N-30D 1 a8.htm

Fidelity® Advisor

Diversified International

Fund - Class A, Class T, Class B
and Class C

Annual Report

October 31, 2001

(2_fidelity_logos)

President's Message	3	Ned Johnson on investing strategies.
Performance	4	How the fund has done over time.
Fund Talk	12	The manager's review of fund performance, strategy and outlook.
Investment Changes	15	A summary of major shifts in the fund's investments over the past six months.
Investments	16	A complete list of the fund's investments with their market values.
Financial Statements	30	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	39	Notes to the financial statements.
Report of Independent Accountants	47	The auditors' opinion.
Distributions	48

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This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.

Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.

Neither the fund nor Fidelity Distributors Corporation is a bank.

For more information on any Fidelity Advisor fund, including charges and expenses, contact your investment professional for a free prospectus. Read it carefully before you invest or send money.

Annual Report

President's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

The three major benchmarks of U.S. stock market performance - the Dow Jones Industrial Average^SM, Standard & Poor's 500^SM Index and NASDAQ Composite® Index - recorded gains in October 2001, the first time since April that all three indexes had positive monthly returns. However, each still dwelled in double-digit negative territory for the year overall. Conversely, nearly every investment-grade bond category enjoyed a year-to-date gain of 10% or more.

While it's impossible to predict the future direction of the markets with any degree of certainty, there are certain basic principles that can help investors plan for their future needs.

First, investors are encouraged to take a long-term view of their portfolios. If you can afford to leave your money invested through the inevitable up and down cycles of the financial markets, you will greatly reduce your vulnerability to any single decline. We know from experience, for example, that stock prices have gone up over longer periods of time, have significantly outperformed other types of investments and have stayed ahead of inflation.

Second, you can further manage your investing risk through diversification. A stock mutual fund, for instance, is already diversified, because it invests in many different companies. You can increase your diversification further by investing in a number of different stock funds, or in such other investment categories as bonds. If you have a short investment time horizon, you might want to consider moving some of your investment into a money market fund, which seeks income and a stable share price by investing in high-quality, short-term investments. Of course, it's important to remember that an investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these types of funds.

Finally, no matter what your time horizon or portfolio diversity, it makes good sense to follow a regular investment plan, investing a certain amount of money in a fund at the same time each month or quarter and periodically reviewing your overall portfolio. By doing so, you won't get caught up in the excitement of a rapidly rising market, nor will you buy all your shares at market highs. While this strategy - known as dollar cost averaging - won't assure a profit or protect you from a loss in a declining market, it should help you lower the average cost of your purchases. Of course, you should consider your financial ability to continue your purchases through periods of low price levels before undertaking such a strategy.

Remember to contact your investment professional if you need help with your investments.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Fidelity Advisor Diversified International Fund - Class A

Performance: The Bottom Line

Cumulative Total Returns

Periods ended October 31, 2001	Past 1 year	Life of fund
Fidelity® Adv Diversified Intl - CL A	-16.69%	22.99%
Fidelity Adv Diversified Intl - CL A (incl. 5.75% sales charge)	-21.48%	15.92%
MSCI® EAFE®	-24.75%	-14.50%
International Funds Average	-26.39%	n/a*

Cumulative total returns show Class A's performance in percentage terms over a set period - in this case, one year or since the fund started on December 17, 1998. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare Class A's returns to the performance of the Morgan Stanley Capital International^SM Europe, Australasia, Far East (MSCI® EAFE®) Index - a market capitalization-weighted index that is designed to represent the performance of developed stock markets outside the United States and Canada. As of October 31, 2001, the index included over 907 equity securities of companies domiciled in 22 countries. To measure how Class A's performance stacked up against its peers, you can compare it to the international funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past one year average represents a peer group of 731 mutual funds. These benchmarks include reinvested dividends and capital gains, if any, and exclude the effect of sales charges.

Average Annual Total Returns

Periods ended October 31, 2001	Past 1 year	Life of fund
Fidelity Adv Diversified Intl - CL A	-16.69%	7.47%
Fidelity Adv Diversified Intl - CL A (incl. 5.75% sales charge)	-21.48%	5.27%
MSCI EAFE	-24.75%	-5.30%
International Funds Average	-26.39%	n/a*

Average annual total returns take Class A shares' cumulative return and show you what would have happened if Class A shares had performed at a constant rate each year.

* Not available

Annual Report

$10,000 Over Life of Fund

$10,000 Over Life of Fund: Let's say hypothetically that $10,000 was invested in Fidelity® Advisor Diversified International Fund - Class A on December 17, 1998, when the fund started, and the current 5.75% sales charge was paid. As the chart shows, by October 31, 2001, the value of the investment would have grown to $11,592 - a 15.92% increase on the initial investment. For comparison, look at how the MSCI EAFE Index did over the same period. With dividends reinvested, the same $10,000 would have been $8,550 - a 14.50% decrease.

Understanding
Performance

Many markets around the globe offer the potential for significant growth over time; however, investing in foreign markets means assuming greater risks than investing in the United States. Factors like changes in a country's financial markets, its local political and economic climate, and the fluctuating value of its currency create these risks. For these reasons an international fund's performance may be more volatile than a fund that invests exclusively in the United States. Past performance is no guarantee of future results and you may have a gain or loss when you sell your shares.

Annual Report

Fidelity Advisor Diversified International Fund - Class T

Performance: The Bottom Line

Cumulative Total Returns

Periods ended October 31, 2001	Past 1 year	Life of fund
Fidelity Adv Diversified Intl - CL T	-16.90%	22.03%
Fidelity Adv Diversified Intl - CL T (incl. 3.50% sales charge)	-19.80%	17.76%
MSCI EAFE	-24.75%	-14.50%
International Funds Average	-26.39%	n/a*

Cumulative total returns show Class T's performance in percentage terms over a set period - in this case, one year or since the fund started on December 17, 1998. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare Class T's returns to the performance of the Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Index - a market capitalization-weighted index that is designed to represent the performance of developed stock markets outside the United States and Canada. As of October 31, 2001, the index included over 907 equity securities of companies domiciled in 22 countries. To measure how Class T's performance stacked up against its peers, you can compare it to the international funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past one year average represents a peer group of 731 mutual funds. These benchmarks include reinvested dividends and capital gains, if any, and exclude the effect of sales charges.

Average Annual Total Returns

Periods ended October 31, 2001	Past 1 year	Life of fund
Fidelity Adv Diversified Intl - CL T	-16.90%	7.17%
Fidelity Adv Diversified Intl - CL T (incl. 3.50% sales charge)	-19.80%	5.85%
MSCI EAFE	-24.75%	-5.30%
International Funds Average	-26.39%	n/a*

Average annual total returns take Class T shares' cumulative return and show you what would have happened if Class T shares had performed at a constant rate each year.

* Not available

Annual Report

$10,000 Over Life of Fund

$10,000 Over Life of Fund: Let's say hypothetically that $10,000 was invested in Fidelity Advisor Diversified International Fund - Class T on December 17, 1998, when the fund started, and the current 3.50% sales charge was paid. As the chart shows, by October 31, 2001, the value of the investment would have grown to $11,776 - a 17.76% increase on the initial investment. For comparison, look at how the MSCI EAFE Index did over the same period. With dividends reinvested, the same $10,000 would have been $8,550 - a 14.50% decrease.

Understanding
Performance

Annual Report

Fidelity Advisor Diversified International Fund - Class B

Performance: The Bottom Line

Cumulative Total Returns

Periods ended October 31, 2001	Past 1 year	Life of fund
Fidelity Adv Diversified Intl - CL B	-17.33%	20.21%
Fidelity Adv Diversified Intl - CL B (incl. contingent deferred sales charge)	-21.41%	17.21%
MSCI EAFE	-24.75%	-14.50%
International Funds Average	-26.39%	n/a*

Cumulative total returns show Class B's performance in percentage terms over a set period - in this case, one year or since the fund started on December 17, 1998. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare Class B's returns to the performance of the Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Index - a market capitalization-weighted index that is designed to represent the performance of developed stock markets outside the United States and Canada. As of October 31, 2001, the index included over 907 equity securities of companies domiciled in 22 countries. To measure how Class B's performance stacked up against its peers, you can compare it to the international funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past one year average represents a peer group of 731 mutual funds. These benchmarks include reinvested dividends and capital gains, if any, and exclude the effect of sales charges.

Average Annual Total Returns

Periods ended October 31, 2001	Past 1 year	Life of fund
Fidelity Adv Diversified Intl - CL B	-17.33%	6.62%
Fidelity Adv Diversified Intl - CL B (incl. contingent deferred sales charge)	-21.41%	5.68%
MSCI EAFE	-24.75%	-5.30%
International Funds Average	-26.39%	n/a*

Average annual total returns take Class B shares' cumulative return and show you what would have happened if Class B shares had performed at a constant rate each year.

* Not available

Annual Report

$10,000 Over Life of Fund

$10,000 Over Life of Fund: Let's say hypothetically that $10,000 was invested in Fidelity Advisor Diversified International Fund - Class B on December 17, 1998, when the fund started. As the chart shows, by October 31, 2001, the value of the investment, including the effect of the applicable contingent deferred sales charge, would have grown to $11,721 - a 17.21% increase on the initial investment. For comparison, look at how the MSCI EAFE Index did over the same period. With dividends reinvested, the same $10,000 would have been $8,550 - a 14.50% decrease.

Understanding
Performance

Annual Report

Fidelity Advisor Diversified International Fund - Class C

Performance: The Bottom Line

Cumulative Total Returns

Periods ended October 31, 2001	Past 1 year	Life of fund
Fidelity Adv Diversified Intl - CL C	-17.33%	20.21%
Fidelity Adv Diversified Intl - CL C (incl. contingent deferred sales charge)	-18.15%	20.21%
MSCI EAFE	-24.75%	-14.50%
International Funds Average	-26.39%	n/a*

Cumulative total returns show Class C's performance in percentage terms over a set period - in this case, one year or since the fund started on December 17, 1998. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare Class C's returns to the performance of the Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Index - a market capitalization-weighted index that is designed to represent the performance of developed stock markets outside the United States and Canada. As of October 31, 2001, the index included over 907 equity securities of companies domiciled in 22 countries. To measure how Class C's performance stacked up against its peers, you can compare it to the international funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past one year average represents a peer group of 731 mutual funds. These benchmarks include reinvested dividends and capital gains, if any, and exclude the effect of sales charges.

Average Annual Total Returns

Periods ended October 31, 2001	Past 1 year	Life of fund
Fidelity Adv Diversified Intl - CL C	-17.33%	6.62%
Fidelity Adv Diversified Intl - CL C (incl. contingent deferred sales charge)	-18.15%	6.62%
MSCI EAFE	-24.75%	-5.30%
International Funds Average	-26.39%	n/a*

Average annual total returns take Class C shares' cumulative return and show you what would have happened if Class C shares had performed at a constant rate each year.

* Not available

Annual Report

$10,000 Over Life of Fund

$10,000 Over Life of Fund: Let's say hypothetically that $10,000 was invested in Fidelity Advisor Diversified International Fund - Class C on December 17, 1998, when the fund started. As the chart shows, by October 31, 2001, the value of the investment would have grown to $12,021 - a 20.21% increase on the initial investment. For comparison, look at how the MSCI EAFE Index did over the same period. With dividends reinvested, the same $10,000 would have been $8,550 - a 14.50% decrease.

Understanding
Performance

Annual Report

Fund Talk: The Manager's Overview

Market Recap

Investors looking beyond U.S. borders for less-volatile, better-
performing equity opportunities during the past year may as well have been looking in a mirror, for the majority of overseas stock markets were merely a reflection
of domestic performance. In fact, the returns of many international equity indexes were nearly identical to popular U.S. stock market benchmarks. For instance, the Morgan Stanley Capital International (MSCI) EAFE® Index - which tracks the performance of stock markets in Europe, Australasia and the Far East - declined 24.75% during the 12-month period ending October 31, 2001, while the U.S. based Standard & Poor's 500^SM Index fell 24.90%. At the same time, the MSCI All Country Asia Free ex Japan Index -
an index of over 450 stocks traded in 11 emerging Asian markets, excluding Japan - fell 24.84%. The slowdown of the U.S. economy to near-recessionary levels had far-reaching ramifications. For Japan, the effect was particularly harsh. Already mired in its own economic slump, the nation's significant lull in exports to the U.S. contributed to the 30.97% decline of the Tokyo Stock Exchange Index (TOPIX) during the past year. Japan's and Europe's technology, media and telecommunications
(TMT) industries suffered heavy losses. In fact, not one single technology or telecom company was in the MSCI EAFE's list of top 50 contributors during the one-year period.

(Portfolio Manager photograph)
An interview with Bill Bower,
Portfolio Manager of Fidelity Advisor Diversified International Fund

Q. How did the fund perform, Bill?

A. For the 12-month period that ended October 31, 2001, the fund's Class A, Class T, Class B and Class C shares returned -16.69%, -16.90%, -17.33% and -17.33%, respectively. For the same period, the Morgan Stanley Capital International (MSCI) EAFE Index - a broad measure of stock performance in Europe, Australasia and the Far East - declined 24.75%. The fund also compares its performance against the Lipper Inc. international funds average, which fell 26.39% during the past year.

Q. What factors helped the fund outperform its index by such a wide margin during the past year?

A. There were two reasons. First, our stock selection proved better in seven out of the 10 major market sectors. More specifically, the return of our holdings in the fund's largest sector, financials, although negative, outperformed those in the index by more than 10 percentage points. Superior stock picking among commercial services companies in the industrial sectors also made a measurable difference. Further contributing to the fund's strong overall relative return was our industry selection. For example, the fund had a higher exposure to stocks in the better-performing defensive sectors - materials, energy, consumer staples and health care - while being underexposed to those sectors that performed the worst, such as information technology, telecommunication services and consumer discretionary.

Annual Report

Fund Talk: The Manager's Overview - continued

Q. Despite that strong relative performance, the fund still lost ground during the year. Why did international stocks generate negative returns?

A. The world's regional and local economies experienced a slowdown for a variety of reasons, such as industry overcapacity, slowing product demand and increased competition. With more and more companies taking a global approach to business during the past decade, short-term cyclical weakness now spreads across many countries and can hurt the performance of all the world's major equity markets almost simultaneously. With the U.S. being the largest economy, its declining growth rate during the past year negatively influenced the performance of overseas economies that depend on it as a market for their products. The U.S. economic slowdown, combined with weakness in several countries, forced many domestic and international companies to downgrade their earnings, which in turn hurt stock performance.

Q. In what ways did you tweak the fund's positioning since taking over in April?

A. When I took over the fund, it was very heavily positioned in defensive industries, which proved to be an effective strategy for most of the period. During the past six months, I reduced the fund's large exposure to these defensive names and began adding some more aggressive growth stocks whose valuations became compelling. I found some of these opportunities in the technology, media and telecommunications sectors. For example, the fund now owns more of wireless telecom provider Vodafone Group because I felt it had the best fundamentals of any company in the industry and the stock reached a pricing point where it was undervalued relative to its peers due to the market's overall disinterest in the sector. In terms of other changes, I reduced the fund's cash position to around 8.7% of net assets, from roughly 13% six months ago. I did much of this in the third quarter when I found some bargains in the turbulent market environment after September 11.

Q. What stocks were top performers? Which disappointed?

A. Suncor Energy, a Calgary, Alberta-based integrated oil and gas producer and the fund's top performer, appreciated roughly 60% on strong earnings growth and the announcement of an expansion in its program for harnessing oil from sand reserves. Germany-based pharmaceuticals firm Altana rose roughly 40% on strong demand from investors looking for stable growth stocks. On the down side, I sold off Furukawa Electric, a Japanese manufacturer, because it underperformed as demand for optical fiber slowed sharply and hurt earnings. Despite my optimistic outlook on Vodafone, the company landed on the list of underperformers.

Q. What's your outlook for international stocks, Bill?

A. Right now, the international equity markets are at a crossroads. Many of the stocks with historically higher growth prospects, such as those in the media and technology sectors, have at times during the past few months reached attractively low valuations, but those valuations are starting to look more rich given the appreciation of stocks in these sectors during October. However, the fundamentals of many of these companies have yet to improve, so my approach has been to add them to the portfolio gradually. At some point, business for many technology industries may improve, given the easing of interest rates and other fiscal stimuli around the world, but it's still unclear when that will occur. That said, I anticipate the fund might get progressively more aggressive in the months ahead. Still, I don't want to be too early in moving the fund substantially in that direction because I'm concerned the bounce in technology stocks since September 11 could be a mere unsustainable blip in a bear market.

Annual Report

Fund Talk: The Manager's Overview - continued

The views expressed in this report reflect those of the portfolio manager only through the end of the period of the report as stated on the cover and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Fund Facts

Goal: capital growth by investing primarily in non-U.S. equity securities

Start date: December 17, 1998

Size: as of October 31, 2001, more than $320 million

Manager: Bill Bower, since April 2001; joined Fidelity in 1994

Bill Bower on his objective for the fund:

"My goal in managing this fund is to provide consistent performance to the shareholders over the long term. My definition of consistency is that I would like the fund to outperform the international funds average tracked by Lipper Inc. on a regular basis. The fund accomplished this goal during the past one-year period through October 31, 2001. Since I began managing the fund in April, it also has outperformed its peer funds average, but I view this showing as only a minor accomplishment this early in my tenure.

"While the fund had been correctly overweighted in more defensive sectors during the past year, markets fluctuate rapidly and we could be approaching a very important turning point in the market during the coming months. A number of economic incentives recently have been put in place - such as near-record levels of interest-rate cuts and income tax cuts both overseas and in the U.S. - that could ignite the economies of several countries at some point going forward. Many of my peers in the international arena are positioning themselves aggressively with economically sensitive stocks that should move sharply higher if the global economy recovers.

"I've taken a slightly more cautious approach, recognizing that the current global economic weakness could last longer than most investors expect, given the fundamental problems in several industries. While many of my more aggressive peers may be willing to position their funds for a rally in the ninth inning - should the global economy rebound swiftly - I'm willing to stick to fundamental investing by hitting singles and doubles in my attempt to drive in runs during every inning of this important game."

Annual Report

Investment Changes

Top Five Stocks as of October 31, 2001
	% of fund's net assets	% of fund's net assets 6 months ago
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services)	2.7	0.4
GlaxoSmithKline PLC sponsored ADR (United Kingdom, Pharmaceuticals)	1.5	1.3
TotalFinaElf SA sponsored ADR (France, Oil & Gas)	1.4	0.9
Novartis AG (Reg.) (Switzerland, Pharmaceuticals)	1.3	1.3
Unilever NV (NY Shares) (Netherlands, Food Products)	1.3	0.2
	8.2
Top Five Market Sectors as of October 31, 2001
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	22.4	20.5
Health Care	12.1	9.0
Consumer Staples	9.5	8.1
Consumer Discretionary	7.3	7.4
Information Technology	7.4	4.5
Top Five Countries as of October 31, 2001
(excluding cash equivalents)	% of fund's net assets	% of fund's net assets 6 months ago
United Kingdom	15.0	12.1
Japan	11.7	10.4
France	8.8	6.8
Canada	8.5	10.8
Netherlands	7.0	6.0

Percentages are adjusted for the effect of open futures contracts, if applicable.

Asset Allocation (% of fund's net assets)
As of October 31, 2001		As of April 30, 2001
	Stocks and Investment Companies 88.0%		Stocks and Investment Companies 85.7%
	Bonds 3.3%		Bonds 1.4%
	Short-Term Investments and Net Other Assets 8.7%		Short-Term Investments and Net Other Assets 12.9%

