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)

245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices)       (Zip code)

Scott C. Goebel, Secretary

245 Summer St.

Boston, Massachusetts 02210
(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, 2013

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Overseas Fund

July 31, 2013

1.804876.109
OVE-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%

Shares

Value

Australia - 2.4%

Ansell Ltd.

435,731

$ 7,261,317

Australia & New Zealand Banking Group Ltd.

1,012,648

27,088,107

BHP Billiton Ltd.

585,221

18,296,777

McMillan Shakespeare Ltd.

179,670

1,312,966

TOTAL AUSTRALIA

53,959,167

Austria - 0.5%

Andritz AG

196,200

10,584,145

Bailiwick of Jersey - 2.5%

Experian PLC

955,800

17,927,953

Informa PLC

1,179,784

9,422,419

Kentz Corp. Ltd.

1,084,900

7,103,339

WPP PLC

1,307,133

23,599,113

TOTAL BAILIWICK OF JERSEY

58,052,824

Belgium - 1.9%

Anheuser-Busch InBev SA NV

312,812

30,080,441

KBC Groupe SA

353,319

14,171,644

TOTAL BELGIUM

44,252,085

Bermuda - 0.4%

Signet Jewelers Ltd.

126,100

9,219,171

Brazil - 0.2%

Qualicorp SA (a)

552,400

4,043,693

Canada - 0.4%

Constellation Software, Inc.

61,600

8,987,806

Cayman Islands - 0.8%

Lifestyle International Holdings Ltd.

2,753,500

6,553,924

Shenzhou International Group Holdings Ltd.

3,804,000

10,766,130

TOTAL CAYMAN ISLANDS

17,320,054

Denmark - 1.0%

Novo Nordisk A/S Series B

135,600

23,006,713

Finland - 0.4%

Nokian Tyres PLC

183,900

8,168,909

France - 8.1%

ALTEN

167,200

6,228,167

AXA SA

794,700

17,523,573

BIC SA

86,500

9,597,278

BNP Paribas SA

292,171

18,903,923

Christian Dior SA

110,797

19,618,779

Dassault Systemes SA

91,700

12,050,478

Groupe FNAC SA (a)(d)

11,362

255,451

Ipsos SA

293,657

10,442,518

Kering SA

91,200

20,880,535

Pernod Ricard SA

143,924

17,136,502

Sanofi SA

377,920

39,562,089

Sodexo SA

138,200

12,623,441

TOTAL FRANCE

184,822,734

 

Shares

Value

Germany - 9.6%

adidas AG

195,200

$ 21,761,546

BASF AG

277,451

24,604,668

Bayer AG

309,997

36,023,534

Brenntag AG

118,900

19,535,059

Deutsche Boerse AG

188,192

13,314,210

Deutsche Post AG

744,088

20,857,140

Fresenius SE & Co. KGaA

161,600

20,397,735

GEA Group AG

348,370

14,374,027

Gerry Weber International AG (Bearer)

149,100

6,677,627

Linde AG

70,507

13,582,093

Pfeiffer Vacuum Technology AG

63,489

6,912,418

SAP AG

312,068

22,865,685

TOTAL GERMANY

220,905,742

Greece - 0.1%

Metka SA

225,683

3,332,635

Hong Kong - 0.1%

City Telecom (HK) Ltd. (CTI)

7,486,000

2,374,486

Ireland - 1.8%

Accenture PLC Class A

134,700

9,942,207

DCC PLC (United Kingdom)

364,800

14,789,471

Kerry Group PLC Class A

264,464

16,254,531

TOTAL IRELAND

40,986,209

Israel - 0.5%

Check Point Software Technologies Ltd. (a)

195,700

11,019,867

Italy - 1.0%

Autogrill SpA (a)

816,300

12,466,875

Pirelli & C SpA

833,000

10,948,834

TOTAL ITALY

23,415,709

Japan - 18.2%

AEON Financial Service Co. Ltd. (d)

430,600

12,564,847

Air Water, Inc.

678,000

9,957,757

Aozora Bank Ltd.

4,375,000

13,539,219

Astellas Pharma, Inc.

264,100

14,161,219

Credit Saison Co. Ltd.

332,000

7,463,303

Daito Trust Construction Co. Ltd.

104,200

9,535,614

Don Quijote Co. Ltd.

245,300

12,852,507

EPS Co. Ltd. (d)

5,572

6,567,345

GMO Internet, Inc.

1,035,900

11,775,678

H.I.S. Co. Ltd.

68,600

3,349,076

Honda Motor Co. Ltd. sponsored ADR (d)

660,500

24,530,970

Horiba Ltd.

180,000

6,581,554

Hoya Corp.

525,100

11,337,569

Japan Tobacco, Inc.

688,900

24,098,483

JSR Corp.

477,700

8,645,535

Kansai Paint Co. Ltd.

687,000

8,925,176

Keyence Corp.

58,090

18,985,598

Kintetsu World Express, Inc.

54,500

2,065,111

Makita Corp.

169,100

8,825,462

Common Stocks - continued

Shares

Value

Japan - continued

Meitec Corp.

283,300

$ 7,670,598

Miraca Holdings, Inc.

216,700

10,468,706

Misumi Group, Inc.

251,400

6,847,960

Nakanishi, Inc.

35,300

4,870,830

Nihon Nohyaku Co. Ltd.

493,000

4,904,320

Nitori Holdings Co. Ltd.

74,300

6,344,071

Obic Co. Ltd.

35,380

9,940,800

Omron Corp.

322,100

9,984,409

ORIX Corp.

1,507,800

22,406,791

Seven Bank Ltd.

2,672,500

9,908,257

Shinsei Bank Ltd.

5,852,000

13,029,680

Ship Healthcare Holdings, Inc.

249,700

9,232,090

SMC Corp.

72,200

15,316,045

SoftBank Corp.

304,700

19,419,139

Toyota Motor Corp.

446,000

27,139,407

Tsuruha Holdings, Inc.

105,200

9,691,594

USS Co. Ltd.

106,700

12,761,280

TOTAL JAPAN

415,698,000

Luxembourg - 0.6%

Eurofins Scientific SA

67,500

14,816,773

Netherlands - 0.6%

AEGON NV

1,677,993

12,929,548

Norway - 1.4%

DNB ASA

1,229,800

20,483,449

Telenor ASA

528,600

11,706,201

TOTAL NORWAY

32,189,650

South Africa - 1.1%

Coronation Fund Managers Ltd.

1,615,100

10,754,236

EOH Holdings Ltd.

471,700

2,820,972

Nampak Ltd.

2,370,200

7,664,019

Pinnacle Technology Holdings Ltd.

1,874,300

4,835,126

TOTAL SOUTH AFRICA

26,074,353

Spain - 2.3%

Amadeus IT Holding SA Class A

626,100

21,506,308

Banco Bilbao Vizcaya Argentaria SA

2,171,100

20,588,537

Grifols SA ADR

339,800

10,785,252

TOTAL SPAIN

52,880,097

Sweden - 3.9%

ASSA ABLOY AB (B Shares)

305,000

13,504,292

Atlas Copco AB (A Shares)

499,200

13,027,304

Nordea Bank AB

1,703,400

21,572,942

Svenska Cellulosa AB (SCA) (B Shares)

491,000

12,994,101

Svenska Handelsbanken AB (A Shares)

372,500

16,915,843

Swedbank AB (A Shares)

498,800

12,029,696

TOTAL SWEDEN

90,044,178

Switzerland - 8.7%

Aryzta AG

288,730

17,861,357

Nestle SA

829,117

56,116,838

 

Shares

Value

Roche Holding AG (participation certificate)

199,662

$ 49,190,055

Schindler Holding AG (participation certificate)

82,005

11,740,950

SGS SA (Reg.)

7,980

18,064,833

Syngenta AG (Switzerland)

47,390

18,738,573

UBS AG

1,382,092

27,214,823

TOTAL SWITZERLAND

198,927,429

United Kingdom - 24.8%

Aberdeen Asset Management PLC

1,726,700

10,094,571

Aggreko PLC

294,600

7,977,252

AMEC PLC

731,704

11,988,138

Babcock International Group PLC

754,200

13,481,089

Barclays PLC

4,036,407

17,635,002

BHP Billiton PLC

805,518

23,057,518

British American Tobacco PLC (United Kingdom)

621,200

33,139,033

BT Group PLC

3,654,600

18,909,570

Bunzl PLC

527,207

11,300,372

Croda International PLC

289,400

11,045,866

Dechra Pharmaceuticals PLC

442,995

4,602,779

Devro PLC

1,641,200

7,802,111

Diageo PLC

970,752

30,422,235

Diploma PLC

1,219,171

10,664,317

Domino Printing Sciences PLC

966,914

9,325,620

Elementis PLC

2,561,800

9,770,126

GlaxoSmithKline PLC

1,588,300

40,634,491

Hilton Food Group PLC

1,073,900

6,649,038

IMI PLC

709,100

14,800,016

ITV PLC

4,348,700

11,153,665

Johnson Matthey PLC

288,600

12,446,578

Kingfisher PLC

2,210,261

13,365,379

London Stock Exchange Group PLC

461,800

11,057,559

Meggitt PLC

2,234,100

18,607,470

Next PLC

296,300

22,492,244

Prudential PLC

958,993

17,031,528

Reckitt Benckiser Group PLC

351,000

24,983,930

Rolls-Royce Group PLC

1,051,506

18,795,341

Royal Dutch Shell PLC Class A (United Kingdom)

1,131,179

38,597,162

Serco Group PLC

1,255,578

11,976,001

Spectris PLC

282,300

9,061,371

Spirax-Sarco Engineering PLC

238,207

10,381,969

Standard Chartered PLC (United Kingdom)

1,048,246

24,310,351

TelecityGroup PLC

289,906

3,920,663

The Restaurant Group PLC

1,094,800

8,818,635

Vodafone Group PLC

5,898,159

17,665,436

TOTAL UNITED KINGDOM

567,964,426

United States of America - 4.0%

Brinker International, Inc.

190,403

7,644,680

Coach, Inc.

152,700

8,112,951

CST Brands, Inc. (a)

319,600

10,422,156

Common Stocks - continued

Shares

Value

United States of America - continued

Fidelity National Information Services, Inc.

229,100

$ 9,887,956

FMC Corp.

191,500

12,669,640

Global Payments, Inc.

203,400

9,419,454

JPMorgan Chase & Co.

87,900

4,898,667

McGraw-Hill Companies, Inc.

187,400

11,592,564

National Oilwell Varco, Inc.

128,900

9,044,913

Varian Medical Systems, Inc. (a)

120,476

8,734,510

TOTAL UNITED STATES OF AMERICA

92,427,491

TOTAL COMMON STOCKS

(Cost $1,893,165,972)


2,228,403,894

Nonconvertible Preferred Stocks - 2.1%

 

 

 

 

Germany - 2.1%

Henkel AG & Co. KGaA

207,300

20,308,554

Sartorius AG (non-vtg.)

86,700

9,494,900

Volkswagen AG

76,268

18,126,389

 

47,929,843

United Kingdom - 0.0%

Rolls-Royce Group PLC (C Shares) (a)

116,204,214

176,776

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $34,256,587)


48,106,619

Money Market Funds - 1.7%

Shares

Value

Fidelity Cash Central Fund, 0.11% (b)

17,728,562

$ 17,728,562

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

21,639,114

21,639,114

TOTAL MONEY MARKET FUNDS

(Cost $39,367,676)


39,367,676

TOTAL INVESTMENT
PORTFOLIO - 101.1%

(Cost $1,966,790,235)

2,315,878,189

NET OTHER ASSETS (LIABILITIES) - (1.1)%

(25,692,917)

NET ASSETS - 100%

$ 2,290,185,272

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or 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

$ 17,691

Fidelity Securities Lending Cash Central Fund

937,598

Total

$ 955,289

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 372,893,168

$ 322,154,648

$ 50,738,520

$ -

Consumer Staples

307,538,748

157,780,201

149,758,547

-

Energy

59,630,213

21,033,051

38,597,162

-

Financials

418,558,484

323,159,046

95,399,438

-

Health Care

313,854,031

210,650,738

103,203,293

-

Industrials

330,885,272

330,885,272

-

-

Information Technology

221,141,605

198,275,920

22,865,685

-

Materials

184,308,646

124,215,778

60,092,868

-

Telecommunication Services

67,700,346

31,125,340

36,575,006

-

Money Market Funds

39,367,676

39,367,676

-

-

Total Investments in Securities:

$ 2,315,878,189

$ 1,758,647,670

$ 557,230,519

$ -

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2013. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers

Total

Level 1 to Level 2

$ 52,280,940

Level 2 to Level 1

$ 1,666,537

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $1,974,115,678. Net unrealized appreciation aggregated $341,762,511, of which $397,297,671 related to appreciated investment securities and $55,535,160 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Europe Fund

July 31, 2013

1.804873.109
EUR-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.2%

Shares

Value

Austria - 1.2%

Andritz AG

79,500

$ 4,288,683

Erste Group Bank AG

156,175

4,743,330

TOTAL AUSTRIA

9,032,013

Bailiwick of Guernsey - 0.2%

Resolution Ltd.

384,600

1,894,466

Bailiwick of Jersey - 1.0%

Informa PLC

494,505

3,949,395

Wolseley PLC

80,860

3,869,840

TOTAL BAILIWICK OF JERSEY

7,819,235

Belgium - 2.6%

Anheuser-Busch InBev SA NV

131,800

12,674,073

KBC Groupe SA

99,696

3,998,812

UCB SA

56,000

3,227,695

TOTAL BELGIUM

19,900,580

Bermuda - 0.8%

Bunge Ltd.

41,100

3,124,011

Signet Jewelers Ltd.

42,600

3,114,486

TOTAL BERMUDA

6,238,497

Canada - 0.7%

Goldcorp, Inc.

87,000

2,453,890

Suncor Energy, Inc.

100,200

3,166,675

TOTAL CANADA

5,620,565

Denmark - 0.5%

Coloplast A/S Series B

61,000

3,565,794

Finland - 1.7%

Amer Group PLC (A Shares)

207,600

4,123,377

Raisio Group PLC (V Shares)

466,331

2,078,285

Sampo Oyj (A Shares)

149,200

6,542,172

TOTAL FINLAND

12,743,834

France - 14.1%

Atos Origin SA

54,037

4,062,398

AXA SA

380,200

8,383,620

BNP Paribas SA

169,461

10,964,393

Christian Dior SA

56,600

10,022,139

Ingenico SA

40,947

3,061,975

Ipsos SA (d)

101,500

3,609,366

Kering SA

41,300

9,455,769

Legrand SA

102,500

5,311,256

Publicis Groupe SA

72,332

5,835,198

Sanofi SA

172,468

18,054,600

Schneider Electric SA

98,400

7,829,514

Technip SA

37,200

4,105,114

Total SA

310,500

16,546,065

TOTAL FRANCE

107,241,407

 

Shares

Value

Germany - 12.9%

adidas AG

61,400

$ 6,845,076

BASF AG

121,967

10,816,171

Bayer AG

118,600

13,782,040

Beiersdorf AG

37,400

3,458,974

Brenntag AG

26,100

4,288,184

CTS Eventim AG

86,620

3,894,940

Daimler AG (Germany)

143,354

9,958,928

Deutsche Bank AG

172,500

7,782,061

Deutsche Boerse AG

76,200

5,390,999

Deutsche Post AG

236,057

6,616,790

ElringKlinger AG

68,893

2,553,877

GEA Group AG

121,605

5,017,520

GSW Immobilien AG

75,300

3,047,334

HeidelbergCement Finance AG

65,200

5,008,299

KION Group AG (a)

58,700

1,953,070

Linde AG

41,700

8,032,866

TOTAL GERMANY

98,447,129

Ireland - 2.7%

DCC PLC (United Kingdom)

97,600

3,956,832

FBD Holdings PLC

179,100

3,836,078

Greencore Group PLC

1,676,700

3,749,499

Kingspan Group PLC (United Kingdom)

289,800

4,045,230

Ryanair Holdings PLC sponsored ADR

90,200

4,647,104

TOTAL IRELAND

20,234,743

Italy - 3.0%

Astaldi SpA

428,800

3,069,043

Azimut Holding SpA

169,500

3,810,854

Banca Popolare dell'Emilia Romagna Scrl (a)

258,600

1,544,688

Beni Stabili SpA SIIQ

4,796,034

3,109,809

MARR SpA

268,007

3,494,122

Prada SpA

415,300

3,876,904

Prysmian SpA

180,600

3,671,191

TOTAL ITALY

22,576,611

Luxembourg - 0.5%

Eurofins Scientific SA

16,600

3,643,829

Netherlands - 1.3%

ASML Holding NV (Netherlands)

72,455

6,526,728

Delta Lloyd NV

139,100

3,010,791

TOTAL NETHERLANDS

9,537,519

Norway - 2.2%

DNB ASA

410,800

6,842,252

Merkantildata ASA

290,300

3,054,337

Telenor ASA

310,400

6,874,016

TOTAL NORWAY

16,770,605

Russia - 0.5%

Magnit OJSC GDR (Reg. S)

64,100

3,692,160

Common Stocks - continued

Shares

Value

South Africa - 0.4%

Naspers Ltd. Class N

37,600

$ 3,147,721

Spain - 1.5%

Criteria CaixaCorp SA (d)

1,537,740

5,670,770

Criteria CaixaCorp SA rights 8/13/13 (a)(d)

1,537,740

108,424

Repsol YPF SA

223,706

5,353,955

TOTAL SPAIN

11,133,149

Sweden - 2.7%

ASSA ABLOY AB (B Shares)

102,200

4,525,045

Investment AB Kinnevik

125,000

3,774,077

Svenska Cellulosa AB (SCA) (B Shares)

210,300

5,565,498

Svenska Handelsbanken AB (A Shares)

138,900

6,307,679

TOTAL SWEDEN

20,172,299

Switzerland - 11.7%

Adecco SA (Reg.)

74,314

4,717,648

Aryzta AG

85,140

5,266,913

Nestle SA

396,667

26,847,476

Partners Group Holding AG

17,940

4,743,550

Roche Holding AG (participation certificate)

97,392

23,994,139

Schindler Holding AG (participation certificate)

38,599

5,526,357

Syngenta AG (Switzerland)

19,458

7,693,926

UBS AG (NY Shares)

535,800

10,539,186

TOTAL SWITZERLAND

89,329,195

Turkey - 0.4%

Coca-Cola Icecek A/S

98,000

2,758,852

United Kingdom - 30.1%

Anglo American PLC (United Kingdom)

90,300

1,934,154

Associated British Foods PLC

162,400

4,802,671

BG Group PLC

163,700

2,954,725

BHP Billiton PLC

375,001

10,734,201

British American Tobacco PLC (United Kingdom)

308,700

16,468,158

British Land Co. PLC

458,646

4,168,848

Bunzl PLC

206,400

4,424,063

Centrica PLC

1,428,700

8,498,033

Cineworld Group PLC

510,600

2,912,813

Compass Group PLC

469,500

6,413,757

Dechra Pharmaceuticals PLC

338,200

3,513,944

Diageo PLC

382,616

11,990,739

Galliford Try PLC

218,600

3,295,523

GlaxoSmithKline PLC

646,041

16,528,079

HSBC Holdings PLC (United Kingdom)

663,622

7,534,400

ICAP PLC

816,990

5,055,898

ITV PLC

2,116,900

5,429,483

Jazztel PLC (a)

78,397

711,295

Kingfisher PLC

994,500

6,013,710

 

Shares

Value

London Stock Exchange Group PLC

175,600

$ 4,204,650

Meggitt PLC

591,800

4,929,010

Next PLC

72,600

5,511,093

Partnership Assurance Group PLC

318,675

2,419,074

Prudential PLC

528,762

9,390,710

Rolls-Royce Group PLC

418,064

7,472,763

Royal Dutch Shell PLC Class B (United Kingdom)

451,580

15,972,565

Schroders PLC

122,600

4,578,704

Serco Group PLC

449,607

4,288,458

SIG PLC

1,391,700

3,848,931

Standard Chartered PLC (United Kingdom)

395,980

9,183,353

Taylor Wimpey PLC

3,888,674

6,300,162

Unilever PLC

241,500

9,806,946

Unite Group PLC

473,100

2,809,002

Vodafone Group PLC

3,383,300

10,133,241

William Hill PLC

595,988

4,410,836

TOTAL UNITED KINGDOM

228,643,992

United States of America - 1.5%

Beam, Inc.

49,500

3,217,005

Colgate-Palmolive Co.

30,325

1,815,558

Oracle Corp.

109,800

3,552,030

Philip Morris International, Inc.

34,000

3,032,120

TOTAL UNITED STATES OF AMERICA

11,616,713

TOTAL COMMON STOCKS

(Cost $599,071,219)


715,760,908

Nonconvertible Preferred Stocks - 1.2%

 

 

 

 

Germany - 1.2%

Volkswagen AG

39,500

9,387,848

United Kingdom - 0.0%

Rolls-Royce Group PLC (C Shares) (a)

80,732,080

122,814

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $6,683,788)


9,510,662

Money Market Funds - 4.4%

 

 

 

 

Fidelity Cash Central Fund, 0.11% (b)

29,714,964

29,714,964

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

3,718,860

3,718,860

TOTAL MONEY MARKET FUNDS

(Cost $33,433,824)


33,433,824

TOTAL INVESTMENT PORTFOLIO - 99.8%

(Cost $639,188,831)

758,705,394

NET OTHER ASSETS (LIABILITIES) - 0.2%

1,362,499

NET ASSETS - 100%

$ 760,067,893

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or 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

$ 19,232

Fidelity Securities Lending Cash Central Fund

385,125

Total

$ 404,357

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 116,766,878

$ 116,766,878

$ -

$ -

Consumer Staples

123,843,060

46,055,668

77,787,392

-

Energy

48,099,099

15,580,469

32,518,630

-

Financials

155,389,984

130,682,813

24,707,171

-

Health Care

86,310,120

51,727,441

34,582,679

-

Industrials

101,714,869

101,714,869

-

-

Information Technology

20,257,468

13,730,740

6,526,728

-

Materials

46,673,507

28,245,380

18,428,127

-

Telecommunication Services

17,718,552

7,585,311

10,133,241

-

Utilities

8,498,033

8,498,033

-

-

Money Market Funds

33,433,824

33,433,824

-

-

Total Investments in Securities:

$ 758,705,394

$ 554,021,426

$ 204,683,968

$ -

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2013. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers

Total

Level 1 to Level 2

$ 25,860,835

Level 2 to Level 1

$ 0

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $640,499,730. Net unrealized appreciation aggregated $118,205,664, of which $129,215,408 related to appreciated investment securities and $11,009,744 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Pacific Basin Fund

July 31, 2013

1.804825.109
PAF-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%

Shares

Value

Australia - 5.2%

Acrux Ltd.

672,646

$ 2,037,528

Alkane Resources Ltd. (a)

1,359,006

513,048

Austal Ltd. (a)

5,264,299

3,998,384

Goodman Group unit

1,144,347

4,854,975

Iluka Resources Ltd.

286,996

2,842,789

iSelect Ltd.

1,154,760

1,660,730

Karoon Gas Australia Ltd. (a)

443,513

2,256,368

Leighton Holdings Ltd.

50,318

747,172

Navitas Ltd.

794,644

4,285,595

Newcrest Mining Ltd.

181,442

1,994,580

Origin Energy Ltd.

635,221

6,823,072

QRxPharma Ltd. (a)

1,171,039

1,052,588

Starpharma Holdings Ltd. (a)

1,618,332

1,410,999

TOTAL AUSTRALIA

34,477,828

Bermuda - 4.9%

Biosensors International Group Ltd.

4,480,000

3,666,208

Brilliance China Automotive Holdings Ltd. (a)

2,370,000

2,832,779

Cheung Kong Infrastructure Holdings Ltd.

439,000

3,031,158

China Animal Healthcare Ltd.

11,668,000

2,754,377

China Singyes Solar Tech Holdings Ltd.

3,334,000

3,353,087

Digital China Holdings Ltd. (H Shares)

1,655,000

1,818,119

Imagi International Holdings Ltd. (a)

61,928,000

686,705

Nine Dragons Paper (Holdings) Ltd.

3,799,000

2,405,112

Noble Group Ltd.

3,793,000

2,671,232

REXLot Holdings Ltd. (d)

43,386,967

2,797,138

Shangri-La Asia Ltd.

1,344,000

2,114,188

Vtech Holdings Ltd.

276,500

4,231,852

TOTAL BERMUDA

32,361,955

Cayman Islands - 17.4%

21Vianet Group, Inc. ADR (a)(d)

200,200

2,570,568

51job, Inc. sponsored ADR (a)(d)

99,400

6,610,100

AirMedia Group, Inc. ADR (a)

968,100

1,732,899

Airtac International Group

398,590

2,259,053

AMVIG Holdings Ltd.

9,052,000

3,991,676

AutoNavi Holdings Ltd. ADR (a)

154,800

1,928,808

Baidu.com, Inc. sponsored ADR (a)

24,600

3,254,826

Bitauto Holdings Ltd. ADR (a)

515,870

6,211,075

China Automation Group Ltd.

6,268,000

1,236,531

China Dongxiang Group Co. Ltd.

19,886,000

3,538,434

China High Precision Automation Group Ltd.

4,875,000

536,806

China Lilang Ltd.

2,419,000

1,319,352

China Lodging Group Ltd. ADR (a)

97,400

1,754,174

China Mengniu Dairy Co. Ltd.

815,000

3,262,900

China Metal Recycling (Holdings) Ltd.

2,572,200

3

China State Construction International Holdings Ltd.

2,495,302

3,976,731

CNinsure, Inc. ADR (a)

216,900

1,221,147

EVA Precision Industrial Holdings Ltd.

21,276,000

3,099,938

 

Shares

Value

Fook Woo Group Holdings Ltd. (a)

11,590,000

$ 880,204

Greatview Aseptic Pack Co. Ltd.

3,683,000

2,217,702

Haitian International Holdings Ltd.

2,167,000

3,660,284

Hutchison China Meditech Ltd. (a)

196,669

1,521,344

Jiayuan.com International Ltd. sponsored ADR

240,500

1,435,785

Kingdee International Software Group Co. Ltd. (a)

6,925,513

1,455,540

Kingsoft Corp. Ltd.

2,830,000

4,875,032

KongZhong Corp. sponsored ADR (a)(d)

309,900

2,956,446

New Oriental Education & Technology Group, Inc. sponsored ADR

221,600

4,917,304

Pactera Technology International Ltd. ADR

304,100

2,037,470

Perfect World Co. Ltd. sponsored ADR Class B

158,375

3,333,794

Royale Furniture Holdings Ltd.

33,521,865

1,577,632

Shenguan Holdings Group Ltd. (d)

9,116,000

3,878,849

SINA Corp. (a)

43,500

3,000,195

SouFun Holdings Ltd. ADR (d)

275,500

9,576,380

Tencent Holdings Ltd.

216,300

9,811,535

TPK Holding Co. Ltd.

135,000

1,586,514

WuXi PharmaTech Cayman, Inc. sponsored ADR (a)

231,000

5,128,200

Xinyi Glass Holdings Ltd.

2,846,000

2,609,090

TOTAL CAYMAN ISLANDS

114,964,321

China - 2.2%

CITIC Securities Co. Ltd. (H Shares)

1,365,000

2,566,107

Guangshen Railway Co. Ltd. (H Shares)

5,962,000

2,644,448

PetroChina Co. Ltd. (H Shares)

2,256,000

2,635,286

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

819,500

5,304,412

Yantai Changyu Pioneer Wine Co. Ltd. (B Shares)

406,510

1,479,676

TOTAL CHINA

14,629,929

Hong Kong - 3.5%

AIA Group Ltd.

2,123,600

10,062,703

Lenovo Group Ltd.

2,958,000

2,696,511

Magnificent Estates Ltd.

56,182,000

2,607,860

Sinosoft Tech Group Ltd.

4,562,000

799,979

Techtronic Industries Co. Ltd.

1,188,000

2,907,350

Wharf Holdings Ltd.

300,000

2,582,005

YGM Trading Ltd.

501,000

1,201,532

TOTAL HONG KONG

22,857,940

India - 1.8%

Britannia Industries Ltd.

146,278

1,680,436

Educomp Solutions Ltd.

329,923

134,723

Financial Technologies India Ltd.

168,768

1,497,156

Geodesic Ltd.

1,605,385

100,246

Housing Development Finance Corp. Ltd. (a)

146,108

1,921,817

INFO Edge India Ltd.

350,752

1,816,152

Common Stocks - continued

Shares

Value

India - continued

Mahindra & Mahindra Financial Services Ltd.

515,234

$ 1,978,217

United Spirits Ltd. (a)

75,727

2,967,607

TOTAL INDIA

12,096,354

Indonesia - 5.2%

PT Bank Rakyat Indonesia Tbk

4,261,000

3,420,411

PT Ciputra Development Tbk

47,128,500

5,273,444

PT Gudang Garam Tbk

253,000

1,042,526

PT Lippo Karawaci Tbk

30,723,500

3,826,428

PT Media Nusantara Citra Tbk

23,850,000

7,193,876

PT Mitra Adiperkasa Tbk

5,334,500

3,010,472

PT MNC Sky Vision Tbk

8,196,000

1,854,120

PT Nippon Indosari Corpindo Tbk

4,391,500

3,097,874

PT Pembangunan Perumahan Persero Tbk

17,760,500

2,453,897

PT Tiga Pilar Sejahtera Food Tbk

21,821,500

2,781,434

TOTAL INDONESIA

33,954,482

Japan - 35.4%

ACOM Co. Ltd. (a)

131,330

4,050,828

AEON Financial Service Co. Ltd. (d)

414,000

12,080,461

AEON Mall Co. Ltd.

270,710

6,751,852

Calbee, Inc.

30,900

2,976,070

Chiyoda Co. Ltd.

76,700

1,978,799

Daiichi Sankyo Kabushiki Kaisha

200,100

3,263,811

DeNA Co. Ltd. (d)

104,600

1,988,158

Digital Garage, Inc. (d)

840

3,311,613

Fuji Heavy Industries Ltd.

346,000

8,559,003

Fujibo Holdings, Inc. (d)

2,363,000

5,019,957

GMO Internet, Inc.

278,500

3,165,872

Hajime Construction Co. Ltd. (d)

64,200

3,317,863

Hamakyorex Co. Ltd.

81,100

2,671,305

Honeys Co. Ltd. (d)

170,010

1,877,038

INPEX Corp.

833

3,649,852

Internet Initiative Japan, Inc.

129,000

4,446,686

ISE Chemical Corp.

432,000

4,659,299

Japan Tobacco, Inc.

236,400

8,269,533

Message Co. Ltd.

1,308

3,211,553

Micronics Japan Co. Ltd. (a)(d)

339,900

1,770,493

Miraial Co. Ltd. (d)

113,600

1,751,976

MS&AD Insurance Group Holdings, Inc.

265,600

6,895,671

Net One Systems Co. Ltd.

84,900

661,615

Nihon M&A Center, Inc.

115,100

7,699,979

Nihon Nohyaku Co. Ltd.

243,000

2,417,342

Nihon Parkerizing Co. Ltd.

109,000

2,166,418

Nippon Seiki Co. Ltd.

684,000

10,122,724

Nippon Shinyaku Co. Ltd.

182,000

3,102,420

Nitta Corp.

284,800

5,561,614

NSD Co. Ltd.

200,300

2,209,417

ORIX Corp.

1,706,300

25,356,618

Rakuten, Inc.

396,000

5,350,914

Rohto Pharmaceutical Co. Ltd.

655,000

9,044,633

Saizeriya Co. Ltd. (d)

157,900

2,227,146

 

Shares

Value

Sankyo Seiko Co. Ltd.

606,400

$ 2,080,997

Sega Sammy Holdings, Inc.

211,800

4,936,448

Shinsei Bank Ltd.

3,137,000

6,984,639

SoftBank Corp.

353,900

22,554,754

Sony Financial Holdings, Inc.

167,100

2,747,738

Start Today Co. Ltd.

107,300

2,220,302

Toridoll.Corporation

182,400

1,885,291

Toyo Engineering Corp.

701,000

3,243,315

Universal Entertainment Corp.

180,300

3,559,594

Xebio Co. Ltd.

60,600

1,272,532

Yamato Kogyo Co. Ltd.

234,600

7,619,528

Zeon Corp.

247,000

2,686,702

TOTAL JAPAN

233,380,373

Korea (South) - 9.5%

Daou Technology, Inc.

665,020

9,853,680

Duksan Hi-Metal Co. Ltd. (a)

147,438

3,129,301

Hotel Shilla Co.

10,594

626,947

Hyundai Home Shopping Network Corp.

18,661

2,814,843

Hyundai Motor Co.

12,520

2,590,459

Hyundai Wia Corp.

12,404

1,810,319

Korea Electric Power Corp. (a)

205,540

5,245,795

Korea Plant Service & Engineering Co. Ltd.

42,977

2,092,054

Korean Reinsurance Co.

200,150

1,977,097

Lotte Chilsung Beverage Co. Ltd.

1,181

1,548,111

Mando Corp.

13,957

1,465,627

NHN Corp.

12,236

3,195,929

Samsung Electronics Co. Ltd.

12,621

14,376,502

Sapphire Technology Co. Ltd. (a)

51,480

1,637,812

Soulbrain Co. Ltd.

47,213

1,918,014

TK Corp. (a)

165,198

3,690,014

WeMade Entertainment Co. Ltd. (a)

25,385

1,251,516

Woori Finance Holdings Co. Ltd.

351,380

3,517,864

TOTAL KOREA (SOUTH)

62,741,884

Malaysia - 2.6%

Bumiputra-Commerce Holdings Bhd

805,900

1,953,622

Bursa Malaysia Bhd

757,500

1,815,293

IJM Land Bhd warrants 9/11/13 (a)

116,970

51,883

JobStreet Corp. Bhd

7,040,150

8,869,310

Muhibbah Engineering (M) Bhd

4,491,400

3,251,129

WCT Holdings Bhd

1,644,300

1,245,950

WCT Holdings Bhd warrants 11/12/17 (a)

468,120

68,491

TOTAL MALAYSIA

17,255,678

Philippines - 0.7%

Alliance Global Group, Inc.

7,498,042

4,529,887

Singapore - 3.7%

CSE Global Ltd.

7,480,500

4,856,130

Global Logistic Properties Ltd.

1,881,000

4,203,517

Goodpack Ltd.

8,320,800

9,952,092

Common Stocks - continued

Shares

Value

Singapore - continued

OSIM International Ltd.

3,149,000

$ 5,079,632

Tat Hong Holdings Ltd. warrants 8/2/13 (a)

125,700

1,978

TOTAL SINGAPORE

24,093,349

Taiwan - 2.9%

LITE-ON Technology Corp.

1,891,269

3,215,693

Lung Yen Life Service Co. Ltd.

542,000

1,671,445

Merida Industry Co. Ltd.

417,000

2,780,463

Pacific Hospital Supply Co. Ltd.

485,100

1,746,651

Taiwan Hon Chuan Enterprise Co. Ltd.

873,000

1,938,383

Tong Hsing Electronics Industries Ltd.

1,048,096

5,101,584

WPG Holding Co. Ltd.

1,974,000

2,458,040

TOTAL TAIWAN

18,912,259

Thailand - 1.2%

Toyo-Thai Corp. PCL

8,051,326

8,161,865

United Kingdom - 0.2%

SAIC Motor Corp. Ltd. Class A (UBS Warrant Programme) warrants 9/16/14 (a)

744,982

1,487,800

United States of America - 0.9%

AsiaInfo-Linkage, Inc. (a)

195,800

2,281,070

GI Dynamics, Inc. CDI (a)

4,092,949

2,648,842

YOU On Demand Holdings, Inc. (a)

440,068

726,112

TOTAL UNITED STATES OF AMERICA

5,656,024

TOTAL COMMON STOCKS

(Cost $503,592,369)


641,561,928

Money Market Funds - 6.1%

Shares

Value

Fidelity Cash Central Fund, 0.11% (b)

15,573,112

$ 15,573,112

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

24,544,642

24,544,642

TOTAL MONEY MARKET FUNDS

(Cost $40,117,754)


40,117,754

TOTAL INVESTMENT PORTFOLIO - 103.4%

(Cost $543,710,123)

681,679,682

NET OTHER ASSETS (LIABILITIES) - (3.4)%

(22,661,432)

NET ASSETS - 100%

$ 659,018,250

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or 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

$ 9,635

Fidelity Securities Lending Cash Central Fund

430,856

Total

$ 440,491

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 124,710,408

$ 124,710,408

$ -

$ -

Consumer Staples

32,985,016

32,985,016

-

-

Energy

15,364,578

12,729,292

2,635,286

-

Financials

122,886,549

121,398,749

1,487,800

-

Health Care

40,589,154

40,589,154

-

-

Industrials

98,630,044

97,747,862

-

882,182

Information Technology

138,193,876

134,461,141

-

3,732,735

Materials

37,370,596

37,370,593

-

3

Telecommunication Services

22,554,754

22,554,754

-

-

Utilities

8,276,953

3,031,158

5,245,795

-

Money Market Funds

40,117,754

40,117,754

-

-

Total Investments in Securities:

$ 681,679,682

$ 667,695,881

$ 9,368,881

$ 4,614,920

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $561,856,545. Net unrealized appreciation aggregated $119,823,137, of which $196,288,246 related to appreciated investment securities and $76,465,109 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® International Discovery Fund

July 31, 2013

1.804822.109
IGI-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.9%

Shares

Value (000s)

Australia - 3.5%

Ansell Ltd.

2,268,950

$ 37,811

Australia & New Zealand Banking Group Ltd.

4,818,449

128,892

Commonwealth Bank of Australia

1,009,530

67,339

Ramsay Health Care Ltd.

1,619,364

53,608

Spark Infrastructure Group unit

19,962,099

32,028

Woodside Petroleum Ltd.

1,165,122

39,367

TOTAL AUSTRALIA

359,045

Austria - 0.2%

Andritz AG

455,300

24,561

Bailiwick of Jersey - 1.8%

Experian PLC

6,115,400

114,707

Wolseley PLC

1,508,304

72,185

TOTAL BAILIWICK OF JERSEY

186,892

Belgium - 1.9%

Anheuser-Busch InBev SA NV

1,183,927

113,848

KBC Groupe SA

1,894,727

75,998

TOTAL BELGIUM

189,846

Bermuda - 0.8%

Cheung Kong Infrastructure Holdings Ltd.

5,048,000

34,855

Hongkong Land Holdings Ltd.

6,181,000

41,845

TOTAL BERMUDA

76,700

Brazil - 0.2%

Arezzo Industria e Comercio SA

1,051,500

16,399

Qualicorp SA (a)

384,200

2,812

TOTAL BRAZIL

19,211

British Virgin Islands - 0.4%

Mail.Ru Group Ltd. GDR (Reg. S)

1,193,800

38,142

Canada - 0.6%

InterOil Corp. (a)(d)

204,400

17,517

Suncor Energy, Inc.

1,280,200

40,459

TOTAL CANADA

57,976

Cayman Islands - 1.8%

Baidu.com, Inc. sponsored ADR (a)

526,000

69,595

Cimc Enric Holdings Ltd.

16,316,000

20,680

ENN Energy Holdings Ltd.

5,084,000

28,155

Eurasia Drilling Co. Ltd. GDR (Reg. S)

439,400

17,356

Common Stocks - continued

Shares

Value (000s)

Cayman Islands - continued

Greatview Aseptic Pack Co. Ltd.

26,392,000

$ 15,892

SINA Corp. (a)

425,607

29,354

TOTAL CAYMAN ISLANDS

181,032

Cyprus - 0.0%

SPDI Secure Property Development & Investment PLC

529,830

528

Denmark - 1.2%

Novo Nordisk A/S Series B

724,689

122,955

Finland - 0.7%

Sampo Oyj (A Shares)

1,739,800

76,287

France - 11.2%

Arkema SA

487,670

48,885

Atos Origin SA

388,851

29,233

BNP Paribas SA

1,317,245

85,228

Bureau Veritas SA

2,142,800

63,599

Danone SA

905,500

71,555

Edenred SA

1,177,900

37,742

Groupe FNAC SA (a)

64,812

1,457

Havas SA

3,787,900

28,668

Iliad SA

213,972

50,484

Kering SA

518,500

118,712

Lafarge SA (Bearer) (d)

605,900

38,743

LVMH Moet Hennessy - Louis Vuitton SA

612,502

111,348

Remy Cointreau SA

112,200

11,616

Sanofi SA

1,978,305

207,091

Schneider Electric SA

1,123,900

89,427

Technip SA

192,300

21,221

Total SA

2,379,700

126,811

TOTAL FRANCE

1,141,820

Germany - 7.9%

Aareal Bank AG (a)

1,044,895

28,914

adidas AG

541,900

60,413

Allianz AG

649,485

101,266

BASF AG

1,265,455

112,222

Bayer AG

973,900

113,173

Bayerische Motoren Werke AG (BMW)

632,487

61,921

Brenntag AG

444,700

73,063

Fresenius SE & Co. KGaA

161,700

20,410

GEA Group AG

1,254,770

51,773

GSW Immobilien AG

430,481

17,421

HeidelbergCement Finance AG

860,300

66,083

Common Stocks - continued

Shares

Value (000s)

Germany - continued

KION Group AG (a)

581,452

$ 19,346

LEG Immobilien AG

184,948

9,301

SAP AG

875,914

64,180

TOTAL GERMANY

799,486

Hong Kong - 1.9%

AIA Group Ltd.

20,789,200

98,510

Techtronic Industries Co. Ltd.

39,683,000

97,115

TOTAL HONG KONG

195,625

India - 0.8%

Apollo Hospitals Enterprise Ltd.

373,958

5,765

Housing Development Finance Corp. Ltd.

4,728,996

62,202

United Spirits Ltd. (a)

444,545

17,421

TOTAL INDIA

85,388

Indonesia - 0.1%

PT Tower Bersama Infrastructure Tbk (a)

17,734,500

9,836

Ireland - 2.1%

Accenture PLC Class A

976,200

72,053

James Hardie Industries PLC CDI

6,070,470

50,418

Kerry Group PLC Class A

856,700

52,655

Paddy Power PLC (Ireland)

503,500

40,746

TOTAL IRELAND

215,872

Italy - 0.7%

De Longhi SpA

2,248,100

35,979

Moleskine SpA

4,183,000

10,723

Tod's SpA

174,951

28,488

TOTAL ITALY

75,190

Japan - 17.9%

ABC-MART, Inc.

1,177,300

53,147

Aozora Bank Ltd.

16,056,000

49,688

Astellas Pharma, Inc.

768,700

41,218

Cosmos Pharmaceutical Corp.

245,800

26,134

Daikin Industries Ltd.

263,700

10,989

Don Quijote Co. Ltd.

1,818,400

95,275

Hitachi Ltd.

5,121,000

34,415

Honda Motor Co. Ltd.

3,184,300

117,950

Japan Tobacco, Inc.

3,948,700

138,130

JSR Corp.

2,283,400

41,326

Kakaku.com, Inc.

951,500

32,993

Common Stocks - continued

Shares

Value (000s)

Japan - continued

KDDI Corp.

2,082,700

$ 115,079

Keyence Corp.

304,060

99,376

Miraca Holdings, Inc.

581,200

28,078

Mitsubishi UFJ Financial Group, Inc.

18,169,200

112,704

Nitto Denko Corp.

401,400

22,671

Nomura Real Estate Holdings, Inc.

563,300

13,135

NTT Urban Development Co.

8,896

10,758

ORIX Corp.

9,072,900

134,829

Park24 Co. Ltd.

1,342,800

24,741

Rakuten, Inc.

7,298,300

98,618

Santen Pharmaceutical Co. Ltd.

1,166,900

50,950

Seven & i Holdings Co., Ltd.

2,167,000

81,891

Shinsei Bank Ltd.

24,904,000

55,450

Ship Healthcare Holdings, Inc.

1,076,700

39,809

SoftBank Corp.

1,780,100

113,449

Toyota Motor Corp.

2,202,600

134,030

Unicharm Corp.

622,700

33,199

USS Co. Ltd.

91,650

10,961

TOTAL JAPAN

1,820,993

Korea (South) - 0.4%

NHN Corp.

101,178

26,427

Orion Corp.

14,973

13,591

TOTAL KOREA (SOUTH)

40,018

Luxembourg - 0.6%

Brait SA

6,003,514

25,498

Samsonite International SA

11,843,400

32,450

TOTAL LUXEMBOURG

57,948

Mexico - 0.4%

Alsea S.A.B. de CV

7,662,195

20,936

Fomento Economico Mexicano S.A.B. de CV sponsored ADR

231,800

23,062

TOTAL MEXICO

43,998

Netherlands - 2.4%

AEGON NV

5,028,800

38,749

ASML Holding NV

772,233

69,424

Koninklijke Philips Electronics NV

2,177,200

69,625

Randstad Holding NV

717,740

34,627

Yandex NV (a)

861,400

27,996

TOTAL NETHERLANDS

240,421

Common Stocks - continued

Shares

Value (000s)

New Zealand - 0.4%

Ryman Healthcare Group Ltd.

7,311,565

$ 41,521

Norway - 1.0%

DNB ASA

6,068,755

101,081

Philippines - 0.3%

Alliance Global Group, Inc.

53,559,700

32,358

Poland - 0.3%

Eurocash SA

1,824,990

33,974

Russia - 0.3%

Mobile TeleSystems OJSC sponsored ADR

1,615,900

31,494

Singapore - 0.4%

Global Logistic Properties Ltd.

16,214,205

36,234

South Africa - 1.1%

Naspers Ltd. Class N

1,302,700

109,057

Spain - 2.1%

Amadeus IT Holding SA Class A

1,011,100

34,731

Banco Bilbao Vizcaya Argentaria SA

7,601,924

72,089

Grifols SA ADR

1,208,550

38,359

Inditex SA

481,679

64,208

TOTAL SPAIN

209,387

Sweden - 4.1%

ASSA ABLOY AB (B Shares)

1,314,800

58,215

Intrum Justitia AB

1,835,800

46,753

Investment AB Kinnevik

2,363,300

71,354

Nordea Bank AB

5,194,000

65,780

Svenska Cellulosa AB (SCA) (B Shares)

3,186,600

84,332

Svenska Handelsbanken AB (A Shares)

1,879,500

85,351

TOTAL SWEDEN

411,785

Switzerland - 6.7%

Lonza Group AG

469,465

36,119

Partners Group Holding AG

230,056

60,830

Roche Holding AG (participation certificate)

493,081

121,479

Schindler Holding AG (participation certificate)

554,147

79,339

SGS SA (Reg.)

12,520

28,342

Swatch Group AG (Bearer)

36,702

21,812

Syngenta AG (Switzerland)

179,374

70,927

UBS AG

8,311,378

163,660

Zurich Insurance Group AG

346,539

93,277

TOTAL SWITZERLAND

675,785

Common Stocks - continued

Shares

Value (000s)

Taiwan - 0.6%

ECLAT Textile Co. Ltd.

2,409,000

$ 18,552

Taiwan Semiconductor Manufacturing Co. Ltd.

11,289,000

38,379

TOTAL TAIWAN

56,931

Turkey - 0.1%

Boyner Buyuk Magazacilik A/S (a)

3,646,380

10,962

United Kingdom - 16.9%

Aberdeen Asset Management PLC

5,975,132

34,932

Alabama Noor Hospitals Group PLC (a)

1,829,400

19,481

Associated British Foods PLC

1,571,500

46,474

Barclays PLC

18,045,567

78,841

BG Group PLC

3,923,700

70,821

BHP Billiton PLC

2,080,582

59,556

British American Tobacco PLC (United Kingdom)

2,810,000

149,905

British Land Co. PLC

5,830,068

52,992

Croda International PLC

630,000

24,046

Diageo PLC

4,394,219

137,710

Hikma Pharmaceuticals PLC

2,631,850

44,521

HSBC Holdings PLC (United Kingdom)

10,856,757

123,262

Intertek Group PLC

893,600

41,122

Jazztel PLC (a)

4,681,964

42,479

Legal & General Group PLC

21,527,711

63,173

London Stock Exchange Group PLC

1,729,000

41,400

Meggitt PLC

6,792,200

56,571

Next PLC

781,744

59,342

Ocado Group PLC (a)(d)

8,992,397

42,065

Persimmon PLC

2,082,200

39,151

Reckitt Benckiser Group PLC

788,600

56,132

Rolls-Royce Group PLC

4,197,715

75,033

Rotork PLC

717,800

29,002

SABMiller PLC

1,478,600

72,439

Standard Chartered PLC (United Kingdom)

2,048,441

47,506

Taylor Wimpey PLC

18,277,100

29,611

TelecityGroup PLC

2,134,054

28,861

The Restaurant Group PLC

1,992,100

16,046

Ultra Electronics Holdings PLC

614,667

16,981

Vodafone Group PLC

40,071,243

120,016

TOTAL UNITED KINGDOM

1,719,471

United States of America - 2.1%

Actavis, Inc. (a)

308,100

41,369

Beam, Inc.

387,400

25,177

Common Stocks - continued

Shares

Value (000s)

United States of America - continued

MasterCard, Inc. Class A

160,100

$ 97,759

Regal-Beloit Corp.

22,153

1,433

Visa, Inc. Class A

260,000

46,023

TOTAL UNITED STATES OF AMERICA

211,761

TOTAL COMMON STOCKS

(Cost $8,117,081)


9,741,571

Nonconvertible Preferred Stocks - 0.9%

 

 

 

 

Germany - 0.9%

Volkswagen AG
(Cost $72,045)

399,500


94,948

Government Obligations - 0.1%

 

Principal
Amount (000s)

 

United States of America - 0.1%

U.S. Treasury Bills, yield at date of purchase 0.02% to 0.04% 8/15/13 to 10/17/13 (e)
(Cost $8,694)

$ 8,695


8,695

Money Market Funds - 3.5%

Shares

 

Fidelity Cash Central Fund, 0.11% (b)

308,295,727

308,296

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

41,181,925

41,182

TOTAL MONEY MARKET FUNDS

(Cost $349,478)


349,478

TOTAL INVESTMENT PORTFOLIO - 100.4%

(Cost $8,547,298)

10,194,692

NET OTHER ASSETS (LIABILITIES) - (0.4)%

(40,482)

NET ASSETS - 100%

$ 10,154,210

Futures Contracts

 

Expiration
Date

Underlying
Face Amount
at Value (000s)

Unrealized
Appreciation/
(Depreciation)
(000s)

Purchased

Equity Index Contracts

1,572 Nikkei 225 Index Contracts (Japan)

Sept. 2013

$ 107,525

$ (1,115)

The face value of futures purchased as a percentage of net assets is 1.1%

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or 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 or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $8,695,000.

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
(Amounts in thousands)

Fidelity Cash Central Fund

$ 335

Fidelity Securities Lending Cash Central Fund

4,975

Total

$ 5,310

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
(Amounts in thousands)

Value,
beginning of
period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

Boyner Buyuk Magazacilik A/S

$ 10,764

$ -

$ 3,015

$ -

$ -

Total

$ 10,764

$ -

$ 3,015

$ -

$ -

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 1,670,367

$ 1,418,387

$ 251,980

$ -

Consumer Staples

1,189,245

787,782

401,463

-

Energy

333,552

206,741

126,811

-

Financials

2,426,304

1,836,999

589,305

-

Health Care

1,066,529

736,483

330,046

-

Industrials

1,182,937

1,113,312

69,625

-

Information Technology

838,941

709,955

102,559

26,427

Materials

550,769

420,286

130,483

-

Telecommunication Services

482,837

362,821

120,016

-

Utilities

95,038

95,038

-

-

Government Obligations

8,695

-

8,695

-

Money Market Funds

349,478

349,478

-

-

Total Investments in Securities:

$ 10,194,692

$ 8,037,282

$ 2,130,983

$ 26,427

Derivative Instruments:

Liabilities

Futures Contracts

$ (1,115)

$ (1,115)

$ -

$ -

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $8,615,056,000. Net unrealized appreciation aggregated $1,579,636,000, of which $1,787,473,000 related to appreciated investment securities and $207,837,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For U.S. government and government agency obligations, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

July 31, 2013

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

1.834739.107
AIGI-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.9%

Shares

Value (000s)

Australia - 3.5%

Ansell Ltd.

2,268,950

$ 37,811

Australia & New Zealand Banking Group Ltd.

4,818,449

128,892

Commonwealth Bank of Australia

1,009,530

67,339

Ramsay Health Care Ltd.

1,619,364

53,608

Spark Infrastructure Group unit

19,962,099

32,028

Woodside Petroleum Ltd.

1,165,122

39,367

TOTAL AUSTRALIA

359,045

Austria - 0.2%

Andritz AG

455,300

24,561

Bailiwick of Jersey - 1.8%

Experian PLC

6,115,400

114,707

Wolseley PLC

1,508,304

72,185

TOTAL BAILIWICK OF JERSEY

186,892

Belgium - 1.9%

Anheuser-Busch InBev SA NV

1,183,927

113,848

KBC Groupe SA

1,894,727

75,998

TOTAL BELGIUM

189,846

Bermuda - 0.8%

Cheung Kong Infrastructure Holdings Ltd.

5,048,000

34,855

Hongkong Land Holdings Ltd.

6,181,000

41,845

TOTAL BERMUDA

76,700

Brazil - 0.2%

Arezzo Industria e Comercio SA

1,051,500

16,399

Qualicorp SA (a)

384,200

2,812

TOTAL BRAZIL

19,211

British Virgin Islands - 0.4%

Mail.Ru Group Ltd. GDR (Reg. S)

1,193,800

38,142

Canada - 0.6%

InterOil Corp. (a)(d)

204,400

17,517

Suncor Energy, Inc.

1,280,200

40,459

TOTAL CANADA

57,976

Cayman Islands - 1.8%

Baidu.com, Inc. sponsored ADR (a)

526,000

69,595

Cimc Enric Holdings Ltd.

16,316,000

20,680

ENN Energy Holdings Ltd.

5,084,000

28,155

Eurasia Drilling Co. Ltd. GDR (Reg. S)

439,400

17,356

Common Stocks - continued

Shares

Value (000s)

Cayman Islands - continued

Greatview Aseptic Pack Co. Ltd.

26,392,000

$ 15,892

SINA Corp. (a)

425,607

29,354

TOTAL CAYMAN ISLANDS

181,032

Cyprus - 0.0%

SPDI Secure Property Development & Investment PLC

529,830

528

Denmark - 1.2%

Novo Nordisk A/S Series B

724,689

122,955

Finland - 0.7%

Sampo Oyj (A Shares)

1,739,800

76,287

France - 11.2%

Arkema SA

487,670

48,885

Atos Origin SA

388,851

29,233

BNP Paribas SA

1,317,245

85,228

Bureau Veritas SA

2,142,800

63,599

Danone SA

905,500

71,555

Edenred SA

1,177,900

37,742

Groupe FNAC SA (a)

64,812

1,457

Havas SA

3,787,900

28,668

Iliad SA

213,972

50,484

Kering SA

518,500

118,712

Lafarge SA (Bearer) (d)

605,900

38,743

LVMH Moet Hennessy - Louis Vuitton SA

612,502

111,348

Remy Cointreau SA

112,200

11,616

Sanofi SA

1,978,305

207,091

Schneider Electric SA

1,123,900

89,427

Technip SA

192,300

21,221

Total SA

2,379,700

126,811

TOTAL FRANCE

1,141,820

Germany - 7.9%

Aareal Bank AG (a)

1,044,895

28,914

adidas AG

541,900

60,413

Allianz AG

649,485

101,266

BASF AG

1,265,455

112,222

Bayer AG

973,900

113,173

Bayerische Motoren Werke AG (BMW)

632,487

61,921

Brenntag AG

444,700

73,063

Fresenius SE & Co. KGaA

161,700

20,410

GEA Group AG

1,254,770

51,773

GSW Immobilien AG

430,481

17,421

HeidelbergCement Finance AG

860,300

66,083

Common Stocks - continued

Shares

Value (000s)

Germany - continued

KION Group AG (a)

581,452

$ 19,346

LEG Immobilien AG

184,948

9,301

SAP AG

875,914

64,180

TOTAL GERMANY

799,486

Hong Kong - 1.9%

AIA Group Ltd.

20,789,200

98,510

Techtronic Industries Co. Ltd.

39,683,000

97,115

TOTAL HONG KONG

195,625

India - 0.8%

Apollo Hospitals Enterprise Ltd.

373,958

5,765

Housing Development Finance Corp. Ltd.

4,728,996

62,202

United Spirits Ltd. (a)

444,545

17,421

TOTAL INDIA

85,388

Indonesia - 0.1%

PT Tower Bersama Infrastructure Tbk (a)

17,734,500

9,836

Ireland - 2.1%

Accenture PLC Class A

976,200

72,053

James Hardie Industries PLC CDI

6,070,470

50,418

Kerry Group PLC Class A

856,700

52,655

Paddy Power PLC (Ireland)

503,500

40,746

TOTAL IRELAND

215,872

Italy - 0.7%

De Longhi SpA

2,248,100

35,979

Moleskine SpA

4,183,000

10,723

Tod's SpA

174,951

28,488

TOTAL ITALY

75,190

Japan - 17.9%

ABC-MART, Inc.

1,177,300

53,147

Aozora Bank Ltd.

16,056,000

49,688

Astellas Pharma, Inc.

768,700

41,218

Cosmos Pharmaceutical Corp.

245,800

26,134

Daikin Industries Ltd.

263,700

10,989

Don Quijote Co. Ltd.

1,818,400

95,275

Hitachi Ltd.

5,121,000

34,415

Honda Motor Co. Ltd.

3,184,300

117,950

Japan Tobacco, Inc.

3,948,700

138,130

JSR Corp.

2,283,400

41,326

Kakaku.com, Inc.

951,500

32,993

Common Stocks - continued

Shares

Value (000s)

Japan - continued

KDDI Corp.

2,082,700

$ 115,079

Keyence Corp.

304,060

99,376

Miraca Holdings, Inc.

581,200

28,078

Mitsubishi UFJ Financial Group, Inc.

18,169,200

112,704

Nitto Denko Corp.

401,400

22,671

Nomura Real Estate Holdings, Inc.

563,300

13,135

NTT Urban Development Co.

8,896

10,758

ORIX Corp.

9,072,900

134,829

Park24 Co. Ltd.

1,342,800

24,741

Rakuten, Inc.

7,298,300

98,618

Santen Pharmaceutical Co. Ltd.

1,166,900

50,950

Seven & i Holdings Co., Ltd.

2,167,000

81,891

Shinsei Bank Ltd.

24,904,000

55,450

Ship Healthcare Holdings, Inc.

1,076,700

39,809

SoftBank Corp.

1,780,100

113,449

Toyota Motor Corp.

2,202,600

134,030

Unicharm Corp.

622,700

33,199

USS Co. Ltd.

91,650

10,961

TOTAL JAPAN

1,820,993

Korea (South) - 0.4%

NHN Corp.

101,178

26,427

Orion Corp.

14,973

13,591

TOTAL KOREA (SOUTH)

40,018

Luxembourg - 0.6%

Brait SA

6,003,514

25,498

Samsonite International SA

11,843,400

32,450

TOTAL LUXEMBOURG

57,948

Mexico - 0.4%

Alsea S.A.B. de CV

7,662,195

20,936

Fomento Economico Mexicano S.A.B. de CV sponsored ADR

231,800

23,062

TOTAL MEXICO

43,998

Netherlands - 2.4%

AEGON NV

5,028,800

38,749

ASML Holding NV

772,233

69,424

Koninklijke Philips Electronics NV

2,177,200

69,625

Randstad Holding NV

717,740

34,627

Yandex NV (a)

861,400

27,996

TOTAL NETHERLANDS

240,421

Common Stocks - continued

Shares

Value (000s)

New Zealand - 0.4%

Ryman Healthcare Group Ltd.

7,311,565

$ 41,521

Norway - 1.0%

DNB ASA

6,068,755

101,081

Philippines - 0.3%

Alliance Global Group, Inc.

53,559,700

32,358

Poland - 0.3%

Eurocash SA

1,824,990

33,974

Russia - 0.3%

Mobile TeleSystems OJSC sponsored ADR

1,615,900

31,494

Singapore - 0.4%

Global Logistic Properties Ltd.

16,214,205

36,234

South Africa - 1.1%

Naspers Ltd. Class N

1,302,700

109,057

Spain - 2.1%

Amadeus IT Holding SA Class A

1,011,100

34,731

Banco Bilbao Vizcaya Argentaria SA

7,601,924

72,089

Grifols SA ADR

1,208,550

38,359

Inditex SA

481,679

64,208

TOTAL SPAIN

209,387

Sweden - 4.1%

ASSA ABLOY AB (B Shares)

1,314,800

58,215

Intrum Justitia AB

1,835,800

46,753

Investment AB Kinnevik

2,363,300

71,354

Nordea Bank AB

5,194,000

65,780

Svenska Cellulosa AB (SCA) (B Shares)

3,186,600

84,332

Svenska Handelsbanken AB (A Shares)

1,879,500

85,351

TOTAL SWEDEN

411,785

Switzerland - 6.7%

Lonza Group AG

469,465

36,119

Partners Group Holding AG

230,056

60,830

Roche Holding AG (participation certificate)

493,081

121,479

Schindler Holding AG (participation certificate)

554,147

79,339

SGS SA (Reg.)

12,520

28,342

Swatch Group AG (Bearer)

36,702

21,812

Syngenta AG (Switzerland)

179,374

70,927

UBS AG

8,311,378

163,660

Zurich Insurance Group AG

346,539

93,277

TOTAL SWITZERLAND

675,785

Common Stocks - continued

Shares

Value (000s)

Taiwan - 0.6%

ECLAT Textile Co. Ltd.

2,409,000

$ 18,552

Taiwan Semiconductor Manufacturing Co. Ltd.

11,289,000

38,379

TOTAL TAIWAN

56,931

Turkey - 0.1%

Boyner Buyuk Magazacilik A/S (a)

3,646,380

10,962

United Kingdom - 16.9%

Aberdeen Asset Management PLC

5,975,132

34,932

Alabama Noor Hospitals Group PLC (a)

1,829,400

19,481

Associated British Foods PLC

1,571,500

46,474

Barclays PLC

18,045,567

78,841

BG Group PLC

3,923,700

70,821

BHP Billiton PLC

2,080,582

59,556

British American Tobacco PLC (United Kingdom)

2,810,000

149,905

British Land Co. PLC

5,830,068

52,992

Croda International PLC

630,000

24,046

Diageo PLC

4,394,219

137,710

Hikma Pharmaceuticals PLC

2,631,850

44,521

HSBC Holdings PLC (United Kingdom)

10,856,757

123,262

Intertek Group PLC

893,600

41,122

Jazztel PLC (a)

4,681,964

42,479

Legal & General Group PLC

21,527,711

63,173

London Stock Exchange Group PLC

1,729,000

41,400

Meggitt PLC

6,792,200

56,571

Next PLC

781,744

59,342

Ocado Group PLC (a)(d)

8,992,397

42,065

Persimmon PLC

2,082,200

39,151

Reckitt Benckiser Group PLC

788,600

56,132

Rolls-Royce Group PLC

4,197,715

75,033

Rotork PLC

717,800

29,002

SABMiller PLC

1,478,600

72,439

Standard Chartered PLC (United Kingdom)

2,048,441

47,506

Taylor Wimpey PLC

18,277,100

29,611

TelecityGroup PLC

2,134,054

28,861

The Restaurant Group PLC

1,992,100

16,046

Ultra Electronics Holdings PLC

614,667

16,981

Vodafone Group PLC

40,071,243

120,016

TOTAL UNITED KINGDOM

1,719,471

United States of America - 2.1%

Actavis, Inc. (a)

308,100

41,369

Beam, Inc.

387,400

25,177

Common Stocks - continued

Shares

Value (000s)

United States of America - continued

MasterCard, Inc. Class A

160,100

$ 97,759

Regal-Beloit Corp.

22,153

1,433

Visa, Inc. Class A

260,000

46,023

TOTAL UNITED STATES OF AMERICA

211,761

TOTAL COMMON STOCKS

(Cost $8,117,081)


9,741,571

Nonconvertible Preferred Stocks - 0.9%

 

 

 

 

Germany - 0.9%

Volkswagen AG
(Cost $72,045)

399,500


94,948

Government Obligations - 0.1%

 

Principal
Amount (000s)

 

United States of America - 0.1%

U.S. Treasury Bills, yield at date of purchase 0.02% to 0.04% 8/15/13 to 10/17/13 (e)
(Cost $8,694)

$ 8,695


8,695

Money Market Funds - 3.5%

Shares

 

Fidelity Cash Central Fund, 0.11% (b)

308,295,727

308,296

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

41,181,925

41,182

TOTAL MONEY MARKET FUNDS

(Cost $349,478)


349,478

TOTAL INVESTMENT PORTFOLIO - 100.4%

(Cost $8,547,298)

10,194,692

NET OTHER ASSETS (LIABILITIES) - (0.4)%

(40,482)

NET ASSETS - 100%

$ 10,154,210

Futures Contracts

 

Expiration
Date

Underlying
Face Amount
at Value (000s)

Unrealized
Appreciation/
(Depreciation)
(000s)

Purchased

Equity Index Contracts

1,572 Nikkei 225 Index Contracts (Japan)

Sept. 2013

$ 107,525

$ (1,115)

The face value of futures purchased as a percentage of net assets is 1.1%

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or 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 or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $8,695,000.

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
(Amounts in thousands)

Fidelity Cash Central Fund

$ 335

Fidelity Securities Lending Cash Central Fund

4,975

Total

$ 5,310

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
(Amounts in thousands)

Value,
beginning of
period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

Boyner Buyuk Magazacilik A/S

$ 10,764

$ -

$ 3,015

$ -

$ -

Total

$ 10,764

$ -

$ 3,015

$ -

$ -

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 1,670,367

$ 1,418,387

$ 251,980

$ -

Consumer Staples

1,189,245

787,782

401,463

-

Energy

333,552

206,741

126,811

-

Financials

2,426,304

1,836,999

589,305

-

Health Care

1,066,529

736,483

330,046

-

Industrials

1,182,937

1,113,312

69,625

-

Information Technology

838,941

709,955

102,559

26,427

Materials

550,769

420,286

130,483

-

Telecommunication Services

482,837

362,821

120,016

-

Utilities

95,038

95,038

-

-

Government Obligations

8,695

-

8,695

-

Money Market Funds

349,478

349,478

-

-

Total Investments in Securities:

$ 10,194,692

$ 8,037,282

$ 2,130,983

$ 26,427

Derivative Instruments:

Liabilities

Futures Contracts

$ (1,115)

$ (1,115)

$ -

$ -

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $8,615,056,000. Net unrealized appreciation aggregated $1,579,636,000, of which $1,787,473,000 related to appreciated investment securities and $207,837,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For U.S. government and government agency obligations, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

July 31, 2013

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

1.855812.106
ACAN-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.2%

Shares

Value

CONSUMER DISCRETIONARY - 12.6%

Auto Components - 4.6%

Magna International, Inc. Class A (sub. vtg.)

1,510,000

$ 115,480,966

Hotels, Restaurants & Leisure - 0.8%

Starbucks Corp.

200,000

14,248,000

Tim Hortons, Inc. (Canada)

110,300

6,386,468

 

20,634,468

Household Durables - 0.2%

Brookfield Residential Properties, Inc. (a)

300,000

6,201,001

Media - 1.2%

Cineplex, Inc. (d)

350,000

12,656,022

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

350,000

8,468,017

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

200,000

9,183,137

 

30,307,176

Multiline Retail - 2.8%

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

150,000

12,344,952

Dollarama, Inc.

803,467

57,989,493

 

70,334,445

Specialty Retail - 0.6%

Gap, Inc.

200,000

9,180,000

Home Depot, Inc.

90,000

7,112,700

 

16,292,700

Textiles, Apparel & Luxury Goods - 2.4%

Gildan Activewear, Inc.

1,070,195

47,763,352

lululemon athletica, Inc. (a)(d)

177,600

12,355,632

 

60,118,984

TOTAL CONSUMER DISCRETIONARY

319,369,740

CONSUMER STAPLES - 7.1%

Food & Staples Retailing - 6.8%

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

940,200

57,623,980

CVS Caremark Corp.

200,000

12,298,000

Empire Co. Ltd. Class A (non-vtg.)

130,000

10,217,992

George Weston Ltd.

50,000

4,238,146

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

1,150,000

21,049,557

Loblaw Companies Ltd. (d)

550,000

26,244,280

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

579,165

41,541,316

 

173,213,271

Food Products - 0.3%

Saputo, Inc.

150,000

6,939,928

TOTAL CONSUMER STAPLES

180,153,199

 

Shares

Value

ENERGY - 18.5%

Energy Equipment & Services - 0.2%

Calfrac Well Services Ltd.

100,000

$ 3,315,159

Secure Energy Services, Inc.

100,000

1,366,956

 

4,682,115

Oil, Gas & Consumable Fuels - 18.3%

ARC Resources Ltd. (d)

300,000

7,564,989

Baytex Energy Corp. (d)

50,000

2,029,987

Canadian Natural Resources Ltd.

950,000

29,440,658

Canadian Oil Sands Ltd.

200,000

3,882,777

Cenovus Energy, Inc.

1,150,000

34,059,975

Crescent Point Energy Corp. (d)

633,400

24,019,988

Enbridge, Inc.

2,237,800

99,285,898

Imperial Oil Ltd.

250,000

10,726,804

Keyera Corp. (d)

302,302

16,911,959

Painted Pony Petroleum Ltd. (e)

113,000

819,638

Painted Pony Petroleum Ltd. Class A (a)

50,000

362,672

Pembina Pipeline Corp.

250,000

7,830,299

Peyto Exploration & Development Corp. (d)

400,000

11,504,235

Suncor Energy, Inc.

2,507,600

79,249,047

Talisman Energy, Inc.

1,400,000

15,866,031

Tourmaline Oil Corp. (a)

500,000

19,272,710

Tourmaline Oil Corp. (a)(e)

80,000

3,083,634

TransCanada Corp.

1,500,000

68,537,630

Trilogy Energy Corp.

100,000

2,829,325

Vermilion Energy, Inc.

500,000

26,818,226

 

464,096,482

TOTAL ENERGY

468,778,597

FINANCIALS - 32.4%

Capital Markets - 0.7%

CI Financial Corp.

614,800

18,573,892

Commercial Banks - 20.9%

Bank of Montreal (d)

1,100,000

68,403,271

Bank of Nova Scotia (d)

1,900,000

107,310,875

Canadian Imperial Bank of Commerce (d)

54,600

4,142,711

Laurentian Bank of Canada

14,800

649,148

Royal Bank of Canada (d)

2,880,000

179,905,363

The Toronto-Dominion Bank

2,003,800

168,872,484

 

529,283,852

Diversified Financial Services - 0.1%

Element Financial Corp. (a)

200,000

2,476,877

Insurance - 7.2%

Fairfax Financial Holdings Ltd. (sub. vtg.)

10,000

3,972,349

Industrial Alliance Insurance and Financial Services, Inc.

100,000

4,022,977

Intact Financial Corp.

210,925

12,405,783

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Insurance - continued

Manulife Financial Corp.

5,700,000

$ 100,392,367

Sun Life Financial, Inc.

1,900,000

61,526,628

 

182,320,104

Real Estate Investment Trusts - 0.9%

H&R REIT/H&R Finance Trust

500,000

10,519,910

RioCan (REIT)

500,000

11,848,895

 

22,368,805

Real Estate Management & Development - 2.6%

Brookfield Asset Management, Inc. Class A

1,550,000

57,361,016

Brookfield Properties Corp. (d)

500,000

8,465,583

 

65,826,599

TOTAL FINANCIALS

820,850,129

HEALTH CARE - 8.4%

Biotechnology - 0.4%

Amgen, Inc.

40,000

4,331,600

Biogen Idec, Inc. (a)

25,000

5,453,250

 

9,784,850

Health Care Providers & Services - 1.9%

Catamaran Corp. (a)

906,468

47,746,002

Life Sciences Tools & Services - 0.2%

Thermo Fisher Scientific, Inc.

50,000

4,555,500

Pharmaceuticals - 5.9%

Valeant Pharmaceuticals International, Inc. (Canada) (a)

1,631,471

151,376,873

TOTAL HEALTH CARE

213,463,225

INDUSTRIALS - 6.1%

Aerospace & Defense - 0.7%

MacDonald Dettwiler & Associates Ltd.

250,000

18,695,843

Road & Rail - 5.4%

Canadian National Railway Co.

850,000

84,958,621

Canadian Pacific Railway Ltd.

420,900

51,687,389

 

136,646,010

TOTAL INDUSTRIALS

155,341,853

INFORMATION TECHNOLOGY - 5.9%

Internet Software & Services - 0.2%

Google, Inc. Class A (a)

6,000

5,325,600

IT Services - 4.4%

Alliance Data Systems Corp. (a)(d)

70,000

13,844,600

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

2,190,000

75,693,701

Visa, Inc. Class A

130,000

23,011,300

 

112,549,601

 

Shares

Value

Software - 1.3%

Constellation Software, Inc.

85,000

$ 12,402,006

Open Text Corp.

290,407

20,524,432

 

32,926,438

TOTAL INFORMATION TECHNOLOGY

150,801,639

MATERIALS - 3.7%

Chemicals - 1.2%

Methanex Corp.

650,000

31,041,281

Metals & Mining - 1.7%

Agnico Eagle Mines Ltd. (Canada)

100,000

2,843,930

Dominion Diamond Corp. (a)

93,300

1,319,880

Goldcorp, Inc.

1,350,000

38,077,597

 

42,241,407

Paper & Forest Products - 0.8%

Norbord, Inc.

100,000

3,159,381

West Fraser Timber Co. Ltd. (d)

190,000

17,318,469

 

20,477,850

TOTAL MATERIALS

93,760,538

TELECOMMUNICATION SERVICES - 2.5%

Diversified Telecommunication Services - 2.2%

BCE, Inc.

850,000

35,213,222

TELUS Corp. (a)

650,000

19,751,241

 

54,964,463

Wireless Telecommunication Services - 0.3%

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

200,000

7,991,432

TOTAL TELECOMMUNICATION SERVICES

62,955,895

TOTAL COMMON STOCKS

(Cost $1,957,259,321)


2,465,474,815

Money Market Funds - 8.9%

 

 

 

 

Fidelity Cash Central Fund, 0.11% (b)

27,364,927

27,364,927

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

197,889,220

197,889,220

TOTAL MONEY MARKET FUNDS

(Cost $225,254,147)


225,254,147

TOTAL INVESTMENT PORTFOLIO - 106.1%

(Cost $2,182,513,468)

2,690,728,962

NET OTHER ASSETS (LIABILITIES) - (6.1)%

(154,708,672)

NET ASSETS - 100%

$ 2,536,020,290

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or 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 $3,903,272 or 0.2% 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

$ 38,968

Fidelity Securities Lending Cash Central Fund

2,968,965

Total

$ 3,007,933

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $2,195,464,708. Net unrealized appreciation aggregated $495,264,254, of which $550,399,120 related to appreciated investment securities and $55,134,866 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Canada Fund

July 31, 2013

1.804819.109
CAN-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.2%

Shares

Value

CONSUMER DISCRETIONARY - 12.6%

Auto Components - 4.6%

Magna International, Inc. Class A (sub. vtg.)

1,510,000

$ 115,480,966

Hotels, Restaurants & Leisure - 0.8%

Starbucks Corp.

200,000

14,248,000

Tim Hortons, Inc. (Canada)

110,300

6,386,468

 

20,634,468

Household Durables - 0.2%

Brookfield Residential Properties, Inc. (a)

300,000

6,201,001

Media - 1.2%

Cineplex, Inc. (d)

350,000

12,656,022

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

350,000

8,468,017

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

200,000

9,183,137

 

30,307,176

Multiline Retail - 2.8%

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

150,000

12,344,952

Dollarama, Inc.

803,467

57,989,493

 

70,334,445

Specialty Retail - 0.6%

Gap, Inc.

200,000

9,180,000

Home Depot, Inc.

90,000

7,112,700

 

16,292,700

Textiles, Apparel & Luxury Goods - 2.4%

Gildan Activewear, Inc.

1,070,195

47,763,352

lululemon athletica, Inc. (a)(d)

177,600

12,355,632

 

60,118,984

TOTAL CONSUMER DISCRETIONARY

319,369,740

CONSUMER STAPLES - 7.1%

Food & Staples Retailing - 6.8%

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

940,200

57,623,980

CVS Caremark Corp.

200,000

12,298,000

Empire Co. Ltd. Class A (non-vtg.)

130,000

10,217,992

George Weston Ltd.

50,000

4,238,146

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

1,150,000

21,049,557

Loblaw Companies Ltd. (d)

550,000

26,244,280

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

579,165

41,541,316

 

173,213,271

Food Products - 0.3%

Saputo, Inc.

150,000

6,939,928

TOTAL CONSUMER STAPLES

180,153,199

 

Shares

Value

ENERGY - 18.5%

Energy Equipment & Services - 0.2%

Calfrac Well Services Ltd.

100,000

$ 3,315,159

Secure Energy Services, Inc.

100,000

1,366,956

 

4,682,115

Oil, Gas & Consumable Fuels - 18.3%

ARC Resources Ltd. (d)

300,000

7,564,989

Baytex Energy Corp. (d)

50,000

2,029,987

Canadian Natural Resources Ltd.

950,000

29,440,658

Canadian Oil Sands Ltd.

200,000

3,882,777

Cenovus Energy, Inc.

1,150,000

34,059,975

Crescent Point Energy Corp. (d)

633,400

24,019,988

Enbridge, Inc.

2,237,800

99,285,898

Imperial Oil Ltd.

250,000

10,726,804

Keyera Corp. (d)

302,302

16,911,959

Painted Pony Petroleum Ltd. (e)

113,000

819,638

Painted Pony Petroleum Ltd. Class A (a)

50,000

362,672

Pembina Pipeline Corp.

250,000

7,830,299

Peyto Exploration & Development Corp. (d)

400,000

11,504,235

Suncor Energy, Inc.

2,507,600

79,249,047

Talisman Energy, Inc.

1,400,000

15,866,031

Tourmaline Oil Corp. (a)

500,000

19,272,710

Tourmaline Oil Corp. (a)(e)

80,000

3,083,634

TransCanada Corp.

1,500,000

68,537,630

Trilogy Energy Corp.

