000		6,821,719
Hudong Heavy Machinery Co. Ltd. warrants (UBS Warrant Programme) 6/8/10 (a)	188,715		3,891,367
Pingdingshan Tianan Coal Mining Co. Ltd. warrants (UBS Warrant Programme) 12/31/99 (a)	1,589,420		5,183,735
Sany Heavy Industry Co. Ltd. warrants (UBS Warrant Programme) 6/28/10 (a)	171,411		1,031,204
Shanghai International Airport warrants (UBS Warrant Programme) 12/31/99 (a)	379,400		2,058,119
Shanghai International Port Group Co. Ltd. warrants (UBS Warrant Programme) 6/4/10 (a)	2,120,300		2,563,446
Shanghai Pudong Development Bank Co. Ltd. warrants (UBS Warrant Programme) 1/15/10 (a)	420,885		2,235,943
			28,700,218
Commercial Banks - 3.8%
China Construction Bank Corp. (H Shares)	16,586,000		12,299,023
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - continued
China Merchants Bank Co. Ltd. (H Shares)	1,538,500		$ 5,506,358
Chinatrust Financial Holding Co. Ltd.	11,463,000		9,084,032
Sinopac Holdings Co.	24,846,000		12,646,780
Standard Chartered PLC (Hong Kong)	36,558		1,182,850
			40,719,043
Diversified Financial Services - 6.1%
China Everbright Ltd. (a)	4,484,000		10,373,421
Fubon Financial Holding Co. Ltd.	3,728,000		3,465,634
Fuhwa Financial Holding Co. Ltd. (a)	13,310,000		8,742,434
Hong Kong Exchanges & Clearing Ltd.	1,965,000		32,064,798
Jardine Matheson Holdings Ltd.	4,743		114,781
Singapore Exchange Ltd.	1,789,000		11,682,784
			66,443,852
Insurance - 6.5%
China Life Insurance Co. Ltd. (H Shares)	8,117,000		35,000,503
Ping An Insurance (Group) Co. of China, Ltd. (H Shares)	2,463,500		21,033,706
Shin Kong Financial Holding Co. Ltd.	12,008,980		14,695,984
			70,730,193
Real Estate Management & Development - 7.6%
China Overseas Land & Investment Ltd.	10,470,000		22,176,156
China Resources Land Ltd.	7,888,000		14,332,223
Hang Lung Properties Ltd.	5,910,000		21,738,991
Hung Poo Real Estate Development Co. Ltd.	1,245,000		1,548,234
Kerry Properties Ltd.	2,661,000		19,175,707
Shenzhen Investment Ltd.	3,946,000		3,372,740
			82,344,051
TOTAL FINANCIALS			288,937,357
HEALTH CARE - 0.2%
Health Care Equipment & Supplies - 0.2%
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	1,008,000		2,503,343
INDUSTRIALS - 17.8%
Commercial Services & Supplies - 0.0%
China Boqi Environmental Solutions Technology Co. Ltd.	67		90,491
Construction & Engineering - 1.8%
China Communications Construction Co. Ltd. (H Shares)	8,801,000		19,748,658
Industrial Conglomerates - 1.8%
Far Eastern Textile Ltd.	2,676,000		3,066,768
Hong Leong Asia Ltd.	2,337,000		5,981,240
Shanghai Industrial Holdings Ltd. (H Shares)	2,418,000		10,455,680
			19,503,688

	Shares		Value
Machinery - 3.2%
China Infrastructure Machinery Holdings Ltd.	4,434,000		$ 9,868,734
China International Marine Containers Co. Ltd. (B Shares)	4,585,080		11,201,698
PME Group Ltd.	6,790,000		2,786,253
Weichai Power Co. Ltd. (H Shares)	816,000		5,634,038
Yangzijiang Shipbuilding Holdings Ltd.	4,750,000		6,109,829
			35,600,552
Marine - 7.6%
China Cosco Holdings Co. Ltd. (H Shares)	5,148,500		9,067,773
China Shipping Development Co. Ltd. (H Shares)	2,906,000		7,513,080
Cosco Corp. Singapore Ltd.	5,888,000		20,002,111
First Steamship Co. Ltd. (a)	6,530,000		13,255,448
Sincere Navigation Corp.	4,392,000		9,705,264
STX Pan Ocean Co. Ltd.	6,786,000		10,519,195
U-Ming Marine Transport Corp.	4,632,000		12,325,082
			82,387,953
Trading Companies & Distributors - 0.3%
Noble Group Ltd.	2,668,000		2,991,821
Transportation Infrastructure - 3.1%
China Merchants Holdings International Co. Ltd.	2,250,000		10,922,480
Dalian Port (PDA) Co. Ltd. (H Shares)	13,262,000		10,191,275
Jiangsu Expressway Co. Ltd. (H Shares)	4,640,000		4,630,585
Tianjin Port Development Holdings Ltd.	7,048,000		5,620,653
Xiamen International Port Co. Ltd. (H Shares)	6,222,000		2,333,253
			33,698,246
TOTAL INDUSTRIALS			194,021,409
INFORMATION TECHNOLOGY - 9.2%
Communications Equipment - 0.3%
Proactive Technology Holdings Ltd. (a)	1,704,000		3,348,718
Computers & Peripherals - 1.5%
InnoLux Display Corp.	2,621,000		11,863,163
Tatung Co. (a)	9,177,000		4,922,893
			16,786,056
Electronic Equipment & Instruments - 3.1%
Delta Electronics, Inc.	1,076,250		4,248,053
Hon Hai Precision Industry Co. Ltd. (Foxconn)	2,097,953		17,392,887
Ju Teng International Holdings Ltd. (a)	6,050,000		2,660,015
Kingboard Chemical Holdings Ltd.	618,800		3,406,128
Synnex Technology International Corp.	2,983,000		6,318,952
			34,026,035
Internet Software & Services - 1.8%
Baidu.com, Inc. sponsored ADR (a)	12,800		2,585,344
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Internet Software & Services - continued
Sina Corp. (a)	129,700		$ 5,579,694
Tencent Holdings Ltd.	2,408,000		10,979,707
			19,144,745
Semiconductors & Semiconductor Equipment - 2.5%
Advanced Semiconductor Engineering, Inc. (a)	2,247,690		2,945,858
MediaTek, Inc.	621,810		11,238,786
PixArt Imaging, Inc.	340,000		4,352,464
Taiwan Semiconductor Manufacturing Co. Ltd.	4,303,133		8,525,211
			27,062,319
Software - 0.0%
Perfect World Co. Ltd. sponsored ADR Class B	6,500		156,650
TOTAL INFORMATION TECHNOLOGY			100,524,523
MATERIALS - 19.0%
Chemicals - 6.0%
China Energy Ltd.	3,582,000		4,087,639
Formosa Chemicals & Fibre Corp.	2,680,365		6,241,577
Formosa Plastics Corp.	12,080,000		29,823,524
Sinofert Holdings Ltd.	4,244,000		2,927,408
Taiwan Fertilizer Co. Ltd.	9,734,000		22,132,842
			65,212,990
Construction Materials - 3.7%
Anhui Conch Cement Co. Ltd. (H Shares)	2,924,000		18,597,358
Asia Cement Corp.	2,332,000		3,020,818
Luks Group (Vietnam Holdings) Co. Ltd.	726,000		998,620
Taiwan Cement Corp.	11,473,600		13,935,901
TCC International Holdings Ltd.	2,566,000		3,161,361
			39,714,058
Containers & Packaging - 0.0%
Hop Fung Group Holdings Ltd.	662,000		320,587
Metals & Mining - 6.3%
Aluminum Corp. of China Ltd. (H Shares)	4,952,000		9,972,978
BHP Billiton Ltd.	313,000		9,981,550
China Molybdenum Co. Ltd. (H Shares)	2,920,000		6,260,714
China Steel Corp.	13,128,380		17,206,265
Jiangxi Copper Co. Ltd. (H Shares)	1,584,000		2,963,474

	Shares		Value
Rio Tinto Ltd.	45,500		$ 3,608,975
Shougang Concord International Enterprises Co. Ltd.	27,166,000		8,657,371
Tung Ho Steel Enterprise Corp.	4,029,000		5,108,550
Zijin Mining Group Co. Ltd. (H Shares)	5,962,000		4,557,320
			68,317,197
Paper & Forest Products - 3.0%
Lee & Man Paper Manufacturing Ltd.	3,030,000		12,914,327
Nine Dragons Paper (Holdings) Ltd.	5,039,400		14,791,385
Sino-Forest Corp. (a)	344,300		5,438,694
			33,144,406
TOTAL MATERIALS			206,709,238
TELECOMMUNICATION SERVICES - 2.3%
Wireless Telecommunication Services - 2.3%
China Mobile (Hong Kong) Ltd.	2,217,500		25,452,465
UTILITIES - 1.8%
Independent Power Producers & Energy Traders - 1.8%
China High Speed Transmission Equipment Group Co. Ltd.	10,054,000		19,115,729
TOTAL COMMON STOCKS (Cost $836,604,220)		1,034,265,449
Money Market Funds - 3.5%

Fidelity Cash Central Fund, 5.38% (b) (Cost $38,208,830)	38,208,830		38,208,830

TOTAL INVESTMENT PORTFOLIO - 98.6%

(Cost $874,813,050)

1,072,474,279

NET OTHER ASSETS - 1.4%			14,943,125
NET ASSETS - 100%		$ 1,087,417,404

Legend

(a) Non-income producing

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,916,848
Fidelity Securities Lending Cash Central Fund	7,148
Total	$ 2,923,996

Income Tax Information

At July 31, 2007, the aggregate cost of investment securities for income tax purposes was $875,083,810. Net unrealized appreciation aggregated $197,390,469, of which $208,719,153 related to appreciated investment securities and $11,328,684 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Diversified International Fund

July 31, 2007

1.804871.103

DIF-QTLY-0907

Investments July 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.5%
	Shares		Value
Australia - 3.2%
Aristocrat Leisure Ltd.	3,750,000		$ 43,619,428
Babcock & Brown Ltd.	500,000		12,011,054
BHP Billiton Ltd. sponsored ADR (d)	3,100,000		197,718,000
Brambles Ltd. (a)	13,500,000		127,464,597
Brambles Ltd. unit (a)	7,500,000		70,692,720
Cochlear Ltd.	1,300,000		68,461,731
Commonwealth Bank of Australia	1,500,000		69,356,488
Computershare Ltd.	22,000,000		187,285,527
CSL Ltd.	5,200,000		394,153,460
Macquarie Bank Ltd.	750,000		52,726,781
National Australia Bank Ltd.	7,000,000		228,819,317
QBE Insurance Group Ltd.	9,500,000		242,619,887
TOTAL AUSTRALIA			1,694,928,990
Austria - 0.1%
Raiffeisen International Bank Holding AG	500,000		76,737,068
Belgium - 0.5%
InBev SA	3,038,200		246,820,145
Bermuda - 0.2%
Clear Media Ltd. (a)	23,790,000		24,166,326
Genesis Lease Ltd. ADR	269,800		6,936,558
Willis Group Holdings Ltd.	1,700,000		69,003,000
TOTAL BERMUDA			100,105,884
Brazil - 0.8%
Banco Itau Holding Financeira SA sponsored ADR (non-vtg.)	1,000,000		45,740,000
Banco Nossa Caixa SA	1,650,000		27,978,718
Companhia Siderurgica Nacional SA (CSN) sponsored ADR (d)	139,000		8,014,740
Cosan SA Industria E Comercio (a)	2,000,000		33,775,608
Cyrela Brazil Realty SA	2,600,000		30,730,283
Petroleo Brasileiro SA Petrobras sponsored ADR	276,000		17,912,400
Redecard SA	3,000,000		51,125,146
Uniao de Bancos Brasileiros SA (Unibanco) GDR	1,500,000		174,960,000
Vivo Participacoes SA (PN) sponsored ADR	6,500,000		29,185,000
TOTAL BRAZIL			419,421,895
Canada - 6.4%
BCE, Inc.	1,000,000		37,761,320
Bombardier, Inc. Class B (sub. vtg.)	2,500,000		15,116,715
Brookfield Asset Management, Inc. Class A (d)	4,800,000		168,249,742
Canadian National Railway Co.	2,725,000		141,831,818
Canadian Natural Resources Ltd.	10,000,000		686,322,302
Canadian Pacific Railway Ltd.	1,300,000		95,668,885
EnCana Corp.	6,500,000		397,909,440
Finning International, Inc.	500,000		13,124,590
Flint Energy Services Ltd. (a)	2,200,000		58,985,657
Lundin Mining Corp. (a)	865,000		11,101,387

	Shares		Value
Meridian Gold, Inc. (a)	661,700		$ 18,679,797
Nexen, Inc.	2,000,000		62,023,062
Niko Resources Ltd. (e)	3,900,000		353,694,572
OZ Optics Ltd. unit (a)(g)	102,000		1,504,500
Potash Corp. of Saskatchewan, Inc.	2,200,000		177,628,004
Power Corp. of Canada (sub. vtg.)	3,800,000		138,220,681
Rogers Communications, Inc. Class B (non-vtg.)	3,000,000		135,614,512
Shoppers Drug Mart Corp.	1,500,000		73,488,329
SNC-Lavalin Group, Inc.	3,680,000		133,200,337
Suncor Energy, Inc.	2,350,000		212,484,766
Suramina Resources, Inc. (a)	500,000		539,046
TransCanada Corp.	3,600,000		129,933,440
Trican Well Service Ltd.	2,619,900		49,391,759
Ultra Petroleum Corp. (a)	800,000		44,232,000
Western Oil Sands, Inc. Class A (a)	7,000,000		244,904,847
TOTAL CANADA			3,401,611,508
Cayman Islands - 0.2%
Foxconn International Holdings Ltd. (a)	5,000,000		14,315,403
GlobalSantaFe Corp.	1,200,000		86,052,000
Lee & Man Paper Manufacturing Ltd.	5,000,000		21,310,770
TOTAL CAYMAN ISLANDS			121,678,173
China - 0.1%
China Techfaith Wireless Communication Technology Ltd. sponsored ADR (a)(d)	2,920,300		14,046,643
Global Bio-Chem Technology Group Co. Ltd.	49,999,600		24,170,752
TOTAL CHINA			38,217,395
Czech Republic - 0.4%
Ceske Energeticke Zavody AS	4,500,000		235,959,163
Denmark - 0.5%
DSV de Sammensluttede Vognmaend AS	1,159,400		26,331,344
Novo Nordisk AS Series B	16,100		1,702,419
Novozymes AS Series B	2,000,000		238,329,487
TOTAL DENMARK			266,363,250
Finland - 0.9%
Neste Oil Oyj	350,000		12,643,554
Nokia Corp. sponsored ADR	15,600,000		446,784,000
TOTAL FINLAND			459,427,554
France - 9.4%
Accor SA	1,100,000		95,278,210
Alcatel-Lucent SA sponsored ADR	34,000,000		394,400,000
Alstom SA	1,650,000		302,090,628
AXA SA sponsored ADR	7,000,000		274,120,000
bioMerieux SA	300,000		27,417,629
BNP Paribas SA	1,900,000		212,486,965
Bouygues SA	2,950,000		238,726,445
Cap Gemini SA	1,428,200		95,173,312
CNP Assurances	900,000		119,284,542
Common Stocks - continued
	Shares		Value
France - continued
Dassault Aviation SA	36,265		$ 39,251,961
Electricite de France	2,799,500		286,612,660
Essilor International SA (d)	2,400,000		147,617,597
Financiere Marc de Lacharriere SA (Fimalac) (d)	1,450,000		121,427,378
Groupe Danone	1,650,000		117,968,874
Ipsen SA	500,000		26,600,724
Ipsos SA (e)	1,999,664		70,430,823
L'Oreal SA	1,200,000		138,720,000
LVMH Moet Hennessy - Louis Vuitton	1,400,000		158,542,504
Michelin SA (Compagnie Generale des Etablissements) Series B	150,000		20,079,852
Neopost SA (d)	1,450,000		212,180,455
Pernod Ricard SA	1,100,000		233,092,948
Pinault Printemps-Redoute SA	600,000		105,524,415
Renault SA	1,116,800		163,606,231
Sanofi-Aventis sponsored ADR	1,400,000		58,450,000
Societe Generale Series A	1,409,920		245,326,080
Sodexho Alliance SA	1,123,796		74,980,507
Soitec SA (a)(d)	1,000,000		17,761,183
Suez SA (France)	1,763,700		94,048,596
Total SA:
Series B	68,200		5,361,223
sponsored ADR	500,000		39,305,000
Vallourec SA	200,000		52,840,203
Veolia Environnement	4,753,341		354,415,717
Vinci SA	6,000,000		435,792,106
TOTAL FRANCE			4,978,914,768
Germany - 9.0%
Adidas-Salomon AG	135,000		8,279,475
Allianz AG:
(Reg.)	18,960		4,019,536
sponsored ADR (d)	22,000,000		466,400,000
Arcandor AG (a)(d)	2,400,000		73,989,421
BASF AG	125,800		16,284,873
Bayer AG	12,363,610		874,976,056
Bayerische Motoren Werke AG (BMW)	2,650,000		166,185,422
Celesio AG	1,000,000		60,768,423
Continental AG	1,054,923		153,025,846
DaimlerChrysler AG	2,800,000		254,100,000
Deutsche Boerse AG	200,000		23,390,575
Deutsche Postbank AG	750,000		58,435,386
E.ON AG	38,480		6,040,998
E.ON AG sponsored ADR (d)	12,000,000		627,960,000
Fresenius AG	2,300,000		169,791,709
GEA Group AG (a)	2,000,000		66,118,672
Gerresheimer AG	1,000,000		50,300,546
GFK AG	1,600,000		83,086,212
Henkel KGaA	1,200,000		59,161,980
Hochtief AG	21,000		2,138,197
K&S AG	924,100		137,842,298

	Shares		Value
Linde AG	3,036,286		$ 360,877,409
MAN AG	900,000		131,919,886
MTU Aero Engines Holding AG	1,150,000		79,230,885
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	1,163,900		202,008,245
RWE AG	1,000,000		106,909,185
Siemens AG:
(Reg.)	30,900		3,912,882
sponsored ADR	4,100,000		519,183,000
TOTAL GERMANY			4,766,337,117
Hong Kong - 0.8%
China Mobile (Hong Kong) Ltd. sponsored ADR	3,050,000		175,039,500
Cosco Pacific Ltd.	9,000,000		23,500,672
Esprit Holdings Ltd.	11,810,000		157,826,144
Hutchison Whampoa Ltd.	5,000,000		53,150,793
Techtronic Industries Co. Ltd.	18,000,000		21,120,427
Television Broadcasts Ltd.	1,000,000		6,819,986
TOTAL HONG KONG			437,457,522
India - 2.4%
Bajaj Auto Ltd.	600,000		35,155,013
Bharti Airtel Ltd. (a)	3,600,000		81,078,820
Infosys Technologies Ltd.	5,750,000		282,678,522
Reliance Energy Ltd.	1,000,000		19,751,182
Reliance Industries Ltd.	9,000,000		424,023,382
Satyam Computer Services Ltd.	16,500,000		197,269,218
State Bank of India	4,000,000		193,132,692
Tata Consultancy Services Ltd.	1,100,000		31,647,922
TOTAL INDIA			1,264,736,751
Ireland - 1.2%
CRH PLC	4,250,000		191,038,763
IAWS Group PLC (Ireland)	4,000,000		83,743,020
Ryanair Holdings PLC sponsored ADR (a)(d)	5,650,000		234,418,500
Smurfit Kappa Group plc	4,915,558		115,354,394
TOTAL IRELAND			624,554,677
Italy - 3.5%
AEM SpA (d)	12,000,000		40,180,229
Enel SpA ADR (d)	71,000		3,652,950
ENI SpA	124,700		4,349,553
Fiat SpA (d)	26,300,000		781,650,777
Impregilo SpA (a)	279,000		2,240,988
Intesa Sanpaolo SpA	44,478,464		339,914,861
Prysmian SpA	1,542,100		42,244,853
Common Stocks - continued
	Shares		Value
Italy - continued
Saipem SpA	60,700		$ 2,197,737
Unicredito Italiano SpA	72,999,500		626,602,852
TOTAL ITALY			1,843,034,800
Japan - 14.8%
Aeon Co. Ltd.	6,000,000		95,835,170
Aeon Mall Co. Ltd. (d)	150,000		4,486,778
Asahi Glass Co. Ltd.	1,000,000		13,388,761
Canon, Inc. sponsored ADR	8,890,000		471,881,200
Casio Computer Co. Ltd.	2,500,000		38,101,487
Chugai Pharmaceutical Co. Ltd.	8,000,000		138,027,740
East Japan Railway Co.	14,000		103,837,093
Fanuc Ltd.	2,300,000		248,958,577
Hirose Electric Co. Ltd. (d)	1,000,000		123,660,102
Hitachi Ltd.	4,000,000		28,440,001
Honda Motor Co. Ltd. sponsored ADR	5,800,000		208,916,000
Hoya Corp.	2,520,500		79,705,175
Ibiden Co. Ltd.	250,000		18,328,833
Japan Tobacco, Inc.	85,000		431,980,450
JSR Corp.	5,000,000		125,426,961
Kawasaki Kisen Kaisha Ltd.	6,000,000		82,125,933
KDDI Corp.	3,500		23,217,930
Keyence Corp. (d)	920,000		197,636,319
Komatsu Ltd.	4,000,000		126,244,148
Konica Minolta Holdings, Inc.	3,000,000		44,354,436
Kubota Corp.	21,000,000		174,374,648
Leopalace21 Corp.	250,000		7,903,341
Makita Corp. sponsored ADR	125,000		5,696,250
Mitsubishi Estate Co. Ltd.	7,000,000		178,079,120
Mitsui & Co. Ltd.	18,000,000		423,009,690
Mitsui Fudosan Co. Ltd.	4,700,000		122,715,056
Mitsui O.S.K. Lines Ltd.	4,000,000		62,446,627
Mizuho Financial Group, Inc.	54,500		383,849,555
Mori Seiki Co. Ltd.	300,000		9,785,237
Murata Manufacturing Co. Ltd.	2,600,000		194,254,350
Namco Bandai Holdings, Inc.	1,800,000		28,204,117
Nidec Corp.	400,000		26,478,240
Nikon Corp.	300,000		9,501,059
Nintendo Co. Ltd.	1,705,100		835,499,022
Nippon Electric Glass Co. Ltd.	3,750,000		58,468,796
NTT DoCoMo, Inc.	29,811		41,168,992
ORIX Corp.	2,100,000		504,034,057
Shin-Etsu Chemical Co. Ltd.	4,700,000		347,045,303
Shinsei Bank Ltd.	2,000,000		7,471,075
Sony Corp.	1,000,000		52,740,001
Stanley Electric Co. Ltd.	1,500,000		35,514,121
Sumco Corp.	2,000,000		102,681,340
Sumitomo Metal Industries Ltd.	10,000,000		57,585,582
Sumitomo Mitsui Financial Group, Inc.	12,550		113,417,413
Sumitomo Trust & Banking Co. Ltd.	9,000,000		75,984,581
T&D Holdings, Inc.	2,500,000		163,492,975
Takeda Pharamaceutical Co. Ltd.	3,000,000		195,423,917

	Shares		Value
Tokai Carbon Co. Ltd.	2,500,000		$ 27,350,602
Tokuyama Corp.	4,000,000		58,094,554
Tokyo Tatemono Co. Ltd.	2,000,000		24,128,005
Toshiba Corp. (d)	12,000,000		112,545,064
Toyota Motor Corp. sponsored ADR	6,550,000		790,126,500
TOTAL JAPAN			7,833,622,284
Korea (South) - 1.9%
Amorepacific Corp.	200,000		143,494,980
Kookmin Bank sponsored ADR	1,800,000		154,422,000
Korean Reinsurance Co.	1,300,460		19,434,342
LG Household & Health Care Ltd.	519,530		68,864,093
NHN Corp.	900,000		164,337,568
Samsung Fire & Marine Insurance Co. Ltd.	400,000		82,108,431
Shinhan Financial Group Co. Ltd.	3,300,000		224,086,428
SK Energy Co. Ltd.	639,000		109,135,673
SK Holdings Co. Ltd.	261,000		49,018,925
TOTAL KOREA (SOUTH)			1,014,902,440
Luxembourg - 0.3%
SES SA FDR (France) unit	6,916,322		147,637,607
Malaysia - 0.1%
DiGi.com Bhd	5,000,000		31,408,308
Mexico - 1.1%
America Movil SAB de CV Series L sponsored ADR	6,750,000		404,190,000
Fomento Economico Mexicano SA de CV sponsored ADR	3,700,000		136,974,000
Grupo Televisa SA de CV (CPO) sponsored ADR	700,000		17,675,000
TOTAL MEXICO			558,839,000
Netherlands - 4.0%
ABN-AMRO Holding NV sponsored ADR	8,000,000		383,200,000
Arcelor Mittal:
(NY Shares) Class A	4,200,000		256,284,000
Class A	54,300		3,397,803
Chicago Bridge & Iron Co. NV (NY Shares)	2,000,000		81,200,000
CNH Global NV	700,000		37,051,000
Heineken NV (Bearer)	1,700,000		107,610,000
ING Groep NV sponsored ADR	5,800,000		244,644,000
Koninklijke Numico NV	5,000,000		366,444,128
Koninklijke Philips Electronics NV (NY Shares)	5,800,000		234,320,000
Nutreco Holding NV	235,100		17,613,025
OPG Groep NV (A Shares)(Certificaten Van Aandelen) unit	2,094,400		67,433,973
Reed Elsevier NV sponsored ADR	8,700,000		319,725,000
TOTAL NETHERLANDS			2,118,922,929
Common Stocks - continued
	Shares		Value
Netherlands Antilles - 0.7%
Schlumberger Ltd. (NY Shares)	4,100,000		$ 388,352,000
Norway - 0.6%
Marine Harvest ASA (a)	50,000,000		63,220,560
Statoil ASA sponsored ADR	69,000		2,042,400
Telenor ASA	13,089,400		240,620,576
TOTAL NORWAY			305,883,536
Papua New Guinea - 0.1%
Lihir Gold Ltd. (a)	15,000,000		39,113,685
Russia - 0.5%
Gazprom OAO sponsored ADR	2,000,000		86,500,000
JSC MMC 'Norilsk Nickel' sponsored ADR	425,800		100,488,800
Magma OJSC sponsored GDR (a)(f)	1,900,000		27,740,000
Rostelecom sponsored ADR (d)	91,000		5,187,000
Sberbank (Savings Bank of the Russian Federation) GDR	60,000		27,421,734
TOTAL RUSSIA			247,337,534
Singapore - 0.1%
DBS Group Holdings Ltd.	5,000,000		76,187,335
South Africa - 0.7%
Bidvest Group Ltd.	200,000		4,072,397
Gold Fields Ltd. sponsored ADR	10,800,000		178,416,000
Highveld Steel & Vanadium Corp. Ltd. ADR	378,000		5,337,360
Impala Platinum Holdings Ltd.	5,500,000		161,425,577
Kumba Iron Ore Ltd.	53,000		1,414,815
Mondi Ltd. unit (a)	590,000		5,081,750
MTN Group Ltd.	2,000,000		28,329,839
Sasol Ltd. sponsored ADR	54,000		2,030,940
TOTAL SOUTH AFRICA			386,108,678
Spain - 3.4%
Actividades de Construccion y Servicios SA (ACS)	3,250,000		195,407,221
Banco Bilbao Vizcaya Argentaria SA sponsored ADR (d)	20,200,000		493,284,000
Banco Santander Central Hispano SA sponsored ADR (d)	9,500,000		176,700,000
Enagas SA	4,319,649		103,616,178
Grupo Acciona SA	7,600		1,983,697
Inditex SA (d)	4,809,000		291,972,131
Red Electrica de Espana SA	1,700,000		77,415,769
Telefonica SA	7,200,000		168,552,650
Telefonica SA sponsored ADR	4,000,000		280,920,000
TOTAL SPAIN			1,789,851,646
Sweden - 2.0%
AB Volvo sponsored ADR	265,000		4,883,950
Assa Abloy AB (B Shares)	9,308,800		203,773,764
Atlas Copco AB (A Shares)	2,700,000		47,655,002

	Shares		Value
Modern Times Group AB MTG (B Shares)	1,000,800		$ 61,936,392
Scania AB (B Shares)	6,481,200		156,785,384
Skandinaviska Enskilda Banken AB (A Shares)	2,522,000		87,583,740
SSAB Svenskt Stal AB:
rights 8/23/07 (a)	600,000		1,769,787
(B Shares) (d)	600,000		20,881,257
Svenska Cellulosa AB (SCA) (B Shares)	12,500,000		223,078,464
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	6,250,000		233,812,500
TOTAL SWEDEN			1,042,160,240
Switzerland - 9.6%
ABB Ltd. (Reg.)	24,950,885		613,648,482
Actelion Ltd. (Reg.) (a)	4,500,000		242,322,097
Alcon, Inc.	1,375,000		187,687,500
Barry Callebaut AG	13,000		9,510,612
Compagnie Financiere Richemont unit	2,840,374		180,374,978
Credit Suisse Group (Reg.)	1,000,000		64,540,000
Julius Baer Holding AG (Bearer)	3,800,000		269,146,900
Kuehne & Nagel International AG (d)	1,000,000		98,460,258
Lonza Group AG	223,166		21,211,450
Nestle SA (Reg.)	1,516,976		585,553,998
Nobel Biocare Holding AG (Switzerland)	200,000		60,757,387
Novartis AG sponsored ADR (d)	4,500,000		242,775,000
Phonak Holding AG	624,022		60,558,440
Roche Holding AG (participation certificate)	5,516,000		982,963,590
Schindler Holding AG (Reg.)	1,400,000		90,420,308
Sika AG (Bearer)	1,059		2,038,674
SGS Societe Generale de Surveillance Holding SA (Reg.)	212,353		258,040,266
Sulzer AG (Reg.)	20,000		26,666,667
Swiss Life Holding	393,358		98,053,035
Swiss Reinsurance Co. (Reg.) (d)	2,400,352		207,770,793
Tecan Group AG (e)	1,100,000		65,276,737
The Swatch Group AG (Reg.)	3,300,000		194,868,914
UBS AG (NY Shares)	6,175,000		340,057,250
Zurich Financial Services AG (Reg.)	511,034		150,566,821
TOTAL SWITZERLAND			5,053,270,157
Taiwan - 0.3%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	6,000,000		49,742,449
PixArt Imaging, Inc.	1,000,000		12,801,366
Siliconware Precision Industries Co. Ltd.	20,837,136		39,821,038
Siliconware Precision Industries Co. Ltd. sponsored ADR	2,957,213		28,507,533
Taiwan Mobile Co. Ltd.	13,242,000		15,740,742
TOTAL TAIWAN			146,613,128
Turkey - 0.1%
Acibadem Saglik Hizmetleri AS	4,574,044		32,053,567
Common Stocks - continued
	Shares		Value
United Kingdom - 12.9%
Anglo American PLC (United Kingdom)	6,209,000		$ 366,280,434
Associated British Foods PLC	500,000		8,597,901
Autonomy Corp. PLC (a)	2,000,000		33,883,752
BAE Systems PLC	16,000,000		137,322,640
Barclays PLC	18,000,000		251,954,313
BG Group PLC	5,000,000		82,068,560
BG Group PLC sponsored ADR	27,000		2,191,050
BHP Billiton PLC	3,000,000		89,767,566
Blinkx PLC (a)	2,000,000		1,706,376
British American Tobacco PLC	107,000		3,464,651
British American Tobacco PLC sponsored ADR	4,830,000		314,384,700
Bunzl PLC ADR (d)	67,000		4,552,650
Burberry Group PLC	7,000,000		91,006,720
Cadbury Schweppes PLC sponsored ADR	41,000		2,038,930
Capita Group PLC	21,500,000		314,679,095
Diageo PLC sponsored ADR	23,000		1,878,640
easyJet PLC (a)	5,000,351		51,956,702
European Capital Ltd. (e)	5,819,600		66,134,788
Experian Group Ltd.	11,000,000		127,368,780
G4S PLC (United Kingdom)	5,000,000		22,167,653
Hanson PLC ADR (d)	79,000		8,727,130
HSBC Holdings PLC sponsored ADR (d)	3,100,000		288,796,000
Imperial Tobacco Group PLC sponsored ADR	131,500		11,527,290
Informa PLC	15,000,000		161,648,655
International Power PLC	17,776,000		149,405,813
International Power PLC sponsored ADR	90,000		7,546,500
Invensys PLC (a)	2,000,000		15,499,582
Investec PLC	4,000,000		50,338,092
KKR Private Equity Investors, LP	1,000,557		20,411,363
Man Group plc	10,000,000		115,383,520
Mondi PLC (a)	75,000		657,793
National Grid PLC	11,765,400		167,899,141
Next PLC	1,100,000		42,433,915
Pearson PLC	9,000,000		145,712,322
Pearson PLC sponsored ADR	300,000		4,797,000
Punch Taverns Ltd.	2,000,000		47,169,108
Reckitt Benckiser PLC	10,437,400		562,291,211
Reed Elsevier PLC sponsored ADR	39,000		1,925,430
Rexam PLC sponsored ADR	34,000		1,741,140
Rolls-Royce Group PLC	20,657,307		214,012,593
Royal Bank of Scotland Group PLC	40,500,000		487,459,822
Royal Dutch Shell PLC Class A sponsored ADR	347,800		26,985,802
Serco Group PLC	3,000,000		26,814,480
Shire PLC sponsored ADR	2,500,000		184,475,000
Smith & Nephew PLC	6,300,000		75,309,995

	Shares		Value
Standard Chartered PLC (United Kingdom)	4,500,300		$ 148,281,771
Tesco PLC	70,267,000		587,900,565
United Utilities PLC sponsored ADR	170,000		4,556,000
Vodafone Group PLC sponsored ADR	27,500,000		834,625,000
Wolseley PLC ADR (d)	170,000		3,758,700
WPP Group plc	3,500,000		50,084,864
Xstrata PLC	6,050,000		393,033,241
TOTAL UNITED KINGDOM			6,814,614,739
United States of America - 3.7%
Autoliv, Inc.	700,000		39,151,000
Becton, Dickinson & Co.	700,000		53,452,000
C.R. Bard, Inc.	1,000,000		78,470,000
Cerner Corp. (a)	200,000		10,574,000
Flowserve Corp.	2,050,000		148,153,500
Google, Inc. Class A (sub. vtg.) (a)	300,000		153,000,000
Henry Schein, Inc. (a)	1,050,000		57,057,000
Marathon Oil Corp.	1,700,000		93,840,000
Merck & Co., Inc.	1,000,000		49,650,000
NII Holdings, Inc. (a)	1,600,000		134,432,000
Peabody Energy Corp.	1,409,700		59,573,922
RTI International Metals, Inc. (a)	800,000		63,392,000
Synthes, Inc.	3,060,723		359,695,454
Tim Hortons, Inc.	1,600,000		49,392,000
Titanium Metals Corp. (a)	4,181,500		139,745,730
Transocean, Inc. (a)	1,550,000		166,547,500
United Technologies Corp.	100,000		7,297,000
Valero Energy Corp.	4,800,000		321,648,000
TOTAL UNITED STATES OF AMERICA			1,985,071,106
TOTAL COMMON STOCKS (Cost $35,836,618,280)		50,988,256,579
Preferred Stocks - 0.4%

Convertible Preferred Stocks - 0.0%
Canada - 0.0%
MetroPhotonics, Inc. Series 2 (a)(g)	198,000		2
Nonconvertible Preferred Stocks - 0.4%
Germany - 0.1%
Porsche AG	40,000		73,252,701
Italy - 0.3%
Intesa Sanpaolo SpA	17,859,700		127,910,169
United Kingdom - 0.0%
Rolls-Royce Group PLC B Shares	4,373		9
TOTAL NONCONVERTIBLE PREFERRED STOCKS			201,162,879
TOTAL PREFERRED STOCKS (Cost $134,890,231)		201,162,881
Money Market Funds - 4.9%
	Shares		Value
Fidelity Cash Central Fund, 5.38% (b)	1,674,673,073		$ 1,674,673,073
Fidelity Securities Lending Cash Central Fund, 5.39% (b)(c)	932,671,343		932,671,343
TOTAL MONEY MARKET FUNDS (Cost $2,607,344,416)		2,607,344,416

TOTAL INVESTMENT PORTFOLIO - 101.8%

(Cost $38,578,852,927)

53,796,763,876

NET OTHER ASSETS - (1.8)%		(954,264,921)
NET ASSETS - 100%		$ 52,842,498,955

Forward Foreign Currency Contracts
	Settlement Dates	Value	Unrealized Appreciation/ (Depreciation)
Contracts to Buy
886,548,672 AUD	August 2007	$ 754,700,418	$ 29,700,418
155,010,149 EUR	August 2007	212,353,043	2,353,043
126,692,292 GBP	August 2007	257,244,816	7,244,816
12,015,400,000 JPY	August 2007	101,873,410	1,873,410
		$ 1,326,171,687	$ 41,171,687

(Payable Amount $1,285,000,000)

The value of contracts to buy as a percentage of net assets - 2.5%

Currency Abbreviations
AUD	-	Australian dollar
EUR	-	European Monetary Unit
GBP	-	British pound
JPY	-	Japanese yen

Legend

(a) Non-income producing

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

(e) Affiliated company

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
MetroPhotonics, Inc. Series 2	9/29/00	$ 1,980,000
OZ Optics Ltd. unit	8/18/00	$ 1,505,520

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Acibadem Saglik Hizmetleri AS	$ 26,724,309	$ 4,072,561	$ 4,091,431	$ 66,139	$ -
Clear Media Ltd.	37,841,382	-	3,426,698	-	-
European Capital Ltd.	-	12,301,478	-	123,792	66,134,788
Ipsos SA	84,893,943	-	8,500,814	648,298	70,430,823
Neopost SA	201,760,549	-	26,519,948	5,798,566	-
Niko Resources Ltd.	121,141,941	151,128,439	-	198,995	353,694,572
RTI International Metals, Inc.	73,584,000	59,030,307	97,908,672	-	-
Tecan Group AG	42,888,719	21,186,706	-	741,241	65,276,737
Techem AG	127,767,640	-	144,513,953	-	-
Total	$ 716,602,483	$ 247,719,491	$ 284,961,516	$ 7,577,031	$ 555,536,920

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 99,354,200
Fidelity Securities Lending Cash Central Fund	34,288,099
Total	$ 133,642,299

Income Tax Information

At July 31, 2007, the aggregate cost of investment securities for income tax purposes was $40,151,178,838. Net unrealized appreciation aggregated $13,645,585,038, of which $14,463,075,589 related to appreciated investment securities and $817,490,551 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Emerging Markets Fund

July 31, 2007

1.804872.103

EMF-QTLY-0907

Investments July 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares		Value
Argentina - 0.7%
Banco Macro SA sponsored ADR	343,100		$ 9,726,885
Banco Patagonia SA unit	211,200		5,490,169
Inversiones y Representaciones SA sponsored GDR (a)(d)	769,200		14,114,820
Nortel Inversora SA (PN-B) sponsored ADR (a)	173,100		3,243,894
Pampa Holding SA (a)	2,297,700		2,032,316
TOTAL ARGENTINA			34,608,084
Austria - 0.6%
Raiffeisen International Bank Holding AG	94,400		14,487,958
voestalpine AG	191,100		16,194,180
TOTAL AUSTRIA			30,682,138
Bahamas (Nassau) - 0.1%
Ultrapetrol (Bahamas) Ltd.	178,600		4,197,100
Bahrain - 0.2%
Gulf Finance House BSC unit (a)	394,000		9,850,000
Bermuda - 1.9%
Aquarius Platinum Ltd. (Australia)	587,224		16,513,297
Central European Media Enterprises Ltd. Class A (a)	218,800		20,234,624
China Grand Forestry Resources Group Ltd. (a)	23,682,000		9,479,959
ChipMOS TECHNOLOGIES (Bermuda) Ltd. (a)	246,700		1,719,499
Credicorp Ltd. (NY Shares)	145,900		9,387,206
Dufry South America Ltd. unit	322,930		8,603,697
Global Digital Creations Holdings Ltd. (a)	6,800,000		2,887,314
Katanga Mining Ltd. (a)	133,200		2,788,372
Ports Design Ltd.	1,056,000		2,527,000
Samling Global Ltd.	12,640,000		5,249,035
Sinofert Holdings Ltd.	17,452,900		12,038,587
TOTAL BERMUDA			91,428,590
Brazil - 13.3%
Acucar Guarani SA	593,300		4,140,694
All America Latina Logistica SA unit	1,348,300		18,462,021
Banco Bradesco SA (PN)	2,091,400		54,577,082
Banco Daycoval SA (PN)	615,400		6,006,372
Banco do Brasil SA	751,300		11,842,485
Banco Indusval SA (e)	258,784		2,403,524
Bematech Industria e Comercio de Equipamentos Eletronicos SA	596,100		5,596,544
Brascan Residential Properties SA	416,600		3,150,701
BrasilAgro - Compania Brasileira de Propriedades Agricolas	3,800		2,520,964
Companhia Brasileira (a)(e)	9,100		5,167,710
Companhia Brasileira de Distribuicao Grupo Pao de Acucar sponsored ADR	166,300		6,183,034
Companhia de Concessoes Rodoviarias	486,100		8,735,456
Companhia de Saneamento de Minas Gerais	491,800		7,569,366

	Shares		Value
Companhia de Saneamento de Minas Gerais rights 8/28/07 (a)	4,819		$ 0
Companhia Vale do Rio Doce (PN-A) sponsored ADR	3,150,400		133,356,432
CSU Cardsystem SA sponsored ADR (a)(e)	80,000		1,234,264
Cyrela Brazil Realty SA	1,480,700		17,500,896
Duratex SA (PN)	266,000		7,792,803
Estacio Participacoes SA unit	146,700		1,712,875
Eternit SA	920,240		4,957,242
JBS SA	1,503,100		6,605,280
JBS SA (receipts)	402,123		1,767,105
Localiza Rent a Car SA	1,339,500		13,756,143
Lojas Americanas SA (PN)	176,700,900		15,824,493
Lojas Renner SA	550,100		10,305,981
LPS Brasil Consultoria de Imoveis SA	268,000		4,124,828
Medial Saude SA	303,900		4,951,560
MRV Engenharia e Participacoes SA	264,000		4,329,477
Multiplan Empreendimentos Imobiliarios SA	349,400		4,552,473
Net Servicos de Comunicacao SA sponsored ADR (d)	1,227,566		19,763,813
Obrascon Huarte Lain Brasil SA	437,800		7,946,481
Petroleo Brasileiro SA Petrobras:
(PN) (non-vtg.)	1,700,200		47,779,211
(PN) sponsored ADR (non-vtg.)	997,000		55,682,450
sponsored ADR	486,000		31,541,400
Submarino SA	338,900		14,283,011
TAM SA:
(PN) (ltd.-vtg.)	285,000		7,714,149
(PN) sponsored ADR (ltd. vtg.)	500		13,550
Tegma Gestao Logistica	436,700		7,231,207
Uniao de Bancos Brasileiros SA (Unibanco):
unit	1,926,000		22,416,506
GDR	226,200		26,383,968
Usinas Siderurgicas de Minas Gerais SA (Usiminas) (PN-A) (non-vtg.)	556,600		34,266,851
Votorantim Celulose e Papel SA sponsored ADR (non-vtg.)	68,200		1,621,114
Weg SA	487,200		5,445,511
TOTAL BRAZIL			651,217,027
British Virgin Islands - 0.1%
Titanium Resources Group Ltd. (a)	2,180,500		3,388,543
Bulgaria - 0.0%
Kaolin AD	45,000		463,411
Canada - 1.5%
Addax Petroleum, Inc.	152,600		5,899,713
Addax Petroleum, Inc. (a)(e)	20,700		800,289
AUR Resources, Inc.	300,000		11,443,705
Eastern Platinum Ltd. (a)	3,562,100		8,448,592
First Quantum Minerals Ltd.	149,000		13,961,329
Frontera Copper Corp. (a)	1,588,400		10,423,549
Common Stocks - continued
	Shares		Value
Canada - continued
JumpTV, Inc.	591,600		$ 2,079,779
Rio Narcea Gold Mines Ltd. (a)	1,302,700		6,692,412
Uranium One, Inc. (a)	501,500		5,815,651
Uranium One, Inc. (South Africa) (a)	604,939		7,162,884
TOTAL CANADA			72,727,903
Cayman Islands - 1.4%
Agile Property Holdings Ltd.	13,716,000		23,948,753
Belle International Holdings Ltd.	3,990,000		4,639,416
China High Speed Transmission Equipment Group Co. Ltd.	177,000		336,531
Integra Group unit	215,000		3,848,500
KWG Property Holding Ltd.	672,500		928,037
Lee & Man Paper Manufacturing Ltd.	6,605,000		28,151,527
Neo-Neon Holdings Ltd.	1,187,000		2,425,223
Perfect World Co. Ltd. sponsored ADR Class B	29,800		718,180
SinoCom Software Group Ltd.	17,898,000		3,396,940
Stella International Holdings Ltd.	231,000		439,792
Vinda International Holdings Ltd.	1,740,000		1,482,942
TOTAL CAYMAN ISLANDS			70,315,841
Chile - 0.1%
Lan Airlines SA sponsored ADR	77,100		6,173,397
China - 4.6%
Anhui Conch Cement Co. Ltd. (H Shares)	1,214,000		7,721,338
Bank of China (H Shares)	11,498,000		6,044,962
China Coal Energy Co. Ltd. (H Shares)	12,731,700		23,568,677
China Construction Bank Corp. (H Shares)	50,269,000		37,275,990
China Gas Holdings Ltd.	18,639,100		6,827,009
China Hongxing Sports Ltd.	5,160,000		2,705,937
China Molybdenum Co. Ltd. (H Shares)	1,150,000		2,465,692
China Petroleum & Chemical Corp. (H Shares)	33,188,800		34,838,283
China Shenhua Energy Co. Ltd. (H Shares)	4,254,800		16,701,367
Digital China Holdings Ltd. (H Shares)	4,263,000		2,028,675
First Tractor Co. Ltd. (H Shares) (a)	8,104,800		4,402,385
Guangzhou R&F Properties Co. Ltd. (H Shares)	5,078,400		18,448,059
Home Inns & Hotels Management, Inc. ADR (d)	8,200		249,116
Parkson Retail Group Ltd.	1,124,000		8,401,793
Ping An Insurance (Group) Co. of China, Ltd. (H Shares)	4,491,000		38,344,784
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	1,086,000		2,697,054
Shenzhen Expressway Co. Ltd. (H Shares)	2,894,000		2,694,564
Yantai Changyu Pioneer Wine Co. (B Shares)	1,408,650		7,784,635
TOTAL CHINA			223,200,320

	Shares		Value
Colombia - 0.4%
Almacenes Exito SA unit (e)	308,100		$ 2,457,114
BanColombia SA sponsored ADR	444,100		15,805,519
TOTAL COLOMBIA			18,262,633
Cyprus - 0.4%
Mirland Development Corp. PLC	624,200		6,897,919
Urals Energy Public Co. Ltd. (a)	675,530		4,631,417
XXI Century Investments Public Ltd. (a)	370,000		9,263,692
TOTAL CYPRUS			20,793,028
Czech Republic - 0.6%
Ceske Energeticke Zavody AS	605,700		31,760,103
Egypt - 1.4%
Commercial International Bank Ltd. sponsored GDR	1,094,250		13,021,575
Eastern Tobacco Co.	128,345		9,086,774
Egyptian Co. for Mobile Services (MobiNil)	71,317		2,335,262
Orascom Construction Industries SAE:
GDR	137,812		19,569,304
GDR (e)	16,120		2,289,040
Orascom Hotels & Development (OHD) (a)	1,503,349		17,601,936
Orascom Telecom Holding SAE GDR	87,396		5,873,011
TOTAL EGYPT			69,776,902
Estonia - 0.0%
Olympic Entertainment Group AS	260,800		2,176,881
Georgia - 0.2%
Bank of Georgia:
ADR (a)	81,200		3,321,080
unit (a)	201,200		8,229,080
TOTAL GEORGIA			11,550,160
Germany - 0.1%
Praktiker Bau- und Heimwerkermaerkte Holding AG	97,100		4,249,080
Hong Kong - 3.3%
Chaoda Modern Agriculture (Holdings) Ltd.	24,291,100		18,077,564
China Mobile (Hong Kong) Ltd.	8,841,400		101,481,589
China Overseas Land & Investment Ltd.	1,238,000		2,622,166
China Resources Power Holdings Co. Ltd.	4,869,500		12,429,599
China Seven Star Shopping Ltd. (a)	12,250,000		1,252,613
Fosun International	1,629,000		3,026,457
Kerry Properties Ltd.	2,160,000		15,565,399
REXCAPITAL Financial Holdings Ltd. (a)	48,545,000		7,290,955
TOTAL HONG KONG			161,746,342
Hungary - 0.6%
OTP Bank Ltd. unit	269,800		30,285,050
Common Stocks - continued
	Shares		Value
India - 6.0%
Bharat Forge Ltd.	841,802		$ 5,986,241
Bharat Heavy Electricals Ltd.	341,036		14,663,105
Bharti Airtel Ltd. (a)	1,355,638		30,531,536
Federal Bank Ltd.:
GDR	249,942		2,200,281
GDR (a)(e)	337,300		2,969,308
HCL Technologies Ltd.	1,799,042		14,031,095
Hindustan Zinc Ltd.	112,051		2,100,224
Indiabulls Real Estate Ltd. sponsored GDR (a)	719,116		9,441,993
Indian Overseas Bank	2,267,887		7,436,439
ITC Ltd.	1,500		6,382
IVRCL Infrastructures & Projects Ltd.	974,987		9,377,487
Jaiprakash Associates Ltd.	544,190		11,342,821
Jindal Saw Ltd.	142,391		2,441,090
Kalpataru Power Transmission Ltd.	71,206		2,621,901
LANCO Infratech Ltd.	447,959		2,670,032
Larsen & Toubro Ltd.	344,060		22,324,948
Lloyd Electric & Engineering Ltd.	539,919		2,758,705
Nagarjuna Construction Co. Ltd.	1,409,730		6,727,699
Pantaloon Retail India Ltd.	494,132		7,278,500
Parsvnath Developers Ltd.	11,522		102,606
Punjab National Bank	443,874		6,760,386
Reliance Industries Ltd.	1,147,400		54,058,270
Rolta India Ltd.	1,260,244		15,524,926
Rolta India Ltd. sponsored GDR (e)	242,105		2,936,734
Satyam Computer Services Ltd.	616,887		7,375,322
Sintex Industries Ltd.	763,463		5,402,560
Sobha Developers Ltd.	105,767		2,348,506
State Bank of India	443,592		21,418,029
Steel Authority of India Ltd.	2,581,366		9,656,839
United Phosphorous Ltd.	326,000		2,499,144
Wipro Ltd.	564,310		6,983,319
TOTAL INDIA			291,976,428
Indonesia - 2.6%
PT Astra Agro Lestari Tbk	4,456,000		7,418,621
PT Bakrie & Brothers Tbk (a)	368,481,500		12,189,479
PT Bank Mandiri Persero Tbk	38,646,500		14,775,388
PT Bank Niaga Tbk	50,885,000		5,187,848
PT Bank Rakyat Indonesia Tbk	15,574,500		10,642,025
PT Bumi Resources Tbk	80,781,000		23,656,070
PT Indocement Tunggal Prakarsa Tbk	4,959,500		3,496,398
PT International Nickel Indonesia Tbk	2,002,500		12,423,334
PT Medco Energi International Tbk	24,705,000		11,454,881
PT Perusahaan Gas Negara Tbk Series B	14,424,800		14,471,753
PT Perusahaan Perkebunan London Sumatra Indonesia Tbk	17,341,500		12,413,670
TOTAL INDONESIA			128,129,467
Ireland - 0.1%
Dragon Oil plc (a)	1,064,000		4,846,961

	Shares		Value
Israel - 1.5%
Bank Hapoalim BM (Reg.)	3,679,145		$ 17,602,547
First International Bank of Israel (a)	986,610		2,185,043
Israel Chemicals Ltd.	2,902,000		23,945,499
Nice Systems Ltd. sponsored ADR (a)	28,800		956,736
Oil Refineries Ltd.	7,748,700		6,150,174
Ormat Industries Ltd.	579,600		7,254,126
Orpak Systems Ltd.	832,800		3,188,949
Queenco Leisure International Ltd. GDR (a)	171,800		3,220,632
RADWARE Ltd. (a)	338,200		4,822,732
Saifun Semiconductors Ltd. (a)	197,700		2,360,538
TOTAL ISRAEL			71,686,976
Kazakhstan - 0.3%
Alliance Bank JSC GDR (a)(e)	153,400		1,994,200
JSC Halyk Bank of Kazakhstan GDR (e)	320,200		6,884,300
Kazkommertsbank JSC:
ADR (a)	65,346		1,176,881
unit (a)	345,000		6,213,450
TOTAL KAZAKHSTAN			16,268,831
Korea (South) - 16.1%
Asia Cement Co. Ltd.	64,000		5,360,890
CJ Corp.	77,829		10,702,864
Daewoo Shipbuilding & Marine Engineering Co. Ltd.	666,070		43,332,957
Doosan Co. Ltd. (a)	101,420		16,921,806
GS Engineering & Construction Corp.	239,190		35,507,548
Hanil Cement Co. Ltd.	22,480		2,601,919
Hanjin Heavy Industries & Construction Co. Ltd.	419,810		35,548,673
Hite Brewery Co. Ltd.	90,481		11,895,993
Hyundai Engineering & Construction Co. Ltd. (a)	280,120		24,278,496
Hyundai Mipo Dockyard Co. Ltd.	72,853		22,966,893
Hyundai Steel Co.	155,690		11,204,942
Industrial Bank of Korea	687,470		15,733,360
Korean Air Lines Co. Ltd.	136,060		10,897,032
Kyeryong Construction Industrial Co. Ltd.	338,240		22,175,933
LG Fashion Corp.	65,290		2,222,771
LG Household & Health Care Ltd.	132,240		17,528,512
LG Petrochemical Co. Ltd.	159,860		7,561,085
Macquarie Korea Infrastructure Fund GDR	1,179,900		9,675,180
MegaStudy Co. Ltd.	104,119		21,671,885
Nexen Tire Corp.	41,510		2,403,153
NHN Corp.	170,161		31,070,939
ON*Media Corp.	207,200		1,869,568
Osstem Implant Co. Ltd.	116,500		4,834,571
POSCO	139,260		80,530,029
Samsung Electronics Co. Ltd.	204,656		135,107,379
Samsung Fire & Marine Insurance Co. Ltd.	80,480		16,520,216
Samsung Heavy Industries Ltd.	810,060		44,032,152
Common Stocks - continued
	Shares		Value
Korea (South) - continued
Samwhan Corp.	140,000		$ 5,274,376
Shinhan Financial Group Co. Ltd.	721,680		49,005,665
SK Chemicals Co. Ltd.	83,950		7,685,616
SK Energy Co. Ltd.	219,574		37,501,340
SK Holdings Co. Ltd.	89,685		16,843,917
Taewoong Co. Ltd.	170,686		13,466,152
Woori Investment & Securities Co. Ltd.	427,270		13,913,661
TOTAL KOREA (SOUTH)			787,847,473
Lebanon - 0.1%
Solidere GDR	333,800		5,591,150
Luxembourg - 0.6%
Evraz Group SA:
GDR (e)	66,100		3,219,070
GDR	497,300		24,218,510
Tenaris SA sponsored ADR	83,300		4,012,561
TOTAL LUXEMBOURG			31,450,141
Malaysia - 1.3%
DiGi.com Bhd	972,600		6,109,544
Gamuda Bhd	2,116,800		4,779,574
Genting Bhd	5,813,000		13,377,725
IJM Corp. Bhd	2,748,000		6,920,712
KNM Group Bhd	2,139,000		3,219,800
Lion Diversified Holdings Bhd	2,113,700		5,659,784
Steppe Cement Ltd. (a)	1,599,200		11,613,798
UEM World BHD	4,021,600		5,029,183
Zelan Bhd	2,843,500		4,650,680
TOTAL MALAYSIA			61,360,800
Mauritius - 0.1%
Golden Agri-Resources Ltd.	2,821,000		4,614,828
Mexico - 4.9%
Alsea SAB de CV	3,748,500		6,389,430
America Movil SAB de CV Series L sponsored ADR	1,872,600		112,131,288
Banco Compartamos SA de CV	1,491,300		8,272,251
Cemex SA de CV sponsored ADR	295,418		9,553,818
Fomento Economico Mexicano SA de CV sponsored ADR	783,900		29,019,978
Grupo Aeroportuario Norte Sab de CV ADR	272,000		7,262,400
Grupo Famsa SA de CV Series A	1,450,200		6,787,187
Grupo Financiero Banorte SA de CV Series O	3,579,300		16,178,143
Grupo Mexico SA de CV Series B	2,594,416		18,255,995
Urbi, Desarrollos Urbanos, SA de CV (a)	4,868,600		20,578,230
Wal-Mart de Mexico SA de CV Series V	1,339,803		4,871,235
TOTAL MEXICO			239,299,955
Netherlands - 0.4%
A&D Pharma Holdings NV (Reg. S) unit	59,300		1,225,262
AmRest Holdings NV (a)	88,900		3,809,107