Annual Report

Investments October 31, 2001

Showing Percentage of Net Assets

Common Stocks - 85.9%
	Shares		Value (Note 1)
Australia - 2.0%
AMP Ltd.	130,100		$ 1,182,959
Australia & New Zealand Banking Group Ltd.	89,000		799,834
Australian Gas Light Co.	77,307		345,817
BHP Ltd.	157,155		706,960
Commonwealth Bank of Australia	26,100		391,807
National Australia Bank Ltd.	70,900		1,091,834
News Corp. Ltd. sponsored ADR	12,400		295,120
Origin Energy Ltd.	152,667		232,256
Suncorp-Metway Ltd.	69,100		466,303
Westpac Banking Corp.	66,000		492,063
WMC Ltd.	92,700		435,689
TOTAL AUSTRALIA			6,440,642
Austria - 0.0%
RHI AG	18,083		97,675
Belgium - 0.6%
Delhaize Freres & Compagnie Le Lion SA	26,469		1,453,552
Dexia SA (strip VVPR) (a)	5,120		46
Omega Pharma SA	14,974		627,510
TOTAL BELGIUM			2,081,108
Bermuda - 0.4%
Accenture Ltd. Class A	56,700		996,219
Aquarius Platinum Ltd.	72,800		282,602
TOTAL BERMUDA			1,278,821
Brazil - 0.2%
Banco Itau SA (PN)	3,383,200		215,215
Companhia Brasileira de Distribuicao Grupo Pao de Acucar sponsored ADR	11,900		180,642
Uniao de Bancos Brasileiros SA (Unibanco) GDR	24,500		385,385
TOTAL BRAZIL			781,242
Canada - 8.5%
Alcan, Inc.	34,800		1,066,826
Barrick Gold Corp.	63,700		992,430
BCE, Inc.	79,100		1,743,227
Brascan Corp. Class A (ltd. vtg.)	31,300		468,141
Canada Life Financial Corp.	40,600		1,067,009
Canadian Imperial Bank of Commerce	24,500		752,921
Canadian National Railway Co.	41,800		1,673,473
Canadian Natural Resources Ltd.	65,300		1,744,923
Canadian Pacific Railway Ltd. (a)	28,000		471,484
Common Stocks - continued
	Shares		Value (Note 1)
Canada - continued
Canadian Western Bank	11,000		$ 181,902
Clarica Life Insurance Co.	9,000		273,920
Fairmont Hotels & Resorts, Inc. (a)	14,000		249,138
Franco Nevada Mining Corp. Ltd.	109,900		1,563,477
Industrial Alliance Life Insurance Co.	4,000		99,710
Kingsway Financial Services, Inc. (a)	20,300		202,157
Loblaw Companies Ltd.	20,700		639,790
Metro, Inc. Class A (sub. vtg.)	12,000		291,577
Molson, Inc. Class A	24,000		370,137
National Bank of Canada	36,900		563,279
Onex Corp. (sub vtg.)	38,000		489,173
OZ Optics Ltd. unit (a)(e)	5,400		79,650
Petro-Canada	71,900		1,848,870
Placer Dome, Inc.	18,100		209,644
Power Corp. of Canada (sub. vtg.)	50,800		1,092,043
Precision Drilling Corp. (a)	42,900		1,094,509
Sun Life Financial Services of Canada, Inc.	48,700		1,011,339
Suncor Energy, Inc.	93,700		2,854,765
Talisman Energy, Inc.	54,200		1,905,495
TimberWest Forest Corp. unit	62,800		470,427
Toronto-Dominion Bank	22,400		506,771
TransCanada PipeLines Ltd.	110,800		1,430,510
TOTAL CANADA			27,408,717
Denmark - 1.6%
Danske Bank AS	97,150		1,439,311
Group 4 Falck AS	6,265		742,545
Novo-Nordisk AS Series B	25,800		1,046,859
Novozymes AS Series B	101,500		2,050,021
TOTAL DENMARK			5,278,736
Finland - 1.6%
Instrumentarium Oyj	3,100		112,998
KCI Konecranes	6,765		166,262
Kone Oyj (B Shares)	7,500		513,075
Metso Oyj sponsored ADR	38,900		369,550
Nokia Corp. sponsored ADR	167,200		3,429,272
UPM-Kymmene Corp.	13,190		428,662
TOTAL FINLAND			5,019,819
France - 7.9%
Aventis SA (France)	18,600		1,360,590
AXA SA de CV	98,800		2,161,356
Common Stocks - continued
	Shares		Value (Note 1)
France - continued
BNP Paribas SA	38,900		$ 3,235,823
Carbone Lorraine Group	16,931		470,829
CNP Assurances	36,093		1,117,750
Dassault Aviation SA	900		247,038
Elior SA	43,800		277,594
Eurazeo	15,000		769,039
Eurotunnel SA unit (a)	150,000		105,329
Generale de Sante	19,963		295,634
JC Decaux SA	19,800		151,512
L'Air Liquide	6,100		822,630
L'Oreal SA	12,650		873,472
Michelin SA (Compagnie Generale des Etablissements) Series B	9,550		295,148
Neopost SA (a)	44,791		1,330,662
Nexans SA	10,100		163,665
NRJ Group	22,330		327,672
Pechiney SA Series A	15,882		729,186
Pernod-Ricard	7,778		544,417
Remy Cointreau SA	5,871		124,206
Sanofi-Synthelabo SA	29,700		1,958,516
Suez SA (France)	12,200		383,638
Technip Coflexip SA	8,880		1,004,074
TotalFinaElf SA:
Class B	11,000		1,534,280
sponsored ADR	66,100		4,609,814
Vivendi Universal SA	12,400		579,365
TOTAL FRANCE			25,473,239
Germany - 4.2%
Allianz AG (Reg.)	3,607		850,117
Altana AG	36,000		1,685,268
AMB Generali Holding AG	7,600		817,607
Andrea-Noris Zahn	2,679		57,882
Bayer AG	20,200		600,107
Beiersdorf AG	7,300		821,150
Celanese AG (Reg.)	26,269		379,561
Deutsche Boerse AG	25,799		893,022
Deutsche Post AG	25,900		372,131
DIS Deutscher Industrie Service AG	23,300		443,219
E.On AG	21,300		1,110,251
Gehe AG	10,400		389,484
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	3,882		1,025,715
Common Stocks - continued
	Shares		Value (Note 1)
Germany - continued
Pfeiffer Vacuum Technology AG	8,574		$ 249,470
Rhoen-Klinikum AG	10,263		510,007
Schering AG	29,225		1,508,867
Stada Arzneimittel AG	14,315		396,922
Techem AG (a)	30,576		616,583
Wella AG	18,200		786,458
TOTAL GERMANY			13,513,821
Hong Kong - 0.9%
Aeon Credit Service (ASIA) Co. Ltd.	500,000		169,875
ASM Pacific Technology Ltd.	130,500		182,369
China Mobile (Hong Kong) Ltd. sponsored ADR (a)	69,000		1,050,180
CNOOC Ltd. sponsored ADR	42,500		834,275
Hutchison Whampoa Ltd.	55,900		453,300
Television Broadcasts Ltd.	93,000		274,236
TOTAL HONG KONG			2,964,235
India - 0.4%
Dr. Reddy's Laboratories Ltd.	38,864		846,440
Ranbaxy Laboratories Ltd.	25,500		377,505
TOTAL INDIA			1,223,945
Ireland - 2.4%
Anglo Irish Bank Corp. PLC	148,288		453,156
Bank of Ireland, Inc.	242,600		2,151,246
CRH PLC	33,700		521,821
DCC PLC (Ireland)	45,450		423,484
Elan Corp. PLC sponsored ADR (a)	26,800		1,223,420
Independent News & Media PLC (Ireland)	202,314		322,376
Irish Life & Permanent PLC	87,000		920,281
Jefferson Smurfit Group PLC sponsored ADR	48,400		948,640
Riverdeep Group PLC sponsored ADR (a)	18,710		347,258
Ryanair Holdings PLC sponsored ADR (a)	8,200		383,268
TOTAL IRELAND			7,694,950
Israel - 0.2%
Fundtech Ltd. (a)	13,900		71,029
RADWARE Ltd. (a)	5,200		51,376
Teva Pharmaceutical Industries Ltd. sponsored ADR	6,400		395,520
TOTAL ISRAEL			517,925
Italy - 1.8%
Assicurazioni Generali Spa	20,106		550,434
Common Stocks - continued
	Shares		Value (Note 1)
Italy - continued
Banca Nazionale del Lavoro (BNL)	309,800		$ 682,462
Bayerische Vita Spa	1,300		8,852
Luxottica Group Spa sponsored ADR	65,200		1,027,552
Mediaset Spa	27,900		180,541
Parmalat Finanziaria Spa	287,372		769,135
Recordati Spa	15,300		286,496
Telecom Italia Mobile Spa	56,200		306,651
Telecom Italia Spa	75,500		629,120
Unicredito Italiano Spa	351,033		1,287,455
TOTAL ITALY			5,728,698
Japan - 11.7%
Advantest Corp.	5,200		267,538
Aeon Credit Service Ltd.	5,400		317,517
Anritsu Corp.	25,000		199,673
Asahi Breweries Ltd.	77,000		803,642
Canon, Inc. ADR	41,200		1,205,924
Coca-Cola Central Japan Co. Ltd. (a)	34		240,180
Credit Saison Co. Ltd.	61,900		1,481,152
Daiichi Pharmaceutical Co. Ltd.	28,000		657,411
Daiwa Securities Group, Inc.	158,000		1,032,258
Disco Corp.	3,900		143,961
Fuji Heavy Industries Ltd.	117,000		572,340
Fuji Photo Film Co. Ltd.	27,000		890,813
Heiwa Corp.	23,600		452,920
Hokkaido Coca-Cola Bottling Co. Ltd.	25,000		166,599
Hoya Corp.	14,900		889,498
JAFCO Co. Ltd.	15,700		1,014,185
Japan Telecom Co. Ltd.	99		309,653
Kao Corp.	47,000		1,113,107
Keyence Corp.	6,500		989,996
Kobayashi Pharmaceutical Co. Ltd.	10,300		416,374
Konami Corp.	31,700		986,337
Kyocera Corp.	7,700		534,380
Kyocera Corp. sponsored ADR	5,100		353,940
Mikuni Coca-Cola Bottling Co.	10,000		95,468
Mitsui Sumitomo Insurance Co. Ltd.	100,000		555,329
Mizuho Holdings, Inc.	178		537,852
Nikko Cordial Corp.	432,000		2,331,989
Nintendo Co. Ltd.	9,300		1,433,924
Nippon Foundry, Inc. (a)	102		616,415
Nippon Telegraph & Telephone Corp. sponsored ADR	70,600		1,476,246
Common Stocks - continued
	Shares		Value (Note 1)
Japan - continued
Nipponkoa Insurance Co. Ltd.	108,000		$ 405,717
Nissan Motor Co. Ltd.	276,000		1,217,150
Nomura Holdings, Inc.	200,000		2,629,645
NTT DoCoMo, Inc.	50		677,828
Olympus Optical Co. Ltd.	30,000		445,651
ORIX Corp.	13,000		1,137,036
Paris Miki, Inc.	7,700		238,326
Ricoh Co. Ltd.	15,000		249,898
Rohm Co. Ltd.	3,200		340,515
Shikoku Coca-Cola Bottling Co. Ltd.	20,700		182,403
Showa Shell Sekiyu K.K. Co.	38,000		265,333
Sony Corp. sponsored ADR	19,100		729,620
Square Co. Ltd. (a)	9,900		160,082
Stanley Electric Co. Ltd.	42,000		327,562
Starbucks Coffee Japan Ltd.	29		17,076
Sumitomo Bakelite Co. Ltd.	52,000		328,265
Sumitomo Trust & Banking Ltd.	73,000		406,582
Takeda Chemical Industries Ltd.	48,000		2,324,541
Tanabe Seiyaku Co. Ltd.	38,000		409,637
Terumo Corp.	35,900		593,691
Tokyo Electron Ltd.	12,900		529,906
Tokyo Seimitsu Co. Ltd.	6,400		154,185
Toyoda Gosei Co. Ltd.	25,000		326,051
Toyota Industries Corp.	40,000		672,928
Toyota Motor Corp.	17,700		429,310
Yamada Denki Co. Ltd.	3,600		235,198
TOTAL JAPAN			37,520,757
Korea (South) - 0.9%
Kookmin Bank	44,000		681,642
Kookmin Credit Card Co. Ltd. (a)	21,100		565,499
Samsung Electronics Co. Ltd.	12,530		1,683,930
TOTAL KOREA (SOUTH)			2,931,071
Luxembourg - 0.5%
Espirito Santo Financial Holding SA ADR	64,000		1,024,000
Quilmes Industrial SA sponsored ADR	16,550		165,500
Thiel Logistik AG	17,500		323,437
TOTAL LUXEMBOURG			1,512,937
Mexico - 0.6%
Coca-Cola Femsa SA de CV sponsored ADR	22,400		450,016
Fomento Economico Mexicano SA de CV sponsored ADR	2,600		80,600
Common Stocks - continued
	Shares		Value (Note 1)
Mexico - continued
Grupo Radio Centro SA de CV sponsored ADR	34,900		$ 183,225
Grupo Televisa SA de CV sponsored ADR (a)	12,900		392,805
Telefonos de Mexico SA de CV Series L sponsored ADR	22,500		766,350
TOTAL MEXICO			1,872,996
Netherlands - 7.0%
Akzo Nobel NV	32,300		1,324,506
ASML Holding NV (NY Shares) (a)	60,000		862,800
De Telegraaf Holding NV (Certificaten Van Aandelen)	28,200		422,948
Elsevier NV	97,600		1,134,329
Euronext NV	24,530		409,642
Fugro NV	8,300		424,040
Heineken Holding NV (A Shares)	39,225		1,041,713
Hunter Douglas NV	26,900		611,472
ING Groep NV (Certificaten Van Aandelen)	127,364		3,176,067
Koninklijke Ahold NV	146,381		4,119,427
Koninklijke Boskalis Westminster NV	17,100		475,067
Koninklijke Philips Electronics NV	47,845		1,087,149
OPG Groep NV	9,900		334,218
Rodamco Asia NV	19,803		229,442
Rodamco North America NV	9,610		378,066
STMicroelectronics NV (NY Shares)	21,900		612,543
Unilever NV (NY Shares)	80,500		4,184,390
Vedior NV (Certificaten Van Aandelen)	64,246		589,942
VNU NV	37,400		1,090,887
TOTAL NETHERLANDS			22,508,648
New Zealand - 0.1%
Fletcher Challenge Forests Ltd. (a)	1,655,600		163,487
Norway - 1.6%
DnB Holding ASA	327,600		1,237,672
Gjensidige NOR Sparebank (primary shares certificates)	16,800		471,305
Norsk Hydro AS	39,500		1,505,633
Norske Skogindustrier AS (A Shares)	30,250		472,784
ProSafe ASA (a)	25,850		325,537
Schibsted AS (B Shares)	24,200		216,324
Smedvig ASA (A Shares)	36,100		300,373
Statoil ASA	86,300		596,772
Tandberg ASA (a)	1,200		21,521
TOTAL NORWAY			5,147,921
Common Stocks - continued
	Shares		Value (Note 1)
Panama - 0.6%
Banco Latin Americano de Exporaciones SA (BLADEX) Series E	45,900		$ 1,339,362
Panamerican Beverages, Inc. Class A	31,400		497,376
TOTAL PANAMA			1,836,738
Portugal - 0.2%
Brisa Auto-Estradas de Portugal SA	24,310		216,662
Portugal Telecom SGPS SA (Reg.)	51,000		404,032
TOTAL PORTUGAL			620,694
Russia - 0.2%
YUKOS Corp. sponsored ADR	10,300		549,763
Singapore - 0.4%
DBS Group Holdings Ltd.	72,000		410,639
Fraser & Neave Ltd.	49,000		184,069
Singapore Press Holdings Ltd.	49,000		424,568
Want Want Holdings Ltd.	83,000		146,910
TOTAL SINGAPORE			1,166,186
South Africa - 0.7%
Anglo American Platinum Corp. Ltd.	16,800		548,358
Sappi Ltd.	180,800		1,685,013
TOTAL SOUTH AFRICA			2,233,371
Spain - 3.2%
Actividades de Construccion y Servicios SA (ACS)	6,900		166,164
Altadis SA	26,700		438,669
Amadeus Global Travel Distribution SA Series A	103,597		560,512
Banco Popular Espanol SA (Reg.)	43,376		1,456,537
Banco Santander Central Hispano SA	26,400		203,204
Banco Santander Central Hispano SA ADR	206,900		1,599,337
Cortefiel SA	121,414		655,818
Fomento Construcciones y Contratas SA (FOCSA)	19,000		409,659
Gas Natural SDG SA Series E	35,522		637,975
Grupo Dragados SA	54,100		657,011
Grupo Ferrovial SA	28,571		529,853
Inditex SA	41,900		780,814
Telefonica SA sponsored ADR	59,900		2,124,653
TOTAL SPAIN			10,220,206
Sweden - 2.5%
Capio AB (a)	55,700		349,884
Getinge Industrier AB (B Shares)	39,300		541,632
Investor AB (B Shares)	65,800		641,584
Common Stocks - continued
	Shares		Value (Note 1)
Sweden - continued
Lign Multiwood AB (B Shares) (a)	28,000		$ 9,844
Micronic Laser Systems AB (a)	7,350		66,843
Nobel Biocare AB	39,200		1,488,454
Svenska Cellulosa AB (SCA) (B Shares)	94,700		2,139,742
Svenska Handelsbanken AB (A Shares)	118,449		1,460,332
Swedish Match Co.	257,600		1,328,321
TV 4 AB (A Shares)	5,300		96,896
TOTAL SWEDEN			8,123,532
Switzerland - 4.4%
Baloise Holdings AG (Reg.)	7,550		619,193
Disetronic Holding AG (Reg.)	1,297		980,351
Edipresse SA (Bearer)	1,472		396,401
Inficon Holding AG	7,551		551,109
Julius Baer Holding AG (Bearer)	1,060		323,728
Nestle SA (Reg.)	15,829		3,284,186
Novartis AG (Reg.)	111,821		4,184,989
PubliGroupe SA (Reg.)	365		51,380
Schindler Holding AG (Reg.)	261		358,777
Societe Generale de Surveillance Holding SA (SGS) (Reg.)	779		119,670
Swiss Reinsurance Co. (Reg.)	11,310		1,162,911
Tecan Group AG	9,326		525,690
UBS AG (Reg.)	28,560		1,327,579
Unilabs SA	10,580		301,102
TOTAL SWITZERLAND			14,187,066
Taiwan - 0.7%
Advanced Semiconductor Engineering, Inc.	434,310		220,302
Siliconware Precision Industries Co. Ltd. (a)	479,755		248,916
Taiwan Semiconductor Manufacturing Co. Ltd.	687,960		1,216,393
United Microelectronics Corp.	544,350		448,103
Yuanta Core Pacific Securities Co. Ltd.	350,200		154,291
TOTAL TAIWAN			2,288,005
United Kingdom - 15.0%
Abbey National PLC	44,200		657,992
Aggregate Industries PLC	728,314		922,063
Amdocs Ltd. (a)	18,200		475,202
Anglo American PLC	28,000		358,561
Anglo American PLC ADR	11,805		152,521
Arriva PLC	94,800		402,823
BAA PLC	102,400		818,824
BHP Billiton PLC	222,600		947,488
Common Stocks - continued
	Shares		Value (Note 1)
United Kingdom - continued
Bradford & Bingley PLC	98,100		$ 431,120
British Telecommunications PLC sponsored ADR	19,200		961,728
Cable & Wireless PLC	365,738		1,655,210
Cambridge Antibody Technology Group PLC (a)	16,430		402,148
Capital Radio PLC	45,600		464,500
Carlton Communications PLC	168,100		467,223
Centrica PLC	334,100		1,064,739
Diageo PLC	94,300		942,052
Diageo PLC sponsored ADR	14,100		575,985
Enterprise Inns PLC	50,964		407,895
Fitness First PLC (a)	73,330		453,517
Friends Provident PLC	126,100		335,806
Galen Holdings PLC sponsored ADR	7,600		328,700
GlaxoSmithKline PLC sponsored ADR	91,580		4,881,214
GWR Group PLC	66,800		215,606
HBOS PLC	56,784		640,399
HSBC Holdings PLC (United Kingdom) (Reg.)	76,300		839,452
Informa Group PLC	51,900		128,317
Jarvis PLC	51,700		323,506
Johnson Service Group PLC	77,433		361,141
Kidde PLC	317,000		253,714
Lloyds TSB Group PLC	344,500		3,479,136
London Stock Exchange PLC	139,523		705,543
Maiden Group PLC	65,300		273,956
Matalan PLC	34,200		180,160
Misys PLC	25,900		97,993
Northern Rock PLC	94,400		789,883
Pearson PLC	10,300		123,356
Professional Staff PLC sponsored ADR (a)	30,400		79,040
Prudential PLC	98,400		1,030,980
Reckitt Benckiser PLC	29,000		405,128
Rentokil Initial PLC	292,100		1,052,033
Reuters Group PLC	5,700		53,998
Rio Tinto PLC (Reg.)	51,800		841,234
Royal Bank of Scotland Group PLC	54,400		1,302,229
Safeway PLC	305,846		1,557,735
Scottish Radio Holdings PLC	7,400		89,809
Shell Transport & Trading Co. PLC (Reg.)	253,900		1,885,207
Six Continents PLC	63,300		575,714
SMG PLC	213,929		392,063
Smith & Nephew PLC	237,000		1,333,833
Standard Chartered PLC	50,000		499,861
Common Stocks - continued
	Shares		Value (Note 1)
United Kingdom - continued
Taylor Woodrow PLC	51,944		$ 110,171
Trinity Mirror PLC	209,300		1,203,065
United Business Media PLC	96,387		614,349
Vodafone Group PLC sponsored ADR	371,700		8,593,709
TOTAL UNITED KINGDOM			48,139,631
United States of America - 2.9%
ATMI, Inc. (a)	5,200		99,112
Avon Products, Inc.	4,800		224,784
AVX Corp.	18,200		336,882
Beckman Coulter, Inc.	5,100		216,597
Bristol-Myers Squibb Co.	38,500		2,057,825
Estee Lauder Companies, Inc. Class A	8,400		270,900
Freeport-McMoRan Copper & Gold, Inc. Class B (a)	24,500		271,950
Hollinger International, Inc. Class A	44,800		462,784
Kimberly-Clark Corp.	10,300		571,753
Mettler-Toledo International, Inc. (a)	31,600		1,450,756
Orthofix International NV (a)	30,700		985,470
Pfizer, Inc.	19,400		812,860
Raytheon Co.	10,300		332,175
Synthes-Stratec, Inc. (a)(c)	500		328,834
Thermo Electron Corp.	20,300		429,142
Waters Corp. (a)	10,200		361,998
TOTAL UNITED STATES OF AMERICA			9,213,822
TOTAL COMMON STOCKS (Cost $298,504,093)		275,740,404
Preferred Stocks - 0.3%

Convertible Preferred Stocks - 0.0%
Canada - 0.0%
ITF Optical Technologies, Inc. Series B (e)	857		29,241
Metrophotonics, Inc. Series 2 (e)	8,500		85,000
TOTAL CANADA			114,241
Nonconvertible Preferred Stocks - 0.3%
Germany - 0.3%
Henkel KGaA	12,200		721,916
Preferred Stocks - continued
	Shares		Value (Note 1)
Nonconvertible Preferred Stocks - continued
Germany - continued
Rhoen-Klinikum AG	1,000		$ 45,805
Sanacorp Pharmahandel AG	2,941		41,038
TOTAL GERMANY			808,759
TOTAL PREFERRED STOCKS (Cost $1,030,154)		923,000
Investment Companies - 1.8%

Chile - 0.0%
Five Arrows Chile Investment Trust Ltd.	45,500		9,555
China - 0.1%
China Fund, Inc. (a)	15,100		162,174
Templeton China World Fund, Inc.	23,900		183,552
TOTAL CHINA			345,726
India - 0.1%
India Fund (a)	38,700		332,820
Korea (South) - 0.2%
Korea Fund, Inc.	80,942		841,797
Mexico - 0.3%
Mexico Fund, Inc.	52,600		878,420
Multi-National - 1.0%
Blackrock North American Government Income Trust, Inc.	49,000		510,090
MFS Government Markets Income Trust	95,800		645,692
Morgan Stanley Dean Witter Asia-Pacific Fund, Inc.	56,932		376,890
Strategic Global Income Fund, Inc.	32,200		363,860
Templeton Dragon Fund, Inc.	74,900		524,300
Templeton Global Income Fund, Inc.	102,000		676,260
TOTAL MULTI-NATIONAL			3,097,092
Taiwan - 0.1%
Taiwan Fund, Inc.	24,700		213,655
TOTAL INVESTMENT COMPANIES (Cost $6,470,567)		5,719,065

Nonconvertible Bonds - 0.1%
Moody's Ratings (unaudited) (f)			Principal Amount (g)		Value (Note 1)
France - 0.1%
Eurotunnel Finance Ltd. euro 1% 4/30/40 (d) (Cost $317,282)	-	EUR	240		$ 206,620
Government Obligations - 3.2%

France - 0.8%
French Government 5% 1/12/06	Aaa	EUR	2,860,000		2,699,846
Germany - 0.9%
Germany Federal Republic:
5% 2/17/06	Aaa	EUR	960,000		907,711
6% 1/4/07	Aaa	EUR	1,900,000		1,884,259
TOTAL GERMANY					2,791,970
United States of America - 1.5%
Freddie Mac:
5.25% 1/15/06	Aaa	EUR	2,505,000		2,372,294
5.75% 9/15/10	Aaa	EUR	2,465,000		2,386,405
TOTAL UNITED STATES OF AMERICA					4,758,699
TOTAL GOVERNMENT OBLIGATIONS (Cost $10,156,226)				10,250,515

Money Market Funds - 7.5%
	Shares
Fidelity Cash Central Fund, 2.81% (b) (Cost $23,986,428)	23,986,428		23,986,428
TOTAL INVESTMENT PORTFOLIO - 98.8% (Cost $340,464,750)			316,826,032
NET OTHER ASSETS - 1.2%			3,957,467
NET ASSETS - 100%		$ 320,783,499

Currency Abbreviations
EUR	-	European Monetary Unit

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $328,834 or 0.1% of net assets.

(d) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
ITF Optical Technologies, Inc. Series B	10/11/00	$ 89,985
Metrophotonics, Inc. Series 2	9/29/00	$ 85,000
OZ Optics Ltd. unit	8/18/00	$ 79,704

(f) S&P credit ratings are used in the absence of a rating by Moody's Investors Service, Inc.

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

Other Information

Purchases and sales of securities, other
than short-term securities, aggregated $344,191,880 and $238,095,564, respectively, of which long-term U.S. government and government agency obligations aggregated $4,698,923
and $0, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which
are affiliates of the investment adviser. The commissions paid to these affiliated firms were $7,296 for the period.

The fund invested in securities that are not registered under the Securities Act of 1933. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $193,891 or 0.1% of net assets.

Income Tax Information

At October 31, 2001, the aggregate
cost of investment securities for income
tax purposes was $341,771,719. Net unrealized depreciation aggregated $24,945,687, of which $16,410,413 related to appreciated investment securities and $41,356,100 related to depreciated investment securities.

At October 31, 2001, the fund had a capital loss carryforward of approximately $41,955,000 of which $6,955,000 and $35,000,000 will expire on October 31, 2008 and 2009, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	October 31, 2001
Assets
Investment in securities, at value (including securities loaned of $1,008,800) (cost $340,464,750) - See accompanying schedule		$ 316,826,032
Cash		280,000
Foreign currency held at value (cost $2,949,414)		2,938,566
Receivable for investments sold		2,461,921
Receivable for fund shares sold		1,047,563
Dividends receivable		606,824
Interest receivable		400,900
Other receivables		1,790
Total assets		324,563,596
Liabilities
Payable for investments purchased	$ 1,623,626
Payable for fund shares redeemed	531,888
Accrued management fee	194,158
Distribution fees payable	142,918
Other payables and accrued expenses	147,507
Collateral on securities loaned, at value	1,140,000
Total liabilities		3,780,097
Net Assets		$ 320,783,499
Net Assets consist of:
Paid in capital		$ 388,121,780
Distributions in excess of net investment income		(165,725)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(43,522,857)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(23,649,699)
Net Assets		$ 320,783,499

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

	October 31, 2001
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($38,016,298 ÷ 3,201,683 shares)		$11.87
Maximum offering price per share (100/94.25 of $11.87)		$12.59
Class T: Net Asset Value and redemption price per share ($153,127,790 ÷ 12,978,610 shares)		$11.80
Maximum offering price per share (100/96.50 of $11.80)		$12.23
Class B: Net Asset Value and offering price per share ($42,109,587 ÷ 3,605,983 shares)^A		$11.68
Class C: Net Asset Value and offering price per share ($44,206,415 ÷ 3,783,311 shares)^A		$11.68
Institutional Class: Net Asset Value, offering price and redemption price per share ($43,323,409 ÷ 3,628,634 shares)		$11.94

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Operations

	Year ended October 31, 2001
Investment Income Dividends		$ 5,963,213
Interest		1,677,529
Security lending		12,180
		7,652,922
Less foreign taxes withheld		(657,958)
Total income		6,994,964
Expenses
Management fee	$ 2,280,111
Transfer agent fees	940,637
Distribution fees	1,736,758
Accounting and security lending fees	192,960
Non-interested trustees' compensation	1,096
Custodian fees and expenses	357,019
Registration fees	120,899
Audit	28,501
Legal	4,156
Interest	3,596
Miscellaneous	119,031
Total expenses before reductions	5,784,764
Expense reductions	(149,629)	5,635,135
Net investment income		1,359,829
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities	(34,502,135)
Foreign currency transactions	(89,300)	(34,591,435)
Change in net unrealized appreciation (depreciation) on:
Investment securities	(27,123,770)
Assets and liabilities in foreign currencies	927	(27,122,843)
Net gain (loss)		(61,714,278)
Net increase (decrease) in net assets resulting from operations		$ (60,354,449)

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Year ended October 31, 2001	Year ended October 31, 2000
Increase (Decrease) in Net Assets
Operations Net investment income	$ 1,359,829	$ 1,995,336
Net realized gain (loss)	(34,591,435)	(5,916,494)
Change in net unrealized appreciation (depreciation)	(27,122,843)	(1,529,312)
Net increase (decrease) in net assets resulting from operations	(60,354,449)	(5,450,470)
Distributions to shareholders From net investment income	(4,827,941)	(146,319)
From net realized gain	-	(959,661)
In excess of net realized gain	-	(100,992)
Total distributions	(4,827,941)	(1,206,972)
Share transactions - net increase (decrease)	117,480,781	216,006,366
Total increase (decrease) in net assets	52,298,391	209,348,924
Net Assets
Beginning of period	268,485,108	59,136,184
End of period (including under (over) distribution of net investment income of $(165,725) and $3,949,570, respectively)	$ 320,783,499	$ 268,485,108

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class A

Years ended October 31,	2001	2000	1999^H
Selected Per-Share Data
Net asset value, beginning of period	$ 14.54	$ 13.05	$ 10.00
Income from Investment Operations
Net investment income^E	.10	.22^F	.01
Net realized and unrealized gain (loss)	(2.48)	1.49^G	3.04
Total from investment operations	(2.38)	1.71	3.05
Less Distributions
From net investment income	(.29)	(.03)	-
From net realized gain	-	(.17)	-
In excess of net realized gain	-	(.02)	-
Total distributions	(.29)	(.22)	-
Net asset value, end of period	$ 11.87	$ 14.54	$ 13.05
Total Return^{B, C, D}	(16.69)%	13.13%	30.50%
Ratios to Average Net Assets^I
Expenses before expense reductions	1.50%	1.52%	2.60%^A
Expenses net of voluntary waivers, if any	1.50%	1.52%	2.00%^A
Expenses net of all reductions	1.46%	1.50%	1.97%^A
Net investment income	.77%	1.44%	.05%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 38,016	$ 27,314	$ 3,841
Portfolio turnover rate	84%	87%	78%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of sales charges.