100,000

2,829,325

Vermilion Energy, Inc.

500,000

26,818,226

 

464,096,482

TOTAL ENERGY

468,778,597

FINANCIALS - 32.4%

Capital Markets - 0.7%

CI Financial Corp.

614,800

18,573,892

Commercial Banks - 20.9%

Bank of Montreal (d)

1,100,000

68,403,271

Bank of Nova Scotia (d)

1,900,000

107,310,875

Canadian Imperial Bank of Commerce (d)

54,600

4,142,711

Laurentian Bank of Canada

14,800

649,148

Royal Bank of Canada (d)

2,880,000

179,905,363

The Toronto-Dominion Bank

2,003,800

168,872,484

 

529,283,852

Diversified Financial Services - 0.1%

Element Financial Corp. (a)

200,000

2,476,877

Insurance - 7.2%

Fairfax Financial Holdings Ltd. (sub. vtg.)

10,000

3,972,349

Industrial Alliance Insurance and Financial Services, Inc.

100,000

4,022,977

Intact Financial Corp.

210,925

12,405,783

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Insurance - continued

Manulife Financial Corp.

5,700,000

$ 100,392,367

Sun Life Financial, Inc.

1,900,000

61,526,628

 

182,320,104

Real Estate Investment Trusts - 0.9%

H&R REIT/H&R Finance Trust

500,000

10,519,910

RioCan (REIT)

500,000

11,848,895

 

22,368,805

Real Estate Management & Development - 2.6%

Brookfield Asset Management, Inc. Class A

1,550,000

57,361,016

Brookfield Properties Corp. (d)

500,000

8,465,583

 

65,826,599

TOTAL FINANCIALS

820,850,129

HEALTH CARE - 8.4%

Biotechnology - 0.4%

Amgen, Inc.

40,000

4,331,600

Biogen Idec, Inc. (a)

25,000

5,453,250

 

9,784,850

Health Care Providers & Services - 1.9%

Catamaran Corp. (a)

906,468

47,746,002

Life Sciences Tools & Services - 0.2%

Thermo Fisher Scientific, Inc.

50,000

4,555,500

Pharmaceuticals - 5.9%

Valeant Pharmaceuticals International, Inc. (Canada) (a)

1,631,471

151,376,873

TOTAL HEALTH CARE

213,463,225

INDUSTRIALS - 6.1%

Aerospace & Defense - 0.7%

MacDonald Dettwiler & Associates Ltd.

250,000

18,695,843

Road & Rail - 5.4%

Canadian National Railway Co.

850,000

84,958,621

Canadian Pacific Railway Ltd.

420,900

51,687,389

 

136,646,010

TOTAL INDUSTRIALS

155,341,853

INFORMATION TECHNOLOGY - 5.9%

Internet Software & Services - 0.2%

Google, Inc. Class A (a)

6,000

5,325,600

IT Services - 4.4%

Alliance Data Systems Corp. (a)(d)

70,000

13,844,600

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

2,190,000

75,693,701

Visa, Inc. Class A

130,000

23,011,300

 

112,549,601

 

Shares

Value

Software - 1.3%

Constellation Software, Inc.

85,000

$ 12,402,006

Open Text Corp.

290,407

20,524,432

 

32,926,438

TOTAL INFORMATION TECHNOLOGY

150,801,639

MATERIALS - 3.7%

Chemicals - 1.2%

Methanex Corp.

650,000

31,041,281

Metals & Mining - 1.7%

Agnico Eagle Mines Ltd. (Canada)

100,000

2,843,930

Dominion Diamond Corp. (a)

93,300

1,319,880

Goldcorp, Inc.

1,350,000

38,077,597

 

42,241,407

Paper & Forest Products - 0.8%

Norbord, Inc.

100,000

3,159,381

West Fraser Timber Co. Ltd. (d)

190,000

17,318,469

 

20,477,850

TOTAL MATERIALS

93,760,538

TELECOMMUNICATION SERVICES - 2.5%

Diversified Telecommunication Services - 2.2%

BCE, Inc.

850,000

35,213,222

TELUS Corp. (a)

650,000

19,751,241

 

54,964,463

Wireless Telecommunication Services - 0.3%

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

200,000

7,991,432

TOTAL TELECOMMUNICATION SERVICES

62,955,895

TOTAL COMMON STOCKS

(Cost $1,957,259,321)


2,465,474,815

Money Market Funds - 8.9%

 

 

 

 

Fidelity Cash Central Fund, 0.11% (b)

27,364,927

27,364,927

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

197,889,220

197,889,220

TOTAL MONEY MARKET FUNDS

(Cost $225,254,147)


225,254,147

TOTAL INVESTMENT PORTFOLIO - 106.1%

(Cost $2,182,513,468)

2,690,728,962

NET OTHER ASSETS (LIABILITIES) - (6.1)%

(154,708,672)

NET ASSETS - 100%

$ 2,536,020,290

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or 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 $3,903,272 or 0.2% 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

$ 38,968

Fidelity Securities Lending Cash Central Fund

2,968,965

Total

$ 3,007,933

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $2,195,464,708. Net unrealized appreciation aggregated $495,264,254, of which $550,399,120 related to appreciated investment securities and $55,134,866 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

July 31, 2013

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

1.883452.104
AWLD-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.9%

Shares

Value

Australia - 1.6%

Ansell Ltd.

142,537

$ 2,375,333

Australia & New Zealand Banking Group Ltd.

290,317

7,765,915

Commonwealth Bank of Australia

59,860

3,992,881

Ramsay Health Care Ltd.

105,887

3,505,352

Spark Infrastructure Group unit

1,274,589

2,045,011

Woodside Petroleum Ltd.

71,365

2,411,264

TOTAL AUSTRALIA

22,095,756

Austria - 0.1%

Andritz AG

28,200

1,521,269

Bailiwick of Jersey - 0.8%

Experian PLC

368,600

6,913,835

Wolseley PLC

90,926

4,351,584

TOTAL BAILIWICK OF JERSEY

11,265,419

Belgium - 0.9%

Anheuser-Busch InBev SA NV

71,611

6,886,214

KBC Groupe SA

128,368

5,148,847

TOTAL BELGIUM

12,035,061

Bermuda - 0.3%

Cheung Kong Infrastructure Holdings Ltd.

310,000

2,140,453

Hongkong Land Holdings Ltd.

384,000

2,599,680

TOTAL BERMUDA

4,740,133

Brazil - 0.1%

Arezzo Industria e Comercio SA

63,900

996,586

Qualicorp SA (a)

71,800

525,592

TOTAL BRAZIL

1,522,178

British Virgin Islands - 0.3%

Luxoft Holding, Inc.

57,700

1,267,669

Mail.Ru Group Ltd. GDR (Reg. S)

73,000

2,332,350

Michael Kors Holdings Ltd. (a)

7,000

471,380

TOTAL BRITISH VIRGIN ISLANDS

4,071,399

Canada - 0.7%

Canadian Pacific Railway Ltd.

49,000

6,017,301

InterOil Corp. (a)

10,500

899,850

Suncor Energy, Inc.

78,300

2,474,557

TOTAL CANADA

9,391,708

Cayman Islands - 0.9%

Baidu.com, Inc. sponsored ADR (a)

39,200

5,186,552

Cimc Enric Holdings Ltd.

1,020,000

1,292,821

ENN Energy Holdings Ltd.

314,000

1,738,911

Eurasia Drilling Co. Ltd. GDR (Reg. S)

27,100

1,070,450

Greatview Aseptic Pack Co. Ltd.

1,799,000

1,083,260

SINA Corp. (a)

36,600

2,524,302

TOTAL CAYMAN ISLANDS

12,896,296

 

Shares

Value

Cyprus - 0.0%

SPDI Secure Property Development & Investment PLC (a)

31,822

$ 31,708

Denmark - 0.5%

Novo Nordisk A/S Series B

43,016

7,298,354

Finland - 0.4%

Raisio Group PLC (V Shares)

139,000

619,477

Sampo Oyj (A Shares)

107,000

4,691,772

TOTAL FINLAND

5,311,249

France - 5.0%

Arkema SA

29,430

2,950,118

Atos Origin SA

24,326

1,828,782

BNP Paribas SA

79,130

5,119,835

Bureau Veritas SA

131,600

3,905,902

Danone SA

56,400

4,456,885

Edenred SA

73,500

2,355,049

Groupe FNAC SA (a)(d)

3,918

88,088

Havas SA

233,800

1,769,483

Iliad SA

12,793

3,018,349

Kering SA

31,350

7,177,684

Lafarge SA (Bearer)

37,800

2,417,056

LVMH Moet Hennessy - Louis Vuitton SA

33,006

6,000,238

Remy Cointreau SA

6,900

714,342

Sanofi SA

120,760

12,641,612

Schneider Electric SA

68,600

5,458,381

Technip SA

11,800

1,302,160

Total SA

145,800

7,769,457

TOTAL FRANCE

68,973,421

Germany - 3.7%

Aareal Bank AG (a)

63,891

1,767,946

adidas AG

33,400

3,723,543

Allianz AG

39,781

6,202,535

BASF AG

77,939

6,911,719

Bayer AG

60,700

7,053,709

Bayerische Motoren Werke AG (BMW)

37,624

3,683,407

Brenntag AG

27,600

4,534,631

Fresenius SE & Co. KGaA

15,800

1,994,333

GEA Group AG

75,747

3,125,382

GSW Immobilien AG

28,483

1,152,686

HeidelbergCement Finance AG

53,600

4,117,252

KION Group AG (a)

45,749

1,522,163

LEG Immobilien AG

19,100

960,486

SAP AG

57,454

4,209,740

TOTAL GERMANY

50,959,532

Hong Kong - 0.8%

AIA Group Ltd.

1,263,600

5,987,583

Techtronic Industries Co. Ltd.

2,334,000

5,711,914

TOTAL HONG KONG

11,699,497

India - 0.4%

Apollo Hospitals Enterprise Ltd.

21,256

327,686

Common Stocks - continued

Shares

Value

India - continued

Housing Development Finance Corp. Ltd.

292,606

$ 3,848,763

United Spirits Ltd. (a)

27,317

1,070,505

TOTAL INDIA

5,246,954

Indonesia - 0.0%

PT Tower Bersama Infrastructure Tbk (a)

990,500

549,341

Ireland - 2.5%

Accenture PLC Class A

59,500

4,391,695

Alkermes PLC (a)

84,000

2,820,720

Eaton Corp. PLC

143,000

9,859,850

FleetMatics Group PLC

25,700

967,862

James Hardie Industries PLC CDI

365,087

3,032,184

Kerry Group PLC Class A

52,900

3,251,349

Paddy Power PLC (Ireland)

29,700

2,403,478

Ryanair Holdings PLC sponsored ADR

14,000

721,280

Trinity Biotech PLC sponsored ADR

127,000

2,473,960

Warner Chilcott PLC

192,000

4,091,520

TOTAL IRELAND

34,013,898

Italy - 0.4%

De Longhi SpA

141,700

2,267,782

Moleskine SpA

397,400

1,018,768

Tod's SpA

10,858

1,768,061

TOTAL ITALY

5,054,611

Japan - 8.5%

ABC-MART, Inc.

70,200

3,169,074

Aozora Bank Ltd.

983,000

3,042,069

Astellas Pharma, Inc.

47,400

2,541,620

Cosmos Pharmaceutical Corp.

12,200

1,297,130

Daikin Industries Ltd.

16,400

683,403

Don Quijote Co. Ltd.

109,500

5,737,259

Harmonic Drive Systems, Inc.

17,600

371,917

Hitachi Ltd.

313,000

2,103,503

Honda Motor Co. Ltd.

202,000

7,482,298

Japan Tobacco, Inc.

381,400

13,341,793

JSR Corp.

137,200

2,483,080

Kakaku.com, Inc.

61,600

2,135,962

KDDI Corp.

129,000

7,127,872

Keyence Corp.

18,460

6,033,296

Miraca Holdings, Inc.

36,500

1,763,303

Mitsubishi UFJ Financial Group, Inc.

1,099,300

6,818,965

Nitto Denko Corp.

24,700

1,395,067

Nomura Real Estate Holdings, Inc.

35,200

820,770

NTT Urban Development Co.

556

672,356

ORIX Corp.

554,600

8,241,681

Park24 Co. Ltd.

83,900

1,545,865

Rakuten, Inc.

438,900

5,930,596

Santen Pharmaceutical Co. Ltd.

71,900

3,139,337

Seven & i Holdings Co., Ltd.

134,700

5,090,287

Shinsei Bank Ltd.

1,543,000

3,435,543

 

Shares

Value

Ship Healthcare Holdings, Inc.

67,000

$ 2,477,173

SoftBank Corp.

110,100

7,016,893

Toyota Motor Corp.

137,200

8,348,714

Unicharm Corp.

38,600

2,057,931

USS Co. Ltd.

5,640

674,542

TOTAL JAPAN

116,979,299

Kenya - 0.1%

Safaricom Ltd.

18,905,500

1,579,967

Korea (South) - 0.2%

NHN Corp.

6,168

1,611,024

Orion Corp.

742

673,525

TOTAL KOREA (SOUTH)

2,284,549

Luxembourg - 0.3%

Brait SA

360,653

1,531,738

Samsonite International SA

836,100

2,290,877

TOTAL LUXEMBOURG

3,822,615

Mexico - 0.2%

Alsea S.A.B. de CV

519,500

1,419,471

Fomento Economico Mexicano S.A.B. de CV sponsored ADR

14,400

1,432,656

TOTAL MEXICO

2,852,127

Netherlands - 1.1%

AEGON NV

292,700

2,255,360

ASML Holding NV

45,507

4,091,079

Koninklijke Philips Electronics NV

135,300

4,326,749

Randstad Holding NV

44,718

2,157,426

Yandex NV (a)

54,300

1,764,750

TOTAL NETHERLANDS

14,595,364

New Zealand - 0.3%

Ryman Healthcare Group Ltd.

459,616

2,610,048

Xero Ltd. (a)

75,000

1,036,313

TOTAL NEW ZEALAND

3,646,361

Norway - 0.4%

DNB ASA

365,200

6,082,742

Philippines - 0.1%

Alliance Global Group, Inc.

3,323,800

2,008,050

Poland - 0.1%

Eurocash SA

107,100

1,993,758

Russia - 0.1%

Mobile TeleSystems OJSC sponsored ADR

100,500

1,958,745

Singapore - 0.2%

Global Logistic Properties Ltd.

1,015,000

2,268,246

South Africa - 0.6%

Distell Group Ltd.

126,410

1,585,010

Naspers Ltd. Class N

80,100

6,705,650

TOTAL SOUTH AFRICA

8,290,660

Common Stocks - continued

Shares

Value

Spain - 1.0%

Amadeus IT Holding SA Class A

63,100

$ 2,167,462

Banco Bilbao Vizcaya Argentaria SA

497,231

4,715,241

Grifols SA ADR

75,442

2,394,529

Inditex SA

28,781

3,836,538

TOTAL SPAIN

13,113,770

Sweden - 1.9%

ASSA ABLOY AB (B Shares)

81,800

3,621,807

Intrum Justitia AB

115,000

2,928,745

Investment AB Kinnevik

145,500

4,393,026

Nordea Bank AB

324,200

4,105,875

Svenska Cellulosa AB (SCA) (B Shares)

197,400

5,224,105

Svenska Handelsbanken AB (A Shares)

115,600

5,249,588

TOTAL SWEDEN

25,523,146

Switzerland - 3.1%

Lonza Group AG

47,211

3,632,204

Partners Group Holding AG

13,818

3,653,644

Roche Holding AG (participation certificate)

29,701

7,317,335

Schindler Holding AG (participation certificate)

33,294

4,766,822

SGS SA (Reg.)

780

1,765,736

Swatch Group AG (Bearer)

2,200

1,307,472

Syngenta AG (Switzerland)

11,110

4,393,027

TE Connectivity Ltd.

16,000

816,640

UBS AG

506,231

9,968,213

Zurich Insurance Group AG

20,820

5,604,043

TOTAL SWITZERLAND

43,225,136

Taiwan - 0.3%

ECLAT Textile Co. Ltd.

147,000

1,132,089

Taiwan Semiconductor Manufacturing Co. Ltd.

706,000

2,400,206

TOTAL TAIWAN

3,532,295

Turkey - 0.0%

Boyner Buyuk Magazacilik A/S (a)

219,000

658,374

United Kingdom - 7.4%

Aberdeen Asset Management PLC

355,842

2,080,311

Alabama Noor Hospitals Group PLC (a)

169,000

1,799,639

Associated British Foods PLC

96,800

2,862,676

Barclays PLC

1,131,413

4,943,126

BG Group PLC

240,300

4,337,326

BHP Billiton PLC

154,101

4,411,058

British American Tobacco PLC (United Kingdom)

168,600

8,994,271

British Land Co. PLC

195

1,772

Croda International PLC

38,600

1,473,291

Diageo PLC

264,983

8,304,258

Hikma Pharmaceuticals PLC

162,629

2,751,081

Hilton Food Group PLC

2,800

17,336

HSBC Holdings PLC (United Kingdom)

715,328

8,121,442

Intertek Group PLC

55,600

2,558,590

 

Shares

Value

Jazztel PLC (a)

284,917

$ 2,585,048

Legal & General Group PLC

1,269,461

3,725,222

London Stock Exchange Group PLC

107,700

2,578,820

Meggitt PLC

416,600

3,469,796

Next PLC

57,000

4,326,891

Ocado Group PLC (a)(d)

565,800

2,646,724

Persimmon PLC

129,000

2,425,542

Reckitt Benckiser Group PLC

48,500

3,452,195

Rolls-Royce Group PLC

271,600

4,854,765

Rotork PLC

44,510

1,798,400

SABMiller PLC

92,100

4,512,150

Standard Chartered PLC (United Kingdom)

128,626

2,983,024

Taylor Wimpey PLC

1,155,900

1,872,710

TelecityGroup PLC

131,700

1,781,099

The Restaurant Group PLC

123,700

996,406

Ultra Electronics Holdings PLC

36,900

1,019,396

Vodafone Group PLC

1,208,000

3,618,052

TOTAL UNITED KINGDOM

101,302,417

United States of America - 51.6%

A.O. Smith Corp.

13,000

537,160

Accuray, Inc. (a)

170,000

1,055,700

Actavis, Inc. (a)

58,400

7,841,368

Adobe Systems, Inc. (a)

29,000

1,371,120

Aegerion Pharmaceuticals, Inc. (a)

38,000

3,480,420

Agios Pharmaceuticals, Inc.

12,200

355,752

Alexion Pharmaceuticals, Inc. (a)

39,000

4,532,970

American International Group, Inc.

85,000

3,868,350

Ameriprise Financial, Inc.

161,400

14,364,600

Amgen, Inc.

15,000

1,624,350

Amphenol Corp. Class A

15,000

1,178,400

Applied Micro Circuits Corp. (a)

144,000

1,709,280

Bank of America Corp.

2,285,000

33,361,000

Beam, Inc.

23,900

1,553,261

Becton, Dickinson & Co.

24,000

2,489,280

Berkshire Hathaway, Inc. Class B (a)

51,000

5,909,370

Biogen Idec, Inc. (a)

96,000

20,940,480

Bluebird Bio, Inc.

9,400

292,622

Boston Scientific Corp. (a)

543,000

5,929,560

Cabela's, Inc. Class A (a)

153,000

10,501,920

Cabot Oil & Gas Corp.

471,000

35,711,220

CBS Corp. Class B

89,000

4,702,760

Celgene Corp. (a)

41,000

6,021,260

Citigroup, Inc.

714,000

37,227,959

Comcast Corp. Class A

46,000

2,073,680

Cummins, Inc.

164,000

19,875,160

Discovery Communications, Inc. (a)

65,000

5,181,800

Eastman Chemical Co.

273,500

21,997,605

Ecolab, Inc.

163,000

15,018,820

Energizer Holdings, Inc.

13,000

1,323,400

EOG Resources, Inc.

40,000

5,819,600

EQT Corp.

133,000

11,504,500

Estee Lauder Companies, Inc. Class A

42,800

2,809,820

Common Stocks - continued

Shares

Value

United States of America - continued

Facebook, Inc. Class A (a)

222,000

$ 8,176,260

FLIR Systems, Inc.

97,000

3,149,590

Gap, Inc.

414,800

19,039,320

Genesee & Wyoming, Inc. Class A (a)

8,000

717,280

Gilead Sciences, Inc. (a)

331,000

20,339,950

Google, Inc. Class A (a)

25,000

22,190,000

H&R Block, Inc.

173,000

5,437,390

HealthStream, Inc. (a)

7,000

220,500

Home Depot, Inc.

192,000

15,173,760

Illumina, Inc. (a)

49,000

3,911,180

inContact, Inc. (a)

100

848

ITC Holdings Corp.

26,300

2,413,551

J.B. Hunt Transport Services, Inc.

15,600

1,168,908

JPMorgan Chase & Co.

46,000

2,563,580

Kroger Co.

354,300

13,913,361

LinkedIn Corp. (a)

6,000

1,222,740

Marathon Petroleum Corp.

20,000

1,466,600

MasterCard, Inc. Class A

43,400

26,500,474

McGraw-Hill Companies, Inc.

288,000

17,815,680

Moody's Corp.

11,000

745,470

Morgan Stanley

294,000

7,999,740

NCR Corp. (a)

29,000

1,044,000

Netflix, Inc. (a)

33,000

8,059,260

Noble Energy, Inc.

156,000

9,748,440

Onyx Pharmaceuticals, Inc. (a)

236,500

31,052,450

Pacira Pharmaceuticals, Inc. (a)

29,000

983,970

Perrigo Co.

56,000

6,965,840

Phillips 66

72,000

4,428,000

Phillips 66 Partners LP

54,200

1,754,454

Pioneer Natural Resources Co.

137,900

21,341,404

Praxair, Inc.

8,000

961,360

Precision Castparts Corp.

4,000

886,880

Prestige Brands Holdings, Inc. (a)

254,000

8,613,140

priceline.com, Inc. (a)

2,200

1,926,474

PVH Corp.

123,000

16,210,170

Questcor Pharmaceuticals, Inc.

38,000

2,539,160

Regal-Beloit Corp.

2,200

142,296

Regeneron Pharmaceuticals, Inc. (a)

5,000

1,350,300

Rock-Tenn Co. Class A

21,000

2,401,350

Saia, Inc. (a)

67,000

2,005,980

Salix Pharmaceuticals Ltd. (a)

23,000

1,699,700

ServiceNow, Inc. (a)

213,000

9,282,540

Sigma Aldrich Corp.

10,000

835,600

Sirius XM Radio, Inc.

607,000

2,264,110

Spirit Airlines, Inc. (a)

59,000

1,949,950

SS&C Technologies Holdings, Inc. (a)

64,000

2,289,920

SunEdison, Inc. (a)

128,000

1,290,240

Teledyne Technologies, Inc. (a)

24,000

1,924,080

The Blackstone Group LP

320,000

7,216,000

The Boeing Co.

38,000

3,993,800

 

Shares

Value

The Cooper Companies, Inc.

99,800

$ 12,709,530

The Walt Disney Co.

75,000

4,848,750

Tribune Co. Class A (a)

23,000

1,453,600

TripAdvisor, Inc. (a)

84,000

6,301,680

Twenty-First Century Fox, Inc. Class A

13,000

388,440

United Technologies Corp.

23,000

2,428,110

Visa, Inc. Class A

176,900

31,313,069

W.W. Grainger, Inc.

3,000

786,420

Wabtec Corp.

7,000

406,420

Web.com Group, Inc. (a)

137,100

3,561,858

WhiteWave Foods Co.

62,000

1,158,780

Workday, Inc. Class A

178,300

12,176,107

WPX Energy, Inc. (a)

70,000

1,344,700

Yahoo!, Inc. (a)

354,000

9,943,860

TOTAL UNITED STATES OF AMERICA

710,312,921

TOTAL COMMON STOCKS

(Cost $1,088,816,555)


1,334,708,326

Nonconvertible Preferred Stocks - 0.4%

 

 

 

 

Germany - 0.4%

Volkswagen AG
(Cost $3,714,618)

23,900


5,680,242

Convertible Bonds - 0.1%

 

Principal Amount

 

United States of America - 0.1%

MGIC Investment Corp. 2% 4/1/20

$ 700,000

928,900

Radian Group, Inc. 2.25% 3/1/19

620,000

909,850

TOTAL CONVERTIBLE BONDS

(Cost $1,320,000)


1,838,750

Government Obligations - 0.1%

 

United States of America - 0.1%

U.S. Treasury Bills, yield at date of purchase 0.03% to 0.04% 8/15/13 to 10/3/13 (e)
(Cost $794,957)

795,000


794,970

Money Market Funds - 2.4%

Shares

Value

Fidelity Cash Central Fund, 0.11% (b)

31,357,840

$ 31,357,840

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

2,225,040

2,225,040

TOTAL MONEY MARKET FUNDS

(Cost $33,582,880)


33,582,880

TOTAL INVESTMENT PORTFOLIO - 99.9%

(Cost $1,128,229,010)

1,376,605,168

NET OTHER ASSETS (LIABILITIES) - 0.1%

1,011,390

NET ASSETS - 100%

$ 1,377,616,558

Futures Contracts

Expiration Date

Underlying Face Amount at Value

Unrealized Appreciation/
(Depreciation)

Purchased

Equity Index Contracts

92 Nikkei 225 Index Contracts (Japan)

Sept. 2013

$ 6,292,800

$ (32,206)

 

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

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or 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 or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $529,983.

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

$ 41,905

Fidelity Securities Lending Cash Central Fund

325,333

Total

$ 367,238

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 206,266,227

$ 190,435,215

$ 15,831,012

$ -

Consumer Staples

107,209,615

83,024,872

24,184,743

-

Energy

113,383,982

105,614,525

7,769,457

-

Financials

277,635,203

240,812,856

36,822,347

-

Health Care

211,870,782

191,930,816

19,939,966

-

Industrials

127,298,127

122,971,378

4,326,749

-

Information Technology

185,049,744

176,828,774

6,609,946

1,611,024

Materials

75,881,847

67,077,762

8,804,085

-

Telecommunication Services

27,455,115

23,837,063

3,618,052

-

Utilities

8,337,926

8,337,926

-

-

Corporate Bonds

1,838,750

-

1,838,750

-

Government Obligations

794,970

-

794,970

-

Money Market Funds

33,582,880

33,582,880

-

-

Total Investments in Securities:

$ 1,376,605,168

$ 1,244,454,067

$ 130,540,077

$ 1,611,024

Derivative Instruments:

Liabilities

Futures Contracts

$ (32,206)

$ (32,206)

$ -

$ -

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $1,134,364,749. Net unrealized appreciation aggregated $242,240,419, of which $253,548,144 related to appreciated investment securities and $11,307,725 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds and U.S. government and government agency obligations, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Worldwide Fund

July 31, 2013

1.804829.109
WLD-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.9%

Shares

Value

Australia - 1.6%

Ansell Ltd.

142,537

$ 2,375,333

Australia & New Zealand Banking Group Ltd.

290,317

7,765,915

Commonwealth Bank of Australia

59,860

3,992,881

Ramsay Health Care Ltd.

105,887

3,505,352

Spark Infrastructure Group unit

1,274,589

2,045,011

Woodside Petroleum Ltd.

71,365

2,411,264

TOTAL AUSTRALIA

22,095,756

Austria - 0.1%

Andritz AG

28,200

1,521,269

Bailiwick of Jersey - 0.8%

Experian PLC

368,600

6,913,835

Wolseley PLC

90,926

4,351,584

TOTAL BAILIWICK OF JERSEY

11,265,419

Belgium - 0.9%

Anheuser-Busch InBev SA NV

71,611

6,886,214

KBC Groupe SA

128,368

5,148,847

TOTAL BELGIUM

12,035,061

Bermuda - 0.3%

Cheung Kong Infrastructure Holdings Ltd.

310,000

2,140,453

Hongkong Land Holdings Ltd.

384,000

2,599,680

TOTAL BERMUDA

4,740,133

Brazil - 0.1%

Arezzo Industria e Comercio SA

63,900

996,586

Qualicorp SA (a)

71,800

525,592

TOTAL BRAZIL

1,522,178

British Virgin Islands - 0.3%

Luxoft Holding, Inc.

57,700

1,267,669

Mail.Ru Group Ltd. GDR (Reg. S)

73,000

2,332,350

Michael Kors Holdings Ltd. (a)

7,000

471,380

TOTAL BRITISH VIRGIN ISLANDS

4,071,399

Canada - 0.7%

Canadian Pacific Railway Ltd.

49,000

6,017,301

InterOil Corp. (a)

10,500

899,850

Suncor Energy, Inc.

78,300

2,474,557

TOTAL CANADA

9,391,708

Cayman Islands - 0.9%

Baidu.com, Inc. sponsored ADR (a)

39,200

5,186,552

Cimc Enric Holdings Ltd.

1,020,000

1,292,821

ENN Energy Holdings Ltd.

314,000

1,738,911

Eurasia Drilling Co. Ltd. GDR (Reg. S)

27,100

1,070,450

Greatview Aseptic Pack Co. Ltd.

1,799,000

1,083,260

SINA Corp. (a)

36,600

2,524,302

TOTAL CAYMAN ISLANDS

12,896,296

 

Shares

Value

Cyprus - 0.0%

SPDI Secure Property Development & Investment PLC (a)

31,822

$ 31,708

Denmark - 0.5%

Novo Nordisk A/S Series B

43,016

7,298,354

Finland - 0.4%

Raisio Group PLC (V Shares)

139,000

619,477

Sampo Oyj (A Shares)

107,000

4,691,772

TOTAL FINLAND

5,311,249

France - 5.0%

Arkema SA

29,430

2,950,118

Atos Origin SA

24,326

1,828,782

BNP Paribas SA

79,130

5,119,835

Bureau Veritas SA

131,600

3,905,902

Danone SA

56,400

4,456,885

Edenred SA

73,500

2,355,049

Groupe FNAC SA (a)(d)

3,918

88,088

Havas SA

233,800

1,769,483

Iliad SA

12,793

3,018,349

Kering SA

31,350

7,177,684

Lafarge SA (Bearer)

37,800

2,417,056

LVMH Moet Hennessy - Louis Vuitton SA

33,006

6,000,238

Remy Cointreau SA

6,900

714,342

Sanofi SA

120,760

12,641,612

Schneider Electric SA

68,600

5,458,381

Technip SA

11,800

1,302,160

Total SA

145,800

7,769,457

TOTAL FRANCE

68,973,421

Germany - 3.7%

Aareal Bank AG (a)

63,891

1,767,946

adidas AG

33,400

3,723,543

Allianz AG

39,781

6,202,535

BASF AG

77,939

6,911,719

Bayer AG

60,700

7,053,709

Bayerische Motoren Werke AG (BMW)

37,624

3,683,407

Brenntag AG

27,600

4,534,631

Fresenius SE & Co. KGaA

15,800

1,994,333

GEA Group AG

75,747

3,125,382

GSW Immobilien AG

28,483

1,152,686

HeidelbergCement Finance AG

53,600

4,117,252

KION Group AG (a)

45,749

1,522,163

LEG Immobilien AG

19,100

960,486

SAP AG

57,454

4,209,740

TOTAL GERMANY

50,959,532

Hong Kong - 0.8%

AIA Group Ltd.

1,263,600

5,987,583

Techtronic Industries Co. Ltd.

2,334,000

5,711,914

TOTAL HONG KONG

11,699,497

India - 0.4%

Apollo Hospitals Enterprise Ltd.

21,256

327,686

Common Stocks - continued

Shares

Value

India - continued

Housing Development Finance Corp. Ltd.

292,606

$ 3,848,763

United Spirits Ltd. (a)

27,317

1,070,505

TOTAL INDIA

5,246,954

Indonesia - 0.0%

PT Tower Bersama Infrastructure Tbk (a)

990,500

549,341

Ireland - 2.5%

Accenture PLC Class A

59,500

4,391,695

Alkermes PLC (a)

84,000

2,820,720

Eaton Corp. PLC

143,000

9,859,850

FleetMatics Group PLC

25,700

967,862

James Hardie Industries PLC CDI

365,087

3,032,184

Kerry Group PLC Class A

52,900

3,251,349

Paddy Power PLC (Ireland)

29,700

2,403,478

Ryanair Holdings PLC sponsored ADR

14,000

721,280

Trinity Biotech PLC sponsored ADR

127,000

2,473,960

Warner Chilcott PLC

192,000

4,091,520

TOTAL IRELAND

34,013,898

Italy - 0.4%

De Longhi SpA

141,700

2,267,782

Moleskine SpA

397,400

1,018,768

Tod's SpA

10,858

1,768,061

TOTAL ITALY

5,054,611

Japan - 8.5%

ABC-MART, Inc.

70,200

3,169,074

Aozora Bank Ltd.

983,000

3,042,069

Astellas Pharma, Inc.

47,400

2,541,620

Cosmos Pharmaceutical Corp.

12,200

1,297,130

Daikin Industries Ltd.

16,400

683,403

Don Quijote Co. Ltd.

109,500

5,737,259

Harmonic Drive Systems, Inc.

17,600

371,917

Hitachi Ltd.

313,000

2,103,503

Honda Motor Co. Ltd.

202,000

7,482,298

Japan Tobacco, Inc.

381,400

13,341,793

JSR Corp.

137,200

2,483,080

Kakaku.com, Inc.

61,600

2,135,962

KDDI Corp.

129,000

7,127,872

Keyence Corp.

18,460

6,033,296

Miraca Holdings, Inc.

36,500

1,763,303

Mitsubishi UFJ Financial Group, Inc.

1,099,300

6,818,965

Nitto Denko Corp.

24,700

1,395,067

Nomura Real Estate Holdings, Inc.

35,200

820,770

NTT Urban Development Co.

556

672,356

ORIX Corp.

554,600

8,241,681

Park24 Co. Ltd.

83,900

1,545,865

Rakuten, Inc.

438,900

5,930,596

Santen Pharmaceutical Co. Ltd.

71,900

3,139,337

Seven & i Holdings Co., Ltd.

134,700

5,090,287

Shinsei Bank Ltd.

1,543,000

3,435,543

 

Shares

Value

Ship Healthcare Holdings, Inc.

67,000

$ 2,477,173

SoftBank Corp.

110,100

7,016,893

Toyota Motor Corp.

137,200

8,348,714

Unicharm Corp.

38,600

2,057,931

USS Co. Ltd.

5,640

674,542

TOTAL JAPAN

116,979,299

Kenya - 0.1%

Safaricom Ltd.

18,905,500

1,579,967

Korea (South) - 0.2%

NHN Corp.

6,168

1,611,024

Orion Corp.

742

673,525

TOTAL KOREA (SOUTH)

2,284,549

Luxembourg - 0.3%

Brait SA

360,653

1,531,738

Samsonite International SA

836,100

2,290,877

TOTAL LUXEMBOURG

3,822,615

Mexico - 0.2%

Alsea S.A.B. de CV

519,500

1,419,471

Fomento Economico Mexicano S.A.B. de CV sponsored ADR

14,400

1,432,656

TOTAL MEXICO

2,852,127

Netherlands - 1.1%

AEGON NV

292,700

2,255,360

ASML Holding NV

45,507

4,091,079

Koninklijke Philips Electronics NV

135,300

4,326,749

Randstad Holding NV

44,718

2,157,426

Yandex NV (a)

54,300

1,764,750

TOTAL NETHERLANDS

14,595,364

New Zealand - 0.3%

Ryman Healthcare Group Ltd.

459,616

2,610,048

Xero Ltd. (a)

75,000

1,036,313

TOTAL NEW ZEALAND

3,646,361

Norway - 0.4%

DNB ASA

365,200

6,082,742

Philippines - 0.1%

Alliance Global Group, Inc.

3,323,800

2,008,050

Poland - 0.1%

Eurocash SA

107,100

1,993,758

Russia - 0.1%

Mobile TeleSystems OJSC sponsored ADR

100,500

1,958,745

Singapore - 0.2%

Global Logistic Properties Ltd.

1,015,000

2,268,246

South Africa - 0.6%

Distell Group Ltd.

126,410

1,585,010

Naspers Ltd. Class N

80,100

6,705,650

TOTAL SOUTH AFRICA

8,290,660

Common Stocks - continued

Shares

Value

Spain - 1.0%

Amadeus IT Holding SA Class A

63,100

$ 2,167,462

Banco Bilbao Vizcaya Argentaria SA

497,231

4,715,241

Grifols SA ADR

75,442

2,394,529

Inditex SA

28,781

3,836,538

TOTAL SPAIN

13,113,770

Sweden - 1.9%

ASSA ABLOY AB (B Shares)

81,800

3,621,807

Intrum Justitia AB

115,000

2,928,745

Investment AB Kinnevik

145,500

4,393,026

Nordea Bank AB

324,200

4,105,875

Svenska Cellulosa AB (SCA) (B Shares)

197,400

5,224,105

Svenska Handelsbanken AB (A Shares)

115,600

5,249,588

TOTAL SWEDEN

25,523,146

Switzerland - 3.1%

Lonza Group AG

47,211

3,632,204

Partners Group Holding AG

13,818

3,653,644

Roche Holding AG (participation certificate)

29,701

7,317,335

Schindler Holding AG (participation certificate)

33,294

4,766,822

SGS SA (Reg.)

780

1,765,736

Swatch Group AG (Bearer)

2,200

1,307,472

Syngenta AG (Switzerland)

11,110

4,393,027

TE Connectivity Ltd.

16,000

816,640

UBS AG

506,231

9,968,213

Zurich Insurance Group AG

20,820

5,604,043

TOTAL SWITZERLAND

43,225,136

Taiwan - 0.3%

ECLAT Textile Co. Ltd.

147,000

1,132,089

Taiwan Semiconductor Manufacturing Co. Ltd.

706,000

2,400,206

TOTAL TAIWAN

3,532,295

Turkey - 0.0%

Boyner Buyuk Magazacilik A/S (a)

219,000

658,374

United Kingdom - 7.4%

Aberdeen Asset Management PLC

355,842

2,080,311

Alabama Noor Hospitals Group PLC (a)

169,000

1,799,639

Associated British Foods PLC

96,800

2,862,676

Barclays PLC

1,131,413

4,943,126

BG Group PLC

240,300

4,337,326

BHP Billiton PLC

154,101

4,411,058

British American Tobacco PLC (United Kingdom)

168,600

8,994,271

British Land Co. PLC

195

1,772

Croda International PLC

38,600

1,473,291

Diageo PLC

264,983

8,304,258

Hikma Pharmaceuticals PLC

162,629

2,751,081

Hilton Food Group PLC

2,800

17,336

HSBC Holdings PLC (United Kingdom)

715,328

8,121,442

Intertek Group PLC

55,600

2,558,590

 

Shares

Value

Jazztel PLC (a)

284,917

$ 2,585,048

Legal & General Group PLC

1,269,461

3,725,222

London Stock Exchange Group PLC

107,700

2,578,820

Meggitt PLC

416,600

3,469,796

Next PLC

57,000

4,326,891

Ocado Group PLC (a)(d)

565,800

2,646,724

Persimmon PLC

129,000

2,425,542

Reckitt Benckiser Group PLC

48,500

3,452,195

Rolls-Royce Group PLC

271,600

4,854,765

Rotork PLC

44,510

1,798,400

SABMiller PLC

92,100

4,512,150

Standard Chartered PLC (United Kingdom)

128,626

2,983,024

Taylor Wimpey PLC

1,155,900

1,872,710

TelecityGroup PLC

131,700

1,781,099

The Restaurant Group PLC

123,700

996,406

Ultra Electronics Holdings PLC

36,900

1,019,396

Vodafone Group PLC

1,208,000

3,618,052

TOTAL UNITED KINGDOM

101,302,417

United States of America - 51.6%

A.O. Smith Corp.

13,000

537,160

Accuray, Inc. (a)

170,000

1,055,700

Actavis, Inc. (a)

58,400

7,841,368

Adobe Systems, Inc. (a)

29,000

1,371,120

Aegerion Pharmaceuticals, Inc. (a)

38,000

3,480,420

Agios Pharmaceuticals, Inc.

12,200

355,752

Alexion Pharmaceuticals, Inc. (a)

39,000

4,532,970

American International Group, Inc.

85,000

3,868,350

Ameriprise Financial, Inc.

161,400

14,364,600

Amgen, Inc.

15,000

1,624,350

Amphenol Corp. Class A

15,000

1,178,400

Applied Micro Circuits Corp. (a)

144,000

1,709,280

Bank of America Corp.

2,285,000

33,361,000

Beam, Inc.

23,900

1,553,261

Becton, Dickinson & Co.

24,000

2,489,280

Berkshire Hathaway, Inc. Class B (a)

51,000

5,909,370

Biogen Idec, Inc. (a)

96,000

20,940,480

Bluebird Bio, Inc.

9,400

292,622

Boston Scientific Corp. (a)

543,000

5,929,560

Cabela's, Inc. Class A (a)

153,000

10,501,920

Cabot Oil & Gas Corp.

471,000

35,711,220

CBS Corp. Class B

89,000

4,702,760

Celgene Corp. (a)

41,000

6,021,260

Citigroup, Inc.

714,000

37,227,959

Comcast Corp. Class A

46,000

2,073,680

Cummins, Inc.

164,000

19,875,160

Discovery Communications, Inc. (a)

65,000

5,181,800

Eastman Chemical Co.

273,500

21,997,605

Ecolab, Inc.

163,000

15,018,820

Energizer Holdings, Inc.

13,000

1,323,400

EOG Resources, Inc.

40,000

5,819,600

EQT Corp.

133,000

11,504,500

Estee Lauder Companies, Inc. Class A

42,800

2,809,820

Common Stocks - continued

Shares

Value

United States of America - continued

Facebook, Inc. Class A (a)

222,000

$ 8,176,260

FLIR Systems, Inc.

97,000

3,149,590

Gap, Inc.

414,800

19,039,320

Genesee & Wyoming, Inc. Class A (a)

8,000

717,280

Gilead Sciences, Inc. (a)

331,000

20,339,950

Google, Inc. Class A (a)

25,000

22,190,000

H&R Block, Inc.

173,000

5,437,390

HealthStream, Inc. (a)

7,000

220,500

Home Depot, Inc.

192,000

15,173,760

Illumina, Inc. (a)

49,000

3,911,180

inContact, Inc. (a)

100

848

ITC Holdings Corp.

26,300

2,413,551

J.B. Hunt Transport Services, Inc.

15,600

1,168,908

JPMorgan Chase & Co.

46,000

2,563,580

Kroger Co.

354,300

13,913,361

LinkedIn Corp. (a)

6,000

1,222,740

Marathon Petroleum Corp.

20,000

1,466,600

MasterCard, Inc. Class A

43,400

26,500,474

McGraw-Hill Companies, Inc.

288,000

17,815,680

Moody's Corp.

11,000

745,470

Morgan Stanley

294,000

7,999,740

NCR Corp. (a)

29,000

1,044,000

Netflix, Inc. (a)

33,000

8,059,260

Noble Energy, Inc.

156,000

9,748,440

Onyx Pharmaceuticals, Inc. (a)

236,500

31,052,450

Pacira Pharmaceuticals, Inc. (a)

29,000

983,970

Perrigo Co.

56,000

6,965,840

Phillips 66

72,000

4,428,000

Phillips 66 Partners LP

54,200

1,754,454

Pioneer Natural Resources Co.

137,900

21,341,404

Praxair, Inc.

8,000

961,360

Precision Castparts Corp.

4,000

886,880

Prestige Brands Holdings, Inc. (a)

254,000

8,613,140

priceline.com, Inc. (a)

2,200

1,926,474

PVH Corp.

123,000

16,210,170

Questcor Pharmaceuticals, Inc.

38,000

2,539,160

Regal-Beloit Corp.

2,200

142,296

Regeneron Pharmaceuticals, Inc. (a)

5,000

1,350,300

Rock-Tenn Co. Class A

21,000

2,401,350

Saia, Inc. (a)

67,000

2,005,980

Salix Pharmaceuticals Ltd. (a)

23,000

1,699,700

ServiceNow, Inc. (a)

213,000

9,282,540

Sigma Aldrich Corp.

10,000

835,600

Sirius XM Radio, Inc.

607,000

2,264,110

Spirit Airlines, Inc. (a)

59,000

1,949,950

SS&C Technologies Holdings, Inc. (a)

64,000

2,289,920

SunEdison, Inc. (a)

128,000

1,290,240

Teledyne Technologies, Inc. (a)

24,000

1,924,080

The Blackstone Group LP

320,000

7,216,000

The Boeing Co.

38,000

3,993,800

 

Shares

Value

The Cooper Companies, Inc.

99,800

$ 12,709,530

The Walt Disney Co.

75,000

4,848,750

Tribune Co. Class A (a)

23,000

1,453,600

TripAdvisor, Inc. (a)

84,000

6,301,680

Twenty-First Century Fox, Inc. Class A

13,000

388,440

United Technologies Corp.

23,000

2,428,110

Visa, Inc. Class A

176,900

31,313,069

W.W. Grainger, Inc.

3,000

786,420

Wabtec Corp.

7,000

406,420

Web.com Group, Inc. (a)

137,100

3,561,858

WhiteWave Foods Co.

62,000

1,158,780

Workday, Inc. Class A

178,300

12,176,107

WPX Energy, Inc. (a)

70,000

1,344,700

Yahoo!, Inc. (a)

354,000

9,943,860

TOTAL UNITED STATES OF AMERICA

710,312,921

TOTAL COMMON STOCKS

(Cost $1,088,816,555)


1,334,708,326

Nonconvertible Preferred Stocks - 0.4%

 

 

 

 

Germany - 0.4%

Volkswagen AG
(Cost $3,714,618)

23,900


5,680,242

Convertible Bonds - 0.1%

 

Principal Amount

 

United States of America - 0.1%

MGIC Investment Corp. 2% 4/1/20

$ 700,000

928,900

Radian Group, Inc. 2.25% 3/1/19

620,000

909,850

TOTAL CONVERTIBLE BONDS

(Cost $1,320,000)


1,838,750

Government Obligations - 0.1%

 

United States of America - 0.1%

U.S. Treasury Bills, yield at date of purchase 0.03% to 0.04% 8/15/13 to 10/3/13 (e)
(Cost $794,957)

795,000


794,970

Money Market Funds - 2.4%

Shares

Value

Fidelity Cash Central Fund, 0.11% (b)

31,357,840

$ 31,357,840

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

2,225,040

2,225,040

TOTAL MONEY MARKET FUNDS

(Cost $33,582,880)


33,582,880

TOTAL INVESTMENT PORTFOLIO - 99.9%

(Cost $1,128,229,010)

1,376,605,168

NET OTHER ASSETS (LIABILITIES) - 0.1%

1,011,390

NET ASSETS - 100%

$ 1,377,616,558

Futures Contracts

Expiration Date

Underlying Face Amount at Value

Unrealized Appreciation/
(Depreciation)

Purchased

Equity Index Contracts

92 Nikkei 225 Index Contracts (Japan)

Sept. 2013

$ 6,292,800

$ (32,206)

 

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

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or 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 or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $529,983.

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

$ 41,905

Fidelity Securities Lending Cash Central Fund

325,333

Total

$ 367,238

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 206,266,227

$ 190,435,215

$ 15,831,012

$ -

Consumer Staples

107,209,615

83,024,872

24,184,743

-

Energy

113,383,982

105,614,525

7,769,457

-

Financials

277,635,203

240,812,856

36,822,347

-

Health Care

211,870,782

191,930,816

19,939,966

-

Industrials

127,298,127

122,971,378

4,326,749

-

Information Technology

185,049,744

176,828,774

6,609,946

1,611,024

Materials

75,881,847

67,077,762

8,804,085

-

Telecommunication Services

27,455,115

23,837,063

3,618,052

-

Utilities

8,337,926

8,337,926

-

-

Corporate Bonds

1,838,750

-

1,838,750

-

Government Obligations

794,970

-

794,970

-

Money Market Funds

33,582,880

33,582,880

-

-

Total Investments in Securities:

$ 1,376,605,168

$ 1,244,454,067

$ 130,540,077

$ 1,611,024

Derivative Instruments:

Liabilities

Futures Contracts

$ (32,206)

$ (32,206)

$ -

$ -

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $1,134,364,749. Net unrealized appreciation aggregated $242,240,419, of which $253,548,144 related to appreciated investment securities and $11,307,725 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds and U.S. government and government agency obligations, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Emerging Markets Fund

July 31, 2013

1.804872.109
EMF-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%

Shares

Value

Australia - 0.5%

Fortescue Metals Group Ltd.

3,681,874

$ 12,112,596

Austria - 0.4%

Andritz AG

194,700

10,503,226

Bailiwick of Jersey - 0.4%

WPP PLC

598,000

10,796,353

Bermuda - 2.2%

Brilliance China Automotive Holdings Ltd. (a)

11,648,000

13,922,451

Cosan Ltd. Class A

648,100

10,421,448

Credicorp Ltd. (NY Shares)

130,432

15,494,017

Jardine Matheson Holdings Ltd.

93,800

5,133,674

Kunlun Energy Co. Ltd.

8,754,000

12,890,128

TOTAL BERMUDA

57,861,718

Brazil - 12.0%

Anhanguera Educacional Participacoes SA

1,932,400

11,714,595

BM&F Bovespa SA

3,389,000

18,271,944

BR Malls Participacoes SA

1,631,700

14,462,040

Brasil Insurance Participacoes e Administracao SA

1,013,900

9,777,456

BTG Pactual Participations Ltd. unit

1,022,200

12,348,755

CCR SA

2,119,200

16,627,734

Cielo SA

716,180

17,655,320

Companhia Brasileira de Distribuicao Grupo Pao de Acucar sponsored ADR (d)

351,219

15,667,880

Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR

902,734

34,105,291

Iguatemi Empresa de Shopping Centers SA

1,134,900

11,441,778

Itau Unibanco Holding SA sponsored ADR

2,792,626

35,605,982

Linx SA

464,500

7,694,328

Localiza Rent A Car SA

809,261

11,528,692

Multiplan Empreendimentos Imobiliarios SA

552,567

12,197,722

Multiplus SA

730,700

9,887,439

Odontoprev SA

2,700,300

11,067,046

Qualicorp SA (a)

1,586,800

11,615,736

Smiles SA

800,600

9,826,112

Souza Cruz SA

1,223,467

14,737,271

Ultrapar Participacoes SA

730,800

17,346,229

Weg SA

838,150

10,286,979

TOTAL BRAZIL

313,866,329

British Virgin Islands - 0.5%

Mail.Ru Group Ltd. GDR (e)

379,900

12,137,805

Cayman Islands - 9.1%

51job, Inc. sponsored ADR (a)

147,500

9,808,750

Baidu.com, Inc. sponsored ADR (a)

109,160

14,442,960

Baoxin Auto Group Ltd.

16,798,000

12,345,737

Biostime International Holdings Ltd. (d)

1,947,000

9,401,613

 

Shares

Value

Cimc Enric Holdings Ltd.

6,374,000

$ 8,078,862

ENN Energy Holdings Ltd.

2,382,000

13,191,359

Eurasia Drilling Co. Ltd. GDR (Reg. S)

284,391

11,233,445

Golden Eagle Retail Group Ltd. (H Shares)

8,048,000

11,829,800

Greatview Aseptic Pack Co. Ltd.

17,580,000

10,585,719

Haitian International Holdings Ltd.

6,413,000

10,832,212

Hengdeli Holdings Ltd.

40,616,000

10,473,980

New Oriental Education & Technology Group, Inc. sponsored ADR

432,100

9,588,299

Sands China Ltd.

2,002,000

10,828,808

Shenzhou International Group Holdings Ltd.

3,157,000

8,934,982

SINA Corp. (a)

193,900

13,373,283

Sino Biopharmaceutical Ltd.

17,176,000

12,490,670

SouFun Holdings Ltd. ADR

383,860

13,342,974

Tencent Holdings Ltd.

1,019,900

46,263,451

TOTAL CAYMAN ISLANDS

237,046,904

Chile - 0.3%

Parque Arauco SA

3,680,708

7,864,258

China - 2.3%

China Merchants Bank Co. Ltd. (H Shares)

6,528,500

10,976,796

China Pacific Insurance Group Co. Ltd. (H Shares)

5,309,600

17,765,759

Dongfeng Motor Group Co. Ltd. (H Shares)

9,180,000

12,310,073

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

2,975,000

19,256,408

TOTAL CHINA

60,309,036

Colombia - 1.1%

Almacenes Exito SA

821,003

13,493,088

Grupo de Inversiones Suramerica SA

739,510

14,589,195

TOTAL COLOMBIA

28,082,283

Finland - 0.8%

Kone Oyj (B Shares)

126,420

9,401,421

Nokian Tyres PLC

248,300

11,029,582

TOTAL FINLAND

20,431,003

France - 2.0%

Bureau Veritas SA

359,600

10,672,967

Kering SA

45,000

10,302,896

LVMH Moet Hennessy - Louis Vuitton SA

61,740

11,223,858

Pernod Ricard SA

84,016

10,003,476

Sanofi SA sponsored ADR

192,970

9,934,096

TOTAL FRANCE

52,137,293

Germany - 0.4%

SAP AG

129,953

9,521,849

Hong Kong - 1.4%

AIA Group Ltd.

2,436,200

11,543,962

Common Stocks - continued

Shares

Value

Hong Kong - continued

China Overseas Land and Investment Ltd.

5,130,000

$ 14,783,576

Galaxy Entertainment Group Ltd. (a)

2,045,000

10,771,346

TOTAL HONG KONG

37,098,884

India - 8.8%

Asian Paints India Ltd.

1,476,460

12,315,357

Bajaj Auto Ltd.

393,876

12,522,415

Colgate-Palmolive (India)

367,706

8,313,642

CRISIL Ltd.

553,681

10,763,365

Cummins India Ltd.

1,301,736

9,155,254

HDFC Bank Ltd.

2,063,599

20,685,459

Housing Development Finance Corp. Ltd. (a)

1,758,020

23,123,935

ITC Ltd.

3,462,454

19,441,632

Larsen & Toubro Ltd.

895,525

12,466,420

Mahindra & Mahindra Ltd.

784,095

11,743,064

Maruti Suzuki India Ltd.

376,984

8,234,637

Sun Pharmaceutical Industries Ltd.

1,574,506

14,626,049

Sun TV Ltd.

1,591,806

10,589,806

Tata Consultancy Services Ltd.

712,209

21,247,480

Tata Motors Ltd.

2,731,686

13,037,172

Titan Industries Ltd.

2,448,575

10,598,219

United Spirits Ltd. (a)

320,775

12,570,605

TOTAL INDIA

231,434,511

Indonesia - 6.1%

PT ACE Hardware Indonesia Tbk

124,682,500

8,734,757

PT Astra International Tbk

30,005,000

18,976,662

PT Bank Central Asia Tbk

19,437,000

19,668,689

PT Bank Rakyat Indonesia Tbk

21,648,000

17,377,391

PT Global Mediacom Tbk

49,874,000

11,161,302

PT Indocement Tunggal Prakarsa Tbk

6,089,000

12,352,785

PT Jasa Marga Tbk

17,731,000

9,229,961

PT Kalbe Farma Tbk

86,764,500

12,072,326

PT Media Nusantara Citra Tbk

35,945,500

10,842,241

PT Mitra Adiperkasa Tbk

7,889,500

4,452,360

PT Semen Gresik (Persero) Tbk

8,751,000

12,942,379

PT Surya Citra Media Tbk

36,939,500

9,614,521

PT Tower Bersama Infrastructure Tbk (a)

22,026,365

12,216,042

TOTAL INDONESIA

159,641,416

Italy - 0.4%

Prada SpA

1,122,600

10,479,684

Korea (South) - 7.9%

Hyundai Mobis

92,776

22,622,245

Hyundai Motor Co.

185,660

38,414,113

LG Household & Health Care Ltd.

27,663

14,573,722

NHN Corp.

72,330

18,891,919

Samsung Electronics Co. Ltd.

99,728

113,599,539

TOTAL KOREA (SOUTH)

208,101,538

 

Shares

Value

Malaysia - 1.2%

Bumiputra-Commerce Holdings Bhd

7,346,500

$ 17,809,011

Public Bank Bhd

2,352,800

12,508,649

TOTAL MALAYSIA

30,317,660

Mexico - 6.6%

Alsea S.A.B. de CV

4,042,415

11,045,412

Banregio Grupo Financiero SA

1,933,300

11,715,364

Bolsa Mexicana de Valores SA de CV

3,914,896

10,500,819

Coca-Cola FEMSA S.A.B. de CV Series L (d)

1,176,840

16,622,396

Fomento Economico Mexicano S.A.B. de CV unit

2,448,693

24,420,310

Grupo Aeroportuario del Pacifico SA de CV Series B

2,032,857

10,582,268

Grupo Aeroportuario del Sureste SA de CV Series B

990,200

11,743,399

Grupo Financiero Banorte S.A.B. de CV Series O

3,279,900

20,838,417

Grupo Mexico SA de CV Series B

6,480,613

19,965,326

Grupo Televisa SA de CV

3,949,557

21,357,648

Mexichem S.A.B. de CV

3,245,959

15,189,444

TOTAL MEXICO

173,980,803

Netherlands - 1.3%

ASML Holding NV (Netherlands)

127,622

11,496,157

Heineken NV (Bearer)

152,038

10,679,526

Yandex NV (a)

352,223

11,447,248

TOTAL NETHERLANDS

33,622,931

Nigeria - 0.9%

Guaranty Trust Bank PLC GDR (Reg. S)

1,559,777

12,353,434

Nigerian Breweries PLC (a)

9,954,600

10,679,191

TOTAL NIGERIA

23,032,625

Panama - 0.4%

Copa Holdings SA Class A

74,176

10,323,074

Philippines - 3.2%

Alliance Global Group, Inc.

19,883,600

12,012,532

Ayala Corp.

835,320

11,602,201

International Container Terminal Services, Inc.

5,358,330

11,308,605

Metropolitan Bank & Trust Co.

4,388,260

10,725,736

Security Bank Corp.

2,816,940

9,335,774

SM Investments Corp.

709,102

15,503,956

SM Prime Holdings, Inc.

34,230,300

13,849,682

TOTAL PHILIPPINES

84,338,486

Russia - 2.8%

Magnit OJSC GDR (Reg. S)

383,434

22,085,798

NOVATEK OAO GDR (Reg. S)

155,300

18,061,390

Sberbank (Savings Bank of the Russian Federation)

11,934,600

34,476,968

TOTAL RUSSIA

74,624,156

Common Stocks - continued

Shares

Value

South Africa - 6.6%

Aspen Pharmacare Holdings Ltd.

667,490

$ 14,809,205

Barloworld Ltd.

1,263,370

10,502,151

Bidvest Group Ltd.

636,700

15,746,636

Clicks Group Ltd.

1,815,527

10,563,200

Discovery Ltd.

1,385,674

12,535,746

Imperial Holdings Ltd.

677,070

14,131,619

Life Healthcare Group Holdings Ltd.

3,611,464

13,178,522

Mr Price Group Ltd.

959,288

12,514,355

Nampak Ltd.

3,317,900

10,728,398

Naspers Ltd. Class N

416,112

34,835,224

Shoprite Holdings Ltd.

899,500

15,213,681

Wilson Bayly Holmes-Ovcon Ltd.

539,393

8,534,717

TOTAL SOUTH AFRICA

173,293,454

Sweden - 0.4%

Atlas Copco AB (A Shares)

378,500

9,877,473

Switzerland - 2.3%

Compagnie Financiere Richemont SA Series A

115,516

11,308,822

Nestle SA

135,382

9,163,013

Schindler Holding AG (Reg.)

71,090

9,924,716

SGS SA (Reg.)

4,100

9,281,431

Swatch Group AG (Bearer)

18,490

10,988,708

Syngenta AG (Switzerland)

25,829

10,213,096

TOTAL SWITZERLAND

60,879,786

Taiwan - 2.8%

Taiwan Semiconductor Manufacturing Co. Ltd.

21,233,000

72,186,367

Thailand - 3.0%

Airports of Thailand PCL (For. Reg.)

2,135,900

12,138,895

BEC World PCL (For. Reg.)

4,780,600

9,387,193

Kasikornbank PCL (For. Reg.)

3,200,300

19,107,794

Minor International PCL (For. Reg.)

15,052,300

11,053,732

Siam Commercial Bank PCL (For. Reg.)

3,397,300

17,192,594

Thai Beverage PCL

21,674,000

9,209,553

TOTAL THAILAND

78,089,761

Togo - 0.4%

Ecobank Transnational, Inc.

109,026,650

9,911,514

Turkey - 2.4%

Coca-Cola Icecek A/S

425,327

11,973,616

Enka Insaat ve Sanayi A/S

4,364,999

12,085,227

Koc Holding A/S

2,559,000

11,288,442

Tupras Turkiye Petrol Rafinelleri A/S

528,472

11,301,294

Turkiye Garanti Bankasi A/S

4,253,395

16,653,702

TOTAL TURKEY

63,302,281

United Kingdom - 3.5%

Aggreko PLC

387,185

10,484,292

 

Shares

Value

British American Tobacco PLC (United Kingdom)

188,400

$ 10,050,537

Burberry Group PLC

454,300

10,573,889

Diageo PLC

338,407

10,605,281

InterContinental Hotel Group PLC

363,500

10,547,942

Intertek Group PLC

209,818

9,655,365

Prudential PLC

627,276

11,140,299

Standard Chartered PLC (United Kingdom)

437,701

10,150,924

Unilever PLC

232,300

9,433,348

TOTAL UNITED KINGDOM

92,641,877

United States of America - 4.2%

American Tower Corp.

135,863

9,617,742

Colgate-Palmolive Co.

175,628

10,514,848

FMC Corp.

158,324

10,474,716

Google, Inc. Class A (a)

11,150

9,896,740

MasterCard, Inc. Class A

17,300

10,563,553

Mead Johnson Nutrition Co. Class A

130,188

9,482,894

Philip Morris International, Inc.

109,740

9,786,613

Southern Copper Corp.

459,100

11,968,737

Visa, Inc. Class A

54,200

9,593,942

Yahoo!, Inc. (a)

320,300

8,997,227

Yum! Brands, Inc.

143,320

10,450,894

TOTAL UNITED STATES OF AMERICA

111,347,906

TOTAL COMMON STOCKS

(Cost $2,433,930,401)


2,581,196,840

Nonconvertible Preferred Stocks - 1.2%

 

 

 

 

Brazil - 0.4%

Marcopolo SA (PN)

1,872,500

10,629,178

Colombia - 0.8%

Banco Davivienda SA

860,985

10,487,679

Grupo Aval Acciones y Valores SA

13,225,905

9,562,996

TOTAL COLOMBIA

20,050,675

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $33,646,276)


30,679,853

Money Market Funds - 1.5%

Shares

Value

Fidelity Cash Central Fund, 0.11% (b)

27,041,533

$ 27,041,533

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

13,534,263

13,534,263

TOTAL MONEY MARKET FUNDS

(Cost $40,575,796)


40,575,796

TOTAL INVESTMENT PORTFOLIO - 101.3%

(Cost $2,508,152,473)

2,652,452,489

NET OTHER ASSETS (LIABILITIES) - (1.3)%

(34,549,112)

NET ASSETS - 100%

$ 2,617,903,377

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or 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 $12,137,805 or 0.5% of net assets.

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 31,933

Fidelity Securities Lending Cash Central Fund

254,410

Total

$ 286,343

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 536,117,508

$ 493,501,404

$ 42,616,104

$ -

Consumer Staples

352,792,025

313,539,846

39,252,179

-

Energy

81,253,934

81,253,934

-

-

Financials

610,075,532

578,249,774

31,825,758

-

Health Care

99,793,650

99,793,650

-

-

Industrials

345,235,948

345,235,948

-

-

Information Technology

422,352,142

310,255,850

93,204,373

18,891,919

Materials

138,848,553

128,635,457

10,213,096

-

Telecommunication Services

12,216,042

12,216,042

-

-

Utilities

13,191,359

13,191,359

-

-

Money Market Funds

40,575,796

40,575,796

-

-

Total Investments in Securities:

$ 2,652,452,489

$ 2,416,449,060

$ 217,111,510

$ 18,891,919

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $2,529,343,222. Net unrealized appreciation aggregated $123,109,267, of which $269,360,591 related to appreciated investment securities and $146,251,324 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Diversified International Fund

July 31, 2013

1.804871.109
DIF-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.0%

Shares

Value

Australia - 3.4%

ALS Ltd. (d)

107,909

$ 823,479

Ansell Ltd.

2,715,502

45,252,969

Australia & New Zealand Banking Group Ltd.

8,056,553

215,510,988

BHP Billiton Ltd. sponsored ADR (d)

4,709,064

295,399,585

CSL Ltd.

2,093,966

124,354,400

Telstra Corp. Ltd.

11,820,045

53,015,993

Westfield Group unit

8,803,047

88,779,583

TOTAL AUSTRALIA

823,136,997

Austria - 0.2%

Andritz AG

675,900

36,461,893

Bailiwick of Guernsey - 0.6%

Resolution Ltd.

27,838,383

137,126,516

Bailiwick of Jersey - 1.5%

Experian PLC

9,868,172

185,097,425

Wolseley PLC

1,424,607

68,179,590

WPP PLC

6,745,809

121,789,524

TOTAL BAILIWICK OF JERSEY

375,066,539

Belgium - 2.2%

Anheuser-Busch InBev SA NV

3,668,430

352,761,382

Anheuser-Busch InBev SA NV (strip VVPR) (a)

5,250,900

6,986

KBC Groupe SA

4,085,924

163,886,626

UCB SA

526,900

30,369,153

TOTAL BELGIUM

547,024,147

Bermuda - 0.2%

Bunge Ltd.

530,800

40,346,108

Brazil - 0.1%

Smiles SA

1,013,900

12,444,035

Canada - 3.0%

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

2,173,627

133,219,569

Canadian Natural Resources Ltd.

2,735,200

84,764,303

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

3,844,300

132,871,824

Fairfax Financial Holdings Ltd. (sub. vtg.)

91,200

36,227,826

Franco-Nevada Corp.

1,199,600

51,086,071

Painted Pony Petroleum Ltd. (e)(f)

1,460,500

10,593,637

Painted Pony Petroleum Ltd. Class A (a)(e)

3,912,270

28,377,384

Suncor Energy, Inc.

3,362,300

106,260,596

Tourmaline Oil Corp. (a)

1,171,100

45,140,540

TransForce, Inc.

1,063,300

21,978,248

Valeant Pharmaceuticals International, Inc. (Canada) (a)

978,800

90,818,460

TOTAL CANADA

741,338,458

Cayman Islands - 1.2%

Baidu.com, Inc. sponsored ADR (a)

989,284

130,892,166

MGM China Holdings Ltd.

8,844,800

25,488,844

 

Shares

Value

Sands China Ltd.

22,466,000

$ 121,518,477

SINA Corp. (a)

149,805

10,332,051

TOTAL CAYMAN ISLANDS

288,231,538

Denmark - 1.5%

Novo Nordisk A/S Series B

2,210,539

375,053,366

Finland - 0.3%

Sampo Oyj (A Shares)

1,449,300

63,549,393

France - 8.9%

Air Liquide SA

190,600

25,300,687

Arkema SA

619,900

62,139,937

AXA SA

2,786,000

61,432,836

BNP Paribas SA

2,445,876

158,252,022

Bureau Veritas SA

2,666,400

79,139,041

Danone SA

1,251,700

98,912,826

Dassault Aviation SA

29,665

35,597,279

Dassault Systemes SA (d)

251,450

33,043,541

Edenred SA (d)

2,742,990

87,889,458

Essilor International SA

846,288

94,684,762

Groupe FNAC SA (a)(d)

64,227

1,444,010

Kering SA

1,059,500

242,575,952

LVMH Moet Hennessy - Louis Vuitton SA

706,617

128,457,549

Publicis Groupe SA

1,762,000

142,144,811

Renault SA

577,300

45,443,214

Sanofi SA

6,040,492

632,341,458

Schneider Electric SA

1,231,600

97,996,236

Sodexo SA

428,200

39,112,572

Total SA sponsored ADR

2,073,300

109,988,565

TOTAL FRANCE

2,175,896,756

Germany - 7.3%

adidas AG

1,594,180

177,724,495

Allianz AG

951,056

148,285,817

BASF AG

2,644,947

234,556,891

Bayer AG

3,300,062

383,487,243

Brenntag AG

314,400

51,655,362

Deutsche Post AG

2,165,087

60,688,416

Fresenius SE & Co. KGaA

1,054,200

133,064,927

GFK AG

1,033,838

50,888,556

HeidelbergCement Finance AG

637,500

48,969,186

Lanxess AG

523,800

32,754,839

LEG Immobilien AG

31,026

1,560,212

Linde AG

958,929

184,722,981

SAP AG

3,664,328

268,490,743

TOTAL GERMANY

1,776,849,668

Hong Kong - 1.5%

AIA Group Ltd.

53,332,000

252,714,296

Galaxy Entertainment Group Ltd. (a)

21,838,000

115,024,279

TOTAL HONG KONG

367,738,575

Common Stocks - continued

Shares

Value

India - 1.7%

Apollo Hospitals Enterprise Ltd.

2,493,661

$ 38,442,659

Bajaj Auto Ltd.

522,698

16,618,025

HDFC Bank Ltd.

10,072,492

100,966,379

Housing Development Finance Corp. Ltd.

7,279,660

95,752,258

ITC Ltd.

13,515,862

75,891,380

Mahindra & Mahindra Financial Services Ltd.

9,388,664

36,047,347

United Spirits Ltd. (a)

1,436,921

56,310,395

TOTAL INDIA

420,028,443

Indonesia - 0.1%

PT Bank Rakyat Indonesia Tbk

26,967,000

21,647,085

Ireland - 0.8%

Accenture PLC Class A

1,067,600

78,799,556

DCC PLC (United Kingdom)

642,600

26,051,847

Ryanair Holdings PLC sponsored ADR

1,884,700

97,099,744

TOTAL IRELAND

201,951,147

Italy - 0.4%

Finmeccanica SpA (a)(d)

3,827,060

19,998,741

Prada SpA

4,641,200

43,326,484

UniCredit SpA

4,579,200

24,928,213

TOTAL ITALY

88,253,438

Japan - 16.0%

ACOM Co. Ltd. (a)

913,850

28,187,385

AEON Financial Service Co. Ltd. (d)

1,551,900

45,284,222

Aozora Bank Ltd.

23,073,000

71,403,521

Cosmos Pharmaceutical Corp.

209,100

22,231,957

Credit Saison Co. Ltd.

3,603,200

80,999,315

Don Quijote Co. Ltd.

3,103,000

162,581,855

Fast Retailing Co. Ltd.

229,700

78,709,373

Honda Motor Co. Ltd.

6,944,600

257,235,464

Hoya Corp.

4,646,700

100,328,092

Japan Tobacco, Inc.

10,607,400

371,058,562

JSR Corp.

5,086,800

92,062,193

KDDI Corp.

1,895,400

104,729,993

Keyence Corp.

687,110

224,568,678

Miraca Holdings, Inc.

485,300

23,444,683

Mitsubishi UFJ Financial Group, Inc.

41,692,200

258,616,995

Monex Group, Inc.

27,203

11,002,336

Nitto Denko Corp.

1,117,400

63,111,243

Nomura Holdings, Inc.

12,178,900

92,526,351

ORIX Corp.

30,992,500

460,566,704

Rakuten, Inc.

17,088,900

230,912,204

Santen Pharmaceutical Co. Ltd.

757,800

33,087,477

Seven & i Holdings Co., Ltd.

3,531,700

133,462,257

Seven Bank Ltd.

7,102,300

26,331,680

SHIMANO, Inc.

953,400

86,079,621

Shinsei Bank Ltd.

26,543,000

59,098,905

Ship Healthcare Holdings, Inc.

403,400

14,914,799

SMC Corp.

454,800

96,478,354

 

Shares

Value

SoftBank Corp.

5,578,000

$ 355,497,077

Sumitomo Mitsui Financial Group, Inc.

2,768,900

126,500,565

Toyota Motor Corp. sponsored ADR

694,500

84,659,550

Tsuruha Holdings, Inc.

477,100

43,953,037

Yahoo! Japan Corp.

89,370

47,646,960

TOTAL JAPAN

3,887,271,408

Korea (South) - 1.0%

AMOREPACIFIC Corp.

18,259

15,404,047

NHN Corp.

341,085

89,088,209

Orion Corp.

108,605

98,582,424

Samsung Electronics Co. Ltd.

30,932

35,234,448

TOTAL KOREA (SOUTH)

238,309,128

Luxembourg - 0.1%

Eurofins Scientific SA

118,300

25,967,767

Mexico - 0.2%

Fomento Economico Mexicano S.A.B. de CV sponsored ADR

359,900

35,806,451

Grupo Mexico SA de CV Series B

3,981,544

12,266,251

TOTAL MEXICO

48,072,702

Netherlands - 3.6%

AEGON NV

26,661,800

205,438,893

ASML Holding NV (Netherlands) (d)

1,273,717

114,736,098

D.E. Master Blenders 1753 NV (a)

7,639,427

126,022,585

Heineken NV (Bearer)

843,000

59,214,411

Koninklijke Philips Electronics NV (depositary receipt) (NY Reg.)

1,599,100

50,835,389

Royal DSM NV

555,200

38,998,625

Unilever NV (Certificaten Van Aandelen) (Bearer)

6,715,657

269,441,999

TOTAL NETHERLANDS

864,688,000

Norway - 1.0%

DNB ASA

7,184,109

119,657,938

Telenor ASA

5,886,800

130,367,126

TOTAL NORWAY

250,025,064

Russia - 0.2%

Sberbank (Savings Bank of the Russian Federation)

17,144,700

49,528,035

Singapore - 0.6%

Global Logistic Properties Ltd.

24,497,000

54,744,053

Super Group Ltd. Singapore

2,500,000

9,462,171

United Overseas Bank Ltd.

4,164,000

70,314,703

TOTAL SINGAPORE

134,520,927

South Africa - 1.0%

Life Healthcare Group Holdings Ltd.

6,906,900

25,203,832

Nampak Ltd.

16,922,830

54,719,809

Naspers Ltd. Class N

2,067,299

173,065,962

TOTAL SOUTH AFRICA

252,989,603

Common Stocks - continued

Shares

Value

Spain - 2.3%

Amadeus IT Holding SA Class A (d)

2,352,800

$ 80,817,826

Banco Bilbao Vizcaya Argentaria SA

6,766,556

64,167,238

Grifols SA ADR

2,518,972

79,952,171

Inditex SA

1,890,816

252,047,795

Prosegur Compania de Seguridad SA (Reg.)

15,037,518

77,620,029

TOTAL SPAIN

554,605,059

Sweden - 2.3%

ASSA ABLOY AB (B Shares)

1,086,400

48,101,845

Atlas Copco AB (A Shares)

2,213,000

57,751,248

Investment AB Kinnevik

1,232,900

37,224,476

Nordea Bank AB

9,055,000

114,678,283

Svenska Cellulosa AB (SCA) (B Shares)

4,315,700

114,213,120

Svenska Handelsbanken AB (A Shares)

2,716,400

123,356,228

Volvo AB (B Shares)

4,870,000

71,800,587

TOTAL SWEDEN

567,125,787

Switzerland - 5.5%

Compagnie Financiere Richemont SA Series A

793,750

77,706,791

Nestle SA

5,321,920

360,201,665

Novartis AG

174,829

12,567,902

Roche Holding AG (participation certificate)

581,083

143,159,462

Schindler Holding AG (Reg.)

601,003

83,904,682

SGS SA (Reg.)

18,860

42,694,581

Syngenta AG (Switzerland)

485,795

192,089,160

UBS AG

17,774,426

349,996,857

Zurich Insurance Group AG

271,302

73,025,369

TOTAL SWITZERLAND

1,335,346,469

Taiwan - 0.4%

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

5,715,900

97,055,982

United Kingdom - 18.2%

Alabama Noor Hospitals Group PLC (a)

2,676,300

28,499,250

Associated British Foods PLC

1,600,600

47,334,704

Barclays PLC

32,195,639

140,662,263

Barratt Developments PLC (a)

5,968,200

29,597,945

BG Group PLC

7,088,479

127,944,432

British American Tobacco PLC sponsored ADR

1,999,000

212,893,500

BT Group PLC

16,494,400

85,345,047

Bunzl PLC

929,270

19,918,356

Capita Group PLC

3,167,600

50,259,161

Compass Group PLC

4,549,500

62,149,923

Diageo PLC

1,645,474

51,567,235

Domino's Pizza UK & IRL PLC

4,294,400

37,302,608

easyJet PLC

1,140,200

24,491,553

Filtrona PLC

8,566,812

100,869,714

 

Shares

Value

GlaxoSmithKline PLC

15,206,800

$ 389,045,257

Hikma Pharmaceuticals PLC

2,774,045

46,926,577

HSBC Holdings PLC sponsored ADR (d)

8,688,600

493,078,050

IMI PLC

1,233,800

25,751,318

InterContinental Hotel Group PLC

2,038,600

59,155,528

Jazztel PLC (a)

1,138,263

10,327,445

Johnson Matthey PLC

1,428,782

61,619,706

Kingfisher PLC

26,551,331

160,555,069

Lloyds Banking Group PLC (a)

111,498,600

116,088,655

Meggitt PLC

6,248,600

52,043,613

Next PLC

3,166,400

240,362,611

Persimmon PLC

1,628,800

30,625,756

Prudential PLC

9,250,289

164,283,326

Reckitt Benckiser Group PLC

2,078,087

147,916,752

Reed Elsevier PLC

3,150,400

40,688,716

Rolls-Royce Group PLC

8,029,900

143,531,953

Royal Dutch Shell PLC Class B sponsored ADR

3,766,837

266,955,738

SABMiller PLC

1,265,300

61,989,396

Serco Group PLC

6,453,683

61,556,761

Spectris PLC

745,000

23,913,289

Standard Chartered PLC (United Kingdom)

8,274,454

191,896,638

Taylor Wimpey PLC

64,292,300

104,161,964

Tesco PLC

14,427,600

80,614,954

Travis Perkins PLC

2,801,680

72,540,188

Vodafone Group PLC sponsored ADR

9,923,500

297,208,825

Whitbread PLC

1,569,444

77,116,789

TOTAL UNITED KINGDOM

4,438,790,565

United States of America - 6.7%

AbbVie, Inc.