	Shares		Value
Plaza Centers NV	775,400		$ 2,988,842
X5 Retail Group NV unit (a)	333,700		10,348,037
TOTAL NETHERLANDS			18,371,248
Nigeria - 0.1%
Guaranty Trust Bank PLC sponsored GDR	440,800		4,804,720
Oman - 0.3%
BankMuscat SAOG sponsored:
GDR (e)	406,257		5,728,224
GDR	693,000		9,771,300
TOTAL OMAN			15,499,524
Pakistan - 0.1%
MCB Bank Ltd. (a)	380,190		2,043,545
MCB Bank Ltd. unit (e)	192,395		4,098,014
TOTAL PAKISTAN			6,141,559
Panama - 0.3%
Copa Holdings SA Class A	190,200		10,443,882
Intergroup Financial Services Corp. (e)	222,096		3,886,680
TOTAL PANAMA			14,330,562
Philippines - 1.0%
Alliance Global Group, Inc. (a)	20,753,000		2,651,264
Ayala Corp.	550,800		6,430,044
GMA Networks, Inc. unit	7,992,000		1,892,379
International Container Terminal Services, Inc.	5,614,000		3,895,176
Megaworld Corp.	79,501,000		6,741,825
PNOC Energy Development Corp.	54,693,000		7,710,027
Robinsons Land Corp.	14,515,000		5,994,631
SM Investments Corp.	1,302,957		11,695,044
TOTAL PHILIPPINES			47,010,390
Poland - 0.4%
Bank Handlowy w Warszawie SA	174,315		7,104,249
Globe Trade Centre SA (a)	615,500		8,646,502
Vistula & Wolczanka SA (a)	35,535		1,985,238
TOTAL POLAND			17,735,989
Romania - 0.1%
Banca Transilvania SA (a)	13,211,331		5,351,150
Russia - 10.2%
Gazprom OAO sponsored ADR	3,968,206		171,624,904
JSC Chelyabinsk Zinc Plant	27,300		4,067,700
JSC MMC 'Norilsk Nickel' sponsored ADR	246,700		58,221,200
Lukoil Oil Co. sponsored ADR	469,559		39,372,522
Magnitogorsk Iron & Steel Works (a)	4,231,300		4,654,430
Mobile TeleSystems OJSC sponsored ADR	597,100		38,184,545
Novolipetsk Iron & Steel Corp. sponsored GDR (e)	574,600		18,105,646
OAO TatNeft unit	119,800		12,009,950
OAO TMK (a)	1,540,400		15,481,020
Common Stocks - continued
	Shares		Value
Russia - continued
OAO TMK unit	104,100		$ 4,174,410
OJSC Rosneft	342,000		2,852,280
OJSC Rosneft unit (a)	255,000		2,136,900
Open Investments (a)	8,100		2,413,800
Sberbank (Savings Bank of the Russian Federation) (a)	2,851,000		11,831,650
Sberbank (Savings Bank of the Russian Federation) GDR	127,600		58,316,887
Sistema-Hals JSC	25,221		6,335,515
Sistema-Hals JSC unit (a)	87,000		1,092,720
Surgutneftegaz JSC sponsored ADR	159,331		10,914,174
Uralkali JSC (a)	1,214,700		3,534,777
Vimpel Communications sponsored ADR (a)	218,200		23,107,380
VSMPO-Avisma Corp. (a)	17,100		5,130,000
Wimm-Bill-Dann Foods OJSC sponsored ADR	69,900		6,570,600
TOTAL RUSSIA			500,133,010
Singapore - 0.5%
Keppel Corp. Ltd.	1,231,800		10,969,195
Olam International Ltd.	3,083,000		6,100,923
Sino-Environment Technology Group Ltd. (a)	1,532,000		2,930,607
Yangzijiang Shipbuilding Holdings Ltd.	4,992,000		6,421,108
TOTAL SINGAPORE			26,421,833
South Africa - 6.8%
African Bank Investments Ltd.	2,534,626		11,725,523
African Rainbow Minerals Ltd. (a)	345,966		6,237,059
Anglo Platinum Ltd.	193,700		26,747,655
Bidvest Group Ltd.	1,011,300		20,592,075
FirstRand Ltd.	9,614,356		31,147,557
Foschini Ltd.	766,500		6,481,237
Growthpoint Properties Ltd.	847,100		1,864,686
Illovo Sugar Ltd.	1,526,903		4,780,241
Impala Platinum Holdings Ltd.	1,172,228		34,405,015
Imperial Holdings Ltd.	766,100		14,990,077
Investec Ltd.	788,268		9,821,676
Lewis Group Ltd.	1,398,973		12,063,820
Mr. Price Group Ltd.	1,166,179		4,531,066
MTN Group Ltd.	3,308,600		46,866,053
Murray & Roberts Holdings Ltd.	2,266,300		24,199,206
Naspers Ltd. Class N sponsored ADR	827,018		20,468,696
Nedbank Group Ltd.	943,890		17,730,093
Network Healthcare Holdings Ltd.	5,405,600		9,443,746
PSG Group Ltd.	770,437		2,998,836
Raubex Group Ltd.	1,821,540		7,217,423
Truworths International Ltd.	3,523,573		17,999,524
Wesizwe Platinum Ltd. (a)	609,900		750,122
Wilson Bayly Holmes-Ovcon Ltd.	147,880		2,118,477
TOTAL SOUTH AFRICA			335,179,863

	Shares		Value
Taiwan - 6.4%
AU Optronics Corp.	1,429,000		$ 2,439,087
AU Optronics Corp. sponsored ADR	156,000		2,639,520
China Steel Corp.	7,502,950		9,833,486
Chung Hwa Pulp Corp.	20,390,000		11,559,450
Delta Electronics, Inc.	6,617,677		26,120,552
Everlight Electronics Co. Ltd.	592,000		2,733,640
Feng Tay Enterprise Co. Ltd.	2,150,400		1,831,927
Formosa Chemicals & Fibre Corp.	7,414,000		17,264,458
Foxconn Technology Co. Ltd.	1,285,500		14,418,727
Gemtek Technology Corp.	906,000		2,504,624
Greatek Electronics, Inc.	4,153,000		7,050,569
High Tech Computer Corp.	705,200		12,917,956
Hon Hai Precision Industry Co. Ltd. (Foxconn)	9,019,024		74,771,391
InnoLux Display Corp.	3,215,000		14,551,724
MediaTek, Inc.	1,778,700		32,148,774
Shin Kong Financial Holding Co. Ltd.	21,464,000		26,266,561
Siliconware Precision Industries Co. Ltd.	16,161,726		30,886,044
Taiwan Cement Corp.	6,605,400		8,022,957
Taiwan Semiconductor Manufacturing Co. Ltd.	8,364,867		16,572,171
TOTAL TAIWAN			314,533,618
Thailand - 0.9%
Minor International PCL (For. Reg.)	18,695,294		8,795,833
PTT Public Co. Ltd. (For. Reg.)	2,932,200		27,243,995
Robinson Department Store PCL (For. Reg.)	2,740,500		867,683
Total Access Communication PCL (a)	3,390,000		4,576,500
Total Access Communication PCL unit (a)	1,923,000		2,589,037
TOTAL THAILAND			44,073,048
Turkey - 3.3%
Aksigorta AS	721,000		5,108,697
Anadolu Efes Biracilk Ve Malt Sanyii AS	467,970		18,947,629
Asya Katilim Bankasi AS	2,936,000		20,346,025
Atakule Gayrimenkul Yatirim Ortakligi AS	1,692,000		2,358,234
Bagfas Bandirma Gubre Fabrikalari AS	68,000		2,753,251
Dogan Yayin Holding AS (a)	566,739		2,515,310
Dogus Otomotiv Servis ve Ticaret AS	843,700		4,729,923
Enka Insaat ve Sanayi AS	2,381,072		30,034,545
Tofas Turk Otomobil Fabrikasi AS	1,786,000		8,691,505
Tupras-Turkiye Petrol Rafinerileri AS	958,400		23,879,779
Turk Hava Yollari AO (a)	573,000		4,327,727
Turkiye Garanti Bankasi AS	5,273,500		36,955,151
TOTAL TURKEY			160,647,776
Ukraine - 0.2%
Stirol sponsored ADR (a)	111,700		1,910,559
Ukrnafta Open JSC sponsored ADR (a)	10,000		5,771,290
TOTAL UKRAINE			7,681,849
Common Stocks - continued
	Shares		Value
United Kingdom - 0.7%
Aricom plc (a)	3,685,800		$ 3,893,414
Aricom plc warrants 6/5/10 (a)(f)	176,800		59,397
GOL Linhas Aereas Inteligentes SA warrants (Deutsche Bank Warrant Program) 9/6/07 (a)(e)	60,193		1,500,010
Hirco PLC	343,600		2,819,876
Imperial Energy PLC (a)	329,700		6,329,162
Kazakhstan Kagazy PLC GDR (e)	737,600		3,983,040
Prosperity Mineral Holdings Ltd.	711,000		2,650,337
Sibir Energy PLC	1,574,086		15,444,400
TOTAL UNITED KINGDOM			36,679,636
United States of America - 1.0%
Central European Distribution Corp. (a)(d)	219,600		9,040,932
CTC Media, Inc.	832,060		20,327,226
Golden Telecom, Inc. (d)	39,000		2,517,450
NII Holdings, Inc. (a)	152,900		12,846,658
Pricesmart, Inc.	156,559		3,539,799
TOTAL UNITED STATES OF AMERICA			48,272,065
Vietnam - 0.1%
Luks Group (Vietnam Holdings) Co. Ltd.	3,946,000		5,427,760
TOTAL COMMON STOCKS (Cost $3,216,866,655)		4,800,221,143
Nonconvertible Preferred Stocks - 0.5%

Brazil - 0.1%
Brasil Telecom Participacoes SA (PN)	147,600		1,939,590
Itausa-Investimentos Itau S.A. (PN)	380,690		2,392,193
TOTAL BRAZIL			4,331,783
Korea (South) - 0.1%
Samsung Electronics Co. Ltd.	14,270		7,068,120
Russia - 0.2%
Transneft (a)	4,000		7,400,000
South Africa - 0.1%
Allied Electronics Corp. Ltd.	628,500		4,039,792
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $20,314,542)		22,839,695
Investment Companies - 0.4%

Romania - 0.4%
SIF 1 Banat-Crisana Arad Fund	2,651,100		4,651,254
SIF 3 Transilvania Brasov Fund	8,137,600		9,482,821

	Shares		Value
SIF 4 Muntenia Bucuresti Fund	2,731,000		$ 3,182,460
SIF 5 Oltenia Craiova Fund	1,203,500		2,314,824
TOTAL INVESTMENT COMPANIES (Cost $13,001,363)		19,631,359
Money Market Funds - 1.2%

Fidelity Cash Central Fund, 5.38% (b)	51,777,477		51,777,477
Fidelity Securities Lending Cash Central Fund, 5.39% (b)(c)	7,090,200		7,090,200
TOTAL MONEY MARKET FUNDS (Cost $58,867,677)		58,867,677

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $3,309,050,237)

4,901,559,874

NET OTHER ASSETS - 0.0%			(671,708)
NET ASSETS - 100%		$ 4,900,888,166

Legend

(a) Non-income producing

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

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $59,397 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Aricom plc warrants 6/5/10	5/11/07	$ 0

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 3,036,381
Fidelity Securities Lending Cash Central Fund	224,378
Total	$ 3,260,759

Income Tax Information

At July 31, 2007, the aggregate cost of investment securities for income tax purposes was $3,311,301,560. Net unrealized appreciation aggregated $1,590,258,314, of which $1,651,557,357 related to appreciated investment securities and $61,299,043 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Europe Fund

July 31, 2007

1.804873.103

EUR-QTLY-0907

Investments July 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.4%
	Shares		Value
Austria - 0.7%
Erste Bank AG	447,200		$ 33,943,542
Belgium - 1.1%
InBev SA	642,400		52,187,894
Czech Republic - 0.8%
Ceske Energeticke Zavody AS	752,000		39,431,398
Denmark - 0.5%
Vestas Wind Systems AS (a)	390,600		26,433,388
Finland - 2.1%
Metso Corp.	624,400		40,156,694
Nokia Corp.	2,112,950		60,515,122
TOTAL FINLAND			100,671,816
France - 11.9%
Cap Gemini SA	962,700		64,153,023
Electricite de France	1,238,000		126,746,374
Essilor International SA (d)	831,200		51,124,895
L'Oreal SA	427,900		49,465,240
Sodexho Alliance SA	666,100		44,442,689
Total SA Series B	1,570,900		123,488,925
Veolia Environnement	449,500		33,515,345
Vinci SA	1,245,200		90,441,388
TOTAL FRANCE			583,377,879
Germany - 17.6%
Allianz AG (Reg.)	235,900		50,010,993
BASF AG	418,900		54,226,814
Bayer AG	3,095,700		219,083,537
Bayerische Motoren Werke AG (BMW)	187,400		11,752,131
Commerzbank AG	530,600		23,001,153
E.ON AG	624,900		98,103,430
Hochtief AG	710,700		72,362,709
Linde AG	504,400		59,950,402
MAN AG	173,500		25,431,222
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	286,500		49,725,374
Siemens AG (Reg.) (d)	896,400		113,511,570
Wincor Nixdorf AG	924,900		82,845,319
TOTAL GERMANY			860,004,654
Italy - 4.6%
ENI SpA	1,997,800		69,683,533
Fiat SpA	1,800,500		53,511,872
Tod's SpA (d)	430,800		39,519,086
Unicredito Italiano SpA	7,491,000		64,300,193
TOTAL ITALY			227,014,684
Netherlands - 4.9%
Arcelor Mittal Class A	1,137,100		71,153,629
Heineken NV (Bearer)	425,400		26,927,820
ING Groep NV (Certificaten Van Aandelen)	979,800		41,328,123

	Shares		Value
Koninklijke Philips Electronics NV	1,201,800		$ 48,552,907
Randstad Holdings NV	763,200		50,472,213
TOTAL NETHERLANDS			238,434,692
Norway - 2.6%
Aker Kvaerner ASA	1,935,000		50,459,786
Statoil ASA	1,602,300		47,831,492
Telenor ASA	1,667,200		30,647,900
TOTAL NORWAY			128,939,178
Spain - 4.3%
Banco Bilbao Vizcaya Argentaria SA	1,821,500		44,481,202
Banco Santander Central Hispano SA	2,125,300		40,481,507
Inditex SA	835,900		50,750,573
Telefonica SA	3,226,800		75,539,679
TOTAL SPAIN			211,252,961
Sweden - 11.4%
AB Volvo (B Shares)	1,155,700		21,525,408
Elekta AB (B Shares) (d)	1,999,800		33,388,863
H&M Hennes & Mauritz AB (B Shares)	2,075,450		120,588,693
Hexagon AB (B Shares)	3,678,675		73,430,461
Nordea Bank AB	1,520,000		24,769,000
Sandvik AB	1,167,300		23,993,566
Scania AB (B Shares)	2,731,300		66,072,320
Skandinaviska Enskilda Banken AB (A Shares)	1,529,200		53,105,890
SKF AB (B Shares)	4,098,400		86,978,703
SSAB Svenskt Stal AB:
rights 8/23/07 (a)	108,400		319,741
(B Shares) (d)	108,400		3,772,547
Telefonaktiebolaget LM Ericsson (B Shares)	7,742,000		28,962,822
TeliaSonera AB	2,710,500		20,817,200
TOTAL SWEDEN			557,725,214
Switzerland - 14.4%
ABB Ltd. (Reg.)	8,587,927		211,213,685
Compagnie Financiere Richemont unit	867,018		55,059,071
Roche Holding AG (participation certificate)	1,154,396		205,715,961
Schindler Holding AG (participation certificate)	661,208		42,457,093
SGS Societe Generale de Surveillance Holding SA (Reg.)	60,016		72,928,306
Syngenta AG (Switzerland)	507,724		95,680,588
Zurich Financial Services AG (Reg.)	83,740		24,672,459
TOTAL SWITZERLAND			707,727,163
United Kingdom - 17.5%
Anglo American PLC (United Kingdom)	655,200		38,651,464
BG Group PLC	3,097,400		50,839,832
BP PLC	10,410,800		120,417,926
British American Tobacco PLC	1,658,300		53,695,608
Capita Group PLC	3,415,700		49,992,995
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Investec PLC	2,716,400		$ 34,184,598
Man Group plc	4,388,200		50,632,596
Rio Tinto PLC (Reg.)	426,600		30,834,564
Serco Group PLC	5,499,900		49,158,986
Smith & Nephew PLC	2,081,900		24,886,965
Tesco PLC	22,409,273		187,490,917
Unilever PLC	1,544,000		48,157,229
Vodafone Group PLC	39,099,100		118,665,449
TOTAL UNITED KINGDOM			857,609,129
TOTAL COMMON STOCKS (Cost $3,990,473,040)		4,624,753,592
Nonconvertible Preferred Stocks - 2.0%

Germany - 2.0%
Henkel KGaA (Cost $91,744,746)	1,824,600		99,468,185
Money Market Funds - 2.1%

Fidelity Cash Central Fund, 5.38% (b)	63,571,926		63,571,926
Fidelity Securities Lending Cash Central Fund, 5.39% (b)(c)	37,612,452		37,612,452
TOTAL MONEY MARKET FUNDS (Cost $101,184,378)		101,184,378

TOTAL INVESTMENT PORTFOLIO - 98.5%

(Cost $4,183,402,164)

4,825,406,155

NET OTHER ASSETS - 1.5%		72,937,840
NET ASSETS - 100%		$ 4,898,343,995

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 3,169,920
Fidelity Securities Lending Cash Central Fund	4,625,154
Total	$ 7,795,074

Income Tax Information

At July 31, 2007, the aggregate cost of investment securities for income tax purposes was $4,185,315,776. Net unrealized appreciation aggregated $640,090,379, of which $759,007,563 related to appreciated investment securities and $118,917,184 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Europe Capital Appreciation Fund

July 31, 2007

1.804821.103

ECA-QTLY-0907

Investments July 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.8%
	Shares		Value
Argentina - 0.5%
Cresud S.A.C.I.F. y A. sponsored ADR	356,859		$ 7,080,083
Australia - 1.1%
CSL Ltd.	189,900		14,394,181
Austria - 0.7%
voestalpine AG	118,700		10,058,865
Belgium - 0.8%
InBev SA	142,800		11,600,921
Bermuda - 1.7%
Aquarius Platinum Ltd. (United Kingdom)	347,700		10,333,429
SeaDrill Ltd. (a)	625,400		12,741,259
TOTAL BERMUDA			23,074,688
Cyprus - 1.1%
Bank of Cyprus Public Co. Ltd.	855,000		15,068,817
Finland - 2.1%
Metso Corp.	196,900		12,663,121
Nokia Corp. sponsored ADR	550,150		15,756,296
TOTAL FINLAND			28,419,417
France - 15.8%
Alcatel-Lucent SA sponsored ADR	814,800		9,451,680
Alstom SA	72,500		13,273,679
AXA SA	530,500		20,774,460
Bouygues SA	130,100		10,528,241
Business Objects SA (a)	205,800		9,261,036
Cap Gemini SA	158,200		10,542,234
Eutelsat Communications	296,664		6,738,607
Groupe Danone	244,600		17,487,992
Icade SA	124,298		8,422,518
LVMH Moet Hennessy - Louis Vuitton	118,800		13,453,464
Pinault Printemps-Redoute SA	60,100		10,570,029
Remy Cointreau SA	106,500		7,799,431
Societe Generale Series A	121,100		21,071,400
Suez SA (France)	241,200		12,861,893
Total SA sponsored ADR	220,000		17,294,200
Veolia Environnement	169,487		12,637,186
Vinci SA	171,700		12,470,917
TOTAL FRANCE			214,638,967
Germany - 17.4%
Adidas-Salomon AG	182,300		11,180,358
Allianz AG (Reg.)	92,400		19,588,876
Arcandor AG (a)(d)	389,000		11,992,452
Bayer AG	226,166		16,005,830
Continental AG	75,700		10,980,950
DaimlerChrysler AG	117,300		10,644,975
E.ON AG	165,500		25,981,945
Hochtief AG	100,000		10,181,892
Lanxess AG	212,400		11,538,310
Linde AG	90,300		10,732,596

	Shares		Value
MAN AG	116,100		$ 17,017,665
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	95,100		16,505,700
RWE AG	149,100		15,940,159
Siemens AG (Reg.)	193,300		24,477,673
SolarWorld AG (d)	236,500		11,514,214
Wacker Chemie AG	48,200		11,904,782
TOTAL GERMANY			236,188,377
Greece - 1.8%
Bank of Piraeus	378,150		13,660,457
Cosmote Mobile Telecommunications SA	352,900		10,681,543
TOTAL GREECE			24,342,000
Ireland - 1.8%
Anglo Irish Bank Corp. PLC	300,300		5,629,542
CRH PLC	225,100		10,118,312
Smurfit Kappa Group plc	375,500		8,811,934
TOTAL IRELAND			24,559,788
Italy - 4.1%
Buzzi Unicem SpA	290,700		9,017,658
IFIL Finanziaria di Partecipazioni SpA	138,000		1,475,347
Intesa Sanpaolo SpA	2,497,600		19,087,245
Prysmian SpA	30,600		838,268
Unicredito Italiano SpA	2,047,900		17,578,476
Valentino Fashion Group SpA	176,200		8,375,928
TOTAL ITALY			56,372,922
Luxembourg - 1.0%
Acergy SA	490,900		13,008,850
Netherlands - 4.1%
Arcelor Mittal Class A (d)	307,200		19,222,931
Koninklijke Ahold NV (a)	738,100		9,344,382
Nutreco Holding NV	144,200		10,803,055
SBM Offshore NV	290,700		12,060,670
TomTom Group BV (a)(d)	74,500		4,867,734
TOTAL NETHERLANDS			56,298,772
Norway - 2.5%
Marine Harvest ASA (a)(d)	10,546,000		13,334,481
Petroleum Geo-Services ASA	428,800		10,312,446
Telenor ASA	566,400		10,412,051
TOTAL NORWAY			34,058,978
Spain - 1.9%
Banco Santander Central Hispano SA	767,200		14,613,190
Compania de Distribucion Integral Logista SA	6,700		522,573
Inditex SA	186,400		11,317,032
TOTAL SPAIN			26,452,795
Common Stocks - continued
	Shares		Value
Sweden - 2.9%
Atlas Copco AB (A Shares)	629,800		$ 11,115,970
H&M Hennes & Mauritz AB (B Shares)	221,950		12,895,835
Investor AB (B Shares)	320,800		8,426,945
SSAB Svenskt Stal AB:
rights 8/23/07 (a)	169,600		500,260
(B Shares) (d)	169,600		5,902,435
TOTAL SWEDEN			38,841,445
Switzerland - 14.0%
ABB Ltd. (Reg.)	801,755		19,718,569
Actelion Ltd. (Reg.) (a)	238,965		12,868,111
Credit Suisse Group (Reg.)	191,294		12,346,115
Julius Baer Holding AG (Bearer)	142,242		10,074,735
Lindt & Spruengli AG	390		11,411,111
Nestle SA (Reg.)	69,205		26,713,188
Pargesa Holding SA	70,307		7,753,373
Phonak Holding AG	113,365		11,001,547
Roche Holding AG (participation certificate)	219,925		39,191,129
SGS Societe Generale de Surveillance Holding SA (Reg.)	8,227		9,997,020
Swiss Life Holding	53,601		13,361,215
UBS AG (Reg.)	285,427		15,718,465
TOTAL SWITZERLAND			190,154,578
United Kingdom - 19.4%
3i Group plc	384,965		8,430,153
Barclays PLC	671,400		9,397,896
BG Group PLC	1,187,800		19,496,207
BP PLC	1,235,600		14,291,734
Burberry Group PLC	854,200		11,105,420
GlaxoSmithKline PLC	533,800		13,633,215
Gyrus Group PLC (a)	1,092,900		9,585,355
HSBC Holdings PLC sponsored ADR	151,300		14,095,108
Man Group plc	937,600		10,818,359
Next PLC	249,900		9,640,214
Reckitt Benckiser PLC	343,700		18,516,057
Royal Dutch Shell PLC Class A (United Kingdom)	1,377,300		54,026,428
Scottish & Southern Energy PLC	455,600		13,410,580
Tesco PLC	749,200		6,268,307
Vodafone Group PLC	3,643,800		11,058,903
Vodafone Group PLC sponsored ADR	663,150		20,126,603
Xstrata PLC	298,500		19,391,805
TOTAL UNITED KINGDOM			263,292,344

	Shares		Value
United States of America - 1.1%
General Motors Corp.	186,600		$ 6,045,840
Virgin Media, Inc.	344,900		8,567,316
TOTAL UNITED STATES OF AMERICA			14,613,156
TOTAL COMMON STOCKS (Cost $1,272,222,156)		1,302,519,944
Nonconvertible Preferred Stocks - 1.1%

Germany - 0.4%
Porsche AG	2,900		5,310,821
Italy - 0.7%
Istituto Finanziario Industriale SpA (IFI) (a)	247,111		9,430,567
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $10,148,990)		14,741,388
Money Market Funds - 7.2%

Fidelity Cash Central Fund, 5.38% (b)	54,038,990		54,038,990
Fidelity Securities Lending Cash Central Fund, 5.39% (b)(c)	44,421,020		44,421,020
TOTAL MONEY MARKET FUNDS (Cost $98,460,010)		98,460,010

TOTAL INVESTMENT PORTFOLIO - 104.1%

(Cost $1,380,831,156)

1,415,721,342

NET OTHER ASSETS - (4.1)%			(55,619,980)
NET ASSETS - 100%		$ 1,360,101,362

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,849,281
Fidelity Securities Lending Cash Central Fund	1,763,648
Total	$ 4,612,929

Income Tax Information

At July 31, 2007, the aggregate cost of investment securities for income tax purposes was $1,381,490,351. Net unrealized appreciation aggregated $34,230,991, of which $93,013,391 related to appreciated investment securities and $58,782,400 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® International Discovery Fund

July 31, 2007

1.804822.103

IGI-QTLY-0907

Investments July 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.4%
	Shares		Value (000s)
Australia - 6.4%
AMP Ltd.	2,150,200		$ 18,433
Aristocrat Leisure Ltd.	1,674,900		19,482
AXA Asia Pacific Holdings Ltd.	3,809,600		23,861
Babcock & Brown Japan Property Trust	14,813,600		22,659
Babcock & Brown Ltd.	2,210,800		53,108
Babcock & Brown Wind Partners	7,081,600		11,617
Boart Longyear Ltd.	17,365,000		34,478
Brambles Ltd. (a)	3,581,600		33,817
Cochlear Ltd.	721,200		37,980
Computershare Ltd.	6,342,300		53,992
CSL Ltd.	1,809,750		137,177
Downer EDI Ltd.	3,857,181		23,041
Goodman Group unit	4,683,485		24,265
Macquarie Bank Ltd.	471,610		33,155
Mortgage Choice Ltd.	2,899,300		7,511
National Australia Bank Ltd.	2,222,900		72,663
Oxiana Ltd.	6,500,731		20,663
QBE Insurance Group Ltd.	1,922,267		49,093
Seek Ltd.	2,000,000		14,367
United Group Ltd.	378,500		5,999
United Group Ltd. (g)(i)	178,300		2,826
Woolworths Ltd.	2,381,239		55,376
WorleyParsons Ltd.	1,190,900		34,403
TOTAL AUSTRALIA			789,966
Austria - 0.4%
Raiffeisen International Bank Holding AG (d)	281,100		43,142
Belgium - 0.2%
InBev SA	365,300		29,677
Bermuda - 0.7%
Aquarius Platinum Ltd. (United Kingdom)	1,434,800		42,641
Ports Design Ltd.	4,763,900		11,400
Sinofert Holdings Ltd.	38,748,900		26,728
TOTAL BERMUDA			80,769
Brazil - 0.4%
Submarino SA	1,089,900		45,934
Canada - 1.1%
Lundin Mining Corp. (a)	1,123,635		14,421
Niko Resources Ltd. (g)	498,400		45,200
Open Text Corp. (a)	1,310,000		24,635
Common Stocks - continued
	Shares		Value (000s)
Canada - continued
Potash Corp. of Saskatchewan, Inc.	591,300		$ 47,742
Suramina Resources, Inc. (a)	649,500		700
TOTAL CANADA			132,698
Cayman Islands - 0.8%
Lee & Man Paper Manufacturing Ltd.	8,947,000		38,133
Spreadtrum Communications, Inc. ADR	307,600		4,368
Subsea 7, Inc. (a)(d)	791,800		18,984
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	809,100		32,631
TOTAL CAYMAN ISLANDS			94,116
China - 0.4%
Jiangsu Expressway Co. Ltd. (H Shares)	13,585,200		13,558
Nine Dragons Paper (Holdings) Ltd.	10,409,000		30,552
TOTAL CHINA			44,110
Cyprus - 0.3%
Aisi Realty Public Ltd.	10,023,000		6,615
Marfin Popular Bank Public Co.	2,494,659		33,180
TOTAL CYPRUS			39,795
Czech Republic - 0.3%
Ceske Energeticke Zavody AS	584,800		30,664
Denmark - 0.7%
Novo Nordisk AS Series B	109,275		11,555
Vestas Wind Systems AS (a)	1,130,400		76,498
TOTAL DENMARK			88,053
Finland - 0.9%
Citycon Oyj	692,322		4,443
Nokia Corp. sponsored ADR	2,818,600		80,725
Wartsila Corp. (B Shares)	431,600		30,474
TOTAL FINLAND			115,642
France - 10.3%
Air France KLM (Reg.)	548,400		24,981
Alcatel-Lucent SA	1,089,900		12,643
Alstom SA	457,500		83,761
AXA SA	1,555,866		60,928
BNP Paribas SA	403,139		45,085
Business Objects SA sponsored ADR (a)	887,200		39,924
Cap Gemini SA	596,600		39,757
CNP Assurances	210,300		27,873
Common Stocks - continued
	Shares		Value (000s)
France - continued
Electricite de France	792,200		$ 81,105
Gaz de France	774,200		36,390
Geodis SA	73,700		16,337
Groupe Danone	464,400		33,203
Icade SA	558,489		37,844
L'Oreal SA	247,100		28,565
LVMH Moet Hennessy - Louis Vuitton	343,300		38,877
Neopost SA	254,300		37,212
Neuf Cegetel (d)	688,313		27,201
Orpea (a)	540,928		29,896
Pinault Printemps-Redoute SA	155,200		27,296
Remy Cointreau SA	304,500		22,300
Renault SA	351,100		51,435
Sechilienne-Sidec	174,000		12,745
Societe Generale Series A	181,820		31,637
Suez SA (France)	1,138,100		60,689
Total SA Series B	1,792,976		140,946
Vallourec SA	82,800		21,876
Veolia Environnement	880,962		65,686
Vinci SA	1,284,200		93,274
Vivendi Universal SA	1,055,598		45,239
TOTAL FRANCE			1,274,705
Germany - 10.3%
Adidas-Salomon AG	487,400		29,892
Allianz AG (Reg.)	583,330		123,666
Arcandor AG (a)(d)	1,160,400		35,774
Bayer AG sponsored ADR	2,097,500		148,440
Bilfinger Berger AG	242,300		20,954
CompuGROUP Holding AG (a)	519,400		12,345
Continental AG	228,600		33,160
DaimlerChrysler AG (Reg.)	642,700		58,325
Deutsche Boerse AG	559,900		65,482
E.ON AG	1,064,100		167,054
Gerresheimer AG	331,000		16,649
Hochtief AG	498,600		50,767
Hugo Boss AG	43,200		2,843
K&S AG	228,300		34,054
Linde AG	385,128		45,774
MAN AG	439,100		64,362
MTU Aero Engines Holding AG	327,000		22,529
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	366,600		63,628
Common Stocks - continued
	Shares		Value (000s)
Germany - continued
Q-Cells AG	461,100		$ 40,822
SGL Carbon AG (a)	612,600		31,828
Siemens AG (Reg.)	1,094,700		138,622
SolarWorld AG	1,056,400		51,432
Wincor Nixdorf AG	247,400		22,160
TOTAL GERMANY			1,280,562
Greece - 0.3%
EFG Eurobank Ergasias SA	768,820		27,773
Marfin Financial Group Holdings SA	1,328,400		12,651
TOTAL GREECE			40,424
Hong Kong - 1.1%
Chaoda Modern Agriculture (Holdings) Ltd.	12,600,000		9,377
Esprit Holdings Ltd.	6,585,500		88,007
Li & Fung Ltd.	10,953,900		37,955
TOTAL HONG KONG			135,339
India - 1.4%
Bharti Airtel Ltd. (a)	2,368,000		53,332
Infosys Technologies Ltd.	953,052		46,853
Reliance Industries Ltd.	913,600		43,043
Satyam Computer Services Ltd.	3,024,300		36,158
TOTAL INDIA			179,386
Indonesia - 0.1%
PT Perusahaan Gas Negara Tbk Series B	16,035,500		16,088
Ireland - 0.3%
Paddy Power PLC (Ireland)	623,197		20,082
Ryanair Holdings PLC sponsored ADR (a)	486,900		20,201
TOTAL IRELAND			40,283
Israel - 0.4%
Israel Chemicals Ltd.	3,916,700		32,318
Nice Systems Ltd. sponsored ADR (a)	614,000		20,397
TOTAL ISRAEL			52,715
Italy - 2.6%
AEM SpA (d)	7,233,100		24,219
Edison SpA	9,489,400		30,034
Enel SpA	2,598,900		26,974
ENI SpA	288,800		10,073
ENI SpA sponsored ADR (d)	389,450		27,168
Common Stocks - continued
	Shares		Value (000s)
Italy - continued
Fiat SpA	2,537,600		$ 75,419
Impregilo SpA (a)	3,423,000		27,494
Pirelli & C. Real Estate SpA	227,800		12,013
Prysmian SpA	611,692		16,757
Unicredito Italiano SpA	8,987,200		77,143
TOTAL ITALY			327,294
Japan - 15.9%
Aeon Mall Co. Ltd. (d)	793,600		23,738
Asahi Glass Co. Ltd.	1,924,000		25,760
Asics Corp.	1,848,000		25,218
Bank of Yokohama Ltd.	2,571,000		17,878
Canon, Inc.	2,173,850		115,388
Casio Computer Co. Ltd.	908,500		13,846
Chiba Bank Ltd.	2,187,000		18,406
Chugai Pharmaceutical Co. Ltd.	1,571,700		27,117
East Japan Railway Co.	3,681		27,302
Fujifilm Holdings Corp.	1,230,500		53,342
Honda Motor Co. Ltd.	1,488,100		53,601
Japan Tobacco, Inc.	8,463		43,010
Kawasaki Kisen Kaisha Ltd. (d)	2,253,000		30,838
Kenedix Realty Investment Corp.	167		1,204
Keyence Corp.	82,600		17,744
Konica Minolta Holdings, Inc.	987,500		14,600
Kubota Corp.	3,316,000		27,535
Leopalace21 Corp.	329,500		10,417
Matsui Securities Co. Ltd. (d)	2,233,300		18,485
Mitsubishi Corp.	942,500		27,833
Mitsubishi Estate Co. Ltd.	1,949,400		49,592
Mitsubishi UFJ Financial Group, Inc.	1,086		11,555
Mitsui & Co. Ltd.	2,560,000		60,161
Mitsui Fudosan Co. Ltd.	2,243,000		58,564
Mizuho Financial Group, Inc.	11,247		79,214
Murata Manufacturing Co. Ltd.	627,200		46,860
Namco Bandai Holdings, Inc.	1,763,600		27,634
NGK Insulators Ltd.	1,937,000		59,200
Nintendo Co. Ltd.	344,100		168,609
Nippon Building Fund, Inc.	2,400		31,754
Nippon Electric Glass Co. Ltd.	855,000		13,331
Nippon Steel Corp.	4,566,000		34,344
Nomura Holdings, Inc.	2,799,900		53,114
NSK Ltd.	3,609,000		34,575
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
NTT DoCoMo, Inc.	23,200		$ 32,039
ORIX Corp.	254,290		61,034
Sony Corp. sponsored ADR	776,900		40,974
Sumco Corp.	1,032,500		53,009
Sumitomo Corp.	1,815,400		35,159
Sumitomo Electric Industries Ltd.	1,786,100		29,128
Sumitomo Metal Industries Ltd.	4,099,000		23,604
Sumitomo Mitsui Financial Group, Inc.	4,546		41,083
Sumitomo Trust & Banking Co. Ltd.	2,478,800		20,928
T&D Holdings, Inc.	495,150		32,381
Takeda Pharamaceutical Co. Ltd.	1,272,100		82,866
The Sumitomo Warehouse Co. Ltd.	338,000		2,083
Tokuyama Corp.	3,364,900		48,871
Toyota Motor Corp.	2,541,900		153,315
TOTAL JAPAN			1,978,243
Korea (South) - 1.5%
Korean Reinsurance Co.	946,600		14,146
LG Household & Health Care Ltd.	424,620		56,284
NHN Corp.	261,735		47,792
Samsung Card Co. Ltd.	23,300		1,696
Samsung Fire & Marine Insurance Co. Ltd.	208,660		42,832
Shinhan Financial Group Co. Ltd.	385,130		26,152
TOTAL KOREA (SOUTH)			188,902
Luxembourg - 0.5%
Acergy SA	1,124,500		29,799
SES SA (A Shares) FDR	1,505,854		31,732
TOTAL LUXEMBOURG			61,531
Malaysia - 0.9%
DiGi.com Bhd	3,860,800		24,252
Gamuda Bhd	25,668,900		57,958
IJM Corp. Bhd	8,525,300		21,471
KNM Group Bhd	8,528,100		12,837
TOTAL MALAYSIA			116,518
Mexico - 0.7%
America Movil SAB de CV Series L sponsored ADR	1,070,200		64,084
Urbi, Desarrollos Urbanos, SA de CV (a)	4,121,400		17,420
TOTAL MEXICO			81,504
Common Stocks - continued
	Shares		Value (000s)
Netherlands - 3.4%
ABN-AMRO Holding NV	1,512,000		$ 75,298
Arcelor Mittal:
(NY Shares) Class A	628,300		38,339
Class A (d)	702,200		43,940
CNH Global NV	702,000		37,157
Heineken NV (Bearer)	791,000		50,070
ING Groep NV (Certificaten Van Aandelen)	310,544		13,099
Koninklijke KPN NV	1,139,700		17,825
Koninklijke Numico NV	341,600		25,035
Koninklijke Philips Electronics NV	1,241,200		50,145
Nutreco Holding NV	628,000		47,048
SBM Offshore NV	706,779		29,323
TOTAL NETHERLANDS			427,279
Norway - 1.9%
Aker Kvaerner ASA	3,184,050		83,032
Hafslund ASA (B Shares)	674,550		18,053
Marine Harvest ASA (a)	42,140,100		53,282
Renewable Energy Corp. AS (d)	1,103,800		44,123
Telenor ASA	1,977,400		36,350
TOTAL NORWAY			234,840
Papua New Guinea - 0.2%
Lihir Gold Ltd. (a)	9,432,800		24,597
Russia - 0.1%
Magma OJSC sponsored GDR (a)(f)	675,700		9,865
Singapore - 0.5%
Keppel Corp. Ltd.	2,332,000		20,766
Singapore Exchange Ltd.	5,755,000		37,582
TOTAL SINGAPORE			58,348
Spain - 2.9%
Banco Bilbao Vizcaya Argentaria SA	2,429,400		59,326
Banco Santander Central Hispano SA	5,326,100		101,449
Compania de Distribucion Integral Logista SA	98,426		7,677
Inditex SA	901,800		54,752
Sol Melia SA	702,567		15,564
Telefonica SA	5,355,800		125,380
TOTAL SPAIN			364,148
Sweden - 1.4%
H&M Hennes & Mauritz AB (B Shares)	742,500		43,141
Common Stocks - continued
	Shares		Value (000s)
Sweden - continued
Modern Times Group MTG AB (B Shares)	1,049,300		$ 64,938
Scania AB (B Shares)	2,833,500		68,545
TOTAL SWEDEN			176,624
Switzerland - 8.5%
ABB Ltd. sponsored ADR	5,232,600		125,949
Actelion Ltd. (Reg.) (a)	997,790		53,730
BB Biotech AG	341,699		27,444
Compagnie Financiere Richemont unit	508,844		32,314
Credit Suisse Group (Reg.)	898,765		58,006
EFG International	528,000		24,917
Julius Baer Holding AG (Bearer)	1,118,418		79,215
Lindt & Spruengli AG (participation certificate)	15,453		41,838
Nestle SA (Reg.)	334,722		129,203
Novartis AG (Reg.)	707,960		38,194
Phonak Holding AG	593,987		57,644
Roche Holding AG (participation certificate)	971,920		173,208
SGS Societe Generale de Surveillance Holding SA (Reg.)	12,915		15,694
Swiss Life Holding	95,891		23,903
Tecan Group AG	212,300		12,598
The Swatch Group AG (Reg.)	1,226,893		72,449
UBS AG (NY Shares)	980,600		54,002
Zurich Financial Services AG (Reg.)	109,285		32,199
TOTAL SWITZERLAND			1,052,507
Taiwan - 1.4%
Gemtek Technology Corp.	8,486,000		23,459
Hon Hai Precision Industry Co. Ltd. (Foxconn)	6,968,890		57,775
PixArt Imaging, Inc.	1,740,000		22,274
Shin Kong Financial Holding Co. Ltd.	10,227,415		12,516
Siliconware Precision Industries Co. Ltd.	12,427,433		23,750
Wistron Corp.	13,850,000		28,452
TOTAL TAIWAN			168,226
United Kingdom - 14.4%
Anglo American PLC (United Kingdom)	909,454		53,650
AstraZeneca PLC sponsored ADR	549,000		28,455
Autonomy Corp. PLC (a)	2,595,500		43,973
BAE Systems PLC	4,145,509		35,580
Barclays PLC	1,431,400		20,036
BG Group PLC	1,454,900		23,880
BG Group PLC sponsored ADR	200,000		16,230
BHP Billiton PLC	4,341,200		129,900
Common Stocks - continued
	Shares		Value (000s)
United Kingdom - continued
Blinkx PLC (a)	2,595,500		$ 2,214
BP PLC sponsored ADR	886,400		61,516
British American Tobacco PLC	1,459,900		47,271
British American Tobacco PLC sponsored ADR	390,200		25,398
Burberry Group PLC	1,777,700		23,112
Capita Group PLC	1,106,900		16,201
Clipper Windpower PLC (a)	2,006,200		29,098
GlaxoSmithKline PLC sponsored ADR (d)	339,300		17,331
Gyrus Group PLC (a)	3,002,600		26,335
HSBC Holdings PLC (Hong Kong) (Reg.)	1,445,244		26,928
Informa PLC	1,379,400		14,865
International Power PLC	7,392,900		62,137
Investec PLC	4,477,600		56,348
John Wood Group PLC	3,062,900		20,253
Man Group plc	3,043,000		35,111
Marks & Spencer Group PLC	1,936,800		24,866
N Brown Group PLC	4,180,000		27,448
National Grid PLC	2,399,200		34,238
Next PLC	871,400		33,615
Pearson PLC	2,394,300		38,764
Punch Taverns Ltd.	871,700		20,559
Reckitt Benckiser PLC	1,409,100		75,912
Renovo Group PLC (a)(e)	9,727,800		35,570
Rio Tinto PLC sponsored ADR	155,900		45,074
Rolls-Royce Group PLC	3,912,989		40,539
Royal Bank of Scotland Group PLC	5,979,713		71,972
Royal Dutch Shell PLC Class B	3,452,359		136,851
RPS Group PLC	4,353,400		30,886
Shire PLC	2,059,200		50,649
SSL International PLC	5,402,200		51,139
Tesco PLC	9,785,412		81,871
Vodafone Group PLC	43,438,535		131,836
Xstrata PLC	649,900		42,220
TOTAL UNITED KINGDOM			1,789,831
United States of America - 0.8%
Fluor Corp.	357,500		41,295
Macquarie Infrastructure Co. LLC	131,000		5,212
Marathon Oil Corp.	299,500		16,532
Common Stocks - continued
	Shares		Value (000s)
United States of America - continued
Sunoco, Inc.	295,600		$ 19,722
Washington Group International, Inc. (a)	167,200		13,430
TOTAL UNITED STATES OF AMERICA			96,191
TOTAL COMMON STOCKS (Cost $9,121,876)		11,710,516
Nonconvertible Preferred Stocks - 1.1%

Germany - 1.0%
Fresenius AG (non-vtg.)	551,200		43,934
Porsche AG	20,695		37,899
ProSiebenSat.1 Media AG	1,342,100		48,868
TOTAL GERMANY			130,701
Italy - 0.1%
Intesa Sanpaolo SpA	1,669,602		11,958
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $96,956)		142,659
Government Obligations - 0.0%
	Principal Amount (000s)
United States of America - 0.0%
U.S. Treasury Bills, yield at date of purchase 4.74% to 4.81% 8/2/07 to 9/6/07 (h) (Cost $3,094)	$ 3,100		3,094
Money Market Funds - 5.1%
	Shares
Fidelity Cash Central Fund, 5.38% (b)	540,944,434		540,944
Fidelity Securities Lending Cash Central Fund, 5.39% (b)(c)	87,010,098		87,010
TOTAL MONEY MARKET FUNDS (Cost $627,954)		627,954
TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $9,849,880)		12,484,223
NET OTHER ASSETS - (0.6)%			(72,584)
NET ASSETS - 100%		$ 12,411,639

Futures Contracts
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Purchased
Equity Index Contracts
723 Nikkei 225 Index Contracts (Japan)	Sept. 2007	$ 61,961	$ (3,221)

The face value of futures purchased as a percentage of net assets - 0.5%

Legend

(a) Non-income producing

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

(e) Affiliated company

(g) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(h) 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 $3,044,000.