^E Calculated based on average shares outstanding during the period.

^F Investment income per share reflects a special dividend which amounted to $.13 per share.

^G The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the fund.

^H For the period December 17, 1998 (commencement of operations) to October 31, 1999.

^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of voluntary waivers reflects expenses after reimbursements by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class T

Year ended October 31,	2001	2000	1999^H
Selected Per-Share Data
Net asset value, beginning of period	$ 14.46	$ 13.02	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.06	.17^F	(.02)
Net realized and unrealized gain (loss)	(2.46)	1.49^G	3.04
Total from investment operations	(2.40)	1.66	3.02
Less Distributions
From net investment income	(.26)	(.03)	-
From net realized gain	-	(.17)	-
In excess of net realized gain	-	(.02)	-
Total distributions	(.26)	(.22)	-
Net asset value, end of period	$ 11.80	$ 14.46	$ 13.02
Total Return^{B, C, D}	(16.90)%	12.78%	30.20%
Ratios to Average Net Assets^I
Expenses before expense reductions	1.81%	1.82%	2.84%^A
Expenses net of voluntary waivers, if any	1.81%	1.82%	2.25%^A
Expenses net of all reductions	1.76%	1.80%	2.22%^A
Net investment income (loss)	.47%	1.15%	(.20)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 153,128	$ 139,347	$ 32,132
Portfolio turnover rate	84%	87%	78%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of sales charges.

^E Calculated based on average shares outstanding during the period.

^F Investment income per share reflects a special dividend which amounted to $.13 per share.

^H For the period December 17, 1998 (commencement of operations) to October 31, 1999.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class B

Years ended October 31,	2001	2000	1999^H
Selected Per-Share Data
Net asset value, beginning of period	$ 14.33	$ 12.96	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	(.01)	.09^F	(.07)
Net realized and unrealized gain (loss)	(2.44)	1.49^G	3.03
Total from investment operations	(2.45)	1.58	2.96
Less Distributions
From net investment income	(.20)	(.02)	-
From net realized gain	-	(.17)	-
In excess of net realized gain	-	(.02)	-
Total distributions	(.20)	(.21)	-
Net asset value, end of period	$ 11.68	$ 14.33	$ 12.96
Total Return^{B, C, D}	(17.33)%	12.21%	29.60%
Ratios to Average Net Assets^I
Expenses before expense reductions	2.35%	2.36%	3.38%^A
Expenses net of voluntary waivers, if any	2.35%	2.36%	2.75%^A
Expenses net of all reductions	2.30%	2.34%	2.72%^A
Net investment income (loss)	(.07)%	.60%	(.70)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 42,110	$ 43,758	$ 10,839
Portfolio turnover rate	84%	87%	78%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Investment income per share reflects a special dividend which amounted to $.13 per share.

^H For the period December 17, 1998 (commencement of operations) to October 31, 1999.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class C

Years ended October 31,	2001	2000	1999^H
Selected Per-Share Data
Net asset value, beginning of period	$ 14.34	$ 12.96	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	-	.10^F	(.07)
Net realized and unrealized gain (loss)	(2.45)	1.48^G	3.03
Total from investment operations	(2.45)	1.58	2.96
Less Distributions
From net investment income	(.21)	(.01)	-
From net realized gain	-	(.17)	-
In excess of net realized gain	-	(.02)	-
Total distributions	(.21)	(.20)	-
Net asset value, end of period	$ 11.68	$ 14.34	$ 12.96
Total Return^{B, C, D}	(17.33)%	12.21%	29.60%
Ratios to Average Net Assets^I
Expenses before expense reductions	2.28%	2.32%	3.36%^A
Expenses net of voluntary waivers, if any	2.28%	2.32%	2.75%^A
Expenses net of all reductions	2.24%	2.30%	2.72%^A
Net investment income (loss)	(.01)%	.65%	(.70)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 44,206	$ 37,765	$ 8,142
Portfolio turnover rate	84%	87%	78%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Investment income per share reflects a special dividend which amounted to $.13 per share.

^H For the period December 17, 1998 (commencement of operations) to October 31, 1999.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Institutional Class

Years ended October 31,	2001	2000	1999^G
Selected Per-Share Data
Net asset value, beginning of period	$ 14.60	$ 13.08	$ 10.00
Income from Investment Operations
Net investment income^D	.14	.26^E	.03
Net realized and unrealized gain (loss)	(2.48)	1.49^F	3.05
Total from investment operations	(2.34)	1.75	3.08
Less Distributions
From net investment income	(.32)	(.04)	-
From net realized gain	-	(.17)	-
In excess of net realized gain	-	(.02)	-
Total distributions	(.32)	(.23)	-
Net asset value, end of period	$ 11.94	$ 14.60	$ 13.08
Total Return^{B, C}	(16.38)%	13.42%	30.80%
Ratios to Average Net Assets^H
Expenses before expense reductions	1.17%	1.24%	2.34%^A
Expenses net of voluntary waivers, if any	1.17%	1.24%	1.75%^A
Expenses net of all reductions	1.12%	1.22%	1.72%^A
Net investment income	1.11%	1.73%	.30%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 43,323	$ 20,300	$ 4,182
Portfolio turnover rate	84%	87%	78%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Calculated based on average shares outstanding during the period.

^E Investment income per share reflects a special dividend which amounted to $.13 per share.

^F The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the fund.

^G For the period December 17, 1998 (commencement of operations) to October 31, 1999.

^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of voluntary waivers reflects expenses after reimbursements by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended October 31, 2001

1. Significant Accounting Policies.

Fidelity Advisor Diversified International Fund (the fund) is a fund of Fidelity Advisor Series VIII (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

The fund offers Class A, Class T, Class B, Class C, and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the fund, and certain fund-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:

Security Valuation. Net asset value per share is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Securities for which quotations are readily available are valued using the official closing price or at the last sale price in the principal market in which they are traded. If the last sale price (on the local exchange) is unavailable, the last evaluated quote or closing bid price normally is used. If trading or events occurring in other markets after the close of the principal market in which securities are traded are expected to materially affect the value of those securities, then they are valued at their fair value taking this trading or these events into account. Fair value is determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Securities (including restricted securities) for which quotations are not readily available are valued primarily using dealer-supplied valuations or at their fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost or original cost plus accrued interest, both of which approximate current value. Investments in open-end investment companies are valued at their net asset value each business day.

Annual Report

Notes to Financial Statements - continued

1. Significant Accounting Policies - continued

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Income Taxes. As a qualified regulated investment company under Subchapter M of the Internal Revenue Code, the fund is not subject to U.S. federal income taxes to the extent that it distributes all of its taxable income for its fiscal year. The fund may be subject to foreign taxes on income and gains on investments which are accrued based upon the fund's understanding of the tax rules and regulations that exist in the markets in which it invests. Foreign governments may also impose taxes on other payments or transactions with respect to foreign securities. The fund accrues such taxes as applicable. The Schedule of Investments includes information regarding income taxes under the caption "Income Tax Information."

Investment Income. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is accrued as earned. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.

Distributions to Shareholders. Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class.

Income and capital gain distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles. These differences are primarily due to differing treatments for foreign currency transactions, passive foreign investment companies (PFIC), non-taxable dividends, net operating losses, capital loss carryforwards and losses deferred due to wash sales.

In addition, the fund will treat a portion of the proceeds from shares redeemed as a distribution from net investment income and realized gain for income tax purposes.

Annual Report

Notes to Financial Statements - continued

1. Significant Accounting Policies - continued

Distributions to Shareholders - continued

Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to paid in capital. Temporary book and tax basis differences will reverse in a subsequent period.

Security Transactions. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost.

Change in Accounting Principle. Effective November 1, 2001, the fund will adopt the provisions of the AICPA Audit and Accounting Guide for Investment Companies and will begin amortizing premium and discount on all debt securities, as required. This accounting principle change will not have an impact on total net assets but will result in an increase or decrease to the cost of securities held and a corresponding change to net investment income.

The cumulative effect of this accounting change will not have an impact on total net assets but will result in an increase or decrease to the cost of securities held and a corresponding change to accumulated net undistributed realized gain (loss).

2. Operating Policies.

Joint Trading Account. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the fund, along with other affiliated entities of Fidelity Management & Research Company (FMR), may transfer uninvested cash balances into one or more joint trading accounts. These balances are invested in one or more repurchase agreements for U.S. Treasury or Federal Agency obligations.

Repurchase Agreements. The underlying U.S. Treasury, Federal Agency, or other obligations found to be satisfactory by FMR are transferred to an account of the fund, or to the Joint Trading Account, at a custodian bank. The securities are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). FMR, the fund's investment adviser, is responsible for determining that the value of the underlying securities remains in accordance with the market value requirements stated above.

Restricted Securities. The fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included under the captions "Legend" and/or "Other Information" at the end of the fund's Schedule of Investments.

Annual Report

Notes to Financial Statements - continued

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares, except for the Institutional Class. Each class pays Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	0%	.25%	$ 84,017	$ 310
Class T	.25%	.25%	761,275	2,227
Class B	.75%	.25%	450,909	338,181
Class C	.75%	.25%	440,557	152,272
			$ 1,736,758	$ 492,990

Sales Load. FDC receives a front-end sales charge of up to 5.75% for selling Class A shares, and 3.50% for selling Class T shares of the fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from, 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of
Class A and Class T shares.

Annual Report

Notes to Financial Statements - continued

4. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

For the period, sales charge amounts paid to and retained by FDC were as follows:

	Paid to FDC	Retained by FDC
Class A	$ 127,364	$ 35,956
Class T	159,666	44,701
Class B	144,714	144,714*
Class C	26,918	26,918*
	$ 458,662	$ 252,289

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries
through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent (collectively referred to as the transfer agent) for each class of the fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the fund. FIIOC pays for typesetting, printing and mailing of all shareholder reports, except proxy statements.
For the period, the following amounts were paid to FIIOC:

	Amount	% of Average Net Assets
Class A	$ 90,602	.27
Class T	489,630	.32
Class B	161,953	.36
Class C	129,989	.29
Institutional Class	68,463	.18
	$ 940,637

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the fund's accounting records and administers the security lending program. The security lending fee is based on the number and duration of lending transactions. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.

Annual Report

Notes to Financial Statements - continued

4. Fees and Other Transactions with Affiliates - continued

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $1,478,681 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $3.475 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period there were no borrowings on this line of credit.

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities.

7. Expense Reductions.

Certain security trades were directed to brokers who paid $148,720 of the fund's expenses. In addition, through arrangements with the fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, these credits reduced the fund's custody expenses by $909.

Annual Report

Notes to Financial Statements - continued

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Years ended October 31,
	2001	2000
From net investment income
Class A	$ 551,754	$ 10,540
Class T	2,590,097	95,222
Class B	627,919	19,524
Class C	575,744	7,400
Institutional Class	482,427	13,633
Total	$ 4,827,941	$ 146,319
From net realized gain
Class A	$ -	$ 60,373
Class T	-	545,651
Class B	-	167,823
Class C	-	127,217
Institutional Class	-	58,597
Total	$ -	$ 959,661
In excess of net realized gain
Class A	$ -	$ 6,354
Class T	-	57,423
Class B	-	17,661
Class C	-	13,388
Institutional Class	-	6,166
Total	$ -	$ 100,992
	$ 4,827,941	$ 1,206,972

Annual Report

Notes to Financial Statements - continued

9. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Year ended October 31,	Year ended October 31,	Year ended October 31,	Year ended October 31,
	2001	2000	2001	2000
Class A Shares sold	3,387,612	2,673,616	$ 45,588,732	$ 41,659,349
Reinvestment of distributions	37,104	5,306	526,509	75,782
Shares redeemed	(2,101,920)	(1,094,417)	(28,467,839)	(16,670,468)
Net increase (decrease)	1,322,796	1,584,505	$ 17,647,402	$ 25,064,663
Class T Shares sold	9,210,564	9,883,624	$ 122,360,251	$ 151,684,553
Reinvestment of distributions	175,695	47,912	2,484,325	682,269
Shares redeemed	(6,042,391)	(2,764,761)	(79,327,412)	(42,543,275)
Net increase (decrease)	3,343,868	7,166,775	$ 45,517,164	$ 109,823,547
Class B Shares sold	1,395,596	2,519,471	$ 18,423,386	$ 38,521,267
Reinvestment of distributions	36,461	12,633	513,003	179,135
Shares redeemed	(878,951)	(315,547)	(11,159,433)	(4,887,648)
Net increase (decrease)	553,106	2,216,557	$ 7,776,956	$ 33,812,754
Class C Shares sold	2,208,118	2,428,332	$ 29,315,617	$ 37,048,372
Reinvestment of distributions	31,036	8,632	436,672	122,491
Shares redeemed	(1,088,716)	(432,373)	(14,174,749)	(6,560,662)
Net increase (decrease)	1,150,438	2,004,591	$ 15,577,540	$ 30,610,201
Institutional Class Shares sold	3,772,160	1,314,105	$ 51,467,764	$ 20,387,308
Reinvestment of distributions	22,940	4,808	326,434	68,755
Shares redeemed	(1,556,853)	(248,303)	(20,832,479)	(3,760,862)
Net increase (decrease)	2,238,247	1,070,610	$ 30,961,719	$ 16,695,201

Annual Report

Report of Independent Accountants

To the Trustees of Fidelity Advisor Series VIII and the Shareholders of Fidelity Advisor Diversified International Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Advisor Diversified International Fund (a fund of Fidelity Advisor Series VIII) at October 31, 2001, and the results of its operations, the changes in its net assets and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Advisor Diversified International Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with auditing standards generally accepted in the United States of America which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2001 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP

Boston, Massachusetts
December 10, 2001

Annual Report

Distributions

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

	Pay Date	Income	Taxes
Class A	12/11/00	$.265	$.016
Class T	12/11/00	$.239	$.016
Class B	12/11/00	$.187	$.016
Class C	12/11/00	$.196	$.016
Institutional Class	12/11/00	$.291	$.016

The fund will notify shareholders in January 2002 of amounts for use in preparing 2001 income tax returns.

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity International
Investment Advisors

Fidelity Investments Japan Limited

Fidelity International Investment Advisors (U.K.) Limited

Officers

Edward C. Johnson 3d, President

Abigail P. Johnson, Senior Vice President

Phillip L. Bullen, Vice President

Robert A. Lawrence, Vice President

William Bower, Vice President

Eric D. Roiter, Secretary

Robert A. Dwight, Treasurer

Maria F. Dwyer, Deputy Treasurer

John H. Costello, Assistant Treasurer

Paul F. Maloney, Assistant Treasurer

Thomas J. Simpson, Assistant Treasurer

Board of Trustees

J. Michael Cook *

Ralph F. Cox *

Phyllis Burke Davis *

Robert M. Gates *

Abigail P. Johnson

Edward C. Johnson 3d

Donald J. Kirk *

Marie L. Knowles *

Ned C. Lautenbach *

Peter S. Lynch

Marvin L. Mann *

William O. McCoy *

William S. Stavropoulos *

Advisory Board

Robert C. Pozen

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Custodian

State Street Bank and Trust Company

Quincy, MA

* Independent trustees

Annual Report

Fidelity Advisor Aggressive Growth Fund

Fidelity Advisor Asset Allocation Fund

Fidelity Advisor Balanced Fund

Fidelity Advisor Biotechnology Fund

Fidelity Advisor Consumer Industries Fund

Fidelity Advisor Cyclical Industries Fund

Fidelity Advisor Developing Communications Fund

Fidelity Advisor Diversified International Fund

Fidelity Advisor Dividend Growth Fund

Fidelity Advisor Dynamic Capital Appreciation Fund

Fidelity Advisor Electronics Fund

Fidelity Advisor Emerging Asia Fund

Fidelity Advisor Emerging Markets Income Fund

Fidelity Advisor Equity Growth Fund

Fidelity Advisor Equity Income Fund

Fidelity Advisor Equity Value Fund

Fidelity Advisor Europe Capital Appreciation Fund

Fidelity Advisor Fifty Fund

Fidelity Advisor Financial Services Fund

Fidelity Advisor Floating Rate High Income Fund

Fidelity Advisor Global Equity Fund

Fidelity Advisor Government Investment Fund

Fidelity Advisor Growth & Income Fund

Fidelity Advisor Growth Opportunities

Fidelity Advisor Health Care Fund

Fidelity Advisor High Income Fund

Fidelity Advisor High Yield Fund

Fidelity Advisor Intermediate Bond Fund

Fidelity Advisor International Capital Appreciation Fund

Fidelity Advisor Japan Fund

Fidelity Advisor Korea Fund

Fidelity Advisor Large Cap Fund

Fidelity Advisor Latin America Fund

Fidelity Advisor Leveraged Company Stock Fund

Fidelity Advisor Mid Cap Fund

Fidelity Advisor Mortgage Securities Fund

Fidelity Advisor Municipal Income Fund

Fidelity Advisor Natural Resources Fund

Fidelity Advisor Overseas Fund

Fidelity Advisor Short Fixed-Income Fund

Fidelity Advisor Small Cap Fund

Fidelity Advisor Strategic Income Fund

Fidelity Advisor Technology Fund

Fidelity Advisor TechnoQuant® Growth Fund

Fidelity Advisor Telecommunications & Utilities Growth Fund

Fidelity Advisor Value Strategies Fund

Prime Fund

Tax-Exempt Fund

Treasury Fund

ADIF-ANN-1201 149823
1.728709.102

(Fidelity Investment logo)(registered trademark)

Fidelity® Advisor

Diversified International

Fund - Institutional Class

Annual Report

October 31, 2001

(2_fidelity_logos)

President's Message	3	Ned Johnson on investing strategies.
Performance	4	How the fund has done over time.
Fund Talk	6	The manager's review of fund performance, strategy and outlook.
Investment Changes	9	A summary of major shifts in the fund's investments over the past six months.
Investments	10	A complete list of the fund's investments with their market values.
Financial Statements	24	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	33	Notes to the financial statements.
Report of Independent Accountants	41	The auditors' opinion.
Distributions	42

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic) This report is printed on recycled paper using soy-based inks.

Neither the fund nor Fidelity Distributors Corporation is a bank.

For more information on any Fidelity Advisor fund, including charges and expenses, contact your investment professional for a free prospectus. Read it carefully before you invest or send money.

Annual Report

President's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

While it's impossible to predict the future direction of the markets with any degree of certainty, there are certain basic principles that can help investors plan for their future needs.

Remember to contact your investment professional if you need help with your investments.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Fidelity Advisor Diversified International Fund - Institutional Class

Performance: The Bottom Line

Cumulative Total Returns

Periods ended October 31, 2001	Past 1 year	Life of fund
Fidelity® Adv Diversified Intl - Inst CL	-16.38%	24.05%
MSCI® EAFE®	-24.75%	-14.50%
International Funds Average	-26.39%	n/a*

Cumulative total returns show Institutional Class' performance in percentage terms over a set period - in this case, one year or since the fund started on December 17, 1998. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare Institutional Class' returns to the performance of the Morgan Stanley Capital International^SM Europe, Australasia, Far East (MSCI ® EAFE ®) Index - a market capitalization-weighted index that is designed to represent the performance of developed stock markets outside the United States and Canada. As of October 31, 2001, the index included over 907 equity securities of companies domiciled in 22 countries. To measure how Institutional Class' performance stacked up against its peers, you can compare it to the international funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past one year average represents a peer group of 731 mutual funds. These benchmarks include reinvested dividends and capital gains, if any, and exclude the effect of sales charges.

Average Annual Total Returns

Periods ended October 31, 2001	Past 1 year	Life of fund
Fidelity Adv Diversified Intl - Inst CL	-16.38%	7.79%
MSCI EAFE	-24.75%	-5.30%
International Funds Average	-26.39%	n/a*

Average annual total returns take Institutional Class' shares' cumulative return and show you what would have happened if Institutional Class shares had performed at a constant rate each year.

* Not available

Annual Report

$10,000 Over Life of Fund

$10,000 Over Life of Fund: Let's say hypothetically that $10,000 was invested in Fidelity® Advisor Diversified International Fund - Institutional Class on December 17, 1998, when the fund started. As the chart shows, by October 31, 2001, the value of the investment would have grown to $12,405 - a 24.05% increase on the initial investment. For comparison, look at how the MSCI EAFE Index did over the same period. With dividends reinvested, the same $10,000 would have been $8,550 - a 14.50% decrease.

Understanding
Performance

Annual Report

Fund Talk: The Manager's Overview

Market Recap

(Portfolio Manager photograph)
An interview with Bill Bower,
Portfolio Manager of Fidelity Advisor Diversified International Fund

Q. How did the fund perform, Bill?

A. For the 12-month period that ended October 31, 2001, the fund's Institutional Class shares returned -16.38%. For the same period, the Morgan Stanley Capital International (MSCI) EAFE Index - a broad measure of stock performance in Europe, Australasia and the Far East - declined 24.75%. The fund also compares its performance against the Lipper Inc. international funds average, which fell 26.39% during the past year.

Annual Report

Fund Talk: The Manager's Overview - continued

Q. What factors helped the fund outperform its index by such a wide margin during the past year?

Q. Despite that strong relative performance, the fund still lost ground during the year. Why did international stocks generate negative returns?

Q. In what ways did you tweak the fund's positioning since taking over in April?

Q. What stocks were top performers? Which disappointed?

Annual Report

Fund Talk: The Manager's Overview - continued

Q. What's your outlook for international stocks, Bill?

Fund Facts

Goal: capital growth by investing primarily in non-U.S. equity securities

Start date: December 17, 1998

Size: as of October 31, 2001, more than $320 million

Manager: Bill Bower, since April 2001; joined Fidelity in 1994

Bill Bower on his objective for the fund:

Annual Report

Investment Changes

Top Five Stocks as of October 31, 2001
	% of fund's net assets	% of fund's net assets 6 months ago
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services)	2.7	0.4
GlaxoSmithKline PLC sponsored ADR (United Kingdom, Pharmaceuticals)	1.5	1.3
TotalFinaElf SA sponsored ADR (France, Oil & Gas)	1.4	0.9
Novartis AG (Reg.) (Switzerland, Pharmaceuticals)	1.3	1.3
Unilever NV (NY Shares) (Netherlands, Food Products)	1.3	0.2
	8.2
Top Five Market Sectors as of October 31, 2001
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	22.4	20.5
Health Care	12.1	9.0
Consumer Staples	9.5	8.1
Consumer Discretionary	7.3	7.4
Information Technology	7.4	4.5
Top Five Countries as of October 31, 2001
(excluding cash equivalents)	% of fund's net assets	% of fund's net assets 6 months ago
United Kingdom	15.0	12.1
Japan	11.7	10.4
France	8.8	6.8
Canada	8.5	10.8
Netherlands	7.0	6.0

Percentages are adjusted for the effect of open futures contracts, if applicable.