2,850,600

129,645,288

Actavis, Inc. (a)

191,000

25,645,570

Alexion Pharmaceuticals, Inc. (a)

421,700

49,014,191

Anadarko Petroleum Corp.

438,300

38,798,316

Beam, Inc.

899,600

58,465,004

BioMarin Pharmaceutical, Inc. (a)

571,200

36,928,080

Coty, Inc. Class A (a)

2,709,000

46,567,710

D.R. Horton, Inc.

1,739,300

34,959,930

Fidelity National Information Services, Inc.

809,600

34,942,336

Gilead Sciences, Inc. (a)

2,435,500

149,661,475

Google, Inc. Class A (a)

65,805

58,408,518

Las Vegas Sands Corp.

2,136,000

118,697,520

MasterCard, Inc. Class A

222,260

135,714,179

McGraw-Hill Companies, Inc.

1,723,800

106,634,268

Monsanto Co.

558,300

55,148,874

Noble Energy, Inc.

1,539,656

96,213,103

Perrigo Co.

282,200

35,102,858

PriceSmart, Inc.

274,700

25,005,941

The Blackstone Group LP

2,553,680

57,585,484

Time Warner, Inc.

813,800

50,667,188

Common Stocks - continued

Shares

Value

United States of America - continued

Twenty-First Century Fox, Inc. Class B

1,847,200

$ 55,397,528

ViroPharma, Inc. (a)

1,457,884

50,034,579

Visa, Inc. Class A

753,700

133,412,437

Yum! Brands, Inc.

583,100

42,519,652

TOTAL UNITED STATES OF AMERICA

1,625,170,029

TOTAL COMMON STOCKS

(Cost $17,755,178,469)


22,861,610,627

Preferred Stocks - 1.7%

 

 

 

 

Convertible Preferred Stocks - 0.0%

United States of America - 0.0%

NJOY, Inc. Series C (h)

770,400

6,227,143

Nonconvertible Preferred Stocks - 1.7%

Germany - 1.7%

Henkel AG & Co. KGaA

1,494,000

146,362,659

ProSiebenSat.1 Media AG

1,648,400

67,630,545

Volkswagen AG

844,226

200,644,684

TOTAL GERMANY

414,637,888

TOTAL PREFERRED STOCKS

(Cost $247,220,624)


420,865,031

Investment Companies - 0.8%

 

 

 

 

United States of America - 0.8%

WisdomTree Japan Hedged Equity ETF
(Cost $206,047,310)

4,303,600


194,307,540

Government Obligations - 0.0%

 

Principal Amount

 

United States of America - 0.0%

U.S. Treasury Bills, yield at date of purchase 0.03% to 0.04% 8/15/13 to 10/3/13 (g)
(Cost $11,434,627)

$ 11,435,000


11,434,779

Money Market Funds - 4.7%

Shares

Value

Fidelity Cash Central Fund, 0.11% (b)

821,776,067

$ 821,776,067

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

316,322,617

316,322,617

TOTAL MONEY MARKET FUNDS

(Cost $1,138,098,684)


1,138,098,684

TOTAL INVESTMENT
PORTFOLIO - 101.2%

(Cost $19,357,979,714)

24,626,316,661

NET OTHER ASSETS (LIABILITIES) - (1.2)%

(296,854,448)

NET ASSETS - 100%

$ 24,329,462,213

Futures Contracts

Expiration Date

Underlying
Face Amount
at Value

Unrealized Appreciation/
(Depreciation)

Purchased

Equity Index Contracts

2,328 Nikkei 225 Index Contracts (Japan)

Sept. 2013

$ 159,235,200

$ (814,955)

 

The face value of futures purchased as a percentage of net assets is 0.7%

Security Type Abbreviations

ETF

-

EXCHANGE TRADED FUNDS

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

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

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $10,593,637 or 0.0% of net assets.

(g) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $11,434,779.

(h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, The value of restricted securities (excluding 144A issues) amounted to $6,227,143 or 0.0% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost

NJOY, Inc. Series C

6/7/13

$ 6,227,143

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

$ 1,201,132

Fidelity Securities Lending Cash Central Fund

13,245,532

Total

$ 14,446,664

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

3Legs Resources PLC

$ 4,046,188

$ -

$ 2,553,704

$ -

$ -

Pactera Technology International Ltd. ADR (formerly HiSoft Technology International Ltd. ADR)

17,640,142

-

15,572,364

-

-

Painted Pony Petroleum Ltd.

26,878,078

-

9,015,534

-

10,593,637

Painted Pony Petroleum Ltd. Class A

43,070,995

-

589,323

-

28,377,384

Total

$ 91,635,403

$ -

$ 27,730,925

$ -

$ 38,971,021

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 4,105,460,541

$ 3,661,052,882

$ 438,180,516

$ 6,227,143

Consumer Staples

3,295,221,187

2,261,241,920

1,033,972,281

6,986

Energy

915,036,614

915,036,614

-

-

Financials

5,399,546,133

3,780,298,611

1,619,247,522

-

Health Care

3,246,670,615

1,837,662,632

1,409,007,983

-

Industrials

1,847,936,377

1,847,936,377

-

-

Information Technology

1,830,296,933

1,357,981,883

383,226,841

89,088,209

Materials

1,605,815,752

1,413,726,592

192,089,160

-

Telecommunication Services

1,036,491,506

951,146,459

85,345,047

-

Investment Companies

194,307,540

194,307,540

-

-

Government Obligations

11,434,779

-

11,434,779

-

Money Market Funds

1,138,098,684

1,138,098,684

-

-

Total Investments in Securities:

$ 24,626,316,661

$ 19,358,490,194

$ 5,172,504,129

$ 95,322,338

Derivative Instruments:

Liabilities

Futures Contracts

$ (814,955)

$ (814,955)

$ -

$ -

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2013. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers

Total

Level 1 to Level 2

$ 400,752,639

Level 2 to Level 1

$ 0

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $19,479,714,385. Net unrealized appreciation aggregated $5,146,602,276, of which $5,438,015,666 related to appreciated investment securities and $291,413,390 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For U.S. government and government agency obligations, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Exchange-Traded Funds (ETFs) are valued at their last sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® International Capital Appreciation Fund

July 31, 2013

1.804818.109
IVF-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%

Shares

Value

Australia - 0.9%

CSL Ltd.

60,277

$ 3,579,671

Fortescue Metals Group Ltd.

816,796

2,687,088

SEEK Ltd.

226,673

1,921,316

TOTAL AUSTRALIA

8,188,075

Austria - 0.3%

Andritz AG

47,900

2,583,999

Bailiwick of Jersey - 1.5%

Experian PLC

177,168

3,323,142

UBM PLC

243,000

2,630,158

Wolseley PLC

68,564

3,281,372

WPP PLC

204,800

3,697,480

TOTAL BAILIWICK OF JERSEY

12,932,152

Belgium - 0.9%

Anheuser-Busch InBev SA NV

57,859

5,563,803

KBC Groupe SA

66,247

2,657,171

TOTAL BELGIUM

8,220,974

Bermuda - 0.8%

Credicorp Ltd. (NY Shares)

21,060

2,501,717

Invesco Ltd.

68,700

2,211,453

Signet Jewelers Ltd.

25,900

1,893,549

TOTAL BERMUDA

6,606,719

Brazil - 3.0%

BM&F Bovespa SA

502,100

2,707,094

BR Malls Participacoes SA

260,500

2,308,857

CCR SA

310,800

2,438,609

Cielo SA

116,800

2,879,362

Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR

96,000

3,626,880

Iguatemi Empresa de Shopping Centers SA

226,200

2,280,492

Multiplan Empreendimentos Imobiliarios SA

104,500

2,306,801

Qualicorp SA (a)

314,900

2,305,140

Souza Cruz SA

187,400

2,257,327

Ultrapar Participacoes SA

127,100

3,016,839

TOTAL BRAZIL

26,127,401

Canada - 2.9%

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

48,500

2,972,520

Canadian National Railway Co.

42,100

4,207,951

Canadian Pacific Railway Ltd.

27,800

3,413,897

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

86,200

2,979,359

Cineplex, Inc.

61,070

2,208,295

Constellation Software, Inc.

17,400

2,538,764

 

Shares

Value

Enbridge, Inc.

81,500

$ 3,615,962

Valeant Pharmaceuticals International, Inc. (Canada) (a)

35,600

3,303,164

TOTAL CANADA

25,239,912

Cayman Islands - 2.5%

Baidu.com, Inc. sponsored ADR (a)

18,900

2,500,659

Baoxin Auto Group Ltd.

3,342,000

2,456,212

Hengdeli Holdings Ltd.

8,080,000

2,083,656

Lifestyle International Holdings Ltd.

1,004,500

2,390,927

Sa Sa International Holdings Ltd.

1,860,000

1,853,860

Sands China Ltd.

589,200

3,186,980

SouFun Holdings Ltd. ADR (d)

71,100

2,471,436

Tencent Holdings Ltd.

97,700

4,431,747

TOTAL CAYMAN ISLANDS

21,375,477

Denmark - 0.6%

Novo Nordisk A/S Series B sponsored ADR

30,240

5,108,141

Finland - 0.6%

Kone Oyj (B Shares)

38,200

2,840,803

Nokian Tyres PLC

63,100

2,802,926

TOTAL FINLAND

5,643,729

France - 7.9%

Air Liquide SA

32,010

4,249,082

AXA SA

182,400

4,022,021

Bureau Veritas SA

104,400

3,098,603

Casino Guichard Perrachon SA

23,146

2,380,243

Danone SA

52,630

4,158,969

Dassault Systemes SA (d)

22,193

2,916,426

Edenred SA

91,500

2,931,795

Iliad SA

8,932

2,107,394

Ingenico SA

32,525

2,432,186

Kering SA

14,700

3,365,613

L'Oreal SA

23,400

3,920,847

LVMH Moet Hennessy - Louis Vuitton SA

23,273

4,230,853

Pernod Ricard SA

32,100

3,822,029

Publicis Groupe SA

42,600

3,436,645

Safran SA

58,500

3,435,216

Sanofi SA

74,385

7,786,902

Schneider Electric SA

53,894

4,288,250

Sodexo SA

32,300

2,950,341

Zodiac Aerospace

19,556

2,842,283

TOTAL FRANCE

68,375,698

Germany - 5.5%

adidas AG

32,500

3,623,208

BASF AG

63,726

5,651,294

Bayer AG

55,500

6,449,437

Bayerische Motoren Werke AG (BMW)

46,352

4,537,882

Brenntag AG

17,800

2,924,508

CTS Eventim AG

54,799

2,464,083

GEA Group AG

59,079

2,437,647

Common Stocks - continued

Shares

Value

Germany - continued

Henkel AG & Co. KGaA

47,589

$ 3,953,078

Hugo Boss AG

23,500

2,725,528

Linde AG

21,200

4,083,855

MTU Aero Engines Holdings AG

26,200

2,387,579

Rational AG

6,500

1,891,159

SAP AG

68,493

5,018,584

TOTAL GERMANY

48,147,842

Hong Kong - 1.4%

AIA Group Ltd.

1,014,400

4,806,746

Galaxy Entertainment Group Ltd. (a)

555,000

2,923,275

Hysan Development Co. Ltd.

496,000

2,107,277

Techtronic Industries Co. Ltd.

1,038,500

2,541,484

TOTAL HONG KONG

12,378,782

India - 3.1%

Amara Raja Batteries Ltd.

428,335

1,688,212

Bajaj Auto Ltd.

81,879

2,603,161

HDFC Bank Ltd.

271,886

2,725,378

Housing Development Finance Corp. Ltd. (a)

229,307

3,016,166

ITC Ltd.

499,382

2,804,023

Maruti Suzuki India Ltd.

91,953

2,008,572

Sun Pharmaceutical Industries Ltd.

258,330

2,399,703

Sun TV Ltd.

279,164

1,857,194

Tata Consultancy Services Ltd.

109,596

3,269,600

Tata Motors Ltd. sponsored ADR

78,400

1,884,736

Titan Industries Ltd.

568,768

2,461,811

TOTAL INDIA

26,718,556

Indonesia - 2.5%

PT ACE Hardware Indonesia Tbk

27,661,000

1,937,819

PT Astra International Tbk

4,345,000

2,747,995

PT Bank Central Asia Tbk

3,042,500

3,078,767

PT Bank Rakyat Indonesia Tbk

3,489,000

2,800,708

PT Global Mediacom Tbk

10,276,500

2,299,778

PT Jasa Marga Tbk

3,707,500

1,929,958

PT Semen Gresik (Persero) Tbk

1,592,500

2,355,244

PT Surya Citra Media Tbk

8,840,000

2,300,853

PT Tower Bersama Infrastructure Tbk (a)

4,617,000

2,560,634

TOTAL INDONESIA

22,011,756

Ireland - 1.0%

Accenture PLC Class A

31,008

2,288,700

Kerry Group PLC Class A

38,900

2,390,878

Paddy Power PLC (Ireland)

23,900

1,934,112

Warner Chilcott PLC

96,941

2,065,813

TOTAL IRELAND

8,679,503

Italy - 0.3%

Prada SpA

268,800

2,509,299

Japan - 11.0%

Bridgestone Corp.

102,600

3,646,696

 

Shares

Value

Daihatsu Motor Co. Ltd.

147,000

$ 3,236,973

Daikin Industries Ltd.

66,300

2,762,782

Daito Trust Construction Co. Ltd.

32,400

2,965,009

DENSO Corp.

76,600

3,489,286

Dentsu, Inc.

77,600

2,480,727

Fanuc Corp.

27,800

4,219,262

Fuji Heavy Industries Ltd.

128,000

3,166,336

Hoya Corp.

110,200

2,379,356

Isuzu Motors Ltd.

392,000

2,790,563

Japan Tobacco, Inc.

131,500

4,600,015

Kansai Paint Co. Ltd.

206,000

2,676,254

Keyence Corp.

9,970

3,258,503

Makita Corp.

51,900

2,708,702

Miraca Holdings, Inc.

56,100

2,710,173

MS&AD Insurance Group Holdings, Inc.

109,100

2,832,522

Nomura Research Institute Ltd.

66,300

2,173,659

Obic Co. Ltd.

7,960

2,236,540

ORIX Corp.

267,500

3,975,207

Park24 Co. Ltd.

110,800

2,041,499

SHIMANO, Inc.

28,400

2,564,151

Shin-Etsu Chemical Co., Ltd.

53,400

3,337,841

SMC Corp.

15,600

3,309,284

SoftBank Corp.

76,700

4,888,244

Sumitomo Mitsui Financial Group, Inc. ADR (d)

506,000

4,655,200

Sumitomo Mitsui Trust Holdings, Inc.

741,000

3,420,815

Sumitomo Rubber Industries Ltd.

160,300

2,673,577

Tokio Marine Holdings, Inc.

101,800

3,259,555

Toshiba Plant Systems & Services Corp.

123,000

2,002,472

USS Co. Ltd.

20,270

2,424,284

Yahoo! Japan Corp.

5,700

3,038,913

TOTAL JAPAN

95,924,400

Korea (South) - 1.3%

Hyundai Mobis

11,312

2,758,287

Samsung Electronics Co. Ltd.

7,603

8,660,530

TOTAL KOREA (SOUTH)

11,418,817

Luxembourg - 0.8%

Eurofins Scientific SA

11,642

2,555,509

RTL Group

23,896

2,136,609

SES SA (France) (depository receipt)

81,597

2,399,012

TOTAL LUXEMBOURG

7,091,130

Mexico - 1.2%

Fomento Economico Mexicano S.A.B. de CV sponsored ADR

31,680

3,151,843

Grupo Aeroportuario del Pacifico SA de CV Series B

353,500

1,840,184

Grupo Financiero Banorte S.A.B. de CV Series O

463,700

2,946,057

Grupo Mexico SA de CV Series B

880,500

2,712,625

TOTAL MEXICO

10,650,709

Common Stocks - continued

Shares

Value

Netherlands - 1.9%

AEGON NV

366,500

$ 2,824,016

ASML Holding NV (Netherlands)

44,859

4,040,887

Chicago Bridge & Iron Co. NV

35,500

2,115,090

Heineken Holding NV (A Shares)

55,000

3,450,662

ING Groep NV (Certificaten Van Aandelen) (a)

407,700

4,161,370

TOTAL NETHERLANDS

16,592,025

Nigeria - 0.8%

Guaranty Trust Bank PLC

14,553,483

2,292,672

Nestle Foods Nigeria PLC

358,097

2,207,938

Nigerian Breweries PLC (a)

2,004,876

2,150,810

TOTAL NIGERIA

6,651,420

Norway - 0.3%

Schibsted ASA (B Shares)

47,000

2,392,750

Panama - 0.3%

Copa Holdings SA Class A

17,600

2,449,392

Philippines - 1.3%

Alliance Global Group, Inc.

4,489,200

2,712,117

Security Bank Corp.

706,560

2,341,649

SM Investments Corp.

143,743

3,142,827

SM Prime Holdings, Inc.

6,711,725

2,715,584

TOTAL PHILIPPINES

10,912,177

Russia - 0.8%

Magnit OJSC GDR (Reg. S)

51,105

2,943,648

Sberbank (Savings Bank of the Russian Federation) sponsored ADR

326,400

3,763,392

TOTAL RUSSIA

6,707,040

South Africa - 1.9%

Aspen Pharmacare Holdings Ltd.

115,100

2,553,655

Discovery Ltd.

253,600

2,294,238

Life Healthcare Group Holdings Ltd.

709,769

2,590,004

Mr Price Group Ltd.

199,400

2,601,265

Naspers Ltd. Class N

48,300

4,043,482

Shoprite Holdings Ltd.

159,920

2,704,805

TOTAL SOUTH AFRICA

16,787,449

Spain - 1.9%

Amadeus IT Holding SA Class A

95,300

3,273,520

Banco Bilbao Vizcaya Argentaria SA sponsored ADR

495,300

4,680,585

Grifols SA ADR

86,200

2,735,988

Inditex SA

29,216

3,894,524

Viscofan Envolturas Celulosicas SA

45,400

2,338,304

TOTAL SPAIN

16,922,921

Sweden - 1.7%

ASSA ABLOY AB (B Shares)

71,594

3,169,922

Atlas Copco AB (A Shares)

144,400

3,768,315

Hexagon AB (B Shares)

80,900

2,467,406

 

Shares

Value

Investment AB Kinnevik

81,800

$ 2,469,756

Svenska Cellulosa AB (SCA) (B Shares)

107,400

2,842,294

TOTAL SWEDEN

14,717,693

Switzerland - 5.6%

Burckhardt Compression Holding AG

5,286

2,110,516

Compagnie Financiere Richemont SA Series A

45,595

4,463,674

Nestle SA

182,958

12,383,081

Partners Group Holding AG

8,070

2,133,804

Schindler Holding AG (Reg.)

21,590

3,014,132

SGS SA (Reg.)

1,369

3,099,092

Sika AG (Bearer)

958

2,671,779

Sulzer AG (Reg.)

17,450

2,611,513

Swatch Group AG (Bearer)

6,207

3,688,854

Syngenta AG (Switzerland)

10,744

4,248,306

TE Connectivity Ltd.

35,500

1,811,920

UBS AG (NY Shares)

322,000

6,333,740

TOTAL SWITZERLAND

48,570,411

Taiwan - 0.7%

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

357,479

6,069,993

Thailand - 1.0%

Airports of Thailand PCL (For. Reg.)

396,700

2,254,553

BEC World PCL (For. Reg.)

961,700

1,888,396

Kasikornbank PCL (For. Reg.)

485,100

2,896,351

Thai Beverage PCL

4,956,000

2,105,866

TOTAL THAILAND

9,145,166

Turkey - 0.5%

Coca-Cola Icecek A/S

82,618

2,325,825

Turkiye Garanti Bankasi A/S

592,909

2,321,470

TOTAL TURKEY

4,647,295

United Kingdom - 15.2%

Aberdeen Asset Management PLC

424,400

2,481,112

Aggreko PLC

111,390

3,016,246

Ashtead Group PLC

217,960

2,340,896

Bellway PLC

105,200

2,208,490

Berkeley Group Holdings PLC

63,900

2,195,926

British American Tobacco PLC (United Kingdom)

128,600

6,860,399

British Sky Broadcasting Group PLC

210,100

2,646,409

Burberry Group PLC

127,000

2,955,941

Compass Group PLC

275,800

3,767,656

Croda International PLC

73,000

2,786,276

Diageo PLC sponsored ADR

44,600

5,589,718

Domino's Pizza UK & IRL PLC

223,100

1,937,922

Elementis PLC

665,425

2,537,780

Filtrona PLC

211,600

2,491,479

Galiform PLC

449,190

1,973,458

Halma PLC

291,800

2,468,088

IMI PLC

102,800

2,145,595

InterContinental Hotel Group PLC ADR

101,640

2,938,412

Common Stocks - continued

Shares

Value

United Kingdom - continued

Intertek Group PLC

63,400

$ 2,917,529

ITV PLC

1,097,446

2,814,760

Johnson Matthey PLC

67,304

2,902,649

Kingfisher PLC

499,600

3,021,066

Lloyds Banking Group PLC (a)

3,958,700

4,121,668

Meggitt PLC

334,900

2,789,330

Next PLC

42,800

3,248,964

Oxford Instruments PLC

102,500

2,221,976

Persimmon PLC

110,100

2,070,172

Prudential PLC

240,421

4,269,830

Reckitt Benckiser Group PLC

58,300

4,149,752

Rexam PLC

392,990

2,940,158

Rightmove PLC

60,684

2,244,191

Rolls-Royce Group PLC

231,200

4,132,628

Rotork PLC

62,100

2,509,113

SABMiller PLC

85,400

4,183,905

Schroders PLC

66,400

2,479,820

Spectris PLC

78,700

2,526,142

Standard Chartered PLC (United Kingdom)

208,062

4,825,261

Taylor Wimpey PLC

1,450,569

2,350,112

The Weir Group PLC

86,300

2,821,290

Travis Perkins PLC

113,100

2,928,348

Unilever PLC

182,600

7,415,107

Whitbread PLC

55,067

2,705,793

TOTAL UNITED KINGDOM

131,931,367

United States of America - 14.3%

AbbVie, Inc.

46,120

2,097,538

Affiliated Managers Group, Inc. (a)

12,800

2,308,480

American Tower Corp.

33,642

2,381,517

AMETEK, Inc.

50,900

2,355,652

Amgen, Inc.

20,200

2,187,458

Amphenol Corp. Class A

28,566

2,244,145

BlackRock, Inc. Class A

8,900

2,509,444

CBS Corp. Class B

46,425

2,453,097

Colgate-Palmolive Co.

40,700

2,436,709

Danaher Corp.

35,731

2,406,126

eBay, Inc. (a)

40,400

2,088,276

EMC Corp.

69,500

1,817,425

Estee Lauder Companies, Inc. Class A

36,416

2,390,710

FMC Corp.

37,099

2,454,470

Gilead Sciences, Inc. (a)

38,000

2,335,100

Google, Inc. Class A (a)

2,480

2,201,248

Home Depot, Inc.

31,931

2,523,507

KKR & Co. LP

107,300

2,194,285

L Brands, Inc.

35,582

1,984,408

 

Shares

Value

Las Vegas Sands Corp.

40,426

$ 2,246,473

Lowe's Companies, Inc.

53,300

2,376,114

MasterCard, Inc. Class A

4,300

2,625,623

McGraw-Hill Companies, Inc.

41,985

2,597,192

Mead Johnson Nutrition Co. Class A

30,358

2,211,277

Mettler-Toledo International, Inc. (a)

10,400

2,294,240

Microsoft Corp.

58,200

1,852,506

Mondelez International, Inc.

66,300

2,073,201

Monsanto Co.

21,200

2,094,136

Moody's Corp.

37,840

2,564,417

NIKE, Inc. Class B

39,200

2,466,464

Oracle Corp.

58,200

1,882,770

Perrigo Co.

16,700

2,077,313

Philip Morris International, Inc.

28,258

2,520,048

PPG Industries, Inc.

14,803

2,374,993

Precision Castparts Corp.

10,000

2,217,200

priceline.com, Inc. (a)

2,260

1,979,014

QUALCOMM, Inc.

35,572

2,296,173

Rockwell Automation, Inc.

26,054

2,523,330

Roper Industries, Inc.

17,500

2,204,300

SBA Communications Corp. Class A (a)

31,600

2,341,244

Sherwin-Williams Co.

14,060

2,448,830

Sirona Dental Systems, Inc. (a)

29,900

2,110,940

The Blackstone Group LP

107,400

2,421,870

The Walt Disney Co.

37,067

2,396,382

The Williams Companies, Inc.

52,500

1,793,925

Time Warner, Inc.

41,200

2,565,112

Union Pacific Corp.

14,500

2,299,555

United Technologies Corp.

23,008

2,428,955

Varian Medical Systems, Inc. (a)

25,000

1,812,500

Visa, Inc. Class A

12,440

2,202,004

W.R. Grace & Co. (a)

27,300

2,097,186

Waters Corp. (a)

20,698

2,089,256

Williams-Sonoma, Inc.

37,900

2,230,794

Yahoo!, Inc. (a)

67,500

1,896,075

Yum! Brands, Inc.

33,044

2,409,568

TOTAL UNITED STATES OF AMERICA

124,390,575

TOTAL COMMON STOCKS

(Cost $743,306,558)


854,820,745

Nonconvertible Preferred Stocks - 0.8%

 

 

 

 

Brazil - 0.3%

Itausa-Investimentos Itau SA (PN)

622,200

2,282,777

Germany - 0.5%

ProSiebenSat.1 Media AG

60,500

2,482,194

Sartorius AG (non-vtg.)

19,000

2,080,774

TOTAL GERMANY

4,562,968

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $5,848,507)


6,845,745

Money Market Funds - 0.4%

Shares

Value

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)
(Cost $3,688,848)

3,688,848

$ 3,688,848

TOTAL INVESTMENT PORTFOLIO - 99.4%

(Cost $752,843,913)

865,355,338

NET OTHER ASSETS (LIABILITIES) - 0.6%

5,296,631

NET ASSETS - 100%

$ 870,651,969

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or 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

$ 3,981

Fidelity Securities Lending Cash Central Fund

269,672

Total

$ 273,653

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 206,480,130

$ 200,774,078

$ 5,706,052

$ -

Consumer Staples

120,886,514

88,664,124

32,222,390

-

Energy

8,426,726

8,426,726

-

-

Financials

142,251,313

124,149,051

18,102,262

-

Health Care

65,228,419

57,441,517

7,786,902

-

Industrials

145,234,046

145,234,046

-

-

Information Technology

101,460,501

92,401,030

9,059,471

-

Materials

59,801,325

55,553,019

4,248,306

-

Telecommunication Services

11,897,516

11,897,516

-

-

Money Market Funds

3,688,848

3,688,848

-

-

Total Investments in Securities:

$ 865,355,338

$ 788,229,955

$ 77,125,383

$ -

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2013. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers

Total

Level 1 to Level 2

$ 12,230,775

Level 2 to Level 1

$ 0

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $756,512,303. Net unrealized appreciation aggregated $108,843,035, of which $122,389,021 related to appreciated investment securities and $13,545,986 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Europe Capital Appreciation Fund

July 31, 2013

1.804821.109
ECA-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.1%

Shares

Value

Austria - 1.2%

Andritz AG

35,900

$ 1,936,650

Erste Group Bank AG

69,842

2,121,234

TOTAL AUSTRIA

4,057,884

Bailiwick of Guernsey - 0.2%

Resolution Ltd.

171,300

843,791

Bailiwick of Jersey - 1.1%

Informa PLC

235,807

1,883,287

Wolseley PLC

37,825

1,810,249

TOTAL BAILIWICK OF JERSEY

3,693,536

Belgium - 2.7%

Anheuser-Busch InBev SA NV

57,500

5,529,281

KBC Groupe SA

46,616

1,869,770

UCB SA

25,700

1,481,282

TOTAL BELGIUM

8,880,333

Bermuda - 0.9%

Bunge Ltd.

18,900

1,436,589

Signet Jewelers Ltd.

20,000

1,462,200

TOTAL BERMUDA

2,898,789

Canada - 0.8%

Goldcorp, Inc.

41,000

1,156,431

Suncor Energy, Inc.

45,700

1,444,282

TOTAL CANADA

2,600,713

Denmark - 0.5%

Coloplast A/S Series B

28,500

1,665,986

Finland - 1.7%

Amer Group PLC (A Shares)

97,200

1,930,599

Raisio Group PLC (V Shares)

209,735

934,720

Sampo Oyj (A Shares)

68,300

2,994,841

TOTAL FINLAND

5,860,160

France - 14.4%

Atos Origin SA

24,806

1,864,867

AXA SA

173,900

3,834,591

BNP Paribas SA

73,960

4,785,328

Christian Dior SA

25,500

4,515,274

Ingenico SA

18,239

1,363,894

Ipsos SA

46,600

1,657,108

Kering SA

18,600

4,258,530

Legrand SA

46,800

2,425,042

Publicis Groupe SA

33,100

2,670,257

Sanofi SA

75,109

7,862,693

Schneider Electric SA

43,600

3,469,175

Technip SA

17,600

1,942,205

Total SA

138,796

7,396,224

TOTAL FRANCE

48,045,188

 

Shares

Value

Germany - 13.3%

adidas AG

27,600

$ 3,076,940

BASF AG

54,862

4,865,224

Bayer AG

51,700

6,007,854

Beiersdorf AG

17,700

1,637,001

Brenntag AG

11,700

1,922,289

CTS Eventim AG

40,936

1,840,721

Daimler AG (Germany)

62,430

4,337,067

Deutsche Bank AG

78,600

3,545,913

Deutsche Boerse AG

34,000

2,405,432

Deutsche Post AG

108,473

3,040,550

ElringKlinger AG

32,700

1,212,196

GEA Group AG

53,074

2,189,876

GSW Immobilien AG

33,600

1,359,767

HeidelbergCement Finance AG

29,700

2,281,388

KION Group AG (a)

26,400

878,382

Linde AG

18,500

3,563,742

TOTAL GERMANY

44,164,342

Ireland - 2.8%

DCC PLC (United Kingdom)

44,900

1,820,305

FBD Holdings PLC

84,700

1,814,158

Greencore Group PLC

744,419

1,664,698

Kingspan Group PLC (United Kingdom)

134,000

1,870,465

Ryanair Holdings PLC sponsored ADR

39,400

2,029,888

TOTAL IRELAND

9,199,514

Italy - 3.1%

Astaldi SpA

197,300

1,412,132

Azimut Holding SpA

75,900

1,706,453

Banca Popolare dell'Emilia Romagna Scrl (a)

117,600

702,457

Beni Stabili SpA SIIQ

2,203,866

1,429,014

MARR SpA

119,769

1,561,480

Prada SpA

187,000

1,745,681

Prysmian SpA

86,400

1,756,317

TOTAL ITALY

10,313,534

Luxembourg - 0.5%

Eurofins Scientific SA

7,500

1,646,308

Netherlands - 1.3%

ASML Holding NV (Netherlands)

32,092

2,890,839

Delta Lloyd NV

61,797

1,337,583

TOTAL NETHERLANDS

4,228,422

Norway - 2.2%

DNB ASA

179,200

2,984,741

Merkantildata ASA

133,100

1,400,387

Telenor ASA

137,600

3,047,244

TOTAL NORWAY

7,432,372

Russia - 0.5%

Magnit OJSC GDR (Reg. S)

28,600

1,647,360

Common Stocks - continued

Shares

Value

South Africa - 0.4%

Naspers Ltd. Class N

16,800

$ 1,406,428

Spain - 1.5%

Criteria CaixaCorp SA

686,200

2,530,520

Criteria CaixaCorp SA rights 8/13/13 (a)

686,200

48,383

Repsol YPF SA

99,975

2,392,701

TOTAL SPAIN

4,971,604

Sweden - 2.7%

ASSA ABLOY AB (B Shares)

45,600

2,019,002

Investment AB Kinnevik

56,300

1,699,844

Svenska Cellulosa AB (SCA) (B Shares)

94,700

2,506,194

Svenska Handelsbanken AB (A Shares)

60,600

2,751,946

TOTAL SWEDEN

8,976,986

Switzerland - 11.8%

Adecco SA (Reg.)

32,364

2,054,552

Aryzta AG

39,760

2,459,625

Nestle SA

172,747

11,691,977

Partners Group Holding AG

7,830

2,070,345

Roche Holding AG (participation certificate)

42,507

10,472,306

Schindler Holding AG (participation certificate)

16,847

2,412,045

Syngenta AG (Switzerland)

8,736

3,454,319

UBS AG

233,844

4,604,631

TOTAL SWITZERLAND

39,219,800

Turkey - 0.4%

Coca-Cola Icecek A/S

45,000

1,266,820

United Kingdom - 30.5%

Anglo American PLC (United Kingdom)

41,100

880,329

Associated British Foods PLC

73,800

2,182,495

BG Group PLC

74,600

1,346,502

BHP Billiton PLC

163,669

4,684,937

British American Tobacco PLC (United Kingdom)

136,900

7,303,177

British Land Co. PLC

214,618

1,950,764

Bunzl PLC

90,100

1,931,241

Centrica PLC

623,600

3,709,227

Cineworld Group PLC

229,232

1,307,697

Compass Group PLC

208,200

2,844,184

Dechra Pharmaceuticals PLC

151,100

1,569,950

Diageo PLC

166,993

5,233,366

Galliford Try PLC

104,400

1,573,891

GlaxoSmithKline PLC

281,300

7,196,677

HSBC Holdings PLC (United Kingdom)

301,700

3,425,336

ICAP PLC

365,000

2,258,782

 

Shares

Value

ITV PLC

973,600

$ 2,497,116

Jazztel PLC (a)

34,900

316,647

Kingfisher PLC

454,500

2,748,347

London Stock Exchange Group PLC

78,200

1,872,458

Meggitt PLC

258,300

2,151,340

Next PLC

31,700

2,406,359

Partnership Assurance Group PLC

145,632

1,105,498

Prudential PLC

234,454

4,163,857

Rolls-Royce Group PLC

182,441

3,261,076

Royal Dutch Shell PLC Class B (United Kingdom)

197,092

6,971,223

Schroders PLC

55,000

2,054,068

Serco Group PLC

205,643

1,961,472

SIG PLC

638,900

1,766,963

Standard Chartered PLC (United Kingdom)

178,499

4,139,652

Taylor Wimpey PLC

1,697,200

2,749,687

Unilever PLC

108,600

4,410,080

Unite Group PLC

211,400

1,255,175

Vodafone Group PLC

1,476,600

4,422,530

William Hill PLC

250,000

1,850,220

TOTAL UNITED KINGDOM

101,502,323

United States of America - 1.6%

Beam, Inc.

23,200

1,507,768

Colgate-Palmolive Co.

13,500

808,245

Oracle Corp.

49,000

1,585,150

Philip Morris International, Inc.

15,900

1,417,962

TOTAL UNITED STATES OF AMERICA

5,319,125

TOTAL COMMON STOCKS

(Cost $282,131,263)


319,841,318

Nonconvertible Preferred Stocks - 1.2%

 

 

 

 

United Kingdom - 1.2%

Rolls-Royce Group PLC (C Shares) (a)

23,554,979

35,833

Volkswagen AG

17,200

4,087,873

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $3,019,569)


4,123,706

Money Market Funds - 2.4%

 

 

 

 

Fidelity Cash Central Fund, 0.11% (b)
(Cost $7,865,187)

7,865,187


7,865,187

TOTAL INVESTMENT PORTFOLIO - 99.7%

(Cost $293,016,019)

331,830,211

NET OTHER ASSETS (LIABILITIES) - 0.3%

1,164,495

NET ASSETS - 100%

$ 332,994,706

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 5,372

Fidelity Securities Lending Cash Central Fund

164,750

Total

$ 170,122

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 52,487,771

$ 52,487,771

$ -

$ -

Consumer Staples

55,198,838

21,030,957

34,167,881

-

Energy

21,493,137

7,125,690

14,367,447

-

Financials

69,666,332

53,926,595

15,739,737

-

Health Care

37,903,056

22,843,686

15,059,370

-

Industrials

45,728,735

45,728,735

-

-

Information Technology

9,105,137

6,214,298

2,890,839

-

Materials

20,886,370

12,747,114

8,139,256

-

Telecommunication Services

7,786,421

3,363,891

4,422,530

-

Utilities

3,709,227

3,709,227

-

-

Money Market Funds

7,865,187

7,865,187

-

-

Total Investments in Securities:

$ 331,830,211

$ 237,043,151

$ 94,787,060

$ -

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2013. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers

Total

Level 1 to Level 2

$ 11,229,698

Level 2 to Level 1

$ 0

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $294,698,213. Net unrealized appreciation aggregated $37,131,998, of which $41,583,595 related to appreciated investment securities and $4,451,597 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Nordic Fund

July 31, 2013

1.804855.109
NOR-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%

Shares

Value

Bailiwick of Jersey - 0.7%

Black Earth Farming Ltd. unit (a)

1,966,780

$ 2,217,782

Bermuda - 7.9%

BW Offshore Ltd.

6,071,345

8,015,725

Vostok Nafta Investment Ltd. SDR

3,391,000

19,092,794

TOTAL BERMUDA

27,108,519

Denmark - 12.8%

Christian Hansen Holding A/S

217,000

7,182,674

Jyske Bank A/S (Reg.) (a)

319,280

14,003,484

Novo Nordisk A/S Series B

91,701

15,558,544

Solar Holding A/S

152,051

7,013,460

TOTAL DENMARK

43,758,162

Finland - 17.9%

Amer Group PLC (A Shares)

666,900

13,246,051

Lassila & Tikahoja Oyj

865,600

16,271,415

Nokia Corp. (a)(d)

1,163,400

4,599,421

Raisio Group PLC (V Shares)

2,997,992

13,361,068

Sampo Oyj (A Shares)

319,800

14,022,698

TOTAL FINLAND

61,500,653

Malta - 3.8%

Unibet Group PLC unit

367,061

13,177,401

Norway - 10.0%

Gjensidige Forsikring ASA

401,300

6,214,130

Merkantildata ASA

468,600

4,930,288

Schibsted ASA (B Shares)

359,400

18,296,905

TGS Nopec Geophysical Co. ASA

150,000

4,818,592

TOTAL NORWAY

34,259,915

Sweden - 46.5%

AarhusKarlshamn AB

130,000

7,459,172

AF AB (B Shares) (d)

418,700

11,755,191

ASSA ABLOY AB (B Shares)

332,400

14,717,464

Atlas Copco AB (A Shares)

100,900

2,633,123

Avanza Bank Holding AB (d)

265,400

6,107,561

BioGaia AB (d)

183,023

6,261,612

CDON Group AB (a)(d)

4,176,002

12,749,391

DIBS Payment Services AB (e)

958,000

5,820,179

Hakon Invest AB (a)(d)

143,500

4,006,812

Industrial & Financial Systems AB (IFS) (d)

393,053

8,140,677

 

Shares

Value

Intrum Justitia AB

644,400

$ 16,411,160

Investment AB Kinnevik

548,500

16,560,650

Lindab International AB (a)

659,400

5,958,540

Nordea Bank AB

597,600

7,568,387

RusForest AB (a)(d)

376,401

121,845

Saab AB (B Shares)

307,800

5,576,917

Svenska Handelsbanken AB (A Shares)

328,100

14,899,565

Swedbank AB (A Shares)

125,500

3,026,718

Swedish Match Co. AB

258,700

9,664,314

TOTAL SWEDEN

159,439,278

TOTAL COMMON STOCKS

(Cost $285,300,992)


341,461,710

Money Market Funds - 3.5%

 

 

 

 

Fidelity Cash Central Fund, 0.11% (b)

2,013,574

2,013,574

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

10,040,247

10,040,247

TOTAL MONEY MARKET FUNDS

(Cost $12,053,821)


12,053,821

TOTAL INVESTMENT PORTFOLIO - 103.1%

(Cost $297,354,813)

353,515,531

NET OTHER ASSETS (LIABILITIES) - (3.1)%

(10,756,222)

NET ASSETS - 100%

$ 342,759,309

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or 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

$ 2,988

Fidelity Securities Lending Cash Central Fund

602,714

Total

$ 605,702

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

DIBS Payment Services AB

$ 6,451,061

$ 996,282

$ 61,217

$ 373,244

$ 5,820,179

Total

$ 6,451,061

$ 996,282

$ 61,217

$ 373,244

$ 5,820,179

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 57,469,748

$ 57,469,748

$ -

$ -

Consumer Staples

36,709,148

36,709,148

-

-

Energy

12,834,317

12,834,317

-

-

Financials

101,495,987

101,495,987

-

-

Health Care

21,820,156

6,261,612

15,558,544

-

Industrials

80,337,270

80,337,270

-

-

Information Technology

23,490,565

18,891,144

4,599,421

-

Materials

7,304,519

7,304,519

-

-

Money Market Funds

12,053,821

12,053,821

-

-

Total Investments in Securities:

$ 353,515,531

$ 333,357,566

$ 20,157,965

$ -

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $299,956,423. Net unrealized appreciation aggregated $53,559,108, of which $66,309,570 related to appreciated investment securities and $12,750,462 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

July 31, 2013

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

1.917416.102
FALAA-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 79.8%

Shares

Value

Brazil - 28.7%

Banco Bradesco SA (PN) sponsored ADR (d)

159,621

$ 1,950,569

BM&F Bovespa SA

679,200

3,661,937

BTG Pactual Participations Ltd. unit

828,600

10,009,957

CCR SA

5,214,200

40,911,820

Companhia Brasileira de Distribuicao Grupo Pao de Acucar sponsored ADR

337,370

15,050,076

Companhia de Bebidas das Americas (AmBev):

(PN) sponsored ADR

2,006,101

75,790,496

sponsored ADR

341,625

12,810,938

Cyrela Brazil Realty SA

981,400

7,007,695

Embraer SA sponsored ADR

268,634

9,125,497

Itau Unibanco Holding SA sponsored ADR

1,853,198

23,628,275

Light SA

1,283,100

9,955,013

Lupatech SA (a)

3,714,804

895,585

M. Dias Branco SA

440,400

17,856,532

Multiplus SA

1,742,500

23,578,572

Obrascon Huarte Lain Brasil SA

1,035,900

9,844,308

Petroleo Brasileiro SA - Petrobras:

(ON)

1,194,028

8,049,686

(PN) sponsored ADR (non-vtg.)

805,453

11,550,196

sponsored ADR (d)

2,963,520

40,422,413

Souza Cruz SA

2,636,800

31,761,573

Telefonica Brasil SA sponsored ADR (d)

698,942

15,006,285

TIM Participacoes SA

1,970,695

7,325,265

Tractebel Energia SA

734,175

11,714,104

Vale SA:

(PN-A) sponsored ADR

966,175

11,893,614

sponsored ADR (d)

649,193

8,906,928

TOTAL BRAZIL

408,707,334

Chile - 13.3%

Aguas Andinas SA

18,206,781

12,755,552

Banco de Chile

65,951,092

9,407,832

Banco de Chile sponsored ADR (d)

114,754

9,869,992

Banco Santander Chile sponsored ADR (d)

1,439,909

32,484,347

CAP SA

808,501

14,473,873

Compania Cervecerias Unidas SA

2,143,530

28,971,128

Empresa Nacional de Telecomunicaciones SA (ENTEL)

1,962,515

32,425,320

Empresas La Polar SA (a)

13,560,081

3,219,480

Inversiones La Construccion SA

635,031

8,187,370

LATAM Airlines Group SA sponsored ADR (d)

804,554

10,821,251

SACI Falabella

2,269,873

23,191,266

Sociedad Matriz SAAM SA

48,419,693

4,268,584

TOTAL CHILE

190,075,995

Colombia - 9.7%

BanColombia SA sponsored ADR

116,376

6,685,801

 

Shares

Value

Bolsa de Valores de Colombia

586,230,591

$ 7,734,932

Cemex Latam Holdings SA

384,602

3,105,639

Ecopetrol SA

12,482,392

28,558,468

Ecopetrol SA ADR (d)

169,134

7,710,819

Empresa de Telecomunicaciones de Bogota

40,032,169

8,408,919

Grupo Aval Acciones y Valores SA

4,519,256

3,327,278

Grupo de Inversiones Suramerica SA

1,837,692

36,254,341

Inversiones Argos SA

3,224,249

35,565,003

TOTAL COLOMBIA

137,351,200

France - 0.1%

Carrefour SA

48,079

1,475,601

Mexico - 23.3%

America Movil S.A.B. de CV:

Series L

5,073,400

5,338,435

Series L sponsored ADR

5,980,156

125,463,666

Consorcio ARA SA de CV (a)

22,290,821

8,481,603

Controladora Commercial Mexicana SA unit

1,968,515

8,330,096

Embotelladoras Arca S.A.B. de CC

1,150,958

8,619,964

Fomento Economico Mexicano S.A.B. de CV sponsored ADR

644,640

64,135,234

Gruma S.A.B. de CV Series B (a)

3,471,056

18,386,929

Grupo Financiero Santander Mexico S.A.B. de CV (d)

5,413,300

15,698,157

Industrias Penoles SA de CV

288,178

9,057,490

Infraestructura Energetica Nova S.A.B. de CV

1,598,800

6,329,985

Kimberly-Clark de Mexico SA de CV Series A

2,147,775

7,062,422

Wal-Mart de Mexico SA de CV Series V

20,064,648

54,902,778

TOTAL MEXICO

331,806,759

Peru - 2.8%

Alicorp SA Class C

3,326,378

10,243,246

Compania de Minas Buenaventura SA sponsored ADR

2,095,843

29,970,555

TOTAL PERU

40,213,801

United States of America - 1.9%

BPZ Energy, Inc. (a)(d)

3,060,350

7,375,444

First Cash Financial Services, Inc. (a)

291,845

15,584,523

Gran Tierra Energy, Inc. (Canada) (a)

729,200

4,508,247

TOTAL UNITED STATES OF AMERICA

27,468,214

TOTAL COMMON STOCKS

(Cost $806,079,421)


1,137,098,904

Nonconvertible Preferred Stocks - 17.3%

 

 

 

 

Brazil - 15.7%

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

894,245

8,839,163

Banco Bradesco SA (PN)

1,313,817

15,952,279

Nonconvertible Preferred Stocks - continued

Shares

Value

Brazil - continued

Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN)

147,425

$ 6,539,082

Companhia Energetica de Sao Paulo Series A

724,800

6,382,726

Forjas Taurus SA

1,376,000

1,435,501

Itau Unibanco Holding SA

3,819,750

48,790,197

Itausa-Investimentos Itau SA (PN)

6,267,322

22,994,054

Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.)

9,159,971

65,406,855

Telefonica Brasil SA

1,225,913

25,960,005

Vale SA (PN-A)

1,777,600

21,934,136

TOTAL BRAZIL

224,233,998

Chile - 1.2%

Embotelladora Andina SA:

Class A

1,321,447

5,601,073

Class B

2,207,046

11,596,815

TOTAL CHILE

17,197,888

Colombia - 0.4%

Grupo Aval Acciones y Valores SA

2,897,449

2,095,002

Grupo de Inversiones Suramerica

161,141

3,221,544

TOTAL COLOMBIA

5,316,546

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $208,010,913)


246,748,432

Money Market Funds - 7.4%

Shares

Value

Fidelity Cash Central Fund, 0.11% (b)

36,650,913

$ 36,650,913

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

69,390,836

69,390,836

TOTAL MONEY MARKET FUNDS

(Cost $106,041,749)


106,041,749

TOTAL INVESTMENT PORTFOLIO - 104.5%

(Cost $1,120,132,083)

1,489,889,085

NET OTHER ASSETS (LIABILITIES) - (4.5)%

(64,138,560)

NET ASSETS - 100%

$ 1,425,750,525

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or 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

$ 16,190

Fidelity Securities Lending Cash Central Fund

416,771

Total

$ 432,961

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $1,121,201,473. Net unrealized appreciation aggregated $368,687,612, of which $513,067,422 related to appreciated investment securities and $144,379,810 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Latin America Fund

July 31, 2013

1.804841.109
LAF-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 79.8%

Shares

Value

Brazil - 28.7%

Banco Bradesco SA (PN) sponsored ADR (d)

159,621

$ 1,950,569

BM&F Bovespa SA

679,200

3,661,937

BTG Pactual Participations Ltd. unit

828,600

10,009,957

CCR SA

5,214,200

40,911,820

Companhia Brasileira de Distribuicao Grupo Pao de Acucar sponsored ADR

337,370

15,050,076

Companhia de Bebidas das Americas (AmBev):

(PN) sponsored ADR

2,006,101

75,790,496

sponsored ADR

341,625

12,810,938

Cyrela Brazil Realty SA

981,400

7,007,695

Embraer SA sponsored ADR

268,634

9,125,497

Itau Unibanco Holding SA sponsored ADR

1,853,198

23,628,275

Light SA

1,283,100

9,955,013

Lupatech SA (a)

3,714,804

895,585

M. Dias Branco SA

440,400

17,856,532

Multiplus SA

1,742,500

23,578,572

Obrascon Huarte Lain Brasil SA

1,035,900

9,844,308

Petroleo Brasileiro SA - Petrobras:

(ON)

1,194,028

8,049,686

(PN) sponsored ADR (non-vtg.)

805,453

11,550,196

sponsored ADR (d)

2,963,520

40,422,413

Souza Cruz SA

2,636,800

31,761,573

Telefonica Brasil SA sponsored ADR (d)

698,942

15,006,285

TIM Participacoes SA

1,970,695

7,325,265

Tractebel Energia SA

734,175

11,714,104

Vale SA:

(PN-A) sponsored ADR

966,175

11,893,614

sponsored ADR (d)

649,193

8,906,928

TOTAL BRAZIL

408,707,334

Chile - 13.3%

Aguas Andinas SA

18,206,781

12,755,552

Banco de Chile

65,951,092

9,407,832

Banco de Chile sponsored ADR (d)

114,754

9,869,992

Banco Santander Chile sponsored ADR (d)

1,439,909

32,484,347

CAP SA

808,501

14,473,873

Compania Cervecerias Unidas SA

2,143,530

28,971,128

Empresa Nacional de Telecomunicaciones SA (ENTEL)

1,962,515

32,425,320

Empresas La Polar SA (a)

13,560,081

3,219,480

Inversiones La Construccion SA

635,031

8,187,370

LATAM Airlines Group SA sponsored ADR (d)

804,554

10,821,251

SACI Falabella

2,269,873

23,191,266

Sociedad Matriz SAAM SA

48,419,693

4,268,584

TOTAL CHILE

190,075,995

Colombia - 9.7%

BanColombia SA sponsored ADR

116,376

6,685,801

 

Shares

Value

Bolsa de Valores de Colombia

586,230,591

$ 7,734,932

Cemex Latam Holdings SA

384,602

3,105,639

Ecopetrol SA

12,482,392

28,558,468

Ecopetrol SA ADR (d)

169,134

7,710,819

Empresa de Telecomunicaciones de Bogota

40,032,169

8,408,919

Grupo Aval Acciones y Valores SA

4,519,256

3,327,278

Grupo de Inversiones Suramerica SA

1,837,692

36,254,341

Inversiones Argos SA

3,224,249

35,565,003

TOTAL COLOMBIA

137,351,200

France - 0.1%

Carrefour SA

48,079

1,475,601

Mexico - 23.3%

America Movil S.A.B. de CV:

Series L

5,073,400

5,338,435

Series L sponsored ADR

5,980,156

125,463,666

Consorcio ARA SA de CV (a)

22,290,821

8,481,603

Controladora Commercial Mexicana SA unit

1,968,515

8,330,096

Embotelladoras Arca S.A.B. de CC

1,150,958

8,619,964

Fomento Economico Mexicano S.A.B. de CV sponsored ADR

644,640

64,135,234

Gruma S.A.B. de CV Series B (a)

3,471,056

18,386,929

Grupo Financiero Santander Mexico S.A.B. de CV (d)

5,413,300

15,698,157

Industrias Penoles SA de CV

288,178

9,057,490

Infraestructura Energetica Nova S.A.B. de CV

1,598,800

6,329,985

Kimberly-Clark de Mexico SA de CV Series A

2,147,775

7,062,422

Wal-Mart de Mexico SA de CV Series V

20,064,648

54,902,778

TOTAL MEXICO

331,806,759

Peru - 2.8%

Alicorp SA Class C

3,326,378

10,243,246

Compania de Minas Buenaventura SA sponsored ADR

2,095,843

29,970,555

TOTAL PERU

40,213,801

United States of America - 1.9%

BPZ Energy, Inc. (a)(d)

3,060,350

7,375,444

First Cash Financial Services, Inc. (a)

291,845

15,584,523

Gran Tierra Energy, Inc. (Canada) (a)

729,200

4,508,247

TOTAL UNITED STATES OF AMERICA

27,468,214

TOTAL COMMON STOCKS

(Cost $806,079,421)


1,137,098,904

Nonconvertible Preferred Stocks - 17.3%

 

 

 

 

Brazil - 15.7%

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

894,245

8,839,163

Banco Bradesco SA (PN)

1,313,817

15,952,279

Nonconvertible Preferred Stocks - continued

Shares

Value

Brazil - continued

Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN)

147,425

$ 6,539,082

Companhia Energetica de Sao Paulo Series A

724,800

6,382,726

Forjas Taurus SA

1,376,000

1,435,501

Itau Unibanco Holding SA

3,819,750

48,790,197

Itausa-Investimentos Itau SA (PN)

6,267,322

22,994,054

Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.)

9,159,971

65,406,855

Telefonica Brasil SA

1,225,913

25,960,005

Vale SA (PN-A)

1,777,600

21,934,136

TOTAL BRAZIL

224,233,998

Chile - 1.2%

Embotelladora Andina SA:

Class A

1,321,447

5,601,073

Class B

2,207,046

11,596,815

TOTAL CHILE

17,197,888

Colombia - 0.4%

Grupo Aval Acciones y Valores SA

2,897,449

2,095,002

Grupo de Inversiones Suramerica

161,141

3,221,544

TOTAL COLOMBIA

5,316,546

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $208,010,913)


246,748,432

Money Market Funds - 7.4%

Shares

Value

Fidelity Cash Central Fund, 0.11% (b)

36,650,913

$ 36,650,913

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

69,390,836

69,390,836

TOTAL MONEY MARKET FUNDS

(Cost $106,041,749)


106,041,749

TOTAL INVESTMENT PORTFOLIO - 104.5%

(Cost $1,120,132,083)

1,489,889,085

NET OTHER ASSETS (LIABILITIES) - (4.5)%

(64,138,560)

NET ASSETS - 100%

$ 1,425,750,525

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or 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

$ 16,190

Fidelity Securities Lending Cash Central Fund

416,771

Total

$ 432,961

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $1,121,201,473. Net unrealized appreciation aggregated $368,687,612, of which $513,067,422 related to appreciated investment securities and $144,379,810 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

July 31, 2013

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

1.917404.102
AJPNA-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%

Shares

Value

CONSUMER DISCRETIONARY - 27.2%

Auto Components - 5.0%

Bridgestone Corp.

427,100

$ 15,180,349

Calsonic Kansei Corp.

898,000

4,723,419

DENSO Corp.

135,400

6,167,746

 

26,071,514

Automobiles - 14.8%

Honda Motor Co. Ltd.

516,900

19,146,533

Nissan Motor Co. Ltd.

1,904,700

19,889,233

Toyota Motor Corp.

632,200

38,469,806

 

77,505,572

Hotels, Restaurants & Leisure - 0.5%

St. Marc Holdings Co. Ltd.

29,400

1,375,263

Toridoll.Corporation

140,100

1,448,077

 

2,823,340

Household Durables - 2.0%

Fujitsu General Ltd.

299,000

3,432,499

Panasonic Corp. (a)

794,600

7,049,190

 

10,481,689

Media - 0.5%

Daiichikosho Co. Ltd.

19,400

542,709

Tohokushinsha Film Corp.

209,700

1,961,855

 

2,504,564

Multiline Retail - 1.3%

Marui Group Co. Ltd.

696,200

6,790,634

Specialty Retail - 1.2%

Arc Land Sakamoto Co. Ltd.

121,200

1,885,278

K's Denki Corp.

131,500

4,485,854

 

6,371,132

Textiles, Apparel & Luxury Goods - 1.9%

Onward Holdings Co. Ltd.

1,118,000

10,116,923

TOTAL CONSUMER DISCRETIONARY

142,665,368

CONSUMER STAPLES - 2.2%

Food & Staples Retailing - 2.2%

Seven & i Holdings Co., Ltd.

261,600

9,885,813

Valor Co. Ltd.

106,800

1,774,728

 

11,660,541

FINANCIALS - 20.1%

Commercial Banks - 12.9%

Aozora Bank Ltd.

1,037,000

3,209,182

Mitsubishi UFJ Financial Group, Inc.

4,155,600

25,777,214

Mizuho Financial Group, Inc.

7,133,600

14,836,604

Sumitomo Mitsui Financial Group, Inc.

526,700

24,062,930

 

67,885,930

 

Shares

Value

Consumer Finance - 1.4%

ACOM Co. Ltd. (a)

71,420

$ 2,202,925

AEON Financial Service Co. Ltd. (d)

181,100

5,284,472

 

7,487,397

Insurance - 3.1%

MS&AD Insurance Group Holdings, Inc.

612,800

15,909,892

Real Estate Investment Trusts - 0.6%

Frontier Real Estate Investment Corp.

172

1,463,344

Japan Logistics Fund, Inc.

187

1,661,628

 

3,124,972

Real Estate Management & Development - 2.1%

Nomura Real Estate Holdings, Inc.

478,600

11,159,675

TOTAL FINANCIALS

105,567,866

HEALTH CARE - 8.1%

Biotechnology - 0.0%

PeptiDream, Inc. (a)

1,500

117,046

Health Care Equipment & Supplies - 2.9%

ASAHI INTECC Co. Ltd.

45,400

2,397,283

Nihon Kohden Corp.

51,100

2,150,260

Terumo Corp.

215,900

10,948,253

 

15,495,796

Health Care Providers & Services - 1.0%

Message Co. Ltd. (d)

2,043

5,016,211

Pharmaceuticals - 4.2%

Astellas Pharma, Inc.

161,000

8,632,928

Nippon Shinyaku Co. Ltd.

197,000

3,358,115

Takeda Pharmaceutical Co. Ltd.

227,500

10,165,585

 

22,156,628

TOTAL HEALTH CARE

42,785,681

INDUSTRIALS - 13.5%

Commercial Services & Supplies - 0.3%

Moshi Moshi Hotline, Inc.

123,100

1,536,393

Construction & Engineering - 0.4%

Toyo Engineering Corp.

434,000

2,007,987

Electrical Equipment - 5.6%

Fujikura Ltd.

898,000

3,283,464

Mitsubishi Electric Corp.

1,331,000

12,955,193

Nidec Corp. (d)

160,700

13,197,808

 

29,436,465

Industrial Conglomerates - 2.4%

Toshiba Corp.

2,908,000

12,622,816

Machinery - 3.5%

Kubota Corp.

345,000

5,022,313

Makita Corp.

91,300

4,765,019

NSK Ltd.

436,000

4,087,917

Sumitomo Heavy Industries Ltd.

986,000

4,592,135

 

18,467,384

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Road & Rail - 0.4%

Hitachi Transport System Ltd.

130,800

$ 1,879,640

Trading Companies & Distributors - 0.9%

Sumitomo Corp.

356,700

4,779,802

TOTAL INDUSTRIALS

70,730,487

INFORMATION TECHNOLOGY - 10.9%

Computers & Peripherals - 0.3%

Wacom Co. Ltd.

191,600

1,549,864

Electronic Equipment & Components - 7.4%

Azbil Corp.

205,800

4,420,359

ESPEC Corp.

120,700

924,574

Hamamatsu Photonics K.K.

155,600

5,411,276

Hitachi High-Technologies Corp.

144,500

3,161,260

Horiba Ltd.

264,700

9,678,541

Nichicon Corp.

225,200

2,263,270

Shimadzu Corp.

1,656,000

13,074,129

 

38,933,409

IT Services - 2.7%

Fujitsu Ltd.

2,583,000

9,919,395

Otsuka Corp.

35,100

3,972,097

 

13,891,492

Semiconductors & Semiconductor Equipment - 0.5%

NuFlare Technology, Inc. (d)

214

2,686,202

TOTAL INFORMATION TECHNOLOGY

57,060,967

MATERIALS - 12.2%

Chemicals - 10.0%

Asahi Kasei Corp.

1,716,000

10,883,832

Hitachi Chemical Co. Ltd.

363,700

6,132,864

Nihon Nohyaku Co. Ltd.

299,000

2,974,425

Nippon Shokubai Co. Ltd.

487,000

5,043,591

Nitto Denko Corp.

112,200

6,337,105

Toray Industries, Inc.

2,885,000

18,416,147

Zeon Corp.

269,000

2,926,003

 

52,713,967

Metals & Mining - 2.2%

Nippon Steel & Sumitomo Metal Corp.

3,652,000

10,630,374

Pacific Metals Co. Ltd.

210,000

937,289

 

11,567,663

TOTAL MATERIALS

64,281,630

 

Shares

Value

TELECOMMUNICATION SERVICES - 4.2%

Wireless Telecommunication Services - 4.2%

KDDI Corp.

294,500

$ 16,272,546

NTT DoCoMo, Inc.

3,736

5,690,223

 

21,962,769

UTILITIES - 0.5%

Independent Power Producers & Energy Traders - 0.5%

Electric Power Development Co. Ltd.

72,800

2,412,787

TOTAL COMMON STOCKS

(Cost $514,065,121)


519,128,096

Money Market Funds - 4.8%

 

 

 

 

Fidelity Cash Central Fund, 0.11% (b)

5,735,164

5,735,164

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

19,417,697

19,417,697

TOTAL MONEY MARKET FUNDS

(Cost $25,152,861)


25,152,861

TOTAL INVESTMENT PORTFOLIO - 103.7%

(Cost $539,217,982)

544,280,957

NET OTHER ASSETS (LIABILITIES) - (3.7)%

(19,268,026)

NET ASSETS - 100%

$ 525,012,931

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or 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

$ 14,223

Fidelity Securities Lending Cash Central Fund

77,806

Total

$ 92,029

Other Information

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 142,665,368

$ 58,110,606

$ 84,554,762

$ -

Consumer Staples

11,660,541

11,660,541

-

-

Financials

105,567,866

40,891,118

64,676,748

-

Health Care

42,785,681

42,785,681

-

-

Industrials

70,730,487

52,510,366

18,220,121

-

Information Technology

57,060,967

57,060,967

-

-

Materials

64,281,630

64,281,630

-

-

Telecommunication Services

21,962,769

16,272,546

5,690,223

-

Utilities

2,412,787

2,412,787

-

-

Money Market Funds

25,152,861

25,152,861

-

-

Total Investments in Securities:

$ 544,280,957

$ 371,139,103

$ 173,141,854

$ -

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2013. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers

Total

Level 1 to Level 2

$ 16,222,798

Level 2 to Level 1

$ 0

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $545,425,893. Net unrealized depreciation aggregated $1,144,936, of which $51,187,978 related to appreciated investment securities and $52,332,914 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Japan Fund

July 31, 2013

1.804854.109
JPN-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%

Shares

Value

CONSUMER DISCRETIONARY - 27.2%

Auto Components - 5.0%

Bridgestone Corp.

427,100

$ 15,180,349

Calsonic Kansei Corp.

898,000

4,723,419

DENSO Corp.

135,400

6,167,746

 

26,071,514

Automobiles - 14.8%

Honda Motor Co. Ltd.

516,900

19,146,533

Nissan Motor Co. Ltd.

1,904,700

19,889,233

Toyota Motor Corp.

632,200

38,469,806

 

77,505,572

Hotels, Restaurants & Leisure - 0.5%

St. Marc Holdings Co. Ltd.

29,400

1,375,263

Toridoll.Corporation

140,100

1,448,077

 

2,823,340

Household Durables - 2.0%

Fujitsu General Ltd.

299,000

3,432,499

Panasonic Corp. (a)

794,600

7,049,190

 

10,481,689

Media - 0.5%

Daiichikosho Co. Ltd.

19,400

542,709

Tohokushinsha Film Corp.

209,700

1,961,855

 

2,504,564

Multiline Retail - 1.3%

Marui Group Co. Ltd.

696,200

6,790,634

Specialty Retail - 1.2%

Arc Land Sakamoto Co. Ltd.

121,200

1,885,278

K's Denki Corp.

131,500

4,485,854

 

6,371,132

Textiles, Apparel & Luxury Goods - 1.9%

Onward Holdings Co. Ltd.

1,118,000

10,116,923

TOTAL CONSUMER DISCRETIONARY

142,665,368

CONSUMER STAPLES - 2.2%

Food & Staples Retailing - 2.2%

Seven & i Holdings Co., Ltd.

261,600

9,885,813

Valor Co. Ltd.

106,800

1,774,728

 

11,660,541

FINANCIALS - 20.1%

Commercial Banks - 12.9%

Aozora Bank Ltd.

1,037,000

3,209,182

Mitsubishi UFJ Financial Group, Inc.

4,155,600

25,777,214

Mizuho Financial Group, Inc.

7,133,600

14,836,604

Sumitomo Mitsui Financial Group, Inc.

526,700

24,062,930

 

67,885,930

 

Shares

Value

Consumer Finance - 1.4%

ACOM Co. Ltd. (a)

71,420

$ 2,202,925

AEON Financial Service Co. Ltd. (d)

181,100

5,284,472

 

7,487,397

Insurance - 3.1%

MS&AD Insurance Group Holdings, Inc.

612,800

15,909,892

Real Estate Investment Trusts - 0.6%

Frontier Real Estate Investment Corp.

172

1,463,344

Japan Logistics Fund, Inc.

187

1,661,628

 

3,124,972

Real Estate Management & Development - 2.1%

Nomura Real Estate Holdings, Inc.

478,600

11,159,675

TOTAL FINANCIALS

105,567,866

HEALTH CARE - 8.1%

Biotechnology - 0.0%

PeptiDream, Inc. (a)

1,500

117,046

Health Care Equipment & Supplies - 2.9%

ASAHI INTECC Co. Ltd.

45,400

2,397,283

Nihon Kohden Corp.

51,100

2,150,260

Terumo Corp.

215,900

10,948,253

 

15,495,796

Health Care Providers & Services - 1.0%

Message Co. Ltd. (d)

2,043

5,016,211

Pharmaceuticals - 4.2%

Astellas Pharma, Inc.

161,000

8,632,928

Nippon Shinyaku Co. Ltd.

197,000

3,358,115

Takeda Pharmaceutical Co. Ltd.

227,500

10,165,585

 

22,156,628

TOTAL HEALTH CARE

42,785,681

INDUSTRIALS - 13.5%

Commercial Services & Supplies - 0.3%

Moshi Moshi Hotline, Inc.

123,100

1,536,393

Construction & Engineering - 0.4%

Toyo Engineering Corp.

434,000

2,007,987

Electrical Equipment - 5.6%

Fujikura Ltd.

898,000

3,283,464

Mitsubishi Electric Corp.

1,331,000

12,955,193

Nidec Corp. (d)

160,700

13,197,808

 

29,436,465

Industrial Conglomerates - 2.4%

Toshiba Corp.

2,908,000

12,622,816

Machinery - 3.5%

Kubota Corp.

345,000

5,022,313

Makita Corp.

91,300

4,765,019

NSK Ltd.

436,000

4,087,917

Sumitomo Heavy Industries Ltd.

986,000

4,592,135

 

18,467,384

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Road & Rail - 0.4%

Hitachi Transport System Ltd.

130,800

$ 1,879,640

Trading Companies & Distributors - 0.9%

Sumitomo Corp.

356,700

4,779,802

TOTAL INDUSTRIALS

70,730,487

INFORMATION TECHNOLOGY - 10.9%

Computers & Peripherals - 0.3%

Wacom Co. Ltd.

191,600

1,549,864

Electronic Equipment & Components - 7.4%

Azbil Corp.

205,800

4,420,359

ESPEC Corp.

120,700

924,574

Hamamatsu Photonics K.K.

155,600

5,411,276

Hitachi High-Technologies Corp.

144,500

3,161,260

Horiba Ltd.

264,700

9,678,541

Nichicon Corp.

225,200

2,263,270

Shimadzu Corp.

1,656,000

13,074,129

 

38,933,409

IT Services - 2.7%

Fujitsu Ltd.

2,583,000

9,919,395

Otsuka Corp.

35,100

3,972,097

 

13,891,492

Semiconductors & Semiconductor Equipment - 0.5%

NuFlare Technology, Inc. (d)

214

2,686,202

TOTAL INFORMATION TECHNOLOGY

57,060,967

MATERIALS - 12.2%

Chemicals - 10.0%

Asahi Kasei Corp.

1,716,000

10,883,832

Hitachi Chemical Co. Ltd.

363,700

6,132,864

Nihon Nohyaku Co. Ltd.

299,000

2,974,425

Nippon Shokubai Co. Ltd.

487,000

5,043,591

Nitto Denko Corp.

112,200

6,337,105

Toray Industries, Inc.

2,885,000

18,416,147

Zeon Corp.

269,000

2,926,003

 

52,713,967

Metals & Mining - 2.2%

Nippon Steel & Sumitomo Metal Corp.

3,652,000

10,630,374

Pacific Metals Co. Ltd.

210,000

937,289

 

11,567,663

TOTAL MATERIALS

64,281,630

 

Shares

Value

TELECOMMUNICATION SERVICES - 4.2%

Wireless Telecommunication Services - 4.2%

KDDI Corp.

294,500

$ 16,272,546

NTT DoCoMo, Inc.

3,736

5,690,223

 

21,962,769

UTILITIES - 0.5%

Independent Power Producers & Energy Traders - 0.5%

Electric Power Development Co. Ltd.

72,800

2,412,787

TOTAL COMMON STOCKS

(Cost $514,065,121)


519,128,096

Money Market Funds - 4.8%

 

 

 

 

Fidelity Cash Central Fund, 0.11% (b)

5,735,164

5,735,164

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

19,417,697

19,417,697

TOTAL MONEY MARKET FUNDS

(Cost $25,152,861)


25,152,861

TOTAL INVESTMENT PORTFOLIO - 103.7%

(Cost $539,217,982)

544,280,957

NET OTHER ASSETS (LIABILITIES) - (3.7)%

(19,268,026)

NET ASSETS - 100%

$ 525,012,931

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or 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

$ 14,223

Fidelity Securities Lending Cash Central Fund

77,806

Total

$ 92,029

Other Information

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 142,665,368

$ 58,110,606

$ 84,554,762

$ -

Consumer Staples

11,660,541

11,660,541

-

-

Financials

105,567,866

40,891,118

64,676,748

-

Health Care

42,785,681

42,785,681

-

-

Industrials

70,730,487

52,510,366

18,220,121

-

Information Technology

57,060,967

57,060,967

-

-

Materials

64,281,630

64,281,630

-

-

Telecommunication Services

21,962,769

16,272,546

5,690,223

-

Utilities

2,412,787

2,412,787

-

-

Money Market Funds

25,152,861

25,152,861

-

-

Total Investments in Securities:

$ 544,280,957

$ 371,139,103

$ 173,141,854

$ -

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2013. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers

Total

Level 1 to Level 2

$ 16,222,798

Level 2 to Level 1

$ 0

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $545,425,893. Net unrealized depreciation aggregated $1,144,936, of which $51,187,978 related to appreciated investment securities and $52,332,914 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Emerging Asia Fund

July 31, 2013

1.804844.109
SEA-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%

Shares

Value

Australia - 0.1%

Fortescue Metals Group Ltd.

377,732

$ 1,242,659

Bermuda - 1.9%

BW Offshore Ltd.

852,700

1,125,782

Cafe de Coral Holdings Ltd.

990,000

3,216,772

CSI Properties Ltd.

26,860,000

1,108,257

Genting Hong Kong Ltd. (a)

1,921,000

845,240

Great Eagle Holdings Ltd.

1,575,000

5,970,525

Hongkong Land Holdings Ltd.

612,000

4,143,240

Jardine Matheson Holdings Ltd.

19,200

1,050,816

Luk Fook Holdings International Ltd.

274,000

766,646

Mandarin Oriental International Ltd.

179,000

284,610

Orient Overseas International Ltd.

247,000

1,371,054

Oriental Watch Holdings Ltd.

5,018,000

1,533,429

TOTAL BERMUDA

21,416,371

Cayman Islands - 10.4%

AAC Acoustic Technology Holdings, Inc.

476,500

2,217,965

Baidu.com, Inc. sponsored ADR (a)

46,800

6,192,108

Baoxin Auto Group Ltd.

2,546,500

1,871,557

Bitauto Holdings Ltd. ADR (a)

16,103

193,880

Chailease Holding Co. Ltd.

551,000

1,318,947

China Mengniu Dairy Co. Ltd.

1,159,000

4,640,125

China Resources Cement Holdings Ltd.

3,342,000

1,809,841

China Sanjiang Fine Chemicals

3,579,000

1,767,442

Chu Kong Petroleum & Natural Gas Steel Pipe Holdings Ltd.

483,000

123,310

Cimc Enric Holdings Ltd.

622,000

788,367

Country Garden Holdings Co. Ltd.

8,740,000

4,935,943

Ctrip.com International Ltd. sponsored ADR (a)

71,600

2,622,708

ENN Energy Holdings Ltd.

308,000

1,705,684

Greatview Aseptic Pack Co. Ltd.

1,039,000

625,629

Greentown China Holdings Ltd.

875,500

1,738,447

Haitian International Holdings Ltd.

1,640,000

2,770,127

Hengan International Group Co. Ltd.

940,000

10,326,474

Ju Teng International Holdings Ltd.

3,326,000

1,616,770

Kingsoft Corp. Ltd.

623,000

1,073,196

KWG Property Holding Ltd.

5,266,000

3,021,520

Lee & Man Paper Manufacturing Ltd.

6,582,000

4,285,819

Lifestyle International Holdings Ltd.

2,020,000

4,808,035

Melco PBL Entertainment (Macau) Ltd. sponsored ADR (a)(d)

208,700

5,192,456

Pactera Technology International Ltd. ADR

63,614

426,214

SINA Corp. (a)

9,000

620,730

SouFun Holdings Ltd. ADR

72,200

2,509,672

Springland International Holdings Ltd.

13,822,000

7,146,606

SPT Energy Group, Inc.

1,568,000

932,034

Tencent Holdings Ltd.

716,200

32,487,385

TPK Holding Co. Ltd.

305,000

3,584,347

Value Partners Group Ltd.

1,536,000

851,617

 

Shares

Value

Wynn Macau Ltd.

1,232,000

$ 3,494,765

Zhen Ding Technology Holding Ltd.

200,550

451,981

TOTAL CAYMAN ISLANDS

118,151,701

China - 13.6%

Angang Steel Co. Ltd. (H Shares) (a)

4,996,000

2,769,973

China BlueChemical Ltd. (H Shares)

2,696,000

1,244,479

China Communications Construction Co. Ltd. (H Shares)

4,992,000

3,816,927

China Communications Services Corp. Ltd. (H Shares)

10,644,000

6,917,035

China Construction Bank Corp. (H Shares)

35,143,000

26,236,264

China Eastern Airlines Corp. Ltd. (H Shares) (a)

2,084,000

639,528

China Longyuan Power Grid Corp. Ltd. (H Shares)

3,430,000

3,613,273

China Merchants Bank Co. Ltd. (H Shares)

3,906,000

6,567,415

China Pacific Insurance Group Co. Ltd. (H Shares)

2,319,600

7,761,311

China Railway Construction Corp. Ltd. (H Shares)

5,516,000

5,611,589

China Railway Group Ltd. (H Shares)

8,372,000

4,501,423

China Shenhua Energy Co. Ltd. (H Shares)

3,305,000

9,545,619

China Suntien Green Energy Corp. Ltd. (H Shares)

11,634,000

4,215,217

Great Wall Motor Co. Ltd. (H Shares)

1,604,500

7,489,156

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

2,322,800

3,611,967

Harbin Power Equipment Co. Ltd. (H Shares)

3,204,000

1,970,586

Huaneng Power International, Inc. (H Shares)

5,182,000

5,403,829

Industrial & Commercial Bank of China Ltd. (H Shares)

29,741,000

19,557,365

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

4,786,000

1,135,469

PetroChina Co. Ltd. (H Shares)

16,588,000

19,376,825

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

1,526,500

9,880,641

Sinotrans Ltd. (H Shares)

13,105,000

2,467,030

TOTAL CHINA

154,332,921

Hong Kong - 13.7%

AIA Group Ltd.

7,579,000

35,913,179

Champion (REIT)

5,482,000

2,410,338

China Mobile Ltd.

3,420,500

36,387,146

China Pharmaceutical Group Ltd.

2,112,000

1,111,063

China Resources Power Holdings Co. Ltd.

3,662,000

8,527,479

City Telecom (HK) Ltd. (CTI)

4,592,000

1,456,537

Dah Chong Hong Holdings Ltd.

2,441,000

1,847,526

Dah Sing Banking Group Ltd.

717,200

832,276

Fosun International Ltd.

2,724,500

2,065,612

Galaxy Entertainment Group Ltd. (a)

2,251,000

11,856,381

Hysan Development Co. Ltd.

1,413,000

6,003,191

Common Stocks - continued

Shares

Value

Hong Kong - continued

Lenovo Group Ltd.

4,708,000

$ 4,291,810

Magnificent Estates Ltd.

5,808,000

269,596

Melco International Development Ltd.

2,185,000

4,406,287

New World Development Co. Ltd.

3,441,053

5,031,402

New World Development Co. Ltd. rights (a)

45,138

0

PCCW Ltd.

13,634,000

6,205,583

Singamas Container Holdings Ltd.

7,926,000

1,706,692

SinoMedia Holding Ltd.

644,000

569,632

Vitasoy International Holdings Ltd.

2,648,000

3,243,592

Wharf Holdings Ltd.

1,270,000

10,930,489

Wheelock and Co. Ltd.

1,036,000

5,396,668

Wing Hang Bank Ltd.

558,000

5,173,062

TOTAL HONG KONG

155,635,541

India - 5.3%

Apollo Tyres Ltd.

1,283,836

1,419,804

Axis Bank Ltd.

158,041

2,686,736

Bharat Heavy Electricals Ltd.

1,174,000

3,053,885

Coal India Ltd.

779,948

3,608,485

Cox & Kings India Ltd.