(i) 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 $2,826,000 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
United Group Ltd.	7/12/07	$ 2,623

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Renovo Group PLC	$ 14,540	$ 16,799	$ 586	$ -	$ 35,570

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 14,395
Fidelity Securities Lending Cash Central Fund	8,488
Total	$ 22,883

Income Tax Information

At July 31, 2007, the aggregate cost of investment securities for income tax purposes was $9,854,311,000. Net unrealized appreciation aggregated $2,629,912,000, of which $2,794,903,000 related to appreciated investment securities and $164,991,000 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, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

Quarterly Report

Quarterly Holdings Report

for

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

July 31, 2007

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

1.834739.101

AIGI-QTLY-0907

Investments July 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.4%
	Shares		Value (000s)
Australia - 6.4%
AMP Ltd.	2,150,200		$ 18,433
Aristocrat Leisure Ltd.	1,674,900		19,482
AXA Asia Pacific Holdings Ltd.	3,809,600		23,861
Babcock & Brown Japan Property Trust	14,813,600		22,659
Babcock & Brown Ltd.	2,210,800		53,108
Babcock & Brown Wind Partners	7,081,600		11,617
Boart Longyear Ltd.	17,365,000		34,478
Brambles Ltd. (a)	3,581,600		33,817
Cochlear Ltd.	721,200		37,980
Computershare Ltd.	6,342,300		53,992
CSL Ltd.	1,809,750		137,177
Downer EDI Ltd.	3,857,181		23,041
Goodman Group unit	4,683,485		24,265
Macquarie Bank Ltd.	471,610		33,155
Mortgage Choice Ltd.	2,899,300		7,511
National Australia Bank Ltd.	2,222,900		72,663
Oxiana Ltd.	6,500,731		20,663
QBE Insurance Group Ltd.	1,922,267		49,093
Seek Ltd.	2,000,000		14,367
United Group Ltd.	378,500		5,999
United Group Ltd. (g)(i)	178,300		2,826
Woolworths Ltd.	2,381,239		55,376
WorleyParsons Ltd.	1,190,900		34,403
TOTAL AUSTRALIA			789,966
Austria - 0.4%
Raiffeisen International Bank Holding AG (d)	281,100		43,142
Belgium - 0.2%
InBev SA	365,300		29,677
Bermuda - 0.7%
Aquarius Platinum Ltd. (United Kingdom)	1,434,800		42,641
Ports Design Ltd.	4,763,900		11,400
Sinofert Holdings Ltd.	38,748,900		26,728
TOTAL BERMUDA			80,769
Brazil - 0.4%
Submarino SA	1,089,900		45,934
Canada - 1.1%
Lundin Mining Corp. (a)	1,123,635		14,421
Niko Resources Ltd. (g)	498,400		45,200
Open Text Corp. (a)	1,310,000		24,635
Common Stocks - continued
	Shares		Value (000s)
Canada - continued
Potash Corp. of Saskatchewan, Inc.	591,300		$ 47,742
Suramina Resources, Inc. (a)	649,500		700
TOTAL CANADA			132,698
Cayman Islands - 0.8%
Lee & Man Paper Manufacturing Ltd.	8,947,000		38,133
Spreadtrum Communications, Inc. ADR	307,600		4,368
Subsea 7, Inc. (a)(d)	791,800		18,984
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	809,100		32,631
TOTAL CAYMAN ISLANDS			94,116
China - 0.4%
Jiangsu Expressway Co. Ltd. (H Shares)	13,585,200		13,558
Nine Dragons Paper (Holdings) Ltd.	10,409,000		30,552
TOTAL CHINA			44,110
Cyprus - 0.3%
Aisi Realty Public Ltd.	10,023,000		6,615
Marfin Popular Bank Public Co.	2,494,659		33,180
TOTAL CYPRUS			39,795
Czech Republic - 0.3%
Ceske Energeticke Zavody AS	584,800		30,664
Denmark - 0.7%
Novo Nordisk AS Series B	109,275		11,555
Vestas Wind Systems AS (a)	1,130,400		76,498
TOTAL DENMARK			88,053
Finland - 0.9%
Citycon Oyj	692,322		4,443
Nokia Corp. sponsored ADR	2,818,600		80,725
Wartsila Corp. (B Shares)	431,600		30,474
TOTAL FINLAND			115,642
France - 10.3%
Air France KLM (Reg.)	548,400		24,981
Alcatel-Lucent SA	1,089,900		12,643
Alstom SA	457,500		83,761
AXA SA	1,555,866		60,928
BNP Paribas SA	403,139		45,085
Business Objects SA sponsored ADR (a)	887,200		39,924
Cap Gemini SA	596,600		39,757
CNP Assurances	210,300		27,873
Common Stocks - continued
	Shares		Value (000s)
France - continued
Electricite de France	792,200		$ 81,105
Gaz de France	774,200		36,390
Geodis SA	73,700		16,337
Groupe Danone	464,400		33,203
Icade SA	558,489		37,844
L'Oreal SA	247,100		28,565
LVMH Moet Hennessy - Louis Vuitton	343,300		38,877
Neopost SA	254,300		37,212
Neuf Cegetel (d)	688,313		27,201
Orpea (a)	540,928		29,896
Pinault Printemps-Redoute SA	155,200		27,296
Remy Cointreau SA	304,500		22,300
Renault SA	351,100		51,435
Sechilienne-Sidec	174,000		12,745
Societe Generale Series A	181,820		31,637
Suez SA (France)	1,138,100		60,689
Total SA Series B	1,792,976		140,946
Vallourec SA	82,800		21,876
Veolia Environnement	880,962		65,686
Vinci SA	1,284,200		93,274
Vivendi Universal SA	1,055,598		45,239
TOTAL FRANCE			1,274,705
Germany - 10.3%
Adidas-Salomon AG	487,400		29,892
Allianz AG (Reg.)	583,330		123,666
Arcandor AG (a)(d)	1,160,400		35,774
Bayer AG sponsored ADR	2,097,500		148,440
Bilfinger Berger AG	242,300		20,954
CompuGROUP Holding AG (a)	519,400		12,345
Continental AG	228,600		33,160
DaimlerChrysler AG (Reg.)	642,700		58,325
Deutsche Boerse AG	559,900		65,482
E.ON AG	1,064,100		167,054
Gerresheimer AG	331,000		16,649
Hochtief AG	498,600		50,767
Hugo Boss AG	43,200		2,843
K&S AG	228,300		34,054
Linde AG	385,128		45,774
MAN AG	439,100		64,362
MTU Aero Engines Holding AG	327,000		22,529
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	366,600		63,628
Common Stocks - continued
	Shares		Value (000s)
Germany - continued
Q-Cells AG	461,100		$ 40,822
SGL Carbon AG (a)	612,600		31,828
Siemens AG (Reg.)	1,094,700		138,622
SolarWorld AG	1,056,400		51,432
Wincor Nixdorf AG	247,400		22,160
TOTAL GERMANY			1,280,562
Greece - 0.3%
EFG Eurobank Ergasias SA	768,820		27,773
Marfin Financial Group Holdings SA	1,328,400		12,651
TOTAL GREECE			40,424
Hong Kong - 1.1%
Chaoda Modern Agriculture (Holdings) Ltd.	12,600,000		9,377
Esprit Holdings Ltd.	6,585,500		88,007
Li & Fung Ltd.	10,953,900		37,955
TOTAL HONG KONG			135,339
India - 1.4%
Bharti Airtel Ltd. (a)	2,368,000		53,332
Infosys Technologies Ltd.	953,052		46,853
Reliance Industries Ltd.	913,600		43,043
Satyam Computer Services Ltd.	3,024,300		36,158
TOTAL INDIA			179,386
Indonesia - 0.1%
PT Perusahaan Gas Negara Tbk Series B	16,035,500		16,088
Ireland - 0.3%
Paddy Power PLC (Ireland)	623,197		20,082
Ryanair Holdings PLC sponsored ADR (a)	486,900		20,201
TOTAL IRELAND			40,283
Israel - 0.4%
Israel Chemicals Ltd.	3,916,700		32,318
Nice Systems Ltd. sponsored ADR (a)	614,000		20,397
TOTAL ISRAEL			52,715
Italy - 2.6%
AEM SpA (d)	7,233,100		24,219
Edison SpA	9,489,400		30,034
Enel SpA	2,598,900		26,974
ENI SpA	288,800		10,073
ENI SpA sponsored ADR (d)	389,450		27,168
Common Stocks - continued
	Shares		Value (000s)
Italy - continued
Fiat SpA	2,537,600		$ 75,419
Impregilo SpA (a)	3,423,000		27,494
Pirelli & C. Real Estate SpA	227,800		12,013
Prysmian SpA	611,692		16,757
Unicredito Italiano SpA	8,987,200		77,143
TOTAL ITALY			327,294
Japan - 15.9%
Aeon Mall Co. Ltd. (d)	793,600		23,738
Asahi Glass Co. Ltd.	1,924,000		25,760
Asics Corp.	1,848,000		25,218
Bank of Yokohama Ltd.	2,571,000		17,878
Canon, Inc.	2,173,850		115,388
Casio Computer Co. Ltd.	908,500		13,846
Chiba Bank Ltd.	2,187,000		18,406
Chugai Pharmaceutical Co. Ltd.	1,571,700		27,117
East Japan Railway Co.	3,681		27,302
Fujifilm Holdings Corp.	1,230,500		53,342
Honda Motor Co. Ltd.	1,488,100		53,601
Japan Tobacco, Inc.	8,463		43,010
Kawasaki Kisen Kaisha Ltd. (d)	2,253,000		30,838
Kenedix Realty Investment Corp.	167		1,204
Keyence Corp.	82,600		17,744
Konica Minolta Holdings, Inc.	987,500		14,600
Kubota Corp.	3,316,000		27,535
Leopalace21 Corp.	329,500		10,417
Matsui Securities Co. Ltd. (d)	2,233,300		18,485
Mitsubishi Corp.	942,500		27,833
Mitsubishi Estate Co. Ltd.	1,949,400		49,592
Mitsubishi UFJ Financial Group, Inc.	1,086		11,555
Mitsui & Co. Ltd.	2,560,000		60,161
Mitsui Fudosan Co. Ltd.	2,243,000		58,564
Mizuho Financial Group, Inc.	11,247		79,214
Murata Manufacturing Co. Ltd.	627,200		46,860
Namco Bandai Holdings, Inc.	1,763,600		27,634
NGK Insulators Ltd.	1,937,000		59,200
Nintendo Co. Ltd.	344,100		168,609
Nippon Building Fund, Inc.	2,400		31,754
Nippon Electric Glass Co. Ltd.	855,000		13,331
Nippon Steel Corp.	4,566,000		34,344
Nomura Holdings, Inc.	2,799,900		53,114
NSK Ltd.	3,609,000		34,575
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
NTT DoCoMo, Inc.	23,200		$ 32,039
ORIX Corp.	254,290		61,034
Sony Corp. sponsored ADR	776,900		40,974
Sumco Corp.	1,032,500		53,009
Sumitomo Corp.	1,815,400		35,159
Sumitomo Electric Industries Ltd.	1,786,100		29,128
Sumitomo Metal Industries Ltd.	4,099,000		23,604
Sumitomo Mitsui Financial Group, Inc.	4,546		41,083
Sumitomo Trust & Banking Co. Ltd.	2,478,800		20,928
T&D Holdings, Inc.	495,150		32,381
Takeda Pharamaceutical Co. Ltd.	1,272,100		82,866
The Sumitomo Warehouse Co. Ltd.	338,000		2,083
Tokuyama Corp.	3,364,900		48,871
Toyota Motor Corp.	2,541,900		153,315
TOTAL JAPAN			1,978,243
Korea (South) - 1.5%
Korean Reinsurance Co.	946,600		14,146
LG Household & Health Care Ltd.	424,620		56,284
NHN Corp.	261,735		47,792
Samsung Card Co. Ltd.	23,300		1,696
Samsung Fire & Marine Insurance Co. Ltd.	208,660		42,832
Shinhan Financial Group Co. Ltd.	385,130		26,152
TOTAL KOREA (SOUTH)			188,902
Luxembourg - 0.5%
Acergy SA	1,124,500		29,799
SES SA (A Shares) FDR	1,505,854		31,732
TOTAL LUXEMBOURG			61,531
Malaysia - 0.9%
DiGi.com Bhd	3,860,800		24,252
Gamuda Bhd	25,668,900		57,958
IJM Corp. Bhd	8,525,300		21,471
KNM Group Bhd	8,528,100		12,837
TOTAL MALAYSIA			116,518
Mexico - 0.7%
America Movil SAB de CV Series L sponsored ADR	1,070,200		64,084
Urbi, Desarrollos Urbanos, SA de CV (a)	4,121,400		17,420
TOTAL MEXICO			81,504
Common Stocks - continued
	Shares		Value (000s)
Netherlands - 3.4%
ABN-AMRO Holding NV	1,512,000		$ 75,298
Arcelor Mittal:
(NY Shares) Class A	628,300		38,339
Class A (d)	702,200		43,940
CNH Global NV	702,000		37,157
Heineken NV (Bearer)	791,000		50,070
ING Groep NV (Certificaten Van Aandelen)	310,544		13,099
Koninklijke KPN NV	1,139,700		17,825
Koninklijke Numico NV	341,600		25,035
Koninklijke Philips Electronics NV	1,241,200		50,145
Nutreco Holding NV	628,000		47,048
SBM Offshore NV	706,779		29,323
TOTAL NETHERLANDS			427,279
Norway - 1.9%
Aker Kvaerner ASA	3,184,050		83,032
Hafslund ASA (B Shares)	674,550		18,053
Marine Harvest ASA (a)	42,140,100		53,282
Renewable Energy Corp. AS (d)	1,103,800		44,123
Telenor ASA	1,977,400		36,350
TOTAL NORWAY			234,840
Papua New Guinea - 0.2%
Lihir Gold Ltd. (a)	9,432,800		24,597
Russia - 0.1%
Magma OJSC sponsored GDR (a)(f)	675,700		9,865
Singapore - 0.5%
Keppel Corp. Ltd.	2,332,000		20,766
Singapore Exchange Ltd.	5,755,000		37,582
TOTAL SINGAPORE			58,348
Spain - 2.9%
Banco Bilbao Vizcaya Argentaria SA	2,429,400		59,326
Banco Santander Central Hispano SA	5,326,100		101,449
Compania de Distribucion Integral Logista SA	98,426		7,677
Inditex SA	901,800		54,752
Sol Melia SA	702,567		15,564
Telefonica SA	5,355,800		125,380
TOTAL SPAIN			364,148
Sweden - 1.4%
H&M Hennes & Mauritz AB (B Shares)	742,500		43,141
Common Stocks - continued
	Shares		Value (000s)
Sweden - continued
Modern Times Group MTG AB (B Shares)	1,049,300		$ 64,938
Scania AB (B Shares)	2,833,500		68,545
TOTAL SWEDEN			176,624
Switzerland - 8.5%
ABB Ltd. sponsored ADR	5,232,600		125,949
Actelion Ltd. (Reg.) (a)	997,790		53,730
BB Biotech AG	341,699		27,444
Compagnie Financiere Richemont unit	508,844		32,314
Credit Suisse Group (Reg.)	898,765		58,006
EFG International	528,000		24,917
Julius Baer Holding AG (Bearer)	1,118,418		79,215
Lindt & Spruengli AG (participation certificate)	15,453		41,838
Nestle SA (Reg.)	334,722		129,203
Novartis AG (Reg.)	707,960		38,194
Phonak Holding AG	593,987		57,644
Roche Holding AG (participation certificate)	971,920		173,208
SGS Societe Generale de Surveillance Holding SA (Reg.)	12,915		15,694
Swiss Life Holding	95,891		23,903
Tecan Group AG	212,300		12,598
The Swatch Group AG (Reg.)	1,226,893		72,449
UBS AG (NY Shares)	980,600		54,002
Zurich Financial Services AG (Reg.)	109,285		32,199
TOTAL SWITZERLAND			1,052,507
Taiwan - 1.4%
Gemtek Technology Corp.	8,486,000		23,459
Hon Hai Precision Industry Co. Ltd. (Foxconn)	6,968,890		57,775
PixArt Imaging, Inc.	1,740,000		22,274
Shin Kong Financial Holding Co. Ltd.	10,227,415		12,516
Siliconware Precision Industries Co. Ltd.	12,427,433		23,750
Wistron Corp.	13,850,000		28,452
TOTAL TAIWAN			168,226
United Kingdom - 14.4%
Anglo American PLC (United Kingdom)	909,454		53,650
AstraZeneca PLC sponsored ADR	549,000		28,455
Autonomy Corp. PLC (a)	2,595,500		43,973
BAE Systems PLC	4,145,509		35,580
Barclays PLC	1,431,400		20,036
BG Group PLC	1,454,900		23,880
BG Group PLC sponsored ADR	200,000		16,230
BHP Billiton PLC	4,341,200		129,900
Common Stocks - continued
	Shares		Value (000s)
United Kingdom - continued
Blinkx PLC (a)	2,595,500		$ 2,214
BP PLC sponsored ADR	886,400		61,516
British American Tobacco PLC	1,459,900		47,271
British American Tobacco PLC sponsored ADR	390,200		25,398
Burberry Group PLC	1,777,700		23,112
Capita Group PLC	1,106,900		16,201
Clipper Windpower PLC (a)	2,006,200		29,098
GlaxoSmithKline PLC sponsored ADR (d)	339,300		17,331
Gyrus Group PLC (a)	3,002,600		26,335
HSBC Holdings PLC (Hong Kong) (Reg.)	1,445,244		26,928
Informa PLC	1,379,400		14,865
International Power PLC	7,392,900		62,137
Investec PLC	4,477,600		56,348
John Wood Group PLC	3,062,900		20,253
Man Group plc	3,043,000		35,111
Marks & Spencer Group PLC	1,936,800		24,866
N Brown Group PLC	4,180,000		27,448
National Grid PLC	2,399,200		34,238
Next PLC	871,400		33,615
Pearson PLC	2,394,300		38,764
Punch Taverns Ltd.	871,700		20,559
Reckitt Benckiser PLC	1,409,100		75,912
Renovo Group PLC (a)(e)	9,727,800		35,570
Rio Tinto PLC sponsored ADR	155,900		45,074
Rolls-Royce Group PLC	3,912,989		40,539
Royal Bank of Scotland Group PLC	5,979,713		71,972
Royal Dutch Shell PLC Class B	3,452,359		136,851
RPS Group PLC	4,353,400		30,886
Shire PLC	2,059,200		50,649
SSL International PLC	5,402,200		51,139
Tesco PLC	9,785,412		81,871
Vodafone Group PLC	43,438,535		131,836
Xstrata PLC	649,900		42,220
TOTAL UNITED KINGDOM			1,789,831
United States of America - 0.8%
Fluor Corp.	357,500		41,295
Macquarie Infrastructure Co. LLC	131,000		5,212
Marathon Oil Corp.	299,500		16,532
Common Stocks - continued
	Shares		Value (000s)
United States of America - continued
Sunoco, Inc.	295,600		$ 19,722
Washington Group International, Inc. (a)	167,200		13,430
TOTAL UNITED STATES OF AMERICA			96,191
TOTAL COMMON STOCKS (Cost $9,121,876)		11,710,516
Nonconvertible Preferred Stocks - 1.1%

Germany - 1.0%
Fresenius AG (non-vtg.)	551,200		43,934
Porsche AG	20,695		37,899
ProSiebenSat.1 Media AG	1,342,100		48,868
TOTAL GERMANY			130,701
Italy - 0.1%
Intesa Sanpaolo SpA	1,669,602		11,958
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $96,956)		142,659
Government Obligations - 0.0%
	Principal Amount (000s)
United States of America - 0.0%
U.S. Treasury Bills, yield at date of purchase 4.74% to 4.81% 8/2/07 to 9/6/07 (h) (Cost $3,094)	$ 3,100		3,094
Money Market Funds - 5.1%
	Shares
Fidelity Cash Central Fund, 5.38% (b)	540,944,434		540,944
Fidelity Securities Lending Cash Central Fund, 5.39% (b)(c)	87,010,098		87,010
TOTAL MONEY MARKET FUNDS (Cost $627,954)		627,954
TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $9,849,880)		12,484,223
NET OTHER ASSETS - (0.6)%			(72,584)
NET ASSETS - 100%		$ 12,411,639

Futures Contracts
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Purchased
Equity Index Contracts
723 Nikkei 225 Index Contracts (Japan)	Sept. 2007	$ 61,961	$ (3,221)

The face value of futures purchased as a percentage of net assets - 0.5%

Legend

(a) Non-income producing

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

(e) Affiliated company

(g) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(h) 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 $3,044,000.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
United Group Ltd.	7/12/07	$ 2,623

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Renovo Group PLC	$ 14,540	$ 16,799	$ 586	$ -	$ 35,570

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 14,395
Fidelity Securities Lending Cash Central Fund	8,488
Total	$ 22,883

Income Tax Information

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. 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.

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, 2007

1.804839.103

ISC-QTLY-0907

Investments July 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.5%
	Shares		Value (000s)
Australia - 12.8%
Allied Gold Ltd. (a)	11,880,000		$ 4,809
ASX Ltd.	109,288		4,568
Ausenco Ltd.	627,400		5,197
Austbrokers Holdings Ltd. (d)	279,755		1,097
Australian Wealth Management Ltd.	1,555,487		3,499
Babcock & Brown Japan Property Trust	1,321,300		2,021
Babcock & Brown Ltd.	37,200		894
Billabong International Ltd.	185,200		2,560
Boart Longyear Ltd.	2,171,600		4,312
Bradken Ltd.	630,895		5,484
Capital-XX Ltd. (a)	2,262,572		3,700
Centamin Egypt Ltd. (a)	3,589,755		4,248
Centennial Coal Co. Ltd. (d)	276,700		797
Computershare Ltd.	472,572		4,023
David Jones Ltd.	432,290		2,118
Downer EDI Ltd.	1,052,956		6,290
DUET Group	724,992		2,039
Dwyka Resources Ltd. (a)	5,235,220		5,902
Emeco Holdings Ltd. (d)	706,300		915
European Gas Ltd. (a)	3,264,590		2,810
Flexigroup Ltd.	763,600		1,744
Fox Resources Ltd. (a)	342,636		320
Gunns Ltd.	249,000		719
Hastie Group Ltd.	1,429,073		5,042
HFA Holdings Ltd.	2,190,100		5,207
IBT Education Ltd.	377,250		653
Incitec Pivot Ltd.	83,400		5,422
International Ferro Metals (a)	5,407,166		14,938
Iress Market Technology Ltd.	463,600		3,401
JB Hi-Fi Ltd.	618,600		6,220
Jubilee Mines NL	41,700		558
MacArthur Coal Ltd.	150,200		867
Meo Australia Ltd. (a)	9,450,100		9,825
Mineral Deposits Ltd. (a)(d)	880,900		1,092
Monto Minerals Ltd. (a)	8,525,252		1,559
Monto Minerals Ltd. warrants 5/25/09 (a)	1,485,934		30
Mortgage Choice Ltd.	2,022,538		5,239
Mount Gibson Iron Ltd. (a)	1,361,500		1,717
Nomad Building Solutions Ltd.	643,400		1,689
Oakton Ltd.	122,815		608
Perilya Mines Ltd.	469,900		1,906
Phosphagenics Ltd. (a)	9,040,000		2,427
Common Stocks - continued
	Shares		Value (000s)
Australia - continued
RAMS Home Loans Group Property Ltd.	1,392,700		$ 2,753
Reverse Corp. Ltd.	446,400		2,130
Roc Oil Co. Ltd. (United Kingdom) (a)	2,864,489		8,408
Seek Ltd.	1,307,939		9,396
SMS Management & Technology Ltd.	134,800		712
Straits Resources Ltd.	590,200		2,112
Sylvania Resources Ltd. (a)(e)	9,882,495		25,264
Sylvania Resources Ltd. (United Kingdom) (a)(e)	7,292,630		19,777
Tanami Gold NL	26,452,484		2,818
Tassal Group Ltd.	1,148,600		3,475
Thinksmart Ltd.	1,235,200		2,137
United Group Ltd.	353,321		5,600
WorleyParsons Ltd.	102,033		2,948
Wotif.com Holdings Ltd.	636,700		3,190
TOTAL AUSTRALIA			229,186
Austria - 0.2%
Oesterreichische Elektrizitaetswirtschafts AG (Verbund) (d)	87,550		4,313
Bermuda - 2.5%
Hongguo International Holdings Ltd.	1,645,000		1,139
Noble Group Ltd.	1,298,000		1,456
Pacific Basin Shipping Ltd.	4,656,000		6,803
Peace Mark Holdings Ltd.	4,656,000		7,243
Petra Diamonds Ltd. (a)	2,461,491		6,688
Ports Design Ltd.	1,034,500		2,476
Proactive Technology Holdings Ltd. (a)	294,000		578
Qualipak International Holdings Ltd.	1,732,000		2,099
Sinofert Holdings Ltd.	2,736,000		1,887
Tak Sing Alliance Holdings Ltd.	2,628,000		957
Tanzanite One Ltd. (e)	5,808,701		11,092
Trefoil Ltd. (a)	385,100		2,445
Xceldiam Ltd. warrants 11/16/07 (a)	1,659,127		67
TOTAL BERMUDA			44,930
British Virgin Islands - 0.3%
Albidon Ltd. unit (a)	1,469,000		3,581
Kalahari Energy (f)	1,451,000		1,814
TOTAL BRITISH VIRGIN ISLANDS			5,395
Canada - 3.8%
AirSea Lines (a)(f)	1,862,300		1,274
AirSea Lines warrants 8/4/11 (a)(f)	1,862,300		0
Common Stocks - continued
	Shares		Value (000s)
Canada - continued
Altius Minerals Corp. (a)	374,906		$ 7,940
Antrim Energy, Inc. (a)	274,340		1,942
Antrim Energy, Inc. (United Kingdom) (a)	800,000		5,753
Bankers Petroleum Ltd. (a)	3,767,000		1,942
Equinox Minerals Ltd. (a)	1,206,050		4,726
First Quantum Minerals Ltd.	45,011		4,218
MagIndustries Corp. (a)	3,635,960		5,624
Oilexco, Inc. (a)	1,394,525		16,773
Rally Energy Corp. (a)	416,720		2,547
Rock Well Petroleum, Inc. (f)	770,400		1,083
Sino-Forest Corp. (a)	67,400		1,065
Starfield Resources, Inc. (a)	1,313,025		1,588
Starfield Resources, Inc. warrants 1/20/08 (a)(f)	1,678,100		831
Stealth Ventures Ltd. (a)	966,500		1,268
Stealth Ventures Ltd. warrants 3/12/08 (a)(f)	483,250		53
Uranium One, Inc. (South Africa) (a)	280,700		3,324
Visual Defence, Inc. (a)(e)	4,664,100		1,895
Western Canadian Coal Corp. (a)	1,554,418		3,643
Western Canadian Coal Corp. (United Kingdom) (a)	548,286		1,359
TOTAL CANADA			68,848
Cayman Islands - 0.9%
China Boqi Environmental Solutions Technology Co. Ltd.	114		154
China High Speed Transmission Equipment Group Co. Ltd.	1,687,000		3,208
China Infrastructure Machinery Holdings Ltd.	646,000		1,438
Embry Holdings Ltd.	1,081,000		949
Hop Fung Group Holdings Ltd.	1,170,000		567
Ju Teng International Holdings Ltd. (a)	3,176,000		1,396
Kingboard Chemical Holdings Ltd.	294,500		1,621
Lee & Man Paper Manufacturing Ltd.	1,002,000		4,271
Perfect World Co. Ltd. sponsored ADR Class B	10,800		260
PME Group Ltd.	1,720,000		706
Qin Jia Yuan Media Services Co. Ltd.	1,338,000		853
TCC International Holdings Ltd.	660,000		813
TOTAL CAYMAN ISLANDS			16,236
China - 0.9%
Anhui Conch Cement Co. Ltd. (H Shares)	140,000		890
China Hongxing Sports Ltd.	2,643,000		1,386
China International Marine Containers Co. Ltd. (B Shares)	864,700		2,113
China National Building Materials Co. Ltd. (H Shares)	824,000		1,720
China Oilfield Services Ltd. (H Shares)	1,462,000		2,107
Common Stocks - continued
	Shares		Value (000s)
China - continued
China Resources Land Ltd.	1,926,000		$ 3,499
Nine Dragons Paper (Holdings) Ltd.	479,000		1,406
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	776,000		1,927
Weichai Power Co. Ltd. (H Shares)	127,000		877
Yantai Changyu Pioneer Wine Co. (B Shares)	144,710		800
TOTAL CHINA			16,725
Cyprus - 0.3%
Buried Hill Energy (Cyprus) PCL (f)	1,947,000		2,142
Marfin Popular Bank Public Co.	173,665		2,310
TOTAL CYPRUS			4,452
Czech Republic - 0.5%
Ceske Energeticke Zavody AS	175,890		9,223
Denmark - 0.3%
DSV de Sammensluttede Vognmaend AS	259,300		5,889
Finland - 1.4%
Inion OY (a)	3,590,300		3,282
Nokian Tyres Ltd.	430,910		14,375
Rakentajain Konevuokraamo Oyj (B Shares)	152,030		7,312
TOTAL FINLAND			24,969
France - 3.6%
Carbone Lorraine	27,400		2,152
Electricite de France	90,900		9,306
ENTREPOSE Contracting	33,460		2,953
Geodis SA	42,180		9,350
Guerbet SA	8,400		1,724
Icade SA	123,018		8,336
Laurent-Perrier Group	31,960		5,274
Norbert Dentressangle SA	38,142		4,019
Seche Environment SA	11,560		1,944
Veolia Environnement	186,750		13,924
Vilmorin & Cie	44,040		5,544
TOTAL FRANCE			64,526
Germany - 2.5%
E.ON AG	93,000		14,600
ElringKlinger AG	18,284		1,562
Fresenius Medical Care AG (d)	130,010		6,145
Interhyp AG	35,270		4,123
Kontron AG	154,620		3,328
Common Stocks - continued
	Shares		Value (000s)
Germany - continued
MLP AG	89,150		$ 1,598
SGL Carbon AG (a)	272,200		14,142
TOTAL GERMANY			45,498
Greece - 1.2%
Fourlis Holdings SA	110,000		3,480
Hellenic Technodomiki Tev SA	223,750		3,056
Sarantis SA (Reg.)	1,076,638		15,263
TOTAL GREECE			21,799
Hong Kong - 1.4%
Cafe de Coral Holdings Ltd.	364,000		691
China Everbright Ltd. (a)	1,466,000		3,391
China Overseas Land & Investment Ltd.	1,348,000		2,855
Esprit Holdings Ltd.	246,000		3,287
Hang Lung Properties Ltd.	1,208,000		4,443
Li & Fung Ltd.	924,000		3,202
Midland Holdings Ltd.	860,000		634
Sa Sa International Holdings Ltd.	1,236,000		449
Shenzhen Investment Ltd.	1,156,000		988
Shougang Concord International Enterprises Co. Ltd.	10,754,000		3,427
Singamas Container Holdings Ltd.	1,216,000		888
Tai Cheung Holdings Ltd.	700,000		525
TOTAL HONG KONG			24,780
India - 0.6%
Bhushan Steel Ltd.	28,328		497
Deccan Chronicle Holdings Ltd.	297,264		1,791
Ess Dee Aluminium Ltd.	111,185		1,467
INFO Edge India Ltd.	115,080		2,461
Jindal Steel & Power Ltd.	12,814		1,339
JSW Steel Ltd.	179,631		3,299
TOTAL INDIA			10,854
Indonesia - 0.1%
PT Bakrie Sumatera Plantation Tbk	10,532,500		2,113
Ireland - 0.5%
Adwalker PLC (a)	9,125,000		533
Kenmare Resources PLC (a)	2,640,000		3,312
Kenmare Resources PLC warrants 7/23/09 (a)	1,712,500		1,461
Common Stocks - continued
	Shares		Value (000s)
Ireland - continued
Petroceltic International PLC (a)	13,644,934		$ 2,980
Vimio PLC (a)	867,300		617
TOTAL IRELAND			8,903
Israel - 0.3%
Israel Chemicals Ltd.	611,900		5,049
Italy - 2.8%
Ansaldo STS SpA (a)	204,000		2,859
ASM SpA	626,550		3,411
Banca Italease SpA (d)	530,760		11,112
Enel SpA	543,800		5,644
Hera SpA	1,510,160		6,050
Impregilo SpA (a)	447,350		3,593
Seldovia Native Association, Inc. (SNAI) (a)(d)	1,541,160		16,649
Teleunit SpA (a)(e)	12,719,158		1,034
TOTAL ITALY			50,352
Japan - 27.4%
A&I System Co. Ltd. (a)	8,500		22
ABC-Mart, Inc.	281,700		7,002
Access Co. Ltd.	464		712
Adeka Corp.	144,000		1,460
Aeon Fantasy Co. Ltd.	45,120		925
Airport Facilities Co. Ltd.	93,800		719
AOI Electronics Co. Ltd.	64,300		1,147
Apamanshop Holdings Co. Ltd. (d)	4,894		1,567
ARDEPRO CO., Ltd.	34,492		9,579
Atlus Co. Ltd. (a)	88,000		445
Atrium Co. Ltd.	64,400		1,960
Axell Corp.	384		996
Bit-isle, Inc.	988		691
Bookoff Corp. (d)	231,600		3,127
Brother Industries Ltd.	120,000		1,727
C. Uyemura & Co. Ltd.	46,000		2,816
CareNet, Inc.	12		19
Chiba Bank Ltd.	296,000		2,491
Chiyoda Corp.	65,000		1,284
CMIC Co. Ltd.	2,580		667
Create SD Co. Ltd.	42,400		978
Dai-ichi Seiko Co. Ltd.	38,200		732
Daikin Industries Ltd.	132,100		5,161
Daikokutenbussan Co. Ltd.	52,900		527
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
Daiseki Co. Ltd. (d)	72,600		$ 1,711
Daito Gyorui Co. Ltd.	368,000		766
Daiwa Securities Group, Inc.	132,000		1,400
Daiwabo Information System Ltd. (d)	185,000		2,286
Daiwasystem Co. Ltd.	39,800		1,068
Denyo Co. Ltd. (d)	72,900		744
E*TRADE Securities Co. Ltd. (d)	790		853
Ebara-Udylite Co. Ltd.	8,700		214
Endo Lighting Corp.	10,100		59
EPS Co. Ltd. (d)	1,568		5,054
F&M Co. Ltd.	720		165
FCM Co. Ltd.	30,800		1,189
Fuji Heavy Industries Ltd.	247,000		1,157
Fujitsu Component Ltd. (a)	417		489
Fullcast Co. Ltd.	553		599
Futaba Industrial Co. Ltd. (d)	58,500		1,459
GMO Hosting & Security, Inc.	170		180
H-One Co. Ltd.	21,800		284
H.I.S. Co. Ltd.	51,100		1,314
Harakosan Co. Ltd. (d)	4,642		13,555
Harmonic Drive Systems, Inc.	582		2,820
Haseko Corp. (a)	521,500		1,384
Hikari Tsushin, Inc. (d)	279,700		11,120
Hiroshima Bank Ltd.	339,000		1,919
Hitachi Construction Machinery Co. Ltd.	339,500		13,466
Hokuriku Electric Industry (d)	205,000		437
Hokuto Corp.	160,100		2,652
Ibiden Co. Ltd.	44,000		3,226
Ichirokudo Co. Ltd. (a)	139		74
Ichiyoshi Securities Co. Ltd.	102,800		1,351
IDU Co. (d)	2,005		2,306
Index Holdings (d)	10,589		3,525
Inpex Holdings, Inc.	821		8,284
Intelligent Wave, Inc. (d)	926		379
Ishihara Chemical Co. Ltd.	15,300		246
Isuzu Motors Ltd.	359,000		1,949
Itochu Corp.	557,000		6,987
Japan Airport Terminal Co. Ltd. (d)	89,000		1,555
Japan Steel Works Ltd.	157,000		2,499
Japan Vilene Co. Ltd.	171,000		1,080
Jastec Co. Ltd.	277,100		2,321
Juroku Bank Ltd.	149,000		895
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
Kakaku.com, Inc. (d)	264		$ 647
Kandenko Co. Ltd. (d)	272,000		1,599
Kanematsu Corp. (a)(d)	652,000		1,160
Kawasaki Heavy Industries Ltd.	603,000		2,663
Kayaba Industry Co. Ltd.	191,000		962
Kenedix, Inc.	250		418
Kirin Holdings Co. Ltd.	149,000		2,093
Kitagawa Seiki Co. Ltd.	84,000		450
KK daVinci Advisors (a)	558		454
Kobayashi Pharmaceutical Co. Ltd.	30,000		1,038
Konica Minolta Holdings, Inc.	112,500		1,663
Kubota Corp.	91,000		756
Kura Corp. Ltd.	4,784		9,965
Kurita Water Industries Ltd.	72,700		2,305
Lawson, Inc.	49,200		1,692
Little Earth Corp. Co. Ltd.	124		100
MCJ Co. Ltd. (a)(d)	2,855		1,445
Meiko Electronics Co. Ltd.	66,600		2,232
Micronics Japan Co. Ltd.	88,900		3,084
Mitsuba Corp.	97,000		727
Mitsui Engineering & Shipbuilding Co.	262,000		1,427
Mitsui O.S.K. Lines Ltd.	610,000		9,523
Mitsumi Electric Co. Ltd.	70,100		2,732
Miyachi Corp.	2,100		36
Miyano Machinery, Inc.	357,000		1,154
Money Partners Co. Ltd.	2,705		10,641
Mori Seiki Co. Ltd.	256,800		8,376
Namco Bandai Holdings, Inc.	67,800		1,062
NIC Corp.	19,600		146
Nidec Corp.	22,400		1,483
Nihon Dempa Kogyo Co. Ltd. (d)	300,000		17,030
Nihon Kohden Corp.	52,800		926
Nihon Trim Co. Ltd. (d)	193,500		6,870
Nihonwasou Holdings, Inc.	782		265
Nikon Corp. (d)	258,000		8,171
Nippon Carbon Co. Ltd. (d)	167,000		1,037
Nippon Chemi-con Corp.	106,000		1,121
Nippon Denko Co. Ltd. (d)	757,000		4,922
Nippon Oil Corp.	256,000		2,279
Nippon Seiki Co. Ltd.	707,000		19,386
Nippon Yakin Kogyo Co. Ltd.	76,000		884
Nissin Kogyo Co. Ltd.	737,400		21,704
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
NOK Corp.	66,300		$ 1,343
NSK Ltd.	543,000		5,202
NTN Corp.	626,000		5,165
Obara Corp.	1,650		32
Oiles Corp.	77,040		1,752
Okuma Corp.	266,000		4,326
Optoelectronics Co. Ltd.	14,200		122
Otaki Gas Co. Ltd.	15,000		78
Otsuka Corp.	21,300		2,004
Pacific Metals Co. Ltd.	65,000		1,125
Pigeon Corp. (d)	57,700		934
Produce Co. Ltd. (a)(d)	1,082		3,052
Properst Co. Ltd. (d)	665		989
Renown, Inc. (a)	65,400		558
Rohto Pharmaceutical Co. Ltd.	202,000		2,118
Round One Corp. (d)	4,708		10,559
Ryobi Ltd.	226,000		1,564
Sammy NetWorks Co. Ltd. (d)	1,173		3,844
Sansha Electric Manufacturing Co. Ltd.	56,000		569
Sanyo Denki Co. Ltd.	271,000		1,682
Sato Corp. (d)	178,400		3,219
Sawai Pharmaceutical Co. Ltd. (d)	62,200		2,150
Sec Carbon Ltd. (d)	27,000		487
Seria Co. Ltd.	482		902
Shibaura Electronics Co. Ltd. (d)	103,000		2,708
Shikoku Chemicals Corp.	23,000		129
Shimachu Co. Ltd.	80,600		2,289
Shimamura Co. Ltd.	11,800		1,141
Shin Nippon Biomedical Laboratories Ltd. (d)	101,900		1,486
Shin-Kobe Electric Machinery Co. Ltd.	419,000		2,072
Shinko Plantech Co. Ltd.	253,000		3,218
Shinohara Systems of Construction Co. Ltd. (d)	1,072		1,378
Shizuki Electric Co., Inc.	154,000		595
Sintokogio Ltd.	84,500		1,221
Sojitz Corp.	714,000		3,565
SRI Sports Ltd.	1,498		1,779
St. Marc Holdings Co. Ltd.	15,500		728
Stanley Electric Co. Ltd.	604,500		14,312
Star Micronics Co. Ltd.	37,400		1,098
Starbucks Coffee Japan Ltd. (d)	2,853		1,319
Stella Chemifa Corp. (d)	19,600		607
Sumco Corp.	26,200		1,345
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
Sumitomo Corp.	451,100		$ 8,736
Sumitomo Metal Industries Ltd.	578,000		3,328
Sumitomo Titanium Corp. (d)	12,600		1,086
Sumitomo Trust & Banking Co. Ltd.	160,000		1,351
Sun Frontier Fudousan Co. Ltd. (d)	1,240		2,256
Sunx Ltd. (d)	125,700		833
Suruga Corp.	182,000		3,733
Sysmex Corp. (d)	65,800		2,544
T Rad Co. Ltd. (d)	155,000		961
T&D Holdings, Inc.	18,300		1,197
Taiho Kogyo Co. Ltd.	66,100		936
Taiyo Ink Manufacturing Co. Ltd.	96,800		2,859
Taiyo Kagaku Co. Ltd.	73,500		556
Taiyo Nippon Sanso Corp.	172,000		1,545
Takara Holdings, Inc. (d)	324,000		2,006
Takeei Corp.	48,900		7,120
Takeuchi Manufacturing Co. Ltd.	60,000		3,375
Takiron Co. Ltd.	282,000		930
Takisawa Machine Tool Co. Ltd. (d)	524,000		1,314
Telewave, Inc. (d)	392		122
TFP Consulting Group Co. Ltd.	384		770
TMS Entertainment Ltd. (d)	94,000		316
TOA Valve Holding, Inc. (d)	198		1,081
Toagosei Co. Ltd.	354,000		1,357
Tohcello Co. Ltd.	99,500		1,013
Toho Zinc Co. Ltd. (d)	272,000		2,592
Tohoku Electric Power Co., Inc.	46,300		1,028
Tokai Carbon Co. Ltd. (d)	216,000		2,363
Tokai Rubber Industries Ltd.	218,800		3,949
Token Corp.	20,490		1,239
Tokyo Gas Co. Ltd.	248,000		1,077
Tokyo Seimitsu Co. Ltd. (d)	165,100		5,570
TonenGeneral Sekiyu KK (d)	122,000		1,190
Topcon Corp. (d)	14,300		231
Toray Industries, Inc.	157,000		1,252
Torishima Pump Manufacturing Co. Ltd. (d)	55,600		755
Trancom Co. Ltd. (d)	70,200		1,133
Tyo, Inc. (d)	85,500		157
Ulvac, Inc.	32,000		1,301
Unicom Group Holdings, Inc.	135,600		1,164
VarioSecure Networks, Inc. (d)	389		463
Wacom Co. Ltd. (d)	173		328
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
Yachiyo Industry Co. Ltd.	119,200		$ 1,951
Yamada Denki Co. Ltd.	54,740		5,439
Yamaha Motor Co. Ltd.	57,200		1,610
Yonkyu Co. Ltd.	135,500		1,361
Yume No Machi Souzou Iinkai Co. Ltd.	185		428
TOTAL JAPAN			491,075
Kazakhstan - 0.1%
JSC Halyk Bank of Kazakhstan unit	49,600		1,066
Korea (South) - 0.9%
LG Household & Health Care Ltd.	6,670		884
MegaStudy Co. Ltd.	7,425		1,545
NHN Corp.	5,675		1,036
Samsung Engineering Co. Ltd.	27,560		3,233
Shinheung Securities Co. Ltd.	115,450		2,097
STX Pan Ocean Co. Ltd.	1,653,000		2,562
Sung Kwang Bend Co. Ltd.	51,105		1,330
Taewoong Co. Ltd.	16,881		1,332
Woongjin Coway Co. Ltd.	59,860		1,940
TOTAL KOREA (SOUTH)			15,959
Luxembourg - 0.2%
SES SA FDR (France) unit	142,650		3,045
Malaysia - 0.6%
Batu Kawan Bhd	150,500		388
DiGi.com Bhd	203,200		1,276
Gamuda Bhd	456,400		1,031
IJM Plantation Bhd	2,816,300		1,981
KNM Group Bhd	2,679,900		4,034
Lingkaran Transportation Kota Holdings Bhd	383,900		438
MMC Corp. Bhd	286,200		626
Tasek Corp. Bhd	27,000		30
TOTAL MALAYSIA			9,804
Malta - 0.4%
Unibet Group plc unit	178,456		6,515
Netherlands - 0.6%
Engel East Europe NV	975,032		2,377
Koninklijke Boskalis Westminster NV (Certificaten Van Aandelen)	53,740		2,122
Common Stocks - continued
	Shares		Value (000s)
Netherlands - continued
Koninklijke Ten Cate NV	94,370		$ 3,939
Tele Atlas NV (Netherlands) (a)	105,000		3,017
TOTAL NETHERLANDS			11,455
Norway - 2.1%
Aker Kvaerner ASA	150,140		3,915
Hafslund ASA (B Shares)	172,870		4,627
Pertra AS (A Shares)	175,642		2,026
ProSafe ASA	193,730		3,025
Schibsted ASA (B Shares)	48,600		2,151
Stepstone ASA (a)	5,397,154		22,038
TOTAL NORWAY			37,782
Papua New Guinea - 0.3%
Lihir Gold Ltd. (a)	2,053,833		5,356
Philippines - 0.4%
SM Prime Holdings, Inc.	6,628,000		1,679
Vista Land & Lifescapes, Inc.	39,471,000		5,477
TOTAL PHILIPPINES			7,156
Portugal - 0.2%
Banif SGPS SA	484,850		4,140
Russia - 0.1%
Pharmstandard OJSC unit (a)	112,780		1,905
Singapore - 2.2%
Advent Air Ltd. (e)	14,719,299		4,336
Ausgroup Ltd.	770,000		1,041
Banyan Tree Holdings Ltd.	2,220,000		3,441
China Energy Ltd.	1,380,000		1,575
Cosco Corp. Singapore Ltd.	2,157,000		7,328
CSE Global Ltd.	1,152,000		988
Ezra Holdings Ltd.	197,000		812
F J Benjamin Holdings Ltd.	2,892,000		1,612
Hong Leong Asia Ltd.	358,000		916
Keppel Corp. Ltd.	136,000		1,211
Olam International Ltd.	1,031,000		2,040
Parkway Holdings Ltd.	1,648,300		4,240
Raffles Medical Group Ltd.	905,000		937
Straits Asia Resources Ltd.	323,000		247
Swissco International Ltd.	885,000		771
Uol Group Ltd.	578,000		2,059
Wilmar International Ltd.	686,000		1,539
Common Stocks - continued
	Shares		Value (000s)
Singapore - continued
Wing Tai Holdings Ltd.	579,000		$ 1,428
Yangzijiang Shipbuilding Holdings Ltd.	2,262,000		2,910
Yanlord Land Group Ltd.	231,000		494
TOTAL SINGAPORE			39,925
South Africa - 1.7%
African Rainbow Minerals Ltd. (a)	291,610		5,257
Investec Ltd.	491,707		6,127
JD Group Ltd.	871,760		8,900
Mvelaphanda Group Ltd.	724,551		1,113
Telkom SA Ltd.	146,300		3,456
Wilson Bayly Holmes-Ovcon Ltd.	446,856		6,402
TOTAL SOUTH AFRICA			31,255
Spain - 0.4%
Grifols SA	319,170		6,769
Sweden - 1.6%
Hexagon AB (B Shares)	718,533		14,343
Modern Times Group MTG AB (B Shares)	199,460		12,344
RNB Retail & Brands AB	207,990		2,531
TOTAL SWEDEN			29,218
Switzerland - 1.1%
Actelion Ltd. (Reg.) (a)	82,940		4,466
Bucher Industries AG	15,811		2,487
Partners Group Holding	32,420		4,255
Sulzer AG (Reg.)	2,070		2,760
Vontobel Holdings AG	86,450		4,821
TOTAL SWITZERLAND			18,789
Taiwan - 0.5%
China Life Insurance Co. Ltd. (a)	3,063,000		1,834
First Steamship Co. Ltd. (a)	2,020,000		4,100
PixArt Imaging, Inc.	66,000		845
Sinyi Realty, Inc.	483,000		1,781
TOTAL TAIWAN			8,560
Thailand - 0.2%
Central Pattana PCL unit	1,791,000		1,802
Thoresen Thai Agencies PCL unit	516,900		834
TOTAL THAILAND			2,636
Common Stocks - continued
	Shares		Value (000s)
United Kingdom - 16.8%
Advanced Fluid Connections PLC (a)	7,009,687		$ 0
ADVFN PLC (a)(e)	34,925,780		2,093
AeroBox PLC (a)	5,694,657		0
Afren PLC (a)(d)	1,172,490		1,947
African Consolidated Resources PLC (a)	10,358,334		5,629
African Copper PLC (a)	1,677,884		3,238
Air Partner PLC	45,000		1,065
Alfred McAlpine Group PLC	359,600		3,322
Alliance Pharma PLC (a)	7,734,200		1,178
Anglo Asian Mining PLC (a)	3,657,000		966
Appian Technology PLC (a)	2,245,106		439
Appian Technology PLC warrants 2/28/08 (a)(f)	479,045		125
Ascent Resources PLC warrants 12/22/07 (a)	1,500,000		547
Baltic Oil Terminals PLC (a)	1,314,300		3,417
Belitung Zinc Corp. PLC (f)	7,435,490		1,510
BioCare Solutions PLC (e)	4,849,670		1,478
Bioprogress PLC (a)(d)	5,338,366		6,236
Blackstar Investors PLC (a)	2,335,000		4,980
Block Shield Corp. PLC (a)	1,103,400		1,625
Cambrian Mining PLC	4,026,100		10,162
CareCapital Group PLC	699,600		455
Celsis International PLC (a)	443,648		1,911
Central African Mining & Exploration Co. PLC (a)(d)	4,497,509		5,162
Centurion Electronics PLC (a)(e)	755,024		176
Clapham House Group PLC (a)	226,950		1,632
Corac Group PLC (a)(e)	4,609,104		4,447
Countermine PLC (a)(f)	4,939		259
Countermine PLC warrants (a)(f)	4,939		0
CustomVis plc (a)(e)	8,417,536		769
Datacash Group PLC	1,110,470		6,068
Eclipse Energy Co. Ltd. (f)	102,000		1,554
Europa Oil & Gas Holdings PLC warrants 11/11/07 (a)	500,000		13
Flomerics Group PLC	291,238		319
Forum Energy PLC (a)	800,270		675
Gemfields Resources PLC (a)	3,909,100		2,263
Global Coal Management PLC (a)	1,478,451		3,784
Gyrus Group PLC (a)	365,900		3,209
Hardide Ltd. (a)	6,848,580		1,496
Healthcare Enterprise Group PLC (a)(e)	19,112,853		1,204
Healthcare Enterprise Group PLC warrants 6/30/08 (a)	1,851,769		47
Hot Tuna International PLC (a)	2,349,400		513
Hot Tuna International PLC warrants 2/25/08 (a)(f)	1,179,700		0
Common Stocks - continued
	Shares		Value (000s)
United Kingdom - continued
Hydrodec Group PLC (a)(e)	10,002,286		$ 4,419
Ideal Shopping Direct PLC	661,592		2,930
IG Group Holdings plc	1,316,600		8,826
Impact Holdings PLC (a)(e)	10,414,000		926
Imperial Energy PLC (a)	215,020		4,128
Inova Holding PLC	1,443,461		301
International Con Minerals Ltd. (f)	3,989,946		2,593
Intertek Group PLC	94,110		1,894
iomart Group PLC	2,851,340		3,475
ITE Group PLC	2,116,540		7,341
ITM Power PLC (a)	1,780,200		4,927
IXEurope PLC (a)	607,900		1,726
Jubilee Platinum PLC (a)(e)	5,182,503		11,423
Keronite PLC (a)(f)	13,620,267		1,660
KimCor Diamonds PLC warrants 3/15/08 (a)	2,185,000		200
Landround PLC warrants 12/11/09 (a)(f)	166,666		14
London Asia Chinese Private Equity Fund Ltd. warrants 3/31/11 (a)	105,400		60
Max Petroleum PLC (a)(d)	9,611,220		38,408
Meggitt PLC	1,632,419		10,247
MicroEmissive Displays (a)(e)	2,821,600		3,439
Motivcom PLC (e)	1,820,500		5,584
Petrofac Ltd.	336,540		2,994
Plethora Solutions Holdings PLC (a)	431,818		1,175
Proteome Sciences PLC (a)	3,387,432		4,129
Pureprofile Media PLC (f)	1,108,572		844
Pursuit Dynamics PLC (a)	666,667		3,724
Rambler Metals & Mining PLC (a)	600,000		774
RGI International Ltd.	688,280		6,711
Rheochem PLC warrants 12/30/07 (a)	4,364,150		67
Sarantel Group PLC Class A (a)	3,385,900		585
Scottish & Southern Energy PLC	209,000		6,152
SDL plc (a)	1,090,022		9,056
Serco Group PLC	439,640		3,930
Sinclair Pharma PLC (a)	1,128,371		2,361
Sinosoft Technology PLC (a)	2,251,400		995
SPI Lasers PLC (a)	406,200		1,939
Stem Cell Sciences PLC (a)	716,649		517
SubSea Resources PLC (a)	7,879,100		480
SubSea Resources PLC warrants 11/4/09 (a)	1,805,625		50
Tanfield Group PLC (a)(d)	2,368,247		8,323
Target Resources PLC	1,020,000		466
Common Stocks - continued
	Shares		Value (000s)
United Kingdom - continued
Target Resources PLC warrants 7/12/08 (a)	1,020,000		$ 73
Tersus Energy PLC (a)	1,313,622		254
TMO Biotec (f)	1,000,000		1,411
Toledo Mining Corp. PLC (a)(e)	1,764,544		8,477
Triple Plate Junction PLC (a)	1,539,200		797
UK Coal PLC	409,200		4,447
Unite Group PLC	256,110		1,873
Vanco PLC (a)(d)	272,050		2,166
Vectura Group PLC (a)	3,556,060		4,840
Virotec International PLC (a)	3,411,132		658
VT Group PLC	620,780		7,629
York Pharma PLC (a)	575,200		1,642
Zenergy Power PLC (a)	1,469,780		6,136
ZincOx Resources PLC (a)	693,100		5,160
TOTAL UNITED KINGDOM			301,269
United States of America - 2.8%
Cyberview Technology, Inc. (a)(e)	996,527		3,846
Frontera Resources Corp. (a)	1,157,200		1,704
Frontier Mining Ltd. (a)(e)	6,771,600		2,235
Phorm, Inc. (a)(e)	664,000		36,958
Spacelabs Healthcare, Inc. (a)	707,250		1,063
XL TechGroup, Inc. (a)	1,329,250		4,361
TOTAL UNITED STATES OF AMERICA			50,167
Vietnam - 0.0%
Luks Group (Vietnam Holdings) Co. Ltd.	220,000		303
TOTAL COMMON STOCKS (Cost $1,273,878)		1,748,189
Investment Companies - 0.0%

United Kingdom - 0.0%
The Greenhouse Fund Ltd. (a) (Cost $186)	1,063,700		270
Convertible Bonds - 0.2%
	Principal Amount (000s) (g)
Canada - 0.2%
Western Canadian Coal Corp. 7.5% 3/24/11 (Cost $4,061)	CAD	4,714		4,198
Money Market Funds - 7.5%
	Shares		Value (000s)
Fidelity Cash Central Fund, 5.38% (b)	35,162,726		$ 35,163
Fidelity Securities Lending Cash Central Fund, 5.39% (b)(c)	98,280,289		98,280
TOTAL MONEY MARKET FUNDS (Cost $133,443)		133,443
TOTAL INVESTMENT PORTFOLIO - 105.2% (Cost $1,411,568)			1,886,100
NET OTHER ASSETS - (5.2)%			(93,456)
NET ASSETS - 100%		$ 1,792,644

Currency Abbreviation
CAD	-	Canadian dollar

Legend

(a) Non-income producing

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

(e) Affiliated company

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
AirSea Lines	8/4/06	$ 1,199
AirSea Lines warrants 8/4/11	8/4/06	$ 0
Appian Technology PLC warrants 2/28/08	2/18/05	$ 0
Belitung Zinc Corp. PLC	1/12/06	$ 1,308
Buried Hill Energy (Cyprus) PCL	8/18/06	$ 2,142
Countermine PLC	12/22/05	$ 443
Countermine PLC warrants	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
International Con Minerals Ltd.	1/30/06 - 6/1/07	$ 1,662
Security	Acquisition Date	Acquisition Cost (000s)
Kalahari Energy	9/1/06	$ 1,814
Keronite PLC	8/16/06	$ 1,549
Landround PLC warrants 12/11/09	12/12/06	$ 0
Pureprofile Media PLC	5/3/05 - 1/11/06	$ 1,173
Rock Well Petroleum, Inc.	4/13/06	$ 1,004
Starfield Resources, Inc. warrants 1/20/08	1/17/06	$ 0
Stealth Ventures Ltd. warrants 3/12/08	9/21/06	$ 0
TMO Biotec	10/27/05	$ 535

(g) Amounts are stated in United States dollars unless otherwise noted.