Asset Allocation (% of fund's net assets)
As of October 31, 2001		As of April 30, 2001
	Stocks and Investment Companies 88.0%		Stocks and Investment Companies 85.7%
	Bonds 3.3%		Bonds 1.4%
	Short-Term Investments and Net Other Assets 8.7%		Short-Term Investments and Net Other Assets 12.9%

Annual Report

Investments October 31, 2001

Showing Percentage of Net Assets

Common Stocks - 85.9%
	Shares		Value (Note 1)
Australia - 2.0%
AMP Ltd.	130,100		$ 1,182,959
Australia & New Zealand Banking Group Ltd.	89,000		799,834
Australian Gas Light Co.	77,307		345,817
BHP Ltd.	157,155		706,960
Commonwealth Bank of Australia	26,100		391,807
National Australia Bank Ltd.	70,900		1,091,834
News Corp. Ltd. sponsored ADR	12,400		295,120
Origin Energy Ltd.	152,667		232,256
Suncorp-Metway Ltd.	69,100		466,303
Westpac Banking Corp.	66,000		492,063
WMC Ltd.	92,700		435,689
TOTAL AUSTRALIA			6,440,642
Austria - 0.0%
RHI AG	18,083		97,675
Belgium - 0.6%
Delhaize Freres & Compagnie Le Lion SA	26,469		1,453,552
Dexia SA (strip VVPR) (a)	5,120		46
Omega Pharma SA	14,974		627,510
TOTAL BELGIUM			2,081,108
Bermuda - 0.4%
Accenture Ltd. Class A	56,700		996,219
Aquarius Platinum Ltd.	72,800		282,602
TOTAL BERMUDA			1,278,821
Brazil - 0.2%
Banco Itau SA (PN)	3,383,200		215,215
Companhia Brasileira de Distribuicao Grupo Pao de Acucar sponsored ADR	11,900		180,642
Uniao de Bancos Brasileiros SA (Unibanco) GDR	24,500		385,385
TOTAL BRAZIL			781,242
Canada - 8.5%
Alcan, Inc.	34,800		1,066,826
Barrick Gold Corp.	63,700		992,430
BCE, Inc.	79,100		1,743,227
Brascan Corp. Class A (ltd. vtg.)	31,300		468,141
Canada Life Financial Corp.	40,600		1,067,009
Canadian Imperial Bank of Commerce	24,500		752,921
Canadian National Railway Co.	41,800		1,673,473
Canadian Natural Resources Ltd.	65,300		1,744,923
Canadian Pacific Railway Ltd. (a)	28,000		471,484
Common Stocks - continued
	Shares		Value (Note 1)
Canada - continued
Canadian Western Bank	11,000		$ 181,902
Clarica Life Insurance Co.	9,000		273,920
Fairmont Hotels & Resorts, Inc. (a)	14,000		249,138
Franco Nevada Mining Corp. Ltd.	109,900		1,563,477
Industrial Alliance Life Insurance Co.	4,000		99,710
Kingsway Financial Services, Inc. (a)	20,300		202,157
Loblaw Companies Ltd.	20,700		639,790
Metro, Inc. Class A (sub. vtg.)	12,000		291,577
Molson, Inc. Class A	24,000		370,137
National Bank of Canada	36,900		563,279
Onex Corp. (sub vtg.)	38,000		489,173
OZ Optics Ltd. unit (a)(e)	5,400		79,650
Petro-Canada	71,900		1,848,870
Placer Dome, Inc.	18,100		209,644
Power Corp. of Canada (sub. vtg.)	50,800		1,092,043
Precision Drilling Corp. (a)	42,900		1,094,509
Sun Life Financial Services of Canada, Inc.	48,700		1,011,339
Suncor Energy, Inc.	93,700		2,854,765
Talisman Energy, Inc.	54,200		1,905,495
TimberWest Forest Corp. unit	62,800		470,427
Toronto-Dominion Bank	22,400		506,771
TransCanada PipeLines Ltd.	110,800		1,430,510
TOTAL CANADA			27,408,717
Denmark - 1.6%
Danske Bank AS	97,150		1,439,311
Group 4 Falck AS	6,265		742,545
Novo-Nordisk AS Series B	25,800		1,046,859
Novozymes AS Series B	101,500		2,050,021
TOTAL DENMARK			5,278,736
Finland - 1.6%
Instrumentarium Oyj	3,100		112,998
KCI Konecranes	6,765		166,262
Kone Oyj (B Shares)	7,500		513,075
Metso Oyj sponsored ADR	38,900		369,550
Nokia Corp. sponsored ADR	167,200		3,429,272
UPM-Kymmene Corp.	13,190		428,662
TOTAL FINLAND			5,019,819
France - 7.9%
Aventis SA (France)	18,600		1,360,590
AXA SA de CV	98,800		2,161,356
Common Stocks - continued
	Shares		Value (Note 1)
France - continued
BNP Paribas SA	38,900		$ 3,235,823
Carbone Lorraine Group	16,931		470,829
CNP Assurances	36,093		1,117,750
Dassault Aviation SA	900		247,038
Elior SA	43,800		277,594
Eurazeo	15,000		769,039
Eurotunnel SA unit (a)	150,000		105,329
Generale de Sante	19,963		295,634
JC Decaux SA	19,800		151,512
L'Air Liquide	6,100		822,630
L'Oreal SA	12,650		873,472
Michelin SA (Compagnie Generale des Etablissements) Series B	9,550		295,148
Neopost SA (a)	44,791		1,330,662
Nexans SA	10,100		163,665
NRJ Group	22,330		327,672
Pechiney SA Series A	15,882		729,186
Pernod-Ricard	7,778		544,417
Remy Cointreau SA	5,871		124,206
Sanofi-Synthelabo SA	29,700		1,958,516
Suez SA (France)	12,200		383,638
Technip Coflexip SA	8,880		1,004,074
TotalFinaElf SA:
Class B	11,000		1,534,280
sponsored ADR	66,100		4,609,814
Vivendi Universal SA	12,400		579,365
TOTAL FRANCE			25,473,239
Germany - 4.2%
Allianz AG (Reg.)	3,607		850,117
Altana AG	36,000		1,685,268
AMB Generali Holding AG	7,600		817,607
Andrea-Noris Zahn	2,679		57,882
Bayer AG	20,200		600,107
Beiersdorf AG	7,300		821,150
Celanese AG (Reg.)	26,269		379,561
Deutsche Boerse AG	25,799		893,022
Deutsche Post AG	25,900		372,131
DIS Deutscher Industrie Service AG	23,300		443,219
E.On AG	21,300		1,110,251
Gehe AG	10,400		389,484
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	3,882		1,025,715
Common Stocks - continued
	Shares		Value (Note 1)
Germany - continued
Pfeiffer Vacuum Technology AG	8,574		$ 249,470
Rhoen-Klinikum AG	10,263		510,007
Schering AG	29,225		1,508,867
Stada Arzneimittel AG	14,315		396,922
Techem AG (a)	30,576		616,583
Wella AG	18,200		786,458
TOTAL GERMANY			13,513,821
Hong Kong - 0.9%
Aeon Credit Service (ASIA) Co. Ltd.	500,000		169,875
ASM Pacific Technology Ltd.	130,500		182,369
China Mobile (Hong Kong) Ltd. sponsored ADR (a)	69,000		1,050,180
CNOOC Ltd. sponsored ADR	42,500		834,275
Hutchison Whampoa Ltd.	55,900		453,300
Television Broadcasts Ltd.	93,000		274,236
TOTAL HONG KONG			2,964,235
India - 0.4%
Dr. Reddy's Laboratories Ltd.	38,864		846,440
Ranbaxy Laboratories Ltd.	25,500		377,505
TOTAL INDIA			1,223,945
Ireland - 2.4%
Anglo Irish Bank Corp. PLC	148,288		453,156
Bank of Ireland, Inc.	242,600		2,151,246
CRH PLC	33,700		521,821
DCC PLC (Ireland)	45,450		423,484
Elan Corp. PLC sponsored ADR (a)	26,800		1,223,420
Independent News & Media PLC (Ireland)	202,314		322,376
Irish Life & Permanent PLC	87,000		920,281
Jefferson Smurfit Group PLC sponsored ADR	48,400		948,640
Riverdeep Group PLC sponsored ADR (a)	18,710		347,258
Ryanair Holdings PLC sponsored ADR (a)	8,200		383,268
TOTAL IRELAND			7,694,950
Israel - 0.2%
Fundtech Ltd. (a)	13,900		71,029
RADWARE Ltd. (a)	5,200		51,376
Teva Pharmaceutical Industries Ltd. sponsored ADR	6,400		395,520
TOTAL ISRAEL			517,925
Italy - 1.8%
Assicurazioni Generali Spa	20,106		550,434
Common Stocks - continued
	Shares		Value (Note 1)
Italy - continued
Banca Nazionale del Lavoro (BNL)	309,800		$ 682,462
Bayerische Vita Spa	1,300		8,852
Luxottica Group Spa sponsored ADR	65,200		1,027,552
Mediaset Spa	27,900		180,541
Parmalat Finanziaria Spa	287,372		769,135
Recordati Spa	15,300		286,496
Telecom Italia Mobile Spa	56,200		306,651
Telecom Italia Spa	75,500		629,120
Unicredito Italiano Spa	351,033		1,287,455
TOTAL ITALY			5,728,698
Japan - 11.7%
Advantest Corp.	5,200		267,538
Aeon Credit Service Ltd.	5,400		317,517
Anritsu Corp.	25,000		199,673
Asahi Breweries Ltd.	77,000		803,642
Canon, Inc. ADR	41,200		1,205,924
Coca-Cola Central Japan Co. Ltd. (a)	34		240,180
Credit Saison Co. Ltd.	61,900		1,481,152
Daiichi Pharmaceutical Co. Ltd.	28,000		657,411
Daiwa Securities Group, Inc.	158,000		1,032,258
Disco Corp.	3,900		143,961
Fuji Heavy Industries Ltd.	117,000		572,340
Fuji Photo Film Co. Ltd.	27,000		890,813
Heiwa Corp.	23,600		452,920
Hokkaido Coca-Cola Bottling Co. Ltd.	25,000		166,599
Hoya Corp.	14,900		889,498
JAFCO Co. Ltd.	15,700		1,014,185
Japan Telecom Co. Ltd.	99		309,653
Kao Corp.	47,000		1,113,107
Keyence Corp.	6,500		989,996
Kobayashi Pharmaceutical Co. Ltd.	10,300		416,374
Konami Corp.	31,700		986,337
Kyocera Corp.	7,700		534,380
Kyocera Corp. sponsored ADR	5,100		353,940
Mikuni Coca-Cola Bottling Co.	10,000		95,468
Mitsui Sumitomo Insurance Co. Ltd.	100,000		555,329
Mizuho Holdings, Inc.	178		537,852
Nikko Cordial Corp.	432,000		2,331,989
Nintendo Co. Ltd.	9,300		1,433,924
Nippon Foundry, Inc. (a)	102		616,415
Nippon Telegraph & Telephone Corp. sponsored ADR	70,600		1,476,246
Common Stocks - continued
	Shares		Value (Note 1)
Japan - continued
Nipponkoa Insurance Co. Ltd.	108,000		$ 405,717
Nissan Motor Co. Ltd.	276,000		1,217,150
Nomura Holdings, Inc.	200,000		2,629,645
NTT DoCoMo, Inc.	50		677,828
Olympus Optical Co. Ltd.	30,000		445,651
ORIX Corp.	13,000		1,137,036
Paris Miki, Inc.	7,700		238,326
Ricoh Co. Ltd.	15,000		249,898
Rohm Co. Ltd.	3,200		340,515
Shikoku Coca-Cola Bottling Co. Ltd.	20,700		182,403
Showa Shell Sekiyu K.K. Co.	38,000		265,333
Sony Corp. sponsored ADR	19,100		729,620
Square Co. Ltd. (a)	9,900		160,082
Stanley Electric Co. Ltd.	42,000		327,562
Starbucks Coffee Japan Ltd.	29		17,076
Sumitomo Bakelite Co. Ltd.	52,000		328,265
Sumitomo Trust & Banking Ltd.	73,000		406,582
Takeda Chemical Industries Ltd.	48,000		2,324,541
Tanabe Seiyaku Co. Ltd.	38,000		409,637
Terumo Corp.	35,900		593,691
Tokyo Electron Ltd.	12,900		529,906
Tokyo Seimitsu Co. Ltd.	6,400		154,185
Toyoda Gosei Co. Ltd.	25,000		326,051
Toyota Industries Corp.	40,000		672,928
Toyota Motor Corp.	17,700		429,310
Yamada Denki Co. Ltd.	3,600		235,198
TOTAL JAPAN			37,520,757
Korea (South) - 0.9%
Kookmin Bank	44,000		681,642
Kookmin Credit Card Co. Ltd. (a)	21,100		565,499
Samsung Electronics Co. Ltd.	12,530		1,683,930
TOTAL KOREA (SOUTH)			2,931,071
Luxembourg - 0.5%
Espirito Santo Financial Holding SA ADR	64,000		1,024,000
Quilmes Industrial SA sponsored ADR	16,550		165,500
Thiel Logistik AG	17,500		323,437
TOTAL LUXEMBOURG			1,512,937
Mexico - 0.6%
Coca-Cola Femsa SA de CV sponsored ADR	22,400		450,016
Fomento Economico Mexicano SA de CV sponsored ADR	2,600		80,600
Common Stocks - continued
	Shares		Value (Note 1)
Mexico - continued
Grupo Radio Centro SA de CV sponsored ADR	34,900		$ 183,225
Grupo Televisa SA de CV sponsored ADR (a)	12,900		392,805
Telefonos de Mexico SA de CV Series L sponsored ADR	22,500		766,350
TOTAL MEXICO			1,872,996
Netherlands - 7.0%
Akzo Nobel NV	32,300		1,324,506
ASML Holding NV (NY Shares) (a)	60,000		862,800
De Telegraaf Holding NV (Certificaten Van Aandelen)	28,200		422,948
Elsevier NV	97,600		1,134,329
Euronext NV	24,530		409,642
Fugro NV	8,300		424,040
Heineken Holding NV (A Shares)	39,225		1,041,713
Hunter Douglas NV	26,900		611,472
ING Groep NV (Certificaten Van Aandelen)	127,364		3,176,067
Koninklijke Ahold NV	146,381		4,119,427
Koninklijke Boskalis Westminster NV	17,100		475,067
Koninklijke Philips Electronics NV	47,845		1,087,149
OPG Groep NV	9,900		334,218
Rodamco Asia NV	19,803		229,442
Rodamco North America NV	9,610		378,066
STMicroelectronics NV (NY Shares)	21,900		612,543
Unilever NV (NY Shares)	80,500		4,184,390
Vedior NV (Certificaten Van Aandelen)	64,246		589,942
VNU NV	37,400		1,090,887
TOTAL NETHERLANDS			22,508,648
New Zealand - 0.1%
Fletcher Challenge Forests Ltd. (a)	1,655,600		163,487
Norway - 1.6%
DnB Holding ASA	327,600		1,237,672
Gjensidige NOR Sparebank (primary shares certificates)	16,800		471,305
Norsk Hydro AS	39,500		1,505,633
Norske Skogindustrier AS (A Shares)	30,250		472,784
ProSafe ASA (a)	25,850		325,537
Schibsted AS (B Shares)	24,200		216,324
Smedvig ASA (A Shares)	36,100		300,373
Statoil ASA	86,300		596,772
Tandberg ASA (a)	1,200		21,521
TOTAL NORWAY			5,147,921
Common Stocks - continued
	Shares		Value (Note 1)
Panama - 0.6%
Banco Latin Americano de Exporaciones SA (BLADEX) Series E	45,900		$ 1,339,362
Panamerican Beverages, Inc. Class A	31,400		497,376
TOTAL PANAMA			1,836,738
Portugal - 0.2%
Brisa Auto-Estradas de Portugal SA	24,310		216,662
Portugal Telecom SGPS SA (Reg.)	51,000		404,032
TOTAL PORTUGAL			620,694
Russia - 0.2%
YUKOS Corp. sponsored ADR	10,300		549,763
Singapore - 0.4%
DBS Group Holdings Ltd.	72,000		410,639
Fraser & Neave Ltd.	49,000		184,069
Singapore Press Holdings Ltd.	49,000		424,568
Want Want Holdings Ltd.	83,000		146,910
TOTAL SINGAPORE			1,166,186
South Africa - 0.7%
Anglo American Platinum Corp. Ltd.	16,800		548,358
Sappi Ltd.	180,800		1,685,013
TOTAL SOUTH AFRICA			2,233,371
Spain - 3.2%
Actividades de Construccion y Servicios SA (ACS)	6,900		166,164
Altadis SA	26,700		438,669
Amadeus Global Travel Distribution SA Series A	103,597		560,512
Banco Popular Espanol SA (Reg.)	43,376		1,456,537
Banco Santander Central Hispano SA	26,400		203,204
Banco Santander Central Hispano SA ADR	206,900		1,599,337
Cortefiel SA	121,414		655,818
Fomento Construcciones y Contratas SA (FOCSA)	19,000		409,659
Gas Natural SDG SA Series E	35,522		637,975
Grupo Dragados SA	54,100		657,011
Grupo Ferrovial SA	28,571		529,853
Inditex SA	41,900		780,814
Telefonica SA sponsored ADR	59,900		2,124,653
TOTAL SPAIN			10,220,206
Sweden - 2.5%
Capio AB (a)	55,700		349,884
Getinge Industrier AB (B Shares)	39,300		541,632
Investor AB (B Shares)	65,800		641,584
Common Stocks - continued
	Shares		Value (Note 1)
Sweden - continued
Lign Multiwood AB (B Shares) (a)	28,000		$ 9,844
Micronic Laser Systems AB (a)	7,350		66,843
Nobel Biocare AB	39,200		1,488,454
Svenska Cellulosa AB (SCA) (B Shares)	94,700		2,139,742
Svenska Handelsbanken AB (A Shares)	118,449		1,460,332
Swedish Match Co.	257,600		1,328,321
TV 4 AB (A Shares)	5,300		96,896
TOTAL SWEDEN			8,123,532
Switzerland - 4.4%
Baloise Holdings AG (Reg.)	7,550		619,193
Disetronic Holding AG (Reg.)	1,297		980,351
Edipresse SA (Bearer)	1,472		396,401
Inficon Holding AG	7,551		551,109
Julius Baer Holding AG (Bearer)	1,060		323,728
Nestle SA (Reg.)	15,829		3,284,186
Novartis AG (Reg.)	111,821		4,184,989
PubliGroupe SA (Reg.)	365		51,380
Schindler Holding AG (Reg.)	261		358,777
Societe Generale de Surveillance Holding SA (SGS) (Reg.)	779		119,670
Swiss Reinsurance Co. (Reg.)	11,310		1,162,911
Tecan Group AG	9,326		525,690
UBS AG (Reg.)	28,560		1,327,579
Unilabs SA	10,580		301,102
TOTAL SWITZERLAND			14,187,066
Taiwan - 0.7%
Advanced Semiconductor Engineering, Inc.	434,310		220,302
Siliconware Precision Industries Co. Ltd. (a)	479,755		248,916
Taiwan Semiconductor Manufacturing Co. Ltd.	687,960		1,216,393
United Microelectronics Corp.	544,350		448,103
Yuanta Core Pacific Securities Co. Ltd.	350,200		154,291
TOTAL TAIWAN			2,288,005
United Kingdom - 15.0%
Abbey National PLC	44,200		657,992
Aggregate Industries PLC	728,314		922,063
Amdocs Ltd. (a)	18,200		475,202
Anglo American PLC	28,000		358,561
Anglo American PLC ADR	11,805		152,521
Arriva PLC	94,800		402,823
BAA PLC	102,400		818,824
BHP Billiton PLC	222,600		947,488
Common Stocks - continued
	Shares		Value (Note 1)
United Kingdom - continued
Bradford & Bingley PLC	98,100		$ 431,120
British Telecommunications PLC sponsored ADR	19,200		961,728
Cable & Wireless PLC	365,738		1,655,210
Cambridge Antibody Technology Group PLC (a)	16,430		402,148
Capital Radio PLC	45,600		464,500
Carlton Communications PLC	168,100		467,223
Centrica PLC	334,100		1,064,739
Diageo PLC	94,300		942,052
Diageo PLC sponsored ADR	14,100		575,985
Enterprise Inns PLC	50,964		407,895
Fitness First PLC (a)	73,330		453,517
Friends Provident PLC	126,100		335,806
Galen Holdings PLC sponsored ADR	7,600		328,700
GlaxoSmithKline PLC sponsored ADR	91,580		4,881,214
GWR Group PLC	66,800		215,606
HBOS PLC	56,784		640,399
HSBC Holdings PLC (United Kingdom) (Reg.)	76,300		839,452
Informa Group PLC	51,900		128,317
Jarvis PLC	51,700		323,506
Johnson Service Group PLC	77,433		361,141
Kidde PLC	317,000		253,714
Lloyds TSB Group PLC	344,500		3,479,136
London Stock Exchange PLC	139,523		705,543
Maiden Group PLC	65,300		273,956
Matalan PLC	34,200		180,160
Misys PLC	25,900		97,993
Northern Rock PLC	94,400		789,883
Pearson PLC	10,300		123,356
Professional Staff PLC sponsored ADR (a)	30,400		79,040
Prudential PLC	98,400		1,030,980
Reckitt Benckiser PLC	29,000		405,128
Rentokil Initial PLC	292,100		1,052,033
Reuters Group PLC	5,700		53,998
Rio Tinto PLC (Reg.)	51,800		841,234
Royal Bank of Scotland Group PLC	54,400		1,302,229
Safeway PLC	305,846		1,557,735
Scottish Radio Holdings PLC	7,400		89,809
Shell Transport & Trading Co. PLC (Reg.)	253,900		1,885,207
Six Continents PLC	63,300		575,714
SMG PLC	213,929		392,063
Smith & Nephew PLC	237,000		1,333,833
Standard Chartered PLC	50,000		499,861
Common Stocks - continued
	Shares		Value (Note 1)
United Kingdom - continued
Taylor Woodrow PLC	51,944		$ 110,171
Trinity Mirror PLC	209,300		1,203,065
United Business Media PLC	96,387		614,349
Vodafone Group PLC sponsored ADR	371,700		8,593,709
TOTAL UNITED KINGDOM			48,139,631
United States of America - 2.9%
ATMI, Inc. (a)	5,200		99,112
Avon Products, Inc.	4,800		224,784
AVX Corp.	18,200		336,882
Beckman Coulter, Inc.	5,100		216,597
Bristol-Myers Squibb Co.	38,500		2,057,825
Estee Lauder Companies, Inc. Class A	8,400		270,900
Freeport-McMoRan Copper & Gold, Inc. Class B (a)	24,500		271,950
Hollinger International, Inc. Class A	44,800		462,784
Kimberly-Clark Corp.	10,300		571,753
Mettler-Toledo International, Inc. (a)	31,600		1,450,756
Orthofix International NV (a)	30,700		985,470
Pfizer, Inc.	19,400		812,860
Raytheon Co.	10,300		332,175
Synthes-Stratec, Inc. (a)(c)	500		328,834
Thermo Electron Corp.	20,300		429,142
Waters Corp. (a)	10,200		361,998
TOTAL UNITED STATES OF AMERICA			9,213,822
TOTAL COMMON STOCKS (Cost $298,504,093)		275,740,404
Preferred Stocks - 0.3%

Convertible Preferred Stocks - 0.0%
Canada - 0.0%
ITF Optical Technologies, Inc. Series B (e)	857		29,241
Metrophotonics, Inc. Series 2 (e)	8,500		85,000
TOTAL CANADA			114,241
Nonconvertible Preferred Stocks - 0.3%
Germany - 0.3%
Henkel KGaA	12,200		721,916
Preferred Stocks - continued
	Shares		Value (Note 1)
Nonconvertible Preferred Stocks - continued
Germany - continued
Rhoen-Klinikum AG	1,000		$ 45,805
Sanacorp Pharmahandel AG	2,941		41,038
TOTAL GERMANY			808,759
TOTAL PREFERRED STOCKS (Cost $1,030,154)		923,000
Investment Companies - 1.8%

Chile - 0.0%
Five Arrows Chile Investment Trust Ltd.	45,500		9,555
China - 0.1%
China Fund, Inc. (a)	15,100		162,174
Templeton China World Fund, Inc.	23,900		183,552
TOTAL CHINA			345,726
India - 0.1%
India Fund (a)	38,700		332,820
Korea (South) - 0.2%
Korea Fund, Inc.	80,942		841,797
Mexico - 0.3%
Mexico Fund, Inc.	52,600		878,420
Multi-National - 1.0%
Blackrock North American Government Income Trust, Inc.	49,000		510,090
MFS Government Markets Income Trust	95,800		645,692
Morgan Stanley Dean Witter Asia-Pacific Fund, Inc.	56,932		376,890
Strategic Global Income Fund, Inc.	32,200		363,860
Templeton Dragon Fund, Inc.	74,900		524,300
Templeton Global Income Fund, Inc.	102,000		676,260
TOTAL MULTI-NATIONAL			3,097,092
Taiwan - 0.1%
Taiwan Fund, Inc.	24,700		213,655
TOTAL INVESTMENT COMPANIES (Cost $6,470,567)		5,719,065

Nonconvertible Bonds - 0.1%
Moody's Ratings (unaudited) (f)			Principal Amount (g)		Value (Note 1)
France - 0.1%
Eurotunnel Finance Ltd. euro 1% 4/30/40 (d) (Cost $317,282)	-	EUR	240		$ 206,620
Government Obligations - 3.2%

France - 0.8%
French Government 5% 1/12/06	Aaa	EUR	2,860,000		2,699,846
Germany - 0.9%
Germany Federal Republic:
5% 2/17/06	Aaa	EUR	960,000		907,711
6% 1/4/07	Aaa	EUR	1,900,000		1,884,259
TOTAL GERMANY					2,791,970
United States of America - 1.5%
Freddie Mac:
5.25% 1/15/06	Aaa	EUR	2,505,000		2,372,294
5.75% 9/15/10	Aaa	EUR	2,465,000		2,386,405
TOTAL UNITED STATES OF AMERICA					4,758,699
TOTAL GOVERNMENT OBLIGATIONS (Cost $10,156,226)				10,250,515

Money Market Funds - 7.5%
	Shares
Fidelity Cash Central Fund, 2.81% (b) (Cost $23,986,428)	23,986,428		23,986,428
TOTAL INVESTMENT PORTFOLIO - 98.8% (Cost $340,464,750)			316,826,032
NET OTHER ASSETS - 1.2%			3,957,467
NET ASSETS - 100%		$ 320,783,499

Currency Abbreviations
EUR	-	European Monetary Unit

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(d) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
ITF Optical Technologies, Inc. Series B	10/11/00	$ 89,985
Metrophotonics, Inc. Series 2	9/29/00	$ 85,000
OZ Optics Ltd. unit	8/18/00	$ 79,704

(f) S&P credit ratings are used in the absence of a rating by Moody's Investors Service, Inc.