520,737

853,134

Dena Bank

700,608

621,131

Hathway Cable & Datacom Ltd. (a)

496,724

2,226,708

Havells India Ltd.

67,524

675,129

HCL Infosystems Ltd. (a)

1,194,352

584,861

HDFC Bank Ltd.

1,022,112

10,245,622

Housing Development Finance Corp. Ltd.

967,158

12,721,413

IL&FS Transportation Networks Ltd.

101,215

200,168

Mahindra & Mahindra Financial Services Ltd.

520,505

1,998,455

Maruti Suzuki India Ltd.

153,790

3,359,307

McLeod Russel India Ltd.

461,623

2,173,281

MindTree Consulting Ltd.

109,961

1,734,025

MRF Ltd.

3,793

823,824

Muthoot Finance Ltd. (a)

484,741

607,768

NIIT Technologies Ltd.

251,348

992,092

NTPC Ltd.

1,782,832

3,829,038

Shriram City Union Finance Ltd.

116,415

1,779,081

Sintex Industries Ltd. (a)

995,561

430,256

Tata Chemicals Ltd.

116,502

494,495

United Phosphorous Ltd.

1,019,892

2,134,307

Zydus Wellness Ltd.

30,317

303,643

TOTAL INDIA

59,556,648

Indonesia - 4.0%

PT ACE Hardware Indonesia Tbk

17,735,000

1,242,443

PT Bank Negara Indonesia (Persero) Tbk

5,389,000

2,241,595

PT Bank Rakyat Indonesia Tbk

17,245,000

13,842,993

PT BISI International Tbk

6,945,000

418,964

PT Express Transindo Utama Tbk

4,144,000

637,074

PT Kalbe Farma Tbk

30,709,500

4,272,889

PT Lippo Karawaci Tbk

7,625,500

949,710

 

Shares

Value

PT Pembangunan Perumahan Persero Tbk

26,243,000

$ 3,625,890

PT Semen Gresik (Persero) Tbk

2,534,500

3,748,424

PT Surya Semesta Internusa Tbk

4,293,000

392,646

PT Telkomunikasi Indonesia Tbk Series B

10,510,500

12,159,481

PT Tempo Scan Pacific Tbk

3,462,000

1,381,096

TOTAL INDONESIA

44,913,205

Japan - 0.3%

Fuji Media Holdings, Inc.

612

1,108,238

Suzuki Motor Corp.

107,900

2,590,878

TOTAL JAPAN

3,699,116

Korea (South) - 17.1%

Chong Kun Dang Pharmaceutical Corp.

37,927

2,372,757

CJ CGV Co. Ltd.

27,800

1,187,505

CJ Corp.

66,292

6,754,856

CJ Home Shopping

3,846

1,252,679

Daesang Corp.

29,890

937,637

DGB Financial Group Co. Ltd.

664,340

9,961,846

Hotel Shilla Co.

69,080

4,088,119

Hyundai Motor Co.

109,164

22,586,654

Hyundai Steel Co.

63,185

3,846,091

Korea Electric Power Corp. (a)

230,330

5,878,485

Korea Investment Holdings Co. Ltd.

38,980

1,408,372

LG Home Shopping, Inc.

4,127

911,561

LG International Corp.

176,399

4,827,149

LG Telecom Ltd. (a)

459,640

5,603,868

Lotte Samkang Co. Ltd.

12,353

6,573,901

NHN Corp.

34,654

9,051,300

POSCO

52,407

15,048,426

Samsung Electronics Co. Ltd.

51,029

58,126,818

Samsung Heavy Industries Co. Ltd.

335,650

11,933,091

Samsung Techwin Co. Ltd.

40,536

2,539,587

SBS Contents Hub Co. Ltd.

48,411

609,607

Shinhan Financial Group Co. Ltd.

303,610

11,064,527

SK Telecom Co. Ltd.

24,604

4,819,504

Soulbrain Co. Ltd.

77,732

3,157,840

TOTAL KOREA (SOUTH)

194,542,180

Malaysia - 4.0%

British American Tobacco (Malaysia) Bhd

123,900

2,339,464

Bumiputra-Commerce Holdings Bhd

5,632,200

13,653,292

DiGi.com Bhd

275,800

395,032

Glomac Bhd

6,202,100

2,292,475

Malayan Banking Bhd

2,785,900

8,804,354

Malaysian Plantations Bhd

2,269,400

3,746,799

Tenaga Nasional Bhd

2,508,900

6,870,205

TIME dotCom Bhd

1,149,500

1,324,235

UMW Holdings Bhd

667,400

2,849,273

YTL Corp. Bhd

6,337,400

3,259,959

TOTAL MALAYSIA

45,535,088

Papua New Guinea - 0.2%

Oil Search Ltd. ADR

273,423

1,990,707

Common Stocks - continued

Shares

Value

Philippines - 1.3%

Cebu Air, Inc.

996,000

$ 1,440,704

Holcim Philippines, Inc.

399,400

124,462

Manila Water Co., Inc.

8,109,800

6,075,351

PUREGOLD Price Club, Inc.

2,699,400

2,544,084

Security Bank Corp.

1,226,330

4,064,247

Vista Land & Lifescapes, Inc.

5,386,700

712,854

TOTAL PHILIPPINES

14,961,702

Singapore - 6.7%

Ascendas Real Estate Investment Trust

4,427,000

8,012,039

Ezion Holdings Ltd.

411,000

717,960

First Resources Ltd.

1,311,000

1,733,076

Keppel Corp. Ltd.

1,783,000

14,521,029

Mapletree Industrial (REIT)

6,058,496

6,435,826

Mapletree Logistics Trust (REIT)

4,553,816

3,816,197

Singapore Airport Terminal Service Ltd.

552,000

1,442,058

Singapore Post Ltd.

1,373,000

1,420,699

StarHub Ltd.

1,560,000

5,401,109

United Overseas Bank Ltd.

1,003,000

16,936,995

UOL Group Ltd.

1,663,000

9,133,840

Wing Tai Holdings Ltd.

1,882,000

3,154,314

Yanlord Land Group Ltd.

3,322,000

3,228,288

TOTAL SINGAPORE

75,953,430

Taiwan - 11.3%

Catcher Technology Co. Ltd.

1,107,000

4,797,800

Chicony Electronics Co. Ltd.

2,107,955

5,045,880

Chinatrust Financial Holding Co. Ltd.

17,545,471

11,581,941

Chipbond Technology Corp.

1,693,000

3,736,509

ECLAT Textile Co. Ltd.

167,000

1,286,114

Far EasTone Telecommunications Co. Ltd.

1,389,000

3,537,910

Fubon Financial Holding Co. Ltd.

8,309,000

11,662,240

LITE-ON Technology Corp.

3,042,000

5,172,262

MediaTek, Inc.

903,000

10,837,806

PChome Online, Inc.

290,000

1,653,276

Pegatron Corp. (a)

1,526,000

2,253,769

Sinopac Holdings Co.

6,992,000

3,519,893

Taishin Financial Holdings Co. Ltd.

15,064,000

7,005,928

Taiwan Hon Chuan Enterprise Co. Ltd.

547,000

1,214,542

Taiwan Semiconductor Manufacturing Co. Ltd.

13,516,192

45,951,340

Unified-President Enterprises Corp.

3,814,030

7,781,918

Wowprime Corp.

55,000

756,376

TOTAL TAIWAN

127,795,504

Thailand - 7.7%

Advanced Info Service PCL (For. Reg.)

1,272,600

11,580,172

Airports of Thailand PCL (For. Reg.)

1,020,700

5,800,913

Amata Corp. PCL (For. Reg.)

3,598,900

1,941,935

Banpu PCL NVDR unit

164,900

1,216,216

Delta Electronics PCL (For. Reg.)

966,800

1,381,363

 

Shares

Value

Kasikornbank PCL:

NVDR

225,600

$ 1,314,559

(For. Reg.)

1,916,500

11,442,704

Minor International PCL (For. Reg.)

1,206,400

885,926

Preuksa Real Estate PCL (For. Reg.)

5,515,700

3,310,829

PTT Global Chemical PCL (For. Reg.)

2,556,638

5,387,551

PTT PCL (For. Reg.)

1,314,300

13,889,952

Siam Cement PCL NVDR unit

668,300

9,772,714

Siam Commercial Bank PCL (For. Reg.)

2,189,000

11,077,794

Thai Beverage PCL

14,650,000

6,224,968

Thai Union Frozen Products PCL (For. Reg.)

1,037,800

1,863,865

Toyo-Thai Corp. PCL NVDR

120,100

121,749

TOTAL THAILAND

87,213,210

United Kingdom - 0.5%

HSBC Holdings PLC (Hong Kong)

491,489

5,561,975

United States of America - 0.5%

China Natural Gas, Inc. (a)

84,700

50,820

Las Vegas Sands Corp.

107,600

5,979,332

TOTAL UNITED STATES OF AMERICA

6,030,152

TOTAL COMMON STOCKS

(Cost $1,082,880,368)


1,118,532,110

Money Market Funds - 0.9%

 

 

 

 

Fidelity Cash Central Fund, 0.11% (b)

6,965,306

6,965,306

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

3,605,700

3,605,700

TOTAL MONEY MARKET FUNDS

(Cost $10,571,006)


10,571,006

TOTAL INVESTMENT PORTFOLIO - 99.5%

(Cost $1,093,451,374)

1,129,103,116

NET OTHER ASSETS (LIABILITIES) - 0.5%

6,015,205

NET ASSETS - 100%

$ 1,135,118,321

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or 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

$ 23,634

Fidelity Securities Lending Cash Central Fund

13,177

Total

$ 36,811

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 115,085,814

$ 111,726,507

$ 3,359,307

$ -

Consumer Staples

51,104,992

51,104,992

-

-

Energy

56,742,107

37,365,282

19,376,825

-

Financials

390,934,631

363,441,376

27,493,255

-

Health Care

9,137,805

9,137,805

-

-

Industrials

86,511,022

86,511,022

-

-

Information Technology

207,594,766

152,592,126

45,951,340

9,051,300

Materials

61,875,775

46,827,349

15,048,426

-

Telecommunication Services

94,331,075

40,964,944

53,366,131

-

Utilities

45,214,123

33,931,809

11,282,314

-

Money Market Funds

10,571,006

10,571,006

-

-

Total Investments in Securities:

$ 1,129,103,116

$ 944,174,218

$ 175,877,598

$ 9,051,300

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $1,097,768,816. Net unrealized appreciation aggregated $31,334,300, of which $117,731,873 related to appreciated investment securities and $86,397,573 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor® China Region Fund:
Class A
Class T
Class B
Class C
Institutional Class

July 31, 2013

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

1.861466.105
AHKC-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.7%

Shares

Value

CONSUMER DISCRETIONARY - 25.5%

Automobiles - 4.4%

Chongqing Changan Automobile Co. Ltd. (B Shares)

28,113,686

$ 31,827,088

Geely Automobile Holdings Ltd.

15,170,000

6,337,459

Great Wall Motor Co. Ltd. (H Shares)

1,600,000

7,468,152

Guangzhou Automobile Group Co. Ltd. (H Shares)

12,000,000

11,650,936

 

57,283,635

Hotels, Restaurants & Leisure - 7.1%

Galaxy Entertainment Group Ltd. (a)

3,951,000

20,810,556

Hotel Shilla Co.

132,714

7,853,946

Melco International Development Ltd.

7,009,000

14,134,401

Melco PBL Entertainment (Macau) Ltd. sponsored ADR (a)

403,400

10,036,592

Sands China Ltd.

4,291,800

23,214,324

Wynn Macau Ltd.

6,210,800

17,617,928

 

93,667,747

Household Durables - 2.8%

Skyworth Digital Holdings Ltd.

20,416,000

10,424,385

Techtronic Industries Co. Ltd.

10,728,000

26,254,247

 

36,678,632

Internet & Catalog Retail - 1.8%

Ctrip.com International Ltd. sponsored ADR (a)(d)

630,916

23,110,453

Leisure Equipment & Products - 1.1%

Goodbaby International Holdings Ltd. (d)

16,000,000

6,127,186

Merida Industry Co. Ltd.

1,309,450

8,731,122

 

14,858,308

Media - 1.5%

ChinaVision Media Group Ltd. (a)

110,780,000

6,784,839

Fuji Media Holdings, Inc.

3,500

6,337,963

SinoMedia Holding Ltd.

8,000,000

7,076,177

 

20,198,979

Multiline Retail - 1.7%

Lifestyle International Holdings Ltd.

3,953,500

9,410,182

Springland International Holdings Ltd.

25,897,000

13,389,934

 

22,800,116

Specialty Retail - 1.7%

Baoxin Auto Group Ltd. (d)

16,994,000

12,489,788

Chow Tai Fook Jewellery Group Ltd.

2,386,200

3,042,900

Oriental Watch Holdings Ltd.

20,482,000

6,259,005

 

21,791,693

Textiles, Apparel & Luxury Goods - 3.4%

ECLAT Textile Co. Ltd.

1,457,000

11,220,770

 

Shares

Value

Prada SpA

2,899,200

$ 27,064,583

Shenzhou International Group Holdings Ltd.

2,046,000

5,790,616

 

44,075,969

TOTAL CONSUMER DISCRETIONARY

334,465,532

CONSUMER STAPLES - 0.6%

Food Products - 0.6%

China Mengniu Dairy Co. Ltd.

2,000,000

8,007,117

ENERGY - 5.9%

Energy Equipment & Services - 1.4%

China Oilfield Services Ltd. (H Shares)

3,520,000

7,924,493

Hilong Holding Ltd.

5,400,000

3,161,071

SPT Energy Group, Inc.

11,460,000

6,811,929

 

17,897,493

Oil, Gas & Consumable Fuels - 4.5%

PetroChina Co. Ltd. (H Shares)

22,300,000

26,049,144

Sinopec Kantons Holdings Ltd. (d)

36,108,000

32,916,030

 

58,965,174

TOTAL ENERGY

76,862,667

FINANCIALS - 25.6%

Capital Markets - 0.1%

Wuliangye Yibin Co. Ltd.(UBS Warrant Programme) warrants 4/18/14 (a)

345,100

1,067,018

Commercial Banks - 11.1%

BOC Hong Kong (Holdings) Ltd.

8,252,000

25,908,531

China Construction Bank Corp. (H Shares)

69,778,000

52,093,277

Industrial & Commercial Bank of China Ltd. (H Shares)

84,318,000

55,446,619

Wing Hang Bank Ltd.

904,500

8,385,367

Wuliangye Yibin Co. Ltd. (BNP Paribas Warrant Program) warrants 8/20/13 (a)

1,351,900

4,179,952

 

146,013,746

Insurance - 7.5%

AIA Group Ltd.

14,982,600

70,995,223

China Pacific Insurance Group Co. Ltd. (H Shares)

7,999,200

26,765,078

 

97,760,301

Real Estate Investment Trusts - 0.5%

Champion (REIT)

15,000,000

6,595,234

Real Estate Management & Development - 6.4%

CSI Properties Ltd.

194,430,000

8,022,281

Great Eagle Holdings Ltd.

2,150,000

8,150,240

Greentown China Holdings Ltd.

4,400,000

8,736,913

Hopson Development Holdings Ltd. (a)

17,266,000

20,192,199

New World Development Co. Ltd. rights (a)

80,400

0

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate Management & Development - continued

Shimao Property Holdings Ltd.

3,908,500

$ 8,234,681

SPG Land (Holdings) Ltd.

15,000,000

13,906,081

Sun Hung Kai Properties Ltd.

1,282,000

17,108,541

 

84,350,936

TOTAL FINANCIALS

335,787,235

HEALTH CARE - 2.3%

Health Care Equipment & Supplies - 0.4%

Pacific Hospital Supply Co. Ltd.

1,300,000

4,680,780

Pharmaceuticals - 1.9%

China Pharmaceutical Group Ltd.

26,500,000

13,940,894

Lee's Pharmaceutical Holdings Ltd.

3,205,000

2,640,666

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

2,376,000

8,271,700

 

24,853,260

TOTAL HEALTH CARE

29,534,040

INDUSTRIALS - 5.3%

Commercial Services & Supplies - 0.7%

Cleanaway Co. Ltd.

1,409,000

9,300,950

Construction & Engineering - 1.3%

China State Construction International Holdings Ltd.

10,482,000

16,705,029

Machinery - 1.2%

Cimc Enric Holdings Ltd.

12,400,000

15,716,643

Marine - 1.7%

China Shipping Development Co. Ltd. (H Shares) (a)

31,444,000

13,703,739

Orient Overseas International Ltd.

1,506,500

8,362,322

 

22,066,061

Transportation Infrastructure - 0.4%

Airports of Thailand PCL (For. Reg.)

1,041,000

5,916,283

TOTAL INDUSTRIALS

69,704,966

INFORMATION TECHNOLOGY - 20.2%

Communications Equipment - 1.0%

KMC Kuei Meng International, Inc. (a)

3,000,000

13,202,200

Computers & Peripherals - 2.9%

Advantech Co. Ltd.

2,854,000

13,796,633

Lenovo Group Ltd.

18,902,000

17,231,051

LITE-ON Technology Corp.

4,124,000

7,011,969

 

38,039,653

Electronic Equipment & Components - 0.2%

Tong Hsing Electronics Industries Ltd.

666,000

3,241,740

 

Shares

Value

Internet Software & Services - 7.0%

Baidu.com, Inc. sponsored ADR (a)

30,000

$ 3,969,300

SINA Corp. (a)

40,000

2,758,800

Tencent Holdings Ltd.

1,677,200

76,079,086

Yahoo!, Inc. (a)

300,000

8,427,000

 

91,234,186

Semiconductors & Semiconductor Equipment - 9.1%

Chipbond Technology Corp.

6,011,000

13,266,484

Inotera Memories, Inc. (a)

16,657,000

6,247,416

MediaTek, Inc.

816,000

9,793,632

Novatek Microelectronics Corp.

2,674,000

11,812,135

Taiwan Semiconductor Manufacturing Co. Ltd.

22,911,796

77,893,816

 

119,013,483

TOTAL INFORMATION TECHNOLOGY

264,731,262

MATERIALS - 7.6%

Chemicals - 0.6%

Taiwan Fertilizer Co. Ltd.

3,015,000

7,367,878

Construction Materials - 2.9%

Anhui Conch Cement Co. Ltd. (H Shares)

8,398,000

24,850,959

Asia Cement (China) Holdings Corp.

6,409,500

2,785,086

BBMG Corp. (H Shares)

16,845,000

10,599,257

 

38,235,302

Containers & Packaging - 0.9%

Greatview Aseptic Pack Co. Ltd. (d)

19,157,000

11,535,302

Metals & Mining - 2.5%

Angang Steel Co. Ltd. (H Shares) (a)(d)

43,000,000

23,840,838

Maanshan Iron & Steel Ltd. (H Shares) (a)(d)

40,000,000

9,489,917

 

33,330,755

Paper & Forest Products - 0.7%

Lee & Man Paper Manufacturing Ltd.

15,012,000

9,774,950

TOTAL MATERIALS

100,244,187

TELECOMMUNICATION SERVICES - 1.1%

Wireless Telecommunication Services - 1.1%

Far EasTone Telecommunications Co. Ltd.

5,582,000

14,217,863

UTILITIES - 2.6%

Electric Utilities - 0.8%

Power Assets Holdings Ltd.

1,173,500

10,538,743

Common Stocks - continued

Shares

Value

UTILITIES - continued

Independent Power Producers & Energy Traders - 1.8%

China Longyuan Power Grid Corp. Ltd. (H Shares)

8,487,000

$ 8,940,480

Huadian Fuxin Energy Corp. Ltd.

43,672,000

14,021,259

 

22,961,739

TOTAL UTILITIES

33,500,482

TOTAL COMMON STOCKS

(Cost $1,032,711,717)


1,267,055,351

Money Market Funds - 4.5%

 

 

 

 

Fidelity Cash Central Fund, 0.11% (b)

46,082,763

46,082,763

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

13,240,630

13,240,630

TOTAL MONEY MARKET FUNDS

(Cost $59,323,393)


59,323,393

TOTAL INVESTMENT PORTFOLIO - 101.2%

(Cost $1,092,035,110)

1,326,378,744

NET OTHER ASSETS (LIABILITIES) - (1.2)%

(15,496,756)

NET ASSETS - 100%

$ 1,310,881,988

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or 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

$ 43,651

Fidelity Securities Lending Cash Central Fund

30,238

Total

$ 73,889

Other Information

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 334,465,532

$ 334,465,532

$ -

$ -

Consumer Staples

8,007,117

8,007,117

-

-

Energy

76,862,667

50,813,523

26,049,144

-

Financials

335,787,235

330,540,265

5,246,970

-

Health Care

29,534,040

29,534,040

-

-

Industrials

69,704,966

69,704,966

-

-

Information Technology

264,731,262

186,837,446

77,893,816

-

Materials

100,244,187

100,244,187

-

-

Telecommunication Services

14,217,863

14,217,863

-

-

Utilities

33,500,482

33,500,482

-

-

Money Market Funds

59,323,393

59,323,393

-

-

Total Investments in Securities:

$ 1,326,378,744

$ 1,217,188,814

$ 109,189,930

$ -

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $1,095,302,282. Net unrealized appreciation aggregated $231,076,462, of which $271,179,180 related to appreciated investment securities and $40,102,718 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® China Region Fund

July 31, 2013

1.804836.109
HKC-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.7%

Shares

Value

CONSUMER DISCRETIONARY - 25.5%

Automobiles - 4.4%

Chongqing Changan Automobile Co. Ltd. (B Shares)

28,113,686

$ 31,827,088

Geely Automobile Holdings Ltd.

15,170,000

6,337,459

Great Wall Motor Co. Ltd. (H Shares)

1,600,000

7,468,152

Guangzhou Automobile Group Co. Ltd. (H Shares)

12,000,000

11,650,936

 

57,283,635

Hotels, Restaurants & Leisure - 7.1%

Galaxy Entertainment Group Ltd. (a)

3,951,000

20,810,556

Hotel Shilla Co.

132,714

7,853,946

Melco International Development Ltd.

7,009,000

14,134,401

Melco PBL Entertainment (Macau) Ltd. sponsored ADR (a)

403,400

10,036,592

Sands China Ltd.

4,291,800

23,214,324

Wynn Macau Ltd.

6,210,800

17,617,928

 

93,667,747

Household Durables - 2.8%

Skyworth Digital Holdings Ltd.

20,416,000

10,424,385

Techtronic Industries Co. Ltd.

10,728,000

26,254,247

 

36,678,632

Internet & Catalog Retail - 1.8%

Ctrip.com International Ltd. sponsored ADR (a)(d)

630,916

23,110,453

Leisure Equipment & Products - 1.1%

Goodbaby International Holdings Ltd. (d)

16,000,000

6,127,186

Merida Industry Co. Ltd.

1,309,450

8,731,122

 

14,858,308

Media - 1.5%

ChinaVision Media Group Ltd. (a)

110,780,000

6,784,839

Fuji Media Holdings, Inc.

3,500

6,337,963

SinoMedia Holding Ltd.

8,000,000

7,076,177

 

20,198,979

Multiline Retail - 1.7%

Lifestyle International Holdings Ltd.

3,953,500

9,410,182

Springland International Holdings Ltd.

25,897,000

13,389,934

 

22,800,116

Specialty Retail - 1.7%

Baoxin Auto Group Ltd. (d)

16,994,000

12,489,788

Chow Tai Fook Jewellery Group Ltd.

2,386,200

3,042,900

Oriental Watch Holdings Ltd.

20,482,000

6,259,005

 

21,791,693

Textiles, Apparel & Luxury Goods - 3.4%

ECLAT Textile Co. Ltd.

1,457,000

11,220,770

 

Shares

Value

Prada SpA

2,899,200

$ 27,064,583

Shenzhou International Group Holdings Ltd.

2,046,000

5,790,616

 

44,075,969

TOTAL CONSUMER DISCRETIONARY

334,465,532

CONSUMER STAPLES - 0.6%

Food Products - 0.6%

China Mengniu Dairy Co. Ltd.

2,000,000

8,007,117

ENERGY - 5.9%

Energy Equipment & Services - 1.4%

China Oilfield Services Ltd. (H Shares)

3,520,000

7,924,493

Hilong Holding Ltd.

5,400,000

3,161,071

SPT Energy Group, Inc.

11,460,000

6,811,929

 

17,897,493

Oil, Gas & Consumable Fuels - 4.5%

PetroChina Co. Ltd. (H Shares)

22,300,000

26,049,144

Sinopec Kantons Holdings Ltd. (d)

36,108,000

32,916,030

 

58,965,174

TOTAL ENERGY

76,862,667

FINANCIALS - 25.6%

Capital Markets - 0.1%

Wuliangye Yibin Co. Ltd.(UBS Warrant Programme) warrants 4/18/14 (a)

345,100

1,067,018

Commercial Banks - 11.1%

BOC Hong Kong (Holdings) Ltd.

8,252,000

25,908,531

China Construction Bank Corp. (H Shares)

69,778,000

52,093,277

Industrial & Commercial Bank of China Ltd. (H Shares)

84,318,000

55,446,619

Wing Hang Bank Ltd.

904,500

8,385,367

Wuliangye Yibin Co. Ltd. (BNP Paribas Warrant Program) warrants 8/20/13 (a)

1,351,900

4,179,952

 

146,013,746

Insurance - 7.5%

AIA Group Ltd.

14,982,600

70,995,223

China Pacific Insurance Group Co. Ltd. (H Shares)

7,999,200

26,765,078

 

97,760,301

Real Estate Investment Trusts - 0.5%

Champion (REIT)

15,000,000

6,595,234

Real Estate Management & Development - 6.4%

CSI Properties Ltd.

194,430,000

8,022,281

Great Eagle Holdings Ltd.

2,150,000

8,150,240

Greentown China Holdings Ltd.

4,400,000

8,736,913

Hopson Development Holdings Ltd. (a)

17,266,000

20,192,199

New World Development Co. Ltd. rights (a)

80,400

0

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate Management & Development - continued

Shimao Property Holdings Ltd.

3,908,500

$ 8,234,681

SPG Land (Holdings) Ltd.

15,000,000

13,906,081

Sun Hung Kai Properties Ltd.

1,282,000

17,108,541

 

84,350,936

TOTAL FINANCIALS

335,787,235

HEALTH CARE - 2.3%

Health Care Equipment & Supplies - 0.4%

Pacific Hospital Supply Co. Ltd.

1,300,000

4,680,780

Pharmaceuticals - 1.9%

China Pharmaceutical Group Ltd.

26,500,000

13,940,894

Lee's Pharmaceutical Holdings Ltd.

3,205,000

2,640,666

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

2,376,000

8,271,700

 

24,853,260

TOTAL HEALTH CARE

29,534,040

INDUSTRIALS - 5.3%

Commercial Services & Supplies - 0.7%

Cleanaway Co. Ltd.

1,409,000

9,300,950

Construction & Engineering - 1.3%

China State Construction International Holdings Ltd.

10,482,000

16,705,029

Machinery - 1.2%

Cimc Enric Holdings Ltd.

12,400,000

15,716,643

Marine - 1.7%

China Shipping Development Co. Ltd. (H Shares) (a)

31,444,000

13,703,739

Orient Overseas International Ltd.

1,506,500

8,362,322

 

22,066,061

Transportation Infrastructure - 0.4%

Airports of Thailand PCL (For. Reg.)

1,041,000

5,916,283

TOTAL INDUSTRIALS

69,704,966

INFORMATION TECHNOLOGY - 20.2%

Communications Equipment - 1.0%

KMC Kuei Meng International, Inc. (a)

3,000,000

13,202,200

Computers & Peripherals - 2.9%

Advantech Co. Ltd.

2,854,000

13,796,633

Lenovo Group Ltd.

18,902,000

17,231,051

LITE-ON Technology Corp.

4,124,000

7,011,969

 

38,039,653

Electronic Equipment & Components - 0.2%

Tong Hsing Electronics Industries Ltd.

666,000

3,241,740

 

Shares

Value

Internet Software & Services - 7.0%

Baidu.com, Inc. sponsored ADR (a)

30,000

$ 3,969,300

SINA Corp. (a)

40,000

2,758,800

Tencent Holdings Ltd.

1,677,200

76,079,086

Yahoo!, Inc. (a)

300,000

8,427,000

 

91,234,186

Semiconductors & Semiconductor Equipment - 9.1%

Chipbond Technology Corp.

6,011,000

13,266,484

Inotera Memories, Inc. (a)

16,657,000

6,247,416

MediaTek, Inc.

816,000

9,793,632

Novatek Microelectronics Corp.

2,674,000

11,812,135

Taiwan Semiconductor Manufacturing Co. Ltd.

22,911,796

77,893,816

 

119,013,483

TOTAL INFORMATION TECHNOLOGY

264,731,262

MATERIALS - 7.6%

Chemicals - 0.6%

Taiwan Fertilizer Co. Ltd.

3,015,000

7,367,878

Construction Materials - 2.9%

Anhui Conch Cement Co. Ltd. (H Shares)

8,398,000

24,850,959

Asia Cement (China) Holdings Corp.

6,409,500

2,785,086

BBMG Corp. (H Shares)

16,845,000

10,599,257

 

38,235,302

Containers & Packaging - 0.9%

Greatview Aseptic Pack Co. Ltd. (d)

19,157,000

11,535,302

Metals & Mining - 2.5%

Angang Steel Co. Ltd. (H Shares) (a)(d)

43,000,000

23,840,838

Maanshan Iron & Steel Ltd. (H Shares) (a)(d)

40,000,000

9,489,917

 

33,330,755

Paper & Forest Products - 0.7%

Lee & Man Paper Manufacturing Ltd.

15,012,000

9,774,950

TOTAL MATERIALS

100,244,187

TELECOMMUNICATION SERVICES - 1.1%

Wireless Telecommunication Services - 1.1%

Far EasTone Telecommunications Co. Ltd.

5,582,000

14,217,863

UTILITIES - 2.6%

Electric Utilities - 0.8%

Power Assets Holdings Ltd.

1,173,500

10,538,743

Common Stocks - continued

Shares

Value

UTILITIES - continued

Independent Power Producers & Energy Traders - 1.8%

China Longyuan Power Grid Corp. Ltd. (H Shares)

8,487,000

$ 8,940,480

Huadian Fuxin Energy Corp. Ltd.

43,672,000

14,021,259

 

22,961,739

TOTAL UTILITIES

33,500,482

TOTAL COMMON STOCKS

(Cost $1,032,711,717)


1,267,055,351

Money Market Funds - 4.5%

 

 

 

 

Fidelity Cash Central Fund, 0.11% (b)

46,082,763

46,082,763

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

13,240,630

13,240,630

TOTAL MONEY MARKET FUNDS

(Cost $59,323,393)


59,323,393

TOTAL INVESTMENT PORTFOLIO - 101.2%

(Cost $1,092,035,110)

1,326,378,744

NET OTHER ASSETS (LIABILITIES) - (1.2)%

(15,496,756)

NET ASSETS - 100%

$ 1,310,881,988

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or 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

$ 43,651

Fidelity Securities Lending Cash Central Fund

30,238

Total

$ 73,889

Other Information

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 334,465,532

$ 334,465,532

$ -

$ -

Consumer Staples

8,007,117

8,007,117

-

-

Energy

76,862,667

50,813,523

26,049,144

-

Financials

335,787,235

330,540,265

5,246,970

-

Health Care

29,534,040

29,534,040

-

-

Industrials

69,704,966

69,704,966

-

-

Information Technology

264,731,262

186,837,446

77,893,816

-

Materials

100,244,187

100,244,187

-

-

Telecommunication Services

14,217,863

14,217,863

-

-

Utilities

33,500,482

33,500,482

-

-

Money Market Funds

59,323,393

59,323,393

-

-

Total Investments in Securities:

$ 1,326,378,744

$ 1,217,188,814

$ 109,189,930

$ -

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $1,095,302,282. Net unrealized appreciation aggregated $231,076,462, of which $271,179,180 related to appreciated investment securities and $40,102,718 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Japan Smaller Companies Fund

July 31, 2013

1.804823.109
JSC-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.9%

Shares

Value

CONSUMER DISCRETIONARY - 30.6%

Auto Components - 2.2%

Nippon Seiki Co. Ltd.

35,000

$ 517,976

Stanley Electric Co. Ltd.

624,000

12,109,079

 

12,627,055

Automobiles - 9.5%

Mazda Motor Corp. (a)

3,670,000

15,368,195

Mitsubishi Motors Corp. of Japan (a)(d)

648,800

8,574,683

Nissan Motor Co. Ltd.

2,629,900

27,461,906

Yamaha Motor Co. Ltd.

187,400

2,518,827

 

53,923,611

Hotels, Restaurants & Leisure - 1.3%

AP Co. Co. Ltd.

400

10,132

H.I.S. Co. Ltd.

123,200

6,014,666

Koshidaka Holdings Co. Ltd.

47,100

1,524,941

 

7,549,739

Household Durables - 4.6%

ARNEST ONE Corp.

21,400

405,662

Casio Computer Co. Ltd.

659,600

5,894,699

FJ Next Co. Ltd.

76,600

407,605

Foster Electric Co. Ltd.

219,300

3,778,563

Hajime Construction Co. Ltd. (d)

158,800

8,206,802

Higashi Nihon House Co. Ltd.

994,000

6,040,547

Pressance Corp.

50,500

1,668,548

 

26,402,426

Internet & Catalog Retail - 4.4%

Rakuten, Inc.

1,851,800

25,022,279

Leisure Equipment & Products - 4.2%

Fields Corp.

34,900

568,894

Heiwa Corp.

120,900

2,084,355

KAWAI Musical Instruments Manufacturing Co. Ltd.

1,126,000

2,265,570

Sega Sammy Holdings, Inc.

827,700

19,291,302

 

24,210,121

Media - 0.4%

Fuji Media Holdings, Inc.

1,086

1,966,579

Multiline Retail - 0.2%

Izutsuya Co. Ltd. (a)

350,000

300,276

Parco Co. Ltd.

78,300

775,723

Ryohin Keikaku Co. Ltd.

100

8,773

 

1,084,772

Specialty Retail - 3.4%

Fuji Corp.

75,200

1,167,439

K's Denki Corp.

292,500

9,978,041

Pal Co. Ltd.

287,100

8,022,731

VT Holdings Co. Ltd.

39,500

444,985

 

19,613,196

 

Shares

Value

Textiles, Apparel & Luxury Goods - 0.4%

Fujibo Holdings, Inc.

938,000

$ 1,992,687

GOLDWIN, Inc.

56,000

265,959

 

2,258,646

TOTAL CONSUMER DISCRETIONARY

174,658,424

CONSUMER STAPLES - 7.5%

Food & Staples Retailing - 0.7%

Kobe Bussan Co. Ltd.

44,500

1,073,072

Medical System Network Co. Ltd.

200,100

844,054

Sugi Holdings Co. Ltd.

800

31,090

Welcia Holdings Co. Ltd.

11,100

596,323

Yamaya Corp.

74,100

1,192,744

 

3,737,283

Food Products - 0.7%

Ajinomoto Co., Inc.

274,000

3,828,332

Kotobuki Spirits Co. Ltd.

28,700

381,064

 

4,209,396

Household Products - 6.1%

Pigeon Corp.

732,400

34,521,764

TOTAL CONSUMER STAPLES

42,468,443

ENERGY - 0.2%

Oil, Gas & Consumable Fuels - 0.2%

Kanto Natural Gas Development

126,000

1,065,550

FINANCIALS - 22.7%

Capital Markets - 0.8%

JAFCO Co. Ltd.

106,600

3,886,855

Sawada Holdings Co. Ltd.

92,600

974,139

 

4,860,994

Commercial Banks - 0.9%

Mizuho Financial Group, Inc.

1,958,800

4,073,952

Shinsei Bank Ltd.

308,000

685,773

Sumitomo Mitsui Financial Group, Inc.

12,900

589,352

 

5,349,077

Consumer Finance - 3.3%

ACOM Co. Ltd. (a)

32,080

989,496

AEON Financial Service Co. Ltd.

605,000

17,653,814

 

18,643,310

Diversified Financial Services - 6.8%

ORIX Corp.

2,602,100

38,668,731

Real Estate Management & Development - 10.9%

AEON Mall Co. Ltd.

145,200

3,621,473

Airport Facilities Co. Ltd.

238,500

1,410,392

Iida Home Max Co., Ltd.

213,000

3,454,642

Nomura Real Estate Holdings, Inc.

308,500

7,193,397

Takara Leben Co. Ltd.

1,193,400

4,192,928

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate Management & Development - continued

Tokyo Tatemono Co. Ltd.

3,869,000

$ 32,205,443

Tokyu Land Corp.

1,058,000

10,114,268

 

62,192,543

TOTAL FINANCIALS

129,714,655

HEALTH CARE - 6.7%

Biotechnology - 2.1%

Sosei Group Corp. (a)

244,000

11,824,941

Health Care Equipment & Supplies - 1.9%

Nikkiso Co. Ltd.

886,000

11,121,376

Sysmex Corp.

200

12,930

 

11,134,306

Health Care Providers & Services - 0.4%

Uchiyama Holdings Co. Ltd.

72,900

2,375,151

Pharmaceuticals - 2.3%

Nippon Shinyaku Co. Ltd.

553,000

9,426,585

Rohto Pharmaceutical Co. Ltd.

268,000

3,700,705

 

13,127,290

TOTAL HEALTH CARE

38,461,688

INDUSTRIALS - 9.1%

Building Products - 1.8%

Nichias Corp.

957,000

6,265,315

Shinko Kogyo Co. Ltd.

437,400

4,105,511

 

10,370,826

Construction & Engineering - 1.0%

Toyo Engineering Corp.

1,213,000

5,612,184

Machinery - 4.6%

Amada Co. Ltd.

852,000

6,134,817

Daiwa Industries Ltd.

66,000

407,823

HIRANO TECSEED Co. Ltd.

42,400

419,193

Hoshizaki Electric Co. Ltd.

272,800

9,501,052

Juki Corp. (a)

874,000

1,321,132

Kubota Corp.

4,000

58,230

Nitta Corp.

305,600

5,967,799

Sumitomo Heavy Industries Ltd.

376,000

1,751,159

Takeuchi Manufacturing Co. Ltd.

53,100

1,014,166

 

26,575,371

Marine - 0.7%

Iino Kaiun Kaisha Ltd.

729,000

3,856,828

Professional Services - 0.8%

Career Design Center Co. Ltd.

1,093

1,265,920

Creek & River Co. Ltd.

198,200

900,817

en-japan, Inc.

1,219

2,166,336

 

4,333,073

 

Shares

Value

Road & Rail - 0.2%

Hitachi Transport System Ltd.

96,400

$ 1,385,301

TOTAL INDUSTRIALS

52,133,583

INFORMATION TECHNOLOGY - 11.4%

Electronic Equipment & Components - 3.9%

ESPEC Corp.

61,000

467,266

Hoya Corp.

76,900

1,660,368

ITC Networks Corp.

78,100

659,674

Nippon Electric Glass Co. Ltd.

1,861,000

10,016,821

Shinko Shoji Co. Ltd.

59,000

477,255

Topcon Corp.

823,800

9,095,371

 

22,376,755

Internet Software & Services - 6.9%

Enigmo, Inc.

108,400

6,642,835

Kakaku.com, Inc.

939,600

32,580,348

 

39,223,183

IT Services - 0.1%

CAC Corp.

89,100

773,516

Semiconductors & Semiconductor Equipment - 0.1%

Shinkawa Ltd.

88,000

562,639

Software - 0.4%

Sourcenext Corp. (a)(d)

187,800

2,146,340

TOTAL INFORMATION TECHNOLOGY

65,082,433

MATERIALS - 3.0%

Chemicals - 1.3%

ISE Chemical Corp.

73,000

787,335

Nihon Nohyaku Co. Ltd.

379,000

3,770,258

Sakata INX Corp.

302,000

2,809,948

 

7,367,541

Metals & Mining - 1.7%

JFE Holdings, Inc.

344,600

7,802,862

Tokyo Steel Manufacturing Co. Ltd.

409,200

2,064,598

 

9,867,460

TOTAL MATERIALS

17,235,001

TELECOMMUNICATION SERVICES - 1.0%

Wireless Telecommunication Services - 1.0%

SoftBank Corp.

85,200

5,429,966

UTILITIES - 7.7%

Electric Utilities - 7.7%

Chugoku Electric Power Co., Inc.(THE)

285,400

4,200,402

Hokkaido Electric Power Co., Inc. (a)

964,300

12,616,365

Kansai Electric Power Co., Inc. (a)

430,400

5,275,048

Common Stocks - continued

Shares

Value

UTILITIES - continued

Electric Utilities - continued

Kyushu Electric Power Co., Inc. (a)

494,600

$ 6,895,404

Tohoku Electric Power Co., Inc. (a)

1,262,000

14,771,238

 

43,758,457

TOTAL COMMON STOCKS

(Cost $473,483,104)


570,008,200

Money Market Funds - 1.8%

 

 

 

 

Fidelity Cash Central Fund, 0.11% (b)

1,559,051

1,559,051

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

8,754,400

8,754,400

TOTAL MONEY MARKET FUNDS

(Cost $10,313,451)


10,313,451

TOTAL INVESTMENT PORTFOLIO - 101.7%

(Cost $483,796,555)

580,321,651

NET OTHER ASSETS (LIABILITIES) - (1.7)%

(9,681,371)

NET ASSETS - 100%

$ 570,640,280

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or 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

$ 5,061

Fidelity Securities Lending Cash Central Fund

68,609

Total

$ 73,670

Other Information

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 174,658,424

$ 147,196,518

$ 27,461,906

$ -

Consumer Staples

42,468,443

42,468,443

-

-

Energy

1,065,550

1,065,550

-

-

Financials

129,714,655

125,051,351

4,663,304

-

Health Care

38,461,688

38,461,688

-

-

Industrials

52,133,583

52,075,353

58,230

-

Information Technology

65,082,433

65,082,433

-

-

Materials

17,235,001

17,235,001

-

-

Telecommunication Services

5,429,966

5,429,966

-

-

Utilities

43,758,457

43,758,457

-

-

Money Market Funds

10,313,451

10,313,451

-

-

Total Investments in Securities:

$ 580,321,651

$ 548,138,211

$ 32,183,440

$ -

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2013. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers

Total

Level 1 to Level 2

$ 10,313,717

Level 2 to Level 1

$ 0

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $492,771,247. Net unrealized appreciation aggregated $87,550,404, of which $104,000,496 related to appreciated investment securities and $16,450,092 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

July 31, 2013

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

1.805999.109
AISC-QTLY-0913


Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.3%

Shares

Value

Australia - 3.8%

Acrux Ltd.

381,062

$ 1,154,284

Alkane Resources Ltd. (a)

911,891

344,254

Austal Ltd. (a)

2,118,279

1,608,893

Base Resources Ltd. (a)

750,579

279,983

Beach Energy Ltd.

1,195,484

1,439,911

Berkeley Resources Ltd. (a)

1,041,054

271,368

Boart Longyear Ltd. (d)

1,319,096

610,620

Challenger Ltd.

394,891

1,515,627

Clinuvel Pharmaceuticals Ltd. (a)(d)

325,070

555,159

Dart Energy Ltd. (a)(d)

10,057,900

1,220,473

Donaco International Ltd.

2,061,089

657,677

Goodman Group unit

202,411

858,743

iiNet Ltd.

133,255

725,844

Iluka Resources Ltd.

80,327

795,665

Independence Group NL

244,610

712,371

iProperty Group Ltd. (a)

601,773

567,949

iSelect Ltd.

288,696

415,191

Karoon Gas Australia Ltd. (a)

373,417

1,899,756

Maverick Drilling & Exploration Ltd. (a)(d)

868,075

308,206

McMillan Shakespeare Ltd.

51,160

373,859

Mineral Deposits Ltd. (a)

124,196

240,012

Monto Minerals Ltd. (a)

273,551

1,475

Nanosonics Ltd. (a)

1,202,182

799,630

Navitas Ltd.

273,638

1,475,757

Neon Energy Ltd. (a)

1,049,972

311,443

NewSat Ltd. (a)

2,252,414

738,973

Normandy Mt. Leyshon Ltd. (a)

1,715,129

308,329

Prairie Downs Metals Ltd. (a)

881,954

281,424

Prana Biotechnology Ltd. (a)

2,224,059

759,656

QRxPharma Ltd. (a)

577,798

519,354

Ramsay Health Care Ltd.

10,050

332,702

SAI Global Ltd.

123,006

419,037

SEEK Ltd.

161,332

1,367,475

Sierra Mining Ltd. (a)

2,406,178

389,303

Silver Lake Resources Ltd. (a)

705,967

513,992

Sino Gas & Energy Ltd. (a)

22,392,147

2,717,170

Sirtex Medical Ltd.

76,394

856,274

SomnoMed Ltd. (a)

584,445

604,128

Spark Infrastructure Group unit

1,255,671

2,014,658

Starpharma Holdings Ltd. (a)

869,513

758,115

Tiger Resources Ltd. (a)

5,263,974

946,305

Tissue Therapies Ltd. (a)

2,581,301

533,647

Common Stocks - continued

Shares

Value

Australia - continued

Troy Resources NL (d)

289,032

$ 367,612

Vision Group Holdings Ltd. (a)

723,272

565,598

TOTAL AUSTRALIA

34,137,902

Austria - 0.2%

Ams AG

30,950

2,177,152

Bailiwick of Jersey - 2.0%

Informa PLC

1,038,315

8,292,568

LXB Retail Properties PLC (a)

1,387,800

2,470,093

Regus PLC

2,741,800

7,724,624

TOTAL BAILIWICK OF JERSEY

18,487,285

Belgium - 0.5%

EVS Broadcast Equipment SA

59,100

4,278,701

Bermuda - 2.4%

APT Satellite Holdings Ltd.

656,500

571,377

Asia Satellite Telecommunications Holdings Ltd.

271,000

1,048,275

Biosensors International Group Ltd.

1,127,000

922,280

China Animal Healthcare Ltd.

2,129,000

502,577

China Singyes Solar Tech Holdings Ltd.

981,600

987,220

Digital China Holdings Ltd. (H Shares)

317,000

348,244

I.T Ltd.

1,552,000

416,236

Imagi International Holdings Ltd. (a)

26,792,000

297,090

Luk Fook Holdings International Ltd.

612,000

1,712,363

Oakley Capital Investments Ltd. (a)

1,518,300

3,441,474

Oriental Watch Holdings Ltd.

408,000

124,679

Paul Y. Engineering Group Ltd.

410,400

373,062

PAX Global Technology Ltd. (a)

1,769,000

424,253

Petra Diamonds Ltd. (a)

1,638,956

2,991,914

REXLot Holdings Ltd.

10,075,000

649,531

Vostok Nafta Investment Ltd. SDR

818,000

4,605,693

Vtech Holdings Ltd.

130,100

1,991,190

TOTAL BERMUDA

21,407,458

British Virgin Islands - 0.4%

Kalahari Energy (a)(g)

1,451,000

15

Mail.Ru Group Ltd.:

GDR (f)

112,800

3,603,960

GDR (Reg. S)

12,700

405,765

TOTAL BRITISH VIRGIN ISLANDS

4,009,740

Common Stocks - continued

Shares

Value

Canada - 0.7%

Africa Oil Corp. (a)

81,500

$ 620,514

Africa Oil Corp. (Sweden) (a)

292,300

2,197,357

AirSea Lines (a)(g)

1,893,338

25

Asanko Gold, Inc. (a)

485,900

1,220,545

Mood Media Corp. (a)

175,300

184,329

Mood Media Corp. (United Kingdom) (a)

1,139,822

1,196,428

Mountain Province Diamonds, Inc. (a)

162,100

774,911

Rock Well Petroleum, Inc. (a)(g)

770,400

8

Teranga Gold Corp. (a)(d)

594,799

335,881

TOTAL CANADA

6,529,998

Cayman Islands - 3.3%

21Vianet Group, Inc. ADR (a)(d)

42,300

543,132

51job, Inc. sponsored ADR (a)

19,200

1,276,800

AirMedia Group, Inc. ADR (a)

272,500

487,775

Airtac International Group

90,950

515,469

AMVIG Holdings Ltd.

764,000

336,902

AutoNavi Holdings Ltd. ADR (a)

34,300

427,378

Bitauto Holdings Ltd. ADR (a)

115,100

1,385,804

Changshouhua Food Co. Ltd.

872,000

727,454

China Automation Group Ltd.

1,872,000

369,302

China High Precision Automation Group Ltd.

712,000

78,401

China Lodging Group Ltd. ADR (a)

26,500

477,265

China Medical System Holdings Ltd.

1,204,000

1,086,699

China Metal International Holdings, Inc.

2,522,000

767,435

China Metal Recycling (Holdings) Ltd.

436,800

1

China Outfitters Holdings Ltd. (d)

1,888,000

335,943

China Tianyi Holdings Ltd.

2,492,000

488,401

CNinsure, Inc. ADR (a)

56,400

317,532

Convenience Retail Asia Ltd.

700,000

532,518

EVA Precision Industrial Holdings Ltd.

5,134,000

748,030

Fook Woo Group Holdings Ltd. (a)

2,055,000

156,067

Greatview Aseptic Pack Co. Ltd.

1,196,000

720,166

Haitian International Holdings Ltd.

338,000

570,917

Hop Hing Group Holdings Ltd.

7,392,000

347,888

Hutchison China Meditech Ltd. (a)

77,117

596,543

Kingdee International Software Group Co. Ltd. (a)

1,564,400

328,791

KongZhong Corp. sponsored ADR (a)

56,200

536,148

Lee's Pharmaceutical Holdings Ltd.

1,085,000

893,954

Marwyn Value Investors II Ltd. (a)

1,875,100

4,492,681

Ming Fai International Holdings Ltd.

9,133,000

1,000,961

Pactera Technology International Ltd. ADR

45,700

306,190

Common Stocks - continued

Shares

Value

Cayman Islands - continued

Perfect World Co. Ltd. sponsored ADR Class B

31,700

$ 667,285

Royale Furniture Holdings Ltd.

10,111,437

475,872

Shenguan Holdings Group Ltd.

3,154,000

1,342,024

SINA Corp. (a)

6,100

420,717

SITC International Holdings Co. Ltd.

2,302,000

742,044

Sitoy Group Holdings Ltd.

727,000

291,527

SouFun Holdings Ltd. ADR

51,000

1,772,760

VST Holdings Ltd.

2,229,600

373,727

WuXi PharmaTech Cayman, Inc. sponsored ADR (a)

42,300

939,060

Xinyi Glass Holdings Ltd.

1,670,000

1,530,984

Yip's Chemical Holdings Ltd.

592,000

530,507

TOTAL CAYMAN ISLANDS

29,939,054

Finland - 0.6%

Amer Group PLC (A Shares)

267,100

5,305,174

France - 4.0%

Altamir

68,788

832,760

ALTEN

118,100

4,399,201

Altran Technologies SA (d)

319,800

2,288,899

Audika SA (a)

113,900

1,212,215

Ipsos SA (d)

124,772

4,436,924

Sartorius Stedim Biotech

51,600

7,791,328

Sopra Group SA

39,300

2,876,597

SR Teleperformance SA

151,351

7,329,133

The Lisi Group

38,657

5,091,307

TOTAL FRANCE

36,258,364

Germany - 8.6%

Aareal Bank AG (a)

289,328

8,006,076

AURELIUS AG

132,800

3,974,202

Brenntag AG

40,600

6,670,508

CENTROTEC Sustainable AG

281,485

5,394,292

CTS Eventim AG

193,820

8,715,277

GFK AG

195,601

9,628,058

Ichor Coal NV (a)

355,000

1,862,650

Lanxess AG

70,485

4,407,646

MTU Aero Engines Holdings AG

67,300

6,132,980

Rational AG

15,520

4,515,506

United Internet AG

200,152

6,539,646

Wirecard AG (d)

376,700

11,626,514

TOTAL GERMANY

77,473,355

Common Stocks - continued

Shares

Value

Hong Kong - 0.4%

Guotai Junan International Holdings Ltd.

1,331,000

$ 494,260

Magnificent Estates Ltd.

25,682,000

1,192,109

Singamas Container Holdings Ltd.

3,164,000

681,299

Sinosoft Tech Group Ltd.

1,164,000

204,116

Techtronic Industries Co. Ltd.

382,000

934,855

YGM Trading Ltd.

152,000

364,537

TOTAL HONG KONG

3,871,176

Iceland - 0.2%

Ossur hf

1,027,300

1,448,128

India - 0.9%

Ahluwalia Contracts (India) Ltd. (a)

230,314

95,751

Britannia Industries Ltd.

31,695

364,111

Educomp Solutions Ltd.

44,518

18,179

Financial Technologies India Ltd.

23,352

207,158

Geodesic Ltd.

256,340

16,007

MT Educare Ltd.

198,608

293,563

Page Industries Ltd.

87,661

6,302,286

Shriram City Union Finance Ltd.

17,306

264,474

Thangamayil Jewellery Ltd.

173,245

541,471

WABCO India Ltd.

10,191

287,502

TOTAL INDIA

8,390,502

Indonesia - 0.8%

PT Clipan Finance Indonesia Tbk

13,895,400

527,289

PT Clipan Finance Indonesia Tbk warrants 10/7/14 (a)

2,275,700

7,750

PT Mayora Indah Tbk

352,000

1,095,987

PT Media Nusantara Citra Tbk

5,326,000

1,606,481

PT Mitra Adiperkasa Tbk

588,000

331,832

PT MNC Sky Vision Tbk

1,805,500

408,445

PT Nippon Indosari Corpindo Tbk

812,500

573,158

PT Pembangunan Perumahan Persero Tbk

4,982,500

688,412

PT Tiga Pilar Sejahtera Food Tbk

7,002,000

892,496

PT Tower Bersama Infrastructure Tbk (a)

1,383,000

767,026

TOTAL INDONESIA

6,898,876

Ireland - 2.3%

Glanbia PLC

163,500

2,142,495

Kenmare Resources PLC (a)

11,137,400

4,472,891

Paddy Power PLC (Ireland)

88,784

7,184,862

Common Stocks - continued

Shares

Value

Ireland - continued

Petroceltic International PLC (a)

1,087,348

$ 2,249,614

United Drug PLC (United Kingdom)

965,700

5,156,440

TOTAL IRELAND

21,206,302

Isle of Man - 2.6%

Exillon Energy PLC (a)

1,067,800

2,290,391

IBS Group Holding Ltd. GDR (Reg. S)

336,400

8,614,947

Playtech Ltd.

1,177,209

12,473,125

TOTAL ISLE OF MAN

23,378,463

Israel - 0.1%

Sarin Technologies Ltd.

957,750

1,137,980

Italy - 2.6%

Brunello Cucinelli SpA

120,685

3,270,471

Prysmian SpA

209,700

4,262,729

Salvatore Ferragamo Italia SpA

244,915

8,373,643

YOOX SpA (a)

284,500

7,467,501

TOTAL ITALY

23,374,344

Japan - 28.3%

AEON Financial Service Co. Ltd. (d)

243,800

7,114,049

AEON Mall Co. Ltd.

66,550

1,659,842

Amada Co. Ltd.

621,000

4,471,504

AP Co. Co. Ltd.

300

7,599

ARNEST ONE Corp.

9,600

181,979

CAC Corp.

46,100

400,214

Career Design Center Co. Ltd.

479

554,781

Casio Computer Co. Ltd.

349,200

3,120,723

Chugoku Electric Power Co., Inc.(THE)

112,600

1,657,201

Creek & River Co. Ltd.

87,000

395,414

Daiwa Industries Ltd.

39,000

240,987

en-japan, Inc.

534

948,994

Enigmo, Inc. (d)

53,800

3,296,905

ESPEC Corp.

31,100

238,229

Fields Corp.

17,600

286,892

FJ Next Co. Ltd.

49,600

263,932

Foster Electric Co. Ltd. (d)

576,200

9,927,989

Fuji Corp.

46,200

717,230

Fuji Media Holdings, Inc.

525

950,694

Fujibo Holdings, Inc.

451,000

958,104

GOLDWIN, Inc.

26,000

123,481

H.I.S. Co. Ltd.

54,700

2,670,473

Common Stocks - continued

Shares

Value

Japan - continued

Hajime Construction Co. Ltd. (d)

81,100

$ 4,191,257

Heiwa Corp.

137,100

2,363,648

Higashi Nihon House Co. Ltd.

494,000

3,002,043

Hitachi Transport System Ltd.

42,600

612,176

Hokkaido Electric Power Co., Inc. (a)

1,064,200

13,923,401

Hoshizaki Electric Co. Ltd.

147,000

5,119,702

Hoya Corp.

34,900

753,535

Iida Home Max Co., Ltd.

104,000

1,686,774

Iino Kaiun Kaisha Ltd.

300,800

1,591,404

ISE Chemical Corp.

39,000

420,631

ITC Networks Corp.

36,700

309,988

Iwatsuka Confectionary Co. Ltd.

11,600

502,339

Izutsuya Co. Ltd. (a)

202,000

173,302

JAFCO Co. Ltd.

55,000

2,005,413

JFE Holdings, Inc.

14,000

317,005

Juki Corp. (a)(d)

386,000

583,475

K's Denki Corp.

129,000

4,400,572

Kakaku.com, Inc.

449,000

15,568,940

Kanto Natural Gas Development

58,000

490,491

KAWAI Musical Instruments Manufacturing Co. Ltd. (d)

789,000

1,587,509

Kobe Bussan Co. Ltd.

18,100

436,463

Koshidaka Holdings Co. Ltd. (d)

22,500

728,475

Kotobuki Spirits Co. Ltd.

14,500

192,524

Kyushu Electric Power Co., Inc. (a)

69,400

967,531

Mazda Motor Corp. (a)

1,441,000

6,034,215

Medical System Network Co. Ltd.

152,700

644,113

Nichias Corp.

449,000

2,939,526

Nihon Nohyaku Co. Ltd.

410,000

4,078,644

Nikkiso Co. Ltd.

534,000

6,702,951

Nippon Electric Glass Co. Ltd.

960,000

5,167,194

Nippon Seiki Co. Ltd.

34,000

503,176

Nippon Shinyaku Co. Ltd.

336,000

5,727,546

Nissan Motor Co. Ltd.

458,000

4,782,521

Nitta Corp.

157,400

3,073,729

Nomura Real Estate Holdings, Inc.

192,500

4,488,586

ORIX Corp.

714,900

10,623,833

Pal Co. Ltd.

68,700

1,919,755

Parco Co. Ltd.

40,600

402,227

Pigeon Corp.

386,600

18,222,438

Pressance Corp.

22,500

743,412

Rakuten, Inc.

576,900

7,795,309

Rohto Pharmaceutical Co. Ltd.

104,000

1,436,094

Common Stocks - continued

Shares

Value

Japan - continued

Sakata INX Corp.

133,000

$ 1,237,494

Sawada Holdings Co. Ltd.

249,200

2,621,550

Sega Sammy Holdings, Inc.

248,000

5,780,165

Shinkawa Ltd.

41,400

264,696

Shinko Kogyo Co. Ltd.

261,300

2,452,606

Shinko Shoji Co. Ltd.

2,900

23,458

Shinsei Bank Ltd.

312,000

694,679

SoftBank Corp.

3,800

242,182

Sosei Group Corp. (a)

107,800

5,224,298

Sourcenext Corp. (a)

87,400

998,883

Stanley Electric Co. Ltd.

323,700

6,281,585

Sugi Holdings Co. Ltd.

600

23,317

Sumitomo Heavy Industries Ltd.

172,000

801,062

Sysmex Corp.

400

25,860

Takara Leben Co. Ltd.

527,400

1,852,983

Takeuchi Manufacturing Co. Ltd.

23,600

450,740

Tohoku Electric Power Co., Inc. (a)

126,900

1,485,317

Tokyo Steel Manufacturing Co. Ltd.

316,500

1,596,885

Tokyo Tatemono Co. Ltd.

2,275,000

18,937,029

Tokyu Land Corp.

525,000

5,018,895

Topcon Corp.

528,500

5,835,037

Toyo Engineering Corp.

647,000

2,993,474

Uchiyama Holdings Co. Ltd.

38,100

1,241,334

VT Holdings Co. Ltd.

18,500

208,411

Welcia Holdings Co. Ltd.

4,800

257,869

Yamaha Motor Co. Ltd.

83,200

1,118,284

Yamato Kogyo Co. Ltd.

11,400

370,258

Yamaya Corp.

46,000

740,435

TOTAL JAPAN

256,179,869

Korea (South) - 0.3%

Daou Technology, Inc.

69,200

1,025,345

Korea Plant Service & Engineering Co. Ltd.

7,274

354,087

SBS Contents Hub Co. Ltd.

31,723

399,466

Soulbrain Co. Ltd.

11,656

473,522

WeMade Entertainment Co. Ltd. (a)

8,706

429,218

TOTAL KOREA (SOUTH)

2,681,638

Luxembourg - 2.7%

AZ Electronic Materials SA

1,087,200

5,070,867

Common Stocks - continued

Shares

Value

Luxembourg - continued

Eurofins Scientific SA

57,299

$ 12,577,575

Grand City Properties SA (a)

982,373

7,148,743

TOTAL LUXEMBOURG

24,797,185

Malaysia - 0.2%

JobStreet Corp. Bhd

1,223,100

1,540,884

Netherlands - 0.8%

Yandex NV (a)

225,600

7,332,000

Norway - 1.6%

Aker Solutions ASA (d)

357,100

5,381,225

Norwegian Air Shuttle A/S (a)

46,500

2,075,329

Schibsted ASA (B Shares) (d)

73,100

3,721,491

Sevan Drilling ASA (a)(d)

4,776,300

3,728,445

TOTAL NORWAY

14,906,490

Singapore - 2.4%

Amtek Engineering Ltd.

3,304,000

1,221,922

CSE Global Ltd.

1,069,000

693,965

Goodpack Ltd.

1,220,000

1,459,181

Mapletree Industrial (REIT)

1,100,703

1,169,256

OSIM International Ltd.

1,092,000

1,761,498

Pertama Holdings Ltd. (e)

23,060,000

11,794,468

Petra Foods Ltd.

370,000

1,164,575

Sino Grandness Food Industry Group Ltd. (a)

781,000

897,242

Venture Corp. Ltd.

212,000

1,221,104

Yoma Strategic Holdings Ltd.

865,000

588,760

TOTAL SINGAPORE

21,971,971

South Africa - 0.3%

Blue Label Telecoms Ltd.

3,094,900

2,588,102

Sweden - 0.4%

Avanza Bank Holding AB

162,600

3,741,859

Switzerland - 2.5%

Clariant AG (Reg.)

159,700

2,497,011

Julius Baer Group Ltd.

113,210

5,142,740

Meyer Burger Technology AG (a)(d)

484,710

3,257,762

Sika AG (Bearer)

1,610

4,490,151

VZ Holding AG

51,930

7,648,235

TOTAL SWITZERLAND

23,035,899

Taiwan - 0.2%

Merida Industry Co. Ltd.

85,000

566,761

Common Stocks - continued

Shares

Value

Taiwan - continued

Pacific Hospital Supply Co. Ltd.

114,400

$ 411,909

Taiwan Hon Chuan Enterprise Co. Ltd.

185,000

410,768

Tong Hsing Electronics Industries Ltd.

135,721

660,619

TOTAL TAIWAN

2,050,057

Thailand - 0.3%

Toyo-Thai Corp. PCL

2,200,600

2,230,813

United Kingdom - 18.8%

Amerisur Resources PLC (a)(d)

5,558,724

3,720,732

ASOS PLC (a)

188,176

13,557,403

Aveva Group PLC

174,375

6,377,042

Bond International Software PLC

843,266

897,973

Brammer PLC (d)

1,267,600

7,612,108

Brewin Dolphin Holding PLC

953,763

3,680,964

Cineworld Group PLC

187,861

1,071,688

Countrywide PLC

757,200

7,038,051

Craneware PLC

791,600

4,365,303

Devro PLC

414,130

1,968,735

Dicom Group PLC (a)

974,300

5,076,377

esure Group PLC

913,600

4,109,680

Hunting PLC

274,300

3,459,242

IG Group Holdings PLC

829,702

7,289,114

Innovation Group PLC (a)(d)

9,130,200

4,027,902

International Personal Finance PLC

847,500

8,199,690

Jazztel PLC (a)

322,000

2,921,502

John Wood Group PLC

383,900

5,264,831

Johnson Matthey PLC

106,195

4,579,918

Keronite PLC (a)(g)

13,620,267

207

Lombard Medical Technologies PLC (a)

1,226,500

3,134,566

Moneysupermarket.com Group PLC

2,714,800

7,475,100

Mothercare PLC (a)(d)

562,600

3,579,615

NCC Group Ltd.

685,658

1,340,329

Ocado Group PLC (a)(d)

1,686,700

7,890,119

Perform Group PLC (a)

682,800

5,214,322

Pureprofile Media PLC (a)(g)

1,108,572

590,245

Regenersis PLC

1,198,700

3,893,220

Rockhopper Exploration PLC (a)(d)

1,054,900

2,106,256

Salamander Energy PLC (a)

632,400

1,148,674

Serco Group PLC

513,340

4,896,359

Silverdell PLC

12,644,400

1,471,500

Sinclair Pharma PLC (a)

8,215,003

3,030,540

Sphere Medical Holding PLC (a)

817,054

459,889

Common Stocks - continued

Shares

Value

United Kingdom - continued

Sthree PLC

1,031,809

$ 5,411,332

Synergy Health PLC

343,853

5,816,721

Ted Baker PLC

334,675

9,698,819

TMO Renewables Ltd. (a)(g)

1,000,000

60,850

Travis Perkins PLC

189,500

4,906,472

Wolfson Microelectronics PLC (a)

1,423,800

3,313,912

TOTAL UNITED KINGDOM

170,657,302

United States of America - 0.1%

CTC Media, Inc.

4,300

47,730

GI Dynamics, Inc. CDI (a)

1,058,896

685,288

Mudalla Technology, Inc. (Reg. S) (a)

996,527

15

YOU On Demand Holdings, Inc. (a)

86,974

143,507

YOU On Demand Holdings, Inc.

27,500

45,375

YOU On Demand Holdings, Inc. warrants 8/30/17 (a)

27,500

0

TOTAL UNITED STATES OF AMERICA

921,915

TOTAL COMMON STOCKS

(Cost $717,256,493)


864,345,938

Nonconvertible Preferred Stocks - 0.6%

 

 

 

 

Brazil - 0.6%

Alpargatas Sa (PN)
(Cost $5,687,609)

810,320


4,976,257

Convertible Bonds - 0.2%

 

Principal
Amount

 

Canada - 0.2%

Caracal Energy, Inc. 12% 9/30/17 (g)
(Cost $1,400,000)

$ 1,400,000


1,421,207

Money Market Funds - 7.7%

Shares

Value

Fidelity Cash Central Fund, 0.11% (b)

34,574,491

$ 34,574,491

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

35,583,704

35,583,704

TOTAL MONEY MARKET FUNDS

(Cost $70,158,195)


70,158,195

TOTAL INVESTMENT PORTFOLIO - 103.8%

(Cost $794,502,297)

940,901,597

NET OTHER ASSETS (LIABILITIES) - (3.8)%

(34,145,136)

NET ASSETS - 100%

$ 906,756,461

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

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

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,603,960 or 0.4% 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 $2,072,557 or 0.2% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition
Date

Acquisition
Cost

AirSea Lines

8/4/06

$ 1,199,182

Caracal Energy, Inc. 12% 9/30/17

9/12/12

$ 1,400,000

Kalahari Energy

9/1/06

$ 1,813,750

Keronite PLC

8/16/06

$ 1,548,992

Pureprofile Media PLC

5/3/05 - 1/11/06

$ 1,173,341

Rock Well Petroleum, Inc.

4/13/06

$ 1,004,171

TMO Renewables Ltd.

10/27/05

$ 535,065

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

$ 32,677

Fidelity Securities Lending Cash Central Fund

558,331

Total

$ 591,008

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

Pertama Holdings Ltd.

$ 9,679,226

$ -

$ -

$ 380,584

$ 11,794,468

Total

$ 9,679,226

$ -

$ -

$ 380,584

$ 11,794,468

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 220,320,738

$ 203,743,734

$ 4,782,521

$ 11,794,483

Consumer Staples

34,557,543

34,557,543

-

-

Energy

42,688,772

42,688,749

-

23

Financials

143,680,619

143,680,619

-

-

Health Care

78,888,495

78,827,645

-

60,850

Industrials

131,348,388

129,720,589

-

1,627,799

Information Technology

144,259,110

143,590,464

-

668,646

Materials

46,515,243

46,515,242

-

1

Telecommunication Services

7,015,179

7,015,179

-

-

Utilities

20,048,108

20,048,108

-

-

Corporate Bonds

1,421,207

1,421,207

-

-

Money Market Funds

70,158,195

70,158,195

-

-

Total Investments in Securities:

$ 940,901,597

$ 921,967,274

$ 4,782,521

$ 14,151,802

Valuation Inputs at Reporting Date:

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:

Equities - Consumer Discretionary

Beginning Balance

$ 9,679,242

Net Realized Gain (Loss) on Investment Securities

-

Net Unrealized Gain (Loss) on Investment Securities

2,115,241

Cost of Purchases

-

Proceeds of Sales

-

Amortization/Accretion

-

Transfers into Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 11,794,483

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2013

$ 2,115,241

Other Investments in Securities

Beginning Balance

$ 7,428,398

Net Realized Gain (Loss) on Investment Securities

1,379,077

Net Unrealized Gain (Loss) on Investment Securities

(3,109,760)

Cost of Purchases

-

Proceeds of Sales

(5,055,336)

Amortization/Accretion

-

Transfers into Level 3

3,114,940

Transfers out of Level 3

(1,400,000)

Ending Balance

$ 2,357,319

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2013

$ (2,071,624)

The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $803,214,843. Net unrealized appreciation aggregated $137,686,754, of which $216,194,129 related to appreciated investment securities and $78,507,375 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type

Fair Value at
07/31/13

Valuation
Technique (s)

Unobservable
Input

Amount or
Range/Weighted
Average

Impact to
Valuation from
an Increase in
Input
*

Common Stock

$ 14,151,802

Adjusted book value

Book value
multiple

1.0

Increase

 

 

Expected distribution

Recovery rate

0.0%

Increase

 

 

Market comparable

Discount for lack
of marketability

30% - 40%/
39.5%

Decrease

 

 

 

Offered quote

$ 0.51

Increase

 

 

 

EV/NOPAT
multiple

12.3

Increase

 

 

 

Transaction price

$ 0.06

Increase

* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

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 LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® International Small Cap Fund

July 31, 2013

1.804839.109
ISC-QTLY-0913


Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.3%

Shares

Value

Australia - 3.8%

Acrux Ltd.

381,062

$ 1,154,284

Alkane Resources Ltd. (a)

911,891

344,254

Austal Ltd. (a)

2,118,279

1,608,893

Base Resources Ltd. (a)

750,579

279,983

Beach Energy Ltd.

1,195,484

1,439,911

Berkeley Resources Ltd. (a)

1,041,054

271,368

Boart Longyear Ltd. (d)

1,319,096

610,620

Challenger Ltd.

394,891

1,515,627

Clinuvel Pharmaceuticals Ltd. (a)(d)

325,070

555,159

Dart Energy Ltd. (a)(d)

10,057,900

1,220,473

Donaco International Ltd.

2,061,089

657,677

Goodman Group unit

202,411

858,743

iiNet Ltd.

133,255

725,844

Iluka Resources Ltd.

80,327

795,665

Independence Group NL

244,610

712,371

iProperty Group Ltd. (a)

601,773

567,949

iSelect Ltd.

288,696

415,191

Karoon Gas Australia Ltd. (a)

373,417

1,899,756

Maverick Drilling & Exploration Ltd. (a)(d)

868,075

308,206

McMillan Shakespeare Ltd.

51,160

373,859

Mineral Deposits Ltd. (a)

124,196

240,012

Monto Minerals Ltd. (a)

273,551

1,475

Nanosonics Ltd. (a)

1,202,182

799,630

Navitas Ltd.

273,638

1,475,757

Neon Energy Ltd. (a)

1,049,972

311,443

NewSat Ltd. (a)

2,252,414

738,973

Normandy Mt. Leyshon Ltd. (a)

1,715,129

308,329

Prairie Downs Metals Ltd. (a)

881,954

281,424

Prana Biotechnology Ltd. (a)

2,224,059

759,656

QRxPharma Ltd. (a)

577,798

519,354

Ramsay Health Care Ltd.

10,050

332,702

SAI Global Ltd.

123,006

419,037

SEEK Ltd.

161,332

1,367,475

Sierra Mining Ltd. (a)

2,406,178

389,303

Silver Lake Resources Ltd. (a)

705,967

513,992

Sino Gas & Energy Ltd. (a)

22,392,147

2,717,170

Sirtex Medical Ltd.

76,394

856,274

SomnoMed Ltd. (a)

584,445

604,128

Spark Infrastructure Group unit

1,255,671

2,014,658

Starpharma Holdings Ltd. (a)

869,513

758,115

Tiger Resources Ltd. (a)

5,263,974

946,305

Tissue Therapies Ltd. (a)

2,581,301

533,647

Common Stocks - continued

Shares

Value

Australia - continued

Troy Resources NL (d)

289,032

$ 367,612

Vision Group Holdings Ltd. (a)

723,272

565,598

TOTAL AUSTRALIA

34,137,902

Austria - 0.2%

Ams AG

30,950

2,177,152

Bailiwick of Jersey - 2.0%

Informa PLC

1,038,315

8,292,568

LXB Retail Properties PLC (a)

1,387,800

2,470,093

Regus PLC

2,741,800

7,724,624

TOTAL BAILIWICK OF JERSEY

18,487,285

Belgium - 0.5%

EVS Broadcast Equipment SA

59,100

4,278,701

Bermuda - 2.4%

APT Satellite Holdings Ltd.

656,500

571,377

Asia Satellite Telecommunications Holdings Ltd.

271,000

1,048,275

Biosensors International Group Ltd.

1,127,000

922,280

China Animal Healthcare Ltd.

2,129,000

502,577

China Singyes Solar Tech Holdings Ltd.

981,600

987,220

Digital China Holdings Ltd. (H Shares)

317,000

348,244

I.T Ltd.

1,552,000

416,236

Imagi International Holdings Ltd. (a)

26,792,000

297,090

Luk Fook Holdings International Ltd.

612,000

1,712,363

Oakley Capital Investments Ltd. (a)

1,518,300

3,441,474

Oriental Watch Holdings Ltd.

408,000

124,679

Paul Y. Engineering Group Ltd.

410,400

373,062

PAX Global Technology Ltd. (a)

1,769,000

424,253

Petra Diamonds Ltd. (a)

1,638,956

2,991,914

REXLot Holdings Ltd.

10,075,000

649,531

Vostok Nafta Investment Ltd. SDR

818,000

4,605,693

Vtech Holdings Ltd.

130,100

1,991,190

TOTAL BERMUDA

21,407,458

British Virgin Islands - 0.4%

Kalahari Energy (a)(g)

1,451,000

15

Mail.Ru Group Ltd.:

GDR (f)

112,800

3,603,960

GDR (Reg. S)

12,700

405,765

TOTAL BRITISH VIRGIN ISLANDS

4,009,740

Common Stocks - continued

Shares

Value

Canada - 0.7%

Africa Oil Corp. (a)

81,500

$ 620,514

Africa Oil Corp. (Sweden) (a)

292,300

2,197,357

AirSea Lines (a)(g)

1,893,338

25

Asanko Gold, Inc. (a)

485,900

1,220,545

Mood Media Corp. (a)

175,300

184,329

Mood Media Corp. (United Kingdom) (a)

1,139,822

1,196,428

Mountain Province Diamonds, Inc. (a)

162,100

774,911

Rock Well Petroleum, Inc. (a)(g)

770,400

8

Teranga Gold Corp. (a)(d)

594,799

335,881

TOTAL CANADA

6,529,998

Cayman Islands - 3.3%

21Vianet Group, Inc. ADR (a)(d)

42,300

543,132

51job, Inc. sponsored ADR (a)

19,200

1,276,800

AirMedia Group, Inc. ADR (a)

272,500

487,775

Airtac International Group

90,950

515,469

AMVIG Holdings Ltd.

764,000

336,902

AutoNavi Holdings Ltd. ADR (a)

34,300

427,378

Bitauto Holdings Ltd. ADR (a)

115,100

1,385,804

Changshouhua Food Co. Ltd.

872,000

727,454

China Automation Group Ltd.

1,872,000

369,302

China High Precision Automation Group Ltd.

712,000

78,401

China Lodging Group Ltd. ADR (a)

26,500

477,265

China Medical System Holdings Ltd.

1,204,000

1,086,699

China Metal International Holdings, Inc.

2,522,000

767,435

China Metal Recycling (Holdings) Ltd.

436,800

1

China Outfitters Holdings Ltd. (d)

1,888,000

335,943

China Tianyi Holdings Ltd.

2,492,000

488,401

CNinsure, Inc. ADR (a)

56,400

317,532

Convenience Retail Asia Ltd.

700,000

532,518

EVA Precision Industrial Holdings Ltd.

5,134,000

748,030

Fook Woo Group Holdings Ltd. (a)

2,055,000

156,067

Greatview Aseptic Pack Co. Ltd.

1,196,000

720,166

Haitian International Holdings Ltd.

338,000

570,917

Hop Hing Group Holdings Ltd.

7,392,000

347,888

Hutchison China Meditech Ltd. (a)

77,117

596,543

Kingdee International Software Group Co. Ltd. (a)

1,564,400

328,791

KongZhong Corp. sponsored ADR (a)

56,200

536,148

Lee's Pharmaceutical Holdings Ltd.

1,085,000

893,954

Marwyn Value Investors II Ltd. (a)

1,875,100

4,492,681

Ming Fai International Holdings Ltd.

9,133,000

1,000,961

Pactera Technology International Ltd. ADR

45,700

306,190

Common Stocks - continued

Shares

Value

Cayman Islands - continued

Perfect World Co. Ltd. sponsored ADR Class B

31,700

$ 667,285

Royale Furniture Holdings Ltd.

10,111,437

475,872

Shenguan Holdings Group Ltd.

3,154,000

1,342,024

SINA Corp. (a)

6,100

420,717

SITC International Holdings Co. Ltd.

2,302,000

742,044

Sitoy Group Holdings Ltd.

727,000

291,527

SouFun Holdings Ltd. ADR

51,000

1,772,760

VST Holdings Ltd.