Other Affiliated Issuers

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Advanced Technology PLC	$ -	$ -	$ -	$ -	$ -
Advent Air Ltd.	2,948	-	-	80	4,336
ADVFN PLC	1,120	907	29	-	2,093
Adwalker PLC	413	-	-	-	-
Avanti Screenmedia Group PLC	9,335	-	8,831	-	-
BDI Mining Corp.	3,288	-	6,306	-	-
BioCare Solutions PLC	2,270	-	150	-	1,478
Bioprogress PLC	9,152	-	3,914	-	-
Cambrian Mining PLC	15,845	-	5,408	182	-
Centurion Electronics PLC	432	-	35	-	176
Corac Group PLC	3,538	-	438	-	4,447
CustomVis plc	134	715	-	-	769
Cyberview Technology, Inc. (formerly Cyberscan Technology, Inc.)	4,562	-	-	-	3,846
DA Group PLC	1,236	-	953	-	-
Financial Payment Systems Ltd.	1,485	-	385	-	-
Frontier Mining Ltd.	1,808	-	-	-	2,235
Gasol PLC	1,257	-	897	-	-
Gemfields Resources PLC	5,589	-	1,823	-	-
GMA Resources PLC	3,939	-	3,863	-	-
Hardide Ltd.	1,711	-	233	-	-
Healthcare Enterprise Group PLC	1,010	431	364	-	1,204
Hydrodec Group PLC	8,231	-	1,677	-	4,419
ID Data PLC	925	-	1,169	-	-
Imagelinx PLC (formerly LTG Technologies PLC)	1,948	340	816	-	-
Impact Holdings PLC	2,086	-	-	-	926
Inion OY	1,677	-	111	-	-
Interbulk Group PLC	1,682	-	1,528	-	-
International Ferro Metals	17,682	1,265	24,826	-	-
Jubilee Platinum PLC	8,789	1,994	4,138	-	11,423
KimCor Diamonds PLC	1,185	-	736	-	-
Landround plc	188	197	286	-	-
Metals Exploration PLC	2,126	-	2,280	-	-
MicroEmissive Displays	1,672	409	685	-	3,439
Mineral Commodities Ltd.	948	-	730	-	-
Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Motivcom PLC	$ 3,085	$ -	$ 186	$ 32	$ 5,584
Phorm, Inc. (formerly 121Media, Inc.)	11,748	1,326	-	-	36,958
Platinum Mining Corp. of India PLC	2,418	-	2,829	-	-
Rheochem PLC	2,034	-	2,015	-	-
Sarantel Group PLC Class A	677	463	24	-	-
Solomon Gold PLC	905	-	502	-	-
Starfield Resources, Inc.	3,247	908	2,924	-	-
SubSea Resources PLC	2,630	-	-	-	-
Sylvania Resources Ltd.	5,331	4,057	-	-	25,264
Sylvania Resources Ltd. (United Kingdom)	3,616	4,690	-	-	19,777
Tanzanite One Ltd.	9,086	-	-	350	11,092
Teleunit SpA	1,122	-	-	-	1,034
Toledo Mining Corp. PLC	3,742	412	-	-	8,477
Visual Defence, Inc.	2,673	-	430	-	1,895
Xceldiam Ltd.	1,946	-	65	3,815	-
Total	$ 174,471	$ 18,114	$ 81,586	$ 4,459	$ 150,872

Affiliated Central Funds

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

Funds	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 2,104
Fidelity Securities Lending Cash Central Fund	1,219
Total	$ 3,323

Income Tax Information

At July 31, 2007, the aggregate cost of investment securities for income tax purposes was $1,429,735,000. Net unrealized appreciation aggregated $456,365,000, of which $578,602,000 related to appreciated investment securities and $122,237,000 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, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

Quarterly Report

Quarterly Holdings Report

for

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

July 31, 2007

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

1.805999.103

AISC-QTLY-0907

Investments July 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.5%
	Shares		Value (000s)
Australia - 12.8%
Allied Gold Ltd. (a)	11,880,000		$ 4,809
ASX Ltd.	109,288		4,568
Ausenco Ltd.	627,400		5,197
Austbrokers Holdings Ltd. (d)	279,755		1,097
Australian Wealth Management Ltd.	1,555,487		3,499
Babcock & Brown Japan Property Trust	1,321,300		2,021
Babcock & Brown Ltd.	37,200		894
Billabong International Ltd.	185,200		2,560
Boart Longyear Ltd.	2,171,600		4,312
Bradken Ltd.	630,895		5,484
Capital-XX Ltd. (a)	2,262,572		3,700
Centamin Egypt Ltd. (a)	3,589,755		4,248
Centennial Coal Co. Ltd. (d)	276,700		797
Computershare Ltd.	472,572		4,023
David Jones Ltd.	432,290		2,118
Downer EDI Ltd.	1,052,956		6,290
DUET Group	724,992		2,039
Dwyka Resources Ltd. (a)	5,235,220		5,902
Emeco Holdings Ltd. (d)	706,300		915
European Gas Ltd. (a)	3,264,590		2,810
Flexigroup Ltd.	763,600		1,744
Fox Resources Ltd. (a)	342,636		320
Gunns Ltd.	249,000		719
Hastie Group Ltd.	1,429,073		5,042
HFA Holdings Ltd.	2,190,100		5,207
IBT Education Ltd.	377,250		653
Incitec Pivot Ltd.	83,400		5,422
International Ferro Metals (a)	5,407,166		14,938
Iress Market Technology Ltd.	463,600		3,401
JB Hi-Fi Ltd.	618,600		6,220
Jubilee Mines NL	41,700		558
MacArthur Coal Ltd.	150,200		867
Meo Australia Ltd. (a)	9,450,100		9,825
Mineral Deposits Ltd. (a)(d)	880,900		1,092
Monto Minerals Ltd. (a)	8,525,252		1,559
Monto Minerals Ltd. warrants 5/25/09 (a)	1,485,934		30
Mortgage Choice Ltd.	2,022,538		5,239
Mount Gibson Iron Ltd. (a)	1,361,500		1,717
Nomad Building Solutions Ltd.	643,400		1,689
Oakton Ltd.	122,815		608
Perilya Mines Ltd.	469,900		1,906
Phosphagenics Ltd. (a)	9,040,000		2,427
Common Stocks - continued
	Shares		Value (000s)
Australia - continued
RAMS Home Loans Group Property Ltd.	1,392,700		$ 2,753
Reverse Corp. Ltd.	446,400		2,130
Roc Oil Co. Ltd. (United Kingdom) (a)	2,864,489		8,408
Seek Ltd.	1,307,939		9,396
SMS Management & Technology Ltd.	134,800		712
Straits Resources Ltd.	590,200		2,112
Sylvania Resources Ltd. (a)(e)	9,882,495		25,264
Sylvania Resources Ltd. (United Kingdom) (a)(e)	7,292,630		19,777
Tanami Gold NL	26,452,484		2,818
Tassal Group Ltd.	1,148,600		3,475
Thinksmart Ltd.	1,235,200		2,137
United Group Ltd.	353,321		5,600
WorleyParsons Ltd.	102,033		2,948
Wotif.com Holdings Ltd.	636,700		3,190
TOTAL AUSTRALIA			229,186
Austria - 0.2%
Oesterreichische Elektrizitaetswirtschafts AG (Verbund) (d)	87,550		4,313
Bermuda - 2.5%
Hongguo International Holdings Ltd.	1,645,000		1,139
Noble Group Ltd.	1,298,000		1,456
Pacific Basin Shipping Ltd.	4,656,000		6,803
Peace Mark Holdings Ltd.	4,656,000		7,243
Petra Diamonds Ltd. (a)	2,461,491		6,688
Ports Design Ltd.	1,034,500		2,476
Proactive Technology Holdings Ltd. (a)	294,000		578
Qualipak International Holdings Ltd.	1,732,000		2,099
Sinofert Holdings Ltd.	2,736,000		1,887
Tak Sing Alliance Holdings Ltd.	2,628,000		957
Tanzanite One Ltd. (e)	5,808,701		11,092
Trefoil Ltd. (a)	385,100		2,445
Xceldiam Ltd. warrants 11/16/07 (a)	1,659,127		67
TOTAL BERMUDA			44,930
British Virgin Islands - 0.3%
Albidon Ltd. unit (a)	1,469,000		3,581
Kalahari Energy (f)	1,451,000		1,814
TOTAL BRITISH VIRGIN ISLANDS			5,395
Canada - 3.8%
AirSea Lines (a)(f)	1,862,300		1,274
AirSea Lines warrants 8/4/11 (a)(f)	1,862,300		0
Common Stocks - continued
	Shares		Value (000s)
Canada - continued
Altius Minerals Corp. (a)	374,906		$ 7,940
Antrim Energy, Inc. (a)	274,340		1,942
Antrim Energy, Inc. (United Kingdom) (a)	800,000		5,753
Bankers Petroleum Ltd. (a)	3,767,000		1,942
Equinox Minerals Ltd. (a)	1,206,050		4,726
First Quantum Minerals Ltd.	45,011		4,218
MagIndustries Corp. (a)	3,635,960		5,624
Oilexco, Inc. (a)	1,394,525		16,773
Rally Energy Corp. (a)	416,720		2,547
Rock Well Petroleum, Inc. (f)	770,400		1,083
Sino-Forest Corp. (a)	67,400		1,065
Starfield Resources, Inc. (a)	1,313,025		1,588
Starfield Resources, Inc. warrants 1/20/08 (a)(f)	1,678,100		831
Stealth Ventures Ltd. (a)	966,500		1,268
Stealth Ventures Ltd. warrants 3/12/08 (a)(f)	483,250		53
Uranium One, Inc. (South Africa) (a)	280,700		3,324
Visual Defence, Inc. (a)(e)	4,664,100		1,895
Western Canadian Coal Corp. (a)	1,554,418		3,643
Western Canadian Coal Corp. (United Kingdom) (a)	548,286		1,359
TOTAL CANADA			68,848
Cayman Islands - 0.9%
China Boqi Environmental Solutions Technology Co. Ltd.	114		154
China High Speed Transmission Equipment Group Co. Ltd.	1,687,000		3,208
China Infrastructure Machinery Holdings Ltd.	646,000		1,438
Embry Holdings Ltd.	1,081,000		949
Hop Fung Group Holdings Ltd.	1,170,000		567
Ju Teng International Holdings Ltd. (a)	3,176,000		1,396
Kingboard Chemical Holdings Ltd.	294,500		1,621
Lee & Man Paper Manufacturing Ltd.	1,002,000		4,271
Perfect World Co. Ltd. sponsored ADR Class B	10,800		260
PME Group Ltd.	1,720,000		706
Qin Jia Yuan Media Services Co. Ltd.	1,338,000		853
TCC International Holdings Ltd.	660,000		813
TOTAL CAYMAN ISLANDS			16,236
China - 0.9%
Anhui Conch Cement Co. Ltd. (H Shares)	140,000		890
China Hongxing Sports Ltd.	2,643,000		1,386
China International Marine Containers Co. Ltd. (B Shares)	864,700		2,113
China National Building Materials Co. Ltd. (H Shares)	824,000		1,720
China Oilfield Services Ltd. (H Shares)	1,462,000		2,107
Common Stocks - continued
	Shares		Value (000s)
China - continued
China Resources Land Ltd.	1,926,000		$ 3,499
Nine Dragons Paper (Holdings) Ltd.	479,000		1,406
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	776,000		1,927
Weichai Power Co. Ltd. (H Shares)	127,000		877
Yantai Changyu Pioneer Wine Co. (B Shares)	144,710		800
TOTAL CHINA			16,725
Cyprus - 0.3%
Buried Hill Energy (Cyprus) PCL (f)	1,947,000		2,142
Marfin Popular Bank Public Co.	173,665		2,310
TOTAL CYPRUS			4,452
Czech Republic - 0.5%
Ceske Energeticke Zavody AS	175,890		9,223
Denmark - 0.3%
DSV de Sammensluttede Vognmaend AS	259,300		5,889
Finland - 1.4%
Inion OY (a)	3,590,300		3,282
Nokian Tyres Ltd.	430,910		14,375
Rakentajain Konevuokraamo Oyj (B Shares)	152,030		7,312
TOTAL FINLAND			24,969
France - 3.6%
Carbone Lorraine	27,400		2,152
Electricite de France	90,900		9,306
ENTREPOSE Contracting	33,460		2,953
Geodis SA	42,180		9,350
Guerbet SA	8,400		1,724
Icade SA	123,018		8,336
Laurent-Perrier Group	31,960		5,274
Norbert Dentressangle SA	38,142		4,019
Seche Environment SA	11,560		1,944
Veolia Environnement	186,750		13,924
Vilmorin & Cie	44,040		5,544
TOTAL FRANCE			64,526
Germany - 2.5%
E.ON AG	93,000		14,600
ElringKlinger AG	18,284		1,562
Fresenius Medical Care AG (d)	130,010		6,145
Interhyp AG	35,270		4,123
Kontron AG	154,620		3,328
Common Stocks - continued
	Shares		Value (000s)
Germany - continued
MLP AG	89,150		$ 1,598
SGL Carbon AG (a)	272,200		14,142
TOTAL GERMANY			45,498
Greece - 1.2%
Fourlis Holdings SA	110,000		3,480
Hellenic Technodomiki Tev SA	223,750		3,056
Sarantis SA (Reg.)	1,076,638		15,263
TOTAL GREECE			21,799
Hong Kong - 1.4%
Cafe de Coral Holdings Ltd.	364,000		691
China Everbright Ltd. (a)	1,466,000		3,391
China Overseas Land & Investment Ltd.	1,348,000		2,855
Esprit Holdings Ltd.	246,000		3,287
Hang Lung Properties Ltd.	1,208,000		4,443
Li & Fung Ltd.	924,000		3,202
Midland Holdings Ltd.	860,000		634
Sa Sa International Holdings Ltd.	1,236,000		449
Shenzhen Investment Ltd.	1,156,000		988
Shougang Concord International Enterprises Co. Ltd.	10,754,000		3,427
Singamas Container Holdings Ltd.	1,216,000		888
Tai Cheung Holdings Ltd.	700,000		525
TOTAL HONG KONG			24,780
India - 0.6%
Bhushan Steel Ltd.	28,328		497
Deccan Chronicle Holdings Ltd.	297,264		1,791
Ess Dee Aluminium Ltd.	111,185		1,467
INFO Edge India Ltd.	115,080		2,461
Jindal Steel & Power Ltd.	12,814		1,339
JSW Steel Ltd.	179,631		3,299
TOTAL INDIA			10,854
Indonesia - 0.1%
PT Bakrie Sumatera Plantation Tbk	10,532,500		2,113
Ireland - 0.5%
Adwalker PLC (a)	9,125,000		533
Kenmare Resources PLC (a)	2,640,000		3,312
Kenmare Resources PLC warrants 7/23/09 (a)	1,712,500		1,461
Common Stocks - continued
	Shares		Value (000s)
Ireland - continued
Petroceltic International PLC (a)	13,644,934		$ 2,980
Vimio PLC (a)	867,300		617
TOTAL IRELAND			8,903
Israel - 0.3%
Israel Chemicals Ltd.	611,900		5,049
Italy - 2.8%
Ansaldo STS SpA (a)	204,000		2,859
ASM SpA	626,550		3,411
Banca Italease SpA (d)	530,760		11,112
Enel SpA	543,800		5,644
Hera SpA	1,510,160		6,050
Impregilo SpA (a)	447,350		3,593
Seldovia Native Association, Inc. (SNAI) (a)(d)	1,541,160		16,649
Teleunit SpA (a)(e)	12,719,158		1,034
TOTAL ITALY			50,352
Japan - 27.4%
A&I System Co. Ltd. (a)	8,500		22
ABC-Mart, Inc.	281,700		7,002
Access Co. Ltd.	464		712
Adeka Corp.	144,000		1,460
Aeon Fantasy Co. Ltd.	45,120		925
Airport Facilities Co. Ltd.	93,800		719
AOI Electronics Co. Ltd.	64,300		1,147
Apamanshop Holdings Co. Ltd. (d)	4,894		1,567
ARDEPRO CO., Ltd.	34,492		9,579
Atlus Co. Ltd. (a)	88,000		445
Atrium Co. Ltd.	64,400		1,960
Axell Corp.	384		996
Bit-isle, Inc.	988		691
Bookoff Corp. (d)	231,600		3,127
Brother Industries Ltd.	120,000		1,727
C. Uyemura & Co. Ltd.	46,000		2,816
CareNet, Inc.	12		19
Chiba Bank Ltd.	296,000		2,491
Chiyoda Corp.	65,000		1,284
CMIC Co. Ltd.	2,580		667
Create SD Co. Ltd.	42,400		978
Dai-ichi Seiko Co. Ltd.	38,200		732
Daikin Industries Ltd.	132,100		5,161
Daikokutenbussan Co. Ltd.	52,900		527
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
Daiseki Co. Ltd. (d)	72,600		$ 1,711
Daito Gyorui Co. Ltd.	368,000		766
Daiwa Securities Group, Inc.	132,000		1,400
Daiwabo Information System Ltd. (d)	185,000		2,286
Daiwasystem Co. Ltd.	39,800		1,068
Denyo Co. Ltd. (d)	72,900		744
E*TRADE Securities Co. Ltd. (d)	790		853
Ebara-Udylite Co. Ltd.	8,700		214
Endo Lighting Corp.	10,100		59
EPS Co. Ltd. (d)	1,568		5,054
F&M Co. Ltd.	720		165
FCM Co. Ltd.	30,800		1,189
Fuji Heavy Industries Ltd.	247,000		1,157
Fujitsu Component Ltd. (a)	417		489
Fullcast Co. Ltd.	553		599
Futaba Industrial Co. Ltd. (d)	58,500		1,459
GMO Hosting & Security, Inc.	170		180
H-One Co. Ltd.	21,800		284
H.I.S. Co. Ltd.	51,100		1,314
Harakosan Co. Ltd. (d)	4,642		13,555
Harmonic Drive Systems, Inc.	582		2,820
Haseko Corp. (a)	521,500		1,384
Hikari Tsushin, Inc. (d)	279,700		11,120
Hiroshima Bank Ltd.	339,000		1,919
Hitachi Construction Machinery Co. Ltd.	339,500		13,466
Hokuriku Electric Industry (d)	205,000		437
Hokuto Corp.	160,100		2,652
Ibiden Co. Ltd.	44,000		3,226
Ichirokudo Co. Ltd. (a)	139		74
Ichiyoshi Securities Co. Ltd.	102,800		1,351
IDU Co. (d)	2,005		2,306
Index Holdings (d)	10,589		3,525
Inpex Holdings, Inc.	821		8,284
Intelligent Wave, Inc. (d)	926		379
Ishihara Chemical Co. Ltd.	15,300		246
Isuzu Motors Ltd.	359,000		1,949
Itochu Corp.	557,000		6,987
Japan Airport Terminal Co. Ltd. (d)	89,000		1,555
Japan Steel Works Ltd.	157,000		2,499
Japan Vilene Co. Ltd.	171,000		1,080
Jastec Co. Ltd.	277,100		2,321
Juroku Bank Ltd.	149,000		895
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
Kakaku.com, Inc. (d)	264		$ 647
Kandenko Co. Ltd. (d)	272,000		1,599
Kanematsu Corp. (a)(d)	652,000		1,160
Kawasaki Heavy Industries Ltd.	603,000		2,663
Kayaba Industry Co. Ltd.	191,000		962
Kenedix, Inc.	250		418
Kirin Holdings Co. Ltd.	149,000		2,093
Kitagawa Seiki Co. Ltd.	84,000		450
KK daVinci Advisors (a)	558		454
Kobayashi Pharmaceutical Co. Ltd.	30,000		1,038
Konica Minolta Holdings, Inc.	112,500		1,663
Kubota Corp.	91,000		756
Kura Corp. Ltd.	4,784		9,965
Kurita Water Industries Ltd.	72,700		2,305
Lawson, Inc.	49,200		1,692
Little Earth Corp. Co. Ltd.	124		100
MCJ Co. Ltd. (a)(d)	2,855		1,445
Meiko Electronics Co. Ltd.	66,600		2,232
Micronics Japan Co. Ltd.	88,900		3,084
Mitsuba Corp.	97,000		727
Mitsui Engineering & Shipbuilding Co.	262,000		1,427
Mitsui O.S.K. Lines Ltd.	610,000		9,523
Mitsumi Electric Co. Ltd.	70,100		2,732
Miyachi Corp.	2,100		36
Miyano Machinery, Inc.	357,000		1,154
Money Partners Co. Ltd.	2,705		10,641
Mori Seiki Co. Ltd.	256,800		8,376
Namco Bandai Holdings, Inc.	67,800		1,062
NIC Corp.	19,600		146
Nidec Corp.	22,400		1,483
Nihon Dempa Kogyo Co. Ltd. (d)	300,000		17,030
Nihon Kohden Corp.	52,800		926
Nihon Trim Co. Ltd. (d)	193,500		6,870
Nihonwasou Holdings, Inc.	782		265
Nikon Corp. (d)	258,000		8,171
Nippon Carbon Co. Ltd. (d)	167,000		1,037
Nippon Chemi-con Corp.	106,000		1,121
Nippon Denko Co. Ltd. (d)	757,000		4,922
Nippon Oil Corp.	256,000		2,279
Nippon Seiki Co. Ltd.	707,000		19,386
Nippon Yakin Kogyo Co. Ltd.	76,000		884
Nissin Kogyo Co. Ltd.	737,400		21,704
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
NOK Corp.	66,300		$ 1,343
NSK Ltd.	543,000		5,202
NTN Corp.	626,000		5,165
Obara Corp.	1,650		32
Oiles Corp.	77,040		1,752
Okuma Corp.	266,000		4,326
Optoelectronics Co. Ltd.	14,200		122
Otaki Gas Co. Ltd.	15,000		78
Otsuka Corp.	21,300		2,004
Pacific Metals Co. Ltd.	65,000		1,125
Pigeon Corp. (d)	57,700		934
Produce Co. Ltd. (a)(d)	1,082		3,052
Properst Co. Ltd. (d)	665		989
Renown, Inc. (a)	65,400		558
Rohto Pharmaceutical Co. Ltd.	202,000		2,118
Round One Corp. (d)	4,708		10,559
Ryobi Ltd.	226,000		1,564
Sammy NetWorks Co. Ltd. (d)	1,173		3,844
Sansha Electric Manufacturing Co. Ltd.	56,000		569
Sanyo Denki Co. Ltd.	271,000		1,682
Sato Corp. (d)	178,400		3,219
Sawai Pharmaceutical Co. Ltd. (d)	62,200		2,150
Sec Carbon Ltd. (d)	27,000		487
Seria Co. Ltd.	482		902
Shibaura Electronics Co. Ltd. (d)	103,000		2,708
Shikoku Chemicals Corp.	23,000		129
Shimachu Co. Ltd.	80,600		2,289
Shimamura Co. Ltd.	11,800		1,141
Shin Nippon Biomedical Laboratories Ltd. (d)	101,900		1,486
Shin-Kobe Electric Machinery Co. Ltd.	419,000		2,072
Shinko Plantech Co. Ltd.	253,000		3,218
Shinohara Systems of Construction Co. Ltd. (d)	1,072		1,378
Shizuki Electric Co., Inc.	154,000		595
Sintokogio Ltd.	84,500		1,221
Sojitz Corp.	714,000		3,565
SRI Sports Ltd.	1,498		1,779
St. Marc Holdings Co. Ltd.	15,500		728
Stanley Electric Co. Ltd.	604,500		14,312
Star Micronics Co. Ltd.	37,400		1,098
Starbucks Coffee Japan Ltd. (d)	2,853		1,319
Stella Chemifa Corp. (d)	19,600		607
Sumco Corp.	26,200		1,345
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
Sumitomo Corp.	451,100		$ 8,736
Sumitomo Metal Industries Ltd.	578,000		3,328
Sumitomo Titanium Corp. (d)	12,600		1,086
Sumitomo Trust & Banking Co. Ltd.	160,000		1,351
Sun Frontier Fudousan Co. Ltd. (d)	1,240		2,256
Sunx Ltd. (d)	125,700		833
Suruga Corp.	182,000		3,733
Sysmex Corp. (d)	65,800		2,544
T Rad Co. Ltd. (d)	155,000		961
T&D Holdings, Inc.	18,300		1,197
Taiho Kogyo Co. Ltd.	66,100		936
Taiyo Ink Manufacturing Co. Ltd.	96,800		2,859
Taiyo Kagaku Co. Ltd.	73,500		556
Taiyo Nippon Sanso Corp.	172,000		1,545
Takara Holdings, Inc. (d)	324,000		2,006
Takeei Corp.	48,900		7,120
Takeuchi Manufacturing Co. Ltd.	60,000		3,375
Takiron Co. Ltd.	282,000		930
Takisawa Machine Tool Co. Ltd. (d)	524,000		1,314
Telewave, Inc. (d)	392		122
TFP Consulting Group Co. Ltd.	384		770
TMS Entertainment Ltd. (d)	94,000		316
TOA Valve Holding, Inc. (d)	198		1,081
Toagosei Co. Ltd.	354,000		1,357
Tohcello Co. Ltd.	99,500		1,013
Toho Zinc Co. Ltd. (d)	272,000		2,592
Tohoku Electric Power Co., Inc.	46,300		1,028
Tokai Carbon Co. Ltd. (d)	216,000		2,363
Tokai Rubber Industries Ltd.	218,800		3,949
Token Corp.	20,490		1,239
Tokyo Gas Co. Ltd.	248,000		1,077
Tokyo Seimitsu Co. Ltd. (d)	165,100		5,570
TonenGeneral Sekiyu KK (d)	122,000		1,190
Topcon Corp. (d)	14,300		231
Toray Industries, Inc.	157,000		1,252
Torishima Pump Manufacturing Co. Ltd. (d)	55,600		755
Trancom Co. Ltd. (d)	70,200		1,133
Tyo, Inc. (d)	85,500		157
Ulvac, Inc.	32,000		1,301
Unicom Group Holdings, Inc.	135,600		1,164
VarioSecure Networks, Inc. (d)	389		463
Wacom Co. Ltd. (d)	173		328
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
Yachiyo Industry Co. Ltd.	119,200		$ 1,951
Yamada Denki Co. Ltd.	54,740		5,439
Yamaha Motor Co. Ltd.	57,200		1,610
Yonkyu Co. Ltd.	135,500		1,361
Yume No Machi Souzou Iinkai Co. Ltd.	185		428
TOTAL JAPAN			491,075
Kazakhstan - 0.1%
JSC Halyk Bank of Kazakhstan unit	49,600		1,066
Korea (South) - 0.9%
LG Household & Health Care Ltd.	6,670		884
MegaStudy Co. Ltd.	7,425		1,545
NHN Corp.	5,675		1,036
Samsung Engineering Co. Ltd.	27,560		3,233
Shinheung Securities Co. Ltd.	115,450		2,097
STX Pan Ocean Co. Ltd.	1,653,000		2,562
Sung Kwang Bend Co. Ltd.	51,105		1,330
Taewoong Co. Ltd.	16,881		1,332
Woongjin Coway Co. Ltd.	59,860		1,940
TOTAL KOREA (SOUTH)			15,959
Luxembourg - 0.2%
SES SA FDR (France) unit	142,650		3,045
Malaysia - 0.6%
Batu Kawan Bhd	150,500		388
DiGi.com Bhd	203,200		1,276
Gamuda Bhd	456,400		1,031
IJM Plantation Bhd	2,816,300		1,981
KNM Group Bhd	2,679,900		4,034
Lingkaran Transportation Kota Holdings Bhd	383,900		438
MMC Corp. Bhd	286,200		626
Tasek Corp. Bhd	27,000		30
TOTAL MALAYSIA			9,804
Malta - 0.4%
Unibet Group plc unit	178,456		6,515
Netherlands - 0.6%
Engel East Europe NV	975,032		2,377
Koninklijke Boskalis Westminster NV (Certificaten Van Aandelen)	53,740		2,122
Common Stocks - continued
	Shares		Value (000s)
Netherlands - continued
Koninklijke Ten Cate NV	94,370		$ 3,939
Tele Atlas NV (Netherlands) (a)	105,000		3,017
TOTAL NETHERLANDS			11,455
Norway - 2.1%
Aker Kvaerner ASA	150,140		3,915
Hafslund ASA (B Shares)	172,870		4,627
Pertra AS (A Shares)	175,642		2,026
ProSafe ASA	193,730		3,025
Schibsted ASA (B Shares)	48,600		2,151
Stepstone ASA (a)	5,397,154		22,038
TOTAL NORWAY			37,782
Papua New Guinea - 0.3%
Lihir Gold Ltd. (a)	2,053,833		5,356
Philippines - 0.4%
SM Prime Holdings, Inc.	6,628,000		1,679
Vista Land & Lifescapes, Inc.	39,471,000		5,477
TOTAL PHILIPPINES			7,156
Portugal - 0.2%
Banif SGPS SA	484,850		4,140
Russia - 0.1%
Pharmstandard OJSC unit (a)	112,780		1,905
Singapore - 2.2%
Advent Air Ltd. (e)	14,719,299		4,336
Ausgroup Ltd.	770,000		1,041
Banyan Tree Holdings Ltd.	2,220,000		3,441
China Energy Ltd.	1,380,000		1,575
Cosco Corp. Singapore Ltd.	2,157,000		7,328
CSE Global Ltd.	1,152,000		988
Ezra Holdings Ltd.	197,000		812
F J Benjamin Holdings Ltd.	2,892,000		1,612
Hong Leong Asia Ltd.	358,000		916
Keppel Corp. Ltd.	136,000		1,211
Olam International Ltd.	1,031,000		2,040
Parkway Holdings Ltd.	1,648,300		4,240
Raffles Medical Group Ltd.	905,000		937
Straits Asia Resources Ltd.	323,000		247
Swissco International Ltd.	885,000		771
Uol Group Ltd.	578,000		2,059
Wilmar International Ltd.	686,000		1,539
Common Stocks - continued
	Shares		Value (000s)
Singapore - continued
Wing Tai Holdings Ltd.	579,000		$ 1,428
Yangzijiang Shipbuilding Holdings Ltd.	2,262,000		2,910
Yanlord Land Group Ltd.	231,000		494
TOTAL SINGAPORE			39,925
South Africa - 1.7%
African Rainbow Minerals Ltd. (a)	291,610		5,257
Investec Ltd.	491,707		6,127
JD Group Ltd.	871,760		8,900
Mvelaphanda Group Ltd.	724,551		1,113
Telkom SA Ltd.	146,300		3,456
Wilson Bayly Holmes-Ovcon Ltd.	446,856		6,402
TOTAL SOUTH AFRICA			31,255
Spain - 0.4%
Grifols SA	319,170		6,769
Sweden - 1.6%
Hexagon AB (B Shares)	718,533		14,343
Modern Times Group MTG AB (B Shares)	199,460		12,344
RNB Retail & Brands AB	207,990		2,531
TOTAL SWEDEN			29,218
Switzerland - 1.1%
Actelion Ltd. (Reg.) (a)	82,940		4,466
Bucher Industries AG	15,811		2,487
Partners Group Holding	32,420		4,255
Sulzer AG (Reg.)	2,070		2,760
Vontobel Holdings AG	86,450		4,821
TOTAL SWITZERLAND			18,789
Taiwan - 0.5%
China Life Insurance Co. Ltd. (a)	3,063,000		1,834
First Steamship Co. Ltd. (a)	2,020,000		4,100
PixArt Imaging, Inc.	66,000		845
Sinyi Realty, Inc.	483,000		1,781
TOTAL TAIWAN			8,560
Thailand - 0.2%
Central Pattana PCL unit	1,791,000		1,802
Thoresen Thai Agencies PCL unit	516,900		834
TOTAL THAILAND			2,636
Common Stocks - continued
	Shares		Value (000s)
United Kingdom - 16.8%
Advanced Fluid Connections PLC (a)	7,009,687		$ 0
ADVFN PLC (a)(e)	34,925,780		2,093
AeroBox PLC (a)	5,694,657		0
Afren PLC (a)(d)	1,172,490		1,947
African Consolidated Resources PLC (a)	10,358,334		5,629
African Copper PLC (a)	1,677,884		3,238
Air Partner PLC	45,000		1,065
Alfred McAlpine Group PLC	359,600		3,322
Alliance Pharma PLC (a)	7,734,200		1,178
Anglo Asian Mining PLC (a)	3,657,000		966
Appian Technology PLC (a)	2,245,106		439
Appian Technology PLC warrants 2/28/08 (a)(f)	479,045		125
Ascent Resources PLC warrants 12/22/07 (a)	1,500,000		547
Baltic Oil Terminals PLC (a)	1,314,300		3,417
Belitung Zinc Corp. PLC (f)	7,435,490		1,510
BioCare Solutions PLC (e)	4,849,670		1,478
Bioprogress PLC (a)(d)	5,338,366		6,236
Blackstar Investors PLC (a)	2,335,000		4,980
Block Shield Corp. PLC (a)	1,103,400		1,625
Cambrian Mining PLC	4,026,100		10,162
CareCapital Group PLC	699,600		455
Celsis International PLC (a)	443,648		1,911
Central African Mining & Exploration Co. PLC (a)(d)	4,497,509		5,162
Centurion Electronics PLC (a)(e)	755,024		176
Clapham House Group PLC (a)	226,950		1,632
Corac Group PLC (a)(e)	4,609,104		4,447
Countermine PLC (a)(f)	4,939		259
Countermine PLC warrants (a)(f)	4,939		0
CustomVis plc (a)(e)	8,417,536		769
Datacash Group PLC	1,110,470		6,068
Eclipse Energy Co. Ltd. (f)	102,000		1,554
Europa Oil & Gas Holdings PLC warrants 11/11/07 (a)	500,000		13
Flomerics Group PLC	291,238		319
Forum Energy PLC (a)	800,270		675
Gemfields Resources PLC (a)	3,909,100		2,263
Global Coal Management PLC (a)	1,478,451		3,784
Gyrus Group PLC (a)	365,900		3,209
Hardide Ltd. (a)	6,848,580		1,496
Healthcare Enterprise Group PLC (a)(e)	19,112,853		1,204
Healthcare Enterprise Group PLC warrants 6/30/08 (a)	1,851,769		47
Hot Tuna International PLC (a)	2,349,400		513
Hot Tuna International PLC warrants 2/25/08 (a)(f)	1,179,700		0
Common Stocks - continued
	Shares		Value (000s)
United Kingdom - continued
Hydrodec Group PLC (a)(e)	10,002,286		$ 4,419
Ideal Shopping Direct PLC	661,592		2,930
IG Group Holdings plc	1,316,600		8,826
Impact Holdings PLC (a)(e)	10,414,000		926
Imperial Energy PLC (a)	215,020		4,128
Inova Holding PLC	1,443,461		301
International Con Minerals Ltd. (f)	3,989,946		2,593
Intertek Group PLC	94,110		1,894
iomart Group PLC	2,851,340		3,475
ITE Group PLC	2,116,540		7,341
ITM Power PLC (a)	1,780,200		4,927
IXEurope PLC (a)	607,900		1,726
Jubilee Platinum PLC (a)(e)	5,182,503		11,423
Keronite PLC (a)(f)	13,620,267		1,660
KimCor Diamonds PLC warrants 3/15/08 (a)	2,185,000		200
Landround PLC warrants 12/11/09 (a)(f)	166,666		14
London Asia Chinese Private Equity Fund Ltd. warrants 3/31/11 (a)	105,400		60
Max Petroleum PLC (a)(d)	9,611,220		38,408
Meggitt PLC	1,632,419		10,247
MicroEmissive Displays (a)(e)	2,821,600		3,439
Motivcom PLC (e)	1,820,500		5,584
Petrofac Ltd.	336,540		2,994
Plethora Solutions Holdings PLC (a)	431,818		1,175
Proteome Sciences PLC (a)	3,387,432		4,129
Pureprofile Media PLC (f)	1,108,572		844
Pursuit Dynamics PLC (a)	666,667		3,724
Rambler Metals & Mining PLC (a)	600,000		774
RGI International Ltd.	688,280		6,711
Rheochem PLC warrants 12/30/07 (a)	4,364,150		67
Sarantel Group PLC Class A (a)	3,385,900		585
Scottish & Southern Energy PLC	209,000		6,152
SDL plc (a)	1,090,022		9,056
Serco Group PLC	439,640		3,930
Sinclair Pharma PLC (a)	1,128,371		2,361
Sinosoft Technology PLC (a)	2,251,400		995
SPI Lasers PLC (a)	406,200		1,939
Stem Cell Sciences PLC (a)	716,649		517
SubSea Resources PLC (a)	7,879,100		480
SubSea Resources PLC warrants 11/4/09 (a)	1,805,625		50
Tanfield Group PLC (a)(d)	2,368,247		8,323
Target Resources PLC	1,020,000		466
Common Stocks - continued
	Shares		Value (000s)
United Kingdom - continued
Target Resources PLC warrants 7/12/08 (a)	1,020,000		$ 73
Tersus Energy PLC (a)	1,313,622		254
TMO Biotec (f)	1,000,000		1,411
Toledo Mining Corp. PLC (a)(e)	1,764,544		8,477
Triple Plate Junction PLC (a)	1,539,200		797
UK Coal PLC	409,200		4,447
Unite Group PLC	256,110		1,873
Vanco PLC (a)(d)	272,050		2,166
Vectura Group PLC (a)	3,556,060		4,840
Virotec International PLC (a)	3,411,132		658
VT Group PLC	620,780		7,629
York Pharma PLC (a)	575,200		1,642
Zenergy Power PLC (a)	1,469,780		6,136
ZincOx Resources PLC (a)	693,100		5,160
TOTAL UNITED KINGDOM			301,269
United States of America - 2.8%
Cyberview Technology, Inc. (a)(e)	996,527		3,846
Frontera Resources Corp. (a)	1,157,200		1,704
Frontier Mining Ltd. (a)(e)	6,771,600		2,235
Phorm, Inc. (a)(e)	664,000		36,958
Spacelabs Healthcare, Inc. (a)	707,250		1,063
XL TechGroup, Inc. (a)	1,329,250		4,361
TOTAL UNITED STATES OF AMERICA			50,167
Vietnam - 0.0%
Luks Group (Vietnam Holdings) Co. Ltd.	220,000		303
TOTAL COMMON STOCKS (Cost $1,273,878)		1,748,189
Investment Companies - 0.0%

United Kingdom - 0.0%
The Greenhouse Fund Ltd. (a) (Cost $186)	1,063,700		270

Convertible Bonds - 0.2%
		Principal Amount (000s) (g)
Canada - 0.2%
Western Canadian Coal Corp. 7.5% 3/24/11 (Cost $4,061)	CAD	4,714	4,198

Money Market Funds - 7.5%
	Shares		Value (000s)
Fidelity Cash Central Fund, 5.38% (b)	35,162,726		$ 35,163
Fidelity Securities Lending Cash Central Fund, 5.39% (b)(c)	98,280,289		98,280
TOTAL MONEY MARKET FUNDS (Cost $133,443)		133,443
TOTAL INVESTMENT PORTFOLIO - 105.2% (Cost $1,411,568)			1,886,100
NET OTHER ASSETS - (5.2)%			(93,456)
NET ASSETS - 100%		$ 1,792,644

Currency Abbreviation
CAD	-	Canadian dollar

Legend

(a) Non-income producing

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

(e) Affiliated company

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
AirSea Lines	8/4/06	$ 1,199
AirSea Lines warrants 8/4/11	8/4/06	$ 0
Appian Technology PLC warrants 2/28/08	2/18/05	$ 0
Belitung Zinc Corp. PLC	1/12/06	$ 1,308
Buried Hill Energy (Cyprus) PCL	8/18/06	$ 2,142
Countermine PLC	12/22/05	$ 443
Countermine PLC warrants	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
International Con Minerals Ltd.	1/30/06 - 6/1/07	$ 1,662
Security	Acquisition Date	Acquisition Cost (000s)
Kalahari Energy	9/1/06	$ 1,814
Keronite PLC	8/16/06	$ 1,549
Landround PLC warrants 12/11/09	12/12/06	$ 0
Pureprofile Media PLC	5/3/05 - 1/11/06	$ 1,173
Rock Well Petroleum, Inc.	4/13/06	$ 1,004
Starfield Resources, Inc. warrants 1/20/08	1/17/06	$ 0
Stealth Ventures Ltd. warrants 3/12/08	9/21/06	$ 0
TMO Biotec	10/27/05	$ 535

(g) Amounts are stated in United States dollars unless otherwise noted.

Other Affiliated Issuers

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Advanced Technology PLC	$ -	$ -	$ -	$ -	$ -
Advent Air Ltd.	2,948	-	-	80	4,336
ADVFN PLC	1,120	907	29	-	2,093
Adwalker PLC	413	-	-	-	-
Avanti Screenmedia Group PLC	9,335	-	8,831	-	-
BDI Mining Corp.	3,288	-	6,306	-	-
BioCare Solutions PLC	2,270	-	150	-	1,478
Bioprogress PLC	9,152	-	3,914	-	-
Cambrian Mining PLC	15,845	-	5,408	182	-
Centurion Electronics PLC	432	-	35	-	176
Corac Group PLC	3,538	-	438	-	4,447
CustomVis plc	134	715	-	-	769
Cyberview Technology, Inc. (formerly Cyberscan Technology, Inc.)	4,562	-	-	-	3,846
DA Group PLC	1,236	-	953	-	-
Financial Payment Systems Ltd.	1,485	-	385	-	-
Frontier Mining Ltd.	1,808	-	-	-	2,235
Gasol PLC	1,257	-	897	-	-
Gemfields Resources PLC	5,589	-	1,823	-	-
GMA Resources PLC	3,939	-	3,863	-	-
Hardide Ltd.	1,711	-	233	-	-
Healthcare Enterprise Group PLC	1,010	431	364	-	1,204
Hydrodec Group PLC	8,231	-	1,677	-	4,419
ID Data PLC	925	-	1,169	-	-
Imagelinx PLC (formerly LTG Technologies PLC)	1,948	340	816	-	-
Impact Holdings PLC	2,086	-	-	-	926
Inion OY	1,677	-	111	-	-
Interbulk Group PLC	1,682	-	1,528	-	-
International Ferro Metals	17,682	1,265	24,826	-	-
Jubilee Platinum PLC	8,789	1,994	4,138	-	11,423
KimCor Diamonds PLC	1,185	-	736	-	-
Landround plc	188	197	286	-	-
Metals Exploration PLC	2,126	-	2,280	-	-
MicroEmissive Displays	1,672	409	685	-	3,439
Mineral Commodities Ltd.	948	-	730	-	-
Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Motivcom PLC	$ 3,085	$ -	$ 186	$ 32	$ 5,584
Phorm, Inc. (formerly 121Media, Inc.)	11,748	1,326	-	-	36,958
Platinum Mining Corp. of India PLC	2,418	-	2,829	-	-
Rheochem PLC	2,034	-	2,015	-	-
Sarantel Group PLC Class A	677	463	24	-	-
Solomon Gold PLC	905	-	502	-	-
Starfield Resources, Inc.	3,247	908	2,924	-	-
SubSea Resources PLC	2,630	-	-	-	-
Sylvania Resources Ltd.	5,331	4,057	-	-	25,264
Sylvania Resources Ltd. (United Kingdom)	3,616	4,690	-	-	19,777
Tanzanite One Ltd.	9,086	-	-	350	11,092
Teleunit SpA	1,122	-	-	-	1,034
Toledo Mining Corp. PLC	3,742	412	-	-	8,477
Visual Defence, Inc.	2,673	-	430	-	1,895
Xceldiam Ltd.	1,946	-	65	3,815	-
Total	$ 174,471	$ 18,114	$ 81,586	$ 4,459	$ 150,872

Affiliated Central Funds

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

Funds	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 2,104
Fidelity Securities Lending Cash Central Fund	1,219
Total	$ 3,323

Income Tax Information

Investment Valuation

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

Quarterly Report

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, 2007

1.834743.101

ILS-QTLY-0907

Investments July 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value
Australia - 6.4%
Babcock & Brown Ltd.	540,000		$ 12,971,939
Boart Longyear Ltd.	10,732,700		21,309,878
CSL Ltd.	101,453		7,690,010
Downer EDI Ltd.	3,167,343		18,920,350
Dyno Nobel Ltd.	1,000,000		1,832,123
Gunns Ltd.	1,107,600		3,199,622
Marathon Resources Ltd. (a)	265,000		1,196,845
Oxiana Ltd. (d)	5,304,000		16,858,867
Paladin Resources Ltd. (a)(d)	1,246,400		7,626,020
United Group Ltd.	1,160,308		18,390,870
United Group Ltd. (e)	25,300		401,005
TOTAL AUSTRALIA			110,397,529
Austria - 0.3%
Andritz AG	74,896		5,190,812
Belgium - 0.7%
Delhaize Group	50,000		4,648,018
Umicore SA	28,300		6,505,683
TOTAL BELGIUM			11,153,701
Bermuda - 2.0%
Proactive Technology Holdings Ltd. (a)	13,810,000		27,139,551
Sinofert Holdings Ltd.	9,936,000		6,853,612
TOTAL BERMUDA			33,993,163
Brazil - 1.4%
Cosan SA Industria E Comercio (a)	1,070,000		18,069,950
Sao Martinho SA	440,100		5,094,247
TOTAL BRAZIL			23,164,197
Canada - 1.0%
Lundin Mining Corp. (a)(d)	1,399,000		17,954,730
Cayman Islands - 2.2%
Himax Technologies, Inc. sponsored ADR (a)	3,144,500		16,068,395
Subsea 7, Inc. (a)(d)	321,500		7,708,212
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d)	334,800		13,502,484
TOTAL CAYMAN ISLANDS			37,279,091
China - 2.2%
China Techfaith Wireless Communication Technology Ltd. sponsored ADR (a)(d)	1,512,196		7,273,663
Common Stocks - continued
	Shares		Value
China - continued
First Tractor Co. Ltd. (H Shares) (a)	11,940,000		$ 6,485,598
Global Bio-Chem Technology Group Co. Ltd.	48,295,300		23,346,861
TOTAL CHINA			37,106,122
Finland - 2.3%
KCI Konecranes Oyj	300,000		12,335,675
Metso Corp.	140,000		9,003,743
Outotec Oyj	291,406		17,488,973
TOTAL FINLAND			38,828,391
France - 4.9%
Alstom SA	62,062		11,362,635
Business Objects SA (a)	110,000		4,950,019
Business Objects SA sponsored ADR (a)	56,100		2,524,500
Carbone Lorraine	24,668		1,937,168
Compagnie des Machines Bull SA (a)	622,340		4,990,253
Eutelsat Communications	200,000		4,542,922
Ipsen SA	8,000		425,612
Neopost SA	148,400		21,715,572
Nexans SA	65,000		11,616,813
Soitec SA (a)(d)	1,109,801		19,711,379
TOTAL FRANCE			83,776,873
Germany - 9.4%
AWD Holding AG	235,600		9,213,714
Bilfinger Berger AG	133,600		11,553,691
Demag Cranes AG	491,000		23,629,311
Deutz AG (a)(d)	741,982		9,614,806
GEA Group AG (a)	1,134,800		37,515,734
Hochtief AG	64,459		6,563,146
Kontron AG	250,000		5,381,036
MPC Muenchmeyer Petersen Capital AG	21,671		2,072,781
MTU Aero Engines Holding AG	201,350		13,872,295
Q-Cells AG (d)	116,285		10,294,972
SGL Carbon AG (a)	453,908		23,583,357
SolarWorld AG (d)	170,600		8,305,813
TOTAL GERMANY			161,600,656
Greece - 1.1%
Bank of Piraeus	332,950		12,027,632
Common Stocks - continued
	Shares		Value
Greece - continued
Hellenic Technodomiki Tev SA	550,000		$ 7,510,873
TOTAL GREECE			19,538,505
Italy - 0.7%
Impregilo SpA (a)	1,500,000		12,048,322
Japan - 23.2%
Acca Networks Co. Ltd.	2,361		4,679,812
Adeka Corp.	98,500		998,605
Air Water, Inc. (d)	973,000		11,567,723
Alps Electric Co. Ltd.	200,000		1,982,292
Asics Corp.	1,223,000		16,689,295
Atrium Co. Ltd.	372,000		11,319,852
Fujikura Ltd.	500,000		3,099,988
Hikari Tsushin, Inc.	50,000		1,987,833
Ichiyoshi Securities Co. Ltd.	674,700		8,869,292
Iino Kaiun Kaisha Ltd. (d)	350,000		4,495,069
Intelligence Ltd. (d)	3,882		7,097,171
JAFCO Co. Ltd.	179,000		8,147,973
Japan General Estate Co. Ltd.	548,200		11,001,577
Japan Steel Works Ltd.	647,000		10,298,115
JGC Corp.	700,000		14,404,234
Joint Corp.	341,300		9,307,248
KK daVinci Advisors (a)(d)	12,769		10,390,685
Kurita Water Industries Ltd.	264,000		8,369,778
Leopalace21 Corp.	612,500		19,363,187
Makino Milling Machine Co. Ltd.	100,000		1,332,700
Miraial Co. Ltd.	96,800		5,950,471
Mitsumi Electric Co. Ltd.	224,000		8,730,629
Nabtesco Corp.	457,000		6,834,900
Namco Bandai Holdings, Inc.	529,000		8,288,877
Nidec Sankyo Corp. (d)	827,000		5,325,418
Nintendo Co. Ltd.	79,600		39,004,001
Nippon Electric Glass Co. Ltd.	643,500		10,033,245
Okuma Corp.	200,000		3,252,349
Organo Corp. (d)	429,000		9,195,226
Risa Partners, Inc. (d)	2,146		5,039,821
SHIMIZU Corp. (d)	700,000		4,171,177
Sojitz Corp.	3,646,300		18,206,724
Sparx Group Co. Ltd. (d)	18,856		12,125,042
Sumco Corp.	341,100		17,512,303
Sumitomo Bakelite Co. Ltd.	642,000		4,579,252
Common Stocks - continued
	Shares		Value
Japan - continued
The Sumitomo Warehouse Co. Ltd.	288,000		$ 1,774,702
Tokai Carbon Co. Ltd. (d)	907,000		9,922,798
Tokuyama Corp. (d)	2,090,000		30,354,404
Tokyo Tatemono Co. Ltd.	1,003,000		12,100,194
Urban Corp.	326,300		5,168,480
Wacom Co. Ltd. (d)	1,700		3,221,751
Yoshinoya D&C Co. Ltd. (d)	4,000		6,837,174
Zenrin Co. Ltd. (d)	196,300		5,049,458
TOTAL JAPAN			398,080,825
Luxembourg - 1.4%
Acergy SA	923,900		24,483,350
Netherlands - 4.8%
Advanced Metallurgical Group NV	149,000		6,524,293
Koninklijke Wessanen NV	1,017,015		16,894,418
Nutreco Holding NV	299,000		22,400,231
OPG Groep NV (A Shares)(Certificaten Van Aandelen) unit	150,000		4,829,591
QIAGEN NV (a)(d)	995,000		17,114,000
QIAGEN NV (a)(d)	200,000		3,486,556
Tele Atlas NV (Netherlands) (a)	408,200		11,729,770
TOTAL NETHERLANDS			82,978,859
Norway - 8.5%
Aker Kvaerner ASA	367,500		9,583,448
Aker Yards AS	705,000		8,224,677
Cermaq ASA	1,898,500		35,339,564
ElectroMagnetic GeoServices ASA (d)	742,300		14,708,971
Leroy Seafood Group ASA (d)	392,900		9,369,527
Marine Harvest ASA (a)(d)	26,275,000		33,222,404
Norwegian Property ASA (d)	592,400		7,139,737
Petroleum Geo-Services ASA	331,600		7,974,830
ProSafe ASA	665,000		10,382,068
TGS Nopec Geophysical Co. ASA (a)	502,700		9,853,396
TOTAL NORWAY			145,798,622
Papua New Guinea - 3.1%
Lihir Gold Ltd. (a)	13,300,867		34,683,061
Lihir Gold Ltd. sponsored ADR (d)	720,000		18,799,200
TOTAL PAPUA NEW GUINEA			53,482,261
Common Stocks - continued
	Shares		Value
Portugal - 0.9%
Banif SGPS SA	1,382,174		$ 11,801,698
Sonae Industria SGPS SA (a)	300,000		4,261,042
TOTAL PORTUGAL			16,062,740
Spain - 1.4%
Abengoa SA	370,324		17,857,265
Tecnicas Reunidas SA	98,035		6,874,992
TOTAL SPAIN			24,732,257
Sweden - 0.7%
Bergman & Beving AB (B Shares)	315,000		11,453,525
Switzerland - 1.1%
BB Biotech AG (d)	70,000		5,622,139
Cytos Biotechnology AG (a)	68,355		7,816,876
Panalpina Welttransport Holding AG	25,000		4,933,417
TOTAL SWITZERLAND			18,372,432
Taiwan - 2.6%
HannStar Display Corp. (a)	52,289,000		15,140,526
Motech Industries, Inc.	715,000		8,935,048
PixArt Imaging, Inc.	1,590,000		20,354,171
TOTAL TAIWAN			44,429,745
United Kingdom - 10.0%
ARM Holdings PLC	2,500,000		7,528,876
ARM Holdings PLC sponsored ADR	1,300,000		11,570,000
Autonomy Corp. PLC (a)	1,358,400		23,013,844
Avis Europe PLC (a)	15,900,698		14,777,560
Blinkx PLC (a)	978,000		834,418
Carter & Carter Group PLC	800,000		999,449
Gyrus Group PLC (a)	977,171		8,570,346
Invensys PLC (a)	3,400,000		26,349,289
Investec PLC	400,000		5,033,809
Laird Group PLC	462,461		5,082,388
Meggitt PLC	1,362,600		8,553,076
Michael Page International PLC	769,827		8,554,131
Morgan Crucible Co. PLC	732,300		4,295,428
Optos PLC (a)	160,000		739,430
Premier Foods PLC	1,690,000		8,762,901
Renovo Group PLC (a)	8,472,203		30,978,780
Wolfson Microelectronics PLC (a)	1,100,000		6,234,367
TOTAL UNITED KINGDOM			171,878,092
Common Stocks - continued
	Shares		Value
United States of America - 6.9%
AGCO Corp. (a)	633,000		$ 24,326,190
Chiquita Brands International, Inc. (d)	1,087,400		19,094,744
Covance, Inc. (a)	121,000		8,538,970
Level 3 Communications, Inc. (a)	1,444,600		7,555,258
NII Holdings, Inc. (a)	116,800		9,813,536
Pharmaceutical Product Development, Inc.	225,000		7,537,500
Titanium Metals Corp. (a)(d)	1,193,614		39,890,582
Unisys Corp. (a)	80,779		653,502
TOTAL UNITED STATES OF AMERICA			117,410,282
TOTAL COMMON STOCKS (Cost $1,391,359,190)		1,701,195,082
Money Market Funds - 13.6%

Fidelity Cash Central Fund, 5.38% (b)	14,546,624		14,546,624
Fidelity Securities Lending Cash Central Fund, 5.39% (b)(c)	218,408,759		218,408,759
TOTAL MONEY MARKET FUNDS (Cost $232,955,383)		232,955,383
TOTAL INVESTMENT PORTFOLIO - 112.8% (Cost $1,624,314,573)			1,934,150,465
NET OTHER ASSETS - (12.8)%			(219,534,269)
NET ASSETS - 100%		$ 1,714,616,196

Legend

(a) Non-income producing

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

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $401,005 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
United Group Ltd.	7/12/07	$ 372,144

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 814,544
Fidelity Securities Lending Cash Central Fund	2,622,457
Total	$ 3,437,001

Income Tax Information

At July 31, 2007, the aggregate cost of investment securities for income tax purposes was $1,628,283,817. Net unrealized appreciation aggregated $305,866,648, of which $376,666,253 related to appreciated investment securities and $70,799,605 related to depreciated investment securities.

Investment Valuation

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, 2007

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

1.834740.101

AILS-QTLY-0907

Investments July 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%

Shares

Value

Australia - 6.4%

Babcock & Brown Ltd.

540,000

$ 12,971,939

Boart Longyear Ltd.

10,732,700

21,309,878

CSL Ltd.

101,453

7,690,010

Downer EDI Ltd.

3,167,343

18,920,350

Dyno Nobel Ltd.

1,000,000

1,832,123

Gunns Ltd.

1,107,600

3,199,622

Marathon Resources Ltd. (a)

265,000

1,196,845

Oxiana Ltd. (d)

5,304,000

16,858,867

Paladin Resources Ltd. (a)(d)

1,246,400

7,626,020

United Group Ltd.

1,160,308

18,390,870

United Group Ltd. (e)

25,300

401,005

TOTAL AUSTRALIA

110,397,529

Austria - 0.3%

Andritz AG

74,896

5,190,812

Belgium - 0.7%

Delhaize Group

50,000

4,648,018

Umicore SA

28,300

6,505,683

TOTAL BELGIUM

11,153,701

Bermuda - 2.0%

Proactive Technology Holdings Ltd. (a)

13,810,000

27,139,551

Sinofert Holdings Ltd.

9,936,000

6,853,612

TOTAL BERMUDA

33,993,163

Brazil - 1.4%

Cosan SA Industria E Comercio (a)

1,070,000

18,069,950

Sao Martinho SA

440,100

5,094,247

TOTAL BRAZIL

23,164,197

Canada - 1.0%

Lundin Mining Corp. (a)(d)

1,399,000

17,954,730

Cayman Islands - 2.2%

Himax Technologies, Inc. sponsored ADR (a)

3,144,500

16,068,395

Subsea 7, Inc. (a)(d)

321,500

7,708,212

Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d)

334,800

13,502,484

TOTAL CAYMAN ISLANDS

37,279,091

China - 2.2%

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

1,512,196

7,273,663

Common Stocks - continued

Shares

Value

China - continued

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

11,940,000

$ 6,485,598

Global Bio-Chem Technology Group Co. Ltd.

48,295,300

23,346,861

TOTAL CHINA

37,106,122

Finland - 2.3%

KCI Konecranes Oyj

300,000

12,335,675

Metso Corp.

140,000

9,003,743

Outotec Oyj

291,406

17,488,973

TOTAL FINLAND

38,828,391

France - 4.9%

Alstom SA

62,062

11,362,635

Business Objects SA (a)

110,000

4,950,019

Business Objects SA sponsored ADR (a)

56,100

2,524,500

Carbone Lorraine

24,668

1,937,168

Compagnie des Machines Bull SA (a)

622,340

4,990,253

Eutelsat Communications

200,000

4,542,922

Ipsen SA

8,000

425,612

Neopost SA

148,400

21,715,572

Nexans SA

65,000

11,616,813

Soitec SA (a)(d)

1,109,801

19,711,379

TOTAL FRANCE

83,776,873

Germany - 9.4%

AWD Holding AG

235,600

9,213,714

Bilfinger Berger AG

133,600

11,553,691

Demag Cranes AG

491,000

23,629,311

Deutz AG (a)(d)

741,982

9,614,806

GEA Group AG (a)

1,134,800

37,515,734

Hochtief AG

64,459

6,563,146

Kontron AG

250,000

5,381,036

MPC Muenchmeyer Petersen Capital AG

21,671

2,072,781

MTU Aero Engines Holding AG

201,350

13,872,295

Q-Cells AG (d)

116,285

10,294,972

SGL Carbon AG (a)

453,908

23,583,357

SolarWorld AG (d)

170,600

8,305,813

TOTAL GERMANY

161,600,656

Greece - 1.1%

Bank of Piraeus

332,950

12,027,632

Common Stocks - continued

Shares

Value

Greece - continued

Hellenic Technodomiki Tev SA

550,000

$ 7,510,873

TOTAL GREECE

19,538,505

Italy - 0.7%

Impregilo SpA (a)

1,500,000

12,048,322

Japan - 23.2%

Acca Networks Co. Ltd.