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

Other Information

The fund placed a portion of its portfolio transactions with brokerage firms which
are affiliates of the investment adviser. The commissions paid to these affiliated firms were $7,296 for the period.

Income Tax Information

At October 31, 2001, the fund had a capital loss carryforward of approximately $41,955,000 of which $6,955,000 and $35,000,000 will expire on October 31, 2008 and 2009, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	October 31, 2001
Assets
Investment in securities, at value (including securities loaned of $1,008,800) (cost $340,464,750) - See accompanying schedule		$ 316,826,032
Cash		280,000
Foreign currency held at value (cost $2,949,414)		2,938,566
Receivable for investments sold		2,461,921
Receivable for fund shares sold		1,047,563
Dividends receivable		606,824
Interest receivable		400,900
Other receivables		1,790
Total assets		324,563,596
Liabilities
Payable for investments purchased	$ 1,623,626
Payable for fund shares redeemed	531,888
Accrued management fee	194,158
Distribution fees payable	142,918
Other payables and accrued expenses	147,507
Collateral on securities loaned, at value	1,140,000
Total liabilities		3,780,097
Net Assets		$ 320,783,499
Net Assets consist of:
Paid in capital		$ 388,121,780
Distributions in excess of net investment income		(165,725)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(43,522,857)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(23,649,699)
Net Assets		$ 320,783,499

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

	October 31, 2001
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($38,016,298 ÷ 3,201,683 shares)		$11.87
Maximum offering price per share (100/94.25 of $11.87)		$12.59
Class T: Net Asset Value and redemption price per share ($153,127,790 ÷ 12,978,610 shares)		$11.80
Maximum offering price per share (100/96.50 of $11.80)		$12.23
Class B: Net Asset Value and offering price per share ($42,109,587 ÷ 3,605,983 shares)^A		$11.68
Class C: Net Asset Value and offering price per share ($44,206,415 ÷ 3,783,311 shares)^A		$11.68
Institutional Class: Net Asset Value, offering price and redemption price per share ($43,323,409 ÷ 3,628,634 shares)		$11.94

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Operations

	Year ended October 31, 2001
Investment Income Dividends		$ 5,963,213
Interest		1,677,529
Security lending		12,180
		7,652,922
Less foreign taxes withheld		(657,958)
Total income		6,994,964
Expenses
Management fee	$ 2,280,111
Transfer agent fees	940,637
Distribution fees	1,736,758
Accounting and security lending fees	192,960
Non-interested trustees' compensation	1,096
Custodian fees and expenses	357,019
Registration fees	120,899
Audit	28,501
Legal	4,156
Interest	3,596
Miscellaneous	119,031
Total expenses before reductions	5,784,764
Expense reductions	(149,629)	5,635,135
Net investment income		1,359,829
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities	(34,502,135)
Foreign currency transactions	(89,300)	(34,591,435)
Change in net unrealized appreciation (depreciation) on:
Investment securities	(27,123,770)
Assets and liabilities in foreign currencies	927	(27,122,843)
Net gain (loss)		(61,714,278)
Net increase (decrease) in net assets resulting from operations		$ (60,354,449)

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Year ended October 31, 2001	Year ended October 31, 2000
Increase (Decrease) in Net Assets
Operations Net investment income	$ 1,359,829	$ 1,995,336
Net realized gain (loss)	(34,591,435)	(5,916,494)
Change in net unrealized appreciation (depreciation)	(27,122,843)	(1,529,312)
Net increase (decrease) in net assets resulting from operations	(60,354,449)	(5,450,470)
Distributions to shareholders From net investment income	(4,827,941)	(146,319)
From net realized gain	-	(959,661)
In excess of net realized gain	-	(100,992)
Total distributions	(4,827,941)	(1,206,972)
Share transactions - net increase (decrease)	117,480,781	216,006,366
Total increase (decrease) in net assets	52,298,391	209,348,924
Net Assets
Beginning of period	268,485,108	59,136,184
End of period (including under (over) distribution of net investment income of $(165,725) and $3,949,570, respectively)	$ 320,783,499	$ 268,485,108

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class A

Years ended October 31,	2001	2000	1999^H
Selected Per-Share Data
Net asset value, beginning of period	$ 14.54	$ 13.05	$ 10.00
Income from Investment Operations
Net investment income^E	.10	.22^F	.01
Net realized and unrealized gain (loss)	(2.48)	1.49^G	3.04
Total from investment operations	(2.38)	1.71	3.05
Less Distributions
From net investment income	(.29)	(.03)	-
From net realized gain	-	(.17)	-
In excess of net realized gain	-	(.02)	-
Total distributions	(.29)	(.22)	-
Net asset value, end of period	$ 11.87	$ 14.54	$ 13.05
Total Return^{B, C, D}	(16.69)%	13.13%	30.50%
Ratios to Average Net Assets^I
Expenses before expense reductions	1.50%	1.52%	2.60%^A
Expenses net of voluntary waivers, if any	1.50%	1.52%	2.00%^A
Expenses net of all reductions	1.46%	1.50%	1.97%^A
Net investment income	.77%	1.44%	.05%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 38,016	$ 27,314	$ 3,841
Portfolio turnover rate	84%	87%	78%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of sales charges.

^E Calculated based on average shares outstanding during the period.

^F Investment income per share reflects a special dividend which amounted to $.13 per share.

^H For the period December 17, 1998 (commencement of operations) to October 31, 1999.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class T

Year ended October 31,	2001	2000	1999^H
Selected Per-Share Data
Net asset value, beginning of period	$ 14.46	$ 13.02	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.06	.17^F	(.02)
Net realized and unrealized gain (loss)	(2.46)	1.49^G	3.04
Total from investment operations	(2.40)	1.66	3.02
Less Distributions
From net investment income	(.26)	(.03)	-
From net realized gain	-	(.17)	-
In excess of net realized gain	-	(.02)	-
Total distributions	(.26)	(.22)	-
Net asset value, end of period	$ 11.80	$ 14.46	$ 13.02
Total Return^{B, C, D}	(16.90)%	12.78%	30.20%
Ratios to Average Net Assets^I
Expenses before expense reductions	1.81%	1.82%	2.84%^A
Expenses net of voluntary waivers, if any	1.81%	1.82%	2.25%^A
Expenses net of all reductions	1.76%	1.80%	2.22%^A
Net investment income (loss)	.47%	1.15%	(.20)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 153,128	$ 139,347	$ 32,132
Portfolio turnover rate	84%	87%	78%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of sales charges.

^E Calculated based on average shares outstanding during the period.

^F Investment income per share reflects a special dividend which amounted to $.13 per share.

^H For the period December 17, 1998 (commencement of operations) to October 31, 1999.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class B

Years ended October 31,	2001	2000	1999^H
Selected Per-Share Data
Net asset value, beginning of period	$ 14.33	$ 12.96	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	(.01)	.09^F	(.07)
Net realized and unrealized gain (loss)	(2.44)	1.49^G	3.03
Total from investment operations	(2.45)	1.58	2.96
Less Distributions
From net investment income	(.20)	(.02)	-
From net realized gain	-	(.17)	-
In excess of net realized gain	-	(.02)	-
Total distributions	(.20)	(.21)	-
Net asset value, end of period	$ 11.68	$ 14.33	$ 12.96
Total Return^{B, C, D}	(17.33)%	12.21%	29.60%
Ratios to Average Net Assets^I
Expenses before expense reductions	2.35%	2.36%	3.38%^A
Expenses net of voluntary waivers, if any	2.35%	2.36%	2.75%^A
Expenses net of all reductions	2.30%	2.34%	2.72%^A
Net investment income (loss)	(.07)%	.60%	(.70)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 42,110	$ 43,758	$ 10,839
Portfolio turnover rate	84%	87%	78%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Investment income per share reflects a special dividend which amounted to $.13 per share.

^H For the period December 17, 1998 (commencement of operations) to October 31, 1999.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class C

Years ended October 31,	2001	2000	1999^H
Selected Per-Share Data
Net asset value, beginning of period	$ 14.34	$ 12.96	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	-	.10^F	(.07)
Net realized and unrealized gain (loss)	(2.45)	1.48^G	3.03
Total from investment operations	(2.45)	1.58	2.96
Less Distributions
From net investment income	(.21)	(.01)	-
From net realized gain	-	(.17)	-
In excess of net realized gain	-	(.02)	-
Total distributions	(.21)	(.20)	-
Net asset value, end of period	$ 11.68	$ 14.34	$ 12.96
Total Return^{B, C, D}	(17.33)%	12.21%	29.60%
Ratios to Average Net Assets^I
Expenses before expense reductions	2.28%	2.32%	3.36%^A
Expenses net of voluntary waivers, if any	2.28%	2.32%	2.75%^A
Expenses net of all reductions	2.24%	2.30%	2.72%^A
Net investment income (loss)	(.01)%	.65%	(.70)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 44,206	$ 37,765	$ 8,142
Portfolio turnover rate	84%	87%	78%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Investment income per share reflects a special dividend which amounted to $.13 per share.

^H For the period December 17, 1998 (commencement of operations) to October 31, 1999.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Institutional Class

Years ended October 31,	2001	2000	1999^G
Selected Per-Share Data
Net asset value, beginning of period	$ 14.60	$ 13.08	$ 10.00
Income from Investment Operations
Net investment income^D	.14	.26^E	.03
Net realized and unrealized gain (loss)	(2.48)	1.49^F	3.05
Total from investment operations	(2.34)	1.75	3.08
Less Distributions
From net investment income	(.32)	(.04)	-
From net realized gain	-	(.17)	-
In excess of net realized gain	-	(.02)	-
Total distributions	(.32)	(.23)	-
Net asset value, end of period	$ 11.94	$ 14.60	$ 13.08
Total Return^{B, C}	(16.38)%	13.42%	30.80%
Ratios to Average Net Assets^H
Expenses before expense reductions	1.17%	1.24%	2.34%^A
Expenses net of voluntary waivers, if any	1.17%	1.24%	1.75%^A
Expenses net of all reductions	1.12%	1.22%	1.72%^A
Net investment income	1.11%	1.73%	.30%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 43,323	$ 20,300	$ 4,182
Portfolio turnover rate	84%	87%	78%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Calculated based on average shares outstanding during the period.

^E Investment income per share reflects a special dividend which amounted to $.13 per share.

^G For the period December 17, 1998 (commencement of operations) to October 31, 1999.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended October 31, 2001

1. Significant Accounting Policies.

Annual Report

Notes to Financial Statements - continued

1. Significant Accounting Policies - continued

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.

Distributions to Shareholders. Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class.

In addition, the fund will treat a portion of the proceeds from shares redeemed as a distribution from net investment income and realized gain for income tax purposes.

Annual Report

Notes to Financial Statements - continued

1. Significant Accounting Policies - continued

Distributions to Shareholders - continued

Security Transactions. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost.

2. Operating Policies.

Annual Report

Notes to Financial Statements - continued

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	0%	.25%	$ 84,017	$ 310
Class T	.25%	.25%	761,275	2,227
Class B	.75%	.25%	450,909	338,181
Class C	.75%	.25%	440,557	152,272
			$ 1,736,758	$ 492,990

Annual Report

Notes to Financial Statements - continued

4. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

For the period, sales charge amounts paid to and retained by FDC were as follows:

	Paid to FDC	Retained by FDC
Class A	$ 127,364	$ 35,956
Class T	159,666	44,701
Class B	144,714	144,714*
Class C	26,918	26,918*
	$ 458,662	$ 252,289

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries
through which the sales are made.

	Amount	% of Average Net Assets
Class A	$ 90,602	.27
Class T	489,630	.32
Class B	161,953	.36
Class C	129,989	.29
Institutional Class	68,463	.18
	$ 940,637

Annual Report

Notes to Financial Statements - continued

4. Fees and Other Transactions with Affiliates - continued

5. Committed Line of Credit.

6. Security Lending.

7. Expense Reductions.

Annual Report

Notes to Financial Statements - continued

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Years ended October 31,
	2001	2000
From net investment income
Class A	$ 551,754	$ 10,540
Class T	2,590,097	95,222
Class B	627,919	19,524
Class C	575,744	7,400
Institutional Class	482,427	13,633
Total	$ 4,827,941	$ 146,319
From net realized gain
Class A	$ -	$ 60,373
Class T	-	545,651
Class B	-	167,823
Class C	-	127,217
Institutional Class	-	58,597
Total	$ -	$ 959,661
In excess of net realized gain
Class A	$ -	$ 6,354
Class T	-	57,423
Class B	-	17,661
Class C	-	13,388
Institutional Class	-	6,166
Total	$ -	$ 100,992
	$ 4,827,941	$ 1,206,972

Annual Report

Notes to Financial Statements - continued

9. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Year ended October 31,	Year ended October 31,	Year ended October 31,	Year ended October 31,
	2001	2000	2001	2000
Class A Shares sold	3,387,612	2,673,616	$ 45,588,732	$ 41,659,349
Reinvestment of distributions	37,104	5,306	526,509	75,782
Shares redeemed	(2,101,920)	(1,094,417)	(28,467,839)	(16,670,468)
Net increase (decrease)	1,322,796	1,584,505	$ 17,647,402	$ 25,064,663
Class T Shares sold	9,210,564	9,883,624	$ 122,360,251	$ 151,684,553
Reinvestment of distributions	175,695	47,912	2,484,325	682,269
Shares redeemed	(6,042,391)	(2,764,761)	(79,327,412)	(42,543,275)
Net increase (decrease)	3,343,868	7,166,775	$ 45,517,164	$ 109,823,547
Class B Shares sold	1,395,596	2,519,471	$ 18,423,386	$ 38,521,267
Reinvestment of distributions	36,461	12,633	513,003	179,135
Shares redeemed	(878,951)	(315,547)	(11,159,433)	(4,887,648)
Net increase (decrease)	553,106	2,216,557	$ 7,776,956	$ 33,812,754
Class C Shares sold	2,208,118	2,428,332	$ 29,315,617	$ 37,048,372
Reinvestment of distributions	31,036	8,632	436,672	122,491
Shares redeemed	(1,088,716)	(432,373)	(14,174,749)	(6,560,662)
Net increase (decrease)	1,150,438	2,004,591	$ 15,577,540	$ 30,610,201
Institutional Class Shares sold	3,772,160	1,314,105	$ 51,467,764	$ 20,387,308
Reinvestment of distributions	22,940	4,808	326,434	68,755
Shares redeemed	(1,556,853)	(248,303)	(20,832,479)	(3,760,862)
Net increase (decrease)	2,238,247	1,070,610	$ 30,961,719	$ 16,695,201

Annual Report

Report of Independent Accountants

To the Trustees of Fidelity Advisor Series VIII and the Shareholders of Fidelity Advisor Diversified International Fund:

/s/PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP

Boston, Massachusetts
December 10, 2001

Annual Report

Distributions

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

	Pay Date	Income	Taxes
Class A	12/11/00	$.265	$.016
Class T	12/11/00	$.239	$.016
Class B	12/11/00	$.187	$.016
Class C	12/11/00	$.196	$.016
Institutional Class	12/11/00	$.291	$.016

The fund will notify shareholders in January 2002 of amounts for use in preparing 2001 income tax returns.

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity International
Investment Advisors

Fidelity Investments Japan Limited

Fidelity International Investment Advisors (U.K.) Limited

Officers

Edward C. Johnson 3d, President

Abigail P. Johnson, Senior Vice President

Phillip L. Bullen, Vice President

Robert A. Lawrence, Vice President

William Bower, Vice President

Eric D. Roiter, Secretary

Robert A. Dwight, Treasurer

Maria F. Dwyer, Deputy Treasurer

John H. Costello, Assistant Treasurer

Paul F. Maloney, Assistant Treasurer

Thomas J. Simpson, Assistant Treasurer

Board of Trustees

J. Michael Cook *

Ralph F. Cox *

Phyllis Burke Davis *

Robert M. Gates *

Abigail P. Johnson

Edward C. Johnson 3d

Donald J. Kirk *

Marie L. Knowles *

Ned C. Lautenbach *

Peter S. Lynch

Marvin L. Mann *

William O. McCoy *

William S. Stavropoulos *

Advisory Board

Robert C. Pozen

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Custodian

State Street Bank and Trust Company

Quincy, MA

* Independent trustees

Annual Report

Fidelity Advisor Aggressive Growth Fund

Fidelity Advisor Asset Allocation Fund

Fidelity Advisor Balanced Fund

Fidelity Advisor Biotechnology Fund

Fidelity Advisor Consumer Industries Fund

Fidelity Advisor Cyclical Industries Fund

Fidelity Advisor Developing Communications Fund

Fidelity Advisor Diversified International Fund

Fidelity Advisor Dividend Growth Fund

Fidelity Advisor Dynamic Capital Appreciation Fund

Fidelity Advisor Electronics Fund

Fidelity Advisor Emerging Asia Fund

Fidelity Advisor Emerging Markets Income Fund

Fidelity Advisor Equity Growth Fund

Fidelity Advisor Equity Income Fund

Fidelity Advisor Equity Value Fund

Fidelity Advisor Europe Capital Appreciation Fund

Fidelity Advisor Fifty Fund

Fidelity Advisor Financial Services Fund

Fidelity Advisor Floating Rate High Income Fund

Fidelity Advisor Global Equity Fund

Fidelity Advisor Government Investment Fund

Fidelity Advisor Growth & Income Fund

Fidelity Advisor Growth Opportunities

Fidelity Advisor Health Care Fund

Fidelity Advisor High Income Fund

Fidelity Advisor High Yield Fund

Fidelity Advisor Intermediate Bond Fund

Fidelity Advisor International Capital Appreciation Fund

Fidelity Advisor Japan Fund

Fidelity Advisor Korea Fund

Fidelity Advisor Large Cap Fund

Fidelity Advisor Latin America Fund

Fidelity Advisor Leveraged Company Stock Fund

Fidelity Advisor Mid Cap Fund

Fidelity Advisor Mortgage Securities Fund

Fidelity Advisor Municipal Income Fund

Fidelity Advisor Natural Resources Fund

Fidelity Advisor Overseas Fund

Fidelity Advisor Short Fixed-Income Fund

Fidelity Advisor Small Cap Fund

Fidelity Advisor Strategic Income Fund

Fidelity Advisor Technology Fund

Fidelity Advisor TechnoQuant® Growth Fund

Fidelity Advisor Telecommunications & Utilities Growth Fund

Fidelity Advisor Value Strategies Fund

Prime Fund

Tax-Exempt Fund

Treasury Fund

ADIFI-ANN-1201 149824
1.728710.102

(Fidelity Investment logo)(registered trademark)

Fidelity® Advisor

Europe Capital Appreciation

Fund - Class A, Class T, Class B
and Class C

Annual Report

October 31, 2001

(2_fidelity_logos)

President's Message	3	Ned Johnson on investing strategies.
Performance	4	How the fund has done over time.
Fund Talk	12	The manager's review of fund performance, strategy and outlook.
Investment Changes	15	A summary of major shifts in the fund's investments over the past six months.
Investments	16	A complete list of the fund's investments with their market values.
Financial Statements	20	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	29	Notes to the financial statements.
Independent Auditors' Report	36	The auditors' opinion.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic) This report is printed on recycled paper using soy-based inks.

Neither the fund nor Fidelity Distributors Corporation is a bank.

For more information on any Fidelity Advisor fund, including charges and expenses, contact your investment professional for a free prospectus. Read it carefully before you invest or send money.

Annual Report

President's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

While it's impossible to predict the future direction of the markets with any degree of certainty, there are certain basic principles that can help investors plan for their future needs.

Remember to contact your investment professional if you need help with your investments.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Fidelity Advisor Europe Capital Appreciation Fund - Class A

Performance: The Bottom Line

Cumulative Total Returns

Periods ended October 31, 2001	Past 1 year	Life of fund
Fidelity Adv Europe Cap App - CL A	-19.14%	-9.76%
Fidelity Adv Europe Cap App - CL A (incl. 5.75% sales charge)	-23.79%	-14.95%
MSCI Europe	-22.61%	-16.40%
European Region Funds Average	-25.89%	n/a*

Cumulative total returns show Class A's performance in percentage terms over a set period - in this case, one year or since the fund started on December 17, 1998. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare Class A's returns to the performance of the Morgan Stanley Capital International^SM Europe Index (MSCI Europe) - a market capitalization-weighted index that is designed to represent the performance of developed stock markets in Europe. As of October 31, 2001, the index included over 500 equity securities of countries domiciled in 15 European countries. To measure how Class A's performance stacked up against its peers, you can compare it to the European region funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past one year average represents a peer group of 172 mutual funds. These benchmarks include reinvested dividends and capital gains, if any, and exclude the effect of sales charges.

Average Annual Total Returns

Periods ended October 31, 2001	Past 1 year	Life of fund
Fidelity Adv Europe Cap App - CL A	-19.14%	-3.51%
Fidelity Adv Europe Cap App - CL A (incl. 5.75% sales charge)	-23.79%	-5.48%
MSCI Europe	-22.61%	-6.04%
European Region Funds Average	-25.89%	n/a*

Average annual total returns take Class A shares' cumulative return and show you what would have happened if Class A shares had performed at a constant rate each year.

* Not available

Annual Report

$10,000 Over Life of Fund

$10,000 Over Life of Fund: Let's say hypothetically that $10,000 was invested in Fidelity Advisor Europe Capital Appreciation Fund - Class A on December 17, 1998, when the fund started, and the current 5.75% sales charge was paid. As the chart shows, by October 31, 2001, the value of the investment would have been $8,505 - a 14.95% decrease on the initial investment. For comparison, look at how the MSCI Europe Index did over the same period. With dividends reinvested, the same $10,000 would have been $8,360 -
a 16.40% decrease.

Understanding
Performance

Annual Report

Fidelity Advisor Europe Capital Appreciation Fund - Class T

Performance: The Bottom Line

Cumulative Total Returns

Periods ended October 31, 2001	Past 1 year	Life of fund
Fidelity Adv Europe Cap App - CL T	-19.30%	-10.34%
Fidelity Adv Europe Cap App - CL T (incl. 3.50% sales charge)	-22.12%	-13.48%
MSCI Europe	-22.61%	-16.40%
European Region Funds Average	-25.89%	n/a*

Cumulative total returns show Class T's performance in percentage terms over a set period - in this case, one year or since the fund started on December 17, 1998. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare Class T's returns to the performance of the Morgan Stanley Capital International Europe Index (MSCI Europe) - a market capitalization-weighted index that is designed to represent the performance of developed stock markets in Europe. As of October 31, 2001, the index included over 500 equity securities of countries domiciled in 15 European countries. To measure how Class T's performance stacked up against its peers, you can compare it to the European region funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past one year average represents a peer group of 172 mutual funds. These benchmarks include reinvested dividends and capital gains, if any, and exclude the effect of sales charges.

Average Annual Total Returns

Periods ended October 31, 2001	Past 1 year	Life of fund
Fidelity Adv Europe Cap App - CL T	-19.30%	-3.73%
Fidelity Adv Europe Cap App - CL T (incl. 3.50% sales charge)	-22.12%	-4.91%
MSCI Europe	-22.61%	-6.04%
European Region Funds Average	-25.89%	n/a*

Average annual total returns take Class T shares' cumulative return and show you what would have happened if Class T shares had performed at a constant rate each year.