2,229,600

373,727

WuXi PharmaTech Cayman, Inc. sponsored ADR (a)

42,300

939,060

Xinyi Glass Holdings Ltd.

1,670,000

1,530,984

Yip's Chemical Holdings Ltd.

592,000

530,507

TOTAL CAYMAN ISLANDS

29,939,054

Finland - 0.6%

Amer Group PLC (A Shares)

267,100

5,305,174

France - 4.0%

Altamir

68,788

832,760

ALTEN

118,100

4,399,201

Altran Technologies SA (d)

319,800

2,288,899

Audika SA (a)

113,900

1,212,215

Ipsos SA (d)

124,772

4,436,924

Sartorius Stedim Biotech

51,600

7,791,328

Sopra Group SA

39,300

2,876,597

SR Teleperformance SA

151,351

7,329,133

The Lisi Group

38,657

5,091,307

TOTAL FRANCE

36,258,364

Germany - 8.6%

Aareal Bank AG (a)

289,328

8,006,076

AURELIUS AG

132,800

3,974,202

Brenntag AG

40,600

6,670,508

CENTROTEC Sustainable AG

281,485

5,394,292

CTS Eventim AG

193,820

8,715,277

GFK AG

195,601

9,628,058

Ichor Coal NV (a)

355,000

1,862,650

Lanxess AG

70,485

4,407,646

MTU Aero Engines Holdings AG

67,300

6,132,980

Rational AG

15,520

4,515,506

United Internet AG

200,152

6,539,646

Wirecard AG (d)

376,700

11,626,514

TOTAL GERMANY

77,473,355

Common Stocks - continued

Shares

Value

Hong Kong - 0.4%

Guotai Junan International Holdings Ltd.

1,331,000

$ 494,260

Magnificent Estates Ltd.

25,682,000

1,192,109

Singamas Container Holdings Ltd.

3,164,000

681,299

Sinosoft Tech Group Ltd.

1,164,000

204,116

Techtronic Industries Co. Ltd.

382,000

934,855

YGM Trading Ltd.

152,000

364,537

TOTAL HONG KONG

3,871,176

Iceland - 0.2%

Ossur hf

1,027,300

1,448,128

India - 0.9%

Ahluwalia Contracts (India) Ltd. (a)

230,314

95,751

Britannia Industries Ltd.

31,695

364,111

Educomp Solutions Ltd.

44,518

18,179

Financial Technologies India Ltd.

23,352

207,158

Geodesic Ltd.

256,340

16,007

MT Educare Ltd.

198,608

293,563

Page Industries Ltd.

87,661

6,302,286

Shriram City Union Finance Ltd.

17,306

264,474

Thangamayil Jewellery Ltd.

173,245

541,471

WABCO India Ltd.

10,191

287,502

TOTAL INDIA

8,390,502

Indonesia - 0.8%

PT Clipan Finance Indonesia Tbk

13,895,400

527,289

PT Clipan Finance Indonesia Tbk warrants 10/7/14 (a)

2,275,700

7,750

PT Mayora Indah Tbk

352,000

1,095,987

PT Media Nusantara Citra Tbk

5,326,000

1,606,481

PT Mitra Adiperkasa Tbk

588,000

331,832

PT MNC Sky Vision Tbk

1,805,500

408,445

PT Nippon Indosari Corpindo Tbk

812,500

573,158

PT Pembangunan Perumahan Persero Tbk

4,982,500

688,412

PT Tiga Pilar Sejahtera Food Tbk

7,002,000

892,496

PT Tower Bersama Infrastructure Tbk (a)

1,383,000

767,026

TOTAL INDONESIA

6,898,876

Ireland - 2.3%

Glanbia PLC

163,500

2,142,495

Kenmare Resources PLC (a)

11,137,400

4,472,891

Paddy Power PLC (Ireland)

88,784

7,184,862

Common Stocks - continued

Shares

Value

Ireland - continued

Petroceltic International PLC (a)

1,087,348

$ 2,249,614

United Drug PLC (United Kingdom)

965,700

5,156,440

TOTAL IRELAND

21,206,302

Isle of Man - 2.6%

Exillon Energy PLC (a)

1,067,800

2,290,391

IBS Group Holding Ltd. GDR (Reg. S)

336,400

8,614,947

Playtech Ltd.

1,177,209

12,473,125

TOTAL ISLE OF MAN

23,378,463

Israel - 0.1%

Sarin Technologies Ltd.

957,750

1,137,980

Italy - 2.6%

Brunello Cucinelli SpA

120,685

3,270,471

Prysmian SpA

209,700

4,262,729

Salvatore Ferragamo Italia SpA

244,915

8,373,643

YOOX SpA (a)

284,500

7,467,501

TOTAL ITALY

23,374,344

Japan - 28.3%

AEON Financial Service Co. Ltd. (d)

243,800

7,114,049

AEON Mall Co. Ltd.

66,550

1,659,842

Amada Co. Ltd.

621,000

4,471,504

AP Co. Co. Ltd.

300

7,599

ARNEST ONE Corp.

9,600

181,979

CAC Corp.

46,100

400,214

Career Design Center Co. Ltd.

479

554,781

Casio Computer Co. Ltd.

349,200

3,120,723

Chugoku Electric Power Co., Inc.(THE)

112,600

1,657,201

Creek & River Co. Ltd.

87,000

395,414

Daiwa Industries Ltd.

39,000

240,987

en-japan, Inc.

534

948,994

Enigmo, Inc. (d)

53,800

3,296,905

ESPEC Corp.

31,100

238,229

Fields Corp.

17,600

286,892

FJ Next Co. Ltd.

49,600

263,932

Foster Electric Co. Ltd. (d)

576,200

9,927,989

Fuji Corp.

46,200

717,230

Fuji Media Holdings, Inc.

525

950,694

Fujibo Holdings, Inc.

451,000

958,104

GOLDWIN, Inc.

26,000

123,481

H.I.S. Co. Ltd.

54,700

2,670,473

Common Stocks - continued

Shares

Value

Japan - continued

Hajime Construction Co. Ltd. (d)

81,100

$ 4,191,257

Heiwa Corp.

137,100

2,363,648

Higashi Nihon House Co. Ltd.

494,000

3,002,043

Hitachi Transport System Ltd.

42,600

612,176

Hokkaido Electric Power Co., Inc. (a)

1,064,200

13,923,401

Hoshizaki Electric Co. Ltd.

147,000

5,119,702

Hoya Corp.

34,900

753,535

Iida Home Max Co., Ltd.

104,000

1,686,774

Iino Kaiun Kaisha Ltd.

300,800

1,591,404

ISE Chemical Corp.

39,000

420,631

ITC Networks Corp.

36,700

309,988

Iwatsuka Confectionary Co. Ltd.

11,600

502,339

Izutsuya Co. Ltd. (a)

202,000

173,302

JAFCO Co. Ltd.

55,000

2,005,413

JFE Holdings, Inc.

14,000

317,005

Juki Corp. (a)(d)

386,000

583,475

K's Denki Corp.

129,000

4,400,572

Kakaku.com, Inc.

449,000

15,568,940

Kanto Natural Gas Development

58,000

490,491

KAWAI Musical Instruments Manufacturing Co. Ltd. (d)

789,000

1,587,509

Kobe Bussan Co. Ltd.

18,100

436,463

Koshidaka Holdings Co. Ltd. (d)

22,500

728,475

Kotobuki Spirits Co. Ltd.

14,500

192,524

Kyushu Electric Power Co., Inc. (a)

69,400

967,531

Mazda Motor Corp. (a)

1,441,000

6,034,215

Medical System Network Co. Ltd.

152,700

644,113

Nichias Corp.

449,000

2,939,526

Nihon Nohyaku Co. Ltd.

410,000

4,078,644

Nikkiso Co. Ltd.

534,000

6,702,951

Nippon Electric Glass Co. Ltd.

960,000

5,167,194

Nippon Seiki Co. Ltd.

34,000

503,176

Nippon Shinyaku Co. Ltd.

336,000

5,727,546

Nissan Motor Co. Ltd.

458,000

4,782,521

Nitta Corp.

157,400

3,073,729

Nomura Real Estate Holdings, Inc.

192,500

4,488,586

ORIX Corp.

714,900

10,623,833

Pal Co. Ltd.

68,700

1,919,755

Parco Co. Ltd.

40,600

402,227

Pigeon Corp.

386,600

18,222,438

Pressance Corp.

22,500

743,412

Rakuten, Inc.

576,900

7,795,309

Rohto Pharmaceutical Co. Ltd.

104,000

1,436,094

Common Stocks - continued

Shares

Value

Japan - continued

Sakata INX Corp.

133,000

$ 1,237,494

Sawada Holdings Co. Ltd.

249,200

2,621,550

Sega Sammy Holdings, Inc.

248,000

5,780,165

Shinkawa Ltd.

41,400

264,696

Shinko Kogyo Co. Ltd.

261,300

2,452,606

Shinko Shoji Co. Ltd.

2,900

23,458

Shinsei Bank Ltd.

312,000

694,679

SoftBank Corp.

3,800

242,182

Sosei Group Corp. (a)

107,800

5,224,298

Sourcenext Corp. (a)

87,400

998,883

Stanley Electric Co. Ltd.

323,700

6,281,585

Sugi Holdings Co. Ltd.

600

23,317

Sumitomo Heavy Industries Ltd.

172,000

801,062

Sysmex Corp.

400

25,860

Takara Leben Co. Ltd.

527,400

1,852,983

Takeuchi Manufacturing Co. Ltd.

23,600

450,740

Tohoku Electric Power Co., Inc. (a)

126,900

1,485,317

Tokyo Steel Manufacturing Co. Ltd.

316,500

1,596,885

Tokyo Tatemono Co. Ltd.

2,275,000

18,937,029

Tokyu Land Corp.

525,000

5,018,895

Topcon Corp.

528,500

5,835,037

Toyo Engineering Corp.

647,000

2,993,474

Uchiyama Holdings Co. Ltd.

38,100

1,241,334

VT Holdings Co. Ltd.

18,500

208,411

Welcia Holdings Co. Ltd.

4,800

257,869

Yamaha Motor Co. Ltd.

83,200

1,118,284

Yamato Kogyo Co. Ltd.

11,400

370,258

Yamaya Corp.

46,000

740,435

TOTAL JAPAN

256,179,869

Korea (South) - 0.3%

Daou Technology, Inc.

69,200

1,025,345

Korea Plant Service & Engineering Co. Ltd.

7,274

354,087

SBS Contents Hub Co. Ltd.

31,723

399,466

Soulbrain Co. Ltd.

11,656

473,522

WeMade Entertainment Co. Ltd. (a)

8,706

429,218

TOTAL KOREA (SOUTH)

2,681,638

Luxembourg - 2.7%

AZ Electronic Materials SA

1,087,200

5,070,867

Common Stocks - continued

Shares

Value

Luxembourg - continued

Eurofins Scientific SA

57,299

$ 12,577,575

Grand City Properties SA (a)

982,373

7,148,743

TOTAL LUXEMBOURG

24,797,185

Malaysia - 0.2%

JobStreet Corp. Bhd

1,223,100

1,540,884

Netherlands - 0.8%

Yandex NV (a)

225,600

7,332,000

Norway - 1.6%

Aker Solutions ASA (d)

357,100

5,381,225

Norwegian Air Shuttle A/S (a)

46,500

2,075,329

Schibsted ASA (B Shares) (d)

73,100

3,721,491

Sevan Drilling ASA (a)(d)

4,776,300

3,728,445

TOTAL NORWAY

14,906,490

Singapore - 2.4%

Amtek Engineering Ltd.

3,304,000

1,221,922

CSE Global Ltd.

1,069,000

693,965

Goodpack Ltd.

1,220,000

1,459,181

Mapletree Industrial (REIT)

1,100,703

1,169,256

OSIM International Ltd.

1,092,000

1,761,498

Pertama Holdings Ltd. (e)

23,060,000

11,794,468

Petra Foods Ltd.

370,000

1,164,575

Sino Grandness Food Industry Group Ltd. (a)

781,000

897,242

Venture Corp. Ltd.

212,000

1,221,104

Yoma Strategic Holdings Ltd.

865,000

588,760

TOTAL SINGAPORE

21,971,971

South Africa - 0.3%

Blue Label Telecoms Ltd.

3,094,900

2,588,102

Sweden - 0.4%

Avanza Bank Holding AB

162,600

3,741,859

Switzerland - 2.5%

Clariant AG (Reg.)

159,700

2,497,011

Julius Baer Group Ltd.

113,210

5,142,740

Meyer Burger Technology AG (a)(d)

484,710

3,257,762

Sika AG (Bearer)

1,610

4,490,151

VZ Holding AG

51,930

7,648,235

TOTAL SWITZERLAND

23,035,899

Taiwan - 0.2%

Merida Industry Co. Ltd.

85,000

566,761

Common Stocks - continued

Shares

Value

Taiwan - continued

Pacific Hospital Supply Co. Ltd.

114,400

$ 411,909

Taiwan Hon Chuan Enterprise Co. Ltd.

185,000

410,768

Tong Hsing Electronics Industries Ltd.

135,721

660,619

TOTAL TAIWAN

2,050,057

Thailand - 0.3%

Toyo-Thai Corp. PCL

2,200,600

2,230,813

United Kingdom - 18.8%

Amerisur Resources PLC (a)(d)

5,558,724

3,720,732

ASOS PLC (a)

188,176

13,557,403

Aveva Group PLC

174,375

6,377,042

Bond International Software PLC

843,266

897,973

Brammer PLC (d)

1,267,600

7,612,108

Brewin Dolphin Holding PLC

953,763

3,680,964

Cineworld Group PLC

187,861

1,071,688

Countrywide PLC

757,200

7,038,051

Craneware PLC

791,600

4,365,303

Devro PLC

414,130

1,968,735

Dicom Group PLC (a)

974,300

5,076,377

esure Group PLC

913,600

4,109,680

Hunting PLC

274,300

3,459,242

IG Group Holdings PLC

829,702

7,289,114

Innovation Group PLC (a)(d)

9,130,200

4,027,902

International Personal Finance PLC

847,500

8,199,690

Jazztel PLC (a)

322,000

2,921,502

John Wood Group PLC

383,900

5,264,831

Johnson Matthey PLC

106,195

4,579,918

Keronite PLC (a)(g)

13,620,267

207

Lombard Medical Technologies PLC (a)

1,226,500

3,134,566

Moneysupermarket.com Group PLC

2,714,800

7,475,100

Mothercare PLC (a)(d)

562,600

3,579,615

NCC Group Ltd.

685,658

1,340,329

Ocado Group PLC (a)(d)

1,686,700

7,890,119

Perform Group PLC (a)

682,800

5,214,322

Pureprofile Media PLC (a)(g)

1,108,572

590,245

Regenersis PLC

1,198,700

3,893,220

Rockhopper Exploration PLC (a)(d)

1,054,900

2,106,256

Salamander Energy PLC (a)

632,400

1,148,674

Serco Group PLC

513,340

4,896,359

Silverdell PLC

12,644,400

1,471,500

Sinclair Pharma PLC (a)

8,215,003

3,030,540

Sphere Medical Holding PLC (a)

817,054

459,889

Common Stocks - continued

Shares

Value

United Kingdom - continued

Sthree PLC

1,031,809

$ 5,411,332

Synergy Health PLC

343,853

5,816,721

Ted Baker PLC

334,675

9,698,819

TMO Renewables Ltd. (a)(g)

1,000,000

60,850

Travis Perkins PLC

189,500

4,906,472

Wolfson Microelectronics PLC (a)

1,423,800

3,313,912

TOTAL UNITED KINGDOM

170,657,302

United States of America - 0.1%

CTC Media, Inc.

4,300

47,730

GI Dynamics, Inc. CDI (a)

1,058,896

685,288

Mudalla Technology, Inc. (Reg. S) (a)

996,527

15

YOU On Demand Holdings, Inc. (a)

86,974

143,507

YOU On Demand Holdings, Inc.

27,500

45,375

YOU On Demand Holdings, Inc. warrants 8/30/17 (a)

27,500

0

TOTAL UNITED STATES OF AMERICA

921,915

TOTAL COMMON STOCKS

(Cost $717,256,493)


864,345,938

Nonconvertible Preferred Stocks - 0.6%

 

 

 

 

Brazil - 0.6%

Alpargatas Sa (PN)
(Cost $5,687,609)

810,320


4,976,257

Convertible Bonds - 0.2%

 

Principal
Amount

 

Canada - 0.2%

Caracal Energy, Inc. 12% 9/30/17 (g)
(Cost $1,400,000)

$ 1,400,000


1,421,207

Money Market Funds - 7.7%

Shares

Value

Fidelity Cash Central Fund, 0.11% (b)

34,574,491

$ 34,574,491

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

35,583,704

35,583,704

TOTAL MONEY MARKET FUNDS

(Cost $70,158,195)


70,158,195

TOTAL INVESTMENT PORTFOLIO - 103.8%

(Cost $794,502,297)

940,901,597

NET OTHER ASSETS (LIABILITIES) - (3.8)%

(34,145,136)

NET ASSETS - 100%

$ 906,756,461

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

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

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,603,960 or 0.4% 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 $2,072,557 or 0.2% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition
Date

Acquisition
Cost

AirSea Lines

8/4/06

$ 1,199,182

Caracal Energy, Inc. 12% 9/30/17

9/12/12

$ 1,400,000

Kalahari Energy

9/1/06

$ 1,813,750

Keronite PLC

8/16/06

$ 1,548,992

Pureprofile Media PLC

5/3/05 - 1/11/06

$ 1,173,341

Rock Well Petroleum, Inc.

4/13/06

$ 1,004,171

TMO Renewables Ltd.

10/27/05

$ 535,065

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

$ 32,677

Fidelity Securities Lending Cash Central Fund

558,331

Total

$ 591,008

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

Pertama Holdings Ltd.

$ 9,679,226

$ -

$ -

$ 380,584

$ 11,794,468

Total

$ 9,679,226

$ -

$ -

$ 380,584

$ 11,794,468

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 220,320,738

$ 203,743,734

$ 4,782,521

$ 11,794,483

Consumer Staples

34,557,543

34,557,543

-

-

Energy

42,688,772

42,688,749

-

23

Financials

143,680,619

143,680,619

-

-

Health Care

78,888,495

78,827,645

-

60,850

Industrials

131,348,388

129,720,589

-

1,627,799

Information Technology

144,259,110

143,590,464

-

668,646

Materials

46,515,243

46,515,242

-

1

Telecommunication Services

7,015,179

7,015,179

-

-

Utilities

20,048,108

20,048,108

-

-

Corporate Bonds

1,421,207

1,421,207

-

-

Money Market Funds

70,158,195

70,158,195

-

-

Total Investments in Securities:

$ 940,901,597

$ 921,967,274

$ 4,782,521

$ 14,151,802

Valuation Inputs at Reporting Date:

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:

Equities - Consumer Discretionary

Beginning Balance

$ 9,679,242

Net Realized Gain (Loss) on Investment Securities

-

Net Unrealized Gain (Loss) on Investment Securities

2,115,241

Cost of Purchases

-

Proceeds of Sales

-

Amortization/Accretion

-

Transfers into Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 11,794,483

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2013

$ 2,115,241

Other Investments in Securities

Beginning Balance

$ 7,428,398

Net Realized Gain (Loss) on Investment Securities

1,379,077

Net Unrealized Gain (Loss) on Investment Securities

(3,109,760)

Cost of Purchases

-

Proceeds of Sales

(5,055,336)

Amortization/Accretion

-

Transfers into Level 3

3,114,940

Transfers out of Level 3

(1,400,000)

Ending Balance

$ 2,357,319

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2013

$ (2,071,624)

The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $803,214,843. Net unrealized appreciation aggregated $137,686,754, of which $216,194,129 related to appreciated investment securities and $78,507,375 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type

Fair Value at
07/31/13

Valuation
Technique (s)

Unobservable
Input

Amount or
Range/Weighted
Average

Impact to
Valuation from
an Increase in
Input
*

Common Stock

$ 14,151,802

Adjusted book value

Book value
multiple

1.0

Increase

 

 

Expected distribution

Recovery rate

0.0%

Increase

 

 

Market comparable

Discount for lack
of marketability

30% - 40%/
39.5%

Decrease

 

 

 

Offered quote

$ 0.51

Increase

 

 

 

EV/NOPAT
multiple

12.3

Increase

 

 

 

Transaction price

$ 0.06

Increase

* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

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 LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

July 31, 2013

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

1.834740.107
AILS-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.0%

Shares

Value

Australia - 1.1%

Imdex Ltd.

1,128,443

$ 770,869

Ramsay Health Care Ltd.

71,365

2,362,513

Sydney Airport unit

672,981

2,171,623

TOTAL AUSTRALIA

5,305,005

Austria - 1.4%

Andritz AG

89,700

4,838,929

Zumtobel AG

164,281

2,017,009

TOTAL AUSTRIA

6,855,938

Bailiwick of Jersey - 1.2%

Informa PLC

722,112

5,767,193

Belgium - 1.2%

Gimv NV

62,610

3,156,813

Umicore SA

63,474

2,859,650

TOTAL BELGIUM

6,016,463

Bermuda - 0.4%

Lazard Ltd. Class A

52,599

1,912,500

Brazil - 0.7%

Arezzo Industria e Comercio SA

141,700

2,209,957

Iguatemi Empresa de Shopping Centers SA

116,800

1,177,548

TOTAL BRAZIL

3,387,505

British Virgin Islands - 0.3%

Gem Diamonds Ltd. (a)

636,898

1,363,700

Canada - 1.6%

Copper Mountain Mining Corp. (a)

236,600

361,661

Painted Pony Petroleum Ltd. Class A (a)

147,900

1,072,783

Pason Systems, Inc.

201,400

3,817,796

Petrominerales Ltd.

73,279

398,822

ShawCor Ltd.

27,800

1,249,119

TAG Oil Ltd. (a)(d)

260,500

971,390

TOTAL CANADA

7,871,571

Denmark - 0.4%

Spar Nord Bank A/S (a)

286,300

1,982,146

Finland - 1.2%

Nokian Tyres PLC

85,000

3,775,733

Tikkurila Oyj

98,519

2,161,258

TOTAL FINLAND

5,936,991

Common Stocks - continued

Shares

Value

France - 2.6%

Laurent-Perrier Group SA

27,463

$ 2,438,738

Remy Cointreau SA

23,773

2,461,167

Saft Groupe SA

84,575

2,086,016

Vetoquinol SA

50,117

1,788,174

Virbac SA

20,500

4,090,826

TOTAL FRANCE

12,864,921

Germany - 4.4%

alstria office REIT-AG

215,500

2,522,876

Bilfinger Berger AG

49,391

4,689,531

CompuGROUP Holding AG

129,047

3,155,436

CTS Eventim AG

159,545

7,174,073

Fielmann AG

35,837

3,737,779

TOTAL GERMANY

21,279,695

Greece - 0.4%

Titan Cement Co. SA (Reg.) (a)

109,012

1,986,830

India - 0.5%

Jyothy Laboratories Ltd.

949,051

2,557,626

Ireland - 1.8%

FBD Holdings PLC

179,328

3,840,961

James Hardie Industries PLC:

CDI

115,211

956,870

sponsored ADR (d)

96,475

4,007,572

TOTAL IRELAND

8,805,403

Israel - 1.2%

Azrieli Group

86,005

2,680,982

Ituran Location & Control Ltd.

102,286

1,830,919

Strauss Group Ltd.

80,044

1,381,211

TOTAL ISRAEL

5,893,112

Italy - 3.2%

Azimut Holding SpA

288,873

6,494,707

Beni Stabili SpA SIIQ

3,729,337

2,418,149

Interpump Group SpA

653,143

6,473,370

TOTAL ITALY

15,386,226

Japan - 25.3%

Air Water, Inc.

95,000

1,395,261

Anicom Holdings, Inc. (a)

51,400

667,764

Aozora Bank Ltd.

1,529,000

4,731,764

Common Stocks - continued

Shares

Value

Japan - continued

ARNEST ONE Corp.

60,500

$ 1,146,849

Artnature, Inc.

56,200

1,234,093

Asahi Co. Ltd. (d)

140,000

2,242,059

Autobacs Seven Co. Ltd.

260,600

3,827,421

Azbil Corp.

147,400

3,165,991

Cosmos Pharmaceutical Corp.

23,700

2,519,834

Daikokutenbussan Co. Ltd.

156,600

4,598,355

FCC Co. Ltd.

232,400

5,418,948

GCA Savvian Group Corp.

147,000

1,345,235

Glory Ltd.

72,200

1,696,047

Goldcrest Co. Ltd.

203,730

4,927,307

Hajime Construction Co. Ltd.

8,300

428,945

Harmonic Drive Systems, Inc.

89,900

1,899,735

Iwatsuka Confectionary Co. Ltd.

41,000

1,775,508

Kamigumi Co. Ltd.

205,000

1,702,226

Kobayashi Pharmaceutical Co. Ltd.

66,100

3,449,811

Kyoto Kimono Yuzen Co. Ltd.

83,300

910,336

Lasertec Corp.

168,500

1,868,971

Meiko Network Japan Co. Ltd.

130,000

1,653,049

Miraial Co. Ltd.

69,800

1,076,478

Nabtesco Corp.

102,900

2,159,733

Nagaileben Co. Ltd.

173,800

2,900,513

Nihon M&A Center, Inc.

108,000

7,225,002

Nihon Parkerizing Co. Ltd.

242,000

4,809,846

Nippon Seiki Co. Ltd.

208,000

3,078,255

Nippon Thompson Co. Ltd.

346,000

1,657,379

NS Tool Co. Ltd.

17,800

334,511

Obic Co. Ltd.

12,750

3,582,397

OSG Corp.

342,500

5,261,158

Seven Bank Ltd.

1,512,000

5,605,719

SHO-BOND Holdings Co. Ltd.

135,200

5,288,694

Shoei Co. Ltd.

191,100

1,692,204

Techno Medica Co. Ltd.

190

1,183,740

The Nippon Synthetic Chemical Industry Co. Ltd.

422,000

4,585,926

Tocalo Co. Ltd.

106,200

1,404,647

Tsutsumi Jewelry Co. Ltd.

68,000

1,569,605

USS Co. Ltd.

82,740

9,895,673

Workman Co. Ltd.

35,200

1,380,533

Yamato Kogyo Co. Ltd.

182,500

5,927,382

TOTAL JAPAN

123,224,904

Common Stocks - continued

Shares

Value

Korea (South) - 0.9%

Coway Co. Ltd.

82,885

$ 4,425,646

Netherlands - 2.9%

Aalberts Industries NV

258,801

6,520,965

ASM International NV (depositary receipt)

81,200

2,549,680

Heijmans NV (Certificaten Van Aandelen)

250,333

2,658,916

VastNed Retail NV

59,198

2,522,099

TOTAL NETHERLANDS

14,251,660

Philippines - 0.5%

Jollibee Food Corp.

700,640

2,499,406

Portugal - 0.4%

Jeronimo Martins SGPS SA

101,900

2,013,106

South Africa - 2.0%

City Lodge Hotels Ltd.

89,407

1,175,418

Clicks Group Ltd.

847,892

4,933,252

Mr Price Group Ltd.

84,300

1,099,732

Nampak Ltd.

838,200

2,710,312

TOTAL SOUTH AFRICA

9,918,714

Spain - 1.2%

Grifols SA

51,232

2,161,242

Prosegur Compania de Seguridad SA (Reg.)

678,390

3,501,685

TOTAL SPAIN

5,662,927

Sweden - 2.6%

Fagerhult AB

110,987

3,030,873

Intrum Justitia AB

305,334

7,776,048

Swedish Match Co. AB

47,400

1,770,733

TOTAL SWEDEN

12,577,654

Switzerland - 0.4%

Zehnder Group AG

42,336

1,742,938

Turkey - 3.4%

Albaraka Turk Katilim Bankasi A/S

4,182,046

3,953,172

Asya Katilim Bankasi A/S (a)

1,306,000

1,315,478

Boyner Buyuk Magazacilik A/S (a)

1,452,451

4,366,469

Coca-Cola Icecek A/S

238,362

6,710,261

TOTAL TURKEY

16,345,380

United Kingdom - 18.9%

Babcock International Group PLC

205,700

3,676,823

Bellway PLC

235,172

4,937,025

Common Stocks - continued

Shares

Value

United Kingdom - continued

Berendsen PLC

251,563

$ 3,126,579

Britvic PLC

421,771

3,490,408

Dechra Pharmaceuticals PLC

361,500

3,756,035

Derwent London PLC

69,400

2,545,407

Elementis PLC

1,117,510

4,261,930

Fenner PLC

321,062

1,686,987

Great Portland Estates PLC

604,589

5,113,704

H&T Group PLC

239,353

622,638

Hilton Food Group PLC

1,000

6,191

InterContinental Hotel Group PLC ADR (d)

111,126

3,212,653

Johnson Matthey PLC

77,175

3,328,360

Meggitt PLC

628,969

5,238,585

Persimmon PLC

170,863

3,212,677

Rotork PLC

132,700

5,361,664

Serco Group PLC

569,045

5,427,686

Shaftesbury PLC

509,573

4,899,188

Spectris PLC

167,578

5,378,981

Spirax-Sarco Engineering PLC

173,121

7,545,273

Ted Baker PLC

110,300

3,196,473

Ultra Electronics Holdings PLC

172,858

4,775,358

Unite Group PLC

1,160,870

6,892,595

TOTAL UNITED KINGDOM

91,693,220

United States of America - 12.9%

ANSYS, Inc. (a)

15,285

1,220,354

Autoliv, Inc.

52,300

4,276,571

BPZ Energy, Inc. (a)

474,267

1,142,983

Broadridge Financial Solutions, Inc.

87,405

2,529,501

Dril-Quip, Inc. (a)

36,295

3,299,578

Evercore Partners, Inc. Class A

83,800

3,973,796

Greenhill & Co., Inc.

49,295

2,481,510

Kansas City Southern

21,404

2,306,281

Kennedy-Wilson Holdings, Inc.

126,229

2,158,516

Martin Marietta Materials, Inc.

35,620

3,547,752

Mohawk Industries, Inc. (a)

37,700

4,485,923

Oceaneering International, Inc.

41,502

3,365,397

PriceSmart, Inc.

113,706

10,350,661

ResMed, Inc. (d)

94,100

4,483,865

Solera Holdings, Inc.

94,556

5,381,182

Common Stocks - continued

Shares

Value

United States of America - continued

SS&C Technologies Holdings, Inc. (a)

152,058

$ 5,440,635

Universal Display Corp. (a)(d)

74,168

2,147,164

TOTAL UNITED STATES OF AMERICA

62,591,669

TOTAL COMMON STOCKS

(Cost $355,156,230)


462,120,049

Nonconvertible Preferred Stocks - 1.1%

 

 

 

 

Brazil - 0.6%

Banco ABC Brasil SA

322,389

1,695,780

Banco Pine SA

256,685

1,152,149

TOTAL BRAZIL

2,847,929

Germany - 0.5%

Sartorius AG (non-vtg.)

21,220

2,323,896

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $6,300,352)


5,171,825

Money Market Funds - 5.0%

 

 

 

 

Fidelity Cash Central Fund, 0.11% (b)

16,702,318

16,702,318

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

7,754,315

7,754,315

TOTAL MONEY MARKET FUNDS

(Cost $24,456,633)


24,456,633

TOTAL INVESTMENT PORTFOLIO - 101.1%

(Cost $385,913,215)

491,748,507

NET OTHER ASSETS (LIABILITIES) - (1.1)%

(5,373,039)

NET ASSETS - 100%

$ 486,375,468

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or 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

$ 18,294

Fidelity Securities Lending Cash Central Fund

129,118

Total

$ 147,412

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $388,248,743. Net unrealized appreciation aggregated $103,499,764, of which $119,766,599 related to appreciated investment securities and $16,266,835 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® International Small Cap
Opportunities Fund

July 31, 2013

1.834743.107
ILS-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.0%

Shares

Value

Australia - 1.1%

Imdex Ltd.

1,128,443

$ 770,869

Ramsay Health Care Ltd.

71,365

2,362,513

Sydney Airport unit

672,981

2,171,623

TOTAL AUSTRALIA

5,305,005

Austria - 1.4%

Andritz AG

89,700

4,838,929

Zumtobel AG

164,281

2,017,009

TOTAL AUSTRIA

6,855,938

Bailiwick of Jersey - 1.2%

Informa PLC

722,112

5,767,193

Belgium - 1.2%

Gimv NV

62,610

3,156,813

Umicore SA

63,474

2,859,650

TOTAL BELGIUM

6,016,463

Bermuda - 0.4%

Lazard Ltd. Class A

52,599

1,912,500

Brazil - 0.7%

Arezzo Industria e Comercio SA

141,700

2,209,957

Iguatemi Empresa de Shopping Centers SA

116,800

1,177,548

TOTAL BRAZIL

3,387,505

British Virgin Islands - 0.3%

Gem Diamonds Ltd. (a)

636,898

1,363,700

Canada - 1.6%

Copper Mountain Mining Corp. (a)

236,600

361,661

Painted Pony Petroleum Ltd. Class A (a)

147,900

1,072,783

Pason Systems, Inc.

201,400

3,817,796

Petrominerales Ltd.

73,279

398,822

ShawCor Ltd.

27,800

1,249,119

TAG Oil Ltd. (a)(d)

260,500

971,390

TOTAL CANADA

7,871,571

Denmark - 0.4%

Spar Nord Bank A/S (a)

286,300

1,982,146

Finland - 1.2%

Nokian Tyres PLC

85,000

3,775,733

Tikkurila Oyj

98,519

2,161,258

TOTAL FINLAND

5,936,991

Common Stocks - continued

Shares

Value

France - 2.6%

Laurent-Perrier Group SA

27,463

$ 2,438,738

Remy Cointreau SA

23,773

2,461,167

Saft Groupe SA

84,575

2,086,016

Vetoquinol SA

50,117

1,788,174

Virbac SA

20,500

4,090,826

TOTAL FRANCE

12,864,921

Germany - 4.4%

alstria office REIT-AG

215,500

2,522,876

Bilfinger Berger AG

49,391

4,689,531

CompuGROUP Holding AG

129,047

3,155,436

CTS Eventim AG

159,545

7,174,073

Fielmann AG

35,837

3,737,779

TOTAL GERMANY

21,279,695

Greece - 0.4%

Titan Cement Co. SA (Reg.) (a)

109,012

1,986,830

India - 0.5%

Jyothy Laboratories Ltd.

949,051

2,557,626

Ireland - 1.8%

FBD Holdings PLC

179,328

3,840,961

James Hardie Industries PLC:

CDI

115,211

956,870

sponsored ADR (d)

96,475

4,007,572

TOTAL IRELAND

8,805,403

Israel - 1.2%

Azrieli Group

86,005

2,680,982

Ituran Location & Control Ltd.

102,286

1,830,919

Strauss Group Ltd.

80,044

1,381,211

TOTAL ISRAEL

5,893,112

Italy - 3.2%

Azimut Holding SpA

288,873

6,494,707

Beni Stabili SpA SIIQ

3,729,337

2,418,149

Interpump Group SpA

653,143

6,473,370

TOTAL ITALY

15,386,226

Japan - 25.3%

Air Water, Inc.

95,000

1,395,261

Anicom Holdings, Inc. (a)

51,400

667,764

Aozora Bank Ltd.

1,529,000

4,731,764

Common Stocks - continued

Shares

Value

Japan - continued

ARNEST ONE Corp.

60,500

$ 1,146,849

Artnature, Inc.

56,200

1,234,093

Asahi Co. Ltd. (d)

140,000

2,242,059

Autobacs Seven Co. Ltd.

260,600

3,827,421

Azbil Corp.

147,400

3,165,991

Cosmos Pharmaceutical Corp.

23,700

2,519,834

Daikokutenbussan Co. Ltd.

156,600

4,598,355

FCC Co. Ltd.

232,400

5,418,948

GCA Savvian Group Corp.

147,000

1,345,235

Glory Ltd.

72,200

1,696,047

Goldcrest Co. Ltd.

203,730

4,927,307

Hajime Construction Co. Ltd.

8,300

428,945

Harmonic Drive Systems, Inc.

89,900

1,899,735

Iwatsuka Confectionary Co. Ltd.

41,000

1,775,508

Kamigumi Co. Ltd.

205,000

1,702,226

Kobayashi Pharmaceutical Co. Ltd.

66,100

3,449,811

Kyoto Kimono Yuzen Co. Ltd.

83,300

910,336

Lasertec Corp.

168,500

1,868,971

Meiko Network Japan Co. Ltd.

130,000

1,653,049

Miraial Co. Ltd.

69,800

1,076,478

Nabtesco Corp.

102,900

2,159,733

Nagaileben Co. Ltd.

173,800

2,900,513

Nihon M&A Center, Inc.

108,000

7,225,002

Nihon Parkerizing Co. Ltd.

242,000

4,809,846

Nippon Seiki Co. Ltd.

208,000

3,078,255

Nippon Thompson Co. Ltd.

346,000

1,657,379

NS Tool Co. Ltd.

17,800

334,511

Obic Co. Ltd.

12,750

3,582,397

OSG Corp.

342,500

5,261,158

Seven Bank Ltd.

1,512,000

5,605,719

SHO-BOND Holdings Co. Ltd.

135,200

5,288,694

Shoei Co. Ltd.

191,100

1,692,204

Techno Medica Co. Ltd.

190

1,183,740

The Nippon Synthetic Chemical Industry Co. Ltd.

422,000

4,585,926

Tocalo Co. Ltd.

106,200

1,404,647

Tsutsumi Jewelry Co. Ltd.

68,000

1,569,605

USS Co. Ltd.

82,740

9,895,673

Workman Co. Ltd.

35,200

1,380,533

Yamato Kogyo Co. Ltd.

182,500

5,927,382

TOTAL JAPAN

123,224,904

Common Stocks - continued

Shares

Value

Korea (South) - 0.9%

Coway Co. Ltd.

82,885

$ 4,425,646

Netherlands - 2.9%

Aalberts Industries NV

258,801

6,520,965

ASM International NV (depositary receipt)

81,200

2,549,680

Heijmans NV (Certificaten Van Aandelen)

250,333

2,658,916

VastNed Retail NV

59,198

2,522,099

TOTAL NETHERLANDS

14,251,660

Philippines - 0.5%

Jollibee Food Corp.

700,640

2,499,406

Portugal - 0.4%

Jeronimo Martins SGPS SA

101,900

2,013,106

South Africa - 2.0%

City Lodge Hotels Ltd.

89,407

1,175,418

Clicks Group Ltd.

847,892

4,933,252

Mr Price Group Ltd.

84,300

1,099,732

Nampak Ltd.

838,200

2,710,312

TOTAL SOUTH AFRICA

9,918,714

Spain - 1.2%

Grifols SA

51,232

2,161,242

Prosegur Compania de Seguridad SA (Reg.)

678,390

3,501,685

TOTAL SPAIN

5,662,927

Sweden - 2.6%

Fagerhult AB

110,987

3,030,873

Intrum Justitia AB

305,334

7,776,048

Swedish Match Co. AB

47,400

1,770,733

TOTAL SWEDEN

12,577,654

Switzerland - 0.4%

Zehnder Group AG

42,336

1,742,938

Turkey - 3.4%

Albaraka Turk Katilim Bankasi A/S

4,182,046

3,953,172

Asya Katilim Bankasi A/S (a)

1,306,000

1,315,478

Boyner Buyuk Magazacilik A/S (a)

1,452,451

4,366,469

Coca-Cola Icecek A/S

238,362

6,710,261

TOTAL TURKEY

16,345,380

United Kingdom - 18.9%

Babcock International Group PLC

205,700

3,676,823

Bellway PLC

235,172

4,937,025

Common Stocks - continued

Shares

Value

United Kingdom - continued

Berendsen PLC

251,563

$ 3,126,579

Britvic PLC

421,771

3,490,408

Dechra Pharmaceuticals PLC

361,500

3,756,035

Derwent London PLC

69,400

2,545,407

Elementis PLC

1,117,510

4,261,930

Fenner PLC

321,062

1,686,987

Great Portland Estates PLC

604,589

5,113,704

H&T Group PLC

239,353

622,638

Hilton Food Group PLC

1,000

6,191

InterContinental Hotel Group PLC ADR (d)

111,126

3,212,653

Johnson Matthey PLC

77,175

3,328,360

Meggitt PLC

628,969

5,238,585

Persimmon PLC

170,863

3,212,677

Rotork PLC

132,700

5,361,664

Serco Group PLC

569,045

5,427,686

Shaftesbury PLC

509,573

4,899,188

Spectris PLC

167,578

5,378,981

Spirax-Sarco Engineering PLC

173,121

7,545,273

Ted Baker PLC

110,300

3,196,473

Ultra Electronics Holdings PLC

172,858

4,775,358

Unite Group PLC

1,160,870

6,892,595

TOTAL UNITED KINGDOM

91,693,220

United States of America - 12.9%

ANSYS, Inc. (a)

15,285

1,220,354

Autoliv, Inc.

52,300

4,276,571

BPZ Energy, Inc. (a)

474,267

1,142,983

Broadridge Financial Solutions, Inc.

87,405

2,529,501

Dril-Quip, Inc. (a)

36,295

3,299,578

Evercore Partners, Inc. Class A

83,800

3,973,796

Greenhill & Co., Inc.

49,295

2,481,510

Kansas City Southern

21,404

2,306,281

Kennedy-Wilson Holdings, Inc.

126,229

2,158,516

Martin Marietta Materials, Inc.

35,620

3,547,752

Mohawk Industries, Inc. (a)

37,700

4,485,923

Oceaneering International, Inc.

41,502

3,365,397

PriceSmart, Inc.

113,706

10,350,661

ResMed, Inc. (d)

94,100

4,483,865

Solera Holdings, Inc.

94,556

5,381,182

Common Stocks - continued

Shares

Value

United States of America - continued

SS&C Technologies Holdings, Inc. (a)

152,058

$ 5,440,635

Universal Display Corp. (a)(d)

74,168

2,147,164

TOTAL UNITED STATES OF AMERICA

62,591,669

TOTAL COMMON STOCKS

(Cost $355,156,230)


462,120,049

Nonconvertible Preferred Stocks - 1.1%

 

 

 

 

Brazil - 0.6%

Banco ABC Brasil SA

322,389

1,695,780

Banco Pine SA

256,685

1,152,149

TOTAL BRAZIL

2,847,929

Germany - 0.5%

Sartorius AG (non-vtg.)

21,220

2,323,896

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $6,300,352)


5,171,825

Money Market Funds - 5.0%

 

 

 

 

Fidelity Cash Central Fund, 0.11% (b)

16,702,318

16,702,318

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

7,754,315

7,754,315

TOTAL MONEY MARKET FUNDS

(Cost $24,456,633)


24,456,633

TOTAL INVESTMENT PORTFOLIO - 101.1%

(Cost $385,913,215)

491,748,507

NET OTHER ASSETS (LIABILITIES) - (1.1)%

(5,373,039)

NET ASSETS - 100%

$ 486,375,468

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or 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

$ 18,294

Fidelity Securities Lending Cash Central Fund

129,118

Total

$ 147,412

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $388,248,743. Net unrealized appreciation aggregated $103,499,764, of which $119,766,599 related to appreciated investment securities and $16,266,835 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC

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, 2013

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

1.834738.107
AFIV-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.8%

Shares

Value

Australia - 6.4%

Ansell Ltd.

43,208

$ 720,047

Australia & New Zealand Banking Group Ltd.

133,657

3,575,295

Telstra Corp. Ltd.

276,711

1,241,121

Transurban Group unit

123,401

752,031

Westfield Group unit

143,755

1,449,783

Westpac Banking Corp.

128,635

3,571,612

TOTAL AUSTRALIA

11,309,889

Bailiwick of Jersey - 0.8%

Informa PLC

105,010

838,669

Wolseley PLC

13,056

624,841

TOTAL BAILIWICK OF JERSEY

1,463,510

Belgium - 0.8%

KBC Groupe SA

27,054

1,085,137

UCB SA

6,200

357,352

TOTAL BELGIUM

1,442,489

Bermuda - 0.4%

Hongkong Land Holdings Ltd.

117,000

792,090

Cayman Islands - 0.4%

ENN Energy Holdings Ltd.

134,409

744,348

Finland - 1.3%

Nokia Corp. (a)

114,033

450,822

Sampo Oyj (A Shares)

40,934

1,794,888

TOTAL FINLAND

2,245,710

France - 12.3%

Arkema SA

10,039

1,006,328

Atos Origin SA

16,354

1,229,462

BNP Paribas SA

53,204

3,442,382

Carrefour SA

40,136

1,231,821

Havas SA

62,175

470,563

Kering SA

5,042

1,154,382

Pernod Ricard SA

5,657

673,558

Renault SA

17,145

1,349,600

Sanofi SA

61,402

6,427,793

Schneider Electric SA

8,635

687,072

Total SA

80,450

4,287,056

TOTAL FRANCE

21,960,017

Common Stocks - continued

Shares

Value

Germany - 8.8%

Allianz AG

22,871

$ 3,565,978

BASF AG

34,058

3,020,302

Bayer AG

16,490

1,916,238

Bayerische Motoren Werke AG (BMW)

14,806

1,449,514

Deutsche Post AG

52,778

1,479,392

Fresenius SE & Co. KGaA

8,300

1,047,656

HeidelbergCement Finance AG

13,178

1,012,260

Lanxess AG

6,900

431,478

Siemens AG

15,526

1,705,240

TOTAL GERMANY

15,628,058

Hong Kong - 0.7%

Hysan Development Co. Ltd.

168,000

713,755

Wing Hang Bank Ltd.

57,265

530,888

TOTAL HONG KONG

1,244,643

Japan - 18.8%

AEON Financial Service Co. Ltd.

21,600

630,285

Air Water, Inc.

60,000

881,217

Astellas Pharma, Inc.

20,600

1,104,586

Daikin Industries Ltd.

10,800

450,046

DENSO Corp.

15,500

706,057

Hoya Corp.

49,400

1,066,608

Itochu Corp.

101,300

1,206,371

Japan Exchange Group, Inc.

5,800

544,990

Japan Tobacco, Inc.

43,400

1,518,180

JSR Corp.

49,000

886,814

JTEKT Corp.

63,300

797,149

Kansai Electric Power Co., Inc. (a)

76,500

937,596

KDDI Corp.

32,700

1,806,833

Mitsubishi Electric Corp.

68,000

661,873

Mitsubishi Estate Co. Ltd.

20,000

508,835

MS&AD Insurance Group Holdings, Inc.

33,800

877,536

Nissan Motor Co. Ltd.

183,900

1,920,318

Nitto Denko Corp.

14,700

830,262

ORIX Corp.

101,400

1,506,863

Santen Pharmaceutical Co. Ltd.

20,500

895,082

Sekisui House Ltd.

42,000

543,499

Seven & i Holdings Co., Ltd.

47,500

1,795,016

Seven Bank Ltd.

168,100

623,228

Shinsei Bank Ltd.

403,000

897,293

SoftBank Corp.

18,200

1,159,922

Common Stocks - continued

Shares

Value

Japan - continued

Sony Corp.

38,400

$ 806,207

Sumitomo Corp.

69,100

925,944

Sumitomo Mitsui Financial Group, Inc.

88,200

4,029,524

Sumitomo Mitsui Trust Holdings, Inc.

281,000

1,297,232

Toshiba Corp.

244,000

1,059,136

USS Co. Ltd.

5,430

649,426

TOTAL JAPAN

33,523,928

Netherlands - 2.9%

AEGON NV

132,905

1,024,082

Koninklijke Philips Electronics NV

59,771

1,911,412

Royal DSM NV

14,608

1,026,102

Unilever NV (Certificaten Van Aandelen) (Bearer)

29,131

1,168,778

TOTAL NETHERLANDS

5,130,374

Norway - 1.6%

DNB ASA

55,929

931,549

Telenor ASA

83,377

1,846,439

TOTAL NORWAY

2,777,988

Singapore - 2.7%

ComfortDelgro Corp. Ltd.

419,000

659,401

Singapore Telecommunications Ltd.

590,000

1,824,527

United Overseas Bank Ltd.

104,480

1,764,284

UOL Group Ltd.

92,000

505,300

TOTAL SINGAPORE

4,753,512

Spain - 3.4%

Amadeus IT Holding SA Class A

22,269

764,932

Banco Bilbao Vizcaya Argentaria SA sponsored ADR (d)

289,786

2,738,478

Iberdrola SA

235,434

1,299,820

Repsol YPF SA

52,108

1,247,101

TOTAL SPAIN

6,050,331

Sweden - 1.6%

Svenska Cellulosa AB (SCA) (B Shares)

35,465

938,566

Svenska Handelsbanken AB (A Shares)

43,732

1,985,943

TOTAL SWEDEN

2,924,509

Switzerland - 6.0%

Novartis AG

43,955

3,159,786

Roche Holding AG (participation certificate)

6,028

1,485,098

Swisscom AG

95

42,447

Common Stocks - continued

Shares

Value

Switzerland - continued

Syngenta AG (Switzerland)

2,964

$ 1,172,001

UBS AG (NY Shares)

116,858

2,298,597

Zurich Insurance Group AG

9,166

2,467,179

TOTAL SWITZERLAND

10,625,108

United Kingdom - 27.5%

Barclays PLC

552,103

2,412,130

BHP Billiton PLC

134,195

3,841,259

BP PLC sponsored ADR

62,272

2,580,552

British American Tobacco PLC (United Kingdom)

21,860

1,166,161

BT Group PLC

171,458

887,155

Bunzl PLC

57,725

1,237,301

Centrica PLC

255,003

1,516,780

Compass Group PLC

99,686

1,361,793

GlaxoSmithKline PLC sponsored ADR

25,975

1,323,686

HSBC Holdings PLC sponsored ADR

128,080

7,268,544

Imperial Tobacco Group PLC

40,546

1,360,674

ITV PLC

460,796

1,181,862

Kingfisher PLC

241,068

1,457,731

Legal & General Group PLC

634,751

1,862,671

National Grid PLC

191,658

2,290,569

Next PLC

12,900

979,244

Prudential PLC

87,184

1,548,371

Reed Elsevier PLC

97,174

1,255,042

Royal Dutch Shell PLC Class A sponsored ADR

73,996

5,057,627

SABMiller PLC

14,000

685,886

Taylor Wimpey PLC

410,600

665,226

Tesco PLC

317,838

1,775,936

Vodafone Group PLC sponsored ADR

174,008

5,211,540

TOTAL UNITED KINGDOM

48,927,740

United States of America - 0.4%

AbbVie, Inc.

15,917

723,905

TOTAL COMMON STOCKS

(Cost $160,229,926)


172,268,149

Nonconvertible Preferred Stocks - 1.6%

 

 

 

 

Germany - 1.6%

Volkswagen AG
(Cost $2,319,820)

11,781


2,799,955

Money Market Funds - 1.0%

Shares

Value

Fidelity Cash Central Fund, 0.11% (b)

1,487,027

$ 1,487,027

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

261,000

261,000

TOTAL MONEY MARKET FUNDS

(Cost $1,748,027)


1,748,027

TOTAL INVESTMENT PORTFOLIO - 99.4%

(Cost $164,297,773)

176,816,131

NET OTHER ASSETS (LIABILITIES) - 0.6%

1,018,335

NET ASSETS - 100%

$ 177,834,466

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or 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

$ 1,692

Fidelity Securities Lending Cash Central Fund

152,740

Total

$ 154,432

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 19,589,088

$ 16,862,563

$ 2,726,525

$ -

Consumer Staples

12,314,576

9,979,637

2,334,939

-

Energy

13,172,336

8,885,280

4,287,056

-

Financials

58,244,722

49,230,615

9,014,107

-

Health Care

19,161,229

9,573,650

9,587,579

-

Industrials

14,157,209

10,540,557

3,616,652

-

Information Technology

3,511,824

3,061,002

450,822

-

Materials

14,108,023

9,094,763

5,013,260

-

Telecommunication Services

14,019,984

13,132,829

887,155

-

Utilities

6,789,113

4,498,544

2,290,569

-

Money Market Funds

1,748,027

1,748,027

-

-

Total Investments in Securities:

$ 176,816,131

$ 136,607,467

$ 40,208,664

$ -

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $165,371,182. Net unrealized appreciation aggregated $11,444,949, of which $20,075,164 related to appreciated investment securities and $8,630,215 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® International
Value Fund

July 31, 2013

1.834741.107
FIV-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.8%

Shares

Value

Australia - 6.4%

Ansell Ltd.

43,208

$ 720,047

Australia & New Zealand Banking Group Ltd.

133,657

3,575,295

Telstra Corp. Ltd.

276,711

1,241,121

Transurban Group unit

123,401

752,031

Westfield Group unit

143,755

1,449,783

Westpac Banking Corp.

128,635

3,571,612

TOTAL AUSTRALIA

11,309,889

Bailiwick of Jersey - 0.8%

Informa PLC

105,010

838,669

Wolseley PLC

13,056

624,841

TOTAL BAILIWICK OF JERSEY

1,463,510

Belgium - 0.8%

KBC Groupe SA

27,054

1,085,137

UCB SA

6,200

357,352

TOTAL BELGIUM

1,442,489

Bermuda - 0.4%

Hongkong Land Holdings Ltd.

117,000

792,090

Cayman Islands - 0.4%

ENN Energy Holdings Ltd.

134,409

744,348

Finland - 1.3%

Nokia Corp. (a)

114,033

450,822

Sampo Oyj (A Shares)

40,934

1,794,888

TOTAL FINLAND

2,245,710

France - 12.3%

Arkema SA

10,039

1,006,328

Atos Origin SA

16,354

1,229,462

BNP Paribas SA

53,204

3,442,382

Carrefour SA

40,136

1,231,821

Havas SA

62,175

470,563

Kering SA

5,042

1,154,382

Pernod Ricard SA

5,657

673,558

Renault SA

17,145

1,349,600

Sanofi SA

61,402

6,427,793

Schneider Electric SA

8,635

687,072

Total SA

80,450

4,287,056

TOTAL FRANCE

21,960,017

Common Stocks - continued

Shares

Value

Germany - 8.8%

Allianz AG

22,871

$ 3,565,978

BASF AG

34,058

3,020,302

Bayer AG

16,490

1,916,238

Bayerische Motoren Werke AG (BMW)

14,806

1,449,514

Deutsche Post AG

52,778

1,479,392

Fresenius SE & Co. KGaA

8,300

1,047,656

HeidelbergCement Finance AG

13,178

1,012,260

Lanxess AG

6,900

431,478

Siemens AG

15,526

1,705,240

TOTAL GERMANY

15,628,058

Hong Kong - 0.7%

Hysan Development Co. Ltd.

168,000

713,755

Wing Hang Bank Ltd.

57,265

530,888

TOTAL HONG KONG

1,244,643

Japan - 18.8%

AEON Financial Service Co. Ltd.

21,600

630,285

Air Water, Inc.

60,000

881,217

Astellas Pharma, Inc.

20,600

1,104,586

Daikin Industries Ltd.

10,800

450,046

DENSO Corp.

15,500

706,057

Hoya Corp.

49,400

1,066,608

Itochu Corp.

101,300

1,206,371

Japan Exchange Group, Inc.

5,800

544,990

Japan Tobacco, Inc.

43,400

1,518,180

JSR Corp.

49,000

886,814

JTEKT Corp.

63,300

797,149

Kansai Electric Power Co., Inc. (a)

76,500

937,596

KDDI Corp.

32,700

1,806,833

Mitsubishi Electric Corp.

68,000

661,873

Mitsubishi Estate Co. Ltd.

20,000

508,835

MS&AD Insurance Group Holdings, Inc.

33,800

877,536

Nissan Motor Co. Ltd.

183,900

1,920,318

Nitto Denko Corp.

14,700

830,262

ORIX Corp.

101,400

1,506,863

Santen Pharmaceutical Co. Ltd.

20,500

895,082

Sekisui House Ltd.

42,000

543,499

Seven & i Holdings Co., Ltd.

47,500

1,795,016

Seven Bank Ltd.

168,100

623,228

Shinsei Bank Ltd.

403,000

897,293

SoftBank Corp.

18,200

1,159,922

Common Stocks - continued

Shares

Value

Japan - continued

Sony Corp.

38,400

$ 806,207

Sumitomo Corp.

69,100

925,944

Sumitomo Mitsui Financial Group, Inc.

88,200

4,029,524

Sumitomo Mitsui Trust Holdings, Inc.

281,000

1,297,232

Toshiba Corp.

244,000

1,059,136

USS Co. Ltd.

5,430

649,426

TOTAL JAPAN

33,523,928

Netherlands - 2.9%

AEGON NV

132,905

1,024,082

Koninklijke Philips Electronics NV

59,771

1,911,412

Royal DSM NV

14,608

1,026,102

Unilever NV (Certificaten Van Aandelen) (Bearer)

29,131

1,168,778

TOTAL NETHERLANDS

5,130,374

Norway - 1.6%

DNB ASA

55,929

931,549

Telenor ASA

83,377

1,846,439

TOTAL NORWAY

2,777,988

Singapore - 2.7%

ComfortDelgro Corp. Ltd.

419,000

659,401

Singapore Telecommunications Ltd.

590,000

1,824,527

United Overseas Bank Ltd.

104,480

1,764,284

UOL Group Ltd.

92,000

505,300

TOTAL SINGAPORE

4,753,512

Spain - 3.4%

Amadeus IT Holding SA Class A

22,269

764,932

Banco Bilbao Vizcaya Argentaria SA sponsored ADR (d)

289,786

2,738,478

Iberdrola SA

235,434

1,299,820

Repsol YPF SA

52,108

1,247,101

TOTAL SPAIN

6,050,331

Sweden - 1.6%

Svenska Cellulosa AB (SCA) (B Shares)

35,465

938,566

Svenska Handelsbanken AB (A Shares)

43,732

1,985,943

TOTAL SWEDEN

2,924,509

Switzerland - 6.0%

Novartis AG

43,955

3,159,786

Roche Holding AG (participation certificate)

6,028

1,485,098

Swisscom AG

95

42,447

Common Stocks - continued

Shares

Value

Switzerland - continued

Syngenta AG (Switzerland)

2,964

$ 1,172,001

UBS AG (NY Shares)

116,858

2,298,597

Zurich Insurance Group AG

9,166

2,467,179

TOTAL SWITZERLAND

10,625,108

United Kingdom - 27.5%

Barclays PLC

552,103

2,412,130

BHP Billiton PLC

134,195

3,841,259

BP PLC sponsored ADR

62,272

2,580,552

British American Tobacco PLC (United Kingdom)

21,860

1,166,161

BT Group PLC

171,458

887,155

Bunzl PLC

57,725

1,237,301

Centrica PLC

255,003

1,516,780

Compass Group PLC

99,686

1,361,793

GlaxoSmithKline PLC sponsored ADR

25,975

1,323,686

HSBC Holdings PLC sponsored ADR

128,080

7,268,544

Imperial Tobacco Group PLC

40,546

1,360,674

ITV PLC

460,796

1,181,862

Kingfisher PLC

241,068

1,457,731

Legal & General Group PLC

634,751

1,862,671

National Grid PLC

191,658

2,290,569

Next PLC

12,900

979,244

Prudential PLC

87,184

1,548,371

Reed Elsevier PLC

97,174

1,255,042

Royal Dutch Shell PLC Class A sponsored ADR

73,996

5,057,627

SABMiller PLC

14,000

685,886

Taylor Wimpey PLC

410,600

665,226

Tesco PLC

317,838

1,775,936

Vodafone Group PLC sponsored ADR

174,008

5,211,540

TOTAL UNITED KINGDOM

48,927,740

United States of America - 0.4%

AbbVie, Inc.

15,917

723,905

TOTAL COMMON STOCKS

(Cost $160,229,926)


172,268,149

Nonconvertible Preferred Stocks - 1.6%

 

 

 

 

Germany - 1.6%

Volkswagen AG
(Cost $2,319,820)

11,781


2,799,955

Money Market Funds - 1.0%

Shares

Value

Fidelity Cash Central Fund, 0.11% (b)

1,487,027

$ 1,487,027

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

261,000

261,000

TOTAL MONEY MARKET FUNDS

(Cost $1,748,027)


1,748,027

TOTAL INVESTMENT PORTFOLIO - 99.4%

(Cost $164,297,773)

176,816,131

NET OTHER ASSETS (LIABILITIES) - 0.6%

1,018,335

NET ASSETS - 100%

$ 177,834,466

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or 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

$ 1,692

Fidelity Securities Lending Cash Central Fund

152,740

Total

$ 154,432

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 19,589,088

$ 16,862,563

$ 2,726,525

$ -

Consumer Staples

12,314,576

9,979,637

2,334,939

-

Energy

13,172,336

8,885,280

4,287,056

-

Financials

58,244,722

49,230,615

9,014,107

-

Health Care

19,161,229

9,573,650

9,587,579

-

Industrials

14,157,209

10,540,557

3,616,652

-

Information Technology

3,511,824

3,061,002

450,822

-

Materials

14,108,023

9,094,763

5,013,260

-

Telecommunication Services

14,019,984

13,132,829

887,155

-

Utilities

6,789,113

4,498,544

2,290,569

-

Money Market Funds

1,748,027

1,748,027

-

-

Total Investments in Securities:

$ 176,816,131

$ 136,607,467

$ 40,208,664

$ -

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $165,371,182. Net unrealized appreciation aggregated $11,444,949, of which $20,075,164 related to appreciated investment securities and $8,630,215 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor ®
Total International Equity Fund
Class A
Class T
Class B
Class C
Institutional Class

July 31, 2013

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

1.863099.105
ATIE-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%

Shares

Value

Australia - 3.4%

Ansell Ltd.

29,923

$ 498,657

Australia & New Zealand Banking Group Ltd.

91,605

2,450,413

Coca-Cola Amatil Ltd.

90,155

1,041,310

CSL Ltd.

32,069

1,904,482

Imdex Ltd.

31,667

21,633

Ramsay Health Care Ltd.

2,307

76,372

Sydney Airport unit

160,711

518,594

Telstra Corp. Ltd.

189,651

850,634

Transurban Group unit

86,645

528,032

Westfield Group unit

99,703

1,005,514

Westpac Banking Corp.

88,163

2,447,888

TOTAL AUSTRALIA

11,343,529

Austria - 0.4%

Andritz AG

25,661

1,384,300

Zumtobel AG

5,300

65,072

TOTAL AUSTRIA

1,449,372

Bailiwick of Jersey - 0.5%

Informa PLC

157,001

1,253,898

Wolseley PLC

9,149

437,858

TOTAL BAILIWICK OF JERSEY

1,691,756

Belgium - 2.0%

Anheuser-Busch InBev SA NV

44,971

4,324,475

Gimv NV

1,803

90,908

KBC Groupe SA

19,004

762,251

UCB SA

4,388

252,913

Umicore SA

24,042

1,083,147

TOTAL BELGIUM

6,513,694

Bermuda - 2.0%

China Foods Ltd.

1,446,000

568,660

Dairy Farm International Holdings Ltd.

62,100

738,990

Hongkong Land Holdings Ltd.

79,000

534,830

Lazard Ltd. Class A

17,900

650,844

Li & Fung Ltd.

406,000

537,104

Pacific Basin Shipping Ltd.

600,000

324,153

Shangri-La Asia Ltd.

270,000

424,725

Texwinca Holdings Ltd.

844,000

821,626

Trinity Ltd.

1,092,000

352,004

Common Stocks - continued

Shares

Value

Bermuda - continued

Vtech Holdings Ltd.

52,400

$ 801,986

Yue Yuen Industrial (Holdings) Ltd.

386,500

1,063,976

TOTAL BERMUDA

6,818,898

Brazil - 2.4%

Arezzo Industria e Comercio SA

21,900

341,553

Banco Bradesco SA

67,110

908,979

BM&F Bovespa SA

129,500

698,205

BR Malls Participacoes SA

34,400

304,893

Companhia de Bebidas das Americas (AmBev)

34,700

1,307,933

Fleury SA

58,400

496,618

Hypermarcas SA

104,600

756,984

Iguatemi Empresa de Shopping Centers SA

83,800

844,851

Souza Cruz SA

44,800

539,638

Tractebel Energia SA

65,600

1,046,678

Weg SA

49,700

609,990

TOTAL BRAZIL

7,856,322

British Virgin Islands - 0.0%

Gem Diamonds Ltd. (a)

18,923

40,517

Canada - 0.1%

Copper Mountain Mining Corp. (a)

8,100

12,381

Painted Pony Petroleum Ltd. Class A (a)

5,400

39,169

Pason Systems, Inc.

6,200

117,529

Petrominerales Ltd.

2,425

13,198

ShawCor Ltd.

800

35,946

TAG Oil Ltd. (a)

9,000

33,560

TOTAL CANADA

251,783

Cayman Islands - 1.3%

ENN Energy Holdings Ltd.

96,000

531,642

Gourmet Master Co. Ltd.

101,000

587,581

Sands China Ltd.

367,400

1,987,265

SITC International Holdings Co. Ltd.

1,299,000

418,730

Wynn Macau Ltd.

331,200

939,502

TOTAL CAYMAN ISLANDS

4,464,720

Chile - 1.7%

Cencosud SA

163,979

745,141

Compania Cervecerias Unidas SA sponsored ADR (d)

29,700

807,543

Embotelladora Andina SA sponsored ADR

16,700

540,913

Empresa Nacional de Telecomunicaciones SA (ENTEL)

52,105

860,896

Common Stocks - continued

Shares

Value

Chile - continued

Inversiones Aguas Metropolitanas SA

515,284

$ 973,710

Parque Arauco SA

299,819

640,598

Quinenco SA

288,509

716,486

Sociedad Matriz SAAM SA

5,995,786

528,577

TOTAL CHILE

5,813,864

China - 0.3%

China Oilfield Services Ltd. (H Shares)

332,000

747,424

CITIC Securities Co. Ltd. (H Shares)

225,000

422,985

TOTAL CHINA

1,170,409

Czech Republic - 0.2%

Komercni Banka A/S

4,200

818,266

Denmark - 0.8%

Novo Nordisk A/S Series B sponsored ADR

14,900

2,516,908

Spar Nord Bank A/S (a)

8,600

59,541

TOTAL DENMARK

2,576,449

Finland - 0.9%

Nokia Corp. (a)

84,016

332,151

Nokian Tyres PLC

29,458

1,308,536

Sampo Oyj (A Shares)

28,099

1,232,094

Tikkurila Oyj

2,880

63,180

TOTAL FINLAND

2,935,961

France - 6.2%

Alstom SA

12,297

415,854

Arkema SA

6,860

687,659

Atos Origin SA

11,456

861,240

BNP Paribas SA

37,279

2,412,010

Carrefour SA

27,508

844,253

Danone SA

21,480

1,697,410

Havas SA

43,488

329,133

Kering SA

3,413

781,417

Laurent-Perrier Group SA

859

76,280

Pernod Ricard SA

4,043

481,385

Remy Cointreau SA

6,281

650,258

Renault SA

11,950

940,666

Safran SA

21,914

1,286,826

Saft Groupe SA

2,521

62,180

Sanofi SA

54,046

5,657,739

Schneider Electric SA

6,141

488,629

Common Stocks - continued

Shares

Value

France - continued

Total SA

54,676

$ 2,913,600

Vetoquinol SA

1,500

53,520

Virbac SA

610

121,727

TOTAL FRANCE

20,761,786

Germany - 4.7%

Allianz AG

15,764

2,457,876

alstria office REIT-AG

5,900

69,072

BASF AG

23,343

2,070,084

Bayer AG

11,393

1,323,936

Bayerische Motoren Werke AG (BMW)

10,105

989,284

Bilfinger Berger AG

1,420

134,825

CompuGROUP Holding AG

3,546

86,706

CTS Eventim AG

4,783

215,072

Deutsche Bank AG

10,280

463,766

Deutsche Bank AG (NY Shares)

300

13,497

Deutsche Post AG

36,953

1,035,810

Fielmann AG

1,079

112,539

Fresenius SE & Co. KGaA

5,800

732,097

HeidelbergCement Finance AG

9,343

717,677

Lanxess AG

4,911

307,100

Linde AG

14,949

2,879,696

Siemens AG

10,790

1,185,079

Siemens AG sponsored ADR

6,369

703,520

TOTAL GERMANY

15,497,636

Greece - 0.0%

Titan Cement Co. SA (Reg.) (a)

3,112

56,719

Hong Kong - 1.3%

Cathay Pacific Airways Ltd.

326,000

603,610

China Insurance International Holdings Co. Ltd. (a)

499,600

694,426

Dah Chong Hong Holdings Ltd.

726,000

549,489

Hang Lung Properties Ltd.

152,000

492,908

HKT Trust / HKT Ltd. unit

618,000

604,804

Hysan Development Co. Ltd.

118,000

501,328

Lenovo Group Ltd.

522,000

475,855

Wing Hang Bank Ltd.

39,562

366,768

TOTAL HONG KONG

4,289,188

Hungary - 0.2%

Richter Gedeon PLC

40,700

625,863

Common Stocks - continued

Shares

Value

India - 2.8%

Aditya Birla Nuvo Ltd.

29,898

$ 572,486

Bharat Heavy Electricals Ltd.

225,274

585,997

Bharti Airtel Ltd.

118,184

669,039

Cipla Ltd.

146,926

966,469

Container Corp. of India Ltd.

30,852

503,604

Hindalco Industries Ltd.

280,609

415,461

Housing Development Finance Corp. Ltd.

104,526

1,374,872

Infosys Ltd.

31,509

1,546,429

Infrastructure Development Finance Co. Ltd.

237,218

426,840

Jyothy Laboratories Ltd.

29,119

78,474

Larsen & Toubro Ltd.

42,187

587,277

NTPC Ltd.

514,652

1,105,333

Punjab National Bank

47,929

468,876

TOTAL INDIA

9,301,157

Indonesia - 0.2%

PT Bank Rakyat Indonesia Tbk

669,000

537,023

Ireland - 0.6%

CRH PLC sponsored ADR

31,100

656,521

FBD Holdings PLC

5,172

110,777

James Hardie Industries PLC:

CDI

8,082

67,124

sponsored ADR

24,755

1,028,323

TOTAL IRELAND

1,862,745

Israel - 0.2%

Azrieli Group

14,096

439,406

Ituran Location & Control Ltd.

3,261

58,372

Strauss Group Ltd.

2,359

40,706

TOTAL ISRAEL

538,484

Italy - 0.4%

Azimut Holding SpA

8,114

182,426

Beni Stabili SpA SIIQ

107,812

69,907

Interpump Group SpA

53,591

531,146

Prada SpA

60,600

565,713

TOTAL ITALY

1,349,192

Japan - 14.2%

AEON Financial Service Co. Ltd.

15,100

440,616

AEON Mall Co. Ltd.

22,830

569,409

Air Water, Inc.

45,500

668,257

Common Stocks - continued

Shares

Value

Japan - continued

Anicom Holdings, Inc. (a)

2,500

$ 32,479

Aozora Bank Ltd.

229,000

708,681

ARNEST ONE Corp.

1,800

34,121

Artnature, Inc.

4,000

87,836

Asahi Co. Ltd.

4,000

64,059

Astellas Pharma, Inc.

14,400

772,138

Autobacs Seven Co. Ltd.

27,400

402,423

Azbil Corp.

4,100

88,063

Cosmos Pharmaceutical Corp.

700

74,425

Daikin Industries Ltd.

7,500

312,532

Daikokutenbussan Co. Ltd.

5,000

146,819

DENSO Corp.

91,100

4,149,790

East Japan Railway Co.

3,800

306,220

Fanuc Corp.

5,700

865,101

Fast Retailing Co. Ltd.

3,800

1,302,114

FCC Co. Ltd.

6,700

156,226

GCA Savvian Group Corp.

4,700

43,011

Glory Ltd.

2,000

46,982

Goldcrest Co. Ltd.

5,960

144,145

Hajime Construction Co. Ltd.

300

15,504

Harmonic Drive Systems, Inc.

3,000

63,395

Hoya Corp.

34,600

747,057

Itochu Corp.

71,200

847,913

Iwatsuka Confectionary Co. Ltd.

1,200

51,966

Japan Exchange Group, Inc.

4,200

394,648

Japan Tobacco, Inc.

69,300

2,424,190

JSR Corp.

34,400

622,580

JTEKT Corp.

45,300

570,472

Kamigumi Co. Ltd.

6,000

49,821

Kansai Electric Power Co., Inc. (a)

53,600

656,930

KDDI Corp.

22,400

1,237,708

Keyence Corp.

5,921

1,935,165

Kobayashi Pharmaceutical Co. Ltd.

7,300

380,993

Kyoto Kimono Yuzen Co. Ltd.

2,800

30,600

Lasertec Corp.

5,200

57,677

Meiko Network Japan Co. Ltd.

3,700

47,048

Miraial Co. Ltd.

2,400

37,014

Mitsubishi Electric Corp.

47,000

457,471

Mitsubishi Estate Co. Ltd.

14,000

356,184

Mitsui Fudosan Co. Ltd.

60,000

1,815,749

MS&AD Insurance Group Holdings, Inc.

24,100

625,699

Nabtesco Corp.

3,000

62,966

Common Stocks - continued

Shares

Value

Japan - continued

Nagaileben Co. Ltd.

5,100

$ 85,113

Nihon M&A Center, Inc.

3,200

214,074

Nihon Parkerizing Co. Ltd.

7,000

139,128

Nippon Seiki Co. Ltd.

7,000

103,595

Nippon Thompson Co. Ltd.

11,000

52,691

Nissan Motor Co. Ltd.

128,800

1,344,954

Nitto Denko Corp.

10,400

587,397

Nomura Holdings, Inc.

44,400

337,319

NS Tool Co. Ltd.

1,900

35,706

Obic Co. Ltd.

380

106,769

ORIX Corp.

71,100

1,056,588

OSG Corp.

10,000

153,610

Santen Pharmaceutical Co. Ltd.

14,400

628,741

Sekisui House Ltd.

30,000

388,214

Seven & i Holdings Co., Ltd.

33,200

1,254,622

Seven Bank Ltd.

339,600

1,259,062

Shinsei Bank Ltd.

540,000

1,202,329

SHO-BOND Holdings Co. Ltd.

18,500

723,675

Shoei Co. Ltd.

5,900

52,245

SMC Corp.

2,500

530,334

SoftBank Corp.

41,900

2,670,371

Sony Corp.

26,900

564,765

Sumitomo Corp.

48,500

649,903

Sumitomo Mitsui Financial Group, Inc.

61,700

2,818,840

Sumitomo Mitsui Trust Holdings, Inc.

192,000

886,365

Techno Medica Co. Ltd.

6

37,381

The Nippon Synthetic Chemical Industry Co. Ltd.

11,000

119,538

Tocalo Co. Ltd.

2,800

37,034

Toshiba Corp.

171,000

742,263

Tsutsumi Jewelry Co. Ltd.

2,000

46,165

Unicharm Corp.

11,000

586,457

USS Co. Ltd.

18,180

2,174,321

Workman Co. Ltd.

2,000

78,439

Yamato Kogyo Co. Ltd.

25,500

828,210

TOTAL JAPAN

47,400,415

Korea (South) - 2.9%

AMOREPACIFIC Corp.

212

178,852

Coway Co. Ltd.

2,497

133,327

E-Mart Co. Ltd.

5,709

1,074,533

Kiwoom Securities Co. Ltd.

17,426

880,837

Korea Electric Power Corp. (a)

31,810

811,855

Common Stocks - continued

Shares

Value

Korea (South) - continued

Korea Plant Service & Engineering Co. Ltd.

19,105

$ 930,002

KT Corp.

22,630

732,076

LG Corp.

18,324

1,064,837

LG Household & Health Care Ltd.

1,485

782,344

NHN Corp.

1,887

492,867

NICE Holdings Co. Ltd.

6,000

59,535

NICE Information Service Co. Ltd.

15,000

38,578

Samsung Fire & Marine Insurance Co. Ltd.

3,449

736,638

Shinhan Financial Group Co. Ltd.

32,090

1,169,463

TK Corp. (a)

28,197

629,834

TOTAL KOREA (SOUTH)

9,715,578

Luxembourg - 0.2%

Millicom International Cellular SA (depository receipt)

9,600

766,598

Malaysia - 0.7%

Axiata Group Bhd

351,700

735,575

British American Tobacco (Malaysia) Bhd

8,000

151,055

Public Bank Bhd

144,000

765,575

YTL Corp. Bhd

1,217,600

626,334

TOTAL MALAYSIA

2,278,539

Mexico - 1.4%

America Movil S.A.B. de CV Series L

1,306,800

1,375,067

Consorcio ARA SA de CV (a)

2,003,000

762,137

Fomento Economico Mexicano S.A.B. de CV sponsored ADR

15,833

1,575,225

Grupo Televisa SA de CV

156,800

847,913

TOTAL MEXICO

4,560,342

Netherlands - 1.9%

Aalberts Industries NV

7,600

191,496

AEGON NV

93,119

717,516

ASM International NV (depositary receipt)

2,350

73,790

ASML Holding NV

26,376

2,371,202

Heijmans NV (Certificaten Van Aandelen)

6,981

74,149

Koninklijke Philips Electronics NV

41,209

1,317,820

Royal DSM NV

10,056

706,358

Unilever NV (Certificaten Van Aandelen) (Bearer)

20,400

818,478

VastNed Retail NV

1,645

70,084

TOTAL NETHERLANDS

6,340,893

Common Stocks - continued

Shares

Value

Norway - 0.6%

DNB ASA

39,305

$ 654,661

Telenor ASA

57,208

1,266,909

TOTAL NORWAY

1,921,570

Philippines - 0.0%

Jollibee Food Corp.

21,060

75,128

Poland - 0.2%

Warsaw Stock Exchange

60,438

695,863

Portugal - 0.4%

Jeronimo Martins SGPS SA

60,169

1,188,681

Singapore - 1.0%

ComfortDelgro Corp. Ltd.

297,000

467,404

Singapore Telecommunications Ltd.

404,000

1,249,337

United Overseas Bank Ltd.

71,746

1,211,527

UOL Group Ltd.

64,000

351,513

TOTAL SINGAPORE

3,279,781

South Africa - 2.6%

African Bank Investments Ltd.

356,106

525,198

Bidvest Group Ltd.

30,200

746,896

City Lodge Hotels Ltd.

2,700

35,496

Clicks Group Ltd.

118,211

687,782

Mr Price Group Ltd.