2,361

4,679,812

Adeka Corp.

98,500

998,605

Air Water, Inc. (d)

973,000

11,567,723

Alps Electric Co. Ltd.

200,000

1,982,292

Asics Corp.

1,223,000

16,689,295

Atrium Co. Ltd.

372,000

11,319,852

Fujikura Ltd.

500,000

3,099,988

Hikari Tsushin, Inc.

50,000

1,987,833

Ichiyoshi Securities Co. Ltd.

674,700

8,869,292

Iino Kaiun Kaisha Ltd. (d)

350,000

4,495,069

Intelligence Ltd. (d)

3,882

7,097,171

JAFCO Co. Ltd.

179,000

8,147,973

Japan General Estate Co. Ltd.

548,200

11,001,577

Japan Steel Works Ltd.

647,000

10,298,115

JGC Corp.

700,000

14,404,234

Joint Corp.

341,300

9,307,248

KK daVinci Advisors (a)(d)

12,769

10,390,685

Kurita Water Industries Ltd.

264,000

8,369,778

Leopalace21 Corp.

612,500

19,363,187

Makino Milling Machine Co. Ltd.

100,000

1,332,700

Miraial Co. Ltd.

96,800

5,950,471

Mitsumi Electric Co. Ltd.

224,000

8,730,629

Nabtesco Corp.

457,000

6,834,900

Namco Bandai Holdings, Inc.

529,000

8,288,877

Nidec Sankyo Corp. (d)

827,000

5,325,418

Nintendo Co. Ltd.

79,600

39,004,001

Nippon Electric Glass Co. Ltd.

643,500

10,033,245

Okuma Corp.

200,000

3,252,349

Organo Corp. (d)

429,000

9,195,226

Risa Partners, Inc. (d)

2,146

5,039,821

SHIMIZU Corp. (d)

700,000

4,171,177

Sojitz Corp.

3,646,300

18,206,724

Sparx Group Co. Ltd. (d)

18,856

12,125,042

Sumco Corp.

341,100

17,512,303

Sumitomo Bakelite Co. Ltd.

642,000

4,579,252

Common Stocks - continued

Shares

Value

Japan - continued

The Sumitomo Warehouse Co. Ltd.

288,000

$ 1,774,702

Tokai Carbon Co. Ltd. (d)

907,000

9,922,798

Tokuyama Corp. (d)

2,090,000

30,354,404

Tokyo Tatemono Co. Ltd.

1,003,000

12,100,194

Urban Corp.

326,300

5,168,480

Wacom Co. Ltd. (d)

1,700

3,221,751

Yoshinoya D&C Co. Ltd. (d)

4,000

6,837,174

Zenrin Co. Ltd. (d)

196,300

5,049,458

TOTAL JAPAN

398,080,825

Luxembourg - 1.4%

Acergy SA

923,900

24,483,350

Netherlands - 4.8%

Advanced Metallurgical Group NV

149,000

6,524,293

Koninklijke Wessanen NV

1,017,015

16,894,418

Nutreco Holding NV

299,000

22,400,231

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

150,000

4,829,591

QIAGEN NV (a)(d)

995,000

17,114,000

QIAGEN NV (a)(d)

200,000

3,486,556

Tele Atlas NV (Netherlands) (a)

408,200

11,729,770

TOTAL NETHERLANDS

82,978,859

Norway - 8.5%

Aker Kvaerner ASA

367,500

9,583,448

Aker Yards AS

705,000

8,224,677

Cermaq ASA

1,898,500

35,339,564

ElectroMagnetic GeoServices ASA (d)

742,300

14,708,971

Leroy Seafood Group ASA (d)

392,900

9,369,527

Marine Harvest ASA (a)(d)

26,275,000

33,222,404

Norwegian Property ASA (d)

592,400

7,139,737

Petroleum Geo-Services ASA

331,600

7,974,830

ProSafe ASA

665,000

10,382,068

TGS Nopec Geophysical Co. ASA (a)

502,700

9,853,396

TOTAL NORWAY

145,798,622

Papua New Guinea - 3.1%

Lihir Gold Ltd. (a)

13,300,867

34,683,061

Lihir Gold Ltd. sponsored ADR (d)

720,000

18,799,200

TOTAL PAPUA NEW GUINEA

53,482,261

Common Stocks - continued

Shares

Value

Portugal - 0.9%

Banif SGPS SA

1,382,174

$ 11,801,698

Sonae Industria SGPS SA (a)

300,000

4,261,042

TOTAL PORTUGAL

16,062,740

Spain - 1.4%

Abengoa SA

370,324

17,857,265

Tecnicas Reunidas SA

98,035

6,874,992

TOTAL SPAIN

24,732,257

Sweden - 0.7%

Bergman & Beving AB (B Shares)

315,000

11,453,525

Switzerland - 1.1%

BB Biotech AG (d)

70,000

5,622,139

Cytos Biotechnology AG (a)

68,355

7,816,876

Panalpina Welttransport Holding AG

25,000

4,933,417

TOTAL SWITZERLAND

18,372,432

Taiwan - 2.6%

HannStar Display Corp. (a)

52,289,000

15,140,526

Motech Industries, Inc.

715,000

8,935,048

PixArt Imaging, Inc.

1,590,000

20,354,171

TOTAL TAIWAN

44,429,745

United Kingdom - 10.0%

ARM Holdings PLC

2,500,000

7,528,876

ARM Holdings PLC sponsored ADR

1,300,000

11,570,000

Autonomy Corp. PLC (a)

1,358,400

23,013,844

Avis Europe PLC (a)

15,900,698

14,777,560

Blinkx PLC (a)

978,000

834,418

Carter & Carter Group PLC

800,000

999,449

Gyrus Group PLC (a)

977,171

8,570,346

Invensys PLC (a)

3,400,000

26,349,289

Investec PLC

400,000

5,033,809

Laird Group PLC

462,461

5,082,388

Meggitt PLC

1,362,600

8,553,076

Michael Page International PLC

769,827

8,554,131

Morgan Crucible Co. PLC

732,300

4,295,428

Optos PLC (a)

160,000

739,430

Premier Foods PLC

1,690,000

8,762,901

Renovo Group PLC (a)

8,472,203

30,978,780

Wolfson Microelectronics PLC (a)

1,100,000

6,234,367

TOTAL UNITED KINGDOM

171,878,092

Common Stocks - continued

Shares

Value

United States of America - 6.9%

AGCO Corp. (a)

633,000

$ 24,326,190

Chiquita Brands International, Inc. (d)

1,087,400

19,094,744

Covance, Inc. (a)

121,000

8,538,970

Level 3 Communications, Inc. (a)

1,444,600

7,555,258

NII Holdings, Inc. (a)

116,800

9,813,536

Pharmaceutical Product Development, Inc.

225,000

7,537,500

Titanium Metals Corp. (a)(d)

1,193,614

39,890,582

Unisys Corp. (a)

80,779

653,502

TOTAL UNITED STATES OF AMERICA

117,410,282

TOTAL COMMON STOCKS

(Cost $1,391,359,190)

1,701,195,082

Money Market Funds - 13.6%

Fidelity Cash Central Fund, 5.38% (b)

14,546,624

14,546,624

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

218,408,759

218,408,759

TOTAL MONEY MARKET FUNDS

(Cost $232,955,383)

232,955,383

TOTAL INVESTMENT PORTFOLIO - 112.8%

(Cost $1,624,314,573)

1,934,150,465

NET OTHER ASSETS - (12.8)%

(219,534,269)

NET ASSETS - 100%

$ 1,714,616,196

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) 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 $401,005 or 0.0% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

United Group Ltd.

7/12/07

$ 372,144

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 814,544

Fidelity Securities Lending Cash Central Fund

2,622,457

Total

$ 3,437,001

Income Tax Information

At July 31, 2007, the aggregate cost of investment securities for income tax purposes was $1,628,283,817. Net unrealized appreciation aggregated $305,866,648, of which $376,666,253 related to appreciated investment securities and $70,799,605 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® International
Value Fund

July 31, 2007

1.834741.101

FIV-QTLY-0907

Investments July 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%

Shares

Value

Australia - 2.6%

AMP Ltd.

409,200

$ 3,507,920

Australia & New Zealand Banking Group Ltd.

50,600

1,220,262

Macquarie Airports unit

801,096

2,983,198

Macquarie Infrastructure Group unit

410,400

1,143,592

National Australia Bank Ltd.

53,400

1,745,565

Zinifex Ltd.

83,800

1,421,776

TOTAL AUSTRALIA

12,022,313

Brazil - 1.7%

Petroleo Brasileiro SA Petrobras sponsored ADR

72,200

4,685,780

TAM SA (PN) sponsored ADR (ltd. vtg.) (d)

40,300

1,092,130

Uniao de Bancos Brasileiros SA (Unibanco) GDR

18,700

2,181,168

TOTAL BRAZIL

7,959,078

Canada - 2.2%

Cameco Corp.

22,900

929,568

Cognos, Inc. (a)

23,900

958,868

Finning International, Inc.

129,200

3,391,394

First Quantum Minerals Ltd.

20,500

1,920,854

Open Text Corp. (a)

18,240

343,015

RONA, Inc. (a)

128,600

2,708,955

TOTAL CANADA

10,252,654

Cayman Islands - 2.5%

GlobalSantaFe Corp.

112,000

8,031,520

Subsea 7, Inc. (a)(d)

158,500

3,800,160

TOTAL CAYMAN ISLANDS

11,831,680

Czech Republic - 0.2%

Ceske Energeticke Zavody AS

17,900

938,593

Finland - 0.3%

Nokia Corp. sponsored ADR

50,200

1,437,728

France - 11.3%

Accor SA

18,100

1,567,760

Alcatel-Lucent SA

240,600

2,790,971

AXA SA sponsored ADR

218,600

8,560,376

BNP Paribas SA

31,200

3,489,260

Compagnie de St. Gobain

37,200

4,174,015

Gaz de France

37,400

1,757,906

LVMH Moet Hennessy - Louis Vuitton

14,700

1,664,696

Peugeot Citroen SA

17,200

1,467,211

Societe Generale Series A

58,035

10,098,090

Common Stocks - continued

Shares

Value

France - continued

Suez SA (France)

53,600

$ 2,858,199

Total SA:

Series B

35,200

2,767,083

sponsored ADR

82,900

6,516,769

Unibail-Rodamco

13,372

3,207,565

Vallourec SA

7,900

2,087,188

TOTAL FRANCE

53,007,089

Germany - 10.7%

Allianz AG sponsored ADR (d)

322,500

6,837,000

Arcandor AG (a)(d)

67,700

2,087,118

BASF AG sponsored ADR

48,000

6,213,600

DaimlerChrysler AG

80,200

7,278,150

E.ON AG

76,400

11,994,078

GFK AG

25,300

1,313,801

Heidelberger Druckmaschinen AG

22,700

1,116,663

Lanxess AG

54,300

2,949,766

Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)

47,900

8,313,596

RWE AG

18,600

1,988,511

TOTAL GERMANY

50,092,283

Greece - 0.6%

Alpha Bank AE

46,900

1,604,390

Greek Organization of Football Prognostics SA

38,600

1,340,529

TOTAL GREECE

2,944,919

Hong Kong - 1.5%

Chaoda Modern Agriculture (Holdings) Ltd.

1,184,000

881,139

Swire Pacific Ltd. (A Shares)

537,800

6,087,266

TOTAL HONG KONG

6,968,405

India - 0.6%

Satyam Computer Services Ltd. sponsored ADR

106,200

2,831,292

Ireland - 0.5%

Bank of Ireland

120,071

2,251,340

Italy - 1.2%

Fiat SpA

55,100

1,637,603

Intesa Sanpaolo SpA

203,981

1,558,871

Unicredito Italiano SpA

287,400

2,466,944

TOTAL ITALY

5,663,418

Common Stocks - continued

Shares

Value

Japan - 19.6%

Aioi Insurance Co. Ltd.

273,000

$ 1,615,124

Asahi Breweries Ltd.

63,100

898,265

Canon, Inc.

86,950

4,615,306

Casio Computer Co. Ltd.

74,300

1,132,376

Denso Corp.

69,700

2,625,516

East Japan Railway Co.

686

5,088,018

Fujitsu Ltd.

85,000

561,039

Ibiden Co. Ltd.

16,200

1,187,708

Japan Tobacco, Inc.

504

2,561,390

JGC Corp.

32,000

658,479

JSR Corp.

57,200

1,434,884

Konica Minolta Holdings, Inc.

216,000

3,193,519

Kubota Corp.

331,000

2,748,477

Leopalace21 Corp.

56,600

1,789,317

Misawa Homes Holdings, Inc. (a)(d)

48,500

586,341

Mitsubishi Estate Co. Ltd.

48,000

1,221,114

Mitsui & Co. Ltd.

463,000

10,880,749

Mizuho Financial Group, Inc.

313

2,204,494

Nidec Corp.

17,200

1,138,564

Nippon Building Fund, Inc.

48

635,081

Nippon Oil Corp.

132,000

1,175,234

NTT DoCoMo, Inc.

782

1,079,942

ORIX Corp.

32,100

7,704,521

Osaka Gas Co. Ltd.

1,589,000

5,479,824

Shin-Etsu Chemical Co. Ltd.

16,400

1,210,967

Sumitomo Mitsui Financial Group, Inc.

109

985,060

Sumitomo Realty & Development Co. Ltd.

30,000

891,373

Sumitomo Trust & Banking Co. Ltd.

197,000

1,663,218

Takeda Pharamaceutical Co. Ltd.

100,000

6,514,131

Tokuyama Corp.

176,000

2,556,160

Tokyo Tomin Bank Ltd.

30,200

1,047,306

Toyota Motor Corp.

165,000

9,951,975

Toyota Motor Corp. sponsored ADR

16,500

1,990,395

Xebio Co. Ltd.

47,600

1,343,671

Yamada Denki Co. Ltd.

10,970

1,090,023

TOTAL JAPAN

91,459,561

Kazakhstan - 0.3%

JSC Halyk Bank of Kazakhstan:

GDR (e)

4,700

101,050

unit

58,600

1,259,900

TOTAL KAZAKHSTAN

1,360,950

Common Stocks - continued

Shares

Value

Korea (South) - 0.6%

Kookmin Bank sponsored ADR

15,200

$ 1,304,008

Samsung Electronics Co. Ltd. GDR

5,151

1,710,132

TOTAL KOREA (SOUTH)

3,014,140

Mexico - 0.4%

America Movil SAB de CV Series L sponsored ADR

28,000

1,676,640

Netherlands - 3.8%

ABN-AMRO Holding NV sponsored ADR

102,100

4,890,590

Heineken NV (Bearer)

25,100

1,588,830

ING Groep NV sponsored ADR

251,400

10,604,052

TomTom Group BV (a)

6,900

450,837

TOTAL NETHERLANDS

17,534,309

Norway - 2.4%

DnB Nor ASA

226,400

3,017,993

Fred Olsen Energy ASA (d)

50,500

2,555,843

Orkla ASA (A Shares)

144,150

2,757,467

Petroleum Geo-Services ASA

121,050

2,911,198

TOTAL NORWAY

11,242,501

Philippines - 0.2%

Philippine Long Distance Telephone Co. sponsored ADR (d)

16,200

925,992

Russia - 1.0%

Gazprom OAO sponsored ADR

103,000

4,454,750

Singapore - 0.6%

DBS Group Holdings Ltd.

197,000

3,001,781

South Africa - 0.7%

Impala Platinum Holdings Ltd.

115,700

3,395,807

Spain - 5.0%

Banco Bilbao Vizcaya Argentaria SA sponsored ADR (d)

295,700

7,220,994

Banco Santander Central Hispano SA

441,000

8,399,917

Banco Santander Central Hispano SA sponsored ADR

95,300

1,772,580

Gestevision Telecinco SA

79,600

2,191,484

Telefonica SA sponsored ADR

52,700

3,701,121

TOTAL SPAIN

23,286,096

Sweden - 1.8%

Atlas Copco AB (A Shares)

52,800

931,920

Svenska Cellulosa AB (SCA) (B Shares)

208,200

3,715,595

Telefonaktiebolaget LM Ericsson (B Shares)

1,054,000

3,943,014

TOTAL SWEDEN

8,590,529

Common Stocks - continued

Shares

Value

Switzerland - 9.2%

Credit Suisse Group sponsored ADR

108,200

$ 6,983,228

Nestle SA (Reg.)

26,756

10,327,838

Novartis AG sponsored ADR

25,500

1,375,725

Roche Holding AG (participation certificate)

43,650

7,778,528

Swiss Life Holding

8,875

2,212,287

Swiss Reinsurance Co. (Reg.)

37,977

3,287,231

UBS AG (NY Shares)

178,600

9,835,502

Zurich Financial Services AG (Reg.)

3,949

1,163,501

TOTAL SWITZERLAND

42,963,840

Taiwan - 0.4%

Novatek Microelectronics Corp.

351,898

1,630,300

United Kingdom - 16.0%

3i Group plc

124,610

2,728,771

BAE Systems PLC

277,500

2,381,690

Barclays PLC

539,900

7,557,230

BHP Billiton PLC

196,400

5,876,783

BP PLC

182,000

2,105,128

British American Tobacco PLC

96,800

3,134,375

HBOS plc

271,600

5,349,005

HSBC Holdings PLC (United Kingdom) (Reg.)

228,900

4,264,853

Informa PLC

141,800

1,528,119

Land Securities Group PLC

77,000

2,646,589

National Grid PLC

434,500

6,200,569

Old Mutual plc

677,400

2,251,251

Prudential PLC

159,928

2,220,539

Rolls-Royce Group PLC

490,619

5,082,882

Royal Bank of Scotland Group PLC

716,200

8,620,215

Tesco PLC

536,400

4,487,880

Vedanta Resources PLC

46,600

1,693,525

Vodafone Group PLC sponsored ADR

162,512

4,932,239

Yell Group PLC

203,100

1,918,485

TOTAL UNITED KINGDOM

74,980,128

United States of America - 0.2%

Virgin Media, Inc.

27,900

693,036

TOTAL COMMON STOCKS

(Cost $422,200,716)

458,411,152

Money Market Funds - 5.2%

Shares

Value

Fidelity Cash Central Fund, 5.38% (b)

8,385,679

$ 8,385,679

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

15,920,165

15,920,165

TOTAL MONEY MARKET FUNDS

(Cost $24,305,844)

24,305,844

TOTAL INVESTMENT PORTFOLIO - 103.3%

(Cost $446,506,560)

482,716,996

NET OTHER ASSETS - (3.3)%

(15,389,901)

NET ASSETS - 100%

$ 467,327,095

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $101,050 or 0.0% of net assets.

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 443,552

Fidelity Securities Lending Cash Central Fund

322,888

Total

$ 766,440

Income Tax Information

At July 31, 2007, the aggregate cost of investment securities for income tax purposes was $446,652,550. Net unrealized appreciation aggregated $36,064,446, of which $47,420,500 related to appreciated investment securities and $11,356,054 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

July 31, 2007

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

1.834738.101

AFIV-QTLY-0907

Investments July 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%

Shares

Value

Australia - 2.6%

AMP Ltd.

409,200

$ 3,507,920

Australia & New Zealand Banking Group Ltd.

50,600

1,220,262

Macquarie Airports unit

801,096

2,983,198

Macquarie Infrastructure Group unit

410,400

1,143,592

National Australia Bank Ltd.

53,400

1,745,565

Zinifex Ltd.

83,800

1,421,776

TOTAL AUSTRALIA

12,022,313

Brazil - 1.7%

Petroleo Brasileiro SA Petrobras sponsored ADR

72,200

4,685,780

TAM SA (PN) sponsored ADR (ltd. vtg.) (d)

40,300

1,092,130

Uniao de Bancos Brasileiros SA (Unibanco) GDR

18,700

2,181,168

TOTAL BRAZIL

7,959,078

Canada - 2.2%

Cameco Corp.

22,900

929,568

Cognos, Inc. (a)

23,900

958,868

Finning International, Inc.

129,200

3,391,394

First Quantum Minerals Ltd.

20,500

1,920,854

Open Text Corp. (a)

18,240

343,015

RONA, Inc. (a)

128,600

2,708,955

TOTAL CANADA

10,252,654

Cayman Islands - 2.5%

GlobalSantaFe Corp.

112,000

8,031,520

Subsea 7, Inc. (a)(d)

158,500

3,800,160

TOTAL CAYMAN ISLANDS

11,831,680

Czech Republic - 0.2%

Ceske Energeticke Zavody AS

17,900

938,593

Finland - 0.3%

Nokia Corp. sponsored ADR

50,200

1,437,728

France - 11.3%

Accor SA

18,100

1,567,760

Alcatel-Lucent SA

240,600

2,790,971

AXA SA sponsored ADR

218,600

8,560,376

BNP Paribas SA

31,200

3,489,260

Compagnie de St. Gobain

37,200

4,174,015

Gaz de France

37,400

1,757,906

LVMH Moet Hennessy - Louis Vuitton

14,700

1,664,696

Peugeot Citroen SA

17,200

1,467,211

Societe Generale Series A

58,035

10,098,090

Common Stocks - continued

Shares

Value

France - continued

Suez SA (France)

53,600

$ 2,858,199

Total SA:

Series B

35,200

2,767,083

sponsored ADR

82,900

6,516,769

Unibail-Rodamco

13,372

3,207,565

Vallourec SA

7,900

2,087,188

TOTAL FRANCE

53,007,089

Germany - 10.7%

Allianz AG sponsored ADR (d)

322,500

6,837,000

Arcandor AG (a)(d)

67,700

2,087,118

BASF AG sponsored ADR

48,000

6,213,600

DaimlerChrysler AG

80,200

7,278,150

E.ON AG

76,400

11,994,078

GFK AG

25,300

1,313,801

Heidelberger Druckmaschinen AG

22,700

1,116,663

Lanxess AG

54,300

2,949,766

Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)

47,900

8,313,596

RWE AG

18,600

1,988,511

TOTAL GERMANY

50,092,283

Greece - 0.6%

Alpha Bank AE

46,900

1,604,390

Greek Organization of Football Prognostics SA

38,600

1,340,529

TOTAL GREECE

2,944,919

Hong Kong - 1.5%

Chaoda Modern Agriculture (Holdings) Ltd.

1,184,000

881,139

Swire Pacific Ltd. (A Shares)

537,800

6,087,266

TOTAL HONG KONG

6,968,405

India - 0.6%

Satyam Computer Services Ltd. sponsored ADR

106,200

2,831,292

Ireland - 0.5%

Bank of Ireland

120,071

2,251,340

Italy - 1.2%

Fiat SpA

55,100

1,637,603

Intesa Sanpaolo SpA

203,981

1,558,871

Unicredito Italiano SpA

287,400

2,466,944

TOTAL ITALY

5,663,418

Common Stocks - continued

Shares

Value

Japan - 19.6%

Aioi Insurance Co. Ltd.

273,000

$ 1,615,124

Asahi Breweries Ltd.

63,100

898,265

Canon, Inc.

86,950

4,615,306

Casio Computer Co. Ltd.

74,300

1,132,376

Denso Corp.

69,700

2,625,516

East Japan Railway Co.

686

5,088,018

Fujitsu Ltd.

85,000

561,039

Ibiden Co. Ltd.

16,200

1,187,708

Japan Tobacco, Inc.

504

2,561,390

JGC Corp.

32,000

658,479

JSR Corp.

57,200

1,434,884

Konica Minolta Holdings, Inc.

216,000

3,193,519

Kubota Corp.

331,000

2,748,477

Leopalace21 Corp.

56,600

1,789,317

Misawa Homes Holdings, Inc. (a)(d)

48,500

586,341

Mitsubishi Estate Co. Ltd.

48,000

1,221,114

Mitsui & Co. Ltd.

463,000

10,880,749

Mizuho Financial Group, Inc.

313

2,204,494

Nidec Corp.

17,200

1,138,564

Nippon Building Fund, Inc.

48

635,081

Nippon Oil Corp.

132,000

1,175,234

NTT DoCoMo, Inc.

782

1,079,942

ORIX Corp.

32,100

7,704,521

Osaka Gas Co. Ltd.

1,589,000

5,479,824

Shin-Etsu Chemical Co. Ltd.

16,400

1,210,967

Sumitomo Mitsui Financial Group, Inc.

109

985,060

Sumitomo Realty & Development Co. Ltd.

30,000

891,373

Sumitomo Trust & Banking Co. Ltd.

197,000

1,663,218

Takeda Pharamaceutical Co. Ltd.

100,000

6,514,131

Tokuyama Corp.

176,000

2,556,160

Tokyo Tomin Bank Ltd.

30,200

1,047,306

Toyota Motor Corp.

165,000

9,951,975

Toyota Motor Corp. sponsored ADR

16,500

1,990,395

Xebio Co. Ltd.

47,600

1,343,671

Yamada Denki Co. Ltd.

10,970

1,090,023

TOTAL JAPAN

91,459,561

Kazakhstan - 0.3%

JSC Halyk Bank of Kazakhstan:

GDR (e)

4,700

101,050

unit

58,600

1,259,900

TOTAL KAZAKHSTAN

1,360,950

Common Stocks - continued

Shares

Value

Korea (South) - 0.6%

Kookmin Bank sponsored ADR

15,200

$ 1,304,008

Samsung Electronics Co. Ltd. GDR

5,151

1,710,132

TOTAL KOREA (SOUTH)

3,014,140

Mexico - 0.4%

America Movil SAB de CV Series L sponsored ADR

28,000

1,676,640

Netherlands - 3.8%

ABN-AMRO Holding NV sponsored ADR

102,100

4,890,590

Heineken NV (Bearer)

25,100

1,588,830

ING Groep NV sponsored ADR

251,400

10,604,052

TomTom Group BV (a)

6,900

450,837

TOTAL NETHERLANDS

17,534,309

Norway - 2.4%

DnB Nor ASA

226,400

3,017,993

Fred Olsen Energy ASA (d)

50,500

2,555,843

Orkla ASA (A Shares)

144,150

2,757,467

Petroleum Geo-Services ASA

121,050

2,911,198

TOTAL NORWAY

11,242,501

Philippines - 0.2%

Philippine Long Distance Telephone Co. sponsored ADR (d)

16,200

925,992

Russia - 1.0%

Gazprom OAO sponsored ADR

103,000

4,454,750

Singapore - 0.6%

DBS Group Holdings Ltd.

197,000

3,001,781

South Africa - 0.7%

Impala Platinum Holdings Ltd.

115,700

3,395,807

Spain - 5.0%

Banco Bilbao Vizcaya Argentaria SA sponsored ADR (d)

295,700

7,220,994

Banco Santander Central Hispano SA

441,000

8,399,917

Banco Santander Central Hispano SA sponsored ADR

95,300

1,772,580

Gestevision Telecinco SA

79,600

2,191,484

Telefonica SA sponsored ADR

52,700

3,701,121

TOTAL SPAIN

23,286,096

Sweden - 1.8%

Atlas Copco AB (A Shares)

52,800

931,920

Svenska Cellulosa AB (SCA) (B Shares)

208,200

3,715,595

Telefonaktiebolaget LM Ericsson (B Shares)

1,054,000

3,943,014

TOTAL SWEDEN

8,590,529

Common Stocks - continued

Shares

Value

Switzerland - 9.2%

Credit Suisse Group sponsored ADR

108,200

$ 6,983,228

Nestle SA (Reg.)

26,756

10,327,838

Novartis AG sponsored ADR

25,500

1,375,725

Roche Holding AG (participation certificate)

43,650

7,778,528

Swiss Life Holding

8,875

2,212,287

Swiss Reinsurance Co. (Reg.)

37,977

3,287,231

UBS AG (NY Shares)

178,600

9,835,502

Zurich Financial Services AG (Reg.)

3,949

1,163,501

TOTAL SWITZERLAND

42,963,840

Taiwan - 0.4%

Novatek Microelectronics Corp.

351,898

1,630,300

United Kingdom - 16.0%

3i Group plc

124,610

2,728,771

BAE Systems PLC

277,500

2,381,690

Barclays PLC

539,900

7,557,230

BHP Billiton PLC

196,400

5,876,783

BP PLC

182,000

2,105,128

British American Tobacco PLC

96,800

3,134,375

HBOS plc

271,600

5,349,005

HSBC Holdings PLC (United Kingdom) (Reg.)

228,900

4,264,853

Informa PLC

141,800

1,528,119

Land Securities Group PLC

77,000

2,646,589

National Grid PLC

434,500

6,200,569

Old Mutual plc

677,400

2,251,251

Prudential PLC

159,928

2,220,539

Rolls-Royce Group PLC

490,619

5,082,882

Royal Bank of Scotland Group PLC

716,200

8,620,215

Tesco PLC

536,400

4,487,880

Vedanta Resources PLC

46,600

1,693,525

Vodafone Group PLC sponsored ADR

162,512

4,932,239

Yell Group PLC

203,100

1,918,485

TOTAL UNITED KINGDOM

74,980,128

United States of America - 0.2%

Virgin Media, Inc.

27,900

693,036

TOTAL COMMON STOCKS

(Cost $422,200,716)

458,411,152

Money Market Funds - 5.2%

Shares

Value

Fidelity Cash Central Fund, 5.38% (b)

8,385,679

$ 8,385,679

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

15,920,165

15,920,165

TOTAL MONEY MARKET FUNDS

(Cost $24,305,844)

24,305,844

TOTAL INVESTMENT PORTFOLIO - 103.3%

(Cost $446,506,560)

482,716,996

NET OTHER ASSETS - (3.3)%

(15,389,901)

NET ASSETS - 100%

$ 467,327,095

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $101,050 or 0.0% of net assets.

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 443,552

Fidelity Securities Lending Cash Central Fund

322,888

Total

$ 766,440

Income Tax Information

At July 31, 2007, the aggregate cost of investment securities for income tax purposes was $446,652,550. Net unrealized appreciation aggregated $36,064,446, of which $47,420,500 related to appreciated investment securities and $11,356,054 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Japan Fund

July 31, 2007

1.804854.103

JPN-QTLY-0907

Investments July 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%

Shares

Value

CONSUMER DISCRETIONARY - 17.2%

Auto Components - 3.8%

Bridgestone Corp.

1,040,600

$ 21,960,323

Denso Corp.

294,000

11,074,629

NGK Spark Plug Co. Ltd.

729,000

13,229,546

Stanley Electric Co. Ltd.

995,600

23,571,906

69,836,404

Automobiles - 7.9%

Honda Motor Co. Ltd.

1,010,500

36,398,211

Isuzu Motors Ltd.

1,383,000

7,507,933

Toyota Motor Corp.

1,519,500

91,648,639

Yamaha Motor Co. Ltd.

291,800

8,211,249

143,766,032

Household Durables - 2.3%

Casio Computer Co. Ltd. (d)

1,059,500

16,147,410

Haseko Corp. (a)(d)

5,638,000

14,966,345

Sony Corp.

193,200

10,189,368

41,303,123

Leisure Equipment & Products - 0.4%

Fujifilm Holdings Corp.

158,700

6,879,645

Media - 0.5%

Fuji Television Network, Inc.

5,064

10,249,747

Multiline Retail - 0.9%

Marui Co. Ltd.

678,900

7,664,521

Mitsukoshi Ltd. (d)

1,769,000

8,462,269

16,126,790

Specialty Retail - 1.4%

Yamada Denki Co. Ltd.

255,590

25,396,439

TOTAL CONSUMER DISCRETIONARY

313,558,180

CONSUMER STAPLES - 0.8%

Food & Staples Retailing - 0.8%

Aeon Co. Ltd.

939,300

15,002,996

FINANCIALS - 17.6%

Capital Markets - 2.4%

Daiwa Securities Group, Inc.

810,000

8,593,306

Matsui Securities Co. Ltd. (d)

1,475,200

12,210,488

Nomura Holdings, Inc.

1,245,500

23,627,136

44,430,930

Commercial Banks - 10.6%

Chiba Bank Ltd.

471,000

3,964,028

Mitsubishi UFJ Financial Group, Inc.

3,149

33,505,361

Mizuho Financial Group, Inc.

10,728

75,558,496

Sumitomo Mitsui Financial Group, Inc. (d)

6,525

58,968,017

Sumitomo Trust & Banking Co. Ltd.

2,377,000

20,068,372

192,064,274

Consumer Finance - 0.6%

Credit Saison Co. Ltd.

415,800

10,171,100

Shares

Value

Insurance - 0.7%

Millea Holdings, Inc.

44,100

$ 1,744,155

T&D Holdings, Inc.

168,550

11,022,696

12,766,851

Real Estate Management & Development - 3.3%

Leopalace21 Corp.

860,500

27,203,301

Mitsubishi Estate Co. Ltd.

401,000

10,201,390

Mitsui Fudosan Co. Ltd.

388,000

10,130,520

Sumitomo Realty & Development Co. Ltd.

58,000

1,723,321

Tokyo Tatemono Co. Ltd.

426,000

5,139,265

Tokyu Land Corp.

576,000

5,409,117

59,806,914

TOTAL FINANCIALS

319,240,069

HEALTH CARE - 3.4%

Health Care Equipment & Supplies - 0.6%

Olympus Corp.

283,000

11,600,185

Pharmaceuticals - 2.8%

Daiichi Sankyo Co. Ltd.

305,000

8,427,432

Takeda Pharamaceutical Co. Ltd.

650,600

42,380,934

50,808,366

TOTAL HEALTH CARE

62,408,551

INDUSTRIALS - 27.3%

Building Products - 1.5%

Asahi Glass Co. Ltd. (d)

2,039,000

27,299,684

Commercial Services & Supplies - 0.5%

Dai Nippon Printing Co. Ltd.

637,000

9,346,909

Construction & Engineering - 2.1%

JGC Corp.

1,854,000

38,150,642

Electrical Equipment - 3.6%

Mitsubishi Electric Corp.

2,753,000

29,271,998

Sumitomo Electric Industries Ltd.

2,214,400

36,113,176

65,385,174

Machinery - 9.9%

Fanuc Ltd. (d)

133,900

14,493,719

Kubota Corp.

3,229,000

26,812,178

Mitsubishi Heavy Industries Ltd.

2,590,000

18,196,342

Mitsui Engineering & Shipbuilding Co.

2,032,000

11,068,273

Nabtesco Corp.

462,000

6,909,680

NGK Insulators Ltd.

780,000

23,839,124

NSK Ltd.

1,798,000

17,225,289

OSG Corp. (d)

599,100

8,421,855

SMC Corp.

35,400

4,687,688

Sumitomo Heavy Industries Ltd.

2,314,000

28,318,303

THK Co. Ltd.

560,500

13,219,668

Toshiba Machine Co. Ltd. (d)

835,000

7,582,143

180,774,262

Road & Rail - 0.7%

East Japan Railway Co.

1,699

12,601,373

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Trading Companies & Distributors - 8.7%

Mitsubishi Corp.

1,040,300

$ 30,721,031

Mitsui & Co. Ltd.

3,042,000

71,488,638

Sumitomo Corp.

2,872,200

55,625,746

157,835,415

Transportation Infrastructure - 0.3%

Mitsui-Soko Co. Ltd. (d)

791,000

4,316,420

The Sumitomo Warehouse Co. Ltd.

188,000

1,158,486

5,474,906

TOTAL INDUSTRIALS

496,868,365

INFORMATION TECHNOLOGY - 19.0%

Electronic Equipment & Instruments - 7.7%

Citizen Holdings Co. Ltd.

1,336,700

12,358,939

Dainippon Screen Manufacturing Co. Ltd. (d)

2,334,000

17,112,036

Kyocera Corp.

123,700

11,887,570

Murata Manufacturing Co. Ltd.

240,600

17,975,999

Nidec Sankyo Corp. (d)

1,108,000

7,134,902

Nippon Electric Glass Co. Ltd.

2,128,000

33,179,093

Omron Corp.

506,400

13,420,787

Yaskawa Electric Corp.

1,470,000

17,811,490

Yokogawa Electric Corp.

645,700

8,758,861

139,639,677

IT Services - 0.7%

Nomura Research Institute Ltd.

235,200

7,450,851

TIS, Inc.

192,600

4,358,466

11,809,317

Office Electronics - 5.0%

Canon, Inc.

1,091,300

57,926,206

Konica Minolta Holdings, Inc.

2,237,000

33,073,624

90,999,830

Semiconductors & Semiconductor Equipment - 0.8%

Advantest Corp. (d)

215,800

8,348,334

Rohm Co. Ltd.

70,500

5,960,913

14,309,247

Software - 4.8%

Nintendo Co. Ltd.

179,800

88,102,002

TOTAL INFORMATION TECHNOLOGY

344,860,073

MATERIALS - 12.0%

Chemicals - 6.1%

JSR Corp.

855,200

21,453,027

Kuraray Co. Ltd. (d)

938,500

10,790,577

Mitsubishi Rayon Co. Ltd.

1,377,000

10,301,513

Shares

Value

Nitto Denko Corp.

535,300

$ 28,084,820

Shin-Etsu Chemical Co. Ltd.

451,600

33,345,885

Toray Industries, Inc.

959,000

7,646,593

111,622,415

Metals & Mining - 5.9%

Hitachi Metals Ltd.

1,091,000

13,201,290

JFE Holdings, Inc.

444,500

30,483,838

Nippon Steel Corp.

2,519,000

18,947,208

Sumitomo Metal Industries Ltd.

7,634,000

43,960,833

106,593,169

TOTAL MATERIALS

218,215,584

TELECOMMUNICATION SERVICES - 1.5%

Wireless Telecommunication Services - 1.5%

KDDI Corp.

1,463

9,705,095

NTT DoCoMo, Inc.

12,677

17,506,937

27,212,032

TOTAL COMMON STOCKS

(Cost $1,625,628,271)

1,797,365,850

Money Market Funds - 5.5%

Fidelity Cash Central Fund, 5.38% (b)

20,026,088

20,026,088

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

79,790,153

79,790,153

TOTAL MONEY MARKET FUNDS

(Cost $99,816,241)

99,816,241

TOTAL INVESTMENT PORTFOLIO - 104.3%

(Cost $1,725,444,512)

1,897,182,091

NET OTHER ASSETS - (4.3)%

(78,846,685)

NET ASSETS - 100%

$ 1,818,335,406

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 600,195

Fidelity Securities Lending Cash Central Fund

360,361

Total

$ 960,556

Income Tax Information

At July 31, 2007, the aggregate cost of investment securities for income tax purposes was $1,730,458,902. Net unrealized appreciation aggregated $166,723,189, of which $221,838,087 related to appreciated investment securities and $55,114,898 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Japan Smaller Companies Fund

July 31, 2007

1.804823.103

JSC-QTLY-0907

Investments July 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%

Shares

Value

CONSUMER DISCRETIONARY - 20.9%

Auto Components - 5.8%

F-Tech, Inc.

293,300

$ 7,033,963

Fine Sinter Co. Ltd.

395,000

1,759,623

Fuji Kiko Co. Ltd. (d)

706,000

1,846,745

H-One Co. Ltd.

326,700

4,252,666

Koito Manufacturing Co. Ltd.

240,000

2,810,174

Nippon Seiki Co. Ltd.

600,000

16,451,653

Nissin Kogyo Co. Ltd.

123,300

3,629,189

Toyota Boshoku Corp.

224,700

5,822,785

Toyota Industries Corp.

85,500

3,873,735

TS tech Co. Ltd. (d)

85,500

3,071,145

50,551,678

Automobiles - 0.7%

Isuzu Motors Ltd.

500,000

2,714,365

Yachiyo Industry Co. Ltd.

190,600

3,119,817

5,834,182

Distributors - 0.1%

Jin Co. Ltd.

188,000

839,552

Diversified Consumer Services - 0.5%

Best Bridal, Inc.

1,558

3,868,039

Novarese, Inc.

86

108,893

3,976,932

Hotels, Restaurants & Leisure - 1.6%

Kappa Create Co. Ltd.

1,650

25,243

Round One Corp.

773

1,733,659

St. Marc Holdings Co. Ltd. (d)

31,100

1,460,943

VIA Holdings, Inc.

28,200

234,233

Zensho Co. Ltd. (d)

964,908

10,209,565

13,663,643

Household Durables - 2.9%

Juki Corp.

590,000

5,108,125

Makita Corp.

53,900

2,490,616

Token Corp. (d)

290,220

17,551,829

25,150,570

Internet & Catalog Retail - 0.5%

DeNA Co. Ltd.

650

2,726,766

Felissimo Corp. (d)

96,100

2,062,633

4,789,399

Leisure Equipment & Products - 0.9%

Endo Manufacturing Co. Ltd.

226,100

1,495,313

Namco Bandai Holdings, Inc.

353,100

5,532,708

Noritsu Koki Co. Ltd. (d)

46,600

972,608

Tamron Co. Ltd.

10,400

315,963

8,316,592

Media - 0.8%

Asia Media Co. Ltd. (d)

422,000

6,141,291

Zenrin Co. Ltd.

43,400

1,116,385

7,257,676

Shares

Value

Specialty Retail - 5.0%

Hikari Tsushin, Inc. (d)

310,000

$ 12,324,563

K'S Denki Corp.

131,300

3,548,333

Nishimatsuya Chain Co. Ltd.

27,700

449,542

PC Depot Corp.

3,221

980,474

Shimachu Co. Ltd.

207,300

5,886,414

Shimamura Co. Ltd.

26,700

2,581,318

United Arrows Ltd. (d)

226,000

3,515,406

Village Vanguard Co. Ltd.

25

129,497

Yamada Denki Co. Ltd.

147,440

14,650,225

44,065,772

Textiles, Apparel & Luxury Goods - 2.1%

Asics Corp.

471,000

6,427,357

Japan Vilene Co. Ltd. (d)

480,000

3,031,769

Seiren Co. Ltd. (d)

957,700

9,179,377

18,638,503

TOTAL CONSUMER DISCRETIONARY

183,084,499

CONSUMER STAPLES - 3.1%

Food & Staples Retailing - 2.1%

Cosmos Pharmaceutical Corp. (d)

139,900

2,203,697

Create SD Co. Ltd. (d)

97,100

2,239,597

Daikokutenbussan Co. Ltd.

239,800

2,388,263

Kirindo Co. Ltd.

188,900

1,583,814

Valor Co. Ltd.

816,300

10,213,633

18,629,004

Food Products - 0.8%

Ariake Japan Co. Ltd. (d)

59,600

1,159,205

Frente Co. Ltd.

179,300

3,116,632

Hokuto Corp. (d)

134,500

2,227,833

6,503,670

Personal Products - 0.2%

Artnature, Inc.

40,300

1,876,030

TOTAL CONSUMER STAPLES

27,008,704

ENERGY - 0.8%

Energy Equipment & Services - 0.8%

Shinko Plantech Co. Ltd.

538,000

6,843,882

FINANCIALS - 9.3%

Capital Markets - 0.8%

E*TRADE Securities Co. Ltd. (d)

3,141

3,390,167

Risa Partners, Inc. (d)

1,446

3,395,890

6,786,057

Commercial Banks - 4.1%

Bank of Yokohama Ltd.

1,293,000

8,991,366

Chiba Bank Ltd.

1,069,000

8,996,912

Fukuoka Financial Group, Inc. (a)

586,000

3,764,369

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Commercial Banks - continued

The Keiyo Bank Ltd.

1,263,000

$ 7,093,842

Tokyo Tomin Bank Ltd. (d)

206,500

7,161,211

36,007,700

Diversified Financial Services - 1.7%

Japan Securities Finance Co. Ltd. (d)

181,700

2,463,296

Money Partners Co. Ltd.

3,080

12,115,646

14,578,942

Real Estate Management & Development - 2.7%

ARDEPRO CO., Ltd.

31,015

8,613,764

Cosmos Initia Co. Ltd.

217,000

1,165,921

Daiwasystem Co. Ltd.

208,800

5,601,868

Joint Corp.

103,000

2,808,809

Land Co. Ltd.

291

436,642

Properst Co. Ltd. (d)

990

1,471,686

Suruga Corp.

91,100

1,868,765

Tokyu Community Corp.

18,400

538,517

Urban Corp.

93,100

1,474,672

23,980,644

Thrifts & Mortgage Finance - 0.0%

ASAX Co. Ltd.

207

397,781

TOTAL FINANCIALS

81,751,124

HEALTH CARE - 5.8%

Health Care Equipment & Supplies - 3.7%

Hogy Medical Co. (d)

304,000

14,776,914

Nakanishi, Inc.

23,200

2,698,927

Nipro Corp.

159,000

3,341,855

Sysmex Corp. (d)

287,600

11,118,440

31,936,136

Life Sciences Tools & Services - 0.5%

Shin Nippon Biomedical Laboratories Ltd. (d)

264,900

3,863,627

Soiken Holdings, Inc. (d)

658

677,637

4,541,264

Pharmaceuticals - 1.6%

Fuji Pharma Co. Ltd.

145,800

2,693,774

Nichi-iko Pharmaceutical Co. Ltd.

252,500

4,507,383

Sawai Pharmaceutical Co. Ltd. (d)

111,000

3,836,499

Towa Pharmaceutical Co. Ltd. (d)

67,500

2,784,885

13,822,541

TOTAL HEALTH CARE

50,299,941

INDUSTRIALS - 30.4%

Air Freight & Logistics - 1.3%

Kintetsu World Express, Inc.

165,600

6,577,777

Yusen Air & Sea Service Co. Ltd. (d)

200,600

4,364,935

10,942,712

Shares

Value

Building Products - 1.3%

Comany, Inc.

311,800

$ 5,054,076

Daikin Industries Ltd.

168,400

6,579,192

11,633,268

Commercial Services & Supplies - 1.8%

Asahi Pretec Corp.

128,600

4,039,534

Career Design Center Co. Ltd. (e)

3,031

3,350,027

Certo Corp.

84,050

1,794,974

Gakujo Co. Ltd. (d)

9,300

39,304

Intelligence Ltd. (d)

2,225

4,067,801

Nihonwasou Holdings, Inc.

849

287,732

TFP Consulting Group Co. Ltd. (d)

1,217

2,441,317

16,020,689

Construction & Engineering - 0.4%

Kandenko Co. Ltd. (d)

63,000

370,432

Meisei Industrial Co. Ltd. (d)

725,000

3,255,431

3,625,863

Electrical Equipment - 3.3%

Aichi Electric Co. Ltd.

25,000

69,242

Daihen Corp.

686,000

3,855,113

Endo Lighting Corp.

263,600

1,535,242

FCM Co. Ltd.

27,600

1,065,543

Iwabuchi Corp.

121,000

685,907

Nippon Carbon Co. Ltd. (d)

1,334,000

8,282,789

NPC, Inc.

24,000

2,238,636

Sec Carbon Ltd. (d)

30,000

541,333

Sumitomo Wiring Systems Ltd.

338,000

8,548,505

Terasaki Electric Co. Ltd.

88,000

1,797,662

28,619,972

Machinery - 12.8%

Harmonic Drive Systems, Inc. (d)

387

1,875,081

Hitachi Construction Machinery Co. Ltd.

659,200

26,146,748

Japan Steel Works Ltd.

305,000

4,854,598

Makino Milling Machine Co. Ltd.

283,000

3,771,541

Mori Seiki Co. Ltd.

187,600

6,119,035

Nabtesco Corp.

277,000

4,142,817

NGK Insulators Ltd.

684,000

20,905,078

NSK Ltd.

651,000

6,236,743

NTN Corp.

1,239,000

10,222,546

Obara Corp.

75

1,437

Okuma Corp.

225,000

3,658,893

Produce Co. Ltd. (a)(d)

842

2,375,125

Shima Seiki Manufacturing Ltd.

119,700

5,190,608

Sintokogio Ltd.

94,700

1,367,990

Sumitomo Heavy Industries Ltd.

521,000

6,375,901

Taiho Kogyo Co. Ltd.

390,000

5,523,203

TCM Corp.

821,000

2,961,932

111,729,276

Marine - 3.6%

Daiichi Chuo Kisen Kaisha (d)

237,000

1,713,005

Iino Kaiun Kaisha Ltd. (d)

431,800

5,545,631

Kawasaki Kinkai Kisen Kaisha Ltd.

17,000

126,762

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Marine - continued

Kawasaki Kisen Kaisha Ltd.

1,026,000

$ 14,043,535

Mitsui O.S.K. Lines Ltd.

657,000

10,256,858

31,685,791

Road & Rail - 0.5%

Hamakyorex Co. Ltd.

172,600

3,973,663

Trading Companies & Distributors - 5.2%

Itochu Corp.

1,283,000

16,094,589

JFE Shoji Holdings, Inc.

613,000

4,579,279

Marubeni Corp.

1,721,000

16,502,202

Meiji Electric Industries Co. Ltd.

62,800

733,952

Sojitz Corp.

1,605,000

8,014,094

45,924,116

Transportation Infrastructure - 0.2%

The Sumitomo Warehouse Co. Ltd. (d)

276,000

1,700,756

TOTAL INDUSTRIALS

265,856,106

INFORMATION TECHNOLOGY - 18.0%

Communications Equipment - 0.9%

Epson Toyocom Corp.

419,000

3,283,854

Mitsui Knowledge Industry Co. Ltd. (d)

16,140

4,641,581

7,925,435

Computers & Peripherals - 0.1%

Mitsumi Electric Co. Ltd.

15,000

584,640

Electronic Equipment & Instruments - 11.5%

A&D Co. Ltd. (d)

267,500

4,223,936

Canon Electronics, Inc.

205,400

5,933,910

Excel Co. Ltd.

82,800

1,350,190

Hamamatsu Photonics KK (d)

365,600

11,506,687

Ibiden Co. Ltd.

236,600

17,346,408

Meiko Electronics Co. Ltd. (d)

430,300

14,422,629

Murata Manufacturing Co. Ltd.

202,600

15,136,897

Nagano Keiki Co. Ltd. (d)

247,620

5,458,964

Nippon Electric Glass Co. Ltd.

449,000

7,000,664

Optoelectronics Co. Ltd.

70,900

610,508

Seikoh Giken Co. Ltd.

3,200

60,178

Shibaura Electronics Co. Ltd. (d)

60,700

1,595,611

Shizuki Electric Co., Inc.

298,000

1,151,114

Star Micronics Co. Ltd.

298,700

8,768,121

Sunx Ltd. (d)

953,100

6,317,113

100,882,930

IT Services - 2.7%

Bit-isle, Inc. (d)

1,364

953,384

CAC Corp. (d)

558,000

4,485,079

Shares

Value

Hitachi Systems & Services Ltd.

37,200

$ 759,125

INTEC Holdings Ltd.

442,600

6,751,718

Otsuka Corp. (d)

112,000

10,536,825

23,486,131

Semiconductors & Semiconductor Equipment - 1.7%

Axell Corp. (d)

634

1,644,568

Disco Corp.

41,200

2,245,534

Elpida Memory, Inc. (a)(d)

10,300

454,870

Micronics Japan Co. Ltd.

281,000

9,746,523

United Technology Holdings Co. Ltd.

693

930,123

15,021,618

Software - 1.1%

Alpha Systems, Inc. (d)

110,800

2,904,505

AQ Interactive, Inc. (d)

606

2,469,138

Atlus Co. Ltd. (a)

64,700

327,502

Celsys, Inc.

218

324,616

Cybernet Systems Co. Ltd. (d)

1,693

990,960

KOEI Co. Ltd. (d)

163,200

2,645,026

9,661,747

TOTAL INFORMATION TECHNOLOGY

157,562,501

MATERIALS - 9.4%

Chemicals - 6.6%

Adeka Corp.

165,100

1,673,805

Air Water, Inc.

315,000

3,744,946

C. Uyemura & Co. Ltd.

324,600

19,871,545

Chugoku Marine Paints Ltd. (d)

162,000

2,126,306

Lintec Corp.

243,200

4,789,485

Sakai Chemical Industry Co. Ltd.

529,000

4,108,401

Soken Chemical & Engineer Co. Ltd. (d)

41,100

1,103,153

Taiyo Kagaku Co. Ltd.

298,000

2,253,242

Tohcello Co. Ltd. (d)

559,000

5,692,393

Tokai Carbon Co. Ltd. (d)

1,149,000

12,570,337

57,933,613

Containers & Packaging - 0.2%

Fuji Seal International, Inc. (d)

81,900

1,746,347

Metals & Mining - 2.6%

Chuo Denki Kogyo Co. Ltd.

191,000

1,913,952

Hitachi Metals Ltd.

219,000

2,649,938

Nippon Denko Co. Ltd. (d)

1,558,000

10,129,378

Pacific Metals Co. Ltd. (d)

240,000

4,155,217

Toho Zinc Co. Ltd.

52,000

495,597

Toyo Kohan Co. Ltd.

372,000

1,968,206

Yamato Kogyo Co. Ltd.

26,400

1,254,152

22,566,440

TOTAL MATERIALS

82,246,400

TOTAL COMMON STOCKS

(Cost $693,544,941)

854,653,157

Money Market Funds - 15.0%

Shares

Value

Fidelity Cash Central Fund, 5.38% (b)

20,017,013

$ 20,017,013

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

110,924,935

110,924,935

TOTAL MONEY MARKET FUNDS

(Cost $130,941,948)

130,941,948

TOTAL INVESTMENT PORTFOLIO - 112.7%

(Cost $824,486,889)

985,595,105

NET OTHER ASSETS - (12.7)%

(110,773,957)

NET ASSETS - 100%

$ 874,821,148

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 703,201

Fidelity Securities Lending Cash Central Fund

1,102,076

Total

$ 1,805,277

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:

Affiliate

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value, end of period

Career Design Center Co. Ltd.

$ 9,006,840

$ -

$ 647,558

$ 15,766

$ 3,350,027

Income Tax Information

At July 31, 2007, the aggregate cost of investment securities for income tax purposes was $824,926,008. Net unrealized appreciation aggregated $160,669,097, of which $212,213,514 related to appreciated investment securities and $51,544,417 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Latin America Fund

July 31, 2007

1.804841.103

LAF-QTLY-0907

Investments July 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%

Shares

Value

Argentina - 0.1%

Banco Patagonia SA unit

233,800

$ 6,077,658

Bahamas (Nassau) - 0.1%

Ultrapetrol (Bahamas) Ltd.

279,300

6,563,550

Bermuda - 1.2%

Credicorp Ltd. (NY Shares)

348,400

22,416,056

Dufry South America Ltd. unit

1,462,869

38,974,644

TOTAL BERMUDA

61,390,700

Brazil - 60.2%

Acucar Guarani SA

1,418,500

9,899,838

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

486,700,000

17,954,844

All America Latina Logistica SA unit

3,387,900

46,389,884

Banco ABC Brasil SA unit

192,419

9,262,500

Banco Bradesco SA:

(PN)

2,666,808

69,592,904

(PN) sponsored ADR (d)

6,824,200

177,702,168

Banco Daycoval SA (PN)

1,443,900

14,092,623

Banco do Estado do Rio Grande do Sul SA unit

535,461

10,401,164

Banco Indusval SA (e)

560,088

5,201,964

Banco Itau Holding Financeira SA:

(PN) (non-vtg.)