* Not available

Annual Report

$10,000 Over Life of Fund

$10,000 Over Life of Fund: Let's say hypothetically that $10,000 was invested in Fidelity Advisor Europe Capital Appreciation Fund - Class T on December 17, 1998, when the fund started, and the current 3.50% sales charge was paid. As the chart shows, by October 31, 2001, the value of the investment would have been $8,652 - a 13.48% decrease on the initial investment. For comparison, look at how the MSCI Europe Index did over the same period. With dividends reinvested, the same $10,000 would have been $8,360 -
a 16.40% decrease.

Understanding
Performance

Annual Report

Fidelity Advisor Europe Capital Appreciation Fund - Class B

Performance: The Bottom Line

Cumulative Total Returns

Periods ended October 31, 2001	Past 1 year	Life of fund
Fidelity Adv Europe Cap App - CL B	-19.75%	-11.80%
Fidelity Adv Europe Cap App - CL B (incl. contingent deferred sales charge)	-23.76%	-14.45%
MSCI Europe	-22.61%	-16.40%
European Region Funds Average	-25.89%	n/a*

Cumulative total returns show Class B's performance in percentage terms over a set period - in this case, one year or since the fund started on December 17, 1998. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare Class B's returns to the performance of the Morgan Stanley Capital International Europe Index (MSCI Europe) - a market capitalization-weighted index that is designed to represent the performance of developed stock markets in Europe. As of October 31, 2001, the index included over 500 equity securities of countries domiciled in 15 European countries. To measure how Class B's performance stacked up against its peers, you can compare it to the European region funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past one year average represents a peer group of 172 mutual funds. These benchmarks include reinvested dividends and capital gains, if any, and exclude the effect of sales charges.

Average Annual Total Returns

Periods ended October 31, 2001	Past 1 year	Life of fund
Fidelity Adv Europe Cap App - CL B	-19.75%	-4.27%
Fidelity Adv Europe Cap App - CL B (incl. contingent deferred sales charge)	-23.76%	-5.28%
MSCI Europe	-22.61%	-6.04%
European Region Funds Average	-25.89%	n/a*

Average annual total returns take Class B shares' cumulative return and show you what would have happened if Class B shares had performed at a constant rate each year.

* Not available

Annual Report

$10,000 Over Life of Fund

$10,000 Over Life of Fund: Let's say hypothetically that $10,000 was invested in Fidelity Advisor Europe Capital Appreciation Fund - Class B on December 17, 1998, when the fund started. As the chart shows, by October 31, 2001, the value of the investment, including the effect of the applicable contingent deferred sales charge, would have been $8,555 - a 14.45% decrease on the initial investment. For comparison, look at how the MSCI Europe Index did over the same period. With dividends reinvested, the same $10,000 would have been $8,360 -
a 16.40% decrease.

Understanding
Performance

Annual Report

Fidelity Advisor Europe Capital Appreciation Fund - Class C

Performance: The Bottom Line

Cumulative Total Returns

Periods ended October 31, 2001	Past 1 year	Life of fund
Fidelity Adv Europe Cap App - CL C	-19.71%	-11.60%
Fidelity Adv Europe Cap App - CL C (incl. contingent deferred sales charge)	-20.51%	-11.60%
MSCI Europe	-22.61%	-16.40%
European Region Funds Average	-25.89%	n/a*

Cumulative total returns show Class C's performance in percentage terms over a set period - in this case, one year or since the fund started on December 17, 1998. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare Class C's returns to the performance of the Morgan Stanley Capital International Europe Index (MSCI Europe) - a market capitalization-weighted index that is designed to represent the performance of developed stock markets in Europe. As of October 31, 2001, the index included over 500 equity securities of countries domiciled in 15 European countries. To measure how Class C's performance stacked up against its peers, you can compare it to the European region funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past one year average represents a peer group of 172 mutual funds. These benchmarks include reinvested dividends and capital gains, if any, and exclude the effect of sales charges.

Average Annual Total Returns

Periods ended October 31, 2001	Past 1 year	Life of fund
Fidelity Adv Europe Cap App - CL C	-19.71%	-4.20%
Fidelity Adv Europe Cap App - CL C (incl. contingent deferred sales charge)	-20.51%	-4.20%
MSCI Europe	-22.61%	-6.04%
European Region Funds Average	-25.89%	n/a*

Average annual total returns take Class C shares' cumulative return and show you what would have happened if Class C shares had performed at a constant rate each year.

* Not available

Annual Report

$10,000 Over Life of Fund

$10,000 Over Life of Fund: Let's say hypothetically that $10,000 was invested in Fidelity Advisor Europe Capital Appreciation Fund - Class C on December 17, 1998, when the fund started. As the chart shows, by October 31, 2001, the value of the investment would have been $8,840 - an 11.60% decrease on the initial investment. For comparison, look at how the MSCI Europe Index did over the same period. With dividends reinvested, the same $10,000 would have been $8,360 - a 16.40% decrease.

Understanding
Performance

Annual Report

Fund Talk: The Manager's Overview

Market Recap

Investors looking beyond U.S. borders for less-volatile, better-
performing equity opportunities during the past year may as well have been looking in a mirror, for the majority of overseas stock markets were merely a reflection
of domestic performance. In fact, the returns of many international equity indexes were nearly identical to popular U.S. stock market benchmarks. For instance, the Morgan Stanley Capital International (MSCI) EAFE^® Index - which tracks the performance of stock markets in Europe, Australasia and the Far East - declined 24.75% during the 12-month period ending October 31, 2001, while the U.S. based Standard & Poor's 500^SM Index fell 24.90%. At the same time, the MSCI All Country Asia Free ex Japan Index -
an index of over 450 stocks traded in 11 emerging Asian markets, excluding Japan - fell 24.84%. The slowdown of the U.S. economy to near-recessionary levels had far-reaching ramifications. For Japan, the effect was particularly harsh. Already mired in its own economic slump, the nation's significant lull in exports to the U.S. contributed to the 30.97% decline of the Tokyo Stock Exchange Index (TOPIX) during the past year. Japan's and Europe's technology, media and telecommunications
(TMT) industries suffered heavy losses. In fact, not one single technology or telecom company was in the MSCI EAFE's list of top 50 contributors during the one-year period.

(Portfolio Manager photograph)
An interview with Ian Hart, Portfolio Manager of Fidelity Advisor Europe Capital Appreciation Fund

Q. How did the fund perform, Ian?

A. For the 12-month period that ended October 31, 2001, the fund's Class A, Class T, Class B and Class C shares returned -19.14%, -19.30%, -19.75% and -19.71%, respectively. By comparison, the Morgan Stanley Capital International Europe Index posted a total return of -22.61% for the same period, while the European funds average, as tracked by Lipper Inc., returned -25.89%.

Q. It obviously was tough finding strong performance anywhere during the period. So how was the fund able to outperform its benchmarks?

A. Indeed it was a discouraging time to find strong absolute performers. The European economies saw a severe downturn similar to that experienced in the U.S. and elsewhere around the world. Contrary to expectations of a year ago, economic growth ground to a virtual halt, and the stock markets followed that downtick in economic fundamentals as corporate earnings growth also fell significantly. This downturn was further exacerbated by generally high and unrealistic valuations in a number of sectors. Against this backdrop, the fund was able to produce stronger returns than its benchmarks mainly as a result of favorable stock picking, rather than any major sector bet or defensive strategy. I found relative strength in a variety of individual names from a variety of different sectors. My ongoing strategy is to own stocks where the fundamentals remain relatively strong and, more importantly, where market valuations are attractive.

Annual Report

Fund Talk: The Manager's Overview - continued

Q. Were there particular sectors where you found strength?

A. I try to be sector-agnostic in my investment approach. I look for good names with good stories and buy stocks that show earnings growth potential that I believe is under-appreciated by the market. That said, there were some specific sectors in which I found strength - in consumer staples, for example, as well as in financials - but again, these positive contributions came more as a result of favorable stock selection than sector weightings. By the same token, performance also benefited from remaining generally underweighted in the technology and telecommunications sectors, where neither fundamentals nor valuations worked in my favor.

Q. Which individual stocks did the most to help performance?

A. There were a number of positive contributors in the consumer arena, among them Castorama Dubois, the Anglo-French do-it-yourself retailer; Altadis, the Franco-Spanish cigarette company; Pernod-Ricard, the French spirits company; and Boots, the U.K.'s leading health and personal care products retailer. Marks & Spencer, the U.K. department store retailer that I considered significantly undervalued, experienced a remarkable turnaround and saw its share price sharply rerated - assigned a higher value - as the company began to deliver on its restructuring plan. Wella, the German hair care company, also performed a good deal better than the market expected. The stock was sold after it had a fantastic run from a depressed base. Among financial sector stocks, the U.K.'s Lloyds TSB Group and France's BNP Paribas - both top five holdings - were able to grow in spite of the poor economic backdrop in Europe. In addition, as proof that it's possible to find good stories almost anywhere, the fund benefited from owning FAG Kugelfischer, a German ball bearings company, which was acquired by another company at a substantial premium during the period.

Q. Were there any particular disappointments?

A. There were a variety of different names with disappointing performance, but really no particular standouts, nor any major blow-ups. The weakest areas of the portfolio continued to be in the mobile telephony and telecommunications equipment sectors, which continued to disappoint the markets based on slowing growth rates and still excessive valuations. The fund's four worst performers on an absolute basis were all telecom-related picks, specifically U.K.-based Vodafone, Finland's Nokia, France-based Alcatel, and Sweden's Ericsson, which is no longer held in the fund.

Annual Report

Fund Talk: The Manager's Overview - continued

Q. What's your near-term outlook, Ian?

A. Although current economic fundamentals are very weak, I am encouraged by the fiscal and monetary policy responses on both sides of the Atlantic. I am looking to take advantage of near-term uncertainty in order to gain exposure to companies that offer the potential for superior earnings growth over the longer term. I also will look to limit portfolio turnover to a reasonable level, which is currently well below that of the peer group.

Fund Facts

Goal: long-term growth of capital by investing mainly in equity securities of European issuers

Start date: December 17, 1998

Size: as of October 31, 2001, more than $24 million

Manager: Ian Hart, since 2000; international equity analyst, 1997-2000; European equity analyst in the U.K., 1994-1997; joined Fidelity in 1994

Ian Hart talks about his approach to managing Fidelity Advisor Europe Capital Appreciation Fund:

"This is a diversified, go-anywhere fund that is both sector-agnostic and style-agnostic. By that I mean I don't pursue investments for the fund based on how a particular sector is performing, or on whether growth or value is the hottest style at a given time. As such, I rely heavily on individual stock picking to differentiate it from other funds in its peer group. This strategy was particularly helpful during the past 12 months. Stock selection also helps determine how the fund will perform relative to its benchmark, the Morgan Stanley Capital International Europe Index, which tracks the stocks of a diversified group of European companies. This is where Fidelity's intensive research approach adds considerable value.

"I am very fortunate to have access to a top global research team, based here in Boston as well as in Europe, to help me identify the good stories and new ideas that will add value to the fund. These research analysts also are of enormous assistance in contributing to the rigorous due diligence that's done with all of the individual stocks that may be of interest to us."

Annual Report

Investment Changes

Top Five Stocks as of October 31, 2001
	% of fund's net assets	% of fund's net assets 6 months ago
TotalFinaElf SA Class B (France, Oil & Gas)	4.6	6.8
Lloyds TSB Group PLC (United Kingdom, Banks)	4.5	2.9
BNP Paribas SA (France, Banks)	4.0	3.4
Altadis SA (Spain, Tobacco)	3.8	1.6
GlaxoSmithKline PLC (United Kingdom, Pharmaceuticals)	3.4	2.1
	20.3
Top Five Market Sectors as of October 31, 2001
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	28.8	23.4
Consumer Discretionary	19.7	18.7
Consumer Staples	15.5	11.9
Health Care	15.0	10.1
Energy	6.6	13.1
Top Five Countries as of October 31, 2001
(excluding cash equivalents)	% of fund's net assets	% of fund's net assets 6 months ago
United Kingdom	33.4	23.3
France	19.7	21.9
Germany	10.2	11.0
Switzerland	9.2	6.8
Netherlands	8.1	10.5

Percentages are adjusted for the effect of open futures contracts, if applicable.

Asset Allocation (% of fund's net assets)
As of October 31, 2001		As of April 30, 2001
	Stocks 99.6%		Stocks 95.1%
	Short-Term Investments and Net Other Assets 0.4%		Short-Term Investments and Net Other Assets 4.9%

Annual Report

Investments October 31, 2001

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares		Value (Note 1)
Belgium - 1.5%
Delhaize Freres & Compagnie Le Lion SA	4,500		$ 247,119
KBC Bancassurance Holding NV	4,500		123,559
TOTAL BELGIUM			370,678
Denmark - 1.5%
Bang & Olufsen AS Series B	3,500		63,283
Danske Bank AS	9,600		142,227
Novo-Nordisk AS Series B	3,696		149,969
TOTAL DENMARK			355,479
Finland - 2.0%
Nokia Corp.	22,840		468,448
France - 19.7%
Alcatel SA (RFD)	5,694		85,011
Aventis SA (France)	4,300		314,545
AXA SA de CV	9,496		207,735
BNP Paribas SA	11,523		958,519
Castorama Dubois Investissements SA	5,959		283,787
ILOG SA sponsored ADR (a)	21,300		170,400
Pernod-Ricard	7,900		552,956
Sanofi-Synthelabo SA	5,100		336,311
SEB SA	12,300		620,092
TotalFinaElf SA Class B	8,017		1,118,212
Valeo SA	2,400		82,103
TOTAL FRANCE			4,729,671
Germany - 10.2%
Allianz AG (Reg.)	1,333		314,169
Deutsche Boerse AG	5,576		193,011
Deutsche Lufthansa AG (Reg.)	26,900		283,336
Fresenius Medical Care AG	2,200		136,400
Fresenius Medical Care AG sponsored ADR	1		21
Gehe AG	7,700		288,368
Hochtief AG	4,700		57,967
Infineon Technologies AG	6,300		94,999
Karstadt Quelle AG	13,300		427,448
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	1,332		351,946
Schering AG	4,675		241,367
Zapf Creation AG	2,900		70,490
TOTAL GERMANY			2,459,522
Common Stocks - continued
	Shares		Value (Note 1)
Greece - 0.1%
Antenna TV SA sponsored ADR (a)	7,900		$ 29,625
Ireland - 0.5%
Independent News & Media PLC (Ireland)	80,800		128,750
Italy - 3.0%
Banca Nazionale del Lavoro (BNL)	160,300		353,127
Intesabci Spa	59,450		139,098
Telecom Italia Mobile Spa	25,300		138,047
Telecom Italia Spa	11,900		99,159
TOTAL ITALY			729,431
Netherlands - 8.1%
Hunter Douglas NV	5,600		127,295
ING Groep NV (Certificaten Van Aandelen)	14,381		358,618
Koninklijke Ahold NV	5,802		163,279
Koninklijke KPN NV	10,300		39,872
Koninklijke Philips Electronics NV	13,764		312,750
Laurus NV (a)	72,600		289,537
Randstad Holdings NV	8,000		99,820
Royal Dutch Petroleum Co. (Hague Registry)	9,700		489,947
Wegener NV	9,300		66,811
TOTAL NETHERLANDS			1,947,929
South Africa - 1.2%
Harmony Gold Mining Co. Ltd.	48,300		280,317
Spain - 7.8%
Altadis SA	55,700		915,127
Banco Santander Central Hispano SA	48,960		376,852
Corporacion Mapfre Compania Internacional de Reaseguros SA (Reg.)	30,300		165,575
Cortefiel SA	18,000		97,227
Sol Melia SA	30,600		207,985
Telefonica SA (a)	9,523		114,365
TOTAL SPAIN			1,877,131
Sweden - 1.4%
Electrolux AB (B Shares)	28,001		336,030
Switzerland - 9.2%
Barry Callebaut AG	1,060		104,449
Credit Suisse Group (Reg.)	14,584		532,875
Novartis AG (Reg.)	14,577		545,556
Roche Holding AG (participation certificate)	4,600		318,838
Common Stocks - continued
	Shares		Value (Note 1)
Switzerland - continued
UBS AG (Reg.)	11,969		$ 556,365
Zurich Financial Services AG	623		142,605
TOTAL SWITZERLAND			2,200,688
United Kingdom - 33.4%
AstraZeneca PLC (United Kingdom)	6,400		288,704
Avis Europe PLC	47,500		80,354
Barclays PLC	9,600		289,177
Boots Co. PLC	18,020		158,647
British Airways PLC	94,600		205,116
British Land Co. PLC	55,000		356,160
British Telecommunications PLC	46,900		234,922
Carlton Communications PLC	146,900		408,299
Diageo PLC	45,800		457,540
EMAP PLC	29,600		287,303
F. I. Group PLC	14,200		62,570
GlaxoSmithKline PLC	30,625		816,156
Johnston Press PLC	22,100		95,869
Lloyds TSB Group PLC	108,200		1,092,721
Logica PLC	8,600		93,110
Lonmin PLC	7,600		87,370
Marks & Spencer PLC	61,100		255,180
Prudential PLC	27,400		287,082
SMG PLC	102,300		187,483
Somerfield PLC (a)	155,200		232,622
SSL International PLC	22,000		166,475
Trinity Mirror PLC	115,100		661,599
Unilever PLC	82,500		599,156
Vodafone Group PLC	275,910		637,906
TOTAL UNITED KINGDOM			8,041,521
TOTAL COMMON STOCKS (Cost $26,067,805)		23,955,220
Money Market Funds - 0.1%
	Shares		Value (Note 1)
Fidelity Cash Central Fund, 2.81% (b) (Cost $26,293)	26,293		$ 26,293
TOTAL INVESTMENT PORTFOLIO - 99.7% (Cost $26,094,098)			23,981,513
NET OTHER ASSETS - 0.3%			64,501
NET ASSETS - 100%		$ 24,046,014

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

Other Information

Purchases and sales of securities,
other than short-term securities,
aggregated $26,385,823 and $30,580,744, respectively.

Income Tax Information

At October 31, 2001, the aggregate cost
of investment securities for income tax purposes was $26,433,087. Net unrealized depreciation aggregated $2,451,574, of which $1,535,220 related to appreciated investment securities and $3,986,794 related to depreciated investment securities.

At October 31, 2001, the fund had a capital loss carryforward of approximately $3,553,000 of which $635,000 and $2,918,000 will expire on October 31, 2007 and 2009, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	October 31, 2001
Assets
Investment in securities, at value (cost $26,094,098) - See accompanying schedule		$ 23,981,513
Receivable for investments sold		281,966
Receivable for fund shares sold		9,073
Dividends receivable		71,985
Interest receivable		1,529
Total assets		24,346,066
Liabilities
Payable for investments purchased	$ 151,465
Payable for fund shares redeemed	85,443
Accrued management fee	4,510
Distribution fees payable	13,986
Other payables and accrued expenses	44,648
Total liabilities		300,052
Net Assets		$ 24,046,014
Net Assets consist of:
Paid in capital		$ 30,061,602
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(3,903,886)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(2,111,702)
Net Assets		$ 24,046,014

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

	October 31, 2001
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($2,577,383 ÷ 286,400 shares)		$9.00
Maximum offering price per share (100/94.25 of $9.00)		$9.55
Class T: Net Asset Value and redemption price per share ($9,749,105 ÷ 1,089,225 shares)		$8.95
Maximum offering price per share (100/96.50 of $8.95)		$9.27
Class B: Net Asset Value and offering price per share ($6,506,997 ÷ 737,390 shares)^A		$8.82
Class C: Net Asset Value and offering price per share ($4,392,874 ÷ 497,158 shares)^A		$8.84
Institutional Class: Net Asset Value, offering price and redemption price per share ($819,655 ÷ 90,533 shares)		$9.05

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Operations

	Year ended October 31, 2001
Investment Income Dividends		$ 686,326
Interest		81,475
		767,801
Less foreign taxes withheld		(91,191)
Total income		676,610
Expenses
Management fee	$ 235,905
Transfer agent fees	128,728
Distribution fees	218,933
Accounting fees and expenses	61,538
Non-interested trustees' compensation	118
Custodian fees and expenses	50,677
Registration fees	73,309
Audit	34,427
Legal	528
Miscellaneous	26,369
Total expenses before reductions	830,532
Expense reductions	(63,227)	767,305
Net investment income (loss)		(90,695)
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities	(3,110,179)
Foreign currency transactions	11,410	(3,098,769)
Change in net unrealized appreciation (depreciation) on:
Investment securities	(3,701,488)
Assets and liabilities in foreign currencies	5,239	(3,696,249)
Net gain (loss)		(6,795,018)
Net increase (decrease) in net assets resulting from operations		$ (6,885,713)

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Year ended October 31, 2001	Year ended October 31, 2000
Increase (Decrease) in Net Assets
Operations Net investment income (loss)	$ (90,695)	$ (180,893)
Net realized gain (loss)	(3,098,769)	49,809
Change in net unrealized appreciation (depreciation)	(3,696,249)	(22,461)
Net increase (decrease) in net assets resulting from operations	(6,885,713)	(153,545)
Distributions to shareholders from net investment income	-	(30,237)
Share transactions - net increase (decrease)	(4,517,634)	12,733,299
Total increase (decrease) in net assets	(11,403,347)	12,549,517
Net Assets
Beginning of period	35,449,361	22,899,844
End of period (including over distribution of net investment income of $0 and $5,530, respectively)	$ 24,046,014	$ 35,449,361

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class A

Years ended October 31,	2001	2000	1999^F
Selected Per-Share Data
Net asset value, beginning of period	$ 11.13	$ 10.56	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.01	(.02)	.05
Net realized and unrealized gain (loss)	(2.14)	.62	.51
Total from investment operations	(2.13)	.60	.56
Less Distributions
From net investment income	-	(.03)	-
Net asset value, end of period	$ 9.00	$ 11.13	$ 10.56
Total Return ^{B, C, D}	(19.14)%	5.67%	5.60%
Ratios to Average Net Assets ^G
Expenses before expense reductions	2.16%	1.97%	3.52% ^A
Expenses net of voluntary waivers, if any	2.00%	1.97%	2.00% ^A
Expenses net of all reductions	1.95%	1.93%	1.96% ^A
Net investment income (loss)	.14%	(.14)%	.56% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,577	$ 3,501	$ 2,060
Portfolio turnover rate	85%	151%	164% ^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of sales charges.

^E Calculated based on average shares outstanding during the period.

^F For the period December 17, 1998 (commencement of operations) to October 31, 1999.

^G Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of voluntary waivers reflects expenses after reimbursements by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class T

Years ended October 31,	2001	2000	1999^F
Selected Per-Share Data
Net asset value, beginning of period	$ 11.09	$ 10.54	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	(.01)	(.05)	.03
Net realized and unrealized gain (loss)	(2.13)	.62	.51
Total from investment operations	(2.14)	.57	.54
Less Distributions
From net investment income	-	(.02)	-
Net asset value, end of period	$ 8.95	$ 11.09	$ 10.54
Total Return^{B, C, D}	(19.30)%	5.40%	5.40%
Ratios to Average Net Assets^G
Expenses before expense reductions	2.40%	2.24%	3.72%^A
Expenses net of voluntary waivers, if any	2.25%	2.24%	2.25%^A
Expenses net of all reductions	2.19%	2.20%	2.21%^A
Net investment income (loss)	(.10)%	(.41)%	.31%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 9,749	$ 15,505	$ 12,343
Portfolio turnover rate	85%	151%	164%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of sales charges.

^E Calculated based on average shares outstanding during the period.