2,400

31,309

Nampak Ltd.

23,130

74,791

Naspers Ltd. Class N

24,000

2,009,184

Remgro Ltd.

33,200

636,035

Sasol Ltd.

19,400

891,324

Shoprite Holdings Ltd.

46,100

779,712

Standard Bank Group Ltd.

87,671

982,061

Tiger Brands Ltd.

36,900

1,152,015

TOTAL SOUTH AFRICA

8,551,803

Spain - 1.9%

Amadeus IT Holding SA Class A

15,957

548,117

Banco Bilbao Vizcaya Argentaria SA sponsored ADR

198,576

1,876,543

Grifols SA

1,546

65,219

Iberdrola SA

165,117

911,603

Inditex SA

11,969

1,595,481

Prosegur Compania de Seguridad SA (Reg.)

74,476

384,427

Repsol YPF SA

36,512

873,842

TOTAL SPAIN

6,255,232

Common Stocks - continued

Shares

Value

Sweden - 2.9%

ASSA ABLOY AB (B Shares)

30,400

$ 1,346,002

Atlas Copco AB (A Shares)

49,759

1,298,529

Fagerhult AB

12,985

354,599

H&M Hennes & Mauritz AB (B Shares)

44,086

1,642,196

Intrum Justitia AB

27,963

712,143

SKF AB (B Shares)

31,900

884,840

Svenska Cellulosa AB (SCA) (B Shares)

24,876

658,333

Svenska Handelsbanken AB (A Shares)

42,931

1,949,568

Swedish Match Co. AB

20,050

749,012

TOTAL SWEDEN

9,595,222

Switzerland - 6.6%

Nestle SA

85,360

5,777,380

Novartis AG

47,751

3,432,668

Roche Holding AG (participation certificate)

18,429

4,540,291

Schindler Holding AG:

(participation certificate)

5,270

754,525

(Reg.)

1,620

226,165

Swatch Group AG (Bearer)

940

558,647

Swisscom AG

66

29,489

Syngenta AG (Switzerland)

2,083

823,643

UBS AG (NY Shares)

214,197

4,213,255

Zehnder Group AG

1,363

56,114

Zurich Insurance Group AG

6,357

1,711,091

TOTAL SWITZERLAND

22,123,268

Taiwan - 2.5%

Chroma ATE, Inc.

341,116

713,051

CTCI Corp.

365,000

657,110

Delta Electronics, Inc.

105,000

509,335

E.SUN Financial Holdings Co. Ltd.

1,561,350

1,041,074

King Slide Works Co. Ltd.

66,000

589,698

Standard Foods Corp.

226,550

685,050

Taiwan Mobile Co. Ltd.

253,000

919,387

Taiwan Semiconductor Manufacturing Co. Ltd.

510,035

1,733,979

Unified-President Enterprises Corp.

419,800

856,535

Wowprime Corp.

43,200

594,099

TOTAL TAIWAN

8,299,318

Thailand - 0.2%

PTT Exploration and Production PCL (For. Reg.)

129,200

643,525

Common Stocks - continued

Shares

Value

Turkey - 1.6%

Albaraka Turk Katilim Bankasi A/S

113,907

$ 107,673

Anadolu Efes Biracilik Ve Malt Sanayii A/S

55,000

758,542

Asya Katilim Bankasi A/S (a)

36,000

36,261

Boyner Buyuk Magazacilik A/S (a)

42,049

126,411

Coca-Cola Icecek A/S

49,989

1,407,268

Enka Insaat ve Sanayi A/S

277,062

767,092

Tupras Turkiye Petrol Rafinelleri A/S

21,313

455,775

Turkiye Garanti Bankasi A/S

429,143

1,680,262

TOTAL TURKEY

5,339,284

United Kingdom - 17.9%

Babcock International Group PLC

50,400

900,884

Barclays PLC

378,398

1,653,215

Barclays PLC sponsored ADR

38,667

675,899

Bellway PLC

6,928

145,441

Berendsen PLC

7,328

91,077

BG Group PLC

107,227

1,935,408

BHP Billiton PLC

91,974

2,632,706

BHP Billiton PLC ADR

15,600

891,384

BP PLC sponsored ADR

42,645

1,767,209

British American Tobacco PLC (United Kingdom)

15,340

818,340

Britvic PLC

12,317

101,931

BT Group PLC

120,084

621,337

Bunzl PLC

40,457

867,172

Centrica PLC

177,525

1,055,934

Compass Group PLC

70,014

956,449

Dechra Pharmaceuticals PLC

11,000

114,291

Derwent London PLC

1,900

69,687

Elementis PLC

32,808

125,122

Fenner PLC

8,953

47,043

GlaxoSmithKline PLC sponsored ADR

77,597

3,954,343

Great Portland Estates PLC

17,772

150,318

H&T Group PLC

7,714

20,067

Hilton Food Group PLC

700

4,334

HSBC Holdings PLC sponsored ADR

86,950

4,934,413

Imperial Tobacco Group PLC

27,789

932,565

InterContinental Hotel Group PLC ADR

54,247

1,568,281

ITV PLC

325,019

833,618

Johnson Matthey PLC

31,577

1,361,835

Kingfisher PLC

166,127

1,004,565

Legal & General Group PLC

435,043

1,276,630

Meggitt PLC

18,598

154,900

Common Stocks - continued

Shares

Value

United Kingdom - continued

National Grid PLC

131,391

$ 1,570,298

Next PLC

8,900

675,602

Persimmon PLC

5,537

104,110

Prudential PLC

142,216

2,525,728

Reckitt Benckiser Group PLC

27,551

1,961,061

Reed Elsevier PLC

68,034

878,687

Rexam PLC

86,188

644,816

Rolls-Royce Group PLC

99,352

1,775,886

Rotork PLC

22,203

897,099

Royal Dutch Shell PLC Class A sponsored ADR

50,200

3,431,170

SABMiller PLC

55,654

2,726,593

Serco Group PLC

101,455

967,702

Shaftesbury PLC

49,537

476,264

Spectris PLC

4,870

156,319

Spirax-Sarco Engineering PLC

5,107

222,583

Standard Chartered PLC (United Kingdom)

103,943

2,410,590

Taylor Wimpey PLC

287,700

466,112

Ted Baker PLC

3,575

103,603

Tesco PLC

222,504

1,243,252

Tullow Oil PLC

36,700

579,514

Ultra Electronics Holdings PLC

5,001

138,157

Unite Group PLC

91,402

542,694

Vodafone Group PLC sponsored ADR

118,132

3,538,053

TOTAL UNITED KINGDOM

59,702,291

United States of America - 6.0%

AbbVie, Inc.

11,409

518,881

Albemarle Corp.

5,263

326,359

Allergan, Inc.

5,400

492,048

ANSYS, Inc. (a)

500

39,920

Autoliv, Inc.

16,754

1,369,975

Berkshire Hathaway, Inc. Class B (a)

4,316

500,095

BorgWarner, Inc.

13,597

1,297,562

BPZ Energy, Inc. (a)

15,547

37,468

Broadridge Financial Solutions, Inc.

2,340

67,720

Cummins, Inc.

6,191

750,287

Dril-Quip, Inc. (a)

1,070

97,274

Evercore Partners, Inc. Class A

2,360

111,911

FMC Technologies, Inc. (a)

9,903

527,830

Google, Inc. Class A (a)

550

488,180

Greenhill & Co., Inc.

1,420

71,483

Kansas City Southern

617

66,482

Common Stocks - continued

Shares

Value

United States of America - continued

Kennedy-Wilson Holdings, Inc.

3,483

$ 59,559

KLA-Tencor Corp.

9,500

556,985

Martin Marietta Materials, Inc.

7,680

764,928

MasterCard, Inc. Class A

2,709

1,654,142

Mead Johnson Nutrition Co. Class A

19,800

1,442,232

Mohawk Industries, Inc. (a)

6,735

801,398

National Oilwell Varco, Inc.

9,546

669,843

Oceaneering International, Inc.

1,150

93,254

Philip Morris International, Inc.

14,500

1,293,110

PriceSmart, Inc.

8,950

814,719

ResMed, Inc.

17,820

849,123

Solera Holdings, Inc.

11,352

646,042

SS&C Technologies Holdings, Inc. (a)

19,554

699,642

Union Pacific Corp.

6,600

1,046,694

Universal Display Corp. (a)(d)

2,414

69,885

Visa, Inc. Class A

9,001

1,593,267

TOTAL UNITED STATES OF AMERICA

19,818,298

TOTAL COMMON STOCKS

(Cost $289,804,069)


327,116,962

Nonconvertible Preferred Stocks - 0.8%

 

 

 

 

Brazil - 0.2%

Banco ABC Brasil SA

9,994

52,569

Banco Pine SA

6,506

29,203

Klabin SA (PN) (non-vtg.)

130,000

631,381

TOTAL BRAZIL

713,153

Germany - 0.6%

Sartorius AG (non-vtg.)

600

65,709

Volkswagen AG

8,090

1,922,726

TOTAL GERMANY

1,988,435

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $2,365,643)


2,701,588

Money Market Funds - 0.7%

Shares

Value

Fidelity Cash Central Fund, 0.11% (b)

1,790,408

$ 1,790,408

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

653,580

653,580

TOTAL MONEY MARKET FUNDS

(Cost $2,443,988)


2,443,988

TOTAL INVESTMENT PORTFOLIO - 99.8%

(Cost $294,613,700)

332,262,538

NET OTHER ASSETS (LIABILITIES) - 0.2%

695,663

NET ASSETS - 100%

$ 332,958,201

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or 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

$ 6,758

Fidelity Securities Lending Cash Central Fund

109,033

Total

$ 115,791

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 45,595,123

$ 43,685,404

$ 1,909,719

$ -

Consumer Staples

50,866,595

39,127,922

11,738,673

-

Energy

15,903,862

12,098,938

3,804,924

-

Financials

75,317,098

65,162,375

10,154,723

-

Health Care

30,869,953

21,779,546

9,090,407

-

Industrials

42,330,446

39,827,547

2,502,899

-

Information Technology

19,462,221

15,356,795

3,612,559

492,867

Materials

22,055,655

18,599,306

3,456,349

-

Telecommunication Services

18,127,280

16,773,867

1,353,413

-

Utilities

9,290,317

6,908,164

2,382,153

-

Money Market Funds

2,443,988

2,443,988

-

-

Total Investments in Securities:

$ 332,262,538

$ 281,763,852

$ 50,005,819

$ 492,867

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2013. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers

Total

Level 1 to Level 2

$ 6,703,183

Level 2 to Level 1

$ 0

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $295,698,176. Net unrealized appreciation aggregated $36,564,362, of which $47,444,153 related to appreciated investment securities and $10,879,791 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Total International
Equity Fund

July 31, 2013

1.863105.105
TIE-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%

Shares

Value

Australia - 3.4%

Ansell Ltd.

29,923

$ 498,657

Australia & New Zealand Banking Group Ltd.

91,605

2,450,413

Coca-Cola Amatil Ltd.

90,155

1,041,310

CSL Ltd.

32,069

1,904,482

Imdex Ltd.

31,667

21,633

Ramsay Health Care Ltd.

2,307

76,372

Sydney Airport unit

160,711

518,594

Telstra Corp. Ltd.

189,651

850,634

Transurban Group unit

86,645

528,032

Westfield Group unit

99,703

1,005,514

Westpac Banking Corp.

88,163

2,447,888

TOTAL AUSTRALIA

11,343,529

Austria - 0.4%

Andritz AG

25,661

1,384,300

Zumtobel AG

5,300

65,072

TOTAL AUSTRIA

1,449,372

Bailiwick of Jersey - 0.5%

Informa PLC

157,001

1,253,898

Wolseley PLC

9,149

437,858

TOTAL BAILIWICK OF JERSEY

1,691,756

Belgium - 2.0%

Anheuser-Busch InBev SA NV

44,971

4,324,475

Gimv NV

1,803

90,908

KBC Groupe SA

19,004

762,251

UCB SA

4,388

252,913

Umicore SA

24,042

1,083,147

TOTAL BELGIUM

6,513,694

Bermuda - 2.0%

China Foods Ltd.

1,446,000

568,660

Dairy Farm International Holdings Ltd.

62,100

738,990

Hongkong Land Holdings Ltd.

79,000

534,830

Lazard Ltd. Class A

17,900

650,844

Li & Fung Ltd.

406,000

537,104

Pacific Basin Shipping Ltd.

600,000

324,153

Shangri-La Asia Ltd.

270,000

424,725

Texwinca Holdings Ltd.

844,000

821,626

Trinity Ltd.

1,092,000

352,004

Common Stocks - continued

Shares

Value

Bermuda - continued

Vtech Holdings Ltd.

52,400

$ 801,986

Yue Yuen Industrial (Holdings) Ltd.

386,500

1,063,976

TOTAL BERMUDA

6,818,898

Brazil - 2.4%

Arezzo Industria e Comercio SA

21,900

341,553

Banco Bradesco SA

67,110

908,979

BM&F Bovespa SA

129,500

698,205

BR Malls Participacoes SA

34,400

304,893

Companhia de Bebidas das Americas (AmBev)

34,700

1,307,933

Fleury SA

58,400

496,618

Hypermarcas SA

104,600

756,984

Iguatemi Empresa de Shopping Centers SA

83,800

844,851

Souza Cruz SA

44,800

539,638

Tractebel Energia SA

65,600

1,046,678

Weg SA

49,700

609,990

TOTAL BRAZIL

7,856,322

British Virgin Islands - 0.0%

Gem Diamonds Ltd. (a)

18,923

40,517

Canada - 0.1%

Copper Mountain Mining Corp. (a)

8,100

12,381

Painted Pony Petroleum Ltd. Class A (a)

5,400

39,169

Pason Systems, Inc.

6,200

117,529

Petrominerales Ltd.

2,425

13,198

ShawCor Ltd.

800

35,946

TAG Oil Ltd. (a)

9,000

33,560

TOTAL CANADA

251,783

Cayman Islands - 1.3%

ENN Energy Holdings Ltd.

96,000

531,642

Gourmet Master Co. Ltd.

101,000

587,581

Sands China Ltd.

367,400

1,987,265

SITC International Holdings Co. Ltd.

1,299,000

418,730

Wynn Macau Ltd.

331,200

939,502

TOTAL CAYMAN ISLANDS

4,464,720

Chile - 1.7%

Cencosud SA

163,979

745,141

Compania Cervecerias Unidas SA sponsored ADR (d)

29,700

807,543

Embotelladora Andina SA sponsored ADR

16,700

540,913

Empresa Nacional de Telecomunicaciones SA (ENTEL)

52,105

860,896

Common Stocks - continued

Shares

Value

Chile - continued

Inversiones Aguas Metropolitanas SA

515,284

$ 973,710

Parque Arauco SA

299,819

640,598

Quinenco SA

288,509

716,486

Sociedad Matriz SAAM SA

5,995,786

528,577

TOTAL CHILE

5,813,864

China - 0.3%

China Oilfield Services Ltd. (H Shares)

332,000

747,424

CITIC Securities Co. Ltd. (H Shares)

225,000

422,985

TOTAL CHINA

1,170,409

Czech Republic - 0.2%

Komercni Banka A/S

4,200

818,266

Denmark - 0.8%

Novo Nordisk A/S Series B sponsored ADR

14,900

2,516,908

Spar Nord Bank A/S (a)

8,600

59,541

TOTAL DENMARK

2,576,449

Finland - 0.9%

Nokia Corp. (a)

84,016

332,151

Nokian Tyres PLC

29,458

1,308,536

Sampo Oyj (A Shares)

28,099

1,232,094

Tikkurila Oyj

2,880

63,180

TOTAL FINLAND

2,935,961

France - 6.2%

Alstom SA

12,297

415,854

Arkema SA

6,860

687,659

Atos Origin SA

11,456

861,240

BNP Paribas SA

37,279

2,412,010

Carrefour SA

27,508

844,253

Danone SA

21,480

1,697,410

Havas SA

43,488

329,133

Kering SA

3,413

781,417

Laurent-Perrier Group SA

859

76,280

Pernod Ricard SA

4,043

481,385

Remy Cointreau SA

6,281

650,258

Renault SA

11,950

940,666

Safran SA

21,914

1,286,826

Saft Groupe SA

2,521

62,180

Sanofi SA

54,046

5,657,739

Schneider Electric SA

6,141

488,629

Common Stocks - continued

Shares

Value

France - continued

Total SA

54,676

$ 2,913,600

Vetoquinol SA

1,500

53,520

Virbac SA

610

121,727

TOTAL FRANCE

20,761,786

Germany - 4.7%

Allianz AG

15,764

2,457,876

alstria office REIT-AG

5,900

69,072

BASF AG

23,343

2,070,084

Bayer AG

11,393

1,323,936

Bayerische Motoren Werke AG (BMW)

10,105

989,284

Bilfinger Berger AG

1,420

134,825

CompuGROUP Holding AG

3,546

86,706

CTS Eventim AG

4,783

215,072

Deutsche Bank AG

10,280

463,766

Deutsche Bank AG (NY Shares)

300

13,497

Deutsche Post AG

36,953

1,035,810

Fielmann AG

1,079

112,539

Fresenius SE & Co. KGaA

5,800

732,097

HeidelbergCement Finance AG

9,343

717,677

Lanxess AG

4,911

307,100

Linde AG

14,949

2,879,696

Siemens AG

10,790

1,185,079

Siemens AG sponsored ADR

6,369

703,520

TOTAL GERMANY

15,497,636

Greece - 0.0%

Titan Cement Co. SA (Reg.) (a)

3,112

56,719

Hong Kong - 1.3%

Cathay Pacific Airways Ltd.

326,000

603,610

China Insurance International Holdings Co. Ltd. (a)

499,600

694,426

Dah Chong Hong Holdings Ltd.

726,000

549,489

Hang Lung Properties Ltd.

152,000

492,908

HKT Trust / HKT Ltd. unit

618,000

604,804

Hysan Development Co. Ltd.

118,000

501,328

Lenovo Group Ltd.

522,000

475,855

Wing Hang Bank Ltd.

39,562

366,768

TOTAL HONG KONG

4,289,188

Hungary - 0.2%

Richter Gedeon PLC

40,700

625,863

Common Stocks - continued

Shares

Value

India - 2.8%

Aditya Birla Nuvo Ltd.

29,898

$ 572,486

Bharat Heavy Electricals Ltd.

225,274

585,997

Bharti Airtel Ltd.

118,184

669,039

Cipla Ltd.

146,926

966,469

Container Corp. of India Ltd.

30,852

503,604

Hindalco Industries Ltd.

280,609

415,461

Housing Development Finance Corp. Ltd.

104,526

1,374,872

Infosys Ltd.

31,509

1,546,429

Infrastructure Development Finance Co. Ltd.

237,218

426,840

Jyothy Laboratories Ltd.

29,119

78,474

Larsen & Toubro Ltd.

42,187

587,277

NTPC Ltd.

514,652

1,105,333

Punjab National Bank

47,929

468,876

TOTAL INDIA

9,301,157

Indonesia - 0.2%

PT Bank Rakyat Indonesia Tbk

669,000

537,023

Ireland - 0.6%

CRH PLC sponsored ADR

31,100

656,521

FBD Holdings PLC

5,172

110,777

James Hardie Industries PLC:

CDI

8,082

67,124

sponsored ADR

24,755

1,028,323

TOTAL IRELAND

1,862,745

Israel - 0.2%

Azrieli Group

14,096

439,406

Ituran Location & Control Ltd.

3,261

58,372

Strauss Group Ltd.

2,359

40,706

TOTAL ISRAEL

538,484

Italy - 0.4%

Azimut Holding SpA

8,114

182,426

Beni Stabili SpA SIIQ

107,812

69,907

Interpump Group SpA

53,591

531,146

Prada SpA

60,600

565,713

TOTAL ITALY

1,349,192

Japan - 14.2%

AEON Financial Service Co. Ltd.

15,100

440,616

AEON Mall Co. Ltd.

22,830

569,409

Air Water, Inc.

45,500

668,257

Common Stocks - continued

Shares

Value

Japan - continued

Anicom Holdings, Inc. (a)

2,500

$ 32,479

Aozora Bank Ltd.

229,000

708,681

ARNEST ONE Corp.

1,800

34,121

Artnature, Inc.

4,000

87,836

Asahi Co. Ltd.

4,000

64,059

Astellas Pharma, Inc.

14,400

772,138

Autobacs Seven Co. Ltd.

27,400

402,423

Azbil Corp.

4,100

88,063

Cosmos Pharmaceutical Corp.

700

74,425

Daikin Industries Ltd.

7,500

312,532

Daikokutenbussan Co. Ltd.

5,000

146,819

DENSO Corp.

91,100

4,149,790

East Japan Railway Co.

3,800

306,220

Fanuc Corp.

5,700

865,101

Fast Retailing Co. Ltd.

3,800

1,302,114

FCC Co. Ltd.

6,700

156,226

GCA Savvian Group Corp.

4,700

43,011

Glory Ltd.

2,000

46,982

Goldcrest Co. Ltd.

5,960

144,145

Hajime Construction Co. Ltd.

300

15,504

Harmonic Drive Systems, Inc.

3,000

63,395

Hoya Corp.

34,600

747,057

Itochu Corp.

71,200

847,913

Iwatsuka Confectionary Co. Ltd.

1,200

51,966

Japan Exchange Group, Inc.

4,200

394,648

Japan Tobacco, Inc.

69,300

2,424,190

JSR Corp.

34,400

622,580

JTEKT Corp.

45,300

570,472

Kamigumi Co. Ltd.

6,000

49,821

Kansai Electric Power Co., Inc. (a)

53,600

656,930

KDDI Corp.

22,400

1,237,708

Keyence Corp.

5,921

1,935,165

Kobayashi Pharmaceutical Co. Ltd.

7,300

380,993

Kyoto Kimono Yuzen Co. Ltd.

2,800

30,600

Lasertec Corp.

5,200

57,677

Meiko Network Japan Co. Ltd.

3,700

47,048

Miraial Co. Ltd.

2,400

37,014

Mitsubishi Electric Corp.

47,000

457,471

Mitsubishi Estate Co. Ltd.

14,000

356,184

Mitsui Fudosan Co. Ltd.

60,000

1,815,749

MS&AD Insurance Group Holdings, Inc.

24,100

625,699

Nabtesco Corp.

3,000

62,966

Common Stocks - continued

Shares

Value

Japan - continued

Nagaileben Co. Ltd.

5,100

$ 85,113

Nihon M&A Center, Inc.

3,200

214,074

Nihon Parkerizing Co. Ltd.

7,000

139,128

Nippon Seiki Co. Ltd.

7,000

103,595

Nippon Thompson Co. Ltd.

11,000

52,691

Nissan Motor Co. Ltd.

128,800

1,344,954

Nitto Denko Corp.

10,400

587,397

Nomura Holdings, Inc.

44,400

337,319

NS Tool Co. Ltd.

1,900

35,706

Obic Co. Ltd.

380

106,769

ORIX Corp.

71,100

1,056,588

OSG Corp.

10,000

153,610

Santen Pharmaceutical Co. Ltd.

14,400

628,741

Sekisui House Ltd.

30,000

388,214

Seven & i Holdings Co., Ltd.

33,200

1,254,622

Seven Bank Ltd.

339,600

1,259,062

Shinsei Bank Ltd.

540,000

1,202,329

SHO-BOND Holdings Co. Ltd.

18,500

723,675

Shoei Co. Ltd.

5,900

52,245

SMC Corp.

2,500

530,334

SoftBank Corp.

41,900

2,670,371

Sony Corp.

26,900

564,765

Sumitomo Corp.

48,500

649,903

Sumitomo Mitsui Financial Group, Inc.

61,700

2,818,840

Sumitomo Mitsui Trust Holdings, Inc.

192,000

886,365

Techno Medica Co. Ltd.

6

37,381

The Nippon Synthetic Chemical Industry Co. Ltd.

11,000

119,538

Tocalo Co. Ltd.

2,800

37,034

Toshiba Corp.

171,000

742,263

Tsutsumi Jewelry Co. Ltd.

2,000

46,165

Unicharm Corp.

11,000

586,457

USS Co. Ltd.

18,180

2,174,321

Workman Co. Ltd.

2,000

78,439

Yamato Kogyo Co. Ltd.

25,500

828,210

TOTAL JAPAN

47,400,415

Korea (South) - 2.9%

AMOREPACIFIC Corp.

212

178,852

Coway Co. Ltd.

2,497

133,327

E-Mart Co. Ltd.

5,709

1,074,533

Kiwoom Securities Co. Ltd.

17,426

880,837

Korea Electric Power Corp. (a)

31,810

811,855

Common Stocks - continued

Shares

Value

Korea (South) - continued

Korea Plant Service & Engineering Co. Ltd.

19,105

$ 930,002

KT Corp.

22,630

732,076

LG Corp.

18,324

1,064,837

LG Household & Health Care Ltd.

1,485

782,344

NHN Corp.

1,887

492,867

NICE Holdings Co. Ltd.

6,000

59,535

NICE Information Service Co. Ltd.

15,000

38,578

Samsung Fire & Marine Insurance Co. Ltd.

3,449

736,638

Shinhan Financial Group Co. Ltd.

32,090

1,169,463

TK Corp. (a)

28,197

629,834

TOTAL KOREA (SOUTH)

9,715,578

Luxembourg - 0.2%

Millicom International Cellular SA (depository receipt)

9,600

766,598

Malaysia - 0.7%

Axiata Group Bhd

351,700

735,575

British American Tobacco (Malaysia) Bhd

8,000

151,055

Public Bank Bhd

144,000

765,575

YTL Corp. Bhd

1,217,600

626,334

TOTAL MALAYSIA

2,278,539

Mexico - 1.4%

America Movil S.A.B. de CV Series L

1,306,800

1,375,067

Consorcio ARA SA de CV (a)

2,003,000

762,137

Fomento Economico Mexicano S.A.B. de CV sponsored ADR

15,833

1,575,225

Grupo Televisa SA de CV

156,800

847,913

TOTAL MEXICO

4,560,342

Netherlands - 1.9%

Aalberts Industries NV

7,600

191,496

AEGON NV

93,119

717,516

ASM International NV (depositary receipt)

2,350

73,790

ASML Holding NV

26,376

2,371,202

Heijmans NV (Certificaten Van Aandelen)

6,981

74,149

Koninklijke Philips Electronics NV

41,209

1,317,820

Royal DSM NV

10,056

706,358

Unilever NV (Certificaten Van Aandelen) (Bearer)

20,400

818,478

VastNed Retail NV

1,645

70,084

TOTAL NETHERLANDS

6,340,893

Common Stocks - continued

Shares

Value

Norway - 0.6%

DNB ASA

39,305

$ 654,661

Telenor ASA

57,208

1,266,909

TOTAL NORWAY

1,921,570

Philippines - 0.0%

Jollibee Food Corp.

21,060

75,128

Poland - 0.2%

Warsaw Stock Exchange

60,438

695,863

Portugal - 0.4%

Jeronimo Martins SGPS SA

60,169

1,188,681

Singapore - 1.0%

ComfortDelgro Corp. Ltd.

297,000

467,404

Singapore Telecommunications Ltd.

404,000

1,249,337

United Overseas Bank Ltd.

71,746

1,211,527

UOL Group Ltd.

64,000

351,513

TOTAL SINGAPORE

3,279,781

South Africa - 2.6%

African Bank Investments Ltd.

356,106

525,198

Bidvest Group Ltd.

30,200

746,896

City Lodge Hotels Ltd.

2,700

35,496

Clicks Group Ltd.

118,211

687,782

Mr Price Group Ltd.

2,400

31,309

Nampak Ltd.

23,130

74,791

Naspers Ltd. Class N

24,000

2,009,184

Remgro Ltd.

33,200

636,035

Sasol Ltd.

19,400

891,324

Shoprite Holdings Ltd.

46,100

779,712

Standard Bank Group Ltd.

87,671

982,061

Tiger Brands Ltd.

36,900

1,152,015

TOTAL SOUTH AFRICA

8,551,803

Spain - 1.9%

Amadeus IT Holding SA Class A

15,957

548,117

Banco Bilbao Vizcaya Argentaria SA sponsored ADR

198,576

1,876,543

Grifols SA

1,546

65,219

Iberdrola SA

165,117

911,603

Inditex SA

11,969

1,595,481

Prosegur Compania de Seguridad SA (Reg.)

74,476

384,427

Repsol YPF SA

36,512

873,842

TOTAL SPAIN

6,255,232

Common Stocks - continued

Shares

Value

Sweden - 2.9%

ASSA ABLOY AB (B Shares)

30,400

$ 1,346,002

Atlas Copco AB (A Shares)

49,759

1,298,529

Fagerhult AB

12,985

354,599

H&M Hennes & Mauritz AB (B Shares)

44,086

1,642,196

Intrum Justitia AB

27,963

712,143

SKF AB (B Shares)

31,900

884,840

Svenska Cellulosa AB (SCA) (B Shares)

24,876

658,333

Svenska Handelsbanken AB (A Shares)

42,931

1,949,568

Swedish Match Co. AB

20,050

749,012

TOTAL SWEDEN

9,595,222

Switzerland - 6.6%

Nestle SA

85,360

5,777,380

Novartis AG

47,751

3,432,668

Roche Holding AG (participation certificate)

18,429

4,540,291

Schindler Holding AG:

(participation certificate)

5,270

754,525

(Reg.)

1,620

226,165

Swatch Group AG (Bearer)

940

558,647

Swisscom AG

66

29,489

Syngenta AG (Switzerland)

2,083

823,643

UBS AG (NY Shares)

214,197

4,213,255

Zehnder Group AG

1,363

56,114

Zurich Insurance Group AG

6,357

1,711,091

TOTAL SWITZERLAND

22,123,268

Taiwan - 2.5%

Chroma ATE, Inc.

341,116

713,051

CTCI Corp.

365,000

657,110

Delta Electronics, Inc.

105,000

509,335

E.SUN Financial Holdings Co. Ltd.

1,561,350

1,041,074

King Slide Works Co. Ltd.

66,000

589,698

Standard Foods Corp.

226,550

685,050

Taiwan Mobile Co. Ltd.

253,000

919,387

Taiwan Semiconductor Manufacturing Co. Ltd.

510,035

1,733,979

Unified-President Enterprises Corp.

419,800

856,535

Wowprime Corp.

43,200

594,099

TOTAL TAIWAN

8,299,318

Thailand - 0.2%

PTT Exploration and Production PCL (For. Reg.)

129,200

643,525

Common Stocks - continued

Shares

Value

Turkey - 1.6%

Albaraka Turk Katilim Bankasi A/S

113,907

$ 107,673

Anadolu Efes Biracilik Ve Malt Sanayii A/S

55,000

758,542

Asya Katilim Bankasi A/S (a)

36,000

36,261

Boyner Buyuk Magazacilik A/S (a)

42,049

126,411

Coca-Cola Icecek A/S

49,989

1,407,268

Enka Insaat ve Sanayi A/S

277,062

767,092

Tupras Turkiye Petrol Rafinelleri A/S

21,313

455,775

Turkiye Garanti Bankasi A/S

429,143

1,680,262

TOTAL TURKEY

5,339,284

United Kingdom - 17.9%

Babcock International Group PLC

50,400

900,884

Barclays PLC

378,398

1,653,215

Barclays PLC sponsored ADR

38,667

675,899

Bellway PLC

6,928

145,441

Berendsen PLC

7,328

91,077

BG Group PLC

107,227

1,935,408

BHP Billiton PLC

91,974

2,632,706

BHP Billiton PLC ADR

15,600

891,384

BP PLC sponsored ADR

42,645

1,767,209

British American Tobacco PLC (United Kingdom)

15,340

818,340

Britvic PLC

12,317

101,931

BT Group PLC

120,084

621,337

Bunzl PLC

40,457

867,172

Centrica PLC

177,525

1,055,934

Compass Group PLC

70,014

956,449

Dechra Pharmaceuticals PLC

11,000

114,291

Derwent London PLC

1,900

69,687

Elementis PLC

32,808

125,122

Fenner PLC

8,953

47,043

GlaxoSmithKline PLC sponsored ADR

77,597

3,954,343

Great Portland Estates PLC

17,772

150,318

H&T Group PLC

7,714

20,067

Hilton Food Group PLC

700

4,334

HSBC Holdings PLC sponsored ADR

86,950

4,934,413

Imperial Tobacco Group PLC

27,789

932,565

InterContinental Hotel Group PLC ADR

54,247

1,568,281

ITV PLC

325,019

833,618

Johnson Matthey PLC

31,577

1,361,835

Kingfisher PLC

166,127

1,004,565

Legal & General Group PLC

435,043

1,276,630

Meggitt PLC

18,598

154,900

Common Stocks - continued

Shares

Value

United Kingdom - continued

National Grid PLC

131,391

$ 1,570,298

Next PLC

8,900

675,602

Persimmon PLC

5,537

104,110

Prudential PLC

142,216

2,525,728

Reckitt Benckiser Group PLC

27,551

1,961,061

Reed Elsevier PLC

68,034

878,687

Rexam PLC

86,188

644,816

Rolls-Royce Group PLC

99,352

1,775,886

Rotork PLC

22,203

897,099

Royal Dutch Shell PLC Class A sponsored ADR

50,200

3,431,170

SABMiller PLC

55,654

2,726,593

Serco Group PLC

101,455

967,702

Shaftesbury PLC

49,537

476,264

Spectris PLC

4,870

156,319

Spirax-Sarco Engineering PLC

5,107

222,583

Standard Chartered PLC (United Kingdom)

103,943

2,410,590

Taylor Wimpey PLC

287,700

466,112

Ted Baker PLC

3,575

103,603

Tesco PLC

222,504

1,243,252

Tullow Oil PLC

36,700

579,514

Ultra Electronics Holdings PLC

5,001

138,157

Unite Group PLC

91,402

542,694

Vodafone Group PLC sponsored ADR

118,132

3,538,053

TOTAL UNITED KINGDOM

59,702,291

United States of America - 6.0%

AbbVie, Inc.

11,409

518,881

Albemarle Corp.

5,263

326,359

Allergan, Inc.

5,400

492,048

ANSYS, Inc. (a)

500

39,920

Autoliv, Inc.

16,754

1,369,975

Berkshire Hathaway, Inc. Class B (a)

4,316

500,095

BorgWarner, Inc.

13,597

1,297,562

BPZ Energy, Inc. (a)

15,547

37,468

Broadridge Financial Solutions, Inc.

2,340

67,720

Cummins, Inc.

6,191

750,287

Dril-Quip, Inc. (a)

1,070

97,274

Evercore Partners, Inc. Class A

2,360

111,911

FMC Technologies, Inc. (a)

9,903

527,830

Google, Inc. Class A (a)

550

488,180

Greenhill & Co., Inc.

1,420

71,483

Kansas City Southern

617

66,482

Common Stocks - continued

Shares

Value

United States of America - continued

Kennedy-Wilson Holdings, Inc.

3,483

$ 59,559

KLA-Tencor Corp.

9,500

556,985

Martin Marietta Materials, Inc.

7,680

764,928

MasterCard, Inc. Class A

2,709

1,654,142

Mead Johnson Nutrition Co. Class A

19,800

1,442,232

Mohawk Industries, Inc. (a)

6,735

801,398

National Oilwell Varco, Inc.

9,546

669,843

Oceaneering International, Inc.

1,150

93,254

Philip Morris International, Inc.

14,500

1,293,110

PriceSmart, Inc.

8,950

814,719

ResMed, Inc.

17,820

849,123

Solera Holdings, Inc.

11,352

646,042

SS&C Technologies Holdings, Inc. (a)

19,554

699,642

Union Pacific Corp.

6,600

1,046,694

Universal Display Corp. (a)(d)

2,414

69,885

Visa, Inc. Class A

9,001

1,593,267

TOTAL UNITED STATES OF AMERICA

19,818,298

TOTAL COMMON STOCKS

(Cost $289,804,069)


327,116,962

Nonconvertible Preferred Stocks - 0.8%

 

 

 

 

Brazil - 0.2%

Banco ABC Brasil SA

9,994

52,569

Banco Pine SA

6,506

29,203

Klabin SA (PN) (non-vtg.)

130,000

631,381

TOTAL BRAZIL

713,153

Germany - 0.6%

Sartorius AG (non-vtg.)

600

65,709

Volkswagen AG

8,090

1,922,726

TOTAL GERMANY

1,988,435

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $2,365,643)


2,701,588

Money Market Funds - 0.7%

Shares

Value

Fidelity Cash Central Fund, 0.11% (b)

1,790,408

$ 1,790,408

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

653,580

653,580

TOTAL MONEY MARKET FUNDS

(Cost $2,443,988)


2,443,988

TOTAL INVESTMENT PORTFOLIO - 99.8%

(Cost $294,613,700)

332,262,538

NET OTHER ASSETS (LIABILITIES) - 0.2%

695,663

NET ASSETS - 100%

$ 332,958,201

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or 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

$ 6,758

Fidelity Securities Lending Cash Central Fund

109,033

Total

$ 115,791

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 45,595,123

$ 43,685,404

$ 1,909,719

$ -

Consumer Staples

50,866,595

39,127,922

11,738,673

-

Energy

15,903,862

12,098,938

3,804,924

-

Financials

75,317,098

65,162,375

10,154,723

-

Health Care

30,869,953

21,779,546

9,090,407

-

Industrials

42,330,446

39,827,547

2,502,899

-

Information Technology

19,462,221

15,356,795

3,612,559

492,867

Materials

22,055,655

18,599,306

3,456,349

-

Telecommunication Services

18,127,280

16,773,867

1,353,413

-

Utilities

9,290,317

6,908,164

2,382,153

-

Money Market Funds

2,443,988

2,443,988

-

-

Total Investments in Securities:

$ 332,262,538

$ 281,763,852

$ 50,005,819

$ 492,867

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2013. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers

Total

Level 1 to Level 2

$ 6,703,183

Level 2 to Level 1

$ 0

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $295,698,176. Net unrealized appreciation aggregated $36,564,362, of which $47,444,153 related to appreciated investment securities and $10,879,791 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

July 31, 2013

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

1.863095.105
AIGF-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%

Shares

Value

Australia - 2.8%

Coca-Cola Amatil Ltd.

285,234

$ 3,294,516

CSL Ltd.

109,674

6,513,212

Sydney Airport unit

459,462

1,482,625

TOTAL AUSTRALIA

11,290,353

Austria - 0.9%

Andritz AG

69,797

3,765,248

Bailiwick of Jersey - 0.4%

Informa PLC

213,451

1,704,740

Belgium - 4.4%

Anheuser-Busch InBev SA NV

151,291

14,548,355

Umicore SA

74,649

3,363,109

TOTAL BELGIUM

17,911,464

Bermuda - 0.4%

Lazard Ltd. Class A

48,292

1,755,897

Brazil - 0.6%

Arezzo Industria e Comercio SA

54,800

854,662

BR Malls Participacoes SA

93,600

829,593

Iguatemi Empresa de Shopping Centers SA

83,800

844,851

TOTAL BRAZIL

2,529,106

Cayman Islands - 2.3%

Sands China Ltd.

1,171,600

6,337,178

Wynn Macau Ltd.

1,097,800

3,114,085

TOTAL CAYMAN ISLANDS

9,451,263

Denmark - 2.0%

Novo Nordisk A/S Series B sponsored ADR

48,100

8,125,052

Finland - 0.9%

Nokian Tyres PLC

83,208

3,696,132

France - 4.2%

Alstom SA

35,343

1,195,212

Danone SA

68,352

5,401,366

Remy Cointreau SA

19,187

1,986,389

Safran SA

72,800

4,274,936

Sanofi SA

40,871

4,278,530

TOTAL FRANCE

17,136,433

Germany - 3.2%

Deutsche Bank AG

34,520

1,557,314

Deutsche Bank AG (NY Shares)

800

35,992

Common Stocks - continued

Shares

Value

Germany - continued

Linde AG

49,141

$ 9,466,261

Siemens AG sponsored ADR (d)

20,500

2,264,430

TOTAL GERMANY

13,323,997

India - 0.4%

Housing Development Finance Corp. Ltd.

112,215

1,476,008

Ireland - 1.3%

CRH PLC sponsored ADR

103,100

2,176,441

James Hardie Industries PLC:

CDI

18,812

156,241

sponsored ADR (d)

71,300

2,961,802

TOTAL IRELAND

5,294,484

Israel - 0.2%

Azrieli Group

32,900

1,025,572

Italy - 0.7%

Interpump Group SpA

113,651

1,126,407

Prada SpA

203,500

1,899,711

TOTAL ITALY

3,026,118

Japan - 16.0%

AEON Mall Co. Ltd.

75,310

1,878,327

Aozora Bank Ltd.

581,000

1,798,008

Autobacs Seven Co. Ltd.

55,000

807,783

DENSO Corp.

259,500

11,820,753

East Japan Railway Co.

12,000

967,010

Fanuc Corp.

20,000

3,035,441

Fast Retailing Co. Ltd.

12,400

4,249,004

Japan Tobacco, Inc.

129,700

4,537,049

Keyence Corp.

19,562

6,393,463

Kobayashi Pharmaceutical Co. Ltd.

17,300

902,901

Mitsui Fudosan Co. Ltd.

194,000

5,870,922

Nomura Holdings, Inc.

143,200

1,087,929

Seven Bank Ltd.

572,100

2,121,053

Shinsei Bank Ltd.

850,000

1,892,554

SHO-BOND Holdings Co. Ltd.

48,400

1,893,290

SMC Corp.

7,900

1,675,855

SoftBank Corp.

94,000

5,990,808

Unicharm Corp. (d)

35,100

1,871,331

Common Stocks - continued

Shares

Value

Japan - continued

USS Co. Ltd.

36,680

$ 4,386,914

Yamato Kogyo Co. Ltd.

66,600

2,163,088

TOTAL JAPAN

65,343,483

Mexico - 0.4%

Fomento Economico Mexicano S.A.B. de CV sponsored ADR

14,755

1,467,975

Netherlands - 1.9%

ASML Holding NV

86,078

7,738,412

Portugal - 0.9%

Jeronimo Martins SGPS SA

187,652

3,707,196

South Africa - 0.4%

Clicks Group Ltd.

314,345

1,828,940

Spain - 1.5%

Inditex SA

38,541

5,137,557

Prosegur Compania de Seguridad SA (Reg.)

168,649

870,525

TOTAL SPAIN

6,008,082

Sweden - 5.7%

ASSA ABLOY AB (B Shares)

97,961

4,337,357

Atlas Copco AB (A Shares)

164,909

4,303,525

Fagerhult AB

28,800

786,481

H&M Hennes & Mauritz AB (B Shares)

148,030

5,514,093

Intrum Justitia AB

54,400

1,385,424

SKF AB (B Shares)

105,817

2,935,145

Svenska Handelsbanken AB (A Shares)

43,140

1,959,059

Swedish Match Co. AB

60,500

2,260,112

TOTAL SWEDEN

23,481,196

Switzerland - 11.6%

Nestle SA

279,779

18,936,186

Novartis AG

58,453

4,202,001

Roche Holding AG (participation certificate)

45,287

11,157,206

Schindler Holding AG:

(participation certificate)

16,549

2,369,380

(Reg.)

4,130

576,580

Swatch Group AG (Bearer)

2,780

1,652,169

UBS AG (NY Shares)

438,061

8,616,660

TOTAL SWITZERLAND

47,510,182

Turkey - 2.2%

Coca-Cola Icecek A/S

134,997

3,800,375

Common Stocks - continued

Shares

Value

Turkey - continued

Tupras Turkiye Petrol Rafinelleri A/S

69,687

$ 1,490,246

Turkiye Garanti Bankasi A/S

913,500

3,576,709

TOTAL TURKEY

8,867,330

United Kingdom - 17.9%

Babcock International Group PLC

144,700

2,586,467

Barclays PLC sponsored ADR

128,593

2,247,806

BG Group PLC

345,555

6,237,140

BHP Billiton PLC ADR (d)

52,800

3,016,992

GlaxoSmithKline PLC sponsored ADR

190,700

9,718,072

InterContinental Hotel Group PLC ADR (d)

169,130

4,889,548

Johnson Matthey PLC

90,077

3,884,790

Prudential PLC

270,795

4,809,266

Reckitt Benckiser Group PLC

85,545

6,089,032

Rexam PLC

268,964

2,012,256

Rolls-Royce Group PLC

324,337

5,797,422

Rotork PLC

60,100

2,428,304

SABMiller PLC

150,866

7,391,205

Serco Group PLC

271,745

2,591,968

Shaftesbury PLC

113,433

1,090,579

Standard Chartered PLC (United Kingdom)

313,188

7,263,286

Unite Group PLC

172,200

1,022,427

TOTAL UNITED KINGDOM

73,076,560

United States of America - 14.1%

Albemarle Corp.

15,651

970,519

Allergan, Inc.

17,300

1,576,376

Autoliv, Inc.

50,569

4,135,027

Berkshire Hathaway, Inc. Class B (a)

15,384

1,782,544

BorgWarner, Inc.

45,196

4,313,054

Cummins, Inc.

19,382

2,348,905

FMC Technologies, Inc. (a)

32,052

1,708,372

Google, Inc. Class A (a)

1,943

1,724,607

KLA-Tencor Corp.

31,380

1,839,809

Martin Marietta Materials, Inc.

22,400

2,231,040

MasterCard, Inc. Class A

8,950

5,464,960

Mead Johnson Nutrition Co. Class A

65,795

4,792,508

Mohawk Industries, Inc. (a)

18,900

2,248,911

National Oilwell Varco, Inc.

31,272

2,194,356

Philip Morris International, Inc.

48,108

4,290,271

PriceSmart, Inc.

18,900

1,720,467

ResMed, Inc. (d)

48,500

2,311,025

Common Stocks - continued

Shares

Value

United States of America - continued

Solera Holdings, Inc.

28,989

$ 1,649,764

SS&C Technologies Holdings, Inc. (a)

51,000

1,824,780

Union Pacific Corp.

21,400

3,393,826

Visa, Inc. Class A

29,200

5,168,692

TOTAL UNITED STATES OF AMERICA

57,689,813

TOTAL COMMON STOCKS

(Cost $362,623,108)


398,231,036

Money Market Funds - 3.8%

 

 

 

 

Fidelity Cash Central Fund, 0.11% (b)

9,555,548

9,555,548

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

5,844,300

5,844,300

TOTAL MONEY MARKET FUNDS

(Cost $15,399,848)


15,399,848

TOTAL INVESTMENT PORTFOLIO - 101.1%

(Cost $378,022,956)

413,630,884

NET OTHER ASSETS (LIABILITIES) - (1.1)%

(4,373,747)

NET ASSETS - 100%

$ 409,257,137

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or 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

$ 9,836

Fidelity Securities Lending Cash Central Fund

192,976

Total

$ 202,812

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 66,761,321

$ 66,761,321

$ -

$ -

Consumer Staples

88,826,174

55,341,633

33,484,541

-

Energy

11,630,114

11,630,114

-

-

Financials

54,542,356

47,087,847

7,454,509

-

Health Care

47,881,474

39,400,943

8,480,531

-

Industrials

58,391,763

58,391,763

-

-

Information Technology

31,804,487

31,804,487

-

-

Materials

32,402,539

32,402,539

-

-

Telecommunication Services

5,990,808

5,990,808

-

-

Money Market Funds

15,399,848

15,399,848

-

-

Total Investments in Securities:

$ 413,630,884

$ 364,211,303

$ 49,419,581

$ -

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2013. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers

Total

Level 1 to Level 2

$ 9,689,468

Level 2 to Level 1

$ 0

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $378,273,084. Net unrealized appreciation aggregated $35,357,800, of which $45,871,938 related to appreciated investment securities and $10,514,138 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® International Growth Fund

July 31, 2013

1.863103.105
IGF-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%

Shares

Value

Australia - 2.8%

Coca-Cola Amatil Ltd.

285,234

$ 3,294,516

CSL Ltd.

109,674

6,513,212

Sydney Airport unit

459,462

1,482,625

TOTAL AUSTRALIA

11,290,353

Austria - 0.9%

Andritz AG

69,797

3,765,248

Bailiwick of Jersey - 0.4%

Informa PLC

213,451

1,704,740

Belgium - 4.4%

Anheuser-Busch InBev SA NV

151,291

14,548,355

Umicore SA

74,649

3,363,109

TOTAL BELGIUM

17,911,464

Bermuda - 0.4%

Lazard Ltd. Class A

48,292

1,755,897

Brazil - 0.6%

Arezzo Industria e Comercio SA

54,800

854,662

BR Malls Participacoes SA

93,600

829,593

Iguatemi Empresa de Shopping Centers SA

83,800

844,851

TOTAL BRAZIL

2,529,106

Cayman Islands - 2.3%

Sands China Ltd.

1,171,600

6,337,178

Wynn Macau Ltd.

1,097,800

3,114,085

TOTAL CAYMAN ISLANDS

9,451,263

Denmark - 2.0%

Novo Nordisk A/S Series B sponsored ADR

48,100

8,125,052

Finland - 0.9%

Nokian Tyres PLC

83,208

3,696,132

France - 4.2%

Alstom SA

35,343

1,195,212

Danone SA

68,352

5,401,366

Remy Cointreau SA

19,187

1,986,389

Safran SA

72,800

4,274,936

Sanofi SA

40,871

4,278,530

TOTAL FRANCE

17,136,433

Germany - 3.2%

Deutsche Bank AG

34,520

1,557,314

Deutsche Bank AG (NY Shares)

800

35,992

Common Stocks - continued

Shares

Value

Germany - continued

Linde AG

49,141

$ 9,466,261

Siemens AG sponsored ADR (d)

20,500

2,264,430

TOTAL GERMANY

13,323,997

India - 0.4%

Housing Development Finance Corp. Ltd.

112,215

1,476,008

Ireland - 1.3%

CRH PLC sponsored ADR

103,100

2,176,441

James Hardie Industries PLC:

CDI

18,812

156,241

sponsored ADR (d)

71,300

2,961,802

TOTAL IRELAND

5,294,484

Israel - 0.2%

Azrieli Group

32,900

1,025,572

Italy - 0.7%

Interpump Group SpA

113,651

1,126,407

Prada SpA

203,500

1,899,711

TOTAL ITALY

3,026,118

Japan - 16.0%

AEON Mall Co. Ltd.

75,310

1,878,327

Aozora Bank Ltd.

581,000

1,798,008

Autobacs Seven Co. Ltd.

55,000

807,783

DENSO Corp.

259,500

11,820,753

East Japan Railway Co.

12,000

967,010

Fanuc Corp.

20,000

3,035,441

Fast Retailing Co. Ltd.

12,400

4,249,004

Japan Tobacco, Inc.

129,700

4,537,049

Keyence Corp.

19,562

6,393,463

Kobayashi Pharmaceutical Co. Ltd.

17,300

902,901

Mitsui Fudosan Co. Ltd.

194,000

5,870,922

Nomura Holdings, Inc.

143,200

1,087,929

Seven Bank Ltd.

572,100

2,121,053

Shinsei Bank Ltd.

850,000

1,892,554

SHO-BOND Holdings Co. Ltd.

48,400

1,893,290

SMC Corp.

7,900

1,675,855

SoftBank Corp.

94,000

5,990,808

Unicharm Corp. (d)

35,100

1,871,331

Common Stocks - continued

Shares

Value

Japan - continued

USS Co. Ltd.

36,680

$ 4,386,914

Yamato Kogyo Co. Ltd.

66,600

2,163,088

TOTAL JAPAN

65,343,483

Mexico - 0.4%

Fomento Economico Mexicano S.A.B. de CV sponsored ADR

14,755

1,467,975

Netherlands - 1.9%

ASML Holding NV

86,078

7,738,412

Portugal - 0.9%

Jeronimo Martins SGPS SA

187,652

3,707,196

South Africa - 0.4%

Clicks Group Ltd.

314,345

1,828,940

Spain - 1.5%

Inditex SA

38,541

5,137,557

Prosegur Compania de Seguridad SA (Reg.)

168,649

870,525

TOTAL SPAIN

6,008,082

Sweden - 5.7%

ASSA ABLOY AB (B Shares)

97,961

4,337,357

Atlas Copco AB (A Shares)

164,909

4,303,525

Fagerhult AB

28,800

786,481

H&M Hennes & Mauritz AB (B Shares)

148,030

5,514,093

Intrum Justitia AB

54,400

1,385,424

SKF AB (B Shares)

105,817

2,935,145

Svenska Handelsbanken AB (A Shares)

43,140

1,959,059

Swedish Match Co. AB

60,500

2,260,112

TOTAL SWEDEN

23,481,196

Switzerland - 11.6%

Nestle SA

279,779

18,936,186

Novartis AG

58,453

4,202,001

Roche Holding AG (participation certificate)

45,287

11,157,206

Schindler Holding AG:

(participation certificate)

16,549

2,369,380

(Reg.)

4,130

576,580

Swatch Group AG (Bearer)

2,780

1,652,169

UBS AG (NY Shares)

438,061

8,616,660

TOTAL SWITZERLAND

47,510,182

Turkey - 2.2%

Coca-Cola Icecek A/S

134,997

3,800,375

Common Stocks - continued

Shares

Value

Turkey - continued

Tupras Turkiye Petrol Rafinelleri A/S

69,687

$ 1,490,246

Turkiye Garanti Bankasi A/S

913,500

3,576,709

TOTAL TURKEY

8,867,330

United Kingdom - 17.9%

Babcock International Group PLC

144,700

2,586,467

Barclays PLC sponsored ADR

128,593

2,247,806

BG Group PLC

345,555

6,237,140

BHP Billiton PLC ADR (d)

52,800

3,016,992

GlaxoSmithKline PLC sponsored ADR

190,700

9,718,072

InterContinental Hotel Group PLC ADR (d)

169,130

4,889,548

Johnson Matthey PLC

90,077

3,884,790

Prudential PLC

270,795

4,809,266

Reckitt Benckiser Group PLC

85,545

6,089,032

Rexam PLC

268,964

2,012,256

Rolls-Royce Group PLC

324,337

5,797,422

Rotork PLC

60,100

2,428,304

SABMiller PLC

150,866

7,391,205

Serco Group PLC

271,745

2,591,968

Shaftesbury PLC

113,433

1,090,579

Standard Chartered PLC (United Kingdom)

313,188

7,263,286

Unite Group PLC

172,200

1,022,427

TOTAL UNITED KINGDOM

73,076,560

United States of America - 14.1%

Albemarle Corp.

15,651

970,519

Allergan, Inc.

17,300

1,576,376

Autoliv, Inc.

50,569

4,135,027

Berkshire Hathaway, Inc. Class B (a)

15,384

1,782,544

BorgWarner, Inc.

45,196

4,313,054

Cummins, Inc.

19,382

2,348,905

FMC Technologies, Inc. (a)

32,052

1,708,372

Google, Inc. Class A (a)

1,943

1,724,607

KLA-Tencor Corp.

31,380

1,839,809

Martin Marietta Materials, Inc.

22,400

2,231,040

MasterCard, Inc. Class A

8,950

5,464,960

Mead Johnson Nutrition Co. Class A

65,795

4,792,508

Mohawk Industries, Inc. (a)

18,900

2,248,911

National Oilwell Varco, Inc.

31,272

2,194,356

Philip Morris International, Inc.

48,108

4,290,271

PriceSmart, Inc.

18,900

1,720,467

ResMed, Inc. (d)

48,500

2,311,025

Common Stocks - continued

Shares

Value

United States of America - continued

Solera Holdings, Inc.

28,989

$ 1,649,764

SS&C Technologies Holdings, Inc. (a)

51,000

1,824,780

Union Pacific Corp.

21,400

3,393,826

Visa, Inc. Class A

29,200

5,168,692

TOTAL UNITED STATES OF AMERICA

57,689,813

TOTAL COMMON STOCKS

(Cost $362,623,108)


398,231,036

Money Market Funds - 3.8%

 

 

 

 

Fidelity Cash Central Fund, 0.11% (b)

9,555,548

9,555,548

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

5,844,300

5,844,300

TOTAL MONEY MARKET FUNDS

(Cost $15,399,848)


15,399,848

TOTAL INVESTMENT PORTFOLIO - 101.1%

(Cost $378,022,956)

413,630,884

NET OTHER ASSETS (LIABILITIES) - (1.1)%

(4,373,747)

NET ASSETS - 100%

$ 409,257,137

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or 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

$ 9,836

Fidelity Securities Lending Cash Central Fund

192,976

Total

$ 202,812

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 66,761,321

$ 66,761,321

$ -

$ -

Consumer Staples

88,826,174

55,341,633

33,484,541

-

Energy

11,630,114

11,630,114

-

-

Financials

54,542,356

47,087,847

7,454,509

-

Health Care

47,881,474

39,400,943

8,480,531

-

Industrials

58,391,763

58,391,763

-

-

Information Technology

31,804,487

31,804,487

-

-

Materials

32,402,539

32,402,539

-

-

Telecommunication Services

5,990,808

5,990,808

-

-

Money Market Funds

15,399,848

15,399,848

-

-

Total Investments in Securities:

$ 413,630,884

$ 364,211,303

$ 49,419,581

$ -

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2013. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers

Total

Level 1 to Level 2

$ 9,689,468

Level 2 to Level 1

$ 0

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $378,273,084. Net unrealized appreciation aggregated $35,357,800, of which $45,871,938 related to appreciated investment securities and $10,514,138 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor®
Emerging Europe, Middle East,
Africa (EMEA) Fund
Class A
Class T
Class B
Class C
Institutional Class

July 31, 2013

Class A, Class T, Class B, Class C
and Institutional Class are classes of
Fidelity
® Emerging Europe, Middle East,
Africa (EMEA) Fund

1.861995.105
AEME-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.3%

Shares

Value

Botswana - 0.2%

First National Bank of Botswana Ltd.

650,000

$ 273,663

Canada - 0.4%

Africa Oil Corp. (a)

63,600

484,229

Cayman Islands - 0.9%

Eurasia Drilling Co. Ltd. GDR (Reg. S)

30,300

1,196,850

Czech Republic - 2.2%

Komercni Banka A/S

6,600

1,285,847

Philip Morris CR A/S

2,700

1,548,046

TOTAL CZECH REPUBLIC

2,833,893

Estonia - 0.4%

Tallinna Kaubamaja AS

68,900

509,636

Greece - 1.0%

Folli Follie SA (a)

13,000

304,903

Jumbo SA

55,100

586,418

Karelia Tobacco Co., Inc.

1,870

427,894

TOTAL GREECE

1,319,215

Kenya - 2.1%

British American Tobacco Kenya Ltd.

51,700

339,734

Safaricom Ltd.

22,383,444

1,870,626

Uchumi Supermarket Ltd.

2,330,800

522,996

TOTAL KENYA

2,733,356

Kuwait - 0.1%

Kuwait Food Co. (Americana)

17,500

136,603

Lithuania - 0.3%

Apranga AB

113,766

376,858

Nigeria - 0.7%

Skye Bank PLC

10,780,448

306,766

UAC of Nigeria PLC

66,800

25,456

Zenith Bank PLC

5,220,677

642,020

TOTAL NIGERIA

974,242

Oman - 0.7%

National Bank of Oman (a)

620,814

483,751

Oman Telecommunications Co. (a)

118,389

487,086

TOTAL OMAN

970,837

Poland - 4.0%

Amica Wronki SA

10,400

274,594

Common Stocks - continued

Shares

Value

Poland - continued

Bank Handlowy w Warszawie SA

24,500

$ 740,473

Bank Polska Kasa Opieki SA

61,400

3,150,491

Eurocash SA

17,100

318,331

Wawel SA

2,218

680,070

TOTAL POLAND

5,163,959

Qatar - 2.5%

Gulf International Services QSC (a)

34,000

446,785

Industries Qatar Q.S.C.

20,932

913,424

Qatar National Bank SAQ

27,498

1,336,632

Vodafone Qatar QSC (a)

240,105

596,743

TOTAL QATAR

3,293,584

Russia - 27.0%

Gazprom OAO

1,542,300

6,020,592

LUKOIL Oil Co.

5,000

295,754

LUKOIL Oil Co. sponsored ADR (United Kingdom)

154,995

9,144,705

Magnit OJSC

13,400

3,262,321

Megafon OJSC GDR

64,800

2,057,400

Moscow Exchange MICEX-RTS OAO

382,600

652,805

NOVATEK OAO

28,600

309,276

NOVATEK OAO GDR (Reg. S)

18,950

2,203,885

Sberbank (Savings Bank of the Russian Federation)

3,580,100

10,342,281

Uralkali OJSC

110,600

482,410

Vozrozhdenie Bank

43,100

546,571

TOTAL RUSSIA

35,318,000

South Africa - 36.9%

AngloGold Ashanti Ltd.

83,900

1,100,891

Aspen Pharmacare Holdings Ltd.

65,500

1,453,210

Cashbuild Ltd.

83,000

1,064,517

Clicks Group Ltd.

343,217

1,996,924

DRDGOLD Ltd.

2,720,314

1,477,916

DRDGOLD Ltd. sponsored ADR

28,300

153,386

FirstRand Ltd.

797,100

2,396,431

Harmony Gold Mining Co. Ltd.

448,300

1,647,243

Holdsport Ltd.

126,800

584,806

Hulamin Ltd. (a)

876,800

418,603

Kagiso Media Ltd.

193,900

479,566

Metrofile Holdings Ltd.

1,059,500

506,902

MTN Group Ltd.

417,650

7,842,447

Nampak Ltd.

979,500

3,167,204

Naspers Ltd. Class N

66,700

5,583,856

Common Stocks - continued

Shares

Value

South Africa - continued

Omnia Holdings Ltd.

75,200

$ 1,341,564

Pioneer Foods Ltd.

170,400

1,381,612

Raubex Group Ltd.

1,032,400

2,333,639

Remgro Ltd.

107,100

2,051,787

RMB Holdings Ltd.

221,500

911,550

Sanlam Ltd.

163,100

785,783

Sasol Ltd.

54,900

2,522,355

Shoprite Holdings Ltd.

147,700

2,498,122

Standard Bank Group Ltd.

257,363

2,882,893

Vodacom Group Ltd.

85,000

1,005,560

Zeder Investments Ltd.

1,416,053

574,143

TOTAL SOUTH AFRICA

48,162,910

Turkey - 5.2%

Aygaz A/S

179,000

819,205

Ford Otomotiv Sanayi A/S

16,000

228,932

Koc Holding A/S

258,850

1,141,857

Tofas Turk Otomobil Fabrikasi A/S

30,000

199,127

Turkiye Garanti Bankasi A/S

712,000

2,787,758

Turkiye Halk Bankasi A/S

210,000

1,578,295

TOTAL TURKEY

6,755,174

United Arab Emirates - 5.3%

Agthia Group PJSC

584,869

528,659

Aldar Properties PJSC

1,587,210

1,162,427

Dubai Financial Market PJSC (a)

3,714,033

2,022,343

Emaar Properties PJSC

330,000

536,374

First Gulf Bank PJSC

355,940

1,598,968

National Bank of Abu Dhabi PJSC

171,600

609,687

SHUAA Capital PSC (a)

2,220,000

459,352

TOTAL UNITED ARAB EMIRATES

6,917,810

United Kingdom - 2.2%

Alabama Noor Hospitals Group PLC (a)

44,100

469,610

HSBC Bank PLC:

warrants 12/5/14 (a)

4,900

110,075

warrants 6/26/15 (a)

19,000

492,681

warrants 10/8/15 (a)

17,200

511,359

NMC Health PLC

138,700

625,607

Old Mutual PLC

238,400

709,243

TOTAL UNITED KINGDOM

2,918,575

Common Stocks - continued

Shares

Value

Zambia - 0.2%

Zambeef Products PLC (a)

351,874

$ 279,316

TOTAL COMMON STOCKS

(Cost $120,366,395)


120,618,710

Nonconvertible Preferred Stocks - 3.8%

 

 

 

 

Russia - 3.8%

Surgutneftegaz JSC

4,789,400

3,150,456

Tatneft OAO

582,100

1,759,642

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $4,632,864)


4,910,098

Money Market Funds - 3.4%

 

 

 

 

Fidelity Cash Central Fund, 0.11% (b)
(Cost $4,496,379)

4,496,379


4,496,379

TOTAL INVESTMENT PORTFOLIO - 99.5%

(Cost $129,495,638)

130,025,187

NET OTHER ASSETS (LIABILITIES) - 0.5%

607,536

NET ASSETS - 100%

$ 130,632,723

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 2,790

Fidelity Securities Lending Cash Central Fund

4,806

Total

$ 7,596

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 9,820,180

$ 9,820,180

$ -

$ -

Consumer Staples

14,293,661

14,293,661

-

-

Energy

27,534,529

25,012,174

2,522,355

-

Financials

41,942,449

40,828,334

1,114,115

-

Health Care

2,548,427

2,548,427

-

-

Industrials

4,414,376

4,414,376

-

-

Information Technology

506,902

506,902

-

-

Materials

9,789,217

7,210,410

2,578,807

-

Telecommunication Services

13,859,862

13,859,862

-

-

Utilities

819,205

819,205

-

-

Money Market Funds

4,496,379

4,496,379

-

-

Total Investments in Securities:

$ 130,025,187

$ 123,809,910

$ 6,215,277

$ -

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2013. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers

Total

Level 1 to Level 2

$ 1,040,544

Level 2 to Level 1

$ 3,568,840

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $130,132,424. Net unrealized depreciation aggregated $107,237, of which $17,031,088 related to appreciated investment securities and $17,138,325 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Emerging Europe,
Middle East, Africa (EMEA) Fund

July 31, 2013

1.861977.105
EME-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.3%

Shares

Value

Botswana - 0.2%

First National Bank of Botswana Ltd.

650,000

$ 273,663

Canada - 0.4%

Africa Oil Corp. (a)

63,600

484,229

Cayman Islands - 0.9%

Eurasia Drilling Co. Ltd. GDR (Reg. S)

30,300

1,196,850

Czech Republic - 2.2%

Komercni Banka A/S

6,600

1,285,847

Philip Morris CR A/S

2,700

1,548,046

TOTAL CZECH REPUBLIC

2,833,893

Estonia - 0.4%

Tallinna Kaubamaja AS

68,900

509,636

Greece - 1.0%

Folli Follie SA (a)

13,000

304,903

Jumbo SA

55,100

586,418

Karelia Tobacco Co., Inc.

1,870

427,894

TOTAL GREECE

1,319,215

Kenya - 2.1%

British American Tobacco Kenya Ltd.

51,700

339,734

Safaricom Ltd.

22,383,444

1,870,626

Uchumi Supermarket Ltd.

2,330,800

522,996

TOTAL KENYA

2,733,356

Kuwait - 0.1%

Kuwait Food Co. (Americana)

17,500

136,603

Lithuania - 0.3%

Apranga AB

113,766

376,858

Nigeria - 0.7%

Skye Bank PLC

10,780,448

306,766

UAC of Nigeria PLC

66,800

25,456

Zenith Bank PLC

5,220,677

642,020

TOTAL NIGERIA

974,242

Oman - 0.7%

National Bank of Oman (a)

620,814

483,751

Oman Telecommunications Co. (a)

118,389

487,086

TOTAL OMAN

970,837

Poland - 4.0%

Amica Wronki SA

10,400

274,594

Common Stocks - continued

Shares

Value

Poland - continued

Bank Handlowy w Warszawie SA

24,500

$ 740,473

Bank Polska Kasa Opieki SA

61,400

3,150,491

Eurocash SA

17,100

318,331

Wawel SA

2,218

680,070

TOTAL POLAND

5,163,959

Qatar - 2.5%

Gulf International Services QSC (a)

34,000

446,785

Industries Qatar Q.S.C.

20,932

913,424

Qatar National Bank SAQ

27,498

1,336,632

Vodafone Qatar QSC (a)

240,105

596,743

TOTAL QATAR

3,293,584

Russia - 27.0%

Gazprom OAO

1,542,300

6,020,592

LUKOIL Oil Co.

5,000

295,754

LUKOIL Oil Co. sponsored ADR (United Kingdom)

154,995

9,144,705

Magnit OJSC

13,400

3,262,321

Megafon OJSC GDR

64,800

2,057,400

Moscow Exchange MICEX-RTS OAO

382,600

652,805

NOVATEK OAO

28,600

309,276

NOVATEK OAO GDR (Reg. S)

18,950

2,203,885

Sberbank (Savings Bank of the Russian Federation)

3,580,100

10,342,281

Uralkali OJSC

110,600

482,410

Vozrozhdenie Bank

43,100

546,571

TOTAL RUSSIA

35,318,000

South Africa - 36.9%

AngloGold Ashanti Ltd.

83,900

1,100,891

Aspen Pharmacare Holdings Ltd.

65,500

1,453,210

Cashbuild Ltd.

83,000

1,064,517

Clicks Group Ltd.

343,217

1,996,924

DRDGOLD Ltd.

2,720,314

1,477,916

DRDGOLD Ltd. sponsored ADR

28,300

153,386

FirstRand Ltd.

797,100

2,396,431

Harmony Gold Mining Co. Ltd.

448,300

1,647,243

Holdsport Ltd.

126,800

584,806

Hulamin Ltd. (a)

876,800

418,603

Kagiso Media Ltd.

193,900

479,566

Metrofile Holdings Ltd.

1,059,500

506,902

MTN Group Ltd.

417,650

7,842,447

Nampak Ltd.

979,500

3,167,204

Naspers Ltd. Class N

66,700

5,583,856

Common Stocks - continued

Shares

Value

South Africa - continued

Omnia Holdings Ltd.

75,200

$ 1,341,564

Pioneer Foods Ltd.

170,400

1,381,612

Raubex Group Ltd.

1,032,400

2,333,639

Remgro Ltd.

107,100

2,051,787

RMB Holdings Ltd.

221,500

911,550

Sanlam Ltd.

163,100

785,783

Sasol Ltd.

54,900

2,522,355

Shoprite Holdings Ltd.

147,700

2,498,122

Standard Bank Group Ltd.

257,363

2,882,893

Vodacom Group Ltd.

85,000

1,005,560

Zeder Investments Ltd.

1,416,053

574,143

TOTAL SOUTH AFRICA

48,162,910

Turkey - 5.2%

Aygaz A/S

179,000

819,205

Ford Otomotiv Sanayi A/S

16,000

228,932

Koc Holding A/S

258,850

1,141,857

Tofas Turk Otomobil Fabrikasi A/S

30,000

199,127

Turkiye Garanti Bankasi A/S

712,000

2,787,758

Turkiye Halk Bankasi A/S

210,000

1,578,295

TOTAL TURKEY

6,755,174

United Arab Emirates - 5.3%

Agthia Group PJSC

584,869

528,659

Aldar Properties PJSC

1,587,210

1,162,427

Dubai Financial Market PJSC (a)

3,714,033

2,022,343

Emaar Properties PJSC

330,000

536,374

First Gulf Bank PJSC

355,940

1,598,968

National Bank of Abu Dhabi PJSC

171,600

609,687

SHUAA Capital PSC (a)

2,220,000

459,352

TOTAL UNITED ARAB EMIRATES

6,917,810

United Kingdom - 2.2%

Alabama Noor Hospitals Group PLC (a)

44,100

469,610

HSBC Bank PLC:

warrants 12/5/14 (a)

4,900

110,075

warrants 6/26/15 (a)

19,000

492,681

warrants 10/8/15 (a)

17,200

511,359

NMC Health PLC

138,700

625,607

Old Mutual PLC

238,400

709,243

TOTAL UNITED KINGDOM

2,918,575

Common Stocks - continued

Shares

Value

Zambia - 0.2%

Zambeef Products PLC (a)

351,874

$ 279,316

TOTAL COMMON STOCKS

(Cost $120,366,395)


120,618,710

Nonconvertible Preferred Stocks - 3.8%

 

 

 

 

Russia - 3.8%

Surgutneftegaz JSC

4,789,400

3,150,456

Tatneft OAO

582,100

1,759,642

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $4,632,864)


4,910,098

Money Market Funds - 3.4%

 

 

 

 

Fidelity Cash Central Fund, 0.11% (b)
(Cost $4,496,379)

4,496,379


4,496,379

TOTAL INVESTMENT PORTFOLIO - 99.5%

(Cost $129,495,638)

130,025,187

NET OTHER ASSETS (LIABILITIES) - 0.5%

607,536

NET ASSETS - 100%

$ 130,632,723

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 2,790

Fidelity Securities Lending Cash Central Fund

4,806

Total

$ 7,596

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 9,820,180

$ 9,820,180

$ -

$ -

Consumer Staples

14,293,661

14,293,661

-

-

Energy

27,534,529

25,012,174

2,522,355

-

Financials

41,942,449

40,828,334

1,114,115

-

Health Care

2,548,427

2,548,427

-

-

Industrials

4,414,376

4,414,376

-

-

Information Technology

506,902

506,902

-

-

Materials

9,789,217

7,210,410

2,578,807

-

Telecommunication Services

13,859,862

13,859,862

-

-

Utilities

819,205

819,205

-

-

Money Market Funds

4,496,379

4,496,379

-

-

Total Investments in Securities:

$ 130,025,187

$ 123,809,910

$ 6,215,277

$ -

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2013. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers

Total

Level 1 to Level 2

$ 1,040,544

Level 2 to Level 1

$ 3,568,840

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $130,132,424. Net unrealized depreciation aggregated $107,237, of which $17,031,088 related to appreciated investment securities and $17,138,325 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Series
Emerging Markets Fund

July 31, 2013

1.873106.104
ILF-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 90.7%

Shares

Value

Australia - 0.2%

Paladin Energy Ltd. (Australia) (a)

12,705,359

$ 11,420,212

Austria - 0.4%

Erste Group Bank AG

832,526

25,285,388

Bailiwick of Jersey - 0.4%

Atrium European Real Estate Ltd.

3,979,850

22,343,184

Bermuda - 2.3%

Aquarius Platinum Ltd. (Australia) (a)

11,933,145

8,634,516

BW Offshore Ltd.

25,935,069

34,240,910

Cosan Ltd. Class A

1,819,108

29,251,257

GP Investments Ltd. Class A (depositary receipt) (a)

9,302,700

15,087,553

Kunlun Energy Co. Ltd.

11,838,000

17,431,270

Shangri-La Asia Ltd.

9,216,000

14,497,292

Stolt-Nielsen SA

827,346

19,304,927

TOTAL BERMUDA

138,447,725

Brazil - 8.9%

Anhanguera Educacional Participacoes SA

3,470,348

21,037,944

Arezzo Industria e Comercio SA

727,700

11,349,230

BHG SA (Brazil Hospitality Group) (a)

1,400,200

10,311,158

BM&F Bovespa SA

5,215,000

28,116,905

BR Properties SA

4,221,300

34,971,648

Brasil Brokers Participacoes SA

2,744,600

6,965,715

Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR

570,700

21,561,046

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

1,270,400

13,085,120

Companhia Paranaense de Energia-Copel (PN-B) sponsored ADR

1,625,000

20,247,500

Estacio Participacoes SA

2,422,600

18,710,944

Fibria Celulose SA (a)

1,009,200

11,236,189

Gerdau SA sponsored ADR (d)

3,992,800

25,314,352

Itau Unibanco Holding SA sponsored ADR

6,660,306

84,918,902

Mills Estruturas e Servicos de Engenharia SA

512,400

6,401,210

Multiplus SA

908,600

12,294,686

Petroleo Brasileiro SA - Petrobras:

(PN) sponsored ADR (non-vtg.)

1,347,700

19,326,018

sponsored ADR (d)

2,113,751

28,831,564

Smiles SA

1,155,300

14,179,499

Telefonica Brasil SA sponsored ADR (d)

1,062,100

22,803,287

TIM Participacoes SA sponsored ADR

772,600

14,501,702

Common Stocks - continued

Shares

Value

Brazil - continued

Ultrapar Participacoes SA

1,674,200

$ 39,738,721

Vale SA (PN-A) sponsored ADR

6,272,900

77,219,399

TOTAL BRAZIL

543,122,739

British Virgin Islands - 0.0%

Luxoft Holding, Inc.

104,100

2,287,077

Canada - 1.3%

First Quantum Minerals Ltd. (d)

1,102,400

17,709,668

Goldcorp, Inc. (d)

656,000

18,502,892

Pan American Silver Corp.

711,300

9,076,188

Petrominerales Ltd. (d)

3,145,475

17,119,273

Torex Gold Resources, Inc. (a)

6,274,500

8,063,811

Yamana Gold, Inc.

1,036,900

10,832,380

TOTAL CANADA

81,304,212

Cayman Islands - 7.4%

21Vianet Group, Inc. ADR (a)(d)

1,126,534

14,464,697

Anta Sports Products Ltd.

19,607,000

22,146,232

Anton Oilfield Services Group

19,924,000

12,408,185

China Liansu Group Holdings Ltd.

26,468,000

13,548,656

Cimc Enric Holdings Ltd.

8,966,000

11,364,147

Ctrip.com International Ltd. sponsored ADR (a)

647,200

23,706,936

Eurasia Drilling Co. Ltd. GDR (Reg. S)

859,368

33,945,036

Greatview Aseptic Pack Co. Ltd.

38,475,000

23,167,550

Haitian International Holdings Ltd.

12,964,000

21,897,519

Hengan International Group Co. Ltd.

4,358,500

47,880,783

Hilong Holding Ltd.

13,362,000

7,821,894

SINA Corp. (a)

434,700

29,981,259

Springland International Holdings Ltd.

25,398,000

13,131,928

SPT Energy Group, Inc.

13,052,000

7,758,229

Tencent Holdings Ltd.

2,450,300

111,147,498

Uni-President China Holdings Ltd.

22,574,000

20,578,444

Veripos (e)

2,601,597

8,167,517

Xueda Education Group sponsored ADR (d)

2,566,600

9,496,420

Yingde Gases Group Co. Ltd.