2,960,740

135,151,920

sponsored ADR (non-vtg.)

2,217,700

101,437,598

Brasil Telecom Participacoes SA sponsored ADR

767,100

50,743,665

Companhia Brasileira (a)(e)

19,000

10,789,725

Companhia Brasileira de Distribuicao Grupo Pao de Acucar sponsored ADR

570,200

21,200,036

Companhia de Bebidas das Americas (AmBev):

(PN) sponsored ADR

1,731,026

118,575,281

sponsored ADR

74,145

5,193,857

Companhia de Saneamento de Minas Gerais

1,552,100

23,888,600

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

15,210

0

Companhia Providencia Industria e Comercio

1,539,000

12,243,716

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

537,000

30,963,420

Companhia Vale do Rio Doce:

(PN-A)

929,800

39,107,658

(PN-A) sponsored ADR

8,457,800

358,018,674

sponsored ADR (d)

5,463,000

267,741,630

Duratex SA (PN)

2,222,400

65,107,993

Eletropaulo Metropolitana SA (PN-B)

372,070,000

24,266,894

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

11,465,310

113,181

Gafisa SA (a)

1,804,400

28,633,669

Gafisa SA ADR (a)(d)

178,000

5,598,100

Shares

Value

Gol Linhas Aereas Inteligentes SA sponsored ADR (d)

295,200

$ 7,356,384

GVT Holding SA

2,277,500

44,046,333

Inpar SA

1,299,400

14,344,295

JBS SA

4,754,000

20,891,158

JBS SA (receipts)

1,271,834

5,588,996

Klabin Segall SA

943,300

10,162,929

Localiza Rent a Car SA

3,276,900

33,652,486

Lojas Renner SA

682,100

12,778,967

LPS Brasil Consultoria de Imoveis SA

514,600

7,920,284

Medial Saude SA

2,099,200

34,203,078

MRV Engenharia e Participacoes SA

480,700

7,883,255

Multiplan Empreendimentos Imobiliarios SA

1,468,400

19,132,374

Petroleo Brasileiro SA Petrobras:

(ON)

198,700

6,460,228

(PN) (non-vtg.)

3,416,480

96,010,305

(PN) sponsored ADR (non-vtg.)

4,655,400

260,004,090

sponsored ADR (d)

4,169,060

270,571,994

Profarma Distribuidora de Produtos Farmaceuticos SA

796,000

15,102,961

Redecard SA

290,600

4,952,322

Sao Carlos Empreen E Part SA

1,055,600

12,381,255

Submarino SA

1,202,300

50,671,183

TAM SA:

(PN) (ltd.-vtg.)

1,239,500

33,549,782

(PN) sponsored ADR (ltd. vtg.) (d)

554,100

15,016,110

Tegma Gestao Logistica

1,991,700

32,980,066

Terna Participacoes SA unit

1,248,500

19,540,529

TIM Participacoes SA

1,833,200

6,324,063

TIM Participacoes SA sponsored ADR (non-vtg.) (d)

360,000

12,445,200

Totvs SA

1,128,700

35,043,493

Tractebel Energia SA

1,875,300

22,622,635

Uniao de Bancos Brasileiros SA (Unibanco):

unit

431,200

5,018,690

GDR

1,294,600

151,002,144

Usinas Siderurgicas de Minas Gerais SA

266,800

18,972,791

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

1,740,100

107,128,543

Votorantim Celulose e Papel SA:

(PN) (non-vtg.)

96,565

2,306,244

sponsored ADR (non-vtg.) (d)

2,818,150

66,987,426

TOTAL BRAZIL

3,122,326,099

Chile - 5.6%

CAP SA

3,761,469

91,449,399

Empresa Nacional de Electricidad SA sponsored ADR

419,900

18,412,615

Enersis SA sponsored ADR

736,300

13,047,236

Inversiones Aguas Metropolitanas SA ADR (e)

1,443,000

34,700,616

Lan Airlines SA sponsored ADR (d)

1,294,800

103,674,636

Common Stocks - continued

Shares

Value

Chile - continued

Masisa SA

67,066,715

$ 18,388,537

Vina Concha y Toro SA sponsored ADR

217,750

10,560,875

TOTAL CHILE

290,233,914

Colombia - 1.2%

Almacenes Exito SA unit (e)

2,946,800

23,500,884

BanColombia SA sponsored ADR

1,125,300

40,049,427

TOTAL COLOMBIA

63,550,311

Luxembourg - 1.0%

Tenaris SA sponsored ADR

502,700

24,215,059

Ternium SA sponsored ADR

807,800

24,936,786

TOTAL LUXEMBOURG

49,151,845

Mexico - 27.4%

Alsea SAB de CV

18,021,400

30,718,016

America Movil SAB de CV Series L sponsored ADR

9,585,000

573,949,801

Axtel SAB de CV unit (a)

6,390,929

46,565,184

Banco Compartamos SA de CV

5,221,600

28,964,250

Cemex SA de CV sponsored ADR

5,849,818

189,183,114

Corporacion Geo SA de CV Series B (a)

11,555,700

63,363,009

Fomento Economico Mexicano SA de CV sponsored ADR

3,118,995

115,465,195

Grupo Aeroportuario del Pacifico SA de CV sponsored ADR

679,600

33,042,152

Grupo Aeroportuario Norte Sab de CV ADR

86,800

2,317,560

Grupo Televisa SA de CV

1,507,400

7,625,872

Grupo Televisa SA de CV (CPO) sponsored ADR

4,864,700

122,833,675

Industrias Penoles SA de CV

2,305,800

30,241,514

Telefonos de Mexico SA de CV Series L sponsored ADR

1,605,500

54,859,935

Urbi, Desarrollos Urbanos, SA de CV (a)

10,502,300

44,390,327

Wal-Mart de Mexico SA de CV Series V

20,373,416

74,073,344

TOTAL MEXICO

1,417,592,948

Panama - 1.0%

Copa Holdings SA Class A

523,600

28,750,876

Intergroup Financial Services Corp.

917,903

16,063,303

Intergroup Financial Services Corp. (e)

249,320

4,363,100

TOTAL PANAMA

49,177,279

United Kingdom - 0.3%

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

150,436

3,748,865

SABMiller PLC

507,800

13,131,567

TOTAL UNITED KINGDOM

16,880,432

Shares

Value

United States of America - 0.9%

Pricesmart, Inc.

201,290

$ 4,551,167

Southern Copper Corp. (d)

389,242

43,871,466

TOTAL UNITED STATES OF AMERICA

48,422,633

TOTAL COMMON STOCKS

(Cost $3,077,482,255)

5,131,367,369

Nonconvertible Preferred Stocks - 0.4%

Brazil - 0.4%

Brasil Telecom Participacoes SA (PN)

379,300

4,984,327

Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN)

346,940,000

13,255,605

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $17,832,884)

18,239,932

Money Market Funds - 3.7%

Fidelity Cash Central Fund, 5.38% (b)

10,633,946

10,633,946

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

183,095,775

183,095,775

TOTAL MONEY MARKET FUNDS

(Cost $193,729,721)

193,729,721

Cash Equivalents - 0.0%

Maturity Amount

Investments in repurchase agreements in a joint trading account at 5.09%, dated 7/31/07 due 8/1/07 (Collateralized by U.S. Treasury Obligations) #
(Cost $2,177,000)

$ 2,177,308

2,177,000

TOTAL INVESTMENT PORTFOLIO - 103.1%

(Cost $3,291,221,860)

5,345,514,022

NET OTHER ASSETS - (3.1)%

(162,823,889)

NET ASSETS - 100%

$ 5,182,690,133

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $82,305,154 or 1.6% of net assets.

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

Repurchase Agreement / Counterparty

Value

$2,177,000 due 8/01/07 at 5.09%

Banc of America Securities LLC

$ 390,847

Merrill Lynch Government Securities, Inc.

1,786,153

$ 2,177,000

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 3,846,614

Fidelity Securities Lending Cash Central Fund

599,802

Total

$ 4,446,416

Income Tax Information

At July 31, 2007, the aggregate cost of investment securities for income tax purposes was $3,305,764,033. Net unrealized appreciation aggregated $2,039,749,989, of which $2,084,580,370 related to appreciated investment securities and $44,830,381 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Nordic Fund

July 31, 2007

1.804855.103

NOR-QTLY-0907

Investments July 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%

Shares

Value

Denmark - 9.1%

Coloplast AS Series B (d)

66,950

$ 5,601,892

FLS Industries

76,250

6,828,756

Novo Nordisk AS Series B

296,795

31,383,198

Novozymes AS Series B

49,900

5,946,321

Rockwool International AS Series B

31,600

10,337,983

Vestas Wind Systems AS (a)

227,000

15,361,954

TOTAL DENMARK

75,460,104

Finland - 14.5%

Metso Corp.

266,000

17,107,112

Nokia Corp.

3,052,400

87,421,075

Nokian Tyres Ltd.

497,610

16,600,455

TOTAL FINLAND

121,128,642

Iceland - 0.2%

Ossur hf (a)

689,370

1,239,570

Norway - 21.2%

Aker ASA (A Shares)

57,140

3,803,582

Aker Kvaerner ASA

155,000

4,041,998

Awilco Offshore ASA (a)(d)

294,500

3,632,746

Farstad Shipping ASA

117,400

3,212,548

Havila Shipping ASA

187,400

3,424,051

Kongsberg Gruppen ASA

1,300

50,628

Norsk Hydro ASA

853,800

32,939,604

Northern Logistic Property ASA

303,200

2,600,878

Norwegian Air Shuttle AS (a)(d)

435,071

8,956,993

Norwegian Property ASA

248,900

2,999,798

Orkla ASA (A Shares)

1,214,750

23,237,137

Otrum Electronics ASA (a)

92,500

217,412

Renewable Energy Corp. AS

103,600

4,141,298

Schibsted ASA (B Shares)

78,500

3,474,643

Solstad Offshore ASA

126,200

3,464,178

Statoil ASA

775,900

23,161,989

Storebrand ASA (A Shares)

1,130,900

17,228,919

TANDBERG ASA

242,100

5,586,476

Telenor ASA

810,200

14,893,791

Yara International ASA

596,800

16,151,729

TOTAL NORWAY

177,220,398

Sweden - 52.7%

AB Volvo (B Shares)

735,100

13,691,553

ABB Ltd. (Sweden)

1,237,500

30,487,081

Alfa Laval AB

121,900

7,788,241

Assa Abloy AB (B Shares)

426,002

9,325,373

Atlas Copco AB (B Shares)

188,600

3,078,909

Elekta AB (B Shares)

1,539,900

25,710,326

H&M Hennes & Mauritz AB (B Shares)

319,540

18,566,051

Hexagon AB (B Shares)

1,160,975

23,174,357

HQ AB

137,500

5,224,025

Investment AB Kinnevik

616,600

11,827,600

LBI International AB (a)

37,800

286,104

Mekonomen AB

111,057

2,060,243

Shares

Value

Modern Times Group MTG AB (B Shares)

211,550

$ 13,092,170

NeoNet AB

864,000

4,218,637

Nordea Bank AB

2,731,500

44,510,871

Orexo AB (a)(d)

107,800

1,827,837

Ratos AB (B Shares) (d)

76,200

2,403,126

RNB Retail & Brands AB (d)

1,204,250

14,655,244

Sandvik AB

1,732,700

35,615,225

Scania AB (B Shares)

1,261,200

30,509,431

Skandinaviska Enskilda Banken AB
(A Shares)

723,000

25,108,265

Skanska AB (B Shares)

658,400

14,339,384

SKF AB (B Shares)

722,300

15,329,084

SSAB Svenskt Stal AB:

rights 8/23/07 (a)

285,200

978,800

(A Shares)

285,200

10,475,802

Svenska Handelsbanken AB (A Shares)

275,916

8,005,458

Swedbank AB (A Shares)

370,400

13,660,290

Swedish Match Co.

151,000

2,969,309

TELE2 AB (B Shares)

475,500

8,380,051

Telefonaktiebolaget LM Ericsson
(B Shares)

7,488,000

28,012,608

TeliaSonera AB

1,928,000

14,807,438

TOTAL SWEDEN

440,118,893

TOTAL COMMON STOCKS

(Cost $642,024,983)

815,167,607

Money Market Funds - 1.4%

Fidelity Cash Central Fund, 5.38% (b)

3,616,452

3,616,452

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

8,179,173

8,179,173

TOTAL MONEY MARKET FUNDS

(Cost $11,795,625)

11,795,625

TOTAL INVESTMENT PORTFOLIO - 99.1%

(Cost $653,820,608)

826,963,232

NET OTHER ASSETS - 0.9%

7,697,596

NET ASSETS - 100%

$ 834,660,828

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 542,155

Fidelity Securities Lending Cash Central Fund

959,507

Total

$ 1,501,662

Income Tax Information

At July 31, 2007, the aggregate cost of investment securities for income tax purposes was $654,641,050. Net unrealized appreciation aggregated $172,322,182, of which $184,540,733 related to appreciated investment securities and $12,218,551 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Overseas Fund

July 31, 2007

1.804876.103

OVE-QTLY-0907

Investments July 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.8%

Shares

Value

Australia - 4.2%

Babcock & Brown Ltd.

1,251,600

$ 30,066,071

Computershare Ltd.

10,269,163

87,421,164

CSL Ltd.

1,231,300

93,330,991

Macquarie Bank Ltd. (d)

1,169,700

82,232,688

National Australia Bank Ltd.

2,473,000

80,838,596

TOTAL AUSTRALIA

373,889,510

Austria - 0.8%

Raiffeisen International Bank Holding AG (d)

441,200

67,712,788

Brazil - 1.7%

Banco Nossa Caixa SA

578,000

9,801,030

Petroleo Brasileiro SA Petrobras sponsored ADR

974,200

63,225,580

Vivo Participacoes SA (PN) sponsored ADR (d)

17,582,400

78,944,976

TOTAL BRAZIL

151,971,586

Canada - 1.1%

Aber Diamond Corp.

2,328,300

86,784,670

Cameco Corp.

259,600

10,537,808

TOTAL CANADA

97,322,478

Cayman Islands - 1.1%

Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d)

2,373,400

95,719,222

China - 0.6%

Global Bio-Chem Technology Group Co. Ltd.

114,978,000

55,582,538

Denmark - 1.7%

DSV de Sammensluttede Vognmaend AS (d)

3,628,600

82,409,794

Vestas Wind Systems AS (a)

1,049,900

71,050,728

TOTAL DENMARK

153,460,522

Finland - 0.8%

Neste Oil Oyj (d)

1,926,322

69,587,303

France - 15.3%

Alcatel-Lucent SA sponsored ADR

4,290,000

49,764,000

Alstom SA

724,100

132,572,014

AXA SA

1,309,060

51,262,987

Cap Gemini SA

633,900

42,242,237

Carrefour SA

698,700

50,050,062

Electricite de France

982,900

100,629,249

Pernod Ricard SA

2,094,442

443,817,877

Pinault Printemps-Redoute SA

584,600

102,815,955

Societe Generale Series A

258,710

45,015,540

Sodexho Alliance SA ADR

1,301,800

86,569,700

Shares

Value

Veolia Environnement

2,782,337

$ 207,454,917

Vinci SA

616,600

44,784,902

TOTAL FRANCE

1,356,979,440

Germany - 8.1%

Bayer AG

1,148,400

81,272,582

DaimlerChrysler AG

1,416,600

128,556,450

E.ON AG

483,891

75,966,341

Hochtief AG

830,400

84,550,434

K&S AG

268,700

40,080,322

Linde AG

1,068,800

127,032,096

MLP AG

2,006,200

35,961,907

Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)

383,376

66,539,319

Siemens AG (Reg.)

585,000

74,078,836

TOTAL GERMANY

714,038,287

Hong Kong - 4.2%

China Unicom Ltd. sponsored ADR (d)

16,899,500

299,121,150

Shanghai Industrial Holdings Ltd.
(H Shares)

16,352,000

70,707,722

TOTAL HONG KONG

369,828,872

India - 3.0%

Allahabad Bank

10,885,323

26,179,215

Bank of Baroda

5,033,901

45,654,563

Gammon India Ltd.

2,169,930

23,815,778

Satyam Computer Services Ltd.

8,459,009

101,133,460

State Bank of India

1,493,012

72,087,357

TOTAL INDIA

268,870,373

Italy - 2.2%

Impregilo SpA (a)

6,876,600

55,234,326

Safilo Group SpA

6,000,000

32,544,836

Unicredito Italiano SpA

12,352,000

106,025,362

TOTAL ITALY

193,804,524

Japan - 10.6%

Canon, Inc.

687,900

36,513,733

Citizen Holdings Co. Ltd. (d)

12,719,600

117,603,621

Honda Motor Co. Ltd. sponsored ADR

2,770,600

99,797,012

Konica Minolta Holdings, Inc.

3,024,000

44,709,271

Kubota Corp.

6,803,000

56,489,082

Kurita Water Industries Ltd.

1,590,500

50,424,743

Mitsubishi Estate Co. Ltd.

2,734,000

69,552,616

Mitsui Fudosan Co. Ltd.

2,192,000

57,232,213

Mizuho Financial Group, Inc.

6,685

47,083,198

Murata Manufacturing Co. Ltd.

419,600

31,349,663

Nintendo Co. Ltd.

236,800

116,032,003

Nomura Holdings, Inc.

4,262,300

80,855,833

Omron Corp.

1,864,700

49,418,919

Common Stocks - continued

Shares

Value

Japan - continued

Sumitomo Mitsui Financial Group, Inc.

4,206

$ 38,010,648

Tokuyama Corp.

3,158,000

45,865,650

TOTAL JAPAN

940,938,205

Luxembourg - 0.9%

Acergy SA sponsored ADR

2,948,500

78,135,250

Netherlands - 3.3%

Arcelor Mittal (NY Shares) Class A (d)

2,685,300

163,857,006

ING Groep NV (Certificaten Van Aandelen)

1,473,114

62,136,188

Koninklijke Ahold NV sponsored ADR (a)

5,011,200

63,441,792

TOTAL NETHERLANDS

289,434,986

Netherlands Antilles - 2.0%

Schlumberger Ltd. (NY Shares)

1,834,200

173,735,424

Norway - 4.0%

Aker Kvaerner ASA

13,562,800

353,682,680

Russia - 0.8%

JSC MMC 'Norilsk Nickel' sponsored ADR

320,400

75,614,400

South Africa - 0.9%

Impala Platinum Holdings Ltd.

2,691,890

79,007,254

Spain - 2.6%

Banco Bilbao Vizcaya Argentaria SA

2,778,600

67,853,674

Banco Santander Central Hispano SA

4,404,400

83,892,509

Telefonica SA sponsored ADR (d)

1,098,900

77,175,747

TOTAL SPAIN

228,921,930

Sweden - 1.2%

OMX AB

3,454,500

106,125,095

Switzerland - 8.0%

Actelion Ltd. (Reg.) (a)

2,132,655

114,842,096

Compagnie Financiere Richemont unit

1,755,710

111,494,526

Credit Suisse Group (Reg.)

2,593,222

167,366,548

EFG International

474,075

22,372,079

Nestle SA (Reg.)

298,349

115,162,962

Roche Holding AG (participation certificate)

563,817

100,473,456

UBS AG (NY Shares)

1,320,600

72,725,442

TOTAL SWITZERLAND

704,437,109

Turkey - 1.2%

Turkiye Garanti Bankasi AS

6,060,000

42,466,713

Yapi ve Kredi Bankasi AS

21,368,532

64,556,493

TOTAL TURKEY

107,023,206

United Kingdom - 9.7%

3i Group plc

2,330,530

51,035,093

British Land Co. PLC

1,297,900

32,772,367

HSBC Holdings PLC sponsored ADR (d)

1,178,300

109,770,428

Land Securities Group PLC

1,778,500

61,129,336

Marks & Spencer Group PLC

6,158,400

79,064,298

Shares

Value

Rolls-Royce Group PLC

20,251,785

$ 209,811,328

Standard Chartered PLC (United Kingdom)

957,900

31,562,142

The Weir Group PLC

4,760,800

71,662,770

Vodafone Group PLC sponsored ADR

2,682,900

81,426,015

Xstrata PLC

1,994,800

129,590,530

TOTAL UNITED KINGDOM

857,824,307

United States of America - 6.8%

AES Corp. (a)

11,738,800

230,667,420

Fluor Corp.

1,649,600

190,545,296

Starwood Hotels & Resorts Worldwide, Inc.

1,192,500

75,079,800

Titanium Metals Corp. (a)

1,735,100

57,987,042

Zale Corp. (a)

2,171,400

46,098,822

TOTAL UNITED STATES OF AMERICA

600,378,380

TOTAL COMMON STOCKS

(Cost $7,045,463,210)

8,564,025,669

Nonconvertible Preferred Stocks - 0.6%

Germany - 0.6%

Porsche AG

27,800

50,910,627

United Kingdom - 0.0%

Rolls-Royce Group PLC B Shares

4,436

9

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $36,488,078)

50,910,636

Money Market Funds - 6.2%

Fidelity Cash Central Fund, 5.38% (b)

243,354,793

243,354,793

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

309,232,725

309,232,725

TOTAL MONEY MARKET FUNDS

(Cost $552,587,518)

552,587,518

Cash Equivalents - 0.2%

Maturity Amount

Investments in repurchase agreements in a joint trading account at 5.09%, dated 7/31/07 due 8/1/07 (Collateralized by U.S. Treasury Obligations) #
(Cost $15,477,000)

$ 15,479,188

15,477,000

TOTAL INVESTMENT PORTFOLIO - 103.8%

(Cost $7,650,015,806)

9,183,000,823

NET OTHER ASSETS - (3.8)%

(335,781,930)

NET ASSETS - 100%

$ 8,847,218,893

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.

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

Repurchase Agreement / Counterparty

Value

$15,477,000 due 8/01/07 at 5.09%

Banc of America Securities LLC

$ 2,778,661

Merrill Lynch Government Securities, Inc.

12,698,339

$ 15,477,000

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 12,984,097

Fidelity Securities Lending Cash Central Fund

6,806,809

Total

$ 19,790,906

Income Tax Information

At July 31, 2007, the aggregate cost of investment securities for income tax purposes was $7,653,034,039. Net unrealized appreciation aggregated $1,529,966,784, of which $1,700,161,625 related to appreciated investment securities and $170,194,841 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Pacific Basin Fund

July 31, 2007

1.804825.103

PAF-QTLY-0907

Investments July 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%

Shares

Value

Australia - 12.9%

Ausenco Ltd.

503,500

$ 4,170,439

Austal Ltd.

1,303,300

4,087,034

Babcock & Brown Ltd.

297,034

7,135,383

BHP Billiton Ltd.

731,400

23,324,307

Billabong International Ltd.

328,242

4,536,919

Brambles Ltd. (a)

515,300

4,865,371

Cochlear Ltd.

90,669

4,774,890

Computershare Ltd.

889,838

7,575,172

CSL Ltd.

150,124

11,379,210

CSR Ltd.

1,168,077

3,334,512

Gunns Ltd. (d)

1,531,057

4,422,900

HFA Holdings Ltd.

1,707,074

4,058,566

Incitec Pivot Ltd.

63,700

4,141,170

Iress Market Technology Ltd.

529,300

3,883,480

Macquarie Airports unit

1,319,965

4,915,412

Macquarie Bank Ltd.

81,072

5,699,554

Macquarie Infrastructure Group unit

1,160,797

3,234,596

National Australia Bank Ltd.

386,114

12,621,477

QBE Insurance Group Ltd.

289,651

7,397,378

Reverse Corp. Ltd.

533,839

2,547,501

Seek Ltd.

869,422

6,245,601

United Group Ltd.

679,593

10,771,542

United Group Ltd. (e)

17,100

271,035

WildHorse Energy Ltd. (d)

464,759

1,425,760

WorleyParsons Ltd.

277,317

8,011,102

Wotif.com Holdings Ltd.

728,300

3,649,251

TOTAL AUSTRALIA

158,479,562

Bermuda - 3.8%

Asia Media Co. Ltd.

563,000

8,193,239

DVN Holdings Ltd. (a)

10,409,000

2,743,227

Huabao International Holdings Ltd.

2,940,000

2,767,699

Mingyuan Medicare Development Co. Ltd.

30,320,000

6,081,337

Noble Group Ltd.

4,095,000

4,592,018

Peace Mark Holdings Ltd.

4,901,750

7,625,690

Ports Design Ltd.

1,451,500

3,473,428

Proactive Technology Holdings Ltd. (a)

698,000

1,371,717

Qualipak International Holdings Ltd.

1,137,000

1,378,023

Sinofert Holdings Ltd.

5,452,600

3,761,071

Symphony Holdings Ltd.

20,738,000

3,089,040

VODone Ltd. (a)

4,444,000

1,892,055

TOTAL BERMUDA

46,968,544

Cayman Islands - 3.9%

China Medical Technologies, Inc. sponsored ADR (a)(d)

55,200

1,806,144

Ctrip.com International Ltd. sponsored ADR

95,810

3,693,476

EganaGoldpfeil Holdings Ltd.

4,306,000

1,510,054

Hembly International Holdings Ltd.

2,282,000

1,805,992

Himax Technologies, Inc. sponsored ADR (a)

366,093

1,870,735

Shares

Value

Hop Fung Group Holdings Ltd.

776,000

$ 375,794

Kingboard Chemical Holdings Ltd.

911,900

5,019,470

Kingdee International Software Group Co. Ltd.

2,468,232

2,434,882

Lee & Man Paper Manufacturing Ltd.

1,128,000

4,807,710

Modern Beauty Salon Holdings Ltd.

2,292,000

1,176,229

Neo-Neon Holdings Ltd.

1,686,000

3,444,756

New Oriental Education & Technology Group, Inc. sponsored ADR

108,100

5,596,337

Perfect World Co. Ltd. sponsored ADR Class B

7,400

178,340

Qin Jia Yuan Media Services Co. Ltd.

5,970,368

3,808,421

Samson Holding Ltd.

5,569,000

2,492,673

SinoCom Software Group Ltd.

19,394,000

3,680,873

The9 Ltd. sponsored ADR (a)(d)

75,071

3,678,479

TOTAL CAYMAN ISLANDS

47,380,365

China - 5.3%

AMVIG Holdings Ltd.

4,392,000

5,910,539

Anhui Conch Cement Co. Ltd. (H Shares)

204,000

1,297,490

Baidu.com, Inc. sponsored ADR (a)

19,396

3,917,604

BYD Co. Ltd. (H Shares)

245,500

1,767,327

Century Sunshine Ecological Technology Holdings Ltd.

2,220,000

322,986

China Oilfield Services Ltd. (H Shares)

2,650,000

3,819,151

China Resources Land Ltd.

1,106,000

2,009,564

China Shenhua Energy Co. Ltd.
(H Shares)

1,213,000

4,761,389

China Shipping Development Co. Ltd.
(H Shares)

2,358,000

6,096,298

China Sun Bio-chem Technology Group Co. Ltd.

3,429,000

1,549,383

Chitaly Holdings Ltd.

8,165,308

2,968,641

Global Bio-Chem Technology Group Co. Ltd.

6,288,000

3,039,738

Jiangsu Expressway Co. Ltd. (H Shares)

4,840,013

4,830,192

Li Ning Co. Ltd.

2,142,000

5,076,434

Minth Group Ltd.

1,052,000

1,695,560

Pine Agritech Ltd.

1,222,000

399,004

Sina Corp. (a)

88,149

3,792,170

Tencent Holdings Ltd.

648,000

2,954,672

Weichai Power Co. Ltd. (H Shares)

692,000

4,777,885

Yantai Changyu Pioneer Wine Co.
(B Shares)

669,000

3,697,101

TOTAL CHINA

64,683,128

Hong Kong - 7.9%

Bank of East Asia Ltd.

759,228

4,533,591

Cafe de Coral Holdings Ltd.

1,434,789

2,722,854

Chaoda Modern Agriculture (Holdings) Ltd.

5,380,000

4,003,824

China Overseas Land & Investment Ltd.

1,750

3,707

China Resources Enterprise Ltd.

1,102,000

4,362,658

China State Construction International Holdings Ltd.

9,128,907

15,145,887

China Unicom Ltd.

2,888,000

5,111,760

Common Stocks - continued

Shares

Value

Hong Kong - continued

Esprit Holdings Ltd.

487,500

$ 6,514,839

Far East Consortium International Ltd.

6,041,000

2,904,839

Golden Meditech Co. Ltd. (a)

7,660,000

3,875,591

Hang Lung Properties Ltd.

2,950,000

10,851,104

IPE Group Ltd.

18,870,000

3,005,283

Li & Fung Ltd.

1,294,539

4,485,564

PYI Corp. Ltd.

9,444,215

4,126,466

Reck Seng Investments Hk Ltd.

256,000

193,303

REXCAPITAL Financial Holdings Ltd. (a)

43,911,967

6,595,122

Shanghai Industrial Holdings Ltd.
(H Shares)

1,450,000

6,269,948

Television Broadcasts Ltd.

435,792

2,972,095

Tian An China Investments Co. Ltd.

4,426,000

4,387,622

Tingyi (Cayman Island) Holding Corp.

3,522,742

4,148,515

Vtech Holdings Ltd.

127,000

1,125,304

TOTAL HONG KONG

97,339,876

India - 3.7%

Bharat Earth Movers Ltd.

1,123

34,907

Educomp Solutions Ltd.

111,989

7,098,024

Financial Technology (India) Ltd.

133,297

8,422,188

Geodesic Information Systems Ltd.

502,422

4,367,909

INFO Edge India Ltd.

115,509

2,470,266

Pantaloon Retail India Ltd.

287,601

4,236,325

Pfizer Ltd.

107,366

2,051,815

Praj Industries Ltd.

124,670

674,688

Reliance Industries Ltd.

67,398

3,175,370

Sasken Communication Technologies Ltd.

126,110

1,186,576

Shopper's Stop Ltd.

125,024

1,753,416

State Bank of India

131,824

6,364,881

Suzlon Energy Ltd.

75,624

2,391,687

Zee Entertainment Enterprises Ltd.

158,498

1,294,722

TOTAL INDIA

45,522,774

Indonesia - 1.4%

PT Astra International Tbk

2,361,000

4,801,389

PT Bakrie & Brothers Tbk (a)

71,685,500

2,371,378

PT Bank Niaga Tbk

29,692,500

3,027,222

PT Perusahaan Gas Negara Tbk Series B

6,514,348

6,535,552

TOTAL INDONESIA

16,735,541

Japan - 27.3%

ABC-Mart, Inc.

152,600

3,793,189

Aeon Fantasy Co. Ltd.

74,500

1,527,437

Aeon Mall Co. Ltd. (d)

126,900

3,795,814

Aida Engineering Ltd.

485,000

3,575,109

ARRK Corp.

199,500

1,765,770

Aruze Corp. (d)

127,700

4,037,798

Asics Corp.

364,000

4,967,215

Asunaro Aoki Construction Co. Ltd.

311,500

2,039,466

Canon Marketing Japan, Inc.

209,500

3,791,325

Canon, Inc.

169,600

9,002,368

Casio Computer Co. Ltd.

186,800

2,846,943

Shares

Value

Chofu Seisakusho Co. Ltd.

106,400

$ 1,944,294

Daiei, Inc. (a)

130,200

1,177,708

DCM Japan Holdings Co. Ltd. (d)

92,540

813,868

Denso Corp.

160,500

6,045,843

eAccess Ltd. (d)

3,893

2,114,388

Fuji Machine Manufacturing Co. Ltd.

165,300

3,791,724

Fujifilm Holdings Corp.

158,400

6,866,640

Fujitsu Business Systems Ltd.

154,300

2,590,196

Fujitsu Ltd.

1,180,000

7,788,544

H.I.S. Co. Ltd.

150,300

3,864,680

Hamakyorex Co. Ltd.

145,300

3,345,152

Hikari Tsushin, Inc.

98,400

3,912,055

Hitachi Metals Ltd.

283,000

3,424,349

Intelligent Wave, Inc. (d)

5,710

2,335,684

ISE Chemical Corp.

435,000

5,674,431

Japan Airport Terminal Co. Ltd. (d)

157,200

2,745,722

JSR Corp.

223,700

5,611,602

Kato Works Co. Ltd.

675,000

4,355,473

Keihanshin Real Estate Co. Ltd.

108,000

661,442

Kenedix Realty Investment Corp.

280

2,018,171

KK daVinci Advisors (a)

2,928

2,382,640

Kobayashi Pharmaceutical Co. Ltd.

85,500

2,959,269

Konica Minolta Holdings, Inc.

446,000

6,594,026

Kyoritsu Maintenance Co. Ltd. (d)

173,400

3,903,426

Leopalace21 Corp.

134,300

4,245,675

Lintec Corp.

198,100

3,901,303

Micronics Japan Co. Ltd.

79,900

2,771,342

Misawa Homes Holdings, Inc. (a)

132,300

1,599,441

Mitsui & Co. Ltd.

544,000

12,784,293

Mizuho Financial Group, Inc.

2,549

17,952,890

Nabtesco Corp.

306,000

4,576,541

Namco Bandai Holdings, Inc.

302,100

4,733,591

Nintendo Co. Ltd.

30,000

14,700,000

Nippon Electric Glass Co. Ltd.

413,000

6,439,363

Nippon Parkerizing Co. Ltd.

197,000

3,414,242

Nippon Seiki Co. Ltd.

129,000

3,537,105

Nitta Corp.

233,800

5,168,044

Nittoku Engineering Co. Ltd.

291,400

1,988,567

Rakuten, Inc.

8,334

2,550,184

Renown, Inc. (a)(d)

314,200

2,680,131

Risa Partners, Inc. (d)

845

1,984,459

Sankyo Seiko Co. Ltd.

425,800

1,915,352

Seikoh Giken Co. Ltd.

31,800

598,022

SFCG Co. Ltd.

20,530

3,152,274

Shimachu Co. Ltd.

72,900

2,070,041

Shoei Co.

111,870

2,114,255

Sojitz Corp.

1,675,600

8,366,614

Stanley Electric Co. Ltd.

290,600

6,880,269

Sumitomo Corp.

448,200

8,680,266

Sumitomo Metal Industries Ltd.

1,800,000

10,365,405

T&D Holdings, Inc.

92,850

6,072,129

Takeda Pharamaceutical Co. Ltd.

219,800

14,318,059

Telewave, Inc. (d)

5,218

1,626,420

Common Stocks - continued

Shares

Value

Japan - continued

The Nippon Synthetic Chemical Industry Co. Ltd. (d)

490,000

$ 2,456,302

The Sumitomo Warehouse Co. Ltd. (d)

401,000

2,471,026

Tohcello Co. Ltd.

147,000

1,496,926

Tokyo Tomin Bank Ltd. (d)

80,500

2,791,659

Torishima Pump Manufacturing Co. Ltd. (d)

444,800

6,042,810

Toyoda Gosei Co. Ltd.

160,400

5,091,951

Toyota Motor Corp.

317,700

19,162,076

Valor Co. Ltd.

222,000

2,777,688

Yamaguchi Financial Group, Inc.

285,000

3,581,727

TOTAL JAPAN

335,122,203

Korea (South) - 10.8%

CDNetworks Co. Ltd. (a)

120,643

2,747,015

Cheil Industries, Inc.

76,863

4,444,377

Doosan Heavy Industries & Construction Co. Ltd.

72,462

7,587,725

Duzon Digital Ware Co. Ltd.

111,625

2,275,141

eSang Networks Co. Ltd.

54,991

2,188,192

Hana Tour Service, Inc.

39,061

3,952,218

Hanwha Securities Co. Ltd.

76,430

1,760,180

Hyundai Engineering & Construction Co. Ltd. (a)

63,495

5,503,224

Hyunjin Materials Co. Ltd.

121,419

5,657,526

kiwoom.com Securities Co. Ltd.

19,700

1,778,698

Kookmin Bank

50,680

4,423,526

Korean Reinsurance Co.

356,926

5,333,976

Kyeryong Construction Industrial Co. Ltd.

67,780

4,443,841

LG Household & Health Care Ltd.

51,550

6,832,991

Mobilians Co. Ltd.

144,281

1,185,010

NHN Corp.

62,724

11,453,233

Nice e-Banking Services

69,243

4,615,747

S.M. Entertainment Co. Ltd. (a)

336,955

1,820,223

Samsung Corp.

143,684

9,543,990

Samsung Fire & Marine Insurance Co. Ltd.

34,432

7,067,894

Seoul Semiconductor Co. Ltd.

55,379

3,235,425

SFA Engineering Corp.

152,967

8,014,945

Shinhan Financial Group Co. Ltd.

49,617

3,369,241

SK Chemicals Co. Ltd.

13,368

1,223,839

TK Corp.

254,508

8,865,847

TSM Tech Co. Ltd.

161,065

4,166,105

Woongjin Coway Co. Ltd.

124,340

4,028,992

YBM Sisa.com, Inc.

138,305

2,666,142

Yuhan Corp.

13,309

2,809,808

TOTAL KOREA (SOUTH)

132,995,071

Malaysia - 3.1%

Bumiputra-Commerce Holdings BHD

1,732,900

5,919,299

Gamuda Bhd

3,516,571

7,940,152

IJM Corp. Bhd

1,348,100

3,395,128

IOI Corp. BHD

2,086,900

3,201,786

Shares

Value

Lafarge Malayan Cement Bhd

765,400

$ 378,878

Lion Diversified Holdings Bhd

1,351,010

3,617,555

MMC Corp. Bhd

1,898,877

4,150,100

Muhibbah Engineering (M) Bhd

756,200

2,167,139

Resorts World Bhd

3,449,700

4,154,220

Zelan Bhd

1,551,400

2,537,389

TOTAL MALAYSIA

37,461,646

New Zealand - 0.2%

Pumpkin Patch Ltd.

810,238

2,155,296

Papua New Guinea - 0.8%

Lihir Gold Ltd. (a)

1,303,811

3,399,790

Oil Search Ltd.

1,926,236

6,352,381

TOTAL PAPUA NEW GUINEA

9,752,171

Philippines - 0.5%

Filinvest Land, Inc.

62,513,000

2,643,722

GMA Networks, Inc. unit

1,996,000

472,621

Vista Land & Lifescapes, Inc.

22,000,000

3,052,863

TOTAL PHILIPPINES

6,169,206

Singapore - 8.7%

Ascott Residence Trust

1,589,000

2,043,898

China Petrotech Holdings Ltd.

8,742,000

2,854,413

Cosco Corp. Singapore Ltd.

3,319,000

11,274,967

CSE Global Ltd.

6,939,500

5,950,759

DBS Group Holdings Ltd.

819,000

12,479,486

Ezra Holdings Ltd.

1,183,000

4,877,144

Gallant Venture Ltd.

3,052,000

2,355,435

Goodpack Ltd.

9,828,000

15,105,040

Goodpack Ltd. warrants 7/16/09 (a)

1,143,125

723,879

Keppel Corp. Ltd.

1,984,000

17,667,546

KS Energy Services Ltd.

858,000

2,207,256

Olam International Ltd.

5,339,000

10,565,303

Parkway Holdings Ltd.

3,827,000

9,845,185

Pertama Holdings Ltd.

10,644,000

3,440,343

Wilmar International Ltd.

2,377,460

5,332,034

TOTAL SINGAPORE

106,722,688

Taiwan - 5.1%

Apex Biotechnology Corp.

440,000

1,282,087

D-Link Corp.

1,922,700

4,793,711

E-Life Mall Corp. Ltd.

1,325,050

2,871,500

Everlight Electronics Co. Ltd.

627,000

2,895,257

Fuhwa Financial Holding Co. Ltd. (a)

3,155,000

2,072,305

Gemtek Technology Corp.

621,000

1,716,745

Hon Hai Precision Industry Co. Ltd. (Foxconn)

1,407,885

11,671,941

Johnson Health Tech Co. Ltd.

195,000

945,015

MediaTek, Inc.

411,642

7,440,145

Opto Technology Corp. (a)

4,501,000

4,369,437

Phoenix Precision Technology Corp.

2,667,589

3,423,009

Shin Kong Financial Holdings Co. Ltd. warrants (UBS Warrant Programme) 12/17/07 (a)

4,817,404

5,853,153

Common Stocks - continued

Shares

Value

Taiwan - continued

Siliconware Precision Industries Co. Ltd.

1,315,450

$ 2,513,905

Taishin Financial Holdings Co. Ltd. (a)

5,952,000

3,201,951

Tsann Kuen Enterprise Co. Ltd.

1,346,000

1,741,525

Wistron Corp.

2,585,981

5,312,418

TOTAL TAIWAN

62,104,104

Thailand - 3.6%

ACL Bank PCL (For. Reg.) (a)

5,636,200

975,640

BEC World PCL (For. Reg.)

4,305,300

3,095,688

Bumrungrad Hospital PCL (For. Reg.)

5,243,700

7,408,986

Central Pattana PCL (For. Reg.)

2,958,071

2,976,015

Italian-Thai Development PCL (a)

9,381,900

2,040,449

Khon Kaen Sugar Industry PCL
(For. Reg.)

8,372,100

2,526,865

Minor International PCL (For. Reg.)

13,798,086

6,491,776

Siam Commercial Bank PCL (For. Reg.)

2,275,952

5,522,357

Thai Oil PCL (For. Reg.)

992,000

2,568,427

Thai Stanley Electric PCL

364,390

1,563,443

Ticon Industrial Connection PCL
(For. Reg.)

8,032,800

5,157,916

Total Access Communication PCL (a)

3,223,380

4,351,563

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

206,113

0

TOTAL THAILAND

44,679,125

Vietnam - 0.2%

Luks Group (Vietnam Holdings) Co. Ltd.

2,080,000

2,861,059

TOTAL COMMON STOCKS

(Cost $902,820,049)

1,217,132,359

Money Market Funds - 3.2%

Shares

Value

Fidelity Cash Central Fund, 5.38% (b)

15,582,680

$ 15,582,680

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

24,328,752

24,328,752

TOTAL MONEY MARKET FUNDS

(Cost $39,911,432)

39,911,432

TOTAL INVESTMENT PORTFOLIO - 102.4%

(Cost $942,731,481)

1,257,043,791

NET OTHER ASSETS - (2.4)%

(29,558,974)

NET ASSETS - 100%

$ 1,227,484,817

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) 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 $271,035 or 0.0% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

United Group Ltd.

7/12/07

$ 251,528

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 255,616

Fidelity Securities Lending Cash Central Fund

405,182

Total

$ 660,798

Income Tax Information

At July 31, 2007, the aggregate cost of investment securities for income tax purposes was $944,941,955. Net unrealized appreciation aggregated $312,101,836, of which $357,133,760 related to appreciated investment securities and $45,031,924 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Southeast Asia Fund

July 31, 2007

1.804844.103

SEA-QTLY-0907

Investments July 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.8%

Shares

Value

Australia - 1.4%

Babcock & Brown Ltd.

380,000

$ 9,128,401

HFA Holdings Ltd.

2,000,000

4,754,997

Macquarie Bank Ltd.

120,000

8,436,285

Seek Ltd.

1,020,000

7,327,297

WorleyParsons Ltd.

867,344

25,055,734

TOTAL AUSTRALIA

54,702,714

Bermuda - 0.7%

China Green (Holdings) Ltd.

6,093,000

5,394,230

Hongguo International Holdings Ltd.

4,000,000

2,770,449

NWS Holdings Ltd.

5,405,117

13,017,674

Ports Design Ltd.

3,497,000

8,368,293

TOTAL BERMUDA

29,550,646

Cayman Islands - 2.4%

Belle International Holdings Ltd.

28,840,000

33,534,027

China Infrastructure Machinery Holdings Ltd.

10,800,000

24,037,513

New World China Land Ltd.

17,720,000

18,643,574

Shimao Property Holdings Ltd.

1,402,000

3,696,674

Tianjin Port Development Holdings Ltd.

15,560,000

12,408,819

Times Ltd.

7,092,000

4,222,831

TOTAL CAYMAN ISLANDS

96,543,438

China - 21.8%

Angang Steel Co. Ltd. (H Shares)

7,360,000

20,303,820

Anhui Conch Cement Co. Ltd. (H Shares)

3,638,000

23,138,574

AviChina Industry & Technology Co. Ltd.

14,000,000

3,034,203

Baidu.com, Inc. sponsored ADR (a)(d)

54,000

10,906,920

Bank of Communications Co. Ltd.
(H Shares)

10,200,000

11,087,923

BYD Co. Ltd. (H Shares)

2,560,000

18,429,157

Changsha Zoomlion Heavy Industry Science and Technology Development Co. Ltd. (UBS Warrant Programme) 1/15/10 (a)

2,245,755

11,900,886

Changsha Zoomlion Heavy Industry Science and Technology Development Co. Ltd. warrants:

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

480,267

2,545,070

(JPMorgan Warrant Program) 2/13/12 (a)(e)

398,412

2,111,297

China Coal Energy Co. Ltd. (H Shares)

6,600,000

12,217,792

China Construction Bank Corp.
(H Shares)

26,000,000

19,279,790

China Cosco Holdings Co. Ltd.
(H Shares)

21,360,000

37,620,205

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

2,824,535

6,900,553

China Life Insurance Co. Ltd. (H Shares)

11,762,000

50,717,744

China Mengniu Dairy Co. Ltd.

7,796,000

27,475,024

China Merchants Bank Co. Ltd.
(H Shares)

10,856,500

38,855,885

Shares

Value

China Merchants Bank Co. Ltd. warrants (UBS Warrant Programme) 3/12/10 (a)

4,900,000

$ 19,279,219

China Oilfield Services Ltd. (H Shares)

20,800,000

29,976,730

China Petroleum & Chemical Corp.
(H Shares)

49,540,000

52,002,138

China Shipping Container Lines Co. Ltd. (H Shares)

14,187,000

11,732,605

China Shipping Development Co. Ltd.
(H Shares)

4,440,000

11,479,034

China Vanke Co. Ltd. (B Shares)

604,400

1,753,843

Dongfang Electrical Machinery Co. Ltd. (H Shares)

2,280,000

14,592,769

Dongfeng Motor Group Co. Ltd.
(H Shares)

14,200,000

8,271,252

Focus Media Holding Ltd. ADR (a)(d)

284,000

11,732,040

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

1,620,000

5,884,896

Guangzhou Shipyard International Co. Ltd. (a)

1,200,000

7,520,424

Harbin Power Equipment Co. Ltd.
(H Shares)

13,392,000

22,912,557

Henan Pinggao Electric Co. Ltd. warrants (UBS Warrant Programme) 7/12/10 (a)

1,425,600

4,899,706

Hudong Heavy Machinery Co. Ltd. warrants (UBS Warrant Programme) 6/8/10 (a)

1,195,812

24,658,049

Industrial & Commercial Bank of China

50,240,000

30,622,539

Jinan Diesel Engine Co. Ltd. warrants (UBS Warrant Programme) 6/11/10 (a)

2,560,723

11,085,820

Li Ning Co. Ltd.

12,806,000

30,349,588

Maanshan Iron & Steel Co. Ltd.
(H Shares)

16,200,000

14,143,955

Mindray Medical International Ltd. sponsored ADR

210,000

6,510,000

Nine Dragons Paper (Holdings) Ltd.

8,000,000

23,481,184

Offshore Oil Engine Co. Ltd. warrants (UBS Warrant Programme) 7/30/08

594,115

3,273,847

PetroChina Co. Ltd. (H Shares)

40,778,000

60,049,683

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

960,000

8,196,614

Pingdingshan Tianan Coal Mining Co. Ltd. warrants (UBS Warrant Programme) 3/16/10 (a)

5,089,251

16,598,085

Sany Heavy Industry Co. Ltd. warrants (UBS Warrant Programme) 6/28/10 (a)

1,371,187

8,249,020

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

6,200,000

15,397,547

Shanghai International Airport warrants (UBS Warrant Programme) 1/15/10 (a)

1,258,927

6,829,262

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

1,604,800

8,525,467

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

10,000,000

21,370,000

Common Stocks - continued

Shares

Value

China - continued

Shenzhen Chiwan Wharf Holding Ltd. (B Shares)

1,600,000

$ 4,088,830

Shenzhen Development Bank Co. Ltd. warrants (Goldman Sachs Warrant Program) 7/20/09 (a)

976,255

4,668,345

Shenzhen Expressway Co. Ltd.
(H Shares)

2,310,000

2,150,809

Sinopec Shanghai Petrochemical Co. Ltd. (H Shares)

6,200,000

3,841,781

Tencent Holdings Ltd.

3,072,000

14,007,334

Tsingtao Brewery Co. Ltd. (H Shares)

2,080,000

4,793,555

Weichai Power Co. Ltd. (H Shares)

3,530,000

24,372,738

Yantai Changyu Pioneer Wine Co.
(B Shares)

1,911,100

10,561,329

Zhejiang Glass Co. Ltd. Class H (a)

4,737,000

4,121,131

Zijin Mining Group Co. Ltd. (H Shares)

11,000,000

8,408,339

TOTAL CHINA

868,916,907

Hong Kong - 10.7%

Asia Financial Holdings Ltd.

9,400,000

5,441,668

Bank of East Asia Ltd.

1,297,200

7,745,993

Cheung Kong Holdings Ltd.

2,553,000

35,824,424

China Mobile (Hong Kong) Ltd.

10,820,800

124,201,143

China Overseas Land & Investment Ltd.

11,200,000

23,722,345

China Resources Power Holdings Co. Ltd.

3,800,000

9,699,657

CNOOC Ltd.

33,200,000

39,375,200

Cosco International Holdings Ltd.

12,900,000

9,251,755

Dynasty Fine Wines Group Ltd. (d)

9,022,000

3,544,382

Esprit Holdings Ltd.

3,028,700

40,474,855

Hong Kong Aircraft & Engineering Co.

660,000

11,549,776

Hong Kong Exchanges & Clearing Ltd.

2,030,000

33,125,465

iShares FTSE/Xinhua warrants (UBS Warrant Programme) 8/24/07 (a)

368,500

9,471,315

Kerry Properties Ltd.

737,000

5,310,972

Li & Fung Ltd.

4,700,000

16,285,451

New World Development Co. Ltd.

5,380,000

13,142,528

Orient Overseas International Ltd.

1,120,000

13,332,542

PYI Corp. Ltd.

10,797,180

4,717,618

Shangri-La Asia Ltd.

2,206,000

5,223,505

Sun Hung Kai Properties Ltd.

1,084,000

13,785,903

TOTAL HONG KONG

425,226,497

Indonesia - 3.0%

Ciputra Surya Tbk PT

21,000,000

2,710,415

PT Apexindo Pratama Duta Tbk

19,000,000

4,688,184

PT Bakrie & Brothers Tbk (a)

280,000,000

9,262,484

PT Bakrie Sumatera Plantation Tbk

22,000,000

4,414,322

PT Bank Negara Indonesia Tbk (f)

16,962,000

4,553,279

PT Bank Niaga Tbk

102,110,500

10,410,411

PT Hexindo Adiperkasa Tbk

22,500,000

2,440,350

PT International Nickel Indonesia Tbk

1,100,000

6,824,303

PT Jakarta International Hotel & Development Tbk (a)

52,000,000

6,260,311

Shares

Value

PT Perusahaan Gas Negara Tbk
Series B

33,700,000

$ 33,809,694

PT Tambang Batubbara Bukit Asam Tbk

32,000,000

23,080,288

PT Telkomunikasi Indonesia Tbk Series B

5,900,000

7,167,037

PT Truba Alam Manunggal
Engineering Tbk

27,000,000

4,509,767

TOTAL INDONESIA

120,130,845

Korea (South) - 29.4%

Amorepacific Corp.

16,000

11,479,598

Cheil Industries, Inc.

440,000

25,441,707

CJ Home Shopping

95,000

7,971,423

Daelim Industrial Co.

82,000

13,983,935

Daewoo Engineering & Construction Co. Ltd.

640,000

19,077,936

Daewoo Securities Co. Ltd.

680,000

24,641,619

Daishin Securities Co. Ltd.

290,000

11,601,671

Dongbu Insurance Co. Ltd.

130,000

5,434,931

Dongbu Securities Co. Ltd.

400,000

10,013,826

Doosan Co. Ltd. (a)

75,000

12,513,661

Doosan Construction & Engineering Co. Ltd. (a)

800,000

14,149,636

Doosan Heavy Industries & Construction Co. Ltd.

303,010

31,729,137

Doosan Infracore Co. Ltd.

130,000

5,155,856

GS Engineering & Construction Corp.

142,000

21,079,777

Hanjin Transportation Co.

280,000

19,558,539

Hanla Level Co. Ltd.

50,000

1,348,925

Hanwha Corp.

305,000

19,091,744

Hynix Semiconductor, Inc. (a)

885,000

35,659,346

Hyundai Department Store Co. Ltd.

273,274

29,394,501

Hyundai Engineering & Construction Co. Ltd. (a)

468,962

40,645,767

Hyundai Heavy Industries Co. Ltd.

186,260

71,861,385

Hyundai Industrial Development & Construction Co.

220,000

18,255,354

Hyundai Mipo Dockyard Co. Ltd.

85,000

26,796,233

Hyundai Motor Co.

132,000

11,581,362

Hyundai Securities Co. Ltd.

705,000

23,406,627

Kookmin Bank

570,000

49,751,576

Korea Exchange Bank

780,000

12,101,753

Korea Investment Holdings Co. Ltd.

463,000

31,567,088

Kumho Industrial Co. Ltd.

455,000

31,590,217

Kyobo Securities Co. Ltd.

530,000

15,130,913

Meritz Fire & Marine Insurance Co. Ltd.

580,000

6,283,808

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

222,414

1,006,518

Meritz Securities Co. Ltd.

680,000

11,638,934

NHN Corp.

169,978

31,037,523

POSCO

166,000

95,992,998

Pulmuone Co. Ltd.

65,000

3,488,461

Samsung Electronics Co. Ltd.

143,085

94,460,164

Samsung Electronics Co. Ltd. GDR

8,200

2,722,400

Samsung Engineering Co. Ltd.

546,000

64,048,386

Common Stocks - continued

Shares

Value

Korea (South) - continued

Samsung Fire & Marine Insurance Co. Ltd.

224,310

$ 46,044,355

Seoul Securities Co. Ltd.

5,317,099

18,228,086

Shinhan Financial Group Co. Ltd.

1,105,320

75,056,730

Shinheung Securities Co. Ltd.

350,000

6,358,261

Shinsegae Co. Ltd.

56,432

36,841,514

SK Energy Co. Ltd.

24,000

4,098,992

SK Securities Co. Ltd.