^F For the period December 17, 1998 (commencement of operations) to October 31, 1999.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class B

Years ended October 31,	2001	2000	1999^F
Selected Per-Share Data
Net asset value, beginning of period	$ 10.99	$ 10.48	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	(.06)	(.11)	(.02)
Net realized and unrealized gain (loss)	(2.11)	.62	.50
Total from investment operations	(2.17)	.51	.48
Net asset value, end of period	$ 8.82	$ 10.99	$ 10.48
Total Return^{B, C, D}	(19.75)%	4.87%	4.80%
Ratios to Average Net Assets^G
Expenses before expense reductions	2.95%	2.81%	4.29%^A
Expenses net of voluntary waivers, if any	2.75%	2.75%	2.75%^A
Expenses net of all reductions	2.70%	2.71%	2.71%^A
Net investment income (loss)	(.61)%	(.91)%	(.19)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 6,507	$ 8,132	$ 3,765
Portfolio turnover rate	85%	151%	164%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F For the period December 17, 1998 (commencement of operations) to October 31, 1999.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class C

Years ended October 31,	2001	2000	1999^F
Selected Per-Share Data
Net asset value, beginning of period	$ 11.01	$ 10.49	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	(.06)	(.10)	(.02)
Net realized and unrealized gain (loss)	(2.11)	.62	.51
Total from investment operations	(2.17)	.52	.49
Net asset value, end of period	$ 8.84	$ 11.01	$ 10.49
Total Return^{B, C, D}	(19.71)%	4.96%	4.90%
Ratios to Average Net Assets^G
Expenses before expense reductions	2.80%	2.67%	4.16%^A
Expenses net of voluntary waivers, if any	2.75%	2.67%	2.75%^A
Expenses net of all reductions	2.70%	2.63%	2.71%^A
Net investment income	(.61)%	(.84)%	(.19)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 4,393	$ 7,117	$ 3,894
Portfolio turnover rate	85%	151%	164%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F For the period December 17, 1998 (commencement of operations) to October 31, 1999.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Institutional Class

Years ended October 31,	2001	2000	1999^E
Selected Per-Share Data
Net asset value, beginning of period	$ 11.16	$ 10.58	$ 10.00
Income from Investment Operations
Net investment income (loss)^D	.04	.02	.07
Net realized and unrealized gain (loss)	(2.15)	.61	.51
Total from investment operations	(2.11)	.63	.58
Less Distributions
From net investment income	-	(.05)	-
Net asset value, end of period	$ 9.05	$ 11.16	$ 10.58
Total Return^{B, C}	(18.91)%	5.94%	5.80%
Ratios to Average Net Assets^F
Expenses before expense reductions	1.75%	1.70%	3.31%^A
Expenses net of voluntary waivers, if any	1.75%	1.70%	1.75%^A
Expenses net of all reductions	1.69%	1.66%	1.71%^A
Net investment income (loss)	.40%	.14%	.81%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 820	$ 1,193	$ 838
Portfolio turnover rate	85%	151%	164%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Calculated based on average shares outstanding during the period.

^E For the period December 17, 1998 (commencement of operations) to October 31, 1999.

^F Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of voluntary waivers reflects expenses after reimbursements by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended October 31, 2001

1. Significant Accounting Policies.

Fidelity Advisor Europe Capital Appreciation Fund (the fund) is a fund of Fidelity Advisor Series VIII (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Annual Report

Notes to Financial Statements - continued

1. Significant Accounting Policies - continued

Foreign Currency - continued

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.

Distributions to Shareholders. Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class.

Income and capital gain distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles. These differences are primarily due to differing treatments for foreign currency transactions, passive foreign investment companies (PFIC), net operating losses, capital loss carryforwards and losses deferred due to wash sales.

Annual Report

Notes to Financial Statements - continued

1. Significant Accounting Policies - continued

Security Transactions. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost.

2. Operating Policies.

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the fund has adopted separate Distribution and Service Plans for each class of shares, except for the Institutional Class. Each class pays Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services.

Annual Report

Notes to Financial Statements - continued

4. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan - continued

For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	0%	.25%	$ 8,090	$ 426
Class T	.25%	.25%	70,688	467
Class B	.75%	.25%	78,867	59,163
Class C	.75%	.25%	61,288	13,644
			$ 218,933	$ 73,700

Sales Load. FDC receives a front-end sales charge of up to 5.75% for selling Class A shares, and 3.50% for selling Class T shares of the fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.

For the period, sales charge amounts paid to and retained by FDC were as follows:

	Paid to FDC	Retained by FDC
Class A	$ 9,255	$ 2,802
Class T	20,047	4,750
Class B	36,260	36,260 *
Class C	1,510	1,510 *
	$ 67,072	$ 45,322

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries
through which the sales are made.

Annual Report

Notes to Financial Statements - continued

4. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent (collectively referred to as the transfer agent) for each class of the fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the fund. FIIOC pays for typesetting, printing and mailing of all shareholder reports, except proxy statements. For the period, the following amounts were paid to FIIOC:

	Amount	% of Average Net Assets
Class A	$ 13,547	.42
Class T	57,851	.41
Class B	35,738	.45
Class C	18,982	.31
Institutional Class	2,610	.26
	$ 128,728

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the fund's accounting records. The fee is based on the level of average net assets for the month plus out-of-pocket expenses.

5. Committed Line of Credit.

Annual Report

Notes to Financial Statements - continued

6. Expense Reductions.

FMR agreed to reimburse the classes of the fund to the extent operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

	Expense Limitations	Reimbursement from adviser

Class A	2.00%	$ 5,145
Class T	2.25%	21,834
Class B	2.75%	15,196
Class C	2.75%	3,089
Institutional Class	1.75%	29
		$ 45,293

Certain security trades were directed to brokers who paid $17,934 of the fund's expenses.

7. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Years ended October 31,
	2001	2000
From net investment income
Class A	$ -	$ 6,069
Class T	-	20,045
Institutional Class	-	4,123
Total	$ -	$ 30,237

8. Other Information.

At the end of the period, one unaffiliated shareholder held 10% of the total outstanding shares of the fund.

Annual Report

Notes to Financial Statements - continued

9. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Year ended October 31,	Year ended October 31,	Year ended October 31,	Year ended October 31,
	2001	2000	2001	2000
Class A Shares sold	655,078	373,657	$ 6,713,667	$ 4,565,707
Reinvestment of distributions	-	506	-	5,777
Shares redeemed	(683,304)	(254,574)	(6,981,146)	(3,013,956)
Net increase (decrease)	(28,226)	119,589	$ (267,479)	$ 1,557,528
Class T Shares sold	1,166,309	1,077,009	$ 12,776,249	$ 12,883,109
Reinvestment of distributions	-	1,710	-	19,490
Shares redeemed	(1,475,080)	(851,689)	(15,555,028)	(9,965,209)
Net increase (decrease)	(308,771)	227,030	$ (2,778,779)	$ 2,937,390
Class B Shares sold	303,986	588,134	$ 3,163,138	$ 7,107,623
Shares redeemed	(306,569)	(207,224)	(3,045,530)	(2,542,655)
Net increase (decrease)	(2,583)	380,910	$ 117,608	$ 4,564,968
Class C Shares sold	212,140	438,409	$ 2,159,797	$ 5,321,772
Shares redeemed	(361,699)	(163,047)	(3,574,253)	(1,979,745)
Net increase (decrease)	(149,559)	275,362	$ (1,414,456)	$ 3,342,027
Institutional Class Shares sold	13,115	63,574	$ 135,502	$ 753,492
Reinvestment of distributions	-	216	-	2,469
Shares redeemed	(29,488)	(36,090)	(310,030)	(424,575)
Net increase (decrease)	(16,373)	27,700	$ (174,528)	$ 331,386

Annual Report

Independent Auditors' Report

To the Trustees of Fidelity Advisor Series VIII and Shareholders of Fidelity Advisor Europe Capital Appreciation Fund:

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Europe Capital Appreciation Fund, (the Fund), a fund of Fidelity Advisor Series VIII, including the portfolio of investments, as of October 31, 2001, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2001, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Advisor Europe Capital Appreciation Fund as of October 31, 2001, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/DELOITTE & TOUCHE LLP
DELOITTE & TOUCHE LLP
Boston, Massachusetts
December 7, 2001

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity International
Investment Advisors

Fidelity International Investment Advisors (U.K.) Limited

Fidelity Investments Japan Limited

Officers

Edward C. Johnson 3d, President

Abigail P. Johnson, Senior Vice President

Ian Hart, Vice President

Richard Spillane, Jr., Vice President

Eric D. Roiter, Secretary

Robert A. Dwight, Treasurer

Maria F. Dwyer, Deputy Treasurer

John H. Costello, Assistant Treasurer

Paul F. Maloney, Assistant Treasurer

Thomas J. Simpson, Assistant Treasurer

Board of Trustees

J. Michael Cook*

Ralph F. Cox *

Phyllis Burke Davis *

Robert M. Gates *

Abigail P. Johnson

Edward C. Johnson 3d

Donald J. Kirk *

Marie L. Knowles*

Ned C. Lautenbach *

Peter S. Lynch

Marvin L. Mann *

William O. McCoy *

William S. Stavropoulos *

Advisory Board

Robert C. Pozen

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agent

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Custodian

State Street Bank and Trust Company

Quincy, MA

* Independent trustees

Annual Report

Fidelity Advisor Aggressive Growth Fund

Fidelity Advisor Asset Allocation Fund

Fidelity Advisor Balanced Fund

Fidelity Advisor Biotechnology Fund

Fidelity Advisor Consumer Industries Fund

Fidelity Advisor Cyclical Industries Fund

Fidelity Advisor Developing Communications Fund

Fidelity Advisor Diversified International Fund

Fidelity Advisor Dividend Growth Fund

Fidelity Advisor Dynamic Capital Appreciation Fund

Fidelity Advisor Electronics Fund

Fidelity Advisor Emerging Asia Fund

Fidelity Advisor Emerging Markets Income Fund

Fidelity Advisor Equity Growth Fund

Fidelity Advisor Equity Income Fund

Fidelity Advisor Europe Capital Appreciation Fund

Fidelity Advisor Fifty Fund

Fidelity Advisor Financial Services Fund

Fidelity Advisor Floating Rate High Income Fund

Fidelity Advisor Global Equity Fund

Fidelity Advisor Government Investment Fund

Fidelity Advisor Growth & Income Fund

Fidelity Advisor Growth Opportunities

Fidelity Advisor Health Care Fund

Fidelity Advisor High Income Fund

Fidelity Advisor High Yield Fund

Fidelity Advisor Intermediate Bond Fund

Fidelity Advisor International Capital Appreciation Fund

Fidelity Advisor Japan Fund

Fidelity Advisor Korea Fund

Fidelity Advisor Large Cap Fund

Fidelity Advisor Latin America Fund

Fidelity Advisor Leveraged Company Stock Fund

Fidelity Advisor Mid Cap Fund

Fidelity Advisor Mortgage Securities Fund

Fidelity Advisor Municipal Income Fund

Fidelity Advisor Natural Resources Fund

Fidelity Advisor Overseas Fund

Fidelity Advisor Short Fixed-Income Fund

Fidelity Advisor Small Cap Fund

Fidelity Advisor Strategic Income Fund

Fidelity Advisor Technology Fund

Fidelity Advisor TechnoQuant® Growth Fund

Fidelity Advisor Telecommunications & Utilities Growth Fund

Fidelity Advisor Value Strategies Fund

Prime Fund

Tax-Exempt Fund

Treasury Fund

AEUR-ANN-1201 149865
1.728711.102

(Fidelity Investment logo)(registered trademark)

Fidelity® Advisor

Europe Capital Appreciation

Fund - Institutional Class

Annual Report

October 31, 2001

(2_fidelity_logos)

President's Message	3	Ned Johnson on investing strategies.
Performance	4	How the fund has done over time.
Fund Talk	6	The manager's review of fund performance, strategy and outlook.
Investment Changes	9	A summary of major shifts in the fund's investments over the past six months.
Investments	10	A complete list of the fund's investments with their market values.
Financial Statements	14	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	23	Notes to the financial statements.
Independent Auditors' Report	30	The auditors' opinion.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic) This report is printed on recycled paper using soy-based inks.

Neither the fund nor Fidelity Distributors Corporation is a bank.

For more information on any Fidelity Advisor fund, including charges and expenses, contact your investment professional for a free prospectus. Read it carefully before you invest or send money.

Annual Report

President's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

While it's impossible to predict the future direction of the markets with any degree of certainty, there are certain basic principles that can help investors plan for their future needs.

Remember to contact your investment professional if you need help with your investments.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Fidelity Advisor Europe Capital Appreciation Fund - Institutional Class

Performance: The Bottom Line

Cumulative Total Returns

Periods ended October 31, 2001	Past 1 year	Life of fund
Fidelity Adv Europe Cap App - Inst CL	-18.91%	-9.10%
MSCI Europe	-22.61%	-16.40%
European Region Funds Average	-25.89%	n/a*

Cumulative total returns show Institutional Class' performance in percentage terms over a set period - in this case, one year or since the fund started on December 17, 1998. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare Institutional Class' return to the performance of the Morgan Stanley Capital International^SM Europe Index (MSCI Europe) - a market capitalization-weighted index that is designed to represent the performance of developed stock markets in Europe. As of October 31, 2001, the index included over 500 equity securities of countries domiciled in 15 European countries. To measure how Institutional Class' performance stacked up against its peers, you can compare it to the European region funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past one year average represents a peer group of 172 mutual funds. These benchmarks include reinvested dividends and capital gains, if any, and exclude the effect of sales charges.

Average Annual Total Returns

Periods ended October 31, 2001	Past 1 year	Life of fund
Fidelity Adv Europe Cap App - Inst CL	-18.91%	-3.27%
MSCI Europe	-22.61%	-6.04%
European Region Funds Average	-25.89%	n/a*

Average annual total returns take Institutional Class shares' cumulative return and show you what would have happened if Institutional Class shares had performed at a constant rate each year.

* Not available

Annual Report

$10,000 Over Life of Fund

$10,000 Over Life of Fund: Let's say hypothetically that $10,000 was invested in Fidelity Advisor Europe Capital Appreciation Fund - Institutional Class on December 17, 1998, when the fund started. As the chart shows, by October 31, 2001, the value of the investment would have been $9,090 - a 9.10% decrease on the initial investment. For comparison, look at how the MSCI Europe Index did over the same period. With dividends reinvested, the same $10,000 would have been $8,360 -
a 16.40% decrease.

Understanding
Performance

Annual Report

Fund Talk: The Manager's Overview

Market Recap

Investors looking beyond U.S. borders for less-volatile, better-
performing equity opportunities during the past year may as well have been looking in a mirror, for the majority of overseas stock markets were merely a reflection
of domestic performance. In fact, the returns of many international equity indexes were nearly identical to popular U.S. stock market benchmarks. For instance, the Morgan Stanley Capital International (MSCI) EAFE^® Index - which tracks the performance of stock markets in Europe, Australasia and the Far East - declined 24.75% during the 12-month period ending October 31, 2001, while the U.S. based Standard & Poor's 500^SM Index fell 24.90%. At the same time, the MSCI All Country Asia Free ex Japan Index -
an index of over 450 stocks traded in 11 emerging Asian markets, excluding Japan - fell 24.84%. The slowdown of the U.S. economy to near-recessionary levels had far-reaching ramifications. For Japan, the effect was particularly harsh. Already mired in its own economic slump, the nation's significant lull in exports to the U.S. contributed to the 30.97% decline of the Tokyo Stock Exchange Index (TOPIX) during the past year. Japan's and Europe's technology, media and telecommunications
(TMT) industries suffered heavy losses. In fact, not one single technology or telecom company was in the MSCI EAFE's list of top 50 contributors during the one-year period.

(Portfolio Manager photograph)
An interview with Ian Hart, Portfolio Manager of Fidelity Advisor Europe Capital Appreciation Fund

Q. How did the fund perform, Ian?

A. For the 12-month period that ended October 31, 2001, the fund's Institutional Class shares posted a total return of -18.91%. By comparison, the Morgan Stanley Capital International Europe Index returned -22.61% for the same period, while the European funds average, as tracked by Lipper Inc., returned -25.89%.

Q. It obviously was tough finding strong performance anywhere during the period. So how was the fund able to outperform its benchmarks?

Annual Report

Fund Talk: The Manager's Overview - continued

Q. Were there particular sectors where you found strength?

Q. Which individual stocks did the most to help performance?

Q. Were there any particular disappointments?

Annual Report

Fund Talk: The Manager's Overview - continued

Q. What's your near-term outlook, Ian?

Fund Facts

Goal: long-term growth of capital by investing mainly in equity securities of European issuers

Start date: December 17, 1998

Size: as of October 31, 2001, more than $24 million

Manager: Ian Hart, since 2000; international equity analyst, 1997-2000; European equity analyst in the U.K., 1994-1997; joined Fidelity in 1994

Ian Hart talks about his approach to managing Fidelity Advisor Europe Capital Appreciation Fund:

Annual Report

Investment Changes

Top Five Stocks as of October 31, 2001
	% of fund's net assets	% of fund's net assets 6 months ago
TotalFinaElf SA Class B (France, Oil & Gas)	4.6	6.8
Lloyds TSB Group PLC (United Kingdom, Banks)	4.5	2.9
BNP Paribas SA (France, Banks)	4.0	3.4
Altadis SA (Spain, Tobacco)	3.8	1.6
GlaxoSmithKline PLC (United Kingdom, Pharmaceuticals)	3.4	2.1
	20.3
Top Five Market Sectors as of October 31, 2001
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	28.8	23.4
Consumer Discretionary	19.7	18.7
Consumer Staples	15.5	11.9
Health Care	15.0	10.1
Energy	6.6	13.1
Top Five Countries as of October 31, 2001
(excluding cash equivalents)	% of fund's net assets	% of fund's net assets 6 months ago
United Kingdom	33.4	23.3
France	19.7	21.9
Germany	10.2	11.0
Switzerland	9.2	6.8
Netherlands	8.1	10.5

Percentages are adjusted for the effect of open futures contracts, if applicable.

Asset Allocation (% of fund's net assets)
As of October 31, 2001		As of April 30, 2001
	Stocks 99.6%		Stocks 95.1%
	Short-Term Investments and Net Other Assets 0.4%		Short-Term Investments and Net Other Assets 4.9%

Annual Report

Investments October 31, 2001

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares		Value (Note 1)
Belgium - 1.5%
Delhaize Freres & Compagnie Le Lion SA	4,500		$ 247,119
KBC Bancassurance Holding NV	4,500		123,559
TOTAL BELGIUM			370,678
Denmark - 1.5%
Bang & Olufsen AS Series B	3,500		63,283
Danske Bank AS	9,600		142,227
Novo-Nordisk AS Series B	3,696		149,969
TOTAL DENMARK			355,479
Finland - 2.0%
Nokia Corp.	22,840		468,448
France - 19.7%
Alcatel SA (RFD)	5,694		85,011
Aventis SA (France)	4,300		314,545
AXA SA de CV	9,496		207,735
BNP Paribas SA	11,523		958,519
Castorama Dubois Investissements SA	5,959		283,787
ILOG SA sponsored ADR (a)	21,300		170,400
Pernod-Ricard	7,900		552,956
Sanofi-Synthelabo SA	5,100		336,311
SEB SA	12,300		620,092
TotalFinaElf SA Class B	8,017		1,118,212
Valeo SA	2,400		82,103
TOTAL FRANCE			4,729,671
Germany - 10.2%
Allianz AG (Reg.)	1,333		314,169
Deutsche Boerse AG	5,576		193,011
Deutsche Lufthansa AG (Reg.)	26,900		283,336
Fresenius Medical Care AG	2,200		136,400
Fresenius Medical Care AG sponsored ADR	1		21
Gehe AG	7,700		288,368
Hochtief AG	4,700		57,967
Infineon Technologies AG	6,300		94,999
Karstadt Quelle AG	13,300		427,448
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	1,332		351,946
Schering AG	4,675		241,367
Zapf Creation AG	2,900		70,490
TOTAL GERMANY			2,459,522
Common Stocks - continued
	Shares		Value (Note 1)
Greece - 0.1%
Antenna TV SA sponsored ADR (a)	7,900		$ 29,625
Ireland - 0.5%
Independent News & Media PLC (Ireland)	80,800		128,750
Italy - 3.0%
Banca Nazionale del Lavoro (BNL)	160,300		353,127
Intesabci Spa	59,450		139,098
Telecom Italia Mobile Spa	25,300		138,047
Telecom Italia Spa	11,900		99,159
TOTAL ITALY			729,431
Netherlands - 8.1%
Hunter Douglas NV	5,600		127,295
ING Groep NV (Certificaten Van Aandelen)	14,381		358,618
Koninklijke Ahold NV	5,802		163,279
Koninklijke KPN NV	10,300		39,872
Koninklijke Philips Electronics NV	13,764		312,750
Laurus NV (a)	72,600		289,537
Randstad Holdings NV	8,000		99,820
Royal Dutch Petroleum Co. (Hague Registry)	9,700		489,947
Wegener NV	9,300		66,811
TOTAL NETHERLANDS			1,947,929
South Africa - 1.2%
Harmony Gold Mining Co. Ltd.	48,300		280,317
Spain - 7.8%
Altadis SA	55,700		915,127
Banco Santander Central Hispano SA	48,960		376,852
Corporacion Mapfre Compania Internacional de Reaseguros SA (Reg.)	30,300		165,575
Cortefiel SA	18,000		97,227
Sol Melia SA	30,600		207,985
Telefonica SA (a)	9,523		114,365
TOTAL SPAIN			1,877,131
Sweden - 1.4%
Electrolux AB (B Shares)	28,001		336,030
Switzerland - 9.2%
Barry Callebaut AG	1,060		104,449
Credit Suisse Group (Reg.)	14,584		532,875
Novartis AG (Reg.)	14,577		545,556
Roche Holding AG (participation certificate)	4,600		318,838
Common Stocks - continued
	Shares		Value (Note 1)
Switzerland - continued
UBS AG (Reg.)	11,969		$ 556,365
Zurich Financial Services AG	623		142,605
TOTAL SWITZERLAND			2,200,688
United Kingdom - 33.4%
AstraZeneca PLC (United Kingdom)	6,400		288,704
Avis Europe PLC	47,500		80,354
Barclays PLC	9,600		289,177
Boots Co. PLC	18,020		158,647
British Airways PLC	94,600		205,116
British Land Co. PLC	55,000		356,160
British Telecommunications PLC	46,900		234,922
Carlton Communications PLC	146,900		408,299
Diageo PLC	45,800		457,540
EMAP PLC	29,600		287,303
F. I. Group PLC	14,200		62,570
GlaxoSmithKline PLC	30,625		816,156
Johnston Press PLC	22,100		95,869
Lloyds TSB Group PLC	108,200		1,092,721
Logica PLC	8,600		93,110
Lonmin PLC	7,600		87,370
Marks & Spencer PLC	61,100		255,180
Prudential PLC	27,400		287,082
SMG PLC	102,300		187,483
Somerfield PLC (a)	155,200		232,622
SSL International PLC	22,000		166,475
Trinity Mirror PLC	115,100		661,599
Unilever PLC	82,500		599,156
Vodafone Group PLC	275,910		637,906
TOTAL UNITED KINGDOM			8,041,521
TOTAL COMMON STOCKS (Cost $26,067,805)		23,955,220
Money Market Funds - 0.1%
	Shares		Value (Note 1)
Fidelity Cash Central Fund, 2.81% (b) (Cost $26,293)	26,293		$ 26,293
TOTAL INVESTMENT PORTFOLIO - 99.7% (Cost $26,094,098)			23,981,513
NET OTHER ASSETS - 0.3%			64,501
NET ASSETS - 100%		$ 24,046,014

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

Other Information

Purchases and sales of securities,
other than short-term securities,
aggregated $26,385,823 and $30,580,744, respectively.

Income Tax Information

At October 31, 2001, the fund had a capital loss carryforward of approximately $3,553,000 of which $635,000 and $2,918,000 will expire on October 31, 2007 and 2009, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	October 31, 2001
Assets
Investment in securities, at value (cost $26,094,098) - See accompanying schedule		$ 23,981,513
Receivable for investments sold		281,966
Receivable for fund shares sold		9,073
Dividends receivable		71,985
Interest receivable		1,529
Total assets		24,346,066
Liabilities
Payable for investments purchased	$ 151,465
Payable for fund shares redeemed	85,443
Accrued management fee	4,510
Distribution fees payable	13,986
Other payables and accrued expenses	44,648
Total liabilities		300,052
Net Assets		$ 24,046,014
Net Assets consist of:
Paid in capital		$ 30,061,602
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(3,903,886)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(2,111,702)
Net Assets		$ 24,046,014

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

	October 31, 2001
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($2,577,383 ÷ 286,400 shares)		$9.00
Maximum offering price per share (100/94.25 of $9.00)		$9.55
Class T: Net Asset Value and redemption price per share ($9,749,105 ÷ 1,089,225 shares)		$8.95
Maximum offering price per share (100/96.50 of $8.95)		$9.27
Class B: Net Asset Value and offering price per share ($6,506,997 ÷ 737,390 shares)^A		$8.82
Class C: Net Asset Value and offering price per share ($4,392,874 ÷ 497,158 shares)^A		$8.84
Institutional Class: Net Asset Value, offering price and redemption price per share ($819,655 ÷ 90,533 shares)		$9.05

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Operations

	Year ended October 31, 2001
Investment Income Dividends		$ 686,326
Interest		81,475
		767,801
Less foreign taxes withheld		(91,191)
Total income		676,610
Expenses
Management fee	$ 235,905
Transfer agent fees	128,728
Distribution fees	218,933
Accounting fees and expenses	61,538
Non-interested trustees' compensation	118
Custodian fees and expenses	50,677
Registration fees	73,309
Audit	34,427
Legal	528
Miscellaneous	26,369
Total expenses before reductions	830,532
Expense reductions	(63,227)	767,305
Net investment income (loss)		(90,695)
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities	(3,110,179)
Foreign currency transactions	11,410	(3,098,769)
Change in net unrealized appreciation (depreciation) on:
Investment securities	(3,701,488)
Assets and liabilities in foreign currencies	5,239	(3,696,249)
Net gain (loss)		(6,795,018)
Net increase (decrease) in net assets resulting from operations		$ (6,885,713)

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Year ended October 31, 2001	Year ended October 31, 2000
Increase (Decrease) in Net Assets
Operations Net investment income (loss)	$ (90,695)	$ (180,893)
Net realized gain (loss)	(3,098,769)	49,809
Change in net unrealized appreciation (depreciation)	(3,696,249)	(22,461)
Net increase (decrease) in net assets resulting from operations	(6,885,713)	(153,545)
Distributions to shareholders from net investment income	-	(30,237)
Share transactions - net increase (decrease)	(4,517,634)	12,733,299
Total increase (decrease) in net assets	(11,403,347)	12,549,517
Net Assets
Beginning of period	35,449,361	22,899,844
End of period (including over distribution of net investment income of $0 and $5,530, respectively)	$ 24,046,014	$ 35,449,361

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class A

Years ended October 31,	2001	2000	1999^F
Selected Per-Share Data
Net asset value, beginning of period	$ 11.13	$ 10.56	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.01	(.02)	.05
Net realized and unrealized gain (loss)	(2.14)	.62	.51
Total from investment operations	(2.13)	.60	.56
Less Distributions
From net investment income	-	(.03)	-
Net asset value, end of period	$ 9.00	$ 11.13	$ 10.56
Total Return ^{B, C, D}	(19.14)%	5.67%	5.60%
Ratios to Average Net Assets ^G
Expenses before expense reductions	2.16%	1.97%	3.52% ^A
Expenses net of voluntary waivers, if any	2.00%	1.97%	2.00% ^A
Expenses net of all reductions	1.95%	1.93%	1.96% ^A
Net investment income (loss)	.14%	(.14)%	.56% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,577	$ 3,501	$ 2,060
Portfolio turnover rate	85%	151%	164% ^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of sales charges.