18,718,500

17,039,637

TOTAL CAYMAN ISLANDS

449,652,567

Chile - 1.0%

Aguas Andinas SA

7,959,926

5,576,672

Banco Santander Chile

333,268,411

18,646,426

Common Stocks - continued

Shares

Value

Chile - continued

Empresa Nacional de Telecomunicaciones SA (ENTEL)

1,127,243

$ 18,624,680

Inversiones La Construccion SA

1,294,637

16,691,582

TOTAL CHILE

59,539,360

China - 7.6%

Anhui Conch Cement Co. Ltd. (H Shares)

5,176,000

15,316,571

BBMG Corp. (H Shares)

40,219,500

25,307,025

China Communications Construction Co. Ltd. (H Shares)

36,454,000

27,873,049

China Construction Bank Corp. (H Shares)

73,620,000

54,961,550

China Pacific Insurance Group Co. Ltd. (H Shares)

24,700,600

82,647,451

China Suntien Green Energy Corp. Ltd. (H Shares)

47,954,400

17,374,783

China Telecom Corp. Ltd. (H Shares)

89,287,782

44,343,378

Industrial & Commercial Bank of China Ltd. (H Shares)

168,442,000

110,765,666

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

43,592,000

10,342,111

PetroChina Co. Ltd. sponsored ADR (d)

176,600

20,588,028

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

21,720,000

20,528,083

Weichai Power Co. Ltd. (H Shares)

8,562,000

28,372,196

TOTAL CHINA

458,419,891

Cyprus - 0.4%

Globaltrans Investment PLC:

GDR (f)

366,000

5,113,020

GDR (Reg. S)

1,542,600

21,550,122

TOTAL CYPRUS

26,663,142

Denmark - 0.3%

Vestas Wind Systems A/S (a)

987,100

20,008,843

Egypt - 0.0%

Orascom Telecom Holding SAE GDR (Reg. S) (a)

805,209

2,367,314

Hong Kong - 1.6%

AIA Group Ltd.

2,952,000

13,988,086

CNOOC Ltd. sponsored ADR (d)

79,300

14,261,312

Far East Horizon Ltd.

31,392,300

20,440,858

Lenovo Group Ltd.

44,076,000

40,179,653

Sinotruk Hong Kong Ltd.

22,091,000

10,937,831

TOTAL HONG KONG

99,807,740

India - 5.6%

Apollo Hospitals Enterprise Ltd.

727,968

11,222,466

Axis Bank Ltd.

1,488,136

25,298,678

Bharti Airtel Ltd.

1,463,672

8,285,843

Bharti Infratel Ltd.

6,470,524

15,821,444

Common Stocks - continued

Shares

Value

India - continued

Eicher Motors Ltd.

294,187

$ 16,867,833

Grasim Industries Ltd.

426,047

18,738,762

Indiabulls Real Estate Ltd.

21,190,167

22,128,586

ITC Ltd.

9,180,671

51,549,342

JK Cement Ltd.

1,523,027

4,541,176

Larsen & Toubro Ltd.

1,507,203

20,981,464

Lupin Ltd.

1,291,190

18,483,611

Maruti Suzuki India Ltd.

951,310

20,779,908

Mundra Port and SEZ Ltd.

8,171,461

16,818,264

Muthoot Finance Ltd. (a)

126,950

159,170

NHPC Ltd.

40,095,930

10,937,350

NTPC Ltd.

9,026,890

19,387,306

Phoenix Mills Ltd. (a)

1,947,842

7,825,936

SREI Infrastructure Finance Ltd. (e)

42,859,895

13,733,759

State Bank of India

854,609

23,991,685

Ultratech Cemco Ltd.

446,241

13,467,891

TOTAL INDIA

341,020,474

Indonesia - 1.8%

PT Bakrieland Development Tbk (a)(e)

2,209,211,500

10,747,814

PT Bank Rakyat Indonesia Tbk

32,361,000

25,976,984

PT Bank Tabungan Negara Tbk

134,444,300

13,604,688

PT Kalbe Farma Tbk

147,979,500

20,589,720

PT Telkomunikasi Indonesia Tbk sponsored ADR (d)

782,379

35,684,306

TOTAL INDONESIA

106,603,512

Ireland - 0.1%

Accenture PLC Class A

113,770

8,397,364

Isle of Man - 0.0%

IBS Group Holding Ltd. GDR (Reg. S)

83,100

2,128,128

Israel - 0.5%

Bezeq Israeli Telecommunication Corp. Ltd.

9,434,900

15,237,520

NICE Systems Ltd. sponsored ADR

450,900

17,454,339

TOTAL ISRAEL

32,691,859

Italy - 0.3%

Saipem SpA

827,865

17,676,671

Common Stocks - continued

Shares

Value

Kenya - 0.4%

Equity Bank Ltd.

63,950,200

$ 24,159,778

Safaricom Ltd.

3,103,415

259,358

TOTAL KENYA

24,419,136

Korea (South) - 15.2%

AMOREPACIFIC Group, Inc.

59,407

20,512,512

Daewoo International Corp.

1,521,620

51,998,035

Daou Technology, Inc.

847,040

12,550,692

E-Mart Co. Ltd.

243,655

45,860,122

Hana Financial Group, Inc.

1,911,990

61,254,447

Hankook Shell Oil Co. Ltd.

25,136

8,623,232

Hyundai Heavy Industries Co. Ltd.

142,094

26,554,892

Hyundai Industrial Development & Construction Co.

760,090

13,494,519

Hyundai Mobis

116,677

28,450,200

KB Financial Group, Inc.

2,111,122

66,760,946

Korea Electric Power Corp. (a)

1,001,010

25,547,791

Korean Reinsurance Co.

2,382,830

23,537,782

KT&G Corp.

376,039

25,332,513

LG Chemical Ltd.

155,729

39,081,219

LG Corp.

394,654

22,933,968

Lotte Chemical Corp.

75,774

11,463,537

LS Industrial Systems Ltd.

98,884

5,904,703

NHN Corp.

131,516

34,350,748

Oci Co. Ltd.

110,200

16,328,464

Orion Corp.

17,670

16,039,330

POSCO sponsored ADR (d)

659,900

47,301,632

Samsung Electronics Co. Ltd.

232,794

265,174,188

Samsung Fire & Marine Insurance Co. Ltd.

15,291

3,265,853

SK Hynix, Inc. (a)

1,123,890

27,204,592

SK Telecom Co. Ltd.

114,757

22,478,937

TOTAL KOREA (SOUTH)

922,004,854

Luxembourg - 0.4%

Subsea 7 SA

1,160,423

22,015,899

Malaysia - 0.5%

Petronas Dagangan Bhd

1,898,400

15,671,375

SapuraKencana Petroleum Bhd (a)

14,636,700

17,402,637

TOTAL MALAYSIA

33,074,012

Mexico - 5.8%

America Movil S.A.B. de CV Series L sponsored ADR

4,629,000

97,116,420

CEMEX SA de CV sponsored ADR (d)

3,934,501

45,286,107

Common Stocks - continued

Shares

Value

Mexico - continued

El Puerto de Liverpool SA Class C

1,839,400

$ 21,219,831

Fomento Economico Mexicano S.A.B. de CV sponsored ADR

402,000

39,994,980

Gruma S.A.B. de CV Series B (a)

5,072,000

26,867,473

Grupo Comercial Chedraui de CV (d)

6,291,800

20,403,308

Grupo Financiero Banorte S.A.B. de CV Series O

5,642,100

35,846,346

Grupo Televisa SA de CV (CPO) sponsored ADR

2,230,400

60,443,840

Infraestructura Energetica Nova S.A.B. de CV (d)

1,979,509

7,837,292

TOTAL MEXICO

355,015,597

Netherlands - 0.6%

ASML Holding NV (Netherlands)

159,600

14,376,727

Fugro NV (Certificaten Van Aandelen) (d)

360,768

21,981,605

TOTAL NETHERLANDS

36,358,332

Nigeria - 1.7%

Guaranty Trust Bank PLC GDR (Reg. S)

5,359,277

42,445,474

Zenith Bank PLC

494,389,339

60,798,190

TOTAL NIGERIA

103,243,664

Norway - 0.9%

ElectroMagnetic GeoServices ASA (a)

8,618,425

13,601,573

Spectrum ASA

1,006,477

7,566,340

TGS Nopec Geophysical Co. ASA

995,170

31,968,789

TOTAL NORWAY

53,136,702

Panama - 0.4%

Copa Holdings SA Class A

185,100

25,760,367

Philippines - 1.7%

Alliance Global Group, Inc.

25,921,200

15,660,104

Metro Pacific Investments Corp.

71,681,948

8,908,689

Metropolitan Bank & Trust Co.

10,845,218

26,507,760

Philippine Long Distance Telephone Co.

97,545

6,810,146

Robinsons Land Corp.

82,033,450

43,046,322

TOTAL PHILIPPINES

100,933,021

Poland - 0.3%

Eurocash SA

1,053,709

19,615,695

Russia - 7.1%

Bank St. Petersburg OJSC rights (a)

1,099,999

11

DIXY Group OJSC (a)

1,357,980

19,472,283

E.ON Russia JSC

576,158,700

46,844,007

Gazprom OAO sponsored ADR

3,350,396

26,032,577

Common Stocks - continued

Shares

Value

Russia - continued

LUKOIL Oil Co.

163,800

$ 9,688,906

Magnit OJSC

183,382

44,645,588

Magnitogorsk Iron & Steel Works OJSC unit

2,749,800

8,491,382

Mobile TeleSystems OJSC

12,731,800

105,774,194

Raspadskaya OAO (a)

4,050,164

3,934,477

RusHydro JSC sponsored ADR

5,758,428

9,760,535

Sberbank (Savings Bank of the Russian Federation)

36,689,000

105,988,093

Sistema JSFC

28,183,500

25,479,426

VTB Bank JSC sponsored GDR (Reg. S)

9,827,400

27,772,232

TOTAL RUSSIA

433,883,711

Singapore - 1.3%

Ezion Holdings Ltd.

20,272,000

35,412,393

First Resources Ltd.

12,335,000

16,306,252

Super Group Ltd. Singapore

7,881,000

29,828,548

TOTAL SINGAPORE

81,547,193

South Africa - 3.7%

Absa Group Ltd.

2,172,004

31,472,097

Aspen Pharmacare Holdings Ltd.

1,283,600

28,478,472

Impala Platinum Holdings Ltd.

1,828,400

17,977,274

JSE Ltd.

1,754,820

14,338,456

Life Healthcare Group Holdings Ltd.

5,885,600

21,477,026

Naspers Ltd. Class N

968,000

81,037,069

Reunert Ltd.

1,955,200

13,276,453

Wilson Bayly Holmes-Ovcon Ltd.

867,900

13,732,623

TOTAL SOUTH AFRICA

221,789,470

Taiwan - 7.1%

Advantech Co. Ltd.

1,680,000

8,121,354

Chipbond Technology Corp.

5,123,000

11,306,638

Chroma ATE, Inc.

5,019,012

10,491,484

Cleanaway Co. Ltd.

1,885,000

12,443,074

E.SUN Financial Holdings Co. Ltd.

39,257,000

26,175,696

ECLAT Textile Co. Ltd.

3,184,000

24,520,887

Hon Hai Precision Industry Co. Ltd. (Foxconn)

5,729,000

14,859,683

MediaTek, Inc.

3,525,000

42,307,051

Taiwan Fertilizer Co. Ltd.

14,183,000

34,659,573

Taiwan Semiconductor Manufacturing Co. Ltd.

36,398,284

123,744,166

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

3,658,151

62,115,404

Tong Hsing Electronics Industries Ltd.

2,213,000

10,771,729

Common Stocks - continued

Shares

Value

Taiwan - continued

Unified-President Enterprises Corp.

13,093,270

$ 26,714,723

Yuanta Financial Holding Co. Ltd.

40,634,000

21,200,937

TOTAL TAIWAN

429,432,399

Thailand - 1.0%

Bangkok Bank PCL (For. Reg.)

7,093,700

47,336,631

PTT Global Chemical PCL (For. Reg.)

5,219,086

10,998,074

TOTAL THAILAND

58,334,705

Togo - 0.4%

Ecobank Transnational, Inc.

236,032,894

21,457,536

Turkey - 1.4%

Aygaz A/S

2,720,147

12,448,928

Tupras Turkiye Petrol Rafinelleri A/S

1,130,632

24,178,396

Turkiye Garanti Bankasi A/S

7,420,000

29,052,197

Turkiye Halk Bankasi A/S

2,389,000

17,954,983

TOTAL TURKEY

83,634,504

United Kingdom - 0.4%

Evraz PLC

2,211,431

3,157,245

Fresnillo PLC

370,000

5,791,855

Mondi PLC

830,200

12,364,200

TOTAL UNITED KINGDOM

21,313,300

United States of America - 0.3%

Universal Display Corp. (a)(d)

597,683

17,302,923

TOTAL COMMON STOCKS

(Cost $5,199,766,103)


5,513,460,422

Nonconvertible Preferred Stocks - 4.3%

 

 

 

 

Brazil - 1.4%

Alpargatas Sa (PN)

2,206,200

13,548,496

Banco do Estado Rio Grande do Sul SA

3,233,800

21,602,609

Braskem SA (PN-A)

2,771,400

21,356,307

Companhia Paranaense de Energia-Copel (PN-B)

68,100

834,627

Lojas Americanas SA (PN)

3,978,588

27,746,437

TOTAL BRAZIL

85,088,476

Chile - 0.2%

Embotelladora Andina SA Class A

2,696,239

11,428,253

Nonconvertible Preferred Stocks - continued

Shares

Value

Korea (South) - 1.3%

Hyundai Motor Co. Series 2

493,083

$ 46,732,514

Samsung Electronics Co. Ltd.

42,557

30,941,586

TOTAL KOREA (SOUTH)

77,674,100

Russia - 1.4%

Sberbank (Savings Bank of the Russian Federation)

24,305,400

55,068,103

Surgutneftegaz JSC

49,690,550

32,686,330

TOTAL RUSSIA

87,754,433

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $250,333,929)


261,945,262

Government Obligations - 0.1%

 

Principal
Amount

 

United States of America - 0.1%

U.S. Treasury Bills, yield at date of purchase 0.03% to 0.04% 8/15/13 to 8/29/13 (g)
(Cost $3,549,947)

$ 3,550,000


3,549,978

Money Market Funds - 5.9%

Shares

 

Fidelity Cash Central Fund, 0.11% (b)

291,291,151

291,291,151

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

65,744,065

65,744,065

TOTAL MONEY MARKET FUNDS

(Cost $357,035,216)


357,035,216

TOTAL INVESTMENT PORTFOLIO - 101.0%

(Cost $5,810,685,195)

6,135,990,878

NET OTHER ASSETS (LIABILITIES) - (1.0)%

(60,421,020)

NET ASSETS - 100%

$ 6,075,569,858

Futures Contracts

 

Expiration
Date

Underlying
Face Amount
at Value

Unrealized
Appreciation/
(Depreciation)

Purchased

Equity Index Contracts

1,187 NYSE E-mini MSCI Emerging Markets Index Contracts

Sept. 2013

$ 55,717,780

$ 216,777

The face value of futures purchased as a percentage of net assets is 0.9%

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

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

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $5,113,020 or 0.1% of net assets.

(g) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,641,992.

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

$ 186,180

Fidelity Securities Lending Cash Central Fund

319,449

Total

$ 505,629

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

China Suntien Green Energy Corp. Ltd. (H Shares)

$ 22,582,764

$ 8,834,665

$ 31,036,266

$ 213,988

$ -

GP Investments Ltd. Class A (depositary receipt)

15,128,168

6,517,456

-

-

-

Indiabulls Real Estate Ltd.

9,917,615

28,936,220

13,387,267

1,149,549

-

PT Bakrieland Development Tbk

7,766,273

6,674,507

560,929

-

10,747,814

SREI Infrastructure Finance Ltd.

17,681,250

4,959,448

850,671

352,379

13,733,759

Veripos

7,361,301

2,785,429

2,746,690

259,404

8,167,517

Total

$ 80,437,371

$ 58,707,725

$ 48,581,823

$ 1,975,320

$ 32,649,090

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 483,046,765

$ 462,266,857

$ 20,779,908

$ -

Consumer Staples

504,591,195

504,591,195

-

-

Energy

596,023,415

596,023,415

-

-

Financials

1,495,249,382

1,428,488,425

66,760,946

11

Health Care

120,779,378

120,779,378

-

-

Industrials

463,260,022

463,260,022

-

-

Information Technology

911,658,980

739,187,339

138,120,893

34,350,748

Materials

592,701,464

573,962,702

18,738,762

-

Telecommunication Services

435,587,955

361,955,494

73,632,461

-

Utilities

172,507,128

146,959,337

25,547,791

-

Government Obligations

3,549,978

-

3,549,978

-

Money Market Funds

357,035,216

357,035,216

-

-

Total Investments in Securities:

$ 6,135,990,878

$ 5,754,509,380

$ 347,130,739

$ 34,350,759

Derivative Instruments:

Assets

Futures Contracts

$ 216,777

$ 216,777

$ -

$ -

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $5,846,296,666. Net unrealized appreciation aggregated $289,694,212, of which $818,760,595 related to appreciated investment securities and $529,066,383 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For U.S. government and government agency obligations, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor®
Global Commodity Stock
Class A
Class T
Class B
Class C
Institutional Class

July 31, 2013

Class A, Class T, Class B, Class C and
Institutional Class
are classes of Fidelity
®
Global Commodity Stock Fund

1.879401.104
AGCS-QTLY-0913


Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%

Shares

Value

AEROSPACE & DEFENSE - 0.0%

Aerospace & Defense - 0.0%

Precision Castparts Corp.

500

$ 110,860

CHEMICALS - 15.2%

Diversified Chemicals - 0.3%

Eastman Chemical Co.

200

16,086

Lanxess AG

17,400

1,088,076

 

1,104,162

Fertilizers & Agricultural Chemicals - 14.9%

Agrium, Inc.

34,600

2,935,492

CF Industries Holdings, Inc.

28,872

5,659,201

China BlueChemical Ltd. (H Shares)

1,190,000

549,306

Israel Chemicals Ltd.

202,400

1,617,360

Israel Corp. Ltd. (Class A) (a)

1,000

469,971

Monsanto Co.

253,600

25,050,609

Potash Corp. of Saskatchewan, Inc.

80,600

2,338,506

Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR

1,300

37,648

Syngenta AG (Switzerland)

43,385

17,154,949

Taiwan Fertilizer Co. Ltd.

93,000

227,268

The Mosaic Co.

36,959

1,518,645

Yara International ASA

59,000

2,649,233

 

60,208,188

TOTAL CHEMICALS

61,312,350

CONSTRUCTION & ENGINEERING - 0.3%

Construction & Engineering - 0.3%

Boart Longyear Ltd.

2,345,000

1,085,519

FLSmidth & Co. A/S (d)

5,900

280,248

 

1,365,767

CONSTRUCTION MATERIALS - 0.0%

Construction Materials - 0.0%

Vulcan Materials Co.

1,000

47,180

CONTAINERS & PACKAGING - 0.2%

Paper Packaging - 0.2%

Rock-Tenn Co. Class A

5,000

571,750

Common Stocks - continued

Shares

Value

ENERGY EQUIPMENT & SERVICES - 1.4%

Oil & Gas Drilling - 1.1%

Ensco PLC Class A

12,000

$ 688,080

Noble Corp.

16,300

622,660

Ocean Rig UDW, Inc. (United States) (a)

63,747

1,084,336

Vantage Drilling Co. (a)

1,074,382

1,976,863

 

4,371,939

Oil & Gas Equipment & Services - 0.3%

Cameron International Corp. (a)

11,000

652,300

National Oilwell Varco, Inc.

11,300

792,921

 

1,445,221

TOTAL ENERGY EQUIPMENT & SERVICES

5,817,160

FOOD PRODUCTS - 6.6%

Agricultural Products - 6.6%

Archer Daniels Midland Co.

296,000

10,795,120

Bunge Ltd.

158,400

12,039,984

China Agri-Industries Holdings Ltd.

2,338,300

1,085,394

Golden Agri-Resources Ltd.

4,165,000

1,720,600

Ingredion, Inc.

400

26,880

Wilmar International Ltd.

313,000

775,819

 

26,443,797

MACHINERY - 0.7%

Construction & Farm Machinery & Heavy Trucks - 0.7%

Caterpillar, Inc.

15,100

1,251,941

Cummins, Inc.

1,000

121,190

Manitowoc Co., Inc.

20,000

410,600

Samsung Heavy Industries Co. Ltd.

27,290

970,219

 

2,753,950

METALS & MINING - 37.2%

Aluminum - 0.3%

Alcoa, Inc.

135,300

1,075,635

Diversified Metals & Mining - 16.7%

Anglo American PLC (United Kingdom)

238,151

5,101,004

BHP Billiton PLC

854,770

24,467,330

Copper Mountain Mining Corp. (a)

897,431

1,371,791

First Quantum Minerals Ltd.

128,324

2,061,480

Freeport-McMoRan Copper & Gold, Inc.

181,400

5,129,992

Glencore Xstrata PLC

1,723,852

7,277,187

Common Stocks - continued

Shares

Value

METALS & MINING - CONTINUED

Diversified Metals & Mining - continued

Grupo Mexico SA de CV Series B

724,411

$ 2,231,749

Iluka Resources Ltd.

20,210

200,187

Mmg Ltd. (a)

408,000

98,375

Norilsk Nickel OJSC sponsored ADR

41,300

557,137

Rio Tinto PLC

322,187

14,498,506

Sterlite Industries (India) Ltd.

21,788

26,867

Sumitomo Metal Mining Co. Ltd.

57,000

745,174

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

95,800

2,244,132

Turquoise Hill Resources Ltd. (a)(d)

283,014

1,132,497

Walter Energy, Inc. (d)

36,800

411,792

 

67,555,200

Gold - 12.0%

Agnico Eagle Mines Ltd. (Canada)

78,600

2,235,329

B2Gold Corp. (a)

507,880

1,483,439

Barrick Gold Corp.

228,100

3,775,387

Compania de Minas Buenaventura SA sponsored ADR

23,600

337,480

Detour Gold Corp. (a)

93,400

927,544

Eldorado Gold Corp.

274,450

2,167,062

Franco-Nevada Corp.

80,246

3,417,350

Gold Fields Ltd. sponsored ADR

145,000

874,350

Goldcorp, Inc.

270,210

7,621,443

Harmony Gold Mining Co. Ltd. sponsored ADR

115,800

445,830

Kinross Gold Corp.

245,005

1,273,807

New Gold, Inc. (a)

424,600

3,083,941

Newcrest Mining Ltd.

345,030

3,792,893

Newmont Mining Corp.

87,600

2,628,000

Osisko Mining Corp. (a)

389,428

1,622,775

Premier Gold Mines Ltd. (a)

504,000

1,055,009

Randgold Resources Ltd. sponsored ADR

78,600

5,837,622

Romarco Minerals, Inc. (a)

1,116,500

543,521

Royal Gold, Inc.

27,000

1,395,630

Yamana Gold, Inc.

394,500

4,121,298

 

48,639,710

Precious Metals & Minerals - 1.9%

Aquarius Platinum Ltd. (United Kingdom) (a)

492,800

339,227

Fresnillo PLC

35,500

555,705

Impala Platinum Holdings Ltd.

46,700

459,166

Industrias Penoles SA de CV

17,000

534,313

Pan American Silver Corp.

97,350

1,242,186

Common Stocks - continued

Shares

Value

METALS & MINING - CONTINUED

Precious Metals & Minerals - continued

Silver Wheaton Corp.

146,200

$ 3,362,130

Tahoe Resources, Inc. (a)

75,500

1,142,313

 

7,635,040

Steel - 6.3%

African Minerals Ltd. (a)(d)

427,200

1,410,235

ArcelorMittal SA Class A unit (d)

157,000

2,036,290

Carpenter Technology Corp.

3,400

177,752

Cliffs Natural Resources, Inc. (d)

2,900

56,579

Eregli Demir ve Celik Fabrikalari T.A.S.

168,770

168,251

Fortescue Metals Group Ltd.

350,289

1,152,378

Gerdau SA sponsored ADR

179,500

1,138,030

Hyundai Hysco Co. Ltd.

29,500

1,034,351

Hyundai Steel Co.

27,815

1,693,108

JFE Holdings, Inc.

70,500

1,596,349

Jindal Steel & Power Ltd. (a)

50,655

166,311

London Mining PLC (a)

859,986

1,197,052

Magnitogorsk Iron & Steel Works OJSC unit

181,000

558,928

Nippon Steel & Sumitomo Metal Corp.

311,000

905,270

POSCO

13,832

3,971,794

SunCoke Energy, Inc. (a)

8,000

126,400

Tata Steel Ltd.

129,417

458,717

Thyssenkrupp AG (a)

47,300

1,028,833

Vale SA (PN-A) sponsored ADR

484,300

5,961,733

Voestalpine AG

16,500

632,512

 

25,470,873

TOTAL METALS & MINING

150,376,458

OIL, GAS & CONSUMABLE FUELS - 34.1%

Coal & Consumable Fuels - 5.1%

Alpha Natural Resources, Inc. (a)

121,237

659,529

Cameco Corp.

40,700

826,601

China Shenhua Energy Co. Ltd. (H Shares)

337,000

973,335

Coal India Ltd.

73,501

340,058

CONSOL Energy, Inc.

29,000

899,870

Peabody Energy Corp.

998,800

16,540,128

Whitehaven Coal Ltd. (d)

82,200

145,185

 

20,384,706

Integrated Oil & Gas - 15.5%

BG Group PLC

225,750

4,074,704

Common Stocks - continued

Shares

Value

OIL, GAS & CONSUMABLE FUELS - CONTINUED

Integrated Oil & Gas - continued

BP PLC

952,300

$ 6,579,276

Cenovus Energy, Inc.

49,800

1,474,945

Chevron Corp.

11,500

1,447,735

China Petroleum & Chemical Corp. (H Shares)

1,866,000

1,385,932

ENI SpA

155,427

3,432,938

Exxon Mobil Corp.

13,461

1,261,969

Gazprom OAO sponsored ADR

300,500

2,334,885

Hess Corp.

19,300

1,437,078

Imperial Oil Ltd.

5,400

231,699

InterOil Corp. (a)(d)

28,100

2,408,170

LUKOIL Oil Co. sponsored ADR

39,900

2,372,454

Murphy Oil Corp.

20,800

1,408,576

Occidental Petroleum Corp.

42,200

3,757,910

Origin Energy Ltd.

45,072

484,130

PetroChina Co. Ltd. (H Shares)

1,340,000

1,565,285

Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR (non-vtg.)

201,800

2,893,812

PTT PCL (For. Reg.)

50,300

531,587

Repsol YPF SA

37,790

904,428

Royal Dutch Shell PLC Class A (United Kingdom)

328,550

11,210,514

StatoilHydro ASA

64,600

1,402,249

Suncor Energy, Inc.

176,832

5,588,518

Surgutneftegaz JSC (Reg.)

242,800

192,728

Total SA

77,600

4,135,184

 

62,516,706

Oil & Gas Exploration & Production - 13.5%

Africa Oil Corp. (a)

24,900

189,580

Anadarko Petroleum Corp.

91,100

8,064,172

Apache Corp.

51,700

4,148,925

Athabasca Oil Corp. (a)

16,500

115,826

Baytex Energy Corp.

4,300

174,579

Cabot Oil & Gas Corp.

13,200

1,000,824

Cairn India Ltd.

1,100

5,335

Canadian Natural Resources Ltd.

96,800

2,999,848

Chesapeake Energy Corp. (d)

33,400

778,220

Cimarex Energy Co.

10,500

802,515

CNOOC Ltd.

120,000

216,879

CNOOC Ltd. sponsored ADR (d)

9,200

1,654,528

Cobalt International Energy, Inc. (a)

90,100

2,599,385

Concho Resources, Inc. (a)

11,200

1,004,528

ConocoPhillips

32,500

2,107,950

Common Stocks - continued

Shares

Value

OIL, GAS & CONSUMABLE FUELS - CONTINUED

Oil & Gas Exploration & Production - continued

Continental Resources, Inc. (a)

1,300

$ 119,990

Denbury Resources, Inc. (a)

105,000

1,837,500

Devon Energy Corp.

27,900

1,534,779

Double Eagle Petroleum Co. (a)

319,186

1,113,959

EOG Resources, Inc.

16,800

2,444,232

EQT Corp.

9,000

778,500

INPEX Corp.

283

1,239,986

Marathon Oil Corp.

43,100

1,567,116

MEG Energy Corp. (a)

5,100

155,766

Newfield Exploration Co. (a)

9,100

223,860

Noble Energy, Inc.

31,600

1,974,684

Northern Oil & Gas, Inc. (a)

72,300

955,083

Oil Search Ltd. ADR

64,295

468,112

Ophir Energy PLC (a)

31,920

182,725

Pacific Rubiales Energy Corp.

48,474

942,484

Painted Pony Petroleum Ltd. (e)

15,000

108,801

Painted Pony Petroleum Ltd. Class A (a)

143,100

1,037,966

Penn West Petroleum Ltd.

29,100

344,236

Petroceltic International PLC (a)

28,000

57,929

Petrominerales Ltd.

276,526

1,504,995

Pioneer Natural Resources Co.

8,100

1,253,556

Platino Energy Corp. (a)

137,400

152,503

PTT Exploration and Production PCL (For. Reg.)

52,600

261,992

QEP Resources, Inc.

18,100

551,869

Rosetta Resources, Inc. (a)

18,800

857,468

Santos Ltd.

71,100

873,626

Southwestern Energy Co. (a)

23,900

927,081

Talisman Energy, Inc.

100,500

1,138,954

Tullow Oil PLC

80,400

1,269,562

Whiting Petroleum Corp. (a)

20,700

1,065,429

Woodside Petroleum Ltd.

52,752

1,782,373

 

54,590,210

Oil & Gas Storage & Transport - 0.0%

Phillips 66 Partners LP

1,300

42,081

TOTAL OIL, GAS & CONSUMABLE FUELS

137,533,703

PAPER & FOREST PRODUCTS - 3.4%

Forest Products - 0.4%

Boise Cascade Co.

3,000

79,380

Common Stocks - continued

Shares

Value

PAPER & FOREST PRODUCTS - CONTINUED

Forest Products - continued

Canfor Corp. (a)

41,700

$ 879,797

West Fraser Timber Co. Ltd.

9,200

838,579

 

1,797,756

Paper Products - 3.0%

International Paper Co.

189,500

9,154,745

Nine Dragons Paper (Holdings) Ltd.

999,000

632,458

Stora Enso Oyj (R Shares)

28,100

208,409

UPM-Kymmene Corp.

180,300

2,011,244

 

12,006,856

TOTAL PAPER & FOREST PRODUCTS

13,804,612

REAL ESTATE INVESTMENT TRUSTS - 0.0%

Specialized REITs - 0.0%

Potlatch Corp.

1,000

44,030

Rayonier, Inc.

700

40,908

Weyerhaeuser Co.

1,900

53,960

 

138,898

SPECIALTY RETAIL - 0.4%

Specialty Stores - 0.4%

Tsutsumi Jewelry Co. Ltd.

72,700

1,678,092

TRADING COMPANIES & DISTRIBUTORS - 0.2%

Trading Companies & Distributors - 0.2%

Daewoo International Corp.

20,500

700,543

TOTAL COMMON STOCKS

(Cost $492,955,378)


402,655,120

Money Market Funds - 1.9%

Shares

Value

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)
(Cost $7,433,105)

7,433,105

$ 7,433,105

TOTAL INVESTMENT PORTFOLIO - 101.6%

(Cost $500,388,483)

410,088,225

NET OTHER ASSETS (LIABILITIES) - (1.6)%

(6,270,517)

NET ASSETS - 100%

$ 403,817,708

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or 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 $108,801 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

$ 2,216

Fidelity Securities Lending Cash Central Fund

493,084

Total

$ 495,300

Other Information

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Common Stocks

$ 402,655,120

$ 312,607,417

$ 90,047,703

$ -

Money Market Funds

7,433,105

7,433,105

-

-

Total Investments in Securities:

$ 410,088,225

$ 320,040,522

$ 90,047,703

$ -

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $505,628,293. Net unrealized depreciation aggregated $95,540,068, of which $23,987,361 related to appreciated investment securities and $119,527,429 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Global Commodity Stock Fund

July 31, 2013

1.879385.104
GCS-QTLY-0913


Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%

Shares

Value

AEROSPACE & DEFENSE - 0.0%

Aerospace & Defense - 0.0%

Precision Castparts Corp.

500

$ 110,860

CHEMICALS - 15.2%

Diversified Chemicals - 0.3%

Eastman Chemical Co.

200

16,086

Lanxess AG

17,400

1,088,076

 

1,104,162

Fertilizers & Agricultural Chemicals - 14.9%

Agrium, Inc.

34,600

2,935,492

CF Industries Holdings, Inc.

28,872

5,659,201

China BlueChemical Ltd. (H Shares)

1,190,000

549,306

Israel Chemicals Ltd.

202,400

1,617,360

Israel Corp. Ltd. (Class A) (a)

1,000

469,971

Monsanto Co.

253,600

25,050,609

Potash Corp. of Saskatchewan, Inc.

80,600

2,338,506

Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR

1,300

37,648

Syngenta AG (Switzerland)

43,385

17,154,949

Taiwan Fertilizer Co. Ltd.

93,000

227,268

The Mosaic Co.

36,959

1,518,645

Yara International ASA

59,000

2,649,233

 

60,208,188

TOTAL CHEMICALS

61,312,350

CONSTRUCTION & ENGINEERING - 0.3%

Construction & Engineering - 0.3%

Boart Longyear Ltd.

2,345,000

1,085,519

FLSmidth & Co. A/S (d)

5,900

280,248

 

1,365,767

CONSTRUCTION MATERIALS - 0.0%

Construction Materials - 0.0%

Vulcan Materials Co.

1,000

47,180

CONTAINERS & PACKAGING - 0.2%

Paper Packaging - 0.2%

Rock-Tenn Co. Class A

5,000

571,750

Common Stocks - continued

Shares

Value

ENERGY EQUIPMENT & SERVICES - 1.4%

Oil & Gas Drilling - 1.1%

Ensco PLC Class A

12,000

$ 688,080

Noble Corp.

16,300

622,660

Ocean Rig UDW, Inc. (United States) (a)

63,747

1,084,336

Vantage Drilling Co. (a)

1,074,382

1,976,863

 

4,371,939

Oil & Gas Equipment & Services - 0.3%

Cameron International Corp. (a)

11,000

652,300

National Oilwell Varco, Inc.

11,300

792,921

 

1,445,221

TOTAL ENERGY EQUIPMENT & SERVICES

5,817,160

FOOD PRODUCTS - 6.6%

Agricultural Products - 6.6%

Archer Daniels Midland Co.

296,000

10,795,120

Bunge Ltd.

158,400

12,039,984

China Agri-Industries Holdings Ltd.

2,338,300

1,085,394

Golden Agri-Resources Ltd.

4,165,000

1,720,600

Ingredion, Inc.

400

26,880

Wilmar International Ltd.

313,000

775,819

 

26,443,797

MACHINERY - 0.7%

Construction & Farm Machinery & Heavy Trucks - 0.7%

Caterpillar, Inc.

15,100

1,251,941

Cummins, Inc.

1,000

121,190

Manitowoc Co., Inc.

20,000

410,600

Samsung Heavy Industries Co. Ltd.

27,290

970,219

 

2,753,950

METALS & MINING - 37.2%

Aluminum - 0.3%

Alcoa, Inc.

135,300

1,075,635

Diversified Metals & Mining - 16.7%

Anglo American PLC (United Kingdom)

238,151

5,101,004

BHP Billiton PLC

854,770

24,467,330

Copper Mountain Mining Corp. (a)

897,431

1,371,791

First Quantum Minerals Ltd.

128,324

2,061,480

Freeport-McMoRan Copper & Gold, Inc.

181,400

5,129,992

Glencore Xstrata PLC

1,723,852

7,277,187

Common Stocks - continued

Shares

Value

METALS & MINING - CONTINUED

Diversified Metals & Mining - continued

Grupo Mexico SA de CV Series B

724,411

$ 2,231,749

Iluka Resources Ltd.

20,210

200,187

Mmg Ltd. (a)

408,000

98,375

Norilsk Nickel OJSC sponsored ADR

41,300

557,137

Rio Tinto PLC

322,187

14,498,506

Sterlite Industries (India) Ltd.

21,788

26,867

Sumitomo Metal Mining Co. Ltd.

57,000

745,174

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

95,800

2,244,132

Turquoise Hill Resources Ltd. (a)(d)

283,014

1,132,497

Walter Energy, Inc. (d)

36,800

411,792

 

67,555,200

Gold - 12.0%

Agnico Eagle Mines Ltd. (Canada)

78,600

2,235,329

B2Gold Corp. (a)

507,880

1,483,439

Barrick Gold Corp.

228,100

3,775,387

Compania de Minas Buenaventura SA sponsored ADR

23,600

337,480

Detour Gold Corp. (a)

93,400

927,544

Eldorado Gold Corp.

274,450

2,167,062

Franco-Nevada Corp.

80,246

3,417,350

Gold Fields Ltd. sponsored ADR

145,000

874,350

Goldcorp, Inc.

270,210

7,621,443

Harmony Gold Mining Co. Ltd. sponsored ADR

115,800

445,830

Kinross Gold Corp.

245,005

1,273,807

New Gold, Inc. (a)

424,600

3,083,941

Newcrest Mining Ltd.

345,030

3,792,893

Newmont Mining Corp.

87,600

2,628,000

Osisko Mining Corp. (a)

389,428

1,622,775

Premier Gold Mines Ltd. (a)

504,000

1,055,009

Randgold Resources Ltd. sponsored ADR

78,600

5,837,622

Romarco Minerals, Inc. (a)

1,116,500

543,521

Royal Gold, Inc.

27,000

1,395,630

Yamana Gold, Inc.

394,500

4,121,298

 

48,639,710

Precious Metals & Minerals - 1.9%

Aquarius Platinum Ltd. (United Kingdom) (a)

492,800

339,227

Fresnillo PLC

35,500

555,705

Impala Platinum Holdings Ltd.

46,700

459,166

Industrias Penoles SA de CV

17,000

534,313

Pan American Silver Corp.

97,350

1,242,186

Common Stocks - continued

Shares

Value

METALS & MINING - CONTINUED

Precious Metals & Minerals - continued

Silver Wheaton Corp.

146,200

$ 3,362,130

Tahoe Resources, Inc. (a)

75,500

1,142,313

 

7,635,040

Steel - 6.3%

African Minerals Ltd. (a)(d)

427,200

1,410,235

ArcelorMittal SA Class A unit (d)

157,000

2,036,290

Carpenter Technology Corp.

3,400

177,752

Cliffs Natural Resources, Inc. (d)

2,900

56,579

Eregli Demir ve Celik Fabrikalari T.A.S.

168,770

168,251

Fortescue Metals Group Ltd.

350,289

1,152,378

Gerdau SA sponsored ADR

179,500

1,138,030

Hyundai Hysco Co. Ltd.

29,500

1,034,351

Hyundai Steel Co.

27,815

1,693,108

JFE Holdings, Inc.

70,500

1,596,349

Jindal Steel & Power Ltd. (a)

50,655

166,311

London Mining PLC (a)

859,986

1,197,052

Magnitogorsk Iron & Steel Works OJSC unit

181,000

558,928

Nippon Steel & Sumitomo Metal Corp.

311,000

905,270

POSCO

13,832

3,971,794

SunCoke Energy, Inc. (a)

8,000

126,400

Tata Steel Ltd.

129,417

458,717

Thyssenkrupp AG (a)

47,300

1,028,833

Vale SA (PN-A) sponsored ADR

484,300

5,961,733

Voestalpine AG

16,500

632,512

 

25,470,873

TOTAL METALS & MINING

150,376,458

OIL, GAS & CONSUMABLE FUELS - 34.1%

Coal & Consumable Fuels - 5.1%

Alpha Natural Resources, Inc. (a)

121,237

659,529

Cameco Corp.

40,700

826,601

China Shenhua Energy Co. Ltd. (H Shares)

337,000

973,335

Coal India Ltd.

73,501

340,058

CONSOL Energy, Inc.

29,000

899,870

Peabody Energy Corp.

998,800

16,540,128

Whitehaven Coal Ltd. (d)

82,200

145,185

 

20,384,706

Integrated Oil & Gas - 15.5%

BG Group PLC

225,750

4,074,704

Common Stocks - continued

Shares

Value

OIL, GAS & CONSUMABLE FUELS - CONTINUED

Integrated Oil & Gas - continued

BP PLC

952,300

$ 6,579,276

Cenovus Energy, Inc.

49,800

1,474,945

Chevron Corp.

11,500

1,447,735

China Petroleum & Chemical Corp. (H Shares)

1,866,000

1,385,932

ENI SpA

155,427

3,432,938

Exxon Mobil Corp.

13,461

1,261,969

Gazprom OAO sponsored ADR

300,500

2,334,885

Hess Corp.

19,300

1,437,078

Imperial Oil Ltd.

5,400

231,699

InterOil Corp. (a)(d)

28,100

2,408,170

LUKOIL Oil Co. sponsored ADR

39,900

2,372,454

Murphy Oil Corp.

20,800

1,408,576

Occidental Petroleum Corp.

42,200

3,757,910

Origin Energy Ltd.

45,072

484,130

PetroChina Co. Ltd. (H Shares)

1,340,000

1,565,285

Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR (non-vtg.)

201,800

2,893,812

PTT PCL (For. Reg.)

50,300

531,587

Repsol YPF SA

37,790

904,428

Royal Dutch Shell PLC Class A (United Kingdom)

328,550

11,210,514

StatoilHydro ASA

64,600

1,402,249

Suncor Energy, Inc.

176,832

5,588,518

Surgutneftegaz JSC (Reg.)

242,800

192,728

Total SA

77,600

4,135,184

 

62,516,706

Oil & Gas Exploration & Production - 13.5%

Africa Oil Corp. (a)

24,900

189,580

Anadarko Petroleum Corp.

91,100

8,064,172

Apache Corp.

51,700

4,148,925

Athabasca Oil Corp. (a)

16,500

115,826

Baytex Energy Corp.

4,300

174,579

Cabot Oil & Gas Corp.

13,200

1,000,824

Cairn India Ltd.

1,100

5,335

Canadian Natural Resources Ltd.

96,800

2,999,848

Chesapeake Energy Corp. (d)

33,400

778,220

Cimarex Energy Co.

10,500

802,515

CNOOC Ltd.

120,000

216,879

CNOOC Ltd. sponsored ADR (d)

9,200

1,654,528

Cobalt International Energy, Inc. (a)

90,100

2,599,385

Concho Resources, Inc. (a)

11,200

1,004,528

ConocoPhillips

32,500

2,107,950

Common Stocks - continued

Shares

Value

OIL, GAS & CONSUMABLE FUELS - CONTINUED

Oil & Gas Exploration & Production - continued

Continental Resources, Inc. (a)

1,300

$ 119,990

Denbury Resources, Inc. (a)

105,000

1,837,500

Devon Energy Corp.

27,900

1,534,779

Double Eagle Petroleum Co. (a)

319,186

1,113,959

EOG Resources, Inc.

16,800

2,444,232

EQT Corp.

9,000

778,500

INPEX Corp.

283

1,239,986

Marathon Oil Corp.

43,100

1,567,116

MEG Energy Corp. (a)

5,100

155,766

Newfield Exploration Co. (a)

9,100

223,860

Noble Energy, Inc.

31,600

1,974,684

Northern Oil & Gas, Inc. (a)

72,300

955,083

Oil Search Ltd. ADR

64,295

468,112

Ophir Energy PLC (a)

31,920

182,725

Pacific Rubiales Energy Corp.

48,474

942,484

Painted Pony Petroleum Ltd. (e)

15,000

108,801

Painted Pony Petroleum Ltd. Class A (a)

143,100

1,037,966

Penn West Petroleum Ltd.

29,100

344,236

Petroceltic International PLC (a)

28,000

57,929

Petrominerales Ltd.

276,526

1,504,995

Pioneer Natural Resources Co.

8,100

1,253,556

Platino Energy Corp. (a)

137,400

152,503

PTT Exploration and Production PCL (For. Reg.)

52,600

261,992

QEP Resources, Inc.

18,100

551,869

Rosetta Resources, Inc. (a)

18,800

857,468

Santos Ltd.

71,100

873,626

Southwestern Energy Co. (a)

23,900

927,081

Talisman Energy, Inc.

100,500

1,138,954

Tullow Oil PLC

80,400

1,269,562

Whiting Petroleum Corp. (a)

20,700

1,065,429

Woodside Petroleum Ltd.

52,752

1,782,373

 

54,590,210

Oil & Gas Storage & Transport - 0.0%

Phillips 66 Partners LP

1,300

42,081

TOTAL OIL, GAS & CONSUMABLE FUELS

137,533,703

PAPER & FOREST PRODUCTS - 3.4%

Forest Products - 0.4%

Boise Cascade Co.

3,000

79,380

Common Stocks - continued

Shares

Value

PAPER & FOREST PRODUCTS - CONTINUED

Forest Products - continued

Canfor Corp. (a)

41,700

$ 879,797

West Fraser Timber Co. Ltd.

9,200

838,579

 

1,797,756

Paper Products - 3.0%

International Paper Co.

189,500

9,154,745

Nine Dragons Paper (Holdings) Ltd.

999,000

632,458

Stora Enso Oyj (R Shares)

28,100

208,409

UPM-Kymmene Corp.

180,300

2,011,244

 

12,006,856

TOTAL PAPER & FOREST PRODUCTS

13,804,612

REAL ESTATE INVESTMENT TRUSTS - 0.0%

Specialized REITs - 0.0%

Potlatch Corp.

1,000

44,030

Rayonier, Inc.

700

40,908

Weyerhaeuser Co.

1,900

53,960

 

138,898

SPECIALTY RETAIL - 0.4%

Specialty Stores - 0.4%

Tsutsumi Jewelry Co. Ltd.

72,700

1,678,092

TRADING COMPANIES & DISTRIBUTORS - 0.2%

Trading Companies & Distributors - 0.2%

Daewoo International Corp.

20,500

700,543

TOTAL COMMON STOCKS

(Cost $492,955,378)


402,655,120

Money Market Funds - 1.9%

Shares

Value

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)
(Cost $7,433,105)

7,433,105

$ 7,433,105

TOTAL INVESTMENT PORTFOLIO - 101.6%

(Cost $500,388,483)

410,088,225

NET OTHER ASSETS (LIABILITIES) - (1.6)%

(6,270,517)

NET ASSETS - 100%

$ 403,817,708

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or 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 $108,801 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

$ 2,216

Fidelity Securities Lending Cash Central Fund

493,084

Total

$ 495,300

Other Information

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Common Stocks

$ 402,655,120

$ 312,607,417

$ 90,047,703

$ -

Money Market Funds

7,433,105

7,433,105

-

-

Total Investments in Securities:

$ 410,088,225

$ 320,040,522

$ 90,047,703

$ -

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $505,628,293. Net unrealized depreciation aggregated $95,540,068, of which $23,987,361 related to appreciated investment securities and $119,527,429 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Series International
Growth Fund

July 31, 2013

1.907949.103
GSV-S-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%

Shares

Value

Australia - 2.8%

Coca-Cola Amatil Ltd.

7,815,464

$ 90,270,348

CSL Ltd.

2,662,640

158,126,254

Sydney Airport unit

11,668,457

37,652,611

TOTAL AUSTRALIA

286,049,213

Austria - 1.0%

Andritz AG

1,822,998

98,342,889

Zumtobel AG

260,177

3,194,401

TOTAL AUSTRIA

101,537,290

Bailiwick of Jersey - 0.4%

Informa PLC

5,522,821

44,108,355

Belgium - 4.5%

Anheuser-Busch InBev SA NV

3,740,381

359,680,291

Umicore SA

2,080,178

93,716,809

TOTAL BELGIUM

453,397,100

Bermuda - 0.4%

Lazard Ltd. Class A

1,182,948

43,011,989

Brazil - 0.7%

Arezzo Industria e Comercio SA

1,431,500

22,325,715

BR Malls Participacoes SA

2,532,400

22,445,100

Iguatemi Empresa de Shopping Centers SA

2,156,900

21,745,326

TOTAL BRAZIL

66,516,141

Cayman Islands - 2.4%

Sands China Ltd.

30,038,400

162,477,549

Wynn Macau Ltd.

27,371,600

77,643,922

TOTAL CAYMAN ISLANDS

240,121,471

Denmark - 2.0%

Novo Nordisk A/S Series B sponsored ADR

1,202,666

203,154,341

Finland - 1.0%

Nokian Tyres PLC (d)

2,246,036

99,769,787

France - 4.2%

Alstom SA

950,177

32,132,608

Danone SA

1,723,705

136,211,978

Remy Cointreau SA

489,801

50,708,038

Safran SA

1,722,686

101,158,962

Sanofi SA

1,018,610

106,631,931

TOTAL FRANCE

426,843,517

Common Stocks - continued

Shares

Value

Germany - 3.3%

Deutsche Bank AG

879,700

$ 39,686,255

Deutsche Bank AG (NY Shares)

23,900

1,075,261

Linde AG

1,239,819

238,832,136

Siemens AG sponsored ADR (d)

507,255

56,031,387

TOTAL GERMANY

335,625,039

India - 0.4%

Housing Development Finance Corp. Ltd.

2,822,777

37,129,107

Ireland - 1.3%

CRH PLC sponsored ADR (d)

2,672,700

56,420,697

James Hardie Industries PLC CDI

9,388,573

77,975,610

TOTAL IRELAND

134,396,307

Israel - 0.3%

Azrieli Group

1,019,186

31,770,476

Italy - 0.8%

Interpump Group SpA

2,890,349

28,646,560

Prada SpA

5,034,800

47,000,815

TOTAL ITALY

75,647,375

Japan - 16.4%

AEON Mall Co. Ltd.

1,876,100

46,792,320

Aozora Bank Ltd.

15,297,000

47,339,300

Autobacs Seven Co. Ltd.

2,080,800

30,560,620

DENSO Corp.

6,465,200

294,503,024

East Japan Railway Co.

325,000

26,189,867

Fanuc Corp.

483,300

73,351,422

Fast Retailing Co. Ltd.

311,400

106,704,827

Japan Tobacco, Inc.

3,187,200

111,491,774

Keyence Corp.

476,000

155,571,438

Kobayashi Pharmaceutical Co. Ltd.

485,500

25,338,626

Mitsui Fudosan Co. Ltd.

4,877,000

147,590,139

Nomura Holdings, Inc.

3,726,400

28,310,455

Seven Bank Ltd.

14,840,800

55,022,063

Shinsei Bank Ltd.

20,980,000

46,712,694

SHO-BOND Holdings Co. Ltd.

1,139,400

44,570,543

SMC Corp.

206,300

43,763,159

SoftBank Corp.

2,368,500

150,949,234

Unicharm Corp.

1,007,400

53,708,792

Common Stocks - continued

Shares

Value

Japan - continued

USS Co. Ltd.

980,010

$ 117,208,832

Yamato Kogyo Co. Ltd.

1,602,700

52,053,782

TOTAL JAPAN

1,657,732,911

Mexico - 0.4%

Fomento Economico Mexicano S.A.B. de CV sponsored ADR

383,812

38,185,456

Netherlands - 2.0%

ASML Holding NV

2,254,708

202,698,249

Portugal - 1.0%

Jeronimo Martins SGPS SA

5,081,579

100,390,137

South Africa - 0.4%

Clicks Group Ltd.

7,577,484

44,087,738

Spain - 1.6%

Inditex SA

1,002,703

133,661,383

Prosegur Compania de Seguridad SA (Reg.)

4,629,389

23,895,786

TOTAL SPAIN

157,557,169

Sweden - 5.8%

ASSA ABLOY AB (B Shares)

2,515,539

111,378,927

Atlas Copco AB (A Shares)

4,081,332

106,507,916

Fagerhult AB

410,870

11,220,187

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

3,831,925

142,738,567

Intrum Justitia AB

1,552,600

39,540,606

SKF AB (B Shares)

2,611,483

72,437,137

Svenska Handelsbanken AB (A Shares)

1,081,400

49,108,167

Swedish Match Co. AB

1,539,400

57,507,713

TOTAL SWEDEN

590,439,220

Switzerland - 11.7%

Nestle SA

6,872,494

465,148,626

Novartis AG

1,459,160

104,894,385

Roche Holding AG (participation certificate)

1,154,429

284,412,785

Schindler Holding AG:

(participation certificate)

418,924

59,978,853

(Reg.)

86,700

12,103,993

Swatch Group AG (Bearer)

70,010

41,607,326

UBS AG (NY Shares)

10,749,913

211,450,789

TOTAL SWITZERLAND

1,179,596,757

Common Stocks - continued

Shares

Value

Turkey - 2.1%

Coca-Cola Icecek A/S

3,147,007

$ 88,593,136

Tupras Turkiye Petrol Rafinelleri A/S

1,695,000

36,247,320

Turkiye Garanti Bankasi A/S

23,397,357

91,609,786

TOTAL TURKEY

216,450,242

United Kingdom - 18.3%

Babcock International Group PLC

3,574,000

63,884,133

Barclays PLC sponsored ADR (d)

3,295,340

57,602,543

BG Group PLC

8,995,322

162,362,245

BHP Billiton PLC ADR (d)

1,259,890

71,990,115

GlaxoSmithKline PLC sponsored ADR

4,788,868

244,040,713

InterContinental Hotel Group PLC ADR

4,184,187

120,964,846

Johnson Matthey PLC

2,379,927

102,640,153

Prudential PLC

6,703,087

119,045,516

Reckitt Benckiser Group PLC

2,102,387

149,646,409

Rexam PLC

6,830,627

51,103,387

Rolls-Royce Group PLC

8,241,111

147,307,284

Rotork PLC

1,623,797

65,608,543

SABMiller PLC

3,702,483

181,391,515

Serco Group PLC

6,695,669

63,864,881

Shaftesbury PLC

2,830,400

27,212,315

Standard Chartered PLC (United Kingdom)

8,596,849

199,373,447

Unite Group PLC

4,544,900

26,985,065

TOTAL UNITED KINGDOM

1,855,023,110

United States of America - 14.2%

Albemarle Corp.

398,486

24,710,117

Allergan, Inc.

435,200

39,655,424

Autoliv, Inc.

1,288,427

105,354,676

Berkshire Hathaway, Inc. Class B (a)

365,650

42,367,866

BorgWarner, Inc.

1,109,607

105,889,796

Cummins, Inc.

503,327

60,998,199

FMC Technologies, Inc. (a)

808,845

43,111,439

Google, Inc. Class A (a)

50,797

45,087,417

KLA-Tencor Corp.

803,420

47,104,515

Martin Marietta Materials, Inc. (d)

539,400

53,724,240

MasterCard, Inc. Class A

221,141

135,030,906

Mead Johnson Nutrition Co. Class A

1,602,805

116,748,316

Mohawk Industries, Inc. (a)

479,215

57,021,793

National Oilwell Varco, Inc.

784,182

55,026,051

Philip Morris International, Inc.

1,186,592

105,820,275

PriceSmart, Inc.

443,975

40,415,044

Common Stocks - continued

Shares

Value

United States of America - continued

ResMed, Inc. (d)

1,183,300

$ 56,384,245

Solera Holdings, Inc.

727,499

41,401,968

SS&C Technologies Holdings, Inc. (a)

1,264,100

45,229,498

Union Pacific Corp.

563,300

89,333,747

Visa, Inc. Class A

733,799

129,889,761

TOTAL UNITED STATES OF AMERICA

1,440,305,293

TOTAL COMMON STOCKS

(Cost $7,995,052,408)


10,061,543,790

Money Market Funds - 1.6%

 

 

 

 

Fidelity Cash Central Fund, 0.11% (b)

52,885,626

52,885,626

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

108,701,439

108,701,439

TOTAL MONEY MARKET FUNDS

(Cost $161,587,065)


161,587,065

TOTAL INVESTMENT PORTFOLIO - 101.0%

(Cost $8,156,639,473)

10,223,130,855

NET OTHER ASSETS (LIABILITIES) - (1.0)%

(96,263,458)

NET ASSETS - 100%

$ 10,126,867,397

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or 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

$ 211,700

Fidelity Securities Lending Cash Central Fund

5,729,033

Total

$ 5,940,733

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 1,709,541,833

$ 1,709,541,833

$ -

$ -

Consumer Staples

2,215,344,212

1,390,515,295

824,828,917

-

Energy

296,747,055

296,747,055

-

-

Financials

1,393,385,979

1,206,343,753

187,042,226

-

Health Care

1,197,300,078

985,773,762

211,526,316

-

Industrials

1,473,094,601

1,473,094,601

-

-

Information Technology

802,013,752

802,013,752

-

-

Materials

823,167,046

823,167,046

-

-

Telecommunication Services

150,949,234

150,949,234

-

-

Money Market Funds

161,587,065

161,587,065

-

-

Total Investments in Securities:

$ 10,223,130,855

$ 8,999,733,396

$ 1,223,397,459

$ -

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2013. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers

Total

Level 1 to Level 2

$ 459,153,948

Level 2 to Level 1

$ 0

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $8,165,633,462. Net unrealized appreciation aggregated $2,057,497,393, of which $2,215,734,197 related to appreciated investment securities and $158,236,804 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Series International
Value Fund

July 31, 2013

1.907975.103
VSF-S-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.8%

Shares

Value

Australia - 6.4%

Ansell Ltd.

2,496,998

$ 41,611,670

Australia & New Zealand Banking Group Ltd.

7,750,651

207,328,178

Telstra Corp. Ltd.

16,046,161

71,971,228

Transurban Group unit

7,001,042

42,665,771

Westfield Group unit

8,254,777

83,250,227

Westpac Banking Corp.

7,433,841

206,404,138

TOTAL AUSTRALIA

653,231,212

Bailiwick of Jersey - 0.8%

Informa PLC

6,054,620

48,355,601

Wolseley PLC

753,507

36,061,734

TOTAL BAILIWICK OF JERSEY

84,417,335

Belgium - 0.8%

KBC Groupe SA (d)

1,564,200

62,740,144

UCB SA

353,634

20,382,549

TOTAL BELGIUM

83,122,693

Bermuda - 0.4%

Hongkong Land Holdings Ltd.

6,761,000

45,771,970

Cayman Islands - 0.4%

ENN Energy Holdings Ltd.

7,681,591

42,540,143

Finland - 1.3%

Nokia Corp. (a)(d)

6,512,851

25,748,105

Sampo Oyj (A Shares)

2,365,567

103,726,176

TOTAL FINLAND

129,474,281

France - 12.3%

Arkema SA

576,501

57,789,540

Atos Origin SA (d)

943,681

70,944,124

BNP Paribas SA

3,074,236

198,907,902

Carrefour SA

2,316,919

71,108,965

Havas SA

3,587,031

27,147,946

Kering SA

289,445

66,269,369

Pernod Ricard SA

319,200

38,005,971

Renault SA

986,853

77,681,919

Sanofi SA

3,548,433

371,463,331

Schneider Electric SA

496,024

39,467,753

Total SA

4,649,174

247,747,297

TOTAL FRANCE

1,266,534,117

Common Stocks - continued

Shares

Value

Germany - 8.8%

Allianz AG

1,321,719

$ 206,078,487

BASF AG

1,968,218

174,543,798

Bayer AG

952,946

110,738,112

Bayerische Motoren Werke AG (BMW)

855,641

83,767,644

Deutsche Post AG

3,046,425

85,392,738

Fresenius SE & Co. KGaA

479,700

60,549,465

HeidelbergCement Finance AG

761,579

58,500,241

Lanxess AG (d)

392,589

24,549,808

Siemens AG

893,343

98,116,982

TOTAL GERMANY

902,237,275

Hong Kong - 0.7%

Hysan Development Co. Ltd.

9,698,000

41,202,370

Wing Hang Bank Ltd.

3,309,369

30,680,235

TOTAL HONG KONG

71,882,605

Japan - 18.8%

AEON Financial Service Co. Ltd. (d)

1,247,200

36,393,119

Air Water, Inc.

3,467,500

50,927,023

Astellas Pharma, Inc.

1,188,600

63,733,529

Daikin Industries Ltd.

620,800

25,869,308

DENSO Corp.

881,200

40,140,454

Hoya Corp.

2,850,200

61,539,399

Itochu Corp.

5,854,100

69,715,865

Japan Exchange Group, Inc.

336,700

31,637,625

Japan Tobacco, Inc.

2,501,700

87,512,228

JSR Corp.

2,781,200

50,334,861

JTEKT Corp.

3,596,600

45,292,694

Kansai Electric Power Co., Inc. (a)

4,413,100

54,087,630

KDDI Corp.

1,888,900

104,370,837

Mitsubishi Electric Corp.

3,899,000

37,950,637

Mitsubishi Estate Co. Ltd.

1,160,000

29,512,408

MS&AD Insurance Group Holdings, Inc.

1,936,400

50,274,013

Nissan Motor Co. Ltd.

10,620,300

110,899,154

Nitto Denko Corp.

834,100

47,110,334

ORIX Corp.

5,859,700

87,078,574

Santen Pharmaceutical Co. Ltd.

1,164,400

50,840,668

Sekisui House Ltd.

2,429,000

31,432,365

Seven & i Holdings Co., Ltd.

2,739,800

103,536,510

Seven Bank Ltd.

9,707,000

35,988,570

Shinsei Bank Ltd.

23,391,000

52,080,868

SoftBank Corp.

1,050,300

66,937,716

Common Stocks - continued

Shares

Value

Japan - continued

Sony Corp. (d)

2,212,600

$ 46,453,472

Sumitomo Corp.

3,923,000

52,568,439

Sumitomo Mitsui Financial Group, Inc.

5,089,100

232,501,725

Sumitomo Mitsui Trust Holdings, Inc.

16,239,000

74,967,090

Toshiba Corp.

14,103,000

61,217,187

USS Co. Ltd.

313,350

37,476,544

TOTAL JAPAN

1,930,380,846

Netherlands - 2.9%

AEGON NV

7,668,576

59,089,175

Koninklijke Philips Electronics NV

3,454,226

110,462,441

Royal DSM NV

843,306

59,235,905

Unilever NV (Certificaten Van Aandelen) (Bearer)

1,680,769

67,434,915

TOTAL NETHERLANDS

296,222,436

Norway - 1.6%

DNB ASA

3,231,966

53,831,364

Telenor ASA

4,818,453

106,707,866

TOTAL NORWAY

160,539,230

Singapore - 2.7%

ComfortDelgro Corp. Ltd.

23,930,000

37,659,834

Singapore Telecommunications Ltd.

34,185,000

105,714,325

United Overseas Bank Ltd.

6,081,491

102,694,100

UOL Group Ltd.

5,148,000

28,274,808

TOTAL SINGAPORE

274,343,067

Spain - 3.4%

Amadeus IT Holding SA Class A

1,284,774

44,131,520

Banco Bilbao Vizcaya Argentaria SA sponsored ADR (d)

16,705,705

157,868,912

Iberdrola SA

13,592,658

75,044,419

Repsol YPF SA

3,007,909

71,988,275

TOTAL SPAIN

349,033,126

Sweden - 1.6%

Svenska Cellulosa AB (SCA) (B Shares)

2,045,812

54,141,523

Svenska Handelsbanken AB (A Shares)

2,537,097

115,213,782

TOTAL SWEDEN

169,355,305

Switzerland - 6.0%

Novartis AG

2,536,547

182,344,320

Roche Holding AG (participation certificate)

347,998

85,735,095

Common Stocks - continued

Shares

Value

Switzerland - continued

Swisscom AG

5,269

$ 2,354,240

Syngenta AG (Switzerland)

171,417

67,780,334

UBS AG (NY Shares)

6,753,271

132,836,841

Zurich Insurance Group AG

526,350

141,675,709

TOTAL SWITZERLAND

612,726,539

United Kingdom - 27.5%

Barclays PLC

32,015,913

139,877,043

BHP Billiton PLC

7,745,828

221,720,143

BP PLC sponsored ADR

3,603,181

149,315,821

British American Tobacco PLC (United Kingdom)

1,261,300

67,286,321

BT Group PLC

9,897,155

51,209,693

Bunzl PLC

3,347,718

71,756,368

Centrica PLC

14,696,772

87,417,686

Compass Group PLC

5,760,900

78,698,647

GlaxoSmithKline PLC sponsored ADR

1,499,610

76,420,126

HSBC Holdings PLC sponsored ADR (d)

7,401,757

420,049,710

Imperial Tobacco Group PLC

2,351,208

78,903,660

ITV PLC

26,265,185

67,365,669

Kingfisher PLC

13,931,405

84,242,771

Legal & General Group PLC

36,682,379

107,644,120

National Grid PLC

11,111,151

132,793,073

Next PLC

745,500

56,591,185

Prudential PLC

5,041,074

89,528,490

Reed Elsevier PLC

5,609,292

72,446,320

Royal Dutch Shell PLC Class A sponsored ADR

4,276,290

292,284,422

SABMiller PLC

798,544

39,122,153

Taylor Wimpey PLC

23,696,300

38,391,116

Tesco PLC

18,345,758

102,507,863

Vodafone Group PLC sponsored ADR

10,055,972

301,176,361

TOTAL UNITED KINGDOM

2,826,748,761

United States of America - 0.4%

AbbVie, Inc.

917,174

41,713,074

TOTAL COMMON STOCKS

(Cost $8,794,487,571)


9,940,274,015

Nonconvertible Preferred Stocks - 1.6%

Shares

Value

Germany - 1.6%

Volkswagen AG
(Cost $133,051,506)

683,240

$ 162,383,620

Money Market Funds - 2.9%

 

 

 

 

Fidelity Cash Central Fund, 0.11% (b)

119,935,344

119,935,344

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

182,909,756

182,909,756

TOTAL MONEY MARKET FUNDS

(Cost $302,845,100)


302,845,100

TOTAL INVESTMENT PORTFOLIO - 101.3%

(Cost $9,230,384,177)

10,405,502,735

NET OTHER ASSETS (LIABILITIES) - (1.3)%

(137,876,414)

NET ASSETS - 100%

$ 10,267,626,321

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or 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

$ 104,475

Fidelity Securities Lending Cash Central Fund

9,340,490

Total

$ 9,444,965

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 1,129,743,796

$ 972,391,170

$ 157,352,626

$ -

Consumer Staples

709,560,109

574,838,873

134,721,236

-

Energy

761,335,815

513,588,518

247,747,297

-

Financials

3,365,107,873

2,844,111,440

520,996,433

-

Health Care

1,105,531,939

551,724,288

553,807,651

-

Industrials

814,197,751

605,618,328

208,579,423

-

Information Technology

202,363,148

176,615,043

25,748,105

-

Materials

812,491,987

522,991,510

289,500,477

-

Telecommunica-tion Services

810,442,266

759,232,573

51,209,693

-

Utilities

391,882,951

259,089,878

132,793,073

-

Money Market Funds

302,845,100

302,845,100

-

-

Total Investments in Securities:

$ 10,405,502,735

$ 8,083,046,721

$ 2,322,456,014

$ -

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $9,275,224,028. Net unrealized appreciation aggregated $1,130,278,707, of which $1,386,004,201 related to appreciated investment securities and $255,725,494 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Series International
Small Cap Fund

July 31, 2013

1.907962.103
SCF-S-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.5%

Shares

Value

Australia - 1.2%

Imdex Ltd.

4,986,789

$ 3,406,605

Ramsay Health Care Ltd.

328,640

10,879,511

Sydney Airport unit

3,067,350

9,897,944

TOTAL AUSTRALIA

24,184,060

Austria - 1.5%

Andritz AG

433,624

23,392,147

Zumtobel AG (d)

742,019

9,110,361

TOTAL AUSTRIA

32,502,508

Bailiwick of Jersey - 1.2%

Informa PLC

3,130,989

25,005,839

Belgium - 1.3%

Gimv NV (d)

298,716

15,061,340

Umicore SA

291,281

13,122,880

TOTAL BELGIUM

28,184,220

Bermuda - 0.4%

GP Investments Ltd. Class A (depositary receipt) (a)

219,900

356,644

Lazard Ltd. Class A

244,901

8,904,600

TOTAL BERMUDA

9,261,244

Brazil - 0.7%

Arezzo Industria e Comercio SA

612,800

9,557,246

Iguatemi Empresa de Shopping Centers SA

498,700

5,027,769

TOTAL BRAZIL

14,585,015

British Virgin Islands - 0.3%

Gem Diamonds Ltd. (a)

2,606,074

5,580,020

Canada - 1.7%

Copper Mountain Mining Corp. (a)

1,905,400

2,912,548

Painted Pony Petroleum Ltd. (f)

25,000

181,336

Painted Pony Petroleum Ltd. Class A (a)

689,500

5,001,241

Pason Systems, Inc.

864,500

16,387,708

Petrominerales Ltd. (d)

366,550

1,994,951

ShawCor Ltd.

121,400

5,454,785

TAG Oil Ltd. (a)(d)

1,248,857

4,656,920

TOTAL CANADA

36,589,489

Denmark - 0.4%

Spar Nord Bank A/S (a)

1,184,200

8,198,592

Common Stocks - continued

Shares

Value

Finland - 1.3%

Nokian Tyres PLC

385,000

$ 17,101,849

Tikkurila Oyj

430,801

9,450,685

TOTAL FINLAND

26,552,534

France - 2.6%

Laurent-Perrier Group SA

132,224

11,741,605

Remy Cointreau SA

95,254

9,861,441

Saft Groupe SA

390,419

9,629,563

Vetoquinol SA

199,827

7,129,825

Virbac SA

85,200

17,001,873

TOTAL FRANCE

55,364,307

Germany - 4.3%

alstria office REIT-AG

788,729

9,233,714

Bilfinger Berger AG

207,586

19,709,684

CompuGROUP Holding AG

547,346

13,383,613

CTS Eventim AG

672,179

30,225,087

Fielmann AG

164,395

17,146,306

TOTAL GERMANY

89,698,404

Greece - 0.4%

Titan Cement Co. SA (Reg.) (a)

460,599

8,394,783

India - 0.5%

Jyothy Laboratories Ltd.

4,185,261

11,278,987

Ireland - 1.8%

FBD Holdings PLC

760,900

16,297,439

James Hardie Industries PLC CDI

2,517,944

20,912,467

TOTAL IRELAND

37,209,906

Israel - 1.4%

Azrieli Group

403,779

12,586,761

Ituran Location & Control Ltd.

569,146

10,187,713

Strauss Group Ltd.

331,155

5,714,295

TOTAL ISRAEL

28,488,769

Italy - 3.2%

Azimut Holding SpA

1,243,364

27,954,447

Beni Stabili SpA SIIQ

15,828,624

10,263,479

Interpump Group SpA

2,823,466

27,983,675

TOTAL ITALY

66,201,601

Common Stocks - continued

Shares

Value

Japan - 23.8%

Air Water, Inc.

428,000

$ 6,286,018

Anicom Holdings, Inc. (a)(d)

94,700

1,230,297

Aozora Bank Ltd.

6,451,000

19,963,772

ARNEST ONE Corp.

261,800

4,962,729

Artnature, Inc.

22,200

487,489

Asahi Co. Ltd.

617,200

9,884,277

Autobacs Seven Co. Ltd.

1,170,300

17,188,146

Azbil Corp.

629,000

13,510,233

Cosmos Pharmaceutical Corp.

101,600

10,802,328

Daikokutenbussan Co. Ltd.

559,500

16,428,990

FCC Co. Ltd.

970,000

22,617,811

GCA Savvian Group Corp.

743,400

6,803,047

Glory Ltd.

295,800

6,948,626

Goldcrest Co. Ltd.

901,810

21,810,704

Hajime Construction Co. Ltd.

36,300

1,875,988

Harmonic Drive Systems, Inc.

149,900

3,167,634

Iwatsuka Confectionary Co. Ltd.

13,900

601,941

Kamigumi Co. Ltd.

952,000

7,904,974

Kobayashi Pharmaceutical Co. Ltd.

305,800

15,959,942

Kyoto Kimono Yuzen Co. Ltd.

378,600

4,137,493

Lasertec Corp.

737,900

8,184,653

Meiko Network Japan Co. Ltd.

514,400

6,540,986

Miraial Co. Ltd. (d)

301,300

4,646,747

Nabtesco Corp.

474,300

9,954,923

Nagaileben Co. Ltd.

740,600

12,359,722

Nihon M&A Center, Inc.

480,500

32,144,570

Nihon Parkerizing Co. Ltd.

1,017,000

20,213,277

Nippon Seiki Co. Ltd.

836,000

12,372,219

Nippon Thompson Co. Ltd.

1,844,000

8,832,969

NS Tool Co. Ltd.

1,000

18,793

Obic Co. Ltd.

54,250

15,242,748

OSG Corp.

1,493,400

22,940,185

Seven Bank Ltd.

6,816,900

25,273,564

SHO-BOND Holdings Co. Ltd. (d)

570,500

22,316,565

Shoei Co. Ltd.

453,600

4,016,660

Sparx Group Co. Ltd. (a)

2,015

325,166

Techno Medica Co. Ltd.

128

797,467

The Nippon Synthetic Chemical Industry Co. Ltd.

1,803,000

19,593,422

Tocalo Co. Ltd.

440,100

5,820,953

Tsutsumi Jewelry Co. Ltd.

248,100

5,726,749

USS Co. Ltd.

365,400

43,701,704

Common Stocks - continued

Shares

Value

Japan - continued

Workman Co. Ltd.

24,100

$ 945,195

Yamato Kogyo Co. Ltd.

750,800

24,385,088

TOTAL JAPAN

498,926,764

Korea (South) - 0.9%

Coway Co. Ltd.

356,991

19,061,542

Netherlands - 3.0%

Aalberts Industries NV

1,109,800

27,963,441

ASM International NV (depositary receipt)

384,000

12,057,600

Heijmans NV (Certificaten Van Aandelen) (d)

1,066,306

11,325,785

VastNed Retail NV

250,943

10,691,291

TOTAL NETHERLANDS

62,038,117

Philippines - 0.6%

Jollibee Food Corp.

3,611,430

12,883,122

Portugal - 0.5%

Jeronimo Martins SGPS SA

490,900

9,698,072

South Africa - 2.2%

City Lodge Hotels Ltd.

624,598

8,211,480

Clicks Group Ltd.

3,650,105

21,237,244

Mr Price Group Ltd.

359,300

4,687,234

Nampak Ltd.

3,508,870

11,345,898

TOTAL SOUTH AFRICA

45,481,856

Spain - 1.3%

Grifols SA

251,200

10,596,972

Prosegur Compania de Seguridad SA (Reg.)

3,326,155

17,168,807

TOTAL SPAIN

27,765,779

Sweden - 2.7%

Fagerhult AB

425,974

11,632,652

Intrum Justitia AB

1,453,703

37,021,961

Swedish Match Co. AB

237,400

8,868,605

TOTAL SWEDEN

57,523,218

Switzerland - 0.4%

Zehnder Group AG

194,093

7,990,646

Turkey - 3.4%

Albaraka Turk Katilim Bankasi A/S

16,981,671

16,052,304

Asya Katilim Bankasi A/S (a)

5,533,000

5,573,155

Common Stocks - continued

Shares

Value

Turkey - continued

Boyner Buyuk Magazacilik A/S (a)(e)

5,783,500

$ 17,386,797

Coca-Cola Icecek A/S

1,136,910

32,005,783

TOTAL TURKEY

71,018,039

United Kingdom - 19.4%

Babcock International Group PLC

948,800

16,959,503

Bellway PLC

1,014,500

21,297,652

Berendsen PLC

1,029,709

12,797,854

Britvic PLC

1,848,612

15,298,373

Dechra Pharmaceuticals PLC

1,563,070

16,240,512

Derwent London PLC

303,800

11,142,575

Elementis PLC

4,717,782

17,992,553

Fenner PLC

1,362,485

7,159,038

Great Portland Estates PLC

2,576,900

21,795,807

H&T Group PLC

1,237,092

3,218,094

Hilton Food Group PLC

4,300

26,623

InterContinental Hotel Group PLC ADR

497,293

14,376,741

Johnson Matthey PLC

347,290

14,977,728

Meggitt PLC

2,999,282

24,980,551

Persimmon PLC

802,200

15,083,486

Rotork PLC

579,300

23,406,269

Serco Group PLC

2,368,565

22,591,935

Shaftesbury PLC

2,187,955

21,035,656

Spectris PLC

727,116

23,339,242

Spirax-Sarco Engineering PLC

729,600

31,798,750

Ted Baker PLC

513,949

14,894,146

Ultra Electronics Holdings PLC

729,110

20,142,320

Unite Group PLC

5,364,825

31,853,320

Victrex PLC

167,340

3,843,946

TOTAL UNITED KINGDOM

406,252,674

United States of America - 13.1%

ANSYS, Inc. (a)

74,815

5,973,230

Autoliv, Inc.

227,800

18,627,206

BPZ Energy, Inc. (a)(d)

2,192,211

5,283,229

Broadridge Financial Solutions, Inc.

323,395

9,359,051

Dril-Quip, Inc. (a)

159,705

14,518,782

Evercore Partners, Inc. Class A

357,300

16,943,166

Greenhill & Co., Inc. (d)

212,605

10,702,536

Kansas City Southern

103,169

11,116,460

Kennedy-Wilson Holdings, Inc.

530,788

9,076,475

Martin Marietta Materials, Inc. (d)

155,780

15,515,688

Common Stocks - continued

Shares

Value

United States of America - continued

Mohawk Industries, Inc. (a)

181,862

$ 21,639,759

Oceaneering International, Inc.

171,467

13,904,259

PriceSmart, Inc.

505,489

46,014,661

ResMed, Inc. (d)

434,600

20,708,690

Solera Holdings, Inc.

395,472

22,506,312

SS&C Technologies Holdings, Inc. (a)

629,688

22,530,237

Universal Display Corp. (a)(d)

338,918

9,811,676

TOTAL UNITED STATES OF AMERICA

274,231,417

TOTAL COMMON STOCKS

(Cost $1,516,453,606)


2,000,151,524

Nonconvertible Preferred Stocks - 1.2%

 

 

 

 

Brazil - 0.7%

Banco ABC Brasil SA

1,546,879

8,136,651

Banco Pine SA

1,188,764

5,335,851

TOTAL BRAZIL

13,472,502

Germany - 0.5%

Sartorius AG (non-vtg.)