2,600,000

13,414,031

Solomon Mutual Savings Bank

200,000

4,476,757

Solomon Mutual Savings Bank rights 8/21/07

28,637

214,953

UI Energy Corp. (a)

612,270

6,919,885

TOTAL KOREA (SOUTH)

1,174,348,799

Malaysia - 3.3%

Bumiputra-Commerce Holdings Bhd

4,750,000

16,225,213

Bursa Malaysia Bhd

4,900,000

16,312,057

Cement Industries of Malaysia Bhd

1,799,900

3,881,678

DiGi.com Bhd

1,450,000

9,108,409

Golden Hope Plantation Bhd

9,400,000

22,857,143

Kinsteel Bhd

2,100,000

3,981,763

KNM Group Bhd

722,300

1,087,266

Lafarge Malayan Cement Bhd

2,919,900

1,445,370

Lingkaran Transportation Kota Holdings Bhd

4,400,000

5,018,382

Malaysian Airline System Bhd (a)

3,400,000

5,314,807

MMC Corp. Bhd

2,700,000

5,900,999

Public Bank Bhd (For. Reg.)

3,590,625

10,913,754

SapuraCrest Petroleum Bhd

5,599,100

4,116,866

Sime Darby Bhd

8,750,000

25,582,573

TOTAL MALAYSIA

131,746,280

Papua New Guinea - 0.3%

Oil Search Ltd.

3,000,000

9,893,461

Philippines - 0.2%

Philippine Long Distance Telephone Co.

159,280

9,104,220

Singapore - 9.6%

Ascendas India Trust (f)

1,157,000

900,567

Ascott Residence Trust

1,731,000

2,226,550

Banyan Tree Holdings Ltd.

3,700,000

5,735,488

CDL Hospitality Trusts unit

6,460,000

9,587,731

China Energy Ltd.

14,500,000

16,546,834

Cosco Corp. Singapore Ltd.

30,700,000

104,290,897

DBS Group Holdings Ltd.

1,450,000

22,094,327

Frasers Centrepoint Trust

1,273,000

1,293,153

Hotel Properties Ltd. rights 8/2/07 (a)

25,000

45,515

Keppel Corp. Ltd.

5,300,000

47,196,570

Pan-United Corp. Ltd.

6,064,000

3,800,000

Parkway Holdings Ltd.

744,000

1,913,984

Raffles Medical Group Ltd.

3,613,600

3,742,317

Rotary Engineering Ltd.

9,000,000

7,598,945

Shares

Value

SembCorp Industries Ltd.

4,200,000

$ 15,930,079

SembCorp Marine Ltd.

4,650,000

17,483,509

Singapore Exchange Ltd.

7,500,000

48,977,573

Singapore Technologies Engineering Ltd.

536,000

1,308,179

Straits Asia Resources Ltd.

18,018,000

13,786,860

Swiber Holdings Ltd.

2,500,000

5,277,045

The Ascott Group Ltd.

12,650,000

15,270,119

United Overseas Bank Ltd.

790,000

11,724,934

Yangzijiang Shipbuilding Holdings Ltd.

21,500,000

27,655,013

TOTAL SINGAPORE

384,386,189

Taiwan - 12.8%

Advanced Semiconductor Engineering, Inc. (a)

25,600,000

33,551,770

Ambassador Hotel

11,555,000

12,344,258

Ardentec Corp.

4,000,000

4,169,588

ASUSTeK Computer, Inc.

2,000,000

5,711,847

China Steel Corp.

18,128,000

23,758,847

Chinatrust Financial Holding Co. Ltd.

32,000,000

25,358,896

Chinatrust Financial Holding Co. Ltd. warrants (UBS Warrant Programme) 11/2/07 (a)

4,125,501

3,245,946

Chong Hong Construction Co. Ltd.

4,628,676

10,143,613

Farglory Land Developt Co. Ltd.

4,400,000

9,266,970

Formosa Plastics Corp.

15,000,000

37,032,522

Foxconn Technology Co. Ltd.

1,187,645

13,321,143

Fubon Financial Holding Co. Ltd.

11,800,000

10,969,551

Fubon No 2 (REIT)

7,000,000

2,432,259

Fuhwa Financial Holding Co. Ltd. (a)

24,796,500

16,287,134

Goldsun Development & Construction Co. Ltd.

14,000,000

8,278,216

Hon Hai Precision Industry Co. Ltd. (Foxconn)

11,615,025

96,293,299

Huaku Construction Co. Ltd.

6,380,000

13,028,742

Hung Poo Real Estate Development Co. Ltd.

5,775,000

7,181,566

KEE TAI Properties Co. Ltd.

3,549,000

4,326,862

Kindom Construction Co. Ltd.

10,000,000

5,074,827

Powerchip Semiconductor Corp.

12,000,000

7,753,970

ProMOS Technologies, Inc. (a)

10,500,000

4,080,435

Shin Kong Financial Holding Co. Ltd.

13,000,000

15,908,745

Shin Kong Financial Holding Co. Ltd. warrants (UBS Warrant Programme) 9/17/07 (a)

4,900,000

5,950,516

Shin Kong Financial Holdings Co. Ltd. warrants (UBS Warrant Programme):

12/17/07 (a)

1,275,902

1,550,223

1/31/08 (a)

6,762,280

8,233,962

Shin Kong No 1 REIT

6,483,000

2,049,094

Siliconware Precision Industries Co. Ltd.

10,707,151

20,462,019

Sinopac Holdings Co.

28,000,000

14,252,187

Tainan Spinning Co. Ltd.

12,000,000

5,943,491

Taiwan Chi Cheng Enterprise Co. Ltd.

1,100,000

3,255,509

Common Stocks - continued

Shares

Value

Taiwan - continued

Taiwan Fertilizer Co. Ltd.

13,300,000

$ 30,241,093

Taiwan Semiconductor Manufacturing Co. Ltd.

23,008,104

45,582,821

Youngtek Electronics Corp.

1,443,000

5,827,593

TOTAL TAIWAN

512,869,514

Thailand - 0.2%

Bangkok Dusit Medical Service PCL (For. Reg.)

2,600,000

3,500,518

Central Pattana PCL (For. Reg.)

5,216,600

5,248,244

True Corp. PCL (For. Reg.) (a)

100

24

TOTAL THAILAND

8,748,786

TOTAL COMMON STOCKS

(Cost $2,603,600,747)

3,826,168,296

Investment Companies - 1.3%

Hong Kong - 1.3%

iShares FTSE/Xinhua A50 China Tracker
(Cost $23,475,974)

2,077,700

53,945,547

Money Market Funds - 4.1%

Fidelity Cash Central Fund, 5.38% (b)

156,297,737

156,297,737

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

6,289,575

6,289,575

TOTAL MONEY MARKET FUNDS

(Cost $162,587,312)

162,587,312

Cash Equivalents - 0.2%

Maturity Amount

Value

Investments in repurchase agreements in a joint trading account at 5.09%, dated 7/31/07 due 8/1/07 (Collateralized by U.S. Treasury Obligations) #
(Cost $8,511,000)

$ 8,512,203

$ 8,511,000

TOTAL INVESTMENT PORTFOLIO - 101.4%

(Cost $2,798,175,033)

4,051,212,155

NET OTHER ASSETS - (1.4)%

(55,225,716)

NET ASSETS - 100%

$ 3,995,986,439

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,111,297 or 0.1% of net assets.

(f) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

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

Repurchase Agreement / Counterparty

Value

$8,511,000 due 8/01/07 at 5.09%

Banc of America Securities LLC

$ 1,528,021

Merrill Lynch Government Securities, Inc.

6,982,979

$ 8,511,000

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 2,657,963

Fidelity Securities Lending Cash Central Fund

163,308

Total

$ 2,821,271

Income Tax Information

At July 31, 2007, the aggregate cost of investment securities for income tax purposes was $2,798,557,563. Net unrealized appreciation aggregated $1,252,654,592, of which $1,284,088,196 related to appreciated investment securities and $31,433,604 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Worldwide Fund

July 31, 2007

1.804829.103

WLD-QTLY-0907

Investments July 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.1%

Shares

Value

Australia - 3.7%

AMP Ltd.

138,200

$ 1,184,737

Aristocrat Leisure Ltd.

109,900

1,278,340

AXA Asia Pacific Holdings Ltd.

238,300

1,492,545

Babcock & Brown Japan Property Trust

926,600

1,417,336

Babcock & Brown Ltd.

138,900

3,336,671

Babcock & Brown Wind Partners

918,400

1,506,533

Boart Longyear Ltd.

1,126,000

2,235,684

Brambles Ltd. (a)

230,200

2,173,507

Cochlear Ltd.

46,300

2,438,291

Computershare Ltd.

402,800

3,429,028

CSL Ltd.

174,200

13,204,141

Downer EDI Ltd.

251,079

1,499,838

Goodman Group unit

304,983

1,580,139

Macquarie Bank Ltd.

30,000

2,109,071

Mortgage Choice Ltd.

186,300

482,617

National Australia Bank Ltd.

140,300

4,586,193

Oxiana Ltd.

406,674

1,292,621

QBE Insurance Group Ltd.

120,200

3,069,780

Seek Ltd.

131,500

944,647

United Group Ltd.

46,300

733,855

United Group Ltd. (f)

5,700

90,345

Woolworths Ltd.

150,303

3,495,322

WorleyParsons Ltd.

74,500

2,152,147

TOTAL AUSTRALIA

55,733,388

Austria - 0.2%

Raiffeisen International Bank Holding AG

17,600

2,701,145

Belgium - 0.1%

InBev SA

23,800

1,933,487

Bermuda - 0.8%

Allied World Assurance Co. Holdings
Ltd.

64,100

3,041,545

Aquarius Platinum Ltd. (United Kingdom)

91,600

2,722,295

Endurance Specialty Holdings Ltd.

109,700

4,102,780

Ports Design Ltd.

326,000

780,115

Sinofert Holdings Ltd.

2,449,100

1,689,330

TOTAL BERMUDA

12,336,065

Brazil - 0.2%

Submarino SA

65,600

2,764,726

Canada - 1.8%

Cameco Corp.

79,400

3,223,043

Canadian Natural Resources Ltd.

84,000

5,765,107

Lundin Mining Corp. (a)

67,636

868,039

Niko Resources Ltd.

32,300

2,929,317

Open Text Corp. (a)

84,300

1,585,317

Potash Corp. of Saskatchewan, Inc.

107,000

8,639,180

Suncor Energy, Inc.

52,000

4,701,791

Suramina Resources, Inc. (a)

43,200

46,574

TOTAL CANADA

27,758,368

Shares

Value

Cayman Islands - 0.4%

Lee & Man Paper Manufacturing Ltd.

569,500

$ 2,427,297

Spreadtrum Communications, Inc. ADR (d)

19,200

272,640

Subsea 7, Inc. (a)

51,100

1,225,162

Suntech Power Holdings Co. Ltd. sponsored ADR (a)

48,700

1,964,071

TOTAL CAYMAN ISLANDS

5,889,170

China - 0.2%

Jiangsu Expressway Co. Ltd. (H Shares)

849,700

847,976

Nine Dragons Paper (Holdings) Ltd.

661,000

1,940,133

TOTAL CHINA

2,788,109

Cyprus - 0.2%

Aisi Realty Public Ltd.

583,060

384,820

Marfin Popular Bank Public Co.

159,249

2,118,069

TOTAL CYPRUS

2,502,889

Czech Republic - 0.1%

Ceske Energeticke Zavody AS

37,300

1,955,839

Denmark - 0.4%

Novo Nordisk AS Series B

6,900

729,608

Vestas Wind Systems AS (a)

71,400

4,831,910

TOTAL DENMARK

5,561,518

Finland - 0.5%

Citycon Oyj

44,200

283,656

Nokia Corp. sponsored ADR

169,600

4,857,344

Wartsila Corp. (B Shares)

27,000

1,906,385

TOTAL FINLAND

7,047,385

France - 5.8%

Air France KLM (Reg.)

35,700

1,626,220

Alcatel-Lucent SA

69,600

807,363

Alstom SA

63,100

11,552,678

AXA SA

93,600

3,665,390

BNP Paribas SA

25,182

2,816,235

Business Objects SA sponsored ADR (a)

56,600

2,547,000

Cap Gemini SA

37,900

2,525,605

CNP Assurances

13,200

1,749,507

Electricite de France

50,100

5,129,235

Gaz de France

49,800

2,340,741

Geodis SA

4,900

1,086,196

Groupe Danone

29,600

2,116,290

Icade SA

35,900

2,432,609

L'Oreal SA

16,100

1,861,160

LVMH Moet Hennessy - Louis Vuitton

22,000

2,491,382

Neopost SA

16,100

2,355,935

Neuf Cegetel

43,700

1,726,934

Orpea (a)

34,600

1,912,261

Pinault Printemps-Redoute SA

10,100

1,776,328

Remy Cointreau SA

19,600

1,435,388

Renault SA

22,300

3,266,851

Common Stocks - continued

Shares

Value

France - continued

Sechilienne-Sidec

10,900

$ 798,401

Societe Generale Series A

11,585

2,015,790

Suez SA (France)

71,200

3,796,711

Total SA Series B

107,896

8,481,737

Vallourec SA

5,200

1,373,845

Veolia Environnement

55,462

4,135,324

Vinci SA

80,300

5,832,351

Vivendi Universal SA

66,030

2,829,829

TOTAL FRANCE

86,485,296

Germany - 5.6%

Adidas-Salomon AG

31,400

1,925,745

Allianz AG (Reg.)

35,100

7,441,229

Arcandor AG (a)(d)

74,600

2,299,838

Bayer AG

100,600

7,119,489

Bayer AG sponsored ADR

25,900

1,832,943

Bilfinger Berger AG

15,600

1,349,084

CompuGROUP Holding AG (a)

33,200

789,106

Continental AG

14,300

2,074,341

DaimlerChrysler AG (Reg.)

43,700

3,965,790

Deutsche Boerse AG

35,200

4,116,741

E.ON AG

66,600

10,455,574

Gerresheimer AG

21,200

1,066,372

Hochtief AG

31,300

3,186,932

K&S AG

14,700

2,192,708

Linde AG

24,714

2,937,380

MAN AG

27,600

4,045,543

MTU Aero Engines Holding AG

20,900

1,439,935

Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)

23,300

4,043,983

Q-Cells AG

34,600

3,063,216

SGL Carbon AG (a)

39,100

2,031,489

Siemens AG:

(Reg.)

59,300

7,509,188

sponsored ADR

36,500

4,621,995

SolarWorld AG

66,100

3,218,138

Wincor Nixdorf AG

15,800

1,415,241

TOTAL GERMANY

84,142,000

Greece - 0.2%

EFG Eurobank Ergasias SA

49,400

1,784,547

Marfin Financial Group Holdings SA

84,400

803,802

TOTAL GREECE

2,588,349

Hong Kong - 0.6%

Chaoda Modern Agriculture (Holdings) Ltd.

858,000

638,528

Esprit Holdings Ltd.

415,600

5,553,984

Li & Fung Ltd.

696,100

2,411,979

TOTAL HONG KONG

8,604,491

India - 1.3%

Bharat Heavy Electricals Ltd.

64,496

2,773,055

Shares

Value

Bharti Airtel Ltd. (a)

151,103

$ 3,403,126

Infosys Technologies Ltd.

59,615

2,930,762

Jain Irrigation Systems Ltd.

162,869

2,141,936

Larsen & Toubro Ltd.

43,064

2,794,285

Reliance Industries Ltd.

57,147

2,692,407

Satyam Computer Services Ltd.

193,102

2,308,672

TOTAL INDIA

19,044,243

Indonesia - 0.1%

PT Perusahaan Gas Negara Tbk Series B

1,024,000

1,027,333

Ireland - 0.2%

Paddy Power PLC (Ireland)

40,000

1,288,986

Ryanair Holdings PLC sponsored ADR (a)

29,300

1,215,657

TOTAL IRELAND

2,504,643

Israel - 0.2%

Israel Chemicals Ltd.

250,100

2,063,670

Nice Systems Ltd. sponsored ADR (a)

44,200

1,468,324

TOTAL ISRAEL

3,531,994

Italy - 1.4%

AEM SpA

452,400

1,514,795

Edison SpA

593,600

1,878,740

Enel SpA

167,400

1,737,434

ENI SpA

68,551

2,391,068

Fiat SpA

161,200

4,790,955

Impregilo SpA (a)

217,600

1,747,810

Pirelli & C. Real Estate SpA

15,000

791,043

Prysmian SpA

54,700

1,498,472

Unicredito Italiano SpA

570,800

4,899,553

TOTAL ITALY

21,249,870

Japan - 8.8%

Aeon Mall Co. Ltd. (d)

51,700

1,546,443

Asahi Glass Co. Ltd.

120,000

1,606,651

Asics Corp.

116,000

1,582,959

Bank of Yokohama Ltd.

165,000

1,147,390

Canon, Inc.

130,750

6,940,210

Casio Computer Co. Ltd.

61,800

941,869

Chiba Bank Ltd.

141,000

1,186,683

Chugai Pharmaceutical Co. Ltd.

102,300

1,765,030

East Japan Railway Co.

205

1,520,472

Fujifilm Holdings Corp.

78,100

3,385,635

Honda Motor Co. Ltd.

94,500

3,403,890

Japan Tobacco, Inc.

532

2,703,689

Kawasaki Kisen Kaisha Ltd.

141,000

1,929,959

Kenedix Realty Investment Corp.

19

136,947

Keyence Corp.

5,400

1,160,039

Konica Minolta Holdings, Inc.

63,500

938,836

Kubota Corp.

207,000

1,718,836

Leopalace21 Corp.

22,400

708,139

Matsui Securities Co. Ltd.

145,100

1,201,018

Mitsubishi Corp.

60,600

1,789,575

Mitsubishi Estate Co. Ltd.

123,600

3,144,368

Common Stocks - continued

Shares

Value

Japan - continued

Mitsubishi UFJ Financial Group, Inc.

69

$ 734,160

Mitsui & Co. Ltd.

163,000

3,830,588

Mitsui Fudosan Co. Ltd.

142,000

3,707,561

Mizuho Financial Group, Inc.

699

4,923,135

Murata Manufacturing Co. Ltd.

40,300

3,010,942

Namco Bandai Holdings, Inc.

114,800

1,798,796

NGK Insulators Ltd.

123,000

3,759,247

Nintendo Co. Ltd.

39,800

19,502,001

Nippon Building Fund, Inc.

100

1,323,086

Nippon Electric Glass Co. Ltd.

55,000

857,542

Nippon Steel Corp.

286,000

2,151,211

Nomura Holdings, Inc.

175,900

3,336,823

NSK Ltd.

226,000

2,165,136

NTT DoCoMo, Inc.

1,451

2,003,831

ORIX Corp.

16,050

3,852,260

Sony Corp. sponsored ADR

46,700

2,462,958

Sumco Corp.

64,600

3,316,607

Sumitomo Corp.

115,900

2,244,629

Sumitomo Electric Industries Ltd.

113,500

1,850,996

Sumitomo Metal Industries Ltd.

256,100

1,474,767

Sumitomo Mitsui Financial Group, Inc.

285

2,575,615

Sumitomo Trust & Banking Co. Ltd.

163,200

1,377,854

T&D Holdings, Inc.

31,800

2,079,631

Takeda Pharamaceutical Co. Ltd.

80,300

5,230,847

The Sumitomo Warehouse Co. Ltd.

27,000

166,378

Tokuyama Corp.

215,300

3,126,939

Toyota Motor Corp.

152,900

9,222,164

TOTAL JAPAN

132,544,342

Korea (South) - 0.9%

Korean Reinsurance Co.

62,950

940,738

LG Household & Health Care Ltd.

35,200

4,665,787

NHN Corp.

16,372

2,989,483

Samsung Card Co. Ltd.

1,460

106,254

Samsung Fire & Marine Insurance Co. Ltd.

13,320

2,734,211

Shinhan Financial Group Co. Ltd.

24,486

1,662,721

TOTAL KOREA (SOUTH)

13,099,194

Luxembourg - 0.3%

Acergy SA

71,500

1,894,750

SES SA (A Shares) FDR

95,727

2,017,216

TOTAL LUXEMBOURG

3,911,966

Malaysia - 0.5%

DiGi.com Bhd

241,500

1,517,021

Gamuda Bhd

1,612,700

3,641,355

IJM Corp. Bhd

533,300

1,343,092

KNM Group Bhd

1,036,200

1,559,774

TOTAL MALAYSIA

8,061,242

Shares

Value

Mexico - 0.3%

America Movil SAB de CV Series L sponsored ADR

64,400

$ 3,856,272

Urbi, Desarrollos Urbanos, SA de CV (a)

257,800

1,089,650

TOTAL MEXICO

4,945,922

Netherlands - 1.8%

ABN-AMRO Holding NV

91,000

4,531,817

Arcelor Mittal:

(NY Shares) Class A

37,800

2,306,556

Class A

42,200

2,640,650

CNH Global NV

42,200

2,233,646

Heineken NV (Bearer)

49,500

3,133,350

ING Groep NV (Certificaten Van Aandelen)

20,100

847,821

Koninklijke KPN NV

73,200

1,144,866

Koninklijke Numico NV

22,700

1,663,656

Koninklijke Philips Electronics NV

74,700

3,017,892

Nutreco Holding NV

39,300

2,944,244

SBM Offshore NV

44,172

1,832,624

TOTAL NETHERLANDS

26,297,122

Netherlands Antilles - 0.4%

Schlumberger Ltd. (NY Shares)

62,500

5,920,000

Norway - 1.0%

Aker Kvaerner ASA

204,450

5,331,526

Hafslund ASA (B Shares)

42,200

1,129,426

Marine Harvest ASA (a)

2,635,800

3,332,735

Renewable Energy Corp. AS

69,000

2,758,201

Telenor ASA

127,100

2,336,461

TOTAL NORWAY

14,888,349

Papua New Guinea - 0.1%

Lihir Gold Ltd. (a)

613,400

1,599,489

Russia - 0.0%

Magma OJSC sponsored GDR (a)(e)

44,000

642,400

Singapore - 0.2%

Keppel Corp. Ltd.

152,000

1,353,562

Singapore Exchange Ltd.

376,000

2,455,409

TOTAL SINGAPORE

3,808,971

Spain - 1.5%

Banco Bilbao Vizcaya Argentaria SA

146,200

3,570,218

Banco Santander Central Hispano SA

320,400

6,102,797

Compania de Distribucion Integral Logista SA

10,100

787,759

Inditex SA

57,300

3,478,894

Sol Melia SA

45,700

1,012,419

Telefonica SA

322,200

7,542,731

TOTAL SPAIN

22,494,818

Sweden - 0.8%

H&M Hennes & Mauritz AB (B Shares)

47,700

2,771,486

Common Stocks - continued

Shares

Value

Sweden - continued

Modern Times Group MTG AB (B Shares)

68,500

$ 4,239,251

Scania AB (B Shares)

178,000

4,305,962

TOTAL SWEDEN

11,316,699

Switzerland - 6.6%

ABB Ltd.:

(Reg.)

611

15,027

sponsored ADR

1,616,800

38,916,372

Actelion Ltd. (Reg.) (a)

87,360

4,704,280

BB Biotech AG

22,241

1,786,314

Compagnie Financiere Richemont unit

31,829

2,021,267

Credit Suisse Group (Reg.)

54,072

3,489,807

EFG International

33,560

1,583,730

Julius Baer Holding AG (Bearer)

70,578

4,998,908

Lindt & Spruengli AG (participation certificate)

1,255

3,397,849

Nestle SA (Reg.)

21,030

8,117,598

Novartis AG sponsored ADR

42,700

2,303,665

Phonak Holding AG

37,319

3,621,636

Roche Holding AG (participation certificate)

60,723

10,820,975

SGS Societe Generale de Surveillance Holding SA (Reg.)

932

1,132,518

Swiss Life Holding

5,998

1,495,132

Tecan Group AG

18,800

1,115,639

The Swatch Group AG (Reg.)

77,423

4,571,920

UBS AG (NY Shares)

58,990

3,248,579

Zurich Financial Services AG (Reg.)

6,836

2,014,102

TOTAL SWITZERLAND

99,355,318

Taiwan - 0.7%

Gemtek Technology Corp.

531,000

1,467,942

Hon Hai Precision Industry Co. Ltd. (Foxconn)

435,614

3,611,418

PixArt Imaging, Inc.

109,000

1,395,349

Shin Kong Financial Holding Co. Ltd.

639,345

782,398

Siliconware Precision Industries Co. Ltd.

793,348

1,516,136

Wistron Corp.

894,000

1,836,557

TOTAL TAIWAN

10,609,800

United Kingdom - 7.6%

Anglo American PLC (United Kingdom)

54,685

3,225,970

AstraZeneca PLC sponsored ADR

34,300

1,777,769

Autonomy Corp. PLC (a)

169,700

2,875,036

BAE Systems PLC

263,500

2,261,532

Barclays PLC

92,800

1,298,964

BG Group PLC

92,500

1,518,268

BG Group PLC sponsored ADR

12,700

1,030,605

BHP Billiton PLC

261,200

7,815,763

Blinkx PLC (a)

169,700

144,786

BP PLC

282,075

3,262,659

BP PLC sponsored ADR

6,500

451,100

British American Tobacco PLC

140,400

4,546,140

Burberry Group PLC

116,100

1,509,411

Shares

Value

Capita Group PLC

92,400

$ 1,352,388

Clipper Windpower PLC (a)

195,100

2,829,769

GlaxoSmithKline PLC sponsored ADR

21,600

1,103,328

Gyrus Group PLC (a)

195,400

1,713,769

HSBC Holdings PLC (Hong Kong) (Reg.)

91,638

1,707,399

Informa PLC

92,800

1,000,066

International Power PLC

466,500

3,920,894

Investec PLC

281,300

3,540,026

John Wood Group PLC

191,600

1,266,899

Man Group plc

195,600

2,256,902

Marks & Spencer Group PLC

126,400

1,622,780

N Brown Group PLC

268,600

1,763,762

National Grid PLC

150,100

2,142,015

Next PLC

54,500

2,102,408

Pearson PLC

149,800

2,425,301

Punch Taverns Ltd.

55,700

1,313,660

Reckitt Benckiser PLC

89,500

4,821,609

Renovo Group PLC (a)

764,000

2,793,581

Rio Tinto PLC sponsored ADR

9,400

2,717,728

Rolls-Royce Group PLC

248,932

2,578,970

Royal Bank of Scotland Group PLC

377,300

4,541,200

Royal Dutch Shell PLC Class B

207,700

8,233,206

RPS Group PLC

282,300

2,002,824

Shire PLC

128,800

3,168,042

SSL International PLC

341,200

3,229,910

Tesco PLC

612,143

5,121,596

Vodafone Group PLC

2,213,700

6,718,561

Vodafone Group PLC sponsored ADR

39,412

1,196,154

Xstrata PLC

40,700

2,644,042

TOTAL UNITED KINGDOM

113,546,792

United States of America - 40.6%

Adobe Systems, Inc. (a)

77,800

3,134,562

AES Corp. (a)

286,100

5,621,865

Agilent Technologies, Inc. (a)

186,900

7,130,235

Allergan, Inc.

87,300

5,074,749

Amazon.com, Inc. (a)

47,900

3,762,066

American International Group, Inc.

149,800

9,614,164

American Superconductor Corp. (a)(d)

173,700

3,315,933

American Tower Corp. Class A (a)

247,600

10,315,016

Amphenol Corp. Class A

99,600

3,412,296

Amylin Pharmaceuticals, Inc. (a)

134,086

6,236,340

Apple, Inc. (a)

104,900

13,821,624

Applied Materials, Inc.

277,600

6,118,304

AT&T, Inc.

738,400

28,915,744

Avon Products, Inc.

414,200

14,915,342

Bank New York Mellon Corp.

78,900

3,357,195

Bear Stearns Companies, Inc.

31,300

3,794,186

BladeLogic, Inc.

1,200

30,900

C.R. Bard, Inc.

97,900

7,682,213

Casual Male Retail Group, Inc. (a)

596,700

6,098,274

Celgene Corp. (a)

75,600

4,578,336

Centex Corp.

50,200

1,872,962

Cerner Corp. (a)

174,300

9,215,241

Common Stocks - continued

Shares

Value

United States of America - continued

Cisco Systems, Inc. (a)

424,800

$ 12,280,968

Citigroup, Inc.

243,600

11,344,452

Coach, Inc. (a)

144,300

6,559,878

Cognizant Technology Solutions Corp. Class A (a)

220,900

17,888,482

Commerce Bancorp, Inc.

106,200

3,552,390

Constellation Energy Group, Inc.

77,700

6,511,260

Countrywide Financial Corp.

4,500

126,765

Crocs, Inc. (a)

43,500

2,580,420

CyberSource Corp. (a)(d)

417,500

4,805,425

EOG Resources, Inc.

4,200

294,420

Exelixis, Inc. (a)

149,200

1,445,748

Exxon Mobil Corp.

307,800

26,203,014

Fluor Corp.

23,600

2,726,036

Fuel Tech, Inc. (a)(d)

395,023

11,048,793

General Dynamics Corp.

194,400

15,272,064

General Growth Properties, Inc.

48,000

2,303,040

Gilead Sciences, Inc. (a)

128,000

4,765,440

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

32,100

16,371,000

Greenhill & Co., Inc. (d)

60,500

3,509,000

Hudson City Bancorp, Inc.

1,357,300

16,586,206

Inverness Medical Innovations, Inc. (a)

358,901

17,374,397

Itron, Inc. (a)

16,400

1,302,652

Janus Capital Group, Inc.

523,600

15,739,416

JCPenney Co., Inc.

161,700

11,002,068

KB Home

37,400

1,189,694

Lennar Corp. Class A

61,250

1,877,925

Macquarie Infrastructure Co. LLC

8,300

330,257

Macy's, Inc.

202,000

7,286,140

Marathon Oil Corp.

18,000

993,600

Mastercard, Inc. Class A

101,600

16,337,280

Merck & Co., Inc.

269,100

13,360,815

Molson Coors Brewing Co. Class B

39,100

3,477,554

Monsanto Co.

199,200

12,838,440

Morgan Stanley

125,800

8,034,846

National Oilwell Varco, Inc. (a)

86,404

10,377,984

Nordstrom, Inc.

100,800

4,796,064

Northern Trust Corp.

145,700

9,100,422

PepsiCo, Inc.

132,100

8,668,402

Petrohawk Energy Corp. (a)

188,700

2,828,613

PPL Corp.

101,900

4,803,566

Procter & Gamble Co.

225,000

13,918,500

Pulte Homes, Inc.

64,100

1,239,694

Quanta Services, Inc. (a)

184,100

5,233,963

Quicksilver Resources, Inc. (a)

56,900

2,396,628

Ralcorp Holdings, Inc. (a)

161,600

8,396,736

Ryland Group, Inc.

34,200

1,137,150

Service Corp. International

517,500

6,272,100

St. Jude Medical, Inc. (a)

95,600

4,124,184

State Street Corp.

86,100

5,771,283

Stewart Enterprises, Inc. Class A

1,168,000

8,187,680

Sun Microsystems, Inc. (a)

3,588,700

18,302,370

Shares

Value

Sunoco, Inc.

17,800

$ 1,187,616

Time Warner, Inc.

622,600

11,991,276

Titanium Metals Corp. (a)

360,440

12,045,905

Tyson Foods, Inc. Class A

298,000

6,347,400

UDR, Inc.

91,300

2,108,117

Under Armour, Inc. Class A (sub. vtg.) (a)(d)

68,300

4,194,303

Unisys Corp. (a)

374,600

3,030,514

Valero Energy Corp.

148,000

9,917,480

Washington Group International, Inc. (a)

81,500

6,546,080

TOTAL UNITED STATES OF AMERICA

608,261,462

TOTAL COMMON STOCKS

(Cost $1,154,664,197)

1,439,454,194

Nonconvertible Preferred Stocks - 0.6%

Germany - 0.5%

Fresenius AG (non-vtg.)

35,200

2,805,665

Porsche AG

1,271

2,327,605

ProSiebenSat.1 Media AG

84,000

3,058,591

TOTAL GERMANY

8,191,861

Italy - 0.1%

Intesa Sanpaolo SpA

109,800

786,381

United Kingdom - 0.0%

Rolls-Royce Group PLC B Shares

1,259

3

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $6,458,055)

8,978,245

Money Market Funds - 1.7%

Fidelity Cash Central Fund, 5.38% (b)

8,699,146

8,699,146

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

17,384,490

17,384,490

TOTAL MONEY MARKET FUNDS

(Cost $26,083,636)

26,083,636

TOTAL INVESTMENT PORTFOLIO - 98.4%

(Cost $1,187,205,888)

1,474,516,075

NET OTHER ASSETS - 1.6%

23,676,134

NET ASSETS - 100%

$ 1,498,192,209

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $642,400 or 0.0% of net assets.

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $90,345 or 0.0% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

United Group Ltd.

7/12/07

$ 83,843

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 426,830

Fidelity Securities Lending Cash Central Fund

265,586

Total

$ 692,416

Income Tax Information

At July 31, 2007, the aggregate cost of investment securities for income tax purposes was $1,188,676,049. Net unrealized appreciation aggregated $285,840,026, of which $313,626,998 related to appreciated investment securities and $27,786,972 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Investment Trust

By:

/s/Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

Date:

September 28, 2007

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

By:

/s/ Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

Date:

September 28, 2007

By:

/s/Joseph B. Hollis

Joseph B. Hollis

Chief Financial Officer

Date:

September 28, 2007

Common Stocks - 98.1%
	Shares		Value
Australia - 2.6%
AMP Ltd.	409,200		$ 3,507,920
Australia & New Zealand Banking Group Ltd.	50,600		1,220,262
Macquarie Airports unit	801,096		2,983,198
Macquarie Infrastructure Group unit	410,400		1,143,592
National Australia Bank Ltd.	53,400		1,745,565
Zinifex Ltd.	83,800		1,421,776
TOTAL AUSTRALIA			12,022,313
Brazil - 1.7%
Petroleo Brasileiro SA Petrobras sponsored ADR	72,200		4,685,780
TAM SA (PN) sponsored ADR (ltd. vtg.) (d)	40,300		1,092,130
Uniao de Bancos Brasileiros SA (Unibanco) GDR	18,700		2,181,168
TOTAL BRAZIL			7,959,078
Canada - 2.2%
Cameco Corp.	22,900		929,568
Cognos, Inc. (a)	23,900		958,868
Finning International, Inc.	129,200		3,391,394
First Quantum Minerals Ltd.	20,500		1,920,854
Open Text Corp. (a)	18,240		343,015
RONA, Inc. (a)	128,600		2,708,955
TOTAL CANADA			10,252,654
Cayman Islands - 2.5%
GlobalSantaFe Corp.	112,000		8,031,520
Subsea 7, Inc. (a)(d)	158,500		3,800,160
TOTAL CAYMAN ISLANDS			11,831,680
Czech Republic - 0.2%
Ceske Energeticke Zavody AS	17,900		938,593
Finland - 0.3%
Nokia Corp. sponsored ADR	50,200		1,437,728
France - 11.3%
Accor SA	18,100		1,567,760
Alcatel-Lucent SA	240,600		2,790,971
AXA SA sponsored ADR	218,600		8,560,376
BNP Paribas SA	31,200		3,489,260
Compagnie de St. Gobain	37,200		4,174,015
Gaz de France	37,400		1,757,906
LVMH Moet Hennessy - Louis Vuitton	14,700		1,664,696
Peugeot Citroen SA	17,200		1,467,211
Societe Generale Series A	58,035		10,098,090
Common Stocks - continued
	Shares		Value
France - continued
Suez SA (France)	53,600		$ 2,858,199
Total SA:
Series B	35,200		2,767,083
sponsored ADR	82,900		6,516,769
Unibail-Rodamco	13,372		3,207,565
Vallourec SA	7,900		2,087,188
TOTAL FRANCE			53,007,089
Germany - 10.7%
Allianz AG sponsored ADR (d)	322,500		6,837,000
Arcandor AG (a)(d)	67,700		2,087,118
BASF AG sponsored ADR	48,000		6,213,600
DaimlerChrysler AG	80,200		7,278,150
E.ON AG	76,400		11,994,078
GFK AG	25,300		1,313,801
Heidelberger Druckmaschinen AG	22,700		1,116,663
Lanxess AG	54,300		2,949,766
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	47,900		8,313,596
RWE AG	18,600		1,988,511
TOTAL GERMANY			50,092,283
Greece - 0.6%
Alpha Bank AE	46,900		1,604,390
Greek Organization of Football Prognostics SA	38,600		1,340,529
TOTAL GREECE			2,944,919
Hong Kong - 1.5%
Chaoda Modern Agriculture (Holdings) Ltd.	1,184,000		881,139
Swire Pacific Ltd. (A Shares)	537,800		6,087,266
TOTAL HONG KONG			6,968,405
India - 0.6%
Satyam Computer Services Ltd. sponsored ADR	106,200		2,831,292
Ireland - 0.5%
Bank of Ireland	120,071		2,251,340
Italy - 1.2%
Fiat SpA	55,100		1,637,603
Intesa Sanpaolo SpA	203,981		1,558,871
Unicredito Italiano SpA	287,400		2,466,944
TOTAL ITALY			5,663,418
Common Stocks - continued
	Shares		Value
Japan - 19.6%
Aioi Insurance Co. Ltd.	273,000		$ 1,615,124
Asahi Breweries Ltd.	63,100		898,265
Canon, Inc.	86,950		4,615,306
Casio Computer Co. Ltd.	74,300		1,132,376
Denso Corp.	69,700		2,625,516
East Japan Railway Co.	686		5,088,018
Fujitsu Ltd.	85,000		561,039
Ibiden Co. Ltd.	16,200		1,187,708
Japan Tobacco, Inc.	504		2,561,390
JGC Corp.	32,000		658,479
JSR Corp.	57,200		1,434,884
Konica Minolta Holdings, Inc.	216,000		3,193,519
Kubota Corp.	331,000		2,748,477
Leopalace21 Corp.	56,600		1,789,317
Misawa Homes Holdings, Inc. (a)(d)	48,500		586,341
Mitsubishi Estate Co. Ltd.	48,000		1,221,114
Mitsui & Co. Ltd.	463,000		10,880,749
Mizuho Financial Group, Inc.	313		2,204,494
Nidec Corp.	17,200		1,138,564
Nippon Building Fund, Inc.	48		635,081
Nippon Oil Corp.	132,000		1,175,234
NTT DoCoMo, Inc.	782		1,079,942
ORIX Corp.	32,100		7,704,521
Osaka Gas Co. Ltd.	1,589,000		5,479,824
Shin-Etsu Chemical Co. Ltd.	16,400		1,210,967
Sumitomo Mitsui Financial Group, Inc.	109		985,060
Sumitomo Realty & Development Co. Ltd.	30,000		891,373
Sumitomo Trust & Banking Co. Ltd.	197,000		1,663,218
Takeda Pharamaceutical Co. Ltd.	100,000		6,514,131
Tokuyama Corp.	176,000		2,556,160
Tokyo Tomin Bank Ltd.	30,200		1,047,306
Toyota Motor Corp.	165,000		9,951,975
Toyota Motor Corp. sponsored ADR	16,500		1,990,395
Xebio Co. Ltd.	47,600		1,343,671
Yamada Denki Co. Ltd.	10,970		1,090,023
TOTAL JAPAN			91,459,561
Kazakhstan - 0.3%
JSC Halyk Bank of Kazakhstan:
GDR (e)	4,700		101,050
unit	58,600		1,259,900
TOTAL KAZAKHSTAN			1,360,950
Common Stocks - continued
	Shares		Value
Korea (South) - 0.6%
Kookmin Bank sponsored ADR	15,200		$ 1,304,008
Samsung Electronics Co. Ltd. GDR	5,151		1,710,132
TOTAL KOREA (SOUTH)			3,014,140
Mexico - 0.4%
America Movil SAB de CV Series L sponsored ADR	28,000		1,676,640
Netherlands - 3.8%
ABN-AMRO Holding NV sponsored ADR	102,100		4,890,590
Heineken NV (Bearer)	25,100		1,588,830
ING Groep NV sponsored ADR	251,400		10,604,052
TomTom Group BV (a)	6,900		450,837
TOTAL NETHERLANDS			17,534,309
Norway - 2.4%
DnB Nor ASA	226,400		3,017,993
Fred Olsen Energy ASA (d)	50,500		2,555,843
Orkla ASA (A Shares)	144,150		2,757,467
Petroleum Geo-Services ASA	121,050		2,911,198
TOTAL NORWAY			11,242,501
Philippines - 0.2%
Philippine Long Distance Telephone Co. sponsored ADR (d)	16,200		925,992
Russia - 1.0%
Gazprom OAO sponsored ADR	103,000		4,454,750
Singapore - 0.6%
DBS Group Holdings Ltd.	197,000		3,001,781
South Africa - 0.7%
Impala Platinum Holdings Ltd.	115,700		3,395,807
Spain - 5.0%
Banco Bilbao Vizcaya Argentaria SA sponsored ADR (d)	295,700		7,220,994
Banco Santander Central Hispano SA	441,000		8,399,917
Banco Santander Central Hispano SA sponsored ADR	95,300		1,772,580
Gestevision Telecinco SA	79,600		2,191,484
Telefonica SA sponsored ADR	52,700		3,701,121
TOTAL SPAIN			23,286,096
Sweden - 1.8%
Atlas Copco AB (A Shares)	52,800		931,920
Svenska Cellulosa AB (SCA) (B Shares)	208,200		3,715,595
Telefonaktiebolaget LM Ericsson (B Shares)	1,054,000		3,943,014
TOTAL SWEDEN			8,590,529
Common Stocks - continued
	Shares		Value
Switzerland - 9.2%
Credit Suisse Group sponsored ADR	108,200		$ 6,983,228
Nestle SA (Reg.)	26,756		10,327,838
Novartis AG sponsored ADR	25,500		1,375,725
Roche Holding AG (participation certificate)	43,650		7,778,528
Swiss Life Holding	8,875		2,212,287
Swiss Reinsurance Co. (Reg.)	37,977		3,287,231
UBS AG (NY Shares)	178,600		9,835,502
Zurich Financial Services AG (Reg.)	3,949		1,163,501
TOTAL SWITZERLAND			42,963,840
Taiwan - 0.4%
Novatek Microelectronics Corp.	351,898		1,630,300
United Kingdom - 16.0%
3i Group plc	124,610		2,728,771
BAE Systems PLC	277,500		2,381,690
Barclays PLC	539,900		7,557,230
BHP Billiton PLC	196,400		5,876,783
BP PLC	182,000		2,105,128
British American Tobacco PLC	96,800		3,134,375
HBOS plc	271,600		5,349,005
HSBC Holdings PLC (United Kingdom) (Reg.)	228,900		4,264,853
Informa PLC	141,800		1,528,119
Land Securities Group PLC	77,000		2,646,589
National Grid PLC	434,500		6,200,569
Old Mutual plc	677,400		2,251,251
Prudential PLC	159,928		2,220,539
Rolls-Royce Group PLC	490,619		5,082,882
Royal Bank of Scotland Group PLC	716,200		8,620,215
Tesco PLC	536,400		4,487,880
Vedanta Resources PLC	46,600		1,693,525
Vodafone Group PLC sponsored ADR	162,512		4,932,239
Yell Group PLC	203,100		1,918,485
TOTAL UNITED KINGDOM			74,980,128
United States of America - 0.2%
Virgin Media, Inc.	27,900		693,036
TOTAL COMMON STOCKS (Cost $422,200,716)		458,411,152
Money Market Funds - 5.2%
	Shares		Value
Fidelity Cash Central Fund, 5.38% (b)	8,385,679		$ 8,385,679
Fidelity Securities Lending Cash Central Fund, 5.39% (b)(c)	15,920,165		15,920,165
TOTAL MONEY MARKET FUNDS (Cost $24,305,844)		24,305,844
TOTAL INVESTMENT PORTFOLIO - 103.3% (Cost $446,506,560)			482,716,996
NET OTHER ASSETS - (3.3)%			(15,389,901)
NET ASSETS - 100%		$ 467,327,095

Common Stocks - 98.8%
	Shares		Value
CONSUMER DISCRETIONARY - 17.2%
Auto Components - 3.8%
Bridgestone Corp.	1,040,600		$ 21,960,323
Denso Corp.	294,000		11,074,629
NGK Spark Plug Co. Ltd.	729,000		13,229,546
Stanley Electric Co. Ltd.	995,600		23,571,906
			69,836,404
Automobiles - 7.9%
Honda Motor Co. Ltd.	1,010,500		36,398,211
Isuzu Motors Ltd.	1,383,000		7,507,933
Toyota Motor Corp.	1,519,500		91,648,639
Yamaha Motor Co. Ltd.	291,800		8,211,249
			143,766,032
Household Durables - 2.3%
Casio Computer Co. Ltd. (d)	1,059,500		16,147,410
Haseko Corp. (a)(d)	5,638,000		14,966,345
Sony Corp.	193,200		10,189,368
			41,303,123
Leisure Equipment & Products - 0.4%
Fujifilm Holdings Corp.	158,700		6,879,645
Media - 0.5%
Fuji Television Network, Inc.	5,064		10,249,747
Multiline Retail - 0.9%
Marui Co. Ltd.	678,900		7,664,521
Mitsukoshi Ltd. (d)	1,769,000		8,462,269
			16,126,790
Specialty Retail - 1.4%
Yamada Denki Co. Ltd.	255,590		25,396,439
TOTAL CONSUMER DISCRETIONARY			313,558,180
CONSUMER STAPLES - 0.8%
Food & Staples Retailing - 0.8%
Aeon Co. Ltd.	939,300		15,002,996
FINANCIALS - 17.6%
Capital Markets - 2.4%
Daiwa Securities Group, Inc.	810,000		8,593,306
Matsui Securities Co. Ltd. (d)	1,475,200		12,210,488
Nomura Holdings, Inc.	1,245,500		23,627,136
			44,430,930
Commercial Banks - 10.6%
Chiba Bank Ltd.	471,000		3,964,028
Mitsubishi UFJ Financial Group, Inc.	3,149		33,505,361
Mizuho Financial Group, Inc.	10,728		75,558,496
Sumitomo Mitsui Financial Group, Inc. (d)	6,525		58,968,017
Sumitomo Trust & Banking Co. Ltd.	2,377,000		20,068,372
			192,064,274
Consumer Finance - 0.6%
Credit Saison Co. Ltd.	415,800		10,171,100

	Shares		Value
Insurance - 0.7%
Millea Holdings, Inc.	44,100		$ 1,744,155
T&D Holdings, Inc.	168,550		11,022,696
			12,766,851
Real Estate Management & Development - 3.3%
Leopalace21 Corp.	860,500		27,203,301
Mitsubishi Estate Co. Ltd.	401,000		10,201,390
Mitsui Fudosan Co. Ltd.	388,000		10,130,520
Sumitomo Realty & Development Co. Ltd.	58,000		1,723,321
Tokyo Tatemono Co. Ltd.	426,000		5,139,265
Tokyu Land Corp.	576,000		5,409,117
			59,806,914
TOTAL FINANCIALS			319,240,069
HEALTH CARE - 3.4%
Health Care Equipment & Supplies - 0.6%
Olympus Corp.	283,000		11,600,185
Pharmaceuticals - 2.8%
Daiichi Sankyo Co. Ltd.	305,000		8,427,432
Takeda Pharamaceutical Co. Ltd.	650,600		42,380,934
			50,808,366
TOTAL HEALTH CARE			62,408,551
INDUSTRIALS - 27.3%
Building Products - 1.5%
Asahi Glass Co. Ltd. (d)	2,039,000		27,299,684
Commercial Services & Supplies - 0.5%
Dai Nippon Printing Co. Ltd.	637,000		9,346,909
Construction & Engineering - 2.1%
JGC Corp.	1,854,000		38,150,642
Electrical Equipment - 3.6%
Mitsubishi Electric Corp.	2,753,000		29,271,998
Sumitomo Electric Industries Ltd.	2,214,400		36,113,176
			65,385,174
Machinery - 9.9%
Fanuc Ltd. (d)	133,900		14,493,719
Kubota Corp.	3,229,000		26,812,178
Mitsubishi Heavy Industries Ltd.	2,590,000		18,196,342
Mitsui Engineering & Shipbuilding Co.	2,032,000		11,068,273
Nabtesco Corp.	462,000		6,909,680
NGK Insulators Ltd.	780,000		23,839,124
NSK Ltd.	1,798,000		17,225,289
OSG Corp. (d)	599,100		8,421,855
SMC Corp.	35,400		4,687,688
Sumitomo Heavy Industries Ltd.	2,314,000		28,318,303
THK Co. Ltd.	560,500		13,219,668
Toshiba Machine Co. Ltd. (d)	835,000		7,582,143
			180,774,262
Road & Rail - 0.7%
East Japan Railway Co.	1,699		12,601,373
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Trading Companies & Distributors - 8.7%
Mitsubishi Corp.	1,040,300		$ 30,721,031
Mitsui & Co. Ltd.	3,042,000		71,488,638
Sumitomo Corp.	2,872,200		55,625,746
			157,835,415
Transportation Infrastructure - 0.3%
Mitsui-Soko Co. Ltd. (d)	791,000		4,316,420
The Sumitomo Warehouse Co. Ltd.	188,000		1,158,486
			5,474,906
TOTAL INDUSTRIALS			496,868,365
INFORMATION TECHNOLOGY - 19.0%
Electronic Equipment & Instruments - 7.7%
Citizen Holdings Co. Ltd.	1,336,700		12,358,939
Dainippon Screen Manufacturing Co. Ltd. (d)	2,334,000		17,112,036
Kyocera Corp.	123,700		11,887,570
Murata Manufacturing Co. Ltd.	240,600		17,975,999
Nidec Sankyo Corp. (d)	1,108,000		7,134,902
Nippon Electric Glass Co. Ltd.	2,128,000		33,179,093
Omron Corp.	506,400		13,420,787
Yaskawa Electric Corp.	1,470,000		17,811,490
Yokogawa Electric Corp.	645,700		8,758,861
			139,639,677
IT Services - 0.7%
Nomura Research Institute Ltd.	235,200		7,450,851
TIS, Inc.	192,600		4,358,466
			11,809,317
Office Electronics - 5.0%
Canon, Inc.	1,091,300		57,926,206
Konica Minolta Holdings, Inc.	2,237,000		33,073,624
			90,999,830
Semiconductors & Semiconductor Equipment - 0.8%
Advantest Corp. (d)	215,800		8,348,334
Rohm Co. Ltd.	70,500		5,960,913
			14,309,247
Software - 4.8%
Nintendo Co. Ltd.	179,800		88,102,002
TOTAL INFORMATION TECHNOLOGY			344,860,073
MATERIALS - 12.0%
Chemicals - 6.1%
JSR Corp.	855,200		21,453,027
Kuraray Co. Ltd. (d)	938,500		10,790,577
Mitsubishi Rayon Co. Ltd.	1,377,000		10,301,513

	Shares		Value
Nitto Denko Corp.	535,300		$ 28,084,820
Shin-Etsu Chemical Co. Ltd.	451,600		33,345,885
Toray Industries, Inc.	959,000		7,646,593
			111,622,415
Metals & Mining - 5.9%
Hitachi Metals Ltd.	1,091,000		13,201,290
JFE Holdings, Inc.	444,500		30,483,838
Nippon Steel Corp.	2,519,000		18,947,208
Sumitomo Metal Industries Ltd.	7,634,000		43,960,833
			106,593,169
TOTAL MATERIALS			218,215,584
TELECOMMUNICATION SERVICES - 1.5%
Wireless Telecommunication Services - 1.5%
KDDI Corp.	1,463		9,705,095
NTT DoCoMo, Inc.	12,677		17,506,937
			27,212,032
TOTAL COMMON STOCKS (Cost $1,625,628,271)		1,797,365,850
Money Market Funds - 5.5%

Fidelity Cash Central Fund, 5.38% (b)	20,026,088		20,026,088
Fidelity Securities Lending Cash Central Fund, 5.39% (b)(c)	79,790,153		79,790,153
TOTAL MONEY MARKET FUNDS (Cost $99,816,241)		99,816,241

NET OTHER ASSETS - (4.3)%		(78,846,685)
NET ASSETS - 100%		$ 1,818,335,406

Common Stocks - 97.7%
	Shares		Value
CONSUMER DISCRETIONARY - 20.9%
Auto Components - 5.8%
F-Tech, Inc.	293,300		$ 7,033,963
Fine Sinter Co. Ltd.	395,000		1,759,623
Fuji Kiko Co. Ltd. (d)	706,000		1,846,745
H-One Co. Ltd.	326,700		4,252,666
Koito Manufacturing Co. Ltd.	240,000		2,810,174
Nippon Seiki Co. Ltd.	600,000		16,451,653
Nissin Kogyo Co. Ltd.	123,300		3,629,189
Toyota Boshoku Corp.	224,700		5,822,785
Toyota Industries Corp.	85,500		3,873,735
TS tech Co. Ltd. (d)	85,500		3,071,145
			50,551,678
Automobiles - 0.7%
Isuzu Motors Ltd.	500,000		2,714,365
Yachiyo Industry Co. Ltd.	190,600		3,119,817
			5,834,182
Distributors - 0.1%
Jin Co. Ltd.	188,000		839,552
Diversified Consumer Services - 0.5%
Best Bridal, Inc.	1,558		3,868,039
Novarese, Inc.	86		108,893
			3,976,932
Hotels, Restaurants & Leisure - 1.6%
Kappa Create Co. Ltd.	1,650		25,243
Round One Corp.	773		1,733,659
St. Marc Holdings Co. Ltd. (d)	31,100		1,460,943
VIA Holdings, Inc.	28,200		234,233
Zensho Co. Ltd. (d)	964,908		10,209,565
			13,663,643
Household Durables - 2.9%
Juki Corp.	590,000		5,108,125
Makita Corp.	53,900		2,490,616
Token Corp. (d)	290,220		17,551,829
			25,150,570
Internet & Catalog Retail - 0.5%
DeNA Co. Ltd.	650		2,726,766
Felissimo Corp. (d)	96,100		2,062,633
			4,789,399
Leisure Equipment & Products - 0.9%
Endo Manufacturing Co. Ltd.	226,100		1,495,313
Namco Bandai Holdings, Inc.	353,100		5,532,708
Noritsu Koki Co. Ltd. (d)	46,600		972,608
Tamron Co. Ltd.	10,400		315,963
			8,316,592
Media - 0.8%
Asia Media Co. Ltd. (d)	422,000		6,141,291
Zenrin Co. Ltd.	43,400		1,116,385
			7,257,676

	Shares		Value
Specialty Retail - 5.0%
Hikari Tsushin, Inc. (d)	310,000		$ 12,324,563
K'S Denki Corp.	131,300		3,548,333
Nishimatsuya Chain Co. Ltd.	27,700		449,542
PC Depot Corp.	3,221		980,474
Shimachu Co. Ltd.	207,300		5,886,414
Shimamura Co. Ltd.	26,700		2,581,318
United Arrows Ltd. (d)	226,000		3,515,406
Village Vanguard Co. Ltd.	25		129,497
Yamada Denki Co. Ltd.	147,440		14,650,225
			44,065,772
Textiles, Apparel & Luxury Goods - 2.1%
Asics Corp.	471,000		6,427,357
Japan Vilene Co. Ltd. (d)	480,000		3,031,769
Seiren Co. Ltd. (d)	957,700		9,179,377
			18,638,503
TOTAL CONSUMER DISCRETIONARY			183,084,499
CONSUMER STAPLES - 3.1%
Food & Staples Retailing - 2.1%
Cosmos Pharmaceutical Corp. (d)	139,900		2,203,697
Create SD Co. Ltd. (d)	97,100		2,239,597
Daikokutenbussan Co. Ltd.	239,800		2,388,263
Kirindo Co. Ltd.	188,900		1,583,814
Valor Co. Ltd.	816,300		10,213,633
			18,629,004
Food Products - 0.8%
Ariake Japan Co. Ltd. (d)	59,600		1,159,205
Frente Co. Ltd.	179,300		3,116,632
Hokuto Corp. (d)	134,500		2,227,833
			6,503,670
Personal Products - 0.2%
Artnature, Inc.	40,300		1,876,030
TOTAL CONSUMER STAPLES			27,008,704
ENERGY - 0.8%
Energy Equipment & Services - 0.8%
Shinko Plantech Co. Ltd.	538,000		6,843,882
FINANCIALS - 9.3%
Capital Markets - 0.8%
E*TRADE Securities Co. Ltd. (d)	3,141		3,390,167
Risa Partners, Inc. (d)	1,446		3,395,890
			6,786,057
Commercial Banks - 4.1%
Bank of Yokohama Ltd.	1,293,000		8,991,366
Chiba Bank Ltd.	1,069,000		8,996,912
Fukuoka Financial Group, Inc. (a)	586,000		3,764,369
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - continued
The Keiyo Bank Ltd.	1,263,000		$ 7,093,842
Tokyo Tomin Bank Ltd. (d)	206,500		7,161,211
			36,007,700
Diversified Financial Services - 1.7%
Japan Securities Finance Co. Ltd. (d)	181,700		2,463,296
Money Partners Co. Ltd.	3,080		12,115,646
			14,578,942
Real Estate Management & Development - 2.7%
ARDEPRO CO., Ltd.	31,015		8,613,764
Cosmos Initia Co. Ltd.	217,000		1,165,921
Daiwasystem Co. Ltd.	208,800		5,601,868
Joint Corp.	103,000		2,808,809
Land Co. Ltd.	291		436,642
Properst Co. Ltd. (d)	990		1,471,686
Suruga Corp.	91,100		1,868,765
Tokyu Community Corp.	18,400		538,517
Urban Corp.	93,100		1,474,672
			23,980,644
Thrifts & Mortgage Finance - 0.0%
ASAX Co. Ltd.	207		397,781
TOTAL FINANCIALS			81,751,124
HEALTH CARE - 5.8%
Health Care Equipment & Supplies - 3.7%
Hogy Medical Co. (d)	304,000		14,776,914
Nakanishi, Inc.	23,200		2,698,927
Nipro Corp.	159,000		3,341,855
Sysmex Corp. (d)	287,600		11,118,440
			31,936,136
Life Sciences Tools & Services - 0.5%
Shin Nippon Biomedical Laboratories Ltd. (d)	264,900		3,863,627
Soiken Holdings, Inc. (d)	658		677,637
			4,541,264
Pharmaceuticals - 1.6%
Fuji Pharma Co. Ltd.	145,800		2,693,774
Nichi-iko Pharmaceutical Co. Ltd.	252,500		4,507,383
Sawai Pharmaceutical Co. Ltd. (d)	111,000		3,836,499
Towa Pharmaceutical Co. Ltd. (d)	67,500		2,784,885
			13,822,541
TOTAL HEALTH CARE			50,299,941
INDUSTRIALS - 30.4%
Air Freight & Logistics - 1.3%
Kintetsu World Express, Inc.	165,600		6,577,777
Yusen Air & Sea Service Co. Ltd. (d)	200,600		4,364,935
			10,942,712

	Shares		Value
Building Products - 1.3%
Comany, Inc.	311,800		$ 5,054,076
Daikin Industries Ltd.	168,400		6,579,192
			11,633,268
Commercial Services & Supplies - 1.8%
Asahi Pretec Corp.	128,600		4,039,534
Career Design Center Co. Ltd. (e)	3,031		3,350,027
Certo Corp.	84,050		1,794,974
Gakujo Co. Ltd. (d)	9,300		39,304
Intelligence Ltd. (d)	2,225		4,067,801
Nihonwasou Holdings, Inc.	849		287,732
TFP Consulting Group Co. Ltd. (d)	1,217		2,441,317
			16,020,689
Construction & Engineering - 0.4%
Kandenko Co. Ltd. (d)	63,000		370,432
Meisei Industrial Co. Ltd. (d)	725,000		3,255,431
			3,625,863
Electrical Equipment - 3.3%
Aichi Electric Co. Ltd.	25,000		69,242
Daihen Corp.	686,000		3,855,113
Endo Lighting Corp.	263,600		1,535,242
FCM Co. Ltd.	27,600		1,065,543
Iwabuchi Corp.	121,000		685,907
Nippon Carbon Co. Ltd. (d)	1,334,000		8,282,789
NPC, Inc.	24,000		2,238,636
Sec Carbon Ltd. (d)	30,000		541,333
Sumitomo Wiring Systems Ltd.	338,000		8,548,505
Terasaki Electric Co. Ltd.	88,000		1,797,662
			28,619,972
Machinery - 12.8%
Harmonic Drive Systems, Inc. (d)	387		1,875,081
Hitachi Construction Machinery Co. Ltd.	659,200		26,146,748
Japan Steel Works Ltd.	305,000		4,854,598
Makino Milling Machine Co. Ltd.	283,000		3,771,541
Mori Seiki Co. Ltd.	187,600		6,119,035
Nabtesco Corp.	277,000		4,142,817
NGK Insulators Ltd.	684,000		20,905,078
NSK Ltd.	651,000		6,236,743
NTN Corp.	1,239,000		10,222,546
Obara Corp.	75		1,437
Okuma Corp.	225,000		3,658,893
Produce Co. Ltd. (a)(d)	842		2,375,125
Shima Seiki Manufacturing Ltd.	119,700		5,190,608
Sintokogio Ltd.	94,700		1,367,990
Sumitomo Heavy Industries Ltd.	521,000		6,375,901
Taiho Kogyo Co. Ltd.	390,000		5,523,203
TCM Corp.	821,000		2,961,932
			111,729,276
Marine - 3.6%
Daiichi Chuo Kisen Kaisha (d)	237,000		1,713,005
Iino Kaiun Kaisha Ltd. (d)	431,800		5,545,631
Kawasaki Kinkai Kisen Kaisha Ltd.	17,000		126,762
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Marine - continued
Kawasaki Kisen Kaisha Ltd.	1,026,000		$ 14,043,535
Mitsui O.S.K. Lines Ltd.	657,000		10,256,858
			31,685,791
Road & Rail - 0.5%
Hamakyorex Co. Ltd.	172,600		3,973,663
Trading Companies & Distributors - 5.2%
Itochu Corp.	1,283,000		16,094,589
JFE Shoji Holdings, Inc.	613,000		4,579,279
Marubeni Corp.	1,721,000		16,502,202
Meiji Electric Industries Co. Ltd.	62,800		733,952
Sojitz Corp.	1,605,000		8,014,094
			45,924,116
Transportation Infrastructure - 0.2%
The Sumitomo Warehouse Co. Ltd. (d)	276,000		1,700,756
TOTAL INDUSTRIALS			265,856,106
INFORMATION TECHNOLOGY - 18.0%
Communications Equipment - 0.9%
Epson Toyocom Corp.	419,000		3,283,854
Mitsui Knowledge Industry Co. Ltd. (d)	16,140		4,641,581
			7,925,435
Computers & Peripherals - 0.1%
Mitsumi Electric Co. Ltd.	15,000		584,640
Electronic Equipment & Instruments - 11.5%
A&D Co. Ltd. (d)	267,500		4,223,936
Canon Electronics, Inc.	205,400		5,933,910
Excel Co. Ltd.	82,800		1,350,190
Hamamatsu Photonics KK (d)	365,600		11,506,687
Ibiden Co. Ltd.	236,600		17,346,408
Meiko Electronics Co. Ltd. (d)	430,300		14,422,629
Murata Manufacturing Co. Ltd.	202,600		15,136,897
Nagano Keiki Co. Ltd. (d)	247,620		5,458,964
Nippon Electric Glass Co. Ltd.	449,000		7,000,664
Optoelectronics Co. Ltd.	70,900		610,508
Seikoh Giken Co. Ltd.	3,200		60,178
Shibaura Electronics Co. Ltd. (d)	60,700		1,595,611
Shizuki Electric Co., Inc.	298,000		1,151,114
Star Micronics Co. Ltd.	298,700		8,768,121
Sunx Ltd. (d)	953,100		6,317,113
			100,882,930
IT Services - 2.7%
Bit-isle, Inc. (d)	1,364		953,384
CAC Corp. (d)	558,000		4,485,079

	Shares		Value
Hitachi Systems & Services Ltd.	37,200		$ 759,125
INTEC Holdings Ltd.	442,600		6,751,718
Otsuka Corp. (d)	112,000		10,536,825
			23,486,131
Semiconductors & Semiconductor Equipment - 1.7%
Axell Corp. (d)	634		1,644,568
Disco Corp.	41,200		2,245,534
Elpida Memory, Inc. (a)(d)	10,300		454,870
Micronics Japan Co. Ltd.	281,000		9,746,523
United Technology Holdings Co. Ltd.	693		930,123
			15,021,618
Software - 1.1%
Alpha Systems, Inc. (d)	110,800		2,904,505
AQ Interactive, Inc. (d)	606		2,469,138
Atlus Co. Ltd. (a)	64,700		327,502
Celsys, Inc.	218		324,616
Cybernet Systems Co. Ltd. (d)	1,693		990,960
KOEI Co. Ltd. (d)	163,200		2,645,026
			9,661,747
TOTAL INFORMATION TECHNOLOGY			157,562,501
MATERIALS - 9.4%
Chemicals - 6.6%
Adeka Corp.	165,100		1,673,805
Air Water, Inc.	315,000		3,744,946
C. Uyemura & Co. Ltd.	324,600		19,871,545
Chugoku Marine Paints Ltd. (d)	162,000		2,126,306
Lintec Corp.	243,200		4,789,485
Sakai Chemical Industry Co. Ltd.	529,000		4,108,401
Soken Chemical & Engineer Co. Ltd. (d)	41,100		1,103,153
Taiyo Kagaku Co. Ltd.	298,000		2,253,242
Tohcello Co. Ltd. (d)	559,000		5,692,393
Tokai Carbon Co. Ltd. (d)	1,149,000		12,570,337
			57,933,613
Containers & Packaging - 0.2%
Fuji Seal International, Inc. (d)	81,900		1,746,347
Metals & Mining - 2.6%
Chuo Denki Kogyo Co. Ltd.	191,000		1,913,952
Hitachi Metals Ltd.	219,000		2,649,938
Nippon Denko Co. Ltd. (d)	1,558,000		10,129,378
Pacific Metals Co. Ltd. (d)	240,000		4,155,217
Toho Zinc Co. Ltd.	52,000		495,597
Toyo Kohan Co. Ltd.	372,000		1,968,206
Yamato Kogyo Co. Ltd.	26,400		1,254,152
			22,566,440
TOTAL MATERIALS			82,246,400
TOTAL COMMON STOCKS (Cost $693,544,941)		854,653,157
Money Market Funds - 15.0%
	Shares		Value
Fidelity Cash Central Fund, 5.38% (b)	20,017,013		$ 20,017,013
Fidelity Securities Lending Cash Central Fund, 5.39% (b)(c)	110,924,935		110,924,935
TOTAL MONEY MARKET FUNDS (Cost $130,941,948)		130,941,948

NET OTHER ASSETS - (12.7)%			(110,773,957)
NET ASSETS - 100%		$ 874,821,148

Common Stocks - 99.0%
	Shares		Value
Argentina - 0.1%
Banco Patagonia SA unit	233,800		$ 6,077,658
Bahamas (Nassau) - 0.1%
Ultrapetrol (Bahamas) Ltd.	279,300		6,563,550
Bermuda - 1.2%
Credicorp Ltd. (NY Shares)	348,400		22,416,056
Dufry South America Ltd. unit	1,462,869		38,974,644
TOTAL BERMUDA			61,390,700
Brazil - 60.2%
Acucar Guarani SA	1,418,500		9,899,838
AES Tiete SA (PN) (non-vtg.)	486,700,000		17,954,844
All America Latina Logistica SA unit	3,387,900		46,389,884
Banco ABC Brasil SA unit	192,419		9,262,500
Banco Bradesco SA:
(PN)	2,666,808		69,592,904
(PN) sponsored ADR (d)	6,824,200		177,702,168
Banco Daycoval SA (PN)	1,443,900		14,092,623
Banco do Estado do Rio Grande do Sul SA unit	535,461		10,401,164
Banco Indusval SA (e)	560,088		5,201,964
Banco Itau Holding Financeira SA:
(PN) (non-vtg.)	2,960,740		135,151,920
sponsored ADR (non-vtg.)	2,217,700		101,437,598
Brasil Telecom Participacoes SA sponsored ADR	767,100		50,743,665
Companhia Brasileira (a)(e)	19,000		10,789,725
Companhia Brasileira de Distribuicao Grupo Pao de Acucar sponsored ADR	570,200		21,200,036
Companhia de Bebidas das Americas (AmBev):
(PN) sponsored ADR	1,731,026		118,575,281
sponsored ADR	74,145		5,193,857
Companhia de Saneamento de Minas Gerais	1,552,100		23,888,600
Companhia de Saneamento de Minas Gerais rights 8/28/07 (a)	15,210		0
Companhia Providencia Industria e Comercio	1,539,000		12,243,716
Companhia Siderurgica Nacional SA (CSN) sponsored ADR (d)	537,000		30,963,420
Companhia Vale do Rio Doce:
(PN-A)	929,800		39,107,658
(PN-A) sponsored ADR	8,457,800		358,018,674
sponsored ADR (d)	5,463,000		267,741,630
Duratex SA (PN)	2,222,400		65,107,993
Eletropaulo Metropolitana SA (PN-B)	372,070,000		24,266,894
Empresa Nacional de Comercio Redito e Participacoes SA (PN) (a)	11,465,310		113,181
Gafisa SA (a)	1,804,400		28,633,669
Gafisa SA ADR (a)(d)	178,000		5,598,100

	Shares		Value
Gol Linhas Aereas Inteligentes SA sponsored ADR (d)	295,200		$ 7,356,384
GVT Holding SA	2,277,500		44,046,333
Inpar SA	1,299,400		14,344,295
JBS SA	4,754,000		20,891,158
JBS SA (receipts)	1,271,834		5,588,996
Klabin Segall SA	943,300		10,162,929
Localiza Rent a Car SA	3,276,900		33,652,486
Lojas Renner SA	682,100		12,778,967
LPS Brasil Consultoria de Imoveis SA	514,600		7,920,284
Medial Saude SA	2,099,200		34,203,078
MRV Engenharia e Participacoes SA	480,700		7,883,255
Multiplan Empreendimentos Imobiliarios SA	1,468,400		19,132,374
Petroleo Brasileiro SA Petrobras:
(ON)	198,700		6,460,228
(PN) (non-vtg.)	3,416,480		96,010,305
(PN) sponsored ADR (non-vtg.)	4,655,400		260,004,090
sponsored ADR (d)	4,169,060		270,571,994
Profarma Distribuidora de Produtos Farmaceuticos SA	796,000		15,102,961
Redecard SA	290,600		4,952,322
Sao Carlos Empreen E Part SA	1,055,600		12,381,255
Submarino SA	1,202,300		50,671,183
TAM SA:
(PN) (ltd.-vtg.)	1,239,500		33,549,782
(PN) sponsored ADR (ltd. vtg.) (d)	554,100		15,016,110
Tegma Gestao Logistica	1,991,700		32,980,066
Terna Participacoes SA unit	1,248,500		19,540,529
TIM Participacoes SA	1,833,200		6,324,063
TIM Participacoes SA sponsored ADR (non-vtg.) (d)	360,000		12,445,200
Totvs SA	1,128,700		35,043,493
Tractebel Energia SA	1,875,300		22,622,635
Uniao de Bancos Brasileiros SA (Unibanco):
unit	431,200		5,018,690
GDR	1,294,600		151,002,144
Usinas Siderurgicas de Minas Gerais SA	266,800		18,972,791
Usinas Siderurgicas de Minas Gerais SA (Usiminas) (PN-A) (non-vtg.)	1,740,100		107,128,543
Votorantim Celulose e Papel SA:
(PN) (non-vtg.)	96,565		2,306,244
sponsored ADR (non-vtg.) (d)	2,818,150		66,987,426
TOTAL BRAZIL			3,122,326,099
Chile - 5.6%
CAP SA	3,761,469		91,449,399
Empresa Nacional de Electricidad SA sponsored ADR	419,900		18,412,615
Enersis SA sponsored ADR	736,300		13,047,236
Inversiones Aguas Metropolitanas SA ADR (e)	1,443,000		34,700,616
Lan Airlines SA sponsored ADR (d)	1,294,800		103,674,636
Common Stocks - continued
	Shares		Value
Chile - continued
Masisa SA	67,066,715		$ 18,388,537
Vina Concha y Toro SA sponsored ADR	217,750		10,560,875
TOTAL CHILE			290,233,914
Colombia - 1.2%
Almacenes Exito SA unit (e)	2,946,800		23,500,884
BanColombia SA sponsored ADR	1,125,300		40,049,427
TOTAL COLOMBIA			63,550,311
Luxembourg - 1.0%
Tenaris SA sponsored ADR	502,700		24,215,059
Ternium SA sponsored ADR	807,800		24,936,786
TOTAL LUXEMBOURG			49,151,845
Mexico - 27.4%
Alsea SAB de CV	18,021,400		30,718,016
America Movil SAB de CV Series L sponsored ADR	9,585,000		573,949,801
Axtel SAB de CV unit (a)	6,390,929		46,565,184
Banco Compartamos SA de CV	5,221,600		28,964,250
Cemex SA de CV sponsored ADR	5,849,818		189,183,114
Corporacion Geo SA de CV Series B (a)	11,555,700		63,363,009
Fomento Economico Mexicano SA de CV sponsored ADR	3,118,995		115,465,195
Grupo Aeroportuario del Pacifico SA de CV sponsored ADR	679,600		33,042,152
Grupo Aeroportuario Norte Sab de CV ADR	86,800		2,317,560
Grupo Televisa SA de CV	1,507,400		7,625,872
Grupo Televisa SA de CV (CPO) sponsored ADR	4,864,700		122,833,675
Industrias Penoles SA de CV	2,305,800		30,241,514
Telefonos de Mexico SA de CV Series L sponsored ADR	1,605,500		54,859,935
Urbi, Desarrollos Urbanos, SA de CV (a)	10,502,300		44,390,327
Wal-Mart de Mexico SA de CV Series V	20,373,416		74,073,344
TOTAL MEXICO			1,417,592,948
Panama - 1.0%
Copa Holdings SA Class A	523,600		28,750,876
Intergroup Financial Services Corp.	917,903		16,063,303
Intergroup Financial Services Corp. (e)	249,320		4,363,100
TOTAL PANAMA			49,177,279
United Kingdom - 0.3%
GOL Linhas Aereas Inteligentes SA warrants (Deutsche Bank Warrant Program) 9/6/07 (a)(e)	150,436		3,748,865
SABMiller PLC	507,800		13,131,567
TOTAL UNITED KINGDOM			16,880,432

	Shares		Value
United States of America - 0.9%
Pricesmart, Inc.	201,290		$ 4,551,167
Southern Copper Corp. (d)	389,242		43,871,466
TOTAL UNITED STATES OF AMERICA			48,422,633
TOTAL COMMON STOCKS (Cost $3,077,482,255)		5,131,367,369
Nonconvertible Preferred Stocks - 0.4%

Brazil - 0.4%
Brasil Telecom Participacoes SA (PN)	379,300		4,984,327
Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN)	346,940,000		13,255,605
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $17,832,884)		18,239,932
Money Market Funds - 3.7%

Fidelity Cash Central Fund, 5.38% (b)	10,633,946		10,633,946
Fidelity Securities Lending Cash Central Fund, 5.39% (b)(c)	183,095,775		183,095,775
TOTAL MONEY MARKET FUNDS (Cost $193,729,721)		193,729,721
Cash Equivalents - 0.0%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 5.09%, dated 7/31/07 due 8/1/07 (Collateralized by U.S. Treasury Obligations) # (Cost $2,177,000)	$ 2,177,308		2,177,000

NET OTHER ASSETS - (3.1)%		(162,823,889)
NET ASSETS - 100%		$ 5,182,690,133

Repurchase Agreement / Counterparty	Value
$2,177,000 due 8/01/07 at 5.09%
Banc of America Securities LLC	$ 390,847
Merrill Lynch Government Securities, Inc.	1,786,153
	$ 2,177,000

NET OTHER ASSETS - 0.9%			7,697,596
NET ASSETS - 100%		$ 834,660,828

Common Stocks - 96.8%
	Shares		Value
Australia - 4.2%
Babcock & Brown Ltd.	1,251,600		$ 30,066,071
Computershare Ltd.	10,269,163		87,421,164
CSL Ltd.	1,231,300		93,330,991
Macquarie Bank Ltd. (d)	1,169,700		82,232,688
National Australia Bank Ltd.	2,473,000		80,838,596
TOTAL AUSTRALIA			373,889,510
Austria - 0.8%
Raiffeisen International Bank Holding AG (d)	441,200		67,712,788
Brazil - 1.7%
Banco Nossa Caixa SA	578,000		9,801,030
Petroleo Brasileiro SA Petrobras sponsored ADR	974,200		63,225,580
Vivo Participacoes SA (PN) sponsored ADR (d)	17,582,400		78,944,976
TOTAL BRAZIL			151,971,586
Canada - 1.1%
Aber Diamond Corp.	2,328,300		86,784,670
Cameco Corp.	259,600		10,537,808
TOTAL CANADA			97,322,478
Cayman Islands - 1.1%
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d)	2,373,400		95,719,222
China - 0.6%
Global Bio-Chem Technology Group Co. Ltd.	114,978,000		55,582,538
Denmark - 1.7%
DSV de Sammensluttede Vognmaend AS (d)	3,628,600		82,409,794
Vestas Wind Systems AS (a)	1,049,900		71,050,728
TOTAL DENMARK			153,460,522
Finland - 0.8%
Neste Oil Oyj (d)	1,926,322		69,587,303
France - 15.3%
Alcatel-Lucent SA sponsored ADR	4,290,000		49,764,000
Alstom SA	724,100		132,572,014
AXA SA	1,309,060		51,262,987
Cap Gemini SA	633,900		42,242,237
Carrefour SA	698,700		50,050,062
Electricite de France	982,900		100,629,249
Pernod Ricard SA	2,094,442		443,817,877
Pinault Printemps-Redoute SA	584,600		102,815,955
Societe Generale Series A	258,710		45,015,540
Sodexho Alliance SA ADR	1,301,800		86,569,700

	Shares		Value
Veolia Environnement	2,782,337		$ 207,454,917
Vinci SA	616,600		44,784,902
TOTAL FRANCE			1,356,979,440
Germany - 8.1%
Bayer AG	1,148,400		81,272,582
DaimlerChrysler AG	1,416,600		128,556,450
E.ON AG	483,891		75,966,341
Hochtief AG	830,400		84,550,434
K&S AG	268,700		40,080,322
Linde AG	1,068,800		127,032,096
MLP AG	2,006,200		35,961,907
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	383,376		66,539,319
Siemens AG (Reg.)	585,000		74,078,836
TOTAL GERMANY			714,038,287
Hong Kong - 4.2%
China Unicom Ltd. sponsored ADR (d)	16,899,500		299,121,150
Shanghai Industrial Holdings Ltd. (H Shares)	16,352,000		70,707,722
TOTAL HONG KONG			369,828,872
India - 3.0%
Allahabad Bank	10,885,323		26,179,215
Bank of Baroda	5,033,901		45,654,563
Gammon India Ltd.	2,169,930		23,815,778
Satyam Computer Services Ltd.	8,459,009		101,133,460
State Bank of India	1,493,012		72,087,357
TOTAL INDIA			268,870,373
Italy - 2.2%
Impregilo SpA (a)	6,876,600		55,234,326
Safilo Group SpA	6,000,000		32,544,836
Unicredito Italiano SpA	12,352,000		106,025,362
TOTAL ITALY			193,804,524
Japan - 10.6%
Canon, Inc.	687,900		36,513,733
Citizen Holdings Co. Ltd. (d)	12,719,600		117,603,621
Honda Motor Co. Ltd. sponsored ADR	2,770,600		99,797,012
Konica Minolta Holdings, Inc.	3,024,000		44,709,271
Kubota Corp.	6,803,000		56,489,082
Kurita Water Industries Ltd.	1,590,500		50,424,743
Mitsubishi Estate Co. Ltd.	2,734,000		69,552,616
Mitsui Fudosan Co. Ltd.	2,192,000		57,232,213
Mizuho Financial Group, Inc.	6,685		47,083,198
Murata Manufacturing Co. Ltd.	419,600		31,349,663
Nintendo Co. Ltd.	236,800		116,032,003
Nomura Holdings, Inc.	4,262,300		80,855,833
Omron Corp.	1,864,700		49,418,919
Common Stocks - continued
	Shares		Value
Japan - continued
Sumitomo Mitsui Financial Group, Inc.	4,206		$ 38,010,648
Tokuyama Corp.	3,158,000		45,865,650
TOTAL JAPAN			940,938,205
Luxembourg - 0.9%
Acergy SA sponsored ADR	2,948,500		78,135,250
Netherlands - 3.3%
Arcelor Mittal (NY Shares) Class A (d)	2,685,300		163,857,006
ING Groep NV (Certificaten Van Aandelen)	1,473,114		62,136,188
Koninklijke Ahold NV sponsored ADR (a)	5,011,200		63,441,792
TOTAL NETHERLANDS			289,434,986
Netherlands Antilles - 2.0%
Schlumberger Ltd. (NY Shares)	1,834,200		173,735,424
Norway - 4.0%
Aker Kvaerner ASA	13,562,800		353,682,680
Russia - 0.8%
JSC MMC 'Norilsk Nickel' sponsored ADR	320,400		75,614,400
South Africa - 0.9%
Impala Platinum Holdings Ltd.	2,691,890		79,007,254
Spain - 2.6%
Banco Bilbao Vizcaya Argentaria SA	2,778,600		67,853,674
Banco Santander Central Hispano SA	4,404,400		83,892,509
Telefonica SA sponsored ADR (d)	1,098,900		77,175,747
TOTAL SPAIN			228,921,930
Sweden - 1.2%
OMX AB	3,454,500		106,125,095
Switzerland - 8.0%
Actelion Ltd. (Reg.) (a)	2,132,655		114,842,096
Compagnie Financiere Richemont unit	1,755,710		111,494,526
Credit Suisse Group (Reg.)	2,593,222		167,366,548
EFG International	474,075		22,372,079
Nestle SA (Reg.)	298,349		115,162,962
Roche Holding AG (participation certificate)	563,817		100,473,456
UBS AG (NY Shares)	1,320,600		72,725,442
TOTAL SWITZERLAND			704,437,109
Turkey - 1.2%
Turkiye Garanti Bankasi AS	6,060,000		42,466,713
Yapi ve Kredi Bankasi AS	21,368,532		64,556,493
TOTAL TURKEY			107,023,206
United Kingdom - 9.7%
3i Group plc	2,330,530		51,035,093
British Land Co. PLC	1,297,900		32,772,367
HSBC Holdings PLC sponsored ADR (d)	1,178,300		109,770,428
Land Securities Group PLC	1,778,500		61,129,336
Marks & Spencer Group PLC	6,158,400		79,064,298

	Shares		Value
Rolls-Royce Group PLC	20,251,785		$ 209,811,328
Standard Chartered PLC (United Kingdom)	957,900		31,562,142
The Weir Group PLC	4,760,800		71,662,770
Vodafone Group PLC sponsored ADR	2,682,900		81,426,015
Xstrata PLC	1,994,800		129,590,530
TOTAL UNITED KINGDOM			857,824,307
United States of America - 6.8%
AES Corp. (a)	11,738,800		230,667,420
Fluor Corp.	1,649,600		190,545,296
Starwood Hotels & Resorts Worldwide, Inc.	1,192,500		75,079,800
Titanium Metals Corp. (a)	1,735,100		57,987,042
Zale Corp. (a)	2,171,400		46,098,822
TOTAL UNITED STATES OF AMERICA			600,378,380
TOTAL COMMON STOCKS (Cost $7,045,463,210)		8,564,025,669
Nonconvertible Preferred Stocks - 0.6%

Germany - 0.6%
Porsche AG	27,800		50,910,627
United Kingdom - 0.0%
Rolls-Royce Group PLC B Shares	4,436		9
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $36,488,078)		50,910,636
Money Market Funds - 6.2%

Fidelity Cash Central Fund, 5.38% (b)	243,354,793		243,354,793
Fidelity Securities Lending Cash Central Fund, 5.39% (b)(c)	309,232,725		309,232,725
TOTAL MONEY MARKET FUNDS (Cost $552,587,518)		552,587,518
Cash Equivalents - 0.2%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 5.09%, dated 7/31/07 due 8/1/07 (Collateralized by U.S. Treasury Obligations) # (Cost $15,477,000)	$ 15,479,188		15,477,000

NET OTHER ASSETS - (3.8)%		(335,781,930)
NET ASSETS - 100%		$ 8,847,218,893

Repurchase Agreement / Counterparty	Value
$15,477,000 due 8/01/07 at 5.09%
Banc of America Securities LLC	$ 2,778,661
Merrill Lynch Government Securities, Inc.	12,698,339
	$ 15,477,000

NET OTHER ASSETS - (2.4)%			(29,558,974)
NET ASSETS - 100%		$ 1,227,484,817

NET OTHER ASSETS - (1.4)%			(55,225,716)
NET ASSETS - 100%		$ 3,995,986,439

Repurchase Agreement / Counterparty	Value
$8,511,000 due 8/01/07 at 5.09%
Banc of America Securities LLC	$ 1,528,021
Merrill Lynch Government Securities, Inc.	6,982,979
	$ 8,511,000

Common Stocks - 96.1%
	Shares		Value
Australia - 3.7%
AMP Ltd.	138,200		$ 1,184,737
Aristocrat Leisure Ltd.	109,900		1,278,340
AXA Asia Pacific Holdings Ltd.	238,300		1,492,545
Babcock & Brown Japan Property Trust	926,600		1,417,336
Babcock & Brown Ltd.	138,900		3,336,671
Babcock & Brown Wind Partners	918,400		1,506,533
Boart Longyear Ltd.	1,126,000		2,235,684
Brambles Ltd. (a)	230,200		2,173,507
Cochlear Ltd.	46,300		2,438,291
Computershare Ltd.	402,800		3,429,028
CSL Ltd.	174,200		13,204,141
Downer EDI Ltd.	251,079		1,499,838
Goodman Group unit	304,983		1,580,139
Macquarie Bank Ltd.	30,000		2,109,071
Mortgage Choice Ltd.	186,300		482,617
National Australia Bank Ltd.	140,300		4,586,193
Oxiana Ltd.	406,674		1,292,621
QBE Insurance Group Ltd.	120,200		3,069,780
Seek Ltd.	131,500		944,647
United Group Ltd.	46,300		733,855
United Group Ltd. (f)	5,700		90,345
Woolworths Ltd.	150,303		3,495,322
WorleyParsons Ltd.	74,500		2,152,147
TOTAL AUSTRALIA			55,733,388
Austria - 0.2%
Raiffeisen International Bank Holding AG	17,600		2,701,145
Belgium - 0.1%
InBev SA	23,800		1,933,487
Bermuda - 0.8%
Allied World Assurance Co. Holdings Ltd.	64,100		3,041,545
Aquarius Platinum Ltd. (United Kingdom)	91,600		2,722,295
Endurance Specialty Holdings Ltd.	109,700		4,102,780
Ports Design Ltd.	326,000		780,115
Sinofert Holdings Ltd.	2,449,100		1,689,330
TOTAL BERMUDA			12,336,065
Brazil - 0.2%
Submarino SA	65,600		2,764,726
Canada - 1.8%
Cameco Corp.	79,400		3,223,043
Canadian Natural Resources Ltd.	84,000		5,765,107
Lundin Mining Corp. (a)	67,636		868,039
Niko Resources Ltd.	32,300		2,929,317
Open Text Corp. (a)	84,300		1,585,317
Potash Corp. of Saskatchewan, Inc.	107,000		8,639,180
Suncor Energy, Inc.	52,000		4,701,791
Suramina Resources, Inc. (a)	43,200		46,574
TOTAL CANADA			27,758,368

	Shares		Value
Cayman Islands - 0.4%
Lee & Man Paper Manufacturing Ltd.	569,500		$ 2,427,297
Spreadtrum Communications, Inc. ADR (d)	19,200		272,640
Subsea 7, Inc. (a)	51,100		1,225,162
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	48,700		1,964,071
TOTAL CAYMAN ISLANDS			5,889,170
China - 0.2%
Jiangsu Expressway Co. Ltd. (H Shares)	849,700		847,976
Nine Dragons Paper (Holdings) Ltd.	661,000		1,940,133
TOTAL CHINA			2,788,109
Cyprus - 0.2%
Aisi Realty Public Ltd.	583,060		384,820
Marfin Popular Bank Public Co.	159,249		2,118,069
TOTAL CYPRUS			2,502,889
Czech Republic - 0.1%
Ceske Energeticke Zavody AS	37,300		1,955,839
Denmark - 0.4%
Novo Nordisk AS Series B	6,900		729,608
Vestas Wind Systems AS (a)	71,400		4,831,910
TOTAL DENMARK			5,561,518
Finland - 0.5%
Citycon Oyj	44,200		283,656
Nokia Corp. sponsored ADR	169,600		4,857,344
Wartsila Corp. (B Shares)	27,000		1,906,385
TOTAL FINLAND			7,047,385
France - 5.8%
Air France KLM (Reg.)	35,700		1,626,220
Alcatel-Lucent SA	69,600		807,363
Alstom SA	63,100		11,552,678
AXA SA	93,600		3,665,390
BNP Paribas SA	25,182		2,816,235
Business Objects SA sponsored ADR (a)	56,600		2,547,000
Cap Gemini SA	37,900		2,525,605
CNP Assurances	13,200		1,749,507
Electricite de France	50,100		5,129,235
Gaz de France	49,800		2,340,741
Geodis SA	4,900		1,086,196
Groupe Danone	29,600		2,116,290
Icade SA	35,900		2,432,609
L'Oreal SA	16,100		1,861,160
LVMH Moet Hennessy - Louis Vuitton	22,000		2,491,382
Neopost SA	16,100		2,355,935
Neuf Cegetel	43,700		1,726,934
Orpea (a)	34,600		1,912,261
Pinault Printemps-Redoute SA	10,100		1,776,328
Remy Cointreau SA	19,600		1,435,388
Renault SA	22,300		3,266,851
Common Stocks - continued
	Shares		Value
France - continued
Sechilienne-Sidec	10,900		$ 798,401
Societe Generale Series A	11,585		2,015,790
Suez SA (France)	71,200		3,796,711
Total SA Series B	107,896		8,481,737
Vallourec SA	5,200		1,373,845
Veolia Environnement	55,462		4,135,324
Vinci SA	80,300		5,832,351
Vivendi Universal SA	66,030		2,829,829
TOTAL FRANCE			86,485,296
Germany - 5.6%
Adidas-Salomon AG	31,400		1,925,745
Allianz AG (Reg.)	35,100		7,441,229
Arcandor AG (a)(d)	74,600		2,299,838
Bayer AG	100,600		7,119,489
Bayer AG sponsored ADR	25,900		1,832,943
Bilfinger Berger AG	15,600		1,349,084
CompuGROUP Holding AG (a)	33,200		789,106
Continental AG	14,300		2,074,341
DaimlerChrysler AG (Reg.)	43,700		3,965,790
Deutsche Boerse AG	35,200		4,116,741
E.ON AG	66,600		10,455,574
Gerresheimer AG	21,200		1,066,372
Hochtief AG	31,300		3,186,932
K&S AG	14,700		2,192,708
Linde AG	24,714		2,937,380
MAN AG	27,600		4,045,543
MTU Aero Engines Holding AG	20,900		1,439,935
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	23,300		4,043,983
Q-Cells AG	34,600		3,063,216
SGL Carbon AG (a)	39,100		2,031,489
Siemens AG:
(Reg.)	59,300		7,509,188
sponsored ADR	36,500		4,621,995
SolarWorld AG	66,100		3,218,138
Wincor Nixdorf AG	15,800		1,415,241
TOTAL GERMANY			84,142,000
Greece - 0.2%
EFG Eurobank Ergasias SA	49,400		1,784,547
Marfin Financial Group Holdings SA	84,400		803,802
TOTAL GREECE			2,588,349
Hong Kong - 0.6%
Chaoda Modern Agriculture (Holdings) Ltd.	858,000		638,528
Esprit Holdings Ltd.	415,600		5,553,984
Li & Fung Ltd.	696,100		2,411,979
TOTAL HONG KONG			8,604,491
India - 1.3%
Bharat Heavy Electricals Ltd.	64,496		2,773,055

	Shares		Value
Bharti Airtel Ltd. (a)	151,103		$ 3,403,126
Infosys Technologies Ltd.	59,615		2,930,762
Jain Irrigation Systems Ltd.	162,869		2,141,936
Larsen & Toubro Ltd.	43,064		2,794,285
Reliance Industries Ltd.	57,147		2,692,407
Satyam Computer Services Ltd.	193,102		2,308,672
TOTAL INDIA			19,044,243
Indonesia - 0.1%
PT Perusahaan Gas Negara Tbk Series B	1,024,000		1,027,333
Ireland - 0.2%
Paddy Power PLC (Ireland)	40,000		1,288,986
Ryanair Holdings PLC sponsored ADR (a)	29,300		1,215,657
TOTAL IRELAND			2,504,643
Israel - 0.2%
Israel Chemicals Ltd.	250,100		2,063,670
Nice Systems Ltd. sponsored ADR (a)	44,200		1,468,324
TOTAL ISRAEL			3,531,994
Italy - 1.4%
AEM SpA	452,400		1,514,795
Edison SpA	593,600		1,878,740
Enel SpA	167,400		1,737,434
ENI SpA	68,551		2,391,068
Fiat SpA	161,200		4,790,955
Impregilo SpA (a)	217,600		1,747,810
Pirelli & C. Real Estate SpA	15,000		791,043
Prysmian SpA	54,700		1,498,472
Unicredito Italiano SpA	570,800		4,899,553
TOTAL ITALY			21,249,870
Japan - 8.8%
Aeon Mall Co. Ltd. (d)	51,700		1,546,443
Asahi Glass Co. Ltd.	120,000		1,606,651
Asics Corp.	116,000		1,582,959
Bank of Yokohama Ltd.	165,000		1,147,390
Canon, Inc.	130,750		6,940,210
Casio Computer Co. Ltd.	61,800		941,869
Chiba Bank Ltd.	141,000		1,186,683
Chugai Pharmaceutical Co. Ltd.	102,300		1,765,030
East Japan Railway Co.	205		1,520,472
Fujifilm Holdings Corp.	78,100		3,385,635
Honda Motor Co. Ltd.	94,500		3,403,890
Japan Tobacco, Inc.	532		2,703,689
Kawasaki Kisen Kaisha Ltd.	141,000		1,929,959
Kenedix Realty Investment Corp.	19		136,947
Keyence Corp.	5,400		1,160,039
Konica Minolta Holdings, Inc.	63,500		938,836
Kubota Corp.	207,000		1,718,836
Leopalace21 Corp.	22,400		708,139
Matsui Securities Co. Ltd.	145,100		1,201,018
Mitsubishi Corp.	60,600		1,789,575
Mitsubishi Estate Co. Ltd.	123,600		3,144,368
Common Stocks - continued
	Shares		Value
Japan - continued
Mitsubishi UFJ Financial Group, Inc.	69		$ 734,160
Mitsui & Co. Ltd.	163,000		3,830,588
Mitsui Fudosan Co. Ltd.	142,000		3,707,561
Mizuho Financial Group, Inc.	699		4,923,135
Murata Manufacturing Co. Ltd.	40,300		3,010,942
Namco Bandai Holdings, Inc.	114,800		1,798,796
NGK Insulators Ltd.	123,000		3,759,247
Nintendo Co. Ltd.	39,800		19,502,001
Nippon Building Fund, Inc.	100		1,323,086
Nippon Electric Glass Co. Ltd.	55,000		857,542
Nippon Steel Corp.	286,000		2,151,211
Nomura Holdings, Inc.	175,900		3,336,823
NSK Ltd.	226,000		2,165,136
NTT DoCoMo, Inc.	1,451		2,003,831
ORIX Corp.	16,050		3,852,260
Sony Corp. sponsored ADR	46,700		2,462,958
Sumco Corp.	64,600		3,316,607
Sumitomo Corp.	115,900		2,244,629
Sumitomo Electric Industries Ltd.	113,500		1,850,996
Sumitomo Metal Industries Ltd.	256,100		1,474,767
Sumitomo Mitsui Financial Group, Inc.	285		2,575,615
Sumitomo Trust & Banking Co. Ltd.	163,200		1,377,854
T&D Holdings, Inc.	31,800		2,079,631
Takeda Pharamaceutical Co. Ltd.	80,300		5,230,847
The Sumitomo Warehouse Co. Ltd.	27,000		166,378
Tokuyama Corp.	215,300		3,126,939
Toyota Motor Corp.	152,900		9,222,164
TOTAL JAPAN			132,544,342
Korea (South) - 0.9%
Korean Reinsurance Co.	62,950		940,738
LG Household & Health Care Ltd.	35,200		4,665,787
NHN Corp.	16,372		2,989,483
Samsung Card Co. Ltd.	1,460		106,254
Samsung Fire & Marine Insurance Co. Ltd.	13,320		2,734,211
Shinhan Financial Group Co. Ltd.	24,486		1,662,721
TOTAL KOREA (SOUTH)			13,099,194
Luxembourg - 0.3%
Acergy SA	71,500		1,894,750
SES SA (A Shares) FDR	95,727		2,017,216
TOTAL LUXEMBOURG			3,911,966
Malaysia - 0.5%
DiGi.com Bhd	241,500		1,517,021
Gamuda Bhd	1,612,700		3,641,355
IJM Corp. Bhd	533,300		1,343,092
KNM Group Bhd	1,036,200		1,559,774
TOTAL MALAYSIA			8,061,242

	Shares		Value
Mexico - 0.3%
America Movil SAB de CV Series L sponsored ADR	64,400		$ 3,856,272
Urbi, Desarrollos Urbanos, SA de CV (a)	257,800		1,089,650
TOTAL MEXICO			4,945,922
Netherlands - 1.8%
ABN-AMRO Holding NV	91,000		4,531,817
Arcelor Mittal:
(NY Shares) Class A	37,800		2,306,556
Class A	42,200		2,640,650
CNH Global NV	42,200		2,233,646
Heineken NV (Bearer)	49,500		3,133,350
ING Groep NV (Certificaten Van Aandelen)	20,100		847,821
Koninklijke KPN NV	73,200		1,144,866
Koninklijke Numico NV	22,700		1,663,656
Koninklijke Philips Electronics NV	74,700		3,017,892
Nutreco Holding NV	39,300		2,944,244
SBM Offshore NV	44,172		1,832,624
TOTAL NETHERLANDS			26,297,122
Netherlands Antilles - 0.4%
Schlumberger Ltd. (NY Shares)	62,500		5,920,000
Norway - 1.0%
Aker Kvaerner ASA	204,450		5,331,526
Hafslund ASA (B Shares)	42,200		1,129,426
Marine Harvest ASA (a)	2,635,800		3,332,735
Renewable Energy Corp. AS	69,000		2,758,201
Telenor ASA	127,100		2,336,461
TOTAL NORWAY			14,888,349
Papua New Guinea - 0.1%
Lihir Gold Ltd. (a)	613,400		1,599,489
Russia - 0.0%
Magma OJSC sponsored GDR (a)(e)	44,000		642,400
Singapore - 0.2%
Keppel Corp. Ltd.	152,000		1,353,562
Singapore Exchange Ltd.	376,000		2,455,409
TOTAL SINGAPORE			3,808,971
Spain - 1.5%
Banco Bilbao Vizcaya Argentaria SA	146,200		3,570,218
Banco Santander Central Hispano SA	320,400		6,102,797
Compania de Distribucion Integral Logista SA	10,100		787,759
Inditex SA	57,300		3,478,894
Sol Melia SA	45,700		1,012,419
Telefonica SA	322,200		7,542,731
TOTAL SPAIN			22,494,818
Sweden - 0.8%
H&M Hennes & Mauritz AB (B Shares)	47,700		2,771,486
Common Stocks - continued
	Shares		Value
Sweden - continued
Modern Times Group MTG AB (B Shares)	68,500		$ 4,239,251
Scania AB (B Shares)	178,000		4,305,962
TOTAL SWEDEN			11,316,699
Switzerland - 6.6%
ABB Ltd.:
(Reg.)	611		15,027
sponsored ADR	1,616,800		38,916,372
Actelion Ltd. (Reg.) (a)	87,360		4,704,280
BB Biotech AG	22,241		1,786,314
Compagnie Financiere Richemont unit	31,829		2,021,267
Credit Suisse Group (Reg.)	54,072		3,489,807
EFG International	33,560		1,583,730
Julius Baer Holding AG (Bearer)	70,578		4,998,908
Lindt & Spruengli AG (participation certificate)	1,255		3,397,849
Nestle SA (Reg.)	21,030		8,117,598
Novartis AG sponsored ADR	42,700		2,303,665
Phonak Holding AG	37,319		3,621,636
Roche Holding AG (participation certificate)	60,723		10,820,975
SGS Societe Generale de Surveillance Holding SA (Reg.)	932		1,132,518
Swiss Life Holding	5,998		1,495,132
Tecan Group AG	18,800		1,115,639
The Swatch Group AG (Reg.)	77,423		4,571,920
UBS AG (NY Shares)	58,990		3,248,579
Zurich Financial Services AG (Reg.)	6,836		2,014,102
TOTAL SWITZERLAND			99,355,318
Taiwan - 0.7%
Gemtek Technology Corp.	531,000		1,467,942
Hon Hai Precision Industry Co. Ltd. (Foxconn)	435,614		3,611,418
PixArt Imaging, Inc.	109,000		1,395,349
Shin Kong Financial Holding Co. Ltd.	639,345		782,398
Siliconware Precision Industries Co. Ltd.	793,348		1,516,136
Wistron Corp.	894,000		1,836,557
TOTAL TAIWAN			10,609,800
United Kingdom - 7.6%
Anglo American PLC (United Kingdom)	54,685		3,225,970
AstraZeneca PLC sponsored ADR	34,300		1,777,769
Autonomy Corp. PLC (a)	169,700		2,875,036
BAE Systems PLC	263,500		2,261,532
Barclays PLC	92,800		1,298,964
BG Group PLC	92,500		1,518,268
BG Group PLC sponsored ADR	12,700		1,030,605
BHP Billiton PLC	261,200		7,815,763
Blinkx PLC (a)	169,700		144,786
BP PLC	282,075		3,262,659
BP PLC sponsored ADR	6,500		451,100
British American Tobacco PLC	140,400		4,546,140
Burberry Group PLC	116,100		1,509,411

	Shares		Value
Capita Group PLC	92,400		$ 1,352,388
Clipper Windpower PLC (a)	195,100		2,829,769
GlaxoSmithKline PLC sponsored ADR	21,600		1,103,328
Gyrus Group PLC (a)	195,400		1,713,769
HSBC Holdings PLC (Hong Kong) (Reg.)	91,638		1,707,399
Informa PLC	92,800		1,000,066
International Power PLC	466,500		3,920,894
Investec PLC	281,300		3,540,026
John Wood Group PLC	191,600		1,266,899
Man Group plc	195,600		2,256,902
Marks & Spencer Group PLC	126,400		1,622,780
N Brown Group PLC	268,600		1,763,762
National Grid PLC	150,100		2,142,015
Next PLC	54,500		2,102,408
Pearson PLC	149,800		2,425,301
Punch Taverns Ltd.	55,700		1,313,660
Reckitt Benckiser PLC	89,500		4,821,609
Renovo Group PLC (a)	764,000		2,793,581
Rio Tinto PLC sponsored ADR	9,400		2,717,728
Rolls-Royce Group PLC	248,932		2,578,970
Royal Bank of Scotland Group PLC	377,300		4,541,200
Royal Dutch Shell PLC Class B	207,700		8,233,206
RPS Group PLC	282,300		2,002,824
Shire PLC	128,800		3,168,042
SSL International PLC	341,200		3,229,910
Tesco PLC	612,143		5,121,596
Vodafone Group PLC	2,213,700		6,718,561
Vodafone Group PLC sponsored ADR	39,412		1,196,154
Xstrata PLC	40,700		2,644,042
TOTAL UNITED KINGDOM			113,546,792
United States of America - 40.6%
Adobe Systems, Inc. (a)	77,800		3,134,562
AES Corp. (a)	286,100		5,621,865
Agilent Technologies, Inc. (a)	186,900		7,130,235
Allergan, Inc.	87,300		5,074,749
Amazon.com, Inc. (a)	47,900		3,762,066
American International Group, Inc.	149,800		9,614,164
American Superconductor Corp. (a)(d)	173,700		3,315,933
American Tower Corp. Class A (a)	247,600		10,315,016
Amphenol Corp. Class A	99,600		3,412,296
Amylin Pharmaceuticals, Inc. (a)	134,086		6,236,340
Apple, Inc. (a)	104,900		13,821,624
Applied Materials, Inc.	277,600		6,118,304
AT&T, Inc.	738,400		28,915,744
Avon Products, Inc.	414,200		14,915,342
Bank New York Mellon Corp.	78,900		3,357,195
Bear Stearns Companies, Inc.	31,300		3,794,186
BladeLogic, Inc.	1,200		30,900
C.R. Bard, Inc.	97,900		7,682,213
Casual Male Retail Group, Inc. (a)	596,700		6,098,274
Celgene Corp. (a)	75,600		4,578,336
Centex Corp.	50,200		1,872,962
Cerner Corp. (a)	174,300		9,215,241
Common Stocks - continued
	Shares		Value
United States of America - continued
Cisco Systems, Inc. (a)	424,800		$ 12,280,968
Citigroup, Inc.	243,600		11,344,452
Coach, Inc. (a)	144,300		6,559,878
Cognizant Technology Solutions Corp. Class A (a)	220,900		17,888,482
Commerce Bancorp, Inc.	106,200		3,552,390
Constellation Energy Group, Inc.	77,700		6,511,260
Countrywide Financial Corp.	4,500		126,765
Crocs, Inc. (a)	43,500		2,580,420
CyberSource Corp. (a)(d)	417,500		4,805,425
EOG Resources, Inc.	4,200		294,420
Exelixis, Inc. (a)	149,200		1,445,748
Exxon Mobil Corp.	307,800		26,203,014
Fluor Corp.	23,600		2,726,036
Fuel Tech, Inc. (a)(d)	395,023		11,048,793
General Dynamics Corp.	194,400		15,272,064
General Growth Properties, Inc.	48,000		2,303,040
Gilead Sciences, Inc. (a)	128,000		4,765,440
Google, Inc. Class A (sub. vtg.) (a)	32,100		16,371,000
Greenhill & Co., Inc. (d)	60,500		3,509,000
Hudson City Bancorp, Inc.	1,357,300		16,586,206
Inverness Medical Innovations, Inc. (a)	358,901		17,374,397
Itron, Inc. (a)	16,400		1,302,652
Janus Capital Group, Inc.	523,600		15,739,416
JCPenney Co., Inc.	161,700		11,002,068
KB Home	37,400		1,189,694
Lennar Corp. Class A	61,250		1,877,925
Macquarie Infrastructure Co. LLC	8,300		330,257
Macy's, Inc.	202,000		7,286,140
Marathon Oil Corp.	18,000		993,600
Mastercard, Inc. Class A	101,600		16,337,280
Merck & Co., Inc.	269,100		13,360,815
Molson Coors Brewing Co. Class B	39,100		3,477,554
Monsanto Co.	199,200		12,838,440
Morgan Stanley	125,800		8,034,846
National Oilwell Varco, Inc. (a)	86,404		10,377,984
Nordstrom, Inc.	100,800		4,796,064
Northern Trust Corp.	145,700		9,100,422
PepsiCo, Inc.	132,100		8,668,402
Petrohawk Energy Corp. (a)	188,700		2,828,613
PPL Corp.	101,900		4,803,566
Procter & Gamble Co.	225,000		13,918,500
Pulte Homes, Inc.	64,100		1,239,694
Quanta Services, Inc. (a)	184,100		5,233,963
Quicksilver Resources, Inc. (a)	56,900		2,396,628
Ralcorp Holdings, Inc. (a)	161,600		8,396,736
Ryland Group, Inc.	34,200		1,137,150
Service Corp. International	517,500		6,272,100
St. Jude Medical, Inc. (a)	95,600		4,124,184
State Street Corp.	86,100		5,771,283
Stewart Enterprises, Inc. Class A	1,168,000		8,187,680
Sun Microsystems, Inc. (a)	3,588,700		18,302,370

	Shares		Value
Sunoco, Inc.	17,800		$ 1,187,616
Time Warner, Inc.	622,600		11,991,276
Titanium Metals Corp. (a)	360,440		12,045,905
Tyson Foods, Inc. Class A	298,000		6,347,400
UDR, Inc.	91,300		2,108,117
Under Armour, Inc. Class A (sub. vtg.) (a)(d)	68,300		4,194,303
Unisys Corp. (a)	374,600		3,030,514
Valero Energy Corp.	148,000		9,917,480
Washington Group International, Inc. (a)	81,500		6,546,080
TOTAL UNITED STATES OF AMERICA			608,261,462
TOTAL COMMON STOCKS (Cost $1,154,664,197)		1,439,454,194
Nonconvertible Preferred Stocks - 0.6%

Germany - 0.5%
Fresenius AG (non-vtg.)	35,200		2,805,665
Porsche AG	1,271		2,327,605
ProSiebenSat.1 Media AG	84,000		3,058,591
TOTAL GERMANY			8,191,861
Italy - 0.1%
Intesa Sanpaolo SpA	109,800		786,381
United Kingdom - 0.0%
Rolls-Royce Group PLC B Shares	1,259		3
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $6,458,055)		8,978,245
Money Market Funds - 1.7%

Fidelity Cash Central Fund, 5.38% (b)	8,699,146		8,699,146
Fidelity Securities Lending Cash Central Fund, 5.39% (b)(c)	17,384,490		17,384,490
TOTAL MONEY MARKET FUNDS (Cost $26,083,636)		26,083,636

NET OTHER ASSETS - 1.6%			23,676,134
NET ASSETS - 100%		$ 1,498,192,209

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

Date:	September 28, 2007

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

Date:	September 28, 2007

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

Date:	September 28, 2007