93,680

10,259,310

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $26,697,863)


23,731,812

Money Market Funds - 6.1%

 

 

 

 

Fidelity Cash Central Fund, 0.11% (b)

76,001,849

76,001,849

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

52,084,199

52,084,199

TOTAL MONEY MARKET FUNDS

(Cost $128,086,048)


128,086,048

TOTAL INVESTMENT PORTFOLIO - 102.8%

(Cost $1,671,237,517)

2,151,969,384

NET OTHER ASSETS (LIABILITIES) - (2.8)%

(57,970,334)

NET ASSETS - 100%

$ 2,093,999,050

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

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

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $181,336 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

$ 97,498

Fidelity Securities Lending Cash Central Fund

917,539

Total

$ 1,015,037

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

Boyner Buyuk Magazacilik A/S

$ 13,040,346

$ 333,602

$ -

$ -

$ 17,386,797

Heijmans NV (Certificaten Van Aandelen)

4,502,302

5,089,345

-

248,724

-

Total

$ 17,542,648

$ 5,422,947

$ -

$ 248,724

$ 17,386,797

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $1,678,500,745. Net unrealized appreciation aggregated $473,468,639, of which $537,162,600 related to appreciated investment securities and $63,693,961 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

July 31, 2013

Class A, Class T, Class C
and Institutional Class are classes of
Fidelity
® Total Emerging Markets Fund

1.931274.101
ATEK-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 71.1%

Shares

Value

Australia - 0.1%

Paladin Energy Ltd. (Australia) (a)

136,055

$ 122,293

Austria - 0.3%

Erste Group Bank AG

8,890

270,006

Bailiwick of Jersey - 0.3%

Atrium European Real Estate Ltd.

43,129

242,130

Bermuda - 1.9%

Aquarius Platinum Ltd. (Australia) (a)

129,909

93,999

BW Offshore Ltd.

276,473

365,015

Cosan Ltd. Class A

19,350

311,148

GP Investments Ltd. Class A (depositary receipt) (a)

138,022

223,851

Kunlun Energy Co. Ltd.

126,500

186,269

Shangri-La Asia Ltd.

98,000

154,160

Stolt-Nielsen SA

8,871

206,992

TOTAL BERMUDA

1,541,434

Brazil - 7.0%

Anhanguera Educacional Participacoes SA

37,000

224,301

Arezzo Industria e Comercio SA

7,700

120,089

BHG SA (Brazil Hospitality Group) (a)

14,700

108,252

BM&F Bovespa SA

55,700

300,309

BR Properties SA

45,320

375,457

Brasil Brokers Participacoes SA

29,800

75,632

Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR

6,100

230,458

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

13,580

139,874

Companhia Paranaense de Energia-Copel (PN-B) sponsored ADR

17,305

215,620

Estacio Participacoes SA

25,700

198,494

Fibria Celulose SA (a)

10,900

121,358

Gerdau SA sponsored ADR

42,800

271,352

Itau Unibanco Holding SA sponsored ADR

71,190

907,673

Mills Estruturas e Servicos de Engenharia SA

5,600

69,959

Multiplus SA

9,600

129,902

Petroleo Brasileiro SA - Petrobras:

(PN) sponsored ADR (non-vtg.)

14,406

206,582

sponsored ADR

22,493

306,805

Smiles SA

12,200

149,736

Telefonica Brasil SA sponsored ADR

11,327

243,191

TIM Participacoes SA sponsored ADR

8,230

154,477

Common Stocks - continued

Shares

Value

Brazil - continued

Ultrapar Participacoes SA

17,800

$ 422,500

Vale SA (PN-A) sponsored ADR

67,500

830,925

TOTAL BRAZIL

5,802,946

British Virgin Islands - 0.0%

Luxoft Holding, Inc.

1,100

24,167

Canada - 1.0%

First Quantum Minerals Ltd.

10,200

163,859

Goldcorp, Inc.

7,000

197,439

Pan American Silver Corp.

7,700

98,252

Petrominerales Ltd.

33,525

182,460

Torex Gold Resources, Inc. (a)

68,300

87,777

Yamana Gold, Inc.

11,100

115,960

TOTAL CANADA

845,747

Cayman Islands - 5.7%

21Vianet Group, Inc. ADR (a)

12,120

155,621

Anta Sports Products Ltd.

208,000

234,937

Anton Oilfield Services Group

214,000

133,274

China Liansu Group Holdings Ltd.

281,000

143,841

Cimc Enric Holdings Ltd.

86,000

109,003

Ctrip.com International Ltd. sponsored ADR (a)

6,900

252,747

Eurasia Drilling Co. Ltd. GDR (Reg. S)

9,134

360,793

Greatview Aseptic Pack Co. Ltd.

412,000

248,084

Haitian International Holdings Ltd.

139,000

234,785

Hengan International Group Co. Ltd.

46,500

510,831

Hilong Holding Ltd.

144,000

84,295

SINA Corp. (a)

4,600

317,262

Springland International Holdings Ltd.

269,000

139,085

SPT Energy Group, Inc.

140,000

83,217

Tencent Holdings Ltd.

26,200

1,188,452

Uni-President China Holdings Ltd.

240,000

218,784

Veripos

27,965

87,794

Xueda Education Group sponsored ADR

27,200

100,640

Yingde Gases Group Co. Ltd.

198,000

180,241

TOTAL CAYMAN ISLANDS

4,783,686

Chile - 0.8%

Aguas Andinas SA

85,318

59,773

Banco Santander Chile

3,675,622

205,652

Common Stocks - continued

Shares

Value

Chile - continued

Empresa Nacional de Telecomunicaciones SA (ENTEL)

12,006

$ 198,367

Inversiones La Construccion SA

13,933

179,636

TOTAL CHILE

643,428

China - 5.9%

Anhui Conch Cement Co. Ltd. (H Shares)

55,500

164,233

BBMG Corp. (H Shares)

427,000

268,678

China Communications Construction Co. Ltd. (H Shares)

386,000

295,139

China Construction Bank Corp. (H Shares)

789,000

589,034

China Pacific Insurance Group Co. Ltd. (H Shares)

264,200

884,005

China Suntien Green Energy Corp. Ltd. (H Shares)

515,200

186,667

China Telecom Corp. Ltd. (H Shares)

950,657

472,129

Industrial & Commercial Bank of China Ltd. (H Shares)

1,805,000

1,186,949

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

484,000

114,828

PetroChina Co. Ltd. sponsored ADR

1,900

221,502

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

236,000

223,049

Weichai Power Co. Ltd. (H Shares)

90,400

299,562

TOTAL CHINA

4,905,775

Cyprus - 0.3%

Globaltrans Investment PLC GDR (Reg. S)

20,200

282,194

Denmark - 0.3%

Vestas Wind Systems A/S (a)

10,500

212,838

Egypt - 0.0%

Orascom Telecom Holding SAE GDR (Reg. S) (a)

8,550

25,137

Hong Kong - 1.3%

AIA Group Ltd.

32,200

152,580

CNOOC Ltd. sponsored ADR

800

143,872

Far East Horizon Ltd.

335,000

218,133

Lenovo Group Ltd.

472,000

430,275

Sinotruk Hong Kong Ltd.

243,000

120,316

TOTAL HONG KONG

1,065,176

India - 4.4%

Apollo Hospitals Enterprise Ltd.

11,440

176,361

Axis Bank Ltd.

15,924

270,712

Bharti Airtel Ltd.

15,766

89,251

Bharti Infratel Ltd.

66,747

163,207

Eicher Motors Ltd.

3,119

178,834

Grasim Industries Ltd.

4,798

211,030

Indiabulls Real Estate Ltd.

226,345

236,369

ITC Ltd.

97,810

549,202

Common Stocks - continued

Shares

Value

India - continued

JK Cement Ltd.

17,341

$ 51,705

Larsen & Toubro Ltd.

15,979

222,440

Lupin Ltd.

13,393

191,723

Maruti Suzuki India Ltd.

10,129

221,252

Mundra Port and SEZ Ltd.

86,528

178,089

Muthoot Finance Ltd. (a)

1,446

1,813

NHPC Ltd.

428,737

116,951

NTPC Ltd.

96,425

207,095

Phoenix Mills Ltd. (a)

21,326

85,682

SREI Infrastructure Finance Ltd.

464,913

148,974

State Bank of India

9,163

257,236

Ultratech Cemco Ltd.

4,805

145,019

TOTAL INDIA

3,702,945

Indonesia - 1.4%

PT Bakrieland Development Tbk (a)

23,964,000

116,585

PT Bank Rakyat Indonesia Tbk

346,500

278,144

PT Bank Tabungan Negara Tbk

1,443,700

146,091

PT Kalbe Farma Tbk

1,535,000

213,578

PT Telkomunikasi Indonesia Tbk sponsored ADR

8,336

380,205

TOTAL INDONESIA

1,134,603

Ireland - 0.1%

Accenture PLC Class A

1,250

92,263

Isle of Man - 0.0%

IBS Group Holding Ltd. GDR (Reg. S)

1,000

25,609

Israel - 0.4%

Bezeq Israeli Telecommunication Corp. Ltd.

101,000

163,117

NICE Systems Ltd. sponsored ADR

4,800

185,808

TOTAL ISRAEL

348,925

Italy - 0.2%

Saipem SpA

8,827

188,475

Kenya - 0.3%

Equity Bank Ltd.

684,600

258,635

Safaricom Ltd.

32,644

2,728

TOTAL KENYA

261,363

Korea (South) - 11.9%

AMOREPACIFIC Group, Inc.

633

218,567

Daewoo International Corp.

16,254

555,445

Daou Technology, Inc.

9,190

136,169

Common Stocks - continued

Shares

Value

Korea (South) - continued

E-Mart Co. Ltd.

2,596

$ 488,612

Hana Financial Group, Inc.

20,440

654,836

Hankook Shell Oil Co. Ltd.

268

91,941

Hyundai Heavy Industries Co. Ltd.

1,506

281,445

Hyundai Industrial Development & Construction Co.

8,090

143,629

Hyundai Mobis

1,236

301,383

KB Financial Group, Inc.

22,680

717,220

Korea Electric Power Corp. (a)

10,705

273,213

Korean Reinsurance Co.

26,640

263,152

KT&G Corp.

4,006

269,871

LG Chemical Ltd.

1,677

420,854

LG Corp.

4,184

243,139

Lotte Chemical Corp.

816

123,449

LS Industrial Systems Ltd.

1,051

62,759

NHN Corp.

1,409

368,018

Oci Co. Ltd.

1,179

174,694

Orion Corp.

191

173,374

POSCO sponsored ADR

7,100

508,928

Samsung Electronics Co. Ltd.

2,490

2,836,342

Samsung Fire & Marine Insurance Co. Ltd.

164

35,027

SK Hynix, Inc. (a)

12,020

290,953

SK Telecom Co. Ltd.

1,223

239,565

TOTAL KOREA (SOUTH)

9,872,585

Luxembourg - 0.3%

Subsea 7 SA

12,400

235,257

Malaysia - 0.4%

Petronas Dagangan Bhd

20,400

168,403

SapuraKencana Petroleum Bhd (a)

156,100

185,599

TOTAL MALAYSIA

354,002

Mexico - 4.5%

America Movil S.A.B. de CV Series L sponsored ADR

49,280

1,033,894

CEMEX SA de CV sponsored ADR

42,335

487,276

El Puerto de Liverpool SA Class C

19,500

224,957

Fomento Economico Mexicano S.A.B. de CV sponsored ADR

4,300

427,807

Gruma S.A.B. de CV Series B (a)

54,000

286,050

Grupo Comercial Chedraui de CV

67,000

217,270

Grupo Financiero Banorte S.A.B. de CV Series O

60,400

383,744

Grupo Televisa SA de CV (CPO) sponsored ADR

23,700

642,270

Infraestructura Energetica Nova S.A.B. de CV

21,300

84,331

TOTAL MEXICO

3,787,599

Common Stocks - continued

Shares

Value

Netherlands - 0.5%

ASML Holding NV (Netherlands)

1,700

$ 153,136

Fugro NV (Certificaten Van Aandelen)

3,847

234,398

TOTAL NETHERLANDS

387,534

Nigeria - 1.4%

Guaranty Trust Bank PLC GDR (Reg. S)

56,600

448,272

Zenith Bank PLC

5,510,890

677,709

TOTAL NIGERIA

1,125,981

Norway - 0.7%

ElectroMagnetic GeoServices ASA (a)

92,789

146,439

Spectrum ASA

10,800

81,191

TGS Nopec Geophysical Co. ASA

10,628

341,413

TOTAL NORWAY

569,043

Panama - 0.3%

Copa Holdings SA Class A

2,000

278,340

Philippines - 1.3%

Alliance Global Group, Inc.

274,800

166,018

Metro Pacific Investments Corp.

767,000

95,323

Metropolitan Bank & Trust Co.

117,580

287,388

Philippine Long Distance Telephone Co.

1,040

72,608

Robinsons Land Corp.

885,100

464,448

TOTAL PHILIPPINES

1,085,785

Poland - 0.3%

Eurocash SA

11,400

212,221

Russia - 5.6%

Bank St. Petersburg OJSC rights (a)

20,923

0

DIXY Group OJSC (a)

14,705

210,857

E.ON Russia JSC

6,160,500

500,873

Gazprom OAO sponsored ADR

35,732

277,638

LUKOIL Oil Co.

1,700

100,556

Magnit OJSC

1,922

467,924

Magnitogorsk Iron & Steel Works OJSC unit

29,900

92,331

Mobile TeleSystems OJSC

135,540

1,126,049

Raspadskaya OAO (a)

46,112

44,795

RusHydro JSC sponsored ADR

61,620

104,446

Sberbank (Savings Bank of the Russian Federation)

392,650

1,134,297

Sistema JSFC

299,900

271,126

VTB Bank JSC sponsored GDR (Reg. S)

105,700

298,708

TOTAL RUSSIA

4,629,600

Common Stocks - continued

Shares

Value

Singapore - 1.0%

Ezion Holdings Ltd.

216,000

$ 377,322

First Resources Ltd.

133,000

175,819

Super Group Ltd. Singapore

84,000

317,929

TOTAL SINGAPORE

871,070

South Africa - 2.8%

Absa Group Ltd.

23,272

337,209

Aspen Pharmacare Holdings Ltd.

13,300

295,079

Impala Platinum Holdings Ltd.

19,700

193,695

JSE Ltd.

19,010

155,329

Life Healthcare Group Holdings Ltd.

61,100

222,959

Naspers Ltd. Class N

10,300

862,275

Reunert Ltd.

20,700

140,560

Wilson Bayly Holmes-Ovcon Ltd.

9,200

145,570

TOTAL SOUTH AFRICA

2,352,676

Sri Lanka - 0.2%

Dialog Axiata PLC

2,387,100

154,241

Taiwan - 5.5%

Advantech Co. Ltd.

18,000

87,015

Chipbond Technology Corp.

55,000

121,387

Chroma ATE, Inc.

54,000

112,879

Cleanaway Co. Ltd.

20,000

132,022

E.SUN Financial Holdings Co. Ltd.

426,000

284,047

ECLAT Textile Co. Ltd.

35,000

269,545

Hon Hai Precision Industry Co. Ltd. (Foxconn)

61,500

159,517

MediaTek, Inc.

38,000

456,076

Taiwan Fertilizer Co. Ltd.

151,000

369,005

Taiwan Semiconductor Manufacturing Co. Ltd.

389,000

1,322,493

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

39,100

663,918

Tong Hsing Electronics Industries Ltd.

24,000

116,819

Unified-President Enterprises Corp.

139,660

284,954

Yuanta Financial Holding Co. Ltd.

427,000

222,789

TOTAL TAIWAN

4,602,466

Thailand - 0.8%

Bangkok Bank PCL (For. Reg.)

77,500

517,162

PTT Global Chemical PCL (For. Reg.)

55,800

117,586

TOTAL THAILAND

634,748

Togo - 0.3%

Ecobank Transnational, Inc.

2,530,474

230,043

Common Stocks - continued

Shares

Value

Turkey - 1.1%

Aygaz A/S

29,074

$ 133,059

Tupras Turkiye Petrol Rafinelleri A/S

12,100

258,757

Turkiye Garanti Bankasi A/S

80,000

313,231

Turkiye Halk Bankasi A/S

25,700

193,153

TOTAL TURKEY

898,200

United Kingdom - 0.3%

Evraz PLC

24,100

34,407

Fresnillo PLC

4,200

65,745

Mondi PLC

8,900

132,548

TOTAL UNITED KINGDOM

232,700

United States of America - 0.2%

Universal Display Corp. (a)

6,427

186,062

TOTAL COMMON STOCKS

(Cost $55,533,111)


59,221,293

Nonconvertible Preferred Stocks - 3.4%

 

 

 

 

Brazil - 1.1%

Alpargatas Sa (PN)

23,400

143,702

Banco do Estado Rio Grande do Sul SA

34,550

230,803

Braskem SA (PN-A)

29,700

228,867

Companhia Paranaense de Energia-Copel (PN-B)

715

8,763

Lojas Americanas SA (PN)

42,233

294,530

TOTAL BRAZIL

906,665

Chile - 0.2%

Embotelladora Andina SA Class A

29,146

123,538

Korea (South) - 1.0%

Hyundai Motor Co. Series 2

5,228

495,490

Samsung Electronics Co. Ltd.

455

330,813

TOTAL KOREA (SOUTH)

826,303

Russia - 1.1%

Sberbank (Savings Bank of the Russian Federation)

260,200

589,528

Surgutneftegaz JSC

528,350

347,547

TOTAL RUSSIA

937,075

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $2,517,141)


2,793,581

Nonconvertible Bonds - 7.5%

 

Principal Amount (c)

Value

Bailiwick of Jersey - 0.2%

Polyus Gold International Ltd. 5.625% 4/29/20 (e)

$ 200,000

$ 193,500

Canada - 0.5%

Pacific Rubiales Energy Corp. 7.25% 12/12/21 (e)

400,000

436,000

Cayman Islands - 0.6%

Odebrecht Finance Ltd. 7.5% (e)(f)

475,000

467,875

Costa Rica - 0.5%

Instituto Costarricense de Electricidad 6.95% 11/10/21 (e)

400,000

432,000

Georgia - 0.4%

Georgia Bank Joint Stock Co. 7.75% 7/5/17 (e)

300,000

320,250

Israel - 0.3%

Israel Electric Corp. Ltd. 6.7% 2/10/17 (e)

250,000

266,250

Kazakhstan - 1.0%

KazMunaiGaz Finance Sub BV 7% 5/5/20 (e)

150,000

169,500

KazMunaiGaz National Co. 5.75% 4/30/43 (e)

300,000

265,920

Zhaikmunai International BV 7.125% 11/13/19 (e)

400,000

416,000

TOTAL KAZAKHSTAN

851,420

Luxembourg - 0.7%

Millicom International Cellular SA 4.75% 5/22/20 (e)

200,000

195,500

RSHB Capital SA:

5.1% 7/25/18 (e)

200,000

200,500

5.298% 12/27/17 (e)

200,000

205,260

TOTAL LUXEMBOURG

601,260

Mexico - 1.3%

America Movil S.A.B. de CV 6.45% 12/5/22

MXN

9,750,000

735,405

Petroleos Mexicanos 6.625% (e)(f)

300,000

307,500

TOTAL MEXICO

1,042,905

Netherlands - 0.5%

Access Finance BV 7.25% 7/25/17 (e)

400,000

396,000

Turkey - 0.2%

Arcelik A/S 5% 4/3/23 (e)

200,000

177,260

Venezuela - 1.3%

Petroleos de Venezuela SA 8.5% 11/2/17 (e)

1,200,000

1,098,000

TOTAL NONCONVERTIBLE BONDS

(Cost $6,505,536)


6,282,720

Government Obligations - 15.4%

 

Principal
Amount (c)

Value

Argentina - 0.3%

Argentine Republic discount (with partial capitalization through 12/31/13) 8.28% 12/31/33

$ 346,165

$ 209,430

Aruba - 0.5%

Aruba Government 4.625% 9/14/23 (e)

400,000

382,000

Azerbaijan - 0.4%

State Oil Co. of Azerbaijan Republic 5.45% 2/9/17

300,000

315,150

Bahrain - 0.2%

Bahrain Kingdom 6.125% 8/1/23 (e)

200,000

199,500

Barbados - 0.1%

Barbados Government 7% 8/4/22 (e)

100,000

98,000

Belarus - 0.5%

Belarus Republic:

8.75% 8/3/15 (Reg. S)

325,000

322,563

8.95% 1/26/18

100,000

98,500

TOTAL BELARUS

421,063

Belize - 0.4%

Belize Government 5% 2/20/38 (d)(e)

582,500

343,675

Bermuda - 0.1%

Bermuda Government 5.603% 7/20/20 (e)

100,000

107,250

Bolivia - 0.2%

Plurinational State of Bolivia 4.875% 10/29/22 (e)

200,000

190,000

Cayman Islands - 0.3%

Cayman Island Government 5.95% 11/24/19 (e)

200,000

220,000

Congo - 0.3%

Congo Republic 3.5% 6/30/29 (d)

325,883

290,036

Dominican Republic - 0.2%

Dominican Republic 5.875% 4/18/24 (e)

150,000

145,875

Ecuador - 0.5%

Ecuador Republic 9.375% 12/15/15 (e)

386,000

401,440

Guatemala - 0.2%

Guatemalan Republic 4.875% 2/13/28 (e)

200,000

186,000

Hungary - 1.2%

Hungarian Republic:

4.75% 2/3/15

140,000

142,632

6.375% 3/29/21

508,000

530,352

7.625% 3/29/41

350,000

367,500

TOTAL HUNGARY

1,040,484

Government Obligations - continued

 

Principal
Amount (c)

Value

Iraq - 0.3%

Republic of Iraq 5.8% 1/15/28 (Reg. S)

$ 250,000

$ 210,625

Ivory Coast - 0.3%

Ivory Coast 7.1% 12/31/32 (d)

275,000

242,000

Jamaica - 0.2%

Jamaican Government 8% 6/24/19

150,000

147,750

Jordan - 0.4%

Jordanian Kingdom 3.875% 11/12/15

300,000

297,000

Lebanon - 0.6%

Lebanese Republic:

6.1% 10/4/22

200,000

196,000

11.625% 5/11/16 (Reg. S)

250,000

291,250

TOTAL LEBANON

487,250

Morocco - 0.4%

Moroccan Kingdom:

4.25% 12/11/22 (e)

200,000

181,000

5.5% 12/11/42 (e)

200,000

169,000

TOTAL MOROCCO

350,000

Namibia - 0.2%

Republic of Namibia 5.5% 11/3/21 (e)

200,000

205,918

Netherlands - 0.3%

Republic of Angola 7% 8/16/19 (Issued by Northern Lights III BV for Republic of Angola) (Reg. S)

250,000

266,875

Nigeria - 0.4%

Republic of Nigeria 6.75% 1/28/21 (e)

350,000

374,500

Peru - 0.7%

Peruvian Republic:

7.35% 7/21/25

100,000

128,000

8.75% 11/21/33

300,000

438,750

TOTAL PERU

566,750

Philippines - 0.6%

Philippine Republic 10.625% 3/16/25

300,000

471,000

Romania - 0.3%

Romanian Republic 6.75% 2/7/22 (e)

190,000

213,750

Russia - 1.7%

Russian Federation:

5.625% 4/4/42 (e)

350,000

360,080

Government Obligations - continued

 

Principal
Amount (c)

Value

Russia - continued

Russian Federation: - continued

7.5% 3/31/30 (Reg. S)

$ 260,750

$ 305,416

12.75% 6/24/28 (Reg. S)

450,000

783,000

TOTAL RUSSIA

1,448,496

Senegal - 0.2%

Republic of Senegal 8.75% 5/13/21 (e)

200,000

209,000

Slovenia - 0.5%

Republic of Slovenia:

4.75% 5/10/18 (e)

200,000

193,500

5.85% 5/10/23 (e)

200,000

189,500

TOTAL SLOVENIA

383,000

Sri Lanka - 0.4%

Democratic Socialist Republic of Sri Lanka 6.25% 10/4/20 (e)

300,000

301,500

Turkey - 0.3%

Turkish Republic 11.875% 1/15/30

165,000

268,125

Ukraine - 0.7%

Ukraine Government:

7.75% 9/23/20 (e)

225,000

205,313

7.8% 11/28/22 (e)

200,000

179,500

9.25% 7/24/17 (e)

200,000

200,000

TOTAL UKRAINE

584,813

United States of America - 0.1%

U.S. Treasury Bills, yield at date of purchase 0.03% to 0.04% 9/12/13 to 10/3/13

75,000

74,997

Venezuela - 1.2%

Venezuelan Republic 8.5% 10/8/14

1,000,000

1,005,000

Zambia - 0.2%

Republic of Zambia 5.375% 9/20/22 (e)

200,000

177,000

TOTAL GOVERNMENT OBLIGATIONS

(Cost $13,226,168)


12,835,252

Money Market Funds - 2.6%

Shares

Value

Fidelity Cash Central Fund, 0.11% (b)
(Cost $2,179,565)

2,179,565

$ 2,179,565

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $79,961,521)

83,312,411

NET OTHER ASSETS (LIABILITIES) - 0.0%

1,373

NET ASSETS - 100%

$ 83,313,784

Currency Abbreviations

MXN

-

Mexican peso

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(c) Amount is stated in United States dollars unless otherwise noted.

(d) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate 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 $10,980,616 or 13.2% of net assets.

(f) Security is perpetual in nature with no stated maturity date.

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

$ 3,550

Fidelity Securities Lending Cash Central Fund

19

Total

$ 3,569

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value.The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 5,137,845

$ 4,916,593

$ 221,252

$ -

Consumer Staples

5,384,068

5,384,068

-

-

Energy

6,351,628

6,351,628

-

-

Financials

16,144,706

15,427,486

717,220

-

Health Care

1,322,749

1,322,749

-

-

Industrials

4,920,615

4,920,615

-

-

Information Technology

9,761,054

7,917,407

1,475,629

368,018

Materials

6,358,919

6,147,889

211,030

-

Telecommunication Services

4,789,292

4,004,990

784,302

-

Utilities

1,843,998

1,570,785

273,213

-

Corporate Bonds

6,282,720

-

6,282,720

-

Government Obligations

12,835,252

-

12,835,252

-

Money Market Funds

2,179,565

2,179,565

-

-

Total Investments in Securities:

$ 83,312,411

$ 60,143,775

$ 22,800,618

$ 368,018

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $80,453,168. Net unrealized appreciation aggregated $2,859,243, of which $8,397,672 related to appreciated investment securities and $5,538,429 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds and foreign government and government agency obligations, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Total Emerging Markets Fund

July 31, 2013

1.931233.101
TEK-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 71.1%

Shares

Value

Australia - 0.1%

Paladin Energy Ltd. (Australia) (a)

136,055

$ 122,293

Austria - 0.3%

Erste Group Bank AG

8,890

270,006

Bailiwick of Jersey - 0.3%

Atrium European Real Estate Ltd.

43,129

242,130

Bermuda - 1.9%

Aquarius Platinum Ltd. (Australia) (a)

129,909

93,999

BW Offshore Ltd.

276,473

365,015

Cosan Ltd. Class A

19,350

311,148

GP Investments Ltd. Class A (depositary receipt) (a)

138,022

223,851

Kunlun Energy Co. Ltd.

126,500

186,269

Shangri-La Asia Ltd.

98,000

154,160

Stolt-Nielsen SA

8,871

206,992

TOTAL BERMUDA

1,541,434

Brazil - 7.0%

Anhanguera Educacional Participacoes SA

37,000

224,301

Arezzo Industria e Comercio SA

7,700

120,089

BHG SA (Brazil Hospitality Group) (a)

14,700

108,252

BM&F Bovespa SA

55,700

300,309

BR Properties SA

45,320

375,457

Brasil Brokers Participacoes SA

29,800

75,632

Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR

6,100

230,458

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

13,580

139,874

Companhia Paranaense de Energia-Copel (PN-B) sponsored ADR

17,305

215,620

Estacio Participacoes SA

25,700

198,494

Fibria Celulose SA (a)

10,900

121,358

Gerdau SA sponsored ADR

42,800

271,352

Itau Unibanco Holding SA sponsored ADR

71,190

907,673

Mills Estruturas e Servicos de Engenharia SA

5,600

69,959

Multiplus SA

9,600

129,902

Petroleo Brasileiro SA - Petrobras:

(PN) sponsored ADR (non-vtg.)

14,406

206,582

sponsored ADR

22,493

306,805

Smiles SA

12,200

149,736

Telefonica Brasil SA sponsored ADR

11,327

243,191

TIM Participacoes SA sponsored ADR

8,230

154,477

Common Stocks - continued

Shares

Value

Brazil - continued

Ultrapar Participacoes SA

17,800

$ 422,500

Vale SA (PN-A) sponsored ADR

67,500

830,925

TOTAL BRAZIL

5,802,946

British Virgin Islands - 0.0%

Luxoft Holding, Inc.

1,100

24,167

Canada - 1.0%

First Quantum Minerals Ltd.

10,200

163,859

Goldcorp, Inc.

7,000

197,439

Pan American Silver Corp.

7,700

98,252

Petrominerales Ltd.

33,525

182,460

Torex Gold Resources, Inc. (a)

68,300

87,777

Yamana Gold, Inc.

11,100

115,960

TOTAL CANADA

845,747

Cayman Islands - 5.7%

21Vianet Group, Inc. ADR (a)

12,120

155,621

Anta Sports Products Ltd.

208,000

234,937

Anton Oilfield Services Group

214,000

133,274

China Liansu Group Holdings Ltd.

281,000

143,841

Cimc Enric Holdings Ltd.

86,000

109,003

Ctrip.com International Ltd. sponsored ADR (a)

6,900

252,747

Eurasia Drilling Co. Ltd. GDR (Reg. S)

9,134

360,793

Greatview Aseptic Pack Co. Ltd.

412,000

248,084

Haitian International Holdings Ltd.

139,000

234,785

Hengan International Group Co. Ltd.

46,500

510,831

Hilong Holding Ltd.

144,000

84,295

SINA Corp. (a)

4,600

317,262

Springland International Holdings Ltd.

269,000

139,085

SPT Energy Group, Inc.

140,000

83,217

Tencent Holdings Ltd.

26,200

1,188,452

Uni-President China Holdings Ltd.

240,000

218,784

Veripos

27,965

87,794

Xueda Education Group sponsored ADR

27,200

100,640

Yingde Gases Group Co. Ltd.

198,000

180,241

TOTAL CAYMAN ISLANDS

4,783,686

Chile - 0.8%

Aguas Andinas SA

85,318

59,773

Banco Santander Chile

3,675,622

205,652

Common Stocks - continued

Shares

Value

Chile - continued

Empresa Nacional de Telecomunicaciones SA (ENTEL)

12,006

$ 198,367

Inversiones La Construccion SA

13,933

179,636

TOTAL CHILE

643,428

China - 5.9%

Anhui Conch Cement Co. Ltd. (H Shares)

55,500

164,233

BBMG Corp. (H Shares)

427,000

268,678

China Communications Construction Co. Ltd. (H Shares)

386,000

295,139

China Construction Bank Corp. (H Shares)

789,000

589,034

China Pacific Insurance Group Co. Ltd. (H Shares)

264,200

884,005

China Suntien Green Energy Corp. Ltd. (H Shares)

515,200

186,667

China Telecom Corp. Ltd. (H Shares)

950,657

472,129

Industrial & Commercial Bank of China Ltd. (H Shares)

1,805,000

1,186,949

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

484,000

114,828

PetroChina Co. Ltd. sponsored ADR

1,900

221,502

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

236,000

223,049

Weichai Power Co. Ltd. (H Shares)

90,400

299,562

TOTAL CHINA

4,905,775

Cyprus - 0.3%

Globaltrans Investment PLC GDR (Reg. S)

20,200

282,194

Denmark - 0.3%

Vestas Wind Systems A/S (a)

10,500

212,838

Egypt - 0.0%

Orascom Telecom Holding SAE GDR (Reg. S) (a)

8,550

25,137

Hong Kong - 1.3%

AIA Group Ltd.

32,200

152,580

CNOOC Ltd. sponsored ADR

800

143,872

Far East Horizon Ltd.

335,000

218,133

Lenovo Group Ltd.

472,000

430,275

Sinotruk Hong Kong Ltd.

243,000

120,316

TOTAL HONG KONG

1,065,176

India - 4.4%

Apollo Hospitals Enterprise Ltd.

11,440

176,361

Axis Bank Ltd.

15,924

270,712

Bharti Airtel Ltd.

15,766

89,251

Bharti Infratel Ltd.

66,747

163,207

Eicher Motors Ltd.

3,119

178,834

Grasim Industries Ltd.

4,798

211,030

Indiabulls Real Estate Ltd.

226,345

236,369

ITC Ltd.

97,810

549,202

Common Stocks - continued

Shares

Value

India - continued

JK Cement Ltd.

17,341

$ 51,705

Larsen & Toubro Ltd.

15,979

222,440

Lupin Ltd.

13,393

191,723

Maruti Suzuki India Ltd.

10,129

221,252

Mundra Port and SEZ Ltd.

86,528

178,089

Muthoot Finance Ltd. (a)

1,446

1,813

NHPC Ltd.

428,737

116,951

NTPC Ltd.

96,425

207,095

Phoenix Mills Ltd. (a)

21,326

85,682

SREI Infrastructure Finance Ltd.

464,913

148,974

State Bank of India

9,163

257,236

Ultratech Cemco Ltd.

4,805

145,019

TOTAL INDIA

3,702,945

Indonesia - 1.4%

PT Bakrieland Development Tbk (a)

23,964,000

116,585

PT Bank Rakyat Indonesia Tbk

346,500

278,144

PT Bank Tabungan Negara Tbk

1,443,700

146,091

PT Kalbe Farma Tbk

1,535,000

213,578

PT Telkomunikasi Indonesia Tbk sponsored ADR

8,336

380,205

TOTAL INDONESIA

1,134,603

Ireland - 0.1%

Accenture PLC Class A

1,250

92,263

Isle of Man - 0.0%

IBS Group Holding Ltd. GDR (Reg. S)

1,000

25,609

Israel - 0.4%

Bezeq Israeli Telecommunication Corp. Ltd.

101,000

163,117

NICE Systems Ltd. sponsored ADR

4,800

185,808

TOTAL ISRAEL

348,925

Italy - 0.2%

Saipem SpA

8,827

188,475

Kenya - 0.3%

Equity Bank Ltd.

684,600

258,635

Safaricom Ltd.

32,644

2,728

TOTAL KENYA

261,363

Korea (South) - 11.9%

AMOREPACIFIC Group, Inc.

633

218,567

Daewoo International Corp.

16,254

555,445

Daou Technology, Inc.

9,190

136,169

Common Stocks - continued

Shares

Value

Korea (South) - continued

E-Mart Co. Ltd.

2,596

$ 488,612

Hana Financial Group, Inc.

20,440

654,836

Hankook Shell Oil Co. Ltd.

268

91,941

Hyundai Heavy Industries Co. Ltd.

1,506

281,445

Hyundai Industrial Development & Construction Co.

8,090

143,629

Hyundai Mobis

1,236

301,383

KB Financial Group, Inc.

22,680

717,220

Korea Electric Power Corp. (a)

10,705

273,213

Korean Reinsurance Co.

26,640

263,152

KT&G Corp.

4,006

269,871

LG Chemical Ltd.

1,677

420,854

LG Corp.

4,184

243,139

Lotte Chemical Corp.

816

123,449

LS Industrial Systems Ltd.

1,051

62,759

NHN Corp.

1,409

368,018

Oci Co. Ltd.

1,179

174,694

Orion Corp.

191

173,374

POSCO sponsored ADR

7,100

508,928

Samsung Electronics Co. Ltd.

2,490

2,836,342

Samsung Fire & Marine Insurance Co. Ltd.

164

35,027

SK Hynix, Inc. (a)

12,020

290,953

SK Telecom Co. Ltd.

1,223

239,565

TOTAL KOREA (SOUTH)

9,872,585

Luxembourg - 0.3%

Subsea 7 SA

12,400

235,257

Malaysia - 0.4%

Petronas Dagangan Bhd

20,400

168,403

SapuraKencana Petroleum Bhd (a)

156,100

185,599

TOTAL MALAYSIA

354,002

Mexico - 4.5%

America Movil S.A.B. de CV Series L sponsored ADR

49,280

1,033,894

CEMEX SA de CV sponsored ADR

42,335

487,276

El Puerto de Liverpool SA Class C

19,500

224,957

Fomento Economico Mexicano S.A.B. de CV sponsored ADR

4,300

427,807

Gruma S.A.B. de CV Series B (a)

54,000

286,050

Grupo Comercial Chedraui de CV

67,000

217,270

Grupo Financiero Banorte S.A.B. de CV Series O

60,400

383,744

Grupo Televisa SA de CV (CPO) sponsored ADR

23,700

642,270

Infraestructura Energetica Nova S.A.B. de CV

21,300

84,331

TOTAL MEXICO

3,787,599

Common Stocks - continued

Shares

Value

Netherlands - 0.5%

ASML Holding NV (Netherlands)

1,700

$ 153,136

Fugro NV (Certificaten Van Aandelen)

3,847

234,398

TOTAL NETHERLANDS

387,534

Nigeria - 1.4%

Guaranty Trust Bank PLC GDR (Reg. S)

56,600

448,272

Zenith Bank PLC

5,510,890

677,709

TOTAL NIGERIA

1,125,981

Norway - 0.7%

ElectroMagnetic GeoServices ASA (a)

92,789

146,439

Spectrum ASA

10,800

81,191

TGS Nopec Geophysical Co. ASA

10,628

341,413

TOTAL NORWAY

569,043

Panama - 0.3%

Copa Holdings SA Class A

2,000

278,340

Philippines - 1.3%

Alliance Global Group, Inc.

274,800

166,018

Metro Pacific Investments Corp.

767,000

95,323

Metropolitan Bank & Trust Co.

117,580

287,388

Philippine Long Distance Telephone Co.

1,040

72,608

Robinsons Land Corp.

885,100

464,448

TOTAL PHILIPPINES

1,085,785

Poland - 0.3%

Eurocash SA

11,400

212,221

Russia - 5.6%

Bank St. Petersburg OJSC rights (a)

20,923

0

DIXY Group OJSC (a)

14,705

210,857

E.ON Russia JSC

6,160,500

500,873

Gazprom OAO sponsored ADR

35,732

277,638

LUKOIL Oil Co.

1,700

100,556

Magnit OJSC

1,922

467,924

Magnitogorsk Iron & Steel Works OJSC unit

29,900

92,331

Mobile TeleSystems OJSC

135,540

1,126,049

Raspadskaya OAO (a)

46,112

44,795

RusHydro JSC sponsored ADR

61,620

104,446

Sberbank (Savings Bank of the Russian Federation)

392,650

1,134,297

Sistema JSFC

299,900

271,126

VTB Bank JSC sponsored GDR (Reg. S)

105,700

298,708

TOTAL RUSSIA

4,629,600

Common Stocks - continued

Shares

Value

Singapore - 1.0%

Ezion Holdings Ltd.

216,000

$ 377,322

First Resources Ltd.

133,000

175,819

Super Group Ltd. Singapore

84,000

317,929

TOTAL SINGAPORE

871,070

South Africa - 2.8%

Absa Group Ltd.

23,272

337,209

Aspen Pharmacare Holdings Ltd.

13,300

295,079

Impala Platinum Holdings Ltd.

19,700

193,695

JSE Ltd.

19,010

155,329

Life Healthcare Group Holdings Ltd.

61,100

222,959

Naspers Ltd. Class N

10,300

862,275

Reunert Ltd.

20,700

140,560

Wilson Bayly Holmes-Ovcon Ltd.

9,200

145,570

TOTAL SOUTH AFRICA

2,352,676

Sri Lanka - 0.2%

Dialog Axiata PLC

2,387,100

154,241

Taiwan - 5.5%

Advantech Co. Ltd.

18,000

87,015

Chipbond Technology Corp.

55,000

121,387

Chroma ATE, Inc.

54,000

112,879

Cleanaway Co. Ltd.

20,000

132,022

E.SUN Financial Holdings Co. Ltd.

426,000

284,047

ECLAT Textile Co. Ltd.

35,000

269,545

Hon Hai Precision Industry Co. Ltd. (Foxconn)

61,500

159,517

MediaTek, Inc.

38,000

456,076

Taiwan Fertilizer Co. Ltd.

151,000

369,005

Taiwan Semiconductor Manufacturing Co. Ltd.

389,000

1,322,493

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

39,100

663,918

Tong Hsing Electronics Industries Ltd.

24,000

116,819

Unified-President Enterprises Corp.

139,660

284,954

Yuanta Financial Holding Co. Ltd.

427,000

222,789

TOTAL TAIWAN

4,602,466

Thailand - 0.8%

Bangkok Bank PCL (For. Reg.)

77,500

517,162

PTT Global Chemical PCL (For. Reg.)

55,800

117,586

TOTAL THAILAND

634,748

Togo - 0.3%

Ecobank Transnational, Inc.

2,530,474

230,043

Common Stocks - continued

Shares

Value

Turkey - 1.1%

Aygaz A/S

29,074

$ 133,059

Tupras Turkiye Petrol Rafinelleri A/S

12,100

258,757

Turkiye Garanti Bankasi A/S

80,000

313,231

Turkiye Halk Bankasi A/S

25,700

193,153

TOTAL TURKEY

898,200

United Kingdom - 0.3%

Evraz PLC

24,100

34,407

Fresnillo PLC

4,200

65,745

Mondi PLC

8,900

132,548

TOTAL UNITED KINGDOM

232,700

United States of America - 0.2%

Universal Display Corp. (a)

6,427

186,062

TOTAL COMMON STOCKS

(Cost $55,533,111)


59,221,293

Nonconvertible Preferred Stocks - 3.4%

 

 

 

 

Brazil - 1.1%

Alpargatas Sa (PN)

23,400

143,702

Banco do Estado Rio Grande do Sul SA

34,550

230,803

Braskem SA (PN-A)

29,700

228,867

Companhia Paranaense de Energia-Copel (PN-B)

715

8,763

Lojas Americanas SA (PN)

42,233

294,530

TOTAL BRAZIL

906,665

Chile - 0.2%

Embotelladora Andina SA Class A

29,146

123,538

Korea (South) - 1.0%

Hyundai Motor Co. Series 2

5,228

495,490

Samsung Electronics Co. Ltd.

455

330,813

TOTAL KOREA (SOUTH)

826,303

Russia - 1.1%

Sberbank (Savings Bank of the Russian Federation)

260,200

589,528

Surgutneftegaz JSC

528,350

347,547

TOTAL RUSSIA

937,075

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $2,517,141)


2,793,581

Nonconvertible Bonds - 7.5%

 

Principal Amount (c)

Value

Bailiwick of Jersey - 0.2%

Polyus Gold International Ltd. 5.625% 4/29/20 (e)

$ 200,000

$ 193,500

Canada - 0.5%

Pacific Rubiales Energy Corp. 7.25% 12/12/21 (e)

400,000

436,000

Cayman Islands - 0.6%

Odebrecht Finance Ltd. 7.5% (e)(f)

475,000

467,875

Costa Rica - 0.5%

Instituto Costarricense de Electricidad 6.95% 11/10/21 (e)

400,000

432,000

Georgia - 0.4%

Georgia Bank Joint Stock Co. 7.75% 7/5/17 (e)

300,000

320,250

Israel - 0.3%

Israel Electric Corp. Ltd. 6.7% 2/10/17 (e)

250,000

266,250

Kazakhstan - 1.0%

KazMunaiGaz Finance Sub BV 7% 5/5/20 (e)

150,000

169,500

KazMunaiGaz National Co. 5.75% 4/30/43 (e)

300,000

265,920

Zhaikmunai International BV 7.125% 11/13/19 (e)

400,000

416,000

TOTAL KAZAKHSTAN

851,420

Luxembourg - 0.7%

Millicom International Cellular SA 4.75% 5/22/20 (e)

200,000

195,500

RSHB Capital SA:

5.1% 7/25/18 (e)

200,000

200,500

5.298% 12/27/17 (e)

200,000

205,260

TOTAL LUXEMBOURG

601,260

Mexico - 1.3%

America Movil S.A.B. de CV 6.45% 12/5/22

MXN

9,750,000

735,405

Petroleos Mexicanos 6.625% (e)(f)

300,000

307,500

TOTAL MEXICO

1,042,905

Netherlands - 0.5%

Access Finance BV 7.25% 7/25/17 (e)

400,000

396,000

Turkey - 0.2%

Arcelik A/S 5% 4/3/23 (e)

200,000

177,260

Venezuela - 1.3%

Petroleos de Venezuela SA 8.5% 11/2/17 (e)

1,200,000

1,098,000

TOTAL NONCONVERTIBLE BONDS

(Cost $6,505,536)


6,282,720

Government Obligations - 15.4%

 

Principal
Amount (c)

Value

Argentina - 0.3%

Argentine Republic discount (with partial capitalization through 12/31/13) 8.28% 12/31/33

$ 346,165

$ 209,430

Aruba - 0.5%

Aruba Government 4.625% 9/14/23 (e)

400,000

382,000

Azerbaijan - 0.4%

State Oil Co. of Azerbaijan Republic 5.45% 2/9/17

300,000

315,150

Bahrain - 0.2%

Bahrain Kingdom 6.125% 8/1/23 (e)

200,000

199,500

Barbados - 0.1%

Barbados Government 7% 8/4/22 (e)

100,000

98,000

Belarus - 0.5%

Belarus Republic:

8.75% 8/3/15 (Reg. S)

325,000

322,563

8.95% 1/26/18

100,000

98,500

TOTAL BELARUS

421,063

Belize - 0.4%

Belize Government 5% 2/20/38 (d)(e)

582,500

343,675

Bermuda - 0.1%

Bermuda Government 5.603% 7/20/20 (e)

100,000

107,250

Bolivia - 0.2%

Plurinational State of Bolivia 4.875% 10/29/22 (e)

200,000

190,000

Cayman Islands - 0.3%

Cayman Island Government 5.95% 11/24/19 (e)

200,000

220,000

Congo - 0.3%

Congo Republic 3.5% 6/30/29 (d)

325,883

290,036

Dominican Republic - 0.2%

Dominican Republic 5.875% 4/18/24 (e)

150,000

145,875

Ecuador - 0.5%

Ecuador Republic 9.375% 12/15/15 (e)

386,000

401,440

Guatemala - 0.2%

Guatemalan Republic 4.875% 2/13/28 (e)

200,000

186,000

Hungary - 1.2%

Hungarian Republic:

4.75% 2/3/15

140,000

142,632

6.375% 3/29/21

508,000

530,352

7.625% 3/29/41

350,000

367,500

TOTAL HUNGARY

1,040,484

Government Obligations - continued

 

Principal
Amount (c)

Value

Iraq - 0.3%

Republic of Iraq 5.8% 1/15/28 (Reg. S)

$ 250,000

$ 210,625

Ivory Coast - 0.3%

Ivory Coast 7.1% 12/31/32 (d)

275,000

242,000

Jamaica - 0.2%

Jamaican Government 8% 6/24/19

150,000

147,750

Jordan - 0.4%

Jordanian Kingdom 3.875% 11/12/15

300,000

297,000

Lebanon - 0.6%

Lebanese Republic:

6.1% 10/4/22

200,000

196,000

11.625% 5/11/16 (Reg. S)

250,000

291,250

TOTAL LEBANON

487,250

Morocco - 0.4%

Moroccan Kingdom:

4.25% 12/11/22 (e)

200,000

181,000

5.5% 12/11/42 (e)

200,000

169,000

TOTAL MOROCCO

350,000

Namibia - 0.2%

Republic of Namibia 5.5% 11/3/21 (e)

200,000

205,918

Netherlands - 0.3%

Republic of Angola 7% 8/16/19 (Issued by Northern Lights III BV for Republic of Angola) (Reg. S)

250,000

266,875

Nigeria - 0.4%

Republic of Nigeria 6.75% 1/28/21 (e)

350,000

374,500

Peru - 0.7%

Peruvian Republic:

7.35% 7/21/25

100,000

128,000

8.75% 11/21/33

300,000

438,750

TOTAL PERU

566,750

Philippines - 0.6%

Philippine Republic 10.625% 3/16/25

300,000

471,000

Romania - 0.3%

Romanian Republic 6.75% 2/7/22 (e)

190,000

213,750

Russia - 1.7%

Russian Federation:

5.625% 4/4/42 (e)

350,000

360,080

Government Obligations - continued

 

Principal
Amount (c)

Value

Russia - continued

Russian Federation: - continued

7.5% 3/31/30 (Reg. S)

$ 260,750

$ 305,416

12.75% 6/24/28 (Reg. S)

450,000

783,000

TOTAL RUSSIA

1,448,496

Senegal - 0.2%

Republic of Senegal 8.75% 5/13/21 (e)

200,000

209,000

Slovenia - 0.5%

Republic of Slovenia:

4.75% 5/10/18 (e)

200,000

193,500

5.85% 5/10/23 (e)

200,000

189,500

TOTAL SLOVENIA

383,000

Sri Lanka - 0.4%

Democratic Socialist Republic of Sri Lanka 6.25% 10/4/20 (e)

300,000

301,500

Turkey - 0.3%

Turkish Republic 11.875% 1/15/30

165,000

268,125

Ukraine - 0.7%

Ukraine Government:

7.75% 9/23/20 (e)

225,000

205,313

7.8% 11/28/22 (e)

200,000

179,500

9.25% 7/24/17 (e)

200,000

200,000

TOTAL UKRAINE

584,813

United States of America - 0.1%

U.S. Treasury Bills, yield at date of purchase 0.03% to 0.04% 9/12/13 to 10/3/13

75,000

74,997

Venezuela - 1.2%

Venezuelan Republic 8.5% 10/8/14

1,000,000

1,005,000

Zambia - 0.2%

Republic of Zambia 5.375% 9/20/22 (e)

200,000

177,000

TOTAL GOVERNMENT OBLIGATIONS

(Cost $13,226,168)


12,835,252

Money Market Funds - 2.6%

Shares

Value

Fidelity Cash Central Fund, 0.11% (b)
(Cost $2,179,565)

2,179,565

$ 2,179,565

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $79,961,521)

83,312,411

NET OTHER ASSETS (LIABILITIES) - 0.0%

1,373

NET ASSETS - 100%

$ 83,313,784

Currency Abbreviations

MXN

-

Mexican peso

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(c) Amount is stated in United States dollars unless otherwise noted.

(d) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate 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 $10,980,616 or 13.2% of net assets.

(f) Security is perpetual in nature with no stated maturity date.

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

$ 3,550

Fidelity Securities Lending Cash Central Fund

19

Total

$ 3,569

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value.The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 5,137,845

$ 4,916,593

$ 221,252

$ -

Consumer Staples

5,384,068

5,384,068

-

-

Energy

6,351,628

6,351,628

-

-

Financials

16,144,706

15,427,486

717,220

-

Health Care

1,322,749

1,322,749

-

-

Industrials

4,920,615

4,920,615

-

-

Information Technology

9,761,054

7,917,407

1,475,629

368,018

Materials

6,358,919

6,147,889

211,030

-

Telecommunication Services

4,789,292

4,004,990

784,302

-

Utilities

1,843,998

1,570,785

273,213

-

Corporate Bonds

6,282,720

-

6,282,720

-

Government Obligations

12,835,252

-

12,835,252

-

Money Market Funds

2,179,565

2,179,565

-

-

Total Investments in Securities:

$ 83,312,411

$ 60,143,775

$ 22,800,618

$ 368,018

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $80,453,168. Net unrealized appreciation aggregated $2,859,243, of which $8,397,672 related to appreciated investment securities and $5,538,429 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds and foreign government and government agency obligations, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

July 31, 2013

Class A, Class T,
Class C, and Institutional Class
are classes of Fidelity
®
Emerging Markets Discovery Fund

1.931256.101
AEMD-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.5%

Shares

Value

Bermuda - 9.7%

China Foods Ltd.

1,906,000

$ 749,562

Labixiaoxin Snacks Group Ltd.

618,000

309,972

Pacific Basin Shipping Ltd.

913,000

493,253

Shangri-La Asia Ltd.

356,000

560,008

Silverlake Axis Ltd. Class A

1,278,000

759,248

Tai Cheung Holdings Ltd.

1,452,000

1,149,528

Texwinca Holdings Ltd.

1,228,000

1,195,446

Trinity Ltd.

1,456,000

469,338

Vtech Holdings Ltd.

79,900

1,222,875

Wilson Sons Ltd. unit

66,755

759,328

Yue Yuen Industrial (Holdings) Ltd.

586,500

1,614,541

TOTAL BERMUDA

9,283,099

Brazil - 2.9%

Fleury SA

104,200

886,089

Hypermarcas SA

150,900

1,092,055

Iguatemi Empresa de Shopping Centers SA

83,200

838,802

TOTAL BRAZIL

2,816,946

Cayman Islands - 4.9%

China Lodging Group Ltd. ADR (a)

37,900

682,579

Gourmet Master Co. Ltd.

152,000

884,281

Samson Holding Ltd.

6,470,000

1,042,795

SITC International Holdings Co. Ltd.

2,076,000

669,194

Tao Heung Holdings Ltd.

1,128,000

861,024

Yip's Chemical Holdings Ltd.

660,105

591,538

TOTAL CAYMAN ISLANDS

4,731,411

Chile - 6.1%

Compania Cervecerias Unidas SA sponsored ADR

44,140

1,200,167

Embotelladora Andina SA sponsored ADR

27,653

895,681

Empresa Nacional de Telecomunicaciones SA (ENTEL)

64,157

1,060,023

Parque Arauco SA

389,839

832,936

Quinenco SA

404,006

1,003,312

Sociedad Matriz SAAM SA

9,377,011

826,659

TOTAL CHILE

5,818,778

China - 0.9%

China Oilfield Services Ltd. (H Shares)

396,000

891,505

Colombia - 0.7%

Bolsa de Valores de Colombia

51,647,217

681,451

Common Stocks - continued

Shares

Value

Czech Republic - 1.1%

Komercni Banka A/S

5,600

$ 1,091,022

Hong Kong - 4.0%

China Insurance International Holdings Co. Ltd. (a)

659,000

915,986

Dah Chong Hong Holdings Ltd.

1,293,000

978,636

HKT Trust / HKT Ltd. unit

420,000

411,032

Singamas Container Holdings Ltd.

2,936,000

632,204

Vitasoy International Holdings Ltd.

760,000

930,940

TOTAL HONG KONG

3,868,798

Hungary - 1.0%

Richter Gedeon PLC

62,400

959,553

India - 10.1%

Aditya Birla Nuvo Ltd.

64,654

1,237,993

Container Corp. of India Ltd.

50,830

829,710

Credit Analysis & Research Ltd.

78,603

640,074

Hindalco Industries Ltd.

369,101

546,479

Infrastructure Development Finance Co. Ltd.

338,750

609,533

Ipca Laboratories Ltd.

100,702

1,103,577

Mahindra Lifespace Developers Ltd.

94,313

691,675

Motilal Oswal Financial Services Ltd.

526,025

678,115

Punjab National Bank

57,881

566,233

Tech Mahindra Ltd. (a)

54,154

1,109,065

Thermax Ltd. (a)

105,004

1,003,625

Tube Investments of India Ltd.

305,190

693,078

TOTAL INDIA

9,709,157

Indonesia - 2.3%

PT Astra Graphia Tbk

5,814,500

752,449

PT Hero Supermarket Tbk (a)

1,834,500

557,803

PT Tempo Scan Pacific Tbk

2,286,500

912,153

TOTAL INDONESIA

2,222,405

Korea (South) - 10.4%

AMOREPACIFIC Corp.

308

259,842

Binggrea Co. Ltd.

7,679

720,952

E-Mart Co. Ltd.

7,626

1,435,346

Kiwoom Securities Co. Ltd.

25,329

1,280,312

Korea Plant Service & Engineering Co. Ltd.

27,617

1,344,353

LG Corp.

24,155

1,403,685

LG Household & Health Care Ltd.

2,792

1,470,912

Common Stocks - continued

Shares

Value

Korea (South) - continued

Samsung Fire & Marine Insurance Co. Ltd.

5,059

$ 1,080,502

TK Corp. (a)

45,428

1,014,721

TOTAL KOREA (SOUTH)

10,010,625

Malaysia - 3.6%

British American Tobacco (Malaysia) Bhd

36,200

683,524

Oldtown Bhd

852,100

729,659

Oriental Holdings Bhd

295,600

881,382

Padini Holdings Bhd

1,625,900

886,445

YTL Corp. Bhd

484,800

249,381

TOTAL MALAYSIA

3,430,391

Mexico - 2.0%

Consorcio ARA SA de CV (a)

2,841,900

1,081,336

Grupo Herdez S.A.B. de CV

268,517

863,400

TOTAL MEXICO

1,944,736

Poland - 1.1%

Warsaw Stock Exchange

87,205

1,004,050

Russia - 1.7%

Synergy Co. (a)

48,851

764,300

Vozrozhdenie Bank

71,500

906,725

TOTAL RUSSIA

1,671,025

Singapore - 0.8%

Yongnam Holdings Ltd.

3,071,000

797,443

South Africa - 10.4%

Adcorp Holdings Ltd.

312,400

1,003,809

African Bank Investments Ltd.

469,317

692,166

Astral Foods Ltd.

136,400

1,284,432

Bidvest Group Ltd.

43,500

1,075,826

Illovo Sugar Ltd.

278,400

916,853

JSE Ltd.

89,155

728,476

PSG Group Ltd.

143,700

930,762

SA Corporate Real Estate Fund

1,689,800

662,868

Tiger Brands Ltd.

44,025

1,374,456

Zeder Investments Ltd.

3,171,609

1,285,940

TOTAL SOUTH AFRICA

9,955,588

Taiwan - 16.7%

Chroma ATE, Inc.

501,000

1,047,265

Cleanaway Co. Ltd.

93,000

613,902

Common Stocks - continued

Shares

Value

Taiwan - continued

CTCI Corp.

503,000

$ 905,551

Delta Electronics, Inc.

153,000

742,174

E.SUN Financial Holdings Co. Ltd.

2,106,050

1,404,267

Formosa Optical Technology Co. Ltd.

304,000

1,180,730

Johnson Health Tech Co. Ltd.

348,000

1,194,999

King Slide Works Co. Ltd.

97,000

866,678

MJC Probe, Inc.

449,000

961,020

Pacific Hospital Supply Co. Ltd.

313,700

1,129,508

Sinyi Realty, Inc.

655,560

1,082,947

St. Shine Optical Co. Ltd.

41,000

1,146,825

Standard Foods Corp.

394,450

1,192,753

Unified-President Enterprises Corp.

534,890

1,091,358

Wah Lee Industrial Corp.

482,000

665,271

Wowprime Corp.

61,500

845,766

TOTAL TAIWAN

16,071,014

Turkey - 3.1%

Anadolu Efes Biracilik Ve Malt Sanayii A/S

69,749

961,956

Enka Insaat ve Sanayi A/S

365,057

1,010,721

Is Yatirim Menkul Degerler A/S

1,385,599

1,037,795

TOTAL TURKEY

3,010,472

TOTAL COMMON STOCKS

(Cost $92,004,097)


89,969,469

Nonconvertible Preferred Stocks - 1.0%

 

 

 

 

Brazil - 1.0%

Klabin SA (PN) (non-vtg.)
(Cost $996,339)

201,200


977,183

Money Market Funds - 5.9%

Shares

Value

Fidelity Cash Central Fund, 0.11% (b)
(Cost $5,637,991)

5,637,991

$ 5,637,991

TOTAL INVESTMENT PORTFOLIO - 100.4%

(Cost $98,638,427)

96,584,643

NET OTHER ASSETS (LIABILITIES) - (0.4)%

(396,047)

NET ASSETS - 100%

$ 96,188,596

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 4,751

Fidelity Securities Lending Cash Central Fund

3,442

Total

$ 8,193

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 15,052,384

$ 15,052,384

$ -

$ -

Consumer Staples

19,485,923

19,485,923

-

-

Energy

891,505

891,505

-

-

Financials

20,792,165

20,225,932

566,233

-

Health Care

6,137,705

6,137,705

-

-

Industrials

18,244,416

18,244,416

-

-

Information Technology

6,506,918

6,506,918

-

-

Materials

2,115,200

2,115,200

-

-

Telecommunication Services

1,471,055

1,471,055

-

-

Utilities

249,381

249,381

-

-

Money Market Funds

5,637,991

5,637,991

-

-

Total Investments in Securities:

$ 96,584,643

$ 96,018,410

$ 566,233

$ -

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $98,996,229. Net unrealized depreciation aggregated $2,411,586, of which $5,771,484 related to appreciated investment securities and $8,183,070 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Emerging Markets Discovery Fund

July 31, 2013

1.931230.101
EMD-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.5%

Shares

Value

Bermuda - 9.7%

China Foods Ltd.

1,906,000

$ 749,562

Labixiaoxin Snacks Group Ltd.

618,000

309,972

Pacific Basin Shipping Ltd.

913,000

493,253

Shangri-La Asia Ltd.

356,000

560,008

Silverlake Axis Ltd. Class A

1,278,000

759,248

Tai Cheung Holdings Ltd.

1,452,000

1,149,528

Texwinca Holdings Ltd.

1,228,000

1,195,446

Trinity Ltd.

1,456,000

469,338

Vtech Holdings Ltd.

79,900

1,222,875

Wilson Sons Ltd. unit

66,755

759,328

Yue Yuen Industrial (Holdings) Ltd.

586,500

1,614,541

TOTAL BERMUDA

9,283,099

Brazil - 2.9%

Fleury SA

104,200

886,089

Hypermarcas SA

150,900

1,092,055

Iguatemi Empresa de Shopping Centers SA

83,200

838,802

TOTAL BRAZIL

2,816,946

Cayman Islands - 4.9%

China Lodging Group Ltd. ADR (a)

37,900

682,579

Gourmet Master Co. Ltd.

152,000

884,281

Samson Holding Ltd.

6,470,000

1,042,795

SITC International Holdings Co. Ltd.

2,076,000

669,194

Tao Heung Holdings Ltd.

1,128,000

861,024

Yip's Chemical Holdings Ltd.

660,105

591,538

TOTAL CAYMAN ISLANDS

4,731,411

Chile - 6.1%

Compania Cervecerias Unidas SA sponsored ADR

44,140

1,200,167

Embotelladora Andina SA sponsored ADR

27,653

895,681

Empresa Nacional de Telecomunicaciones SA (ENTEL)

64,157

1,060,023

Parque Arauco SA

389,839

832,936

Quinenco SA

404,006

1,003,312

Sociedad Matriz SAAM SA

9,377,011

826,659

TOTAL CHILE

5,818,778

China - 0.9%

China Oilfield Services Ltd. (H Shares)

396,000

891,505

Colombia - 0.7%

Bolsa de Valores de Colombia

51,647,217

681,451

Common Stocks - continued

Shares

Value

Czech Republic - 1.1%

Komercni Banka A/S

5,600

$ 1,091,022

Hong Kong - 4.0%

China Insurance International Holdings Co. Ltd. (a)

659,000

915,986

Dah Chong Hong Holdings Ltd.

1,293,000

978,636

HKT Trust / HKT Ltd. unit

420,000

411,032

Singamas Container Holdings Ltd.

2,936,000

632,204

Vitasoy International Holdings Ltd.

760,000

930,940

TOTAL HONG KONG

3,868,798

Hungary - 1.0%

Richter Gedeon PLC

62,400

959,553

India - 10.1%

Aditya Birla Nuvo Ltd.

64,654

1,237,993

Container Corp. of India Ltd.

50,830

829,710

Credit Analysis & Research Ltd.

78,603

640,074

Hindalco Industries Ltd.

369,101

546,479

Infrastructure Development Finance Co. Ltd.

338,750

609,533

Ipca Laboratories Ltd.

100,702

1,103,577

Mahindra Lifespace Developers Ltd.

94,313

691,675

Motilal Oswal Financial Services Ltd.

526,025

678,115

Punjab National Bank

57,881

566,233

Tech Mahindra Ltd. (a)

54,154

1,109,065

Thermax Ltd. (a)

105,004

1,003,625

Tube Investments of India Ltd.

305,190

693,078

TOTAL INDIA

9,709,157

Indonesia - 2.3%

PT Astra Graphia Tbk

5,814,500

752,449

PT Hero Supermarket Tbk (a)

1,834,500

557,803

PT Tempo Scan Pacific Tbk

2,286,500

912,153

TOTAL INDONESIA

2,222,405

Korea (South) - 10.4%

AMOREPACIFIC Corp.

308

259,842

Binggrea Co. Ltd.

7,679

720,952

E-Mart Co. Ltd.

7,626

1,435,346

Kiwoom Securities Co. Ltd.

25,329

1,280,312

Korea Plant Service & Engineering Co. Ltd.

27,617

1,344,353

LG Corp.

24,155

1,403,685

LG Household & Health Care Ltd.

2,792

1,470,912

Common Stocks - continued

Shares

Value

Korea (South) - continued

Samsung Fire & Marine Insurance Co. Ltd.

5,059

$ 1,080,502

TK Corp. (a)

45,428

1,014,721

TOTAL KOREA (SOUTH)

10,010,625

Malaysia - 3.6%

British American Tobacco (Malaysia) Bhd

36,200

683,524

Oldtown Bhd

852,100

729,659

Oriental Holdings Bhd

295,600

881,382

Padini Holdings Bhd

1,625,900

886,445

YTL Corp. Bhd

484,800

249,381

TOTAL MALAYSIA

3,430,391

Mexico - 2.0%

Consorcio ARA SA de CV (a)

2,841,900

1,081,336

Grupo Herdez S.A.B. de CV

268,517

863,400

TOTAL MEXICO

1,944,736

Poland - 1.1%

Warsaw Stock Exchange

87,205

1,004,050

Russia - 1.7%

Synergy Co. (a)

48,851

764,300

Vozrozhdenie Bank

71,500

906,725

TOTAL RUSSIA

1,671,025

Singapore - 0.8%

Yongnam Holdings Ltd.

3,071,000

797,443

South Africa - 10.4%

Adcorp Holdings Ltd.

312,400

1,003,809

African Bank Investments Ltd.

469,317

692,166

Astral Foods Ltd.

136,400

1,284,432

Bidvest Group Ltd.

43,500

1,075,826

Illovo Sugar Ltd.

278,400

916,853

JSE Ltd.

89,155

728,476

PSG Group Ltd.

143,700

930,762

SA Corporate Real Estate Fund

1,689,800

662,868

Tiger Brands Ltd.

44,025

1,374,456

Zeder Investments Ltd.

3,171,609

1,285,940

TOTAL SOUTH AFRICA

9,955,588

Taiwan - 16.7%

Chroma ATE, Inc.

501,000

1,047,265

Cleanaway Co. Ltd.

93,000

613,902

Common Stocks - continued

Shares

Value

Taiwan - continued

CTCI Corp.

503,000

$ 905,551

Delta Electronics, Inc.

153,000

742,174

E.SUN Financial Holdings Co. Ltd.

2,106,050

1,404,267

Formosa Optical Technology Co. Ltd.

304,000

1,180,730

Johnson Health Tech Co. Ltd.

348,000

1,194,999

King Slide Works Co. Ltd.

97,000

866,678

MJC Probe, Inc.

449,000

961,020

Pacific Hospital Supply Co. Ltd.

313,700

1,129,508

Sinyi Realty, Inc.

655,560

1,082,947

St. Shine Optical Co. Ltd.

41,000

1,146,825

Standard Foods Corp.

394,450

1,192,753

Unified-President Enterprises Corp.

534,890

1,091,358

Wah Lee Industrial Corp.

482,000

665,271

Wowprime Corp.

61,500

845,766

TOTAL TAIWAN

16,071,014

Turkey - 3.1%

Anadolu Efes Biracilik Ve Malt Sanayii A/S

69,749

961,956

Enka Insaat ve Sanayi A/S

365,057

1,010,721

Is Yatirim Menkul Degerler A/S

1,385,599

1,037,795

TOTAL TURKEY

3,010,472

TOTAL COMMON STOCKS

(Cost $92,004,097)


89,969,469

Nonconvertible Preferred Stocks - 1.0%

 

 

 

 

Brazil - 1.0%

Klabin SA (PN) (non-vtg.)
(Cost $996,339)

201,200


977,183

Money Market Funds - 5.9%

Shares

Value

Fidelity Cash Central Fund, 0.11% (b)
(Cost $5,637,991)

5,637,991

$ 5,637,991

TOTAL INVESTMENT PORTFOLIO - 100.4%

(Cost $98,638,427)

96,584,643

NET OTHER ASSETS (LIABILITIES) - (0.4)%

(396,047)

NET ASSETS - 100%

$ 96,188,596

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 4,751

Fidelity Securities Lending Cash Central Fund

3,442

Total

$ 8,193

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 15,052,384

$ 15,052,384

$ -

$ -

Consumer Staples

19,485,923

19,485,923

-

-

Energy

891,505

891,505

-

-

Financials

20,792,165

20,225,932

566,233

-

Health Care

6,137,705

6,137,705

-

-

Industrials

18,244,416

18,244,416

-

-

Information Technology

6,506,918

6,506,918

-

-

Materials

2,115,200

2,115,200

-

-

Telecommunication Services

1,471,055

1,471,055

-

-

Utilities

249,381

249,381

-

-

Money Market Funds

5,637,991

5,637,991

-

-

Total Investments in Securities:

$ 96,584,643

$ 96,018,410

$ 566,233

$ -

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $98,996,229. Net unrealized depreciation aggregated $2,411,586, of which $5,771,484 related to appreciated investment securities and $8,183,070 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Global Equity Income Fund

July 31, 2013

1.938167.101
GED-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.8%

Shares

Value

Australia - 1.1%

Australia & New Zealand Banking Group Ltd.

9,131

$ 244,252

SP AusNet unit

4,367

4,632

Telstra Corp. Ltd.

39,231

175,961

TOTAL AUSTRALIA

424,845

Bailiwick of Jersey - 1.2%

Informa PLC

29,629

236,634

Wolseley PLC

4,986

238,623

TOTAL BAILIWICK OF JERSEY

475,257

Brazil - 0.6%

Smiles SA

17,900

219,694

Canada - 1.7%

Fairfax Financial Holdings Ltd. (sub. vtg.)

428

170,017

Loblaw Companies Ltd.

5,200

248,128

Power Corp. of Canada (sub. vtg.)

9,200

264,508

TOTAL CANADA

682,653

Cayman Islands - 0.4%

Springland International Holdings Ltd.

293,000

151,494

Chile - 1.2%

Aguas Andinas SA

374,152

262,128

Banco Santander Chile

1,144,806

64,052

Inversiones La Construccion SA

10,370

133,699

TOTAL CHILE

459,879

Denmark - 0.6%

Novo Nordisk A/S Series B

1,300

220,566

Finland - 1.0%

Sampo Oyj (A Shares)

9,300

407,790

France - 3.7%

Arkema SA

2,400

240,581

Edenred SA

5,900

189,045

Ipsos SA

3,600

128,017

Sanofi SA

6,494

679,816

Total SA

4,000

213,154

TOTAL FRANCE

1,450,613

Germany - 4.0%

AURELIUS AG

18,799

562,583

BASF AG

3,484

308,965

Hugo Boss AG

1,830

212,243

Common Stocks - continued

Shares

Value

Germany - continued

Muehlbauer Holding AG & Co.

1,145

$ 27,815

OSRAM Licht AG (a)

312

12,162

Siemens AG

4,130

453,603

TOTAL GERMANY

1,577,371

Hong Kong - 0.5%

HKT Trust / HKT Ltd. unit

194,000

189,858

Indonesia - 0.5%

PT Telkomunikasi Indonesia Tbk Series B

173,500

200,720

Ireland - 2.9%

Accenture PLC Class A

7,600

560,956

FBD Holdings PLC

14,920

319,566

Irish Continental Group PLC unit

9,100

278,442

TOTAL IRELAND

1,158,964

Israel - 1.6%

Rami Levi Chain Stores Hashikma Marketing 2006 Ltd.

12,196

629,639

Japan - 5.9%

Daito Trust Construction Co. Ltd.

2,000

183,025

Japan Retail Fund Investment Corp.

147

289,766

Japan Tobacco, Inc.

22,900

801,067

KDDI Corp.

4,200

232,070

Nippon Telegraph & Telephone Corp.

5,200

262,343

Relo Holdings Corp.

4,400

215,708

Seven Bank Ltd.

53,500

198,351

Workman Co. Ltd.

3,600

141,191

TOTAL JAPAN

2,323,521

Korea (South) - 1.6%

Coway Co. Ltd.

7,010

374,299

LG Telecom Ltd. (a)

20,640

251,640

TOTAL KOREA (SOUTH)

625,939

Netherlands - 2.5%

Koninklijke Philips Electronics NV

17,116

547,351

Unilever NV (Certificaten Van Aandelen) (Bearer)

10,800

433,312

TOTAL NETHERLANDS

980,663

Nigeria - 0.3%

Nestle Foods Nigeria PLC

17,712

109,208

Common Stocks - continued

Shares

Value

Norway - 1.0%

Gjensidige Forsikring ASA

8,800

$ 136,268

Telenor ASA

12,000

265,748

TOTAL NORWAY

402,016

Panama - 1.4%

Copa Holdings SA Class A

4,100

570,597

Russia - 0.5%

Mobile TeleSystems OJSC

24,300

201,881

Singapore - 0.6%

United Overseas Bank Ltd.

13,000

219,522

South Africa - 2.1%

Astral Foods Ltd.

41,060

386,648

Clicks Group Ltd.

26,153

152,165

Reunert Ltd.

43,300

294,021

TOTAL SOUTH AFRICA

832,834

Spain - 1.9%

Grifols SA ADR

17,151

544,373

Inditex SA

1,579

210,482

TOTAL SPAIN

754,855

Sweden - 5.0%

Intrum Justitia AB

27,393

697,627

Nordea Bank AB

15,000

189,970

Svenska Handelsbanken AB (A Shares)

17,590

798,791

Swedish Match Co. AB

7,460

278,685

TOTAL SWEDEN

1,965,073

Switzerland - 2.6%

Roche Holding AG (participation certificate)

2,638

649,915

UBS AG

19,510

384,172

TOTAL SWITZERLAND

1,034,087

Taiwan - 0.9%

Chipbond Technology Corp.

78,000

172,149

Far EasTone Telecommunications Co. Ltd.

76,000

193,579

TOTAL TAIWAN

365,728

United Kingdom - 12.2%

BP PLC

6

41

British American Tobacco PLC (United Kingdom)

15,700

837,545

Dunelm Group PLC

12,300

184,307

Common Stocks - continued

Shares

Value

United Kingdom - continued

Ensco PLC Class A

4,383

$ 251,321

GlaxoSmithKline PLC

27,600

706,108

Hilton Food Group PLC

63,800

395,017

Imperial Tobacco Group PLC

5,973

200,447

Reckitt Benckiser Group PLC

5,974

425,225

Royal Dutch Shell PLC Class A (United Kingdom)

18,585

634,142

The Restaurant Group PLC

29,578

238,251

Vodafone Group PLC

187,331

561,071

WH Smith PLC

31,252

370,115

TOTAL UNITED KINGDOM

4,803,590

United States of America - 36.3%

American Tower Corp.

5,240

370,940

Apple, Inc.

1,460

660,650

Applied Industrial Technologies, Inc.

3,785

197,426

Cedar Fair LP (depositary unit)

7,510

322,254

Chevron Corp.

5,305

667,846

Comcast Corp. Class A

13,390

603,621

Cullen/Frost Bankers, Inc. (d)

3,620

260,785

Dr. Pepper Snapple Group, Inc.

9,731

454,827

Dun & Bradstreet Corp.

1,900

196,897

Eli Lilly & Co.

4,360

231,560

General Electric Co.

35,180

857,337

H&R Block, Inc.

6,510

204,609

Hubbell, Inc. Class B

4,792

514,421

IBM Corp.

2,105

410,559

Iron Mountain, Inc.

2,710

75,338

ITC Holdings Corp.

2,877

264,022

Johnson & Johnson

9,849

920,881

JPMorgan Chase & Co.

7,760

432,465

L Brands, Inc.

3,830

213,599

Liberty Media Corp. Interactive Series A (a)

12,660

309,664

Lorillard, Inc.

3,778

160,678

MasterCard, Inc. Class A

300

183,183

Merck & Co., Inc.

15,530

748,080

Microsoft Corp.

16,140

513,736

National Penn Bancshares, Inc.

27,870

300,717

ONEOK, Inc.

2,100

111,195

Psychemedics Corp.

10,620

127,865

Sempra Energy

3,690

323,355

Tesoro Logistics LP

1,910

102,166

The Williams Companies, Inc.

7,990

273,018

Common Stocks - continued

Shares

Value

United States of America - continued

TransDigm Group, Inc.

1,200

$ 173,508

U.S. Bancorp

17,250

643,770

United Technologies Corp.

6,900

728,433

VF Corp.

2,460

484,620

Visa, Inc. Class A

1,100

194,711

Wells Fargo & Co.

19,357

842,030

Western Gas Partners LP

3,330

205,128

TOTAL UNITED STATES OF AMERICA

14,285,894

TOTAL COMMON STOCKS

(Cost $32,924,680)


37,724,751

Nonconvertible Preferred Stocks - 1.2%

 

 

 

 

Germany - 1.2%

Volkswagen AG
(Cost $363,019)

1,880


446,814

Money Market Funds - 4.8%

 

 

 

 

Fidelity Cash Central Fund, 0.11% (b)

1,685,042

1,685,042

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

218,250

218,250

TOTAL MONEY MARKET FUNDS

(Cost $1,903,292)


1,903,292

TOTAL INVESTMENT PORTFOLIO - 101.8%

(Cost $35,190,991)

40,074,857

NET OTHER ASSETS (LIABILITIES) - (1.8)%

(697,529)

NET ASSETS - 100%

$ 39,377,328

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or 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

$ 1,948

Fidelity Securities Lending Cash Central Fund

8,507

Total

$ 10,455

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 5,051,908

$ 5,051,908

$ -

$ -

Consumer Staples

5,512,591

4,241,734

1,270,857

-

Energy

2,346,816

1,499,479

847,337

-

Financials

7,632,747

7,248,575

384,172

-

Health Care

4,829,164

3,222,674

1,606,490

-

Industrials

6,052,646

5,051,692

1,000,954

-

Information Technology

2,695,944

2,695,944

-

-

Materials

549,546

549,546

-

-

Telecommunication Services

2,534,871

1,510,737

1,024,134

-

Utilities

965,332

965,332

-

-

Money Market Funds

1,903,292

1,903,292

-

-

Total Investments in Securities:

$ 40,074,857

$ 33,940,913

$ 6,133,944

$ -

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $35,273,583. Net unrealized appreciation aggregated $4,801,274, of which $5,389,780 related to appreciated investment securities and $588,506 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 LLC

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/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

September 27, 2013

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/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

September 27, 2013

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

September 27, 2013