^E Calculated based on average shares outstanding during the period.

^F For the period December 17, 1998 (commencement of operations) to October 31, 1999.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class T

Years ended October 31,	2001	2000	1999^F
Selected Per-Share Data
Net asset value, beginning of period	$ 11.09	$ 10.54	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	(.01)	(.05)	.03
Net realized and unrealized gain (loss)	(2.13)	.62	.51
Total from investment operations	(2.14)	.57	.54
Less Distributions
From net investment income	-	(.02)	-
Net asset value, end of period	$ 8.95	$ 11.09	$ 10.54
Total Return^{B, C, D}	(19.30)%	5.40%	5.40%
Ratios to Average Net Assets^G
Expenses before expense reductions	2.40%	2.24%	3.72%^A
Expenses net of voluntary waivers, if any	2.25%	2.24%	2.25%^A
Expenses net of all reductions	2.19%	2.20%	2.21%^A
Net investment income (loss)	(.10)%	(.41)%	.31%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 9,749	$ 15,505	$ 12,343
Portfolio turnover rate	85%	151%	164%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of sales charges.

^E Calculated based on average shares outstanding during the period.

^F For the period December 17, 1998 (commencement of operations) to October 31, 1999.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class B

Years ended October 31,	2001	2000	1999^F
Selected Per-Share Data
Net asset value, beginning of period	$ 10.99	$ 10.48	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	(.06)	(.11)	(.02)
Net realized and unrealized gain (loss)	(2.11)	.62	.50
Total from investment operations	(2.17)	.51	.48
Net asset value, end of period	$ 8.82	$ 10.99	$ 10.48
Total Return^{B, C, D}	(19.75)%	4.87%	4.80%
Ratios to Average Net Assets^G
Expenses before expense reductions	2.95%	2.81%	4.29%^A
Expenses net of voluntary waivers, if any	2.75%	2.75%	2.75%^A
Expenses net of all reductions	2.70%	2.71%	2.71%^A
Net investment income (loss)	(.61)%	(.91)%	(.19)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 6,507	$ 8,132	$ 3,765
Portfolio turnover rate	85%	151%	164%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F For the period December 17, 1998 (commencement of operations) to October 31, 1999.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class C

Years ended October 31,	2001	2000	1999^F
Selected Per-Share Data
Net asset value, beginning of period	$ 11.01	$ 10.49	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	(.06)	(.10)	(.02)
Net realized and unrealized gain (loss)	(2.11)	.62	.51
Total from investment operations	(2.17)	.52	.49
Net asset value, end of period	$ 8.84	$ 11.01	$ 10.49
Total Return^{B, C, D}	(19.71)%	4.96%	4.90%
Ratios to Average Net Assets^G
Expenses before expense reductions	2.80%	2.67%	4.16%^A
Expenses net of voluntary waivers, if any	2.75%	2.67%	2.75%^A
Expenses net of all reductions	2.70%	2.63%	2.71%^A
Net investment income	(.61)%	(.84)%	(.19)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 4,393	$ 7,117	$ 3,894
Portfolio turnover rate	85%	151%	164%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F For the period December 17, 1998 (commencement of operations) to October 31, 1999.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Institutional Class

Years ended October 31,	2001	2000	1999^E
Selected Per-Share Data
Net asset value, beginning of period	$ 11.16	$ 10.58	$ 10.00
Income from Investment Operations
Net investment income (loss)^D	.04	.02	.07
Net realized and unrealized gain (loss)	(2.15)	.61	.51
Total from investment operations	(2.11)	.63	.58
Less Distributions
From net investment income	-	(.05)	-
Net asset value, end of period	$ 9.05	$ 11.16	$ 10.58
Total Return^{B, C}	(18.91)%	5.94%	5.80%
Ratios to Average Net Assets^F
Expenses before expense reductions	1.75%	1.70%	3.31%^A
Expenses net of voluntary waivers, if any	1.75%	1.70%	1.75%^A
Expenses net of all reductions	1.69%	1.66%	1.71%^A
Net investment income (loss)	.40%	.14%	.81%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 820	$ 1,193	$ 838
Portfolio turnover rate	85%	151%	164%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Calculated based on average shares outstanding during the period.

^E For the period December 17, 1998 (commencement of operations) to October 31, 1999.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended October 31, 2001

1. Significant Accounting Policies.

Annual Report

Notes to Financial Statements - continued

1. Significant Accounting Policies - continued

Foreign Currency - continued

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.

Distributions to Shareholders. Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class.

Income and capital gain distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles. These differences are primarily due to differing treatments for foreign currency transactions, passive foreign investment companies (PFIC), net operating losses, capital loss carryforwards and losses deferred due to wash sales.

Annual Report

Notes to Financial Statements - continued

1. Significant Accounting Policies - continued

Security Transactions. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost.

2. Operating Policies.

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

Annual Report

Notes to Financial Statements - continued

4. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan - continued

For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	0%	.25%	$ 8,090	$ 426
Class T	.25%	.25%	70,688	467
Class B	.75%	.25%	78,867	59,163
Class C	.75%	.25%	61,288	13,644
			$ 218,933	$ 73,700

Sales Load. FDC receives a front-end sales charge of up to 5.75% for selling Class A shares, and 3.50% for selling Class T shares of the fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.

For the period, sales charge amounts paid to and retained by FDC were as follows:

	Paid to FDC	Retained by FDC
Class A	$ 9,255	$ 2,802
Class T	20,047	4,750
Class B	36,260	36,260 *
Class C	1,510	1,510 *
	$ 67,072	$ 45,322

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries
through which the sales are made.

Annual Report

Notes to Financial Statements - continued

4. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent (collectively referred to as the transfer agent) for each class of the fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the fund. FIIOC pays for typesetting, printing and mailing of all shareholder reports, except proxy statements. For the period, the following amounts were paid to FIIOC:

	Amount	% of Average Net Assets
Class A	$ 13,547	.42
Class T	57,851	.41
Class B	35,738	.45
Class C	18,982	.31
Institutional Class	2,610	.26
	$ 128,728

5. Committed Line of Credit.

Annual Report

Notes to Financial Statements - continued

6. Expense Reductions.

	Expense Limitations	Reimbursement from adviser

Class A	2.00%	$ 5,145
Class T	2.25%	21,834
Class B	2.75%	15,196
Class C	2.75%	3,089
Institutional Class	1.75%	29
		$ 45,293

Certain security trades were directed to brokers who paid $17,934 of the fund's expenses.

7. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Years ended October 31,
	2001	2000
From net investment income
Class A	$ -	$ 6,069
Class T	-	20,045
Institutional Class	-	4,123
Total	$ -	$ 30,237

8. Other Information.

At the end of the period, one unaffiliated shareholder held 10% of the total outstanding shares of the fund.

Annual Report

Notes to Financial Statements - continued

9. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Year ended October 31,	Year ended October 31,	Year ended October 31,	Year ended October 31,
	2001	2000	2001	2000
Class A Shares sold	655,078	373,657	$ 6,713,667	$ 4,565,707
Reinvestment of distributions	-	506	-	5,777
Shares redeemed	(683,304)	(254,574)	(6,981,146)	(3,013,956)
Net increase (decrease)	(28,226)	119,589	$ (267,479)	$ 1,557,528
Class T Shares sold	1,166,309	1,077,009	$ 12,776,249	$ 12,883,109
Reinvestment of distributions	-	1,710	-	19,490
Shares redeemed	(1,475,080)	(851,689)	(15,555,028)	(9,965,209)
Net increase (decrease)	(308,771)	227,030	$ (2,778,779)	$ 2,937,390
Class B Shares sold	303,986	588,134	$ 3,163,138	$ 7,107,623
Shares redeemed	(306,569)	(207,224)	(3,045,530)	(2,542,655)
Net increase (decrease)	(2,583)	380,910	$ 117,608	$ 4,564,968
Class C Shares sold	212,140	438,409	$ 2,159,797	$ 5,321,772
Shares redeemed	(361,699)	(163,047)	(3,574,253)	(1,979,745)
Net increase (decrease)	(149,559)	275,362	$ (1,414,456)	$ 3,342,027
Institutional Class Shares sold	13,115	63,574	$ 135,502	$ 753,492
Reinvestment of distributions	-	216	-	2,469
Shares redeemed	(29,488)	(36,090)	(310,030)	(424,575)
Net increase (decrease)	(16,373)	27,700	$ (174,528)	$ 331,386

Annual Report

Independent Auditors' Report

To the Trustees of Fidelity Advisor Series VIII and Shareholders of Fidelity Advisor Europe Capital Appreciation Fund:

/s/DELOITTE & TOUCHE LLP
DELOITTE & TOUCHE LLP
Boston, Massachusetts
December 7, 2001

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity International
Investment Advisors

Fidelity International Investment Advisors (U.K.) Limited

Fidelity Investments Japan Limited

Officers

Edward C. Johnson 3d, President

Abigail P. Johnson, Senior Vice President

Ian Hart, Vice President

Richard Spillane, Jr., Vice President

Eric D. Roiter, Secretary

Robert A. Dwight, Treasurer

Maria F. Dwyer, Deputy Treasurer

John H. Costello, Assistant Treasurer

Paul F. Maloney, Assistant Treasurer

Thomas J. Simpson, Assistant Treasurer

Board of Trustees

J. Michael Cook *

Ralph F. Cox *

Phyllis Burke Davis *

Robert M. Gates *

Abigail P. Johnson

Edward C. Johnson 3d

Donald J. Kirk *

Marie L. Knowles *

Ned C. Lautenbach *

Peter S. Lynch

Marvin L. Mann *

William O. McCoy *

William S. Stavropoulos *

Advisory Board

Robert C. Pozen

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agent

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Custodian

State Street Bank and Trust Company

Quincy, MA

* Independent trustees

Annual Report

Fidelity Advisor Aggressive Growth Fund

Fidelity Advisor Asset Allocation Fund

Fidelity Advisor Balanced Fund

Fidelity Advisor Biotechnology Fund

Fidelity Advisor Consumer Industries Fund

Fidelity Advisor Cyclical Industries Fund

Fidelity Advisor Developing Communications Fund

Fidelity Advisor Diversified International Fund

Fidelity Advisor Dividend Growth Fund

Fidelity Advisor Dynamic Capital Appreciation Fund

Fidelity Advisor Electronics Fund

Fidelity Advisor Emerging Asia Fund

Fidelity Advisor Emerging Markets Income Fund

Fidelity Advisor Equity Growth Fund

Fidelity Advisor Equity Income Fund

Fidelity Advisor Europe Capital Appreciation Fund

Fidelity Advisor Fifty Fund

Fidelity Advisor Financial Services Fund

Fidelity Advisor Floating Rate High Income Fund

Fidelity Advisor Global Equity Fund

Fidelity Advisor Government Investment Fund

Fidelity Advisor Growth & Income Fund

Fidelity Advisor Growth Opportunities

Fidelity Advisor Health Care Fund

Fidelity Advisor High Income Fund

Fidelity Advisor High Yield Fund

Fidelity Advisor Intermediate Bond Fund

Fidelity Advisor International Capital Appreciation Fund

Fidelity Advisor Japan Fund

Fidelity Advisor Korea Fund

Fidelity Advisor Large Cap Fund

Fidelity Advisor Latin America Fund

Fidelity Advisor Leveraged Company Stock Fund

Fidelity Advisor Mid Cap Fund

Fidelity Advisor Mortgage Securities Fund

Fidelity Advisor Municipal Income Fund

Fidelity Advisor Natural Resources Fund

Fidelity Advisor Overseas Fund

Fidelity Advisor Short Fixed-Income Fund

Fidelity Advisor Small Cap Fund

Fidelity Advisor Strategic Income Fund

Fidelity Advisor Technology Fund

Fidelity Advisor TechnoQuant® Growth Fund

Fidelity Advisor Telecommunications & Utilities Growth Fund

Fidelity Advisor Value Strategies Fund

Prime Fund

Tax-Exempt Fund

Treasury Fund

AEURI-ANN-1201 149867
1.728712.102

(Fidelity Investment logo)(registered trademark)

Fidelity® Advisor

Global Equity

Fund - Class A, Class T, Class B
and Class C

Annual Report

October 31, 2001

(2_fidelity_logos)

President's Message	3	Ned Johnson on investing strategies.
Performance	4	How the fund has done over time.
Fund Talk	12	The manager's review of fund performance, strategy and outlook.
Investment Changes	15	A summary of major shifts in the fund's investments over the past six months.
Investments	16	A complete list of the fund's investments with their market values.
Financial Statements	29	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	38	Notes to the financial statements.
Report of Independent Accountants	45	The auditors' opinion.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic) This report is printed on recycled paper using soy-based inks.

Neither the fund nor Fidelity Distributors Corporation is a bank.

For more information on any Fidelity Advisor fund, including charges and expenses, contact your investment professional for a free prospectus. Read it carefully before you invest or send money.

Annual Report

President's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

While it's impossible to predict the future direction of the markets with any degree of certainty, there are certain basic principles that can help investors plan for their future needs.

Remember to contact your investment professional if you need help with your investments.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Fidelity Advisor Global Equity Fund - Class A

Performance: The Bottom Line

Cumulative Total Returns

Periods ended October 31, 2001	Past 1 year	Life of fund
Fidelity ® Adv Global Equity - CL A	-22.66%	-0.36%
Fidelity Adv Global Equity - CL A (incl. 5.75% sales charge)	-27.11%	-6.08%
MSCI® World	-25.51%	-11.87%
Global Funds Average	-25.93%	n/a*

Cumulative total returns show Class A's performance in percentage terms over a set period - in this case, one year or since the fund started on December 17, 1998. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare Class A's returns to the performance of the Morgan Stanley Capital International^SM World Index (MSCI® World) - a market capitalization-weighted index that is designed to represent the performance of developed stock markets throughout the world. As of October 31, 2001, the index included over 1,200 equity securities of companies domiciled in 26 countries. To measure how Class A's performance stacked up against its peers, you can compare it to the global funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past one year average represents a peer group of 276 mutual funds. These benchmarks include reinvested dividends and capital gains, if any, and exclude the effect of sales charges.

Average Annual Total Returns

Periods ended October 31, 2001	Past 1 year	Life of fund
Fidelity Adv Global Equity - CL A	-22.66%	-0.12%
Fidelity Adv Global Equity - CL A (incl. 5.75% sales charge)	-27.11%	-2.16%
MSCI World	-25.51%	-4.30%
Global Funds Average	-25.93%	n/a*

Average annual total returns take Class A shares' cumulative return and show you what would have happened if Class A shares had performed at a constant rate each year.

* Not available

Annual Report

$10,000 Over Life of Fund

$10,000 Over Life of Fund: Let's say hypothetically that $10,000 was invested in Fidelity® Advisor Global Equity Fund - Class A on December 17, 1998, when the fund started, and the current 5.75% sales charge was paid. As the chart shows, by October 31, 2001, the value of the investment would have been $9,392 - a 6.08% decrease on the initial investment. For comparison, look at how the MSCI World Index did over the same period. With dividends reinvested, the same $10,000 would have been $8,813 - an 11.87% decrease.

Understanding
Performance

Annual Report

Fidelity Advisor Global Equity Fund - Class T

Performance: The Bottom Line

Cumulative Total Returns

Periods ended October 31, 2001	Past 1 year	Life of fund
Fidelity Adv Global Equity - CL T	-23.02%	-1.12%
Fidelity Adv Global Equity - CL T (incl. 3.50% sales charge)	-25.71%	-4.58%
MSCI World	-25.51%	-11.87%
Global Funds Average	-25.93%	n/a*

Cumulative total returns show Class T's performance in percentage terms over a set period - in this case, one year or since the fund started on December 17, 1998. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare Class T's returns to the performance of the Morgan Stanley Capital International World Index (MSCI World) - a market capitalization-weighted index that is designed to represent the performance of developed stock markets throughout the world. As of October 31, 2001, the index included over 1,200 equity securities of companies domiciled in 26 countries. To measure how Class T's performance stacked up against its peers, you can compare it to the global funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past one year average represents a peer group of 276 mutual funds. These benchmarks include reinvested dividends and capital gains, if any, and exclude the effect of sales charges.

Average Annual Total Returns

Periods ended October 31, 2001	Past 1 year	Life of fund
Fidelity Adv Global Equity - CL T	-23.02%	-0.39%
Fidelity Adv Global Equity - CL T (incl. 3.50% sales charge)	-25.71%	-1.62%
MSCI World	-25.51%	-4.30%
Global Funds Average	-25.93%	n/a*

Average annual total returns take Class T shares' cumulative return and show you what would have happened if Class T shares had performed at a constant rate each year.

* Not available

Annual Report

$10,000 Over Life of Fund

$10,000 Over Life of Fund: Let's say hypothetically that $10,000 was invested in Fidelity Advisor Global Equity Fund - Class T on December 17, 1998, when the fund started, and the current 3.50% sales charge was paid. As the chart shows, by October 31, 2001, the value of the investment would have been $9,542 - a 4.58% decrease on the initial investment. For comparison, look at how the MSCI World Index did over the same period. With dividends reinvested, the same $10,000 would have been $8,813 - an 11.87% decrease.

Understanding
Performance

Annual Report

Fidelity Advisor Global Equity Fund - Class B

Performance: The Bottom Line

Cumulative Total Returns

Periods ended October 31, 2001	Past 1 year	Life of fund
Fidelity Adv Global Equity - CL B	-23.40%	-2.62%
Fidelity Adv Global Equity - CL B (incl. contingent deferred sales charge)	-27.23%	-5.49%
MSCI World	-25.51%	-11.87%
Global Funds Average	-25.93%	n/a*

Cumulative total returns show Class B's performance in percentage terms over a set period - in this case, one year or since the fund started on December 17, 1998. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare Class B's returns to the performance of the Morgan Stanley Capital International World Index (MSCI World) - a market capitalization-weighted index that is designed to represent the performance of developed stock markets throughout the world. As of October 31, 2001, the index included over 1,200 equity securities of companies domiciled in 26 countries. To measure how Class B's performance stacked up against its peers, you can compare it to the global funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past one year average represents a peer group of 276 mutual funds. These benchmarks include reinvested dividends and capital gains, if any, and exclude the effect of sales charges.

Average Annual Total Returns

Periods ended October 31, 2001	Past 1 year	Life of fund
Fidelity Adv Global Equity - CL B	-23.40%	-0.92%
Fidelity Adv Global Equity - CL B (incl. contingent deferred sales charge)	-27.23%	-1.94%
MSCI World	-25.51%	-4.30%
Global Funds Average	-25.93%	n/a*

Average annual total returns take Class B shares' cumulative return and show you what would have happened if Class B shares had performed at a constant rate each year.

* Not available

Annual Report

$10,000 Over Life of Fund

$10,000 Over Life of Fund: Let's say hypothetically that $10,000 was invested in Fidelity Advisor Global Equity Fund - Class B on December 17, 1998, when the fund started. As the chart shows, by October 31, 2001, the value of the investment, including the effect of the applicable contingent deferred sales charge, would have been $9,451 - a 5.49% decrease on the initial investment. For comparison, look at how the MSCI World Index did over the same period. With dividends reinvested, the same $10,000 would have been $8,813 - an 11.87% decrease.

Understanding
Performance

Annual Report

Fidelity Advisor Global Equity Fund - Class C

Performance: The Bottom Line

Cumulative Total Returns

Periods ended October 31, 2001	Past 1 year	Life of fund
Fidelity Adv Global Equity - CL C	-23.30%	-2.42%
Fidelity Adv Global Equity - CL C (incl. contingent deferred sales charge)	-24.07%	-2.42%
MSCI World	-25.51%	-11.87%
Global Funds Average	-25.93%	n/a*

Cumulative total returns show Class C's performance in percentage terms over a set period - in this case, one year or since the fund started on December 17, 1998. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare Class C's returns to the performance of the Morgan Stanley Capital International World Index (MSCI World) - a market capitalization-weighted index that is designed to represent the performance of developed stock markets throughout the world. As of October 31, 2001, the index included over 1,200 equity securities of companies domiciled in 26 countries. To measure how Class C's performance stacked up against its peers, you can compare it to the global funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past one year average represents a peer group of 276 mutual funds. These benchmarks include reinvested dividends and capital gains, if any, and exclude the effect of sales charges.

Average Annual Total Returns

Periods ended October 31, 2001	Past 1 year	Life of fund
Fidelity Adv Global Equity - CL C	-23.30%	-0.85%
Fidelity Adv Global Equity - CL C (incl. contingent deferred sales charge)	-24.07%	-0.85%
MSCI World	-25.51%	-4.30%
Global Funds Average	-25.93%	n/a*

Average annual total returns take Class C shares' cumulative return and show you what would have happened if Class C shares had performed at a constant rate each year.

* Not available

Annual Report

$10,000 Over Life of Fund

$10,000 Over Life of Fund: Let's say hypothetically that $10,000 was invested in Fidelity Advisor Global Equity Fund - Class C on December 17, 1998, when the fund started. As the chart shows, by October 31, 2001, the value of the investment would have been $9,758 - a 2.42% decrease on the initial investment. For comparison, look at how the MSCI World Index did over the same period. With dividends reinvested, the same $10,000 would have been $8,813 - an 11.87% decrease.

Understanding
Performance

Annual Report

Fund Talk: The Manager's Overview

Market Recap

(Portfolio Manager photograph)
An interview with Richard Habermann, Portfolio Manager of Fidelity Advisor Global Equity Fund

Q. How did the fund perform, Dick?

A. For the 12-month period that ended October 31, 2001, the fund's Class A, Class T, Class B and Class C shares returned -22.66%, -23.02%, -23.40% and -23.30%, respectively. That performance topped the Morgan Stanley Capital International World Index, which returned -25.51%, and the global funds average tracked by Lipper Inc., which returned -25.93% during the same period.

Q. What factors provided the framework for global equity markets during the past year?

A. Growing concern and uncertainty about corporate earnings due to slowing global economies were heightened by the tragic events in the U.S. on September 11, which put additional pressure on already fragile world equity markets. A sharp deceleration in U.S. economic activity - resulting from the struggle to unwind the excesses built up during the late 1990s boom - seeded the slowdown that spread rapidly across the globe. Deteriorating global demand resulted in a build-up of unwanted inventories in several key sectors, particularly technology, which slowed capital spending, fueled production and job cuts, and ultimately wracked consumer sentiment and spending. The Federal Reserve Board responded quickly and aggressively to the slowdown by reducing interest rates a record nine times thus far in 2001, two of which occurred following the September attacks that pushed the broader economy into the throes of recession. However, these actions - combined with tax cuts from the U.S. government - were not enough to stem the negative momentum that pervaded the equity markets during the period. The rest of the world followed suit with cuts, albeit at a slower pace. The European Central Bank's reluctance to lower rates earlier in the period restrained growth in that region, although a weak euro currency allowed the European economy to hold up reasonably well relative to other regions. The U.K. fared even better than its mainland counterparts, thanks to that market's more limited technology exposure and the Bank of England's more aggressive stance on interest rates.

Annual Report

Fund Talk: The Manager's Overview - continued

Q. What about Japan?

A. The Bank of Japan similarly loosened monetary policy by reinstating a zero interest-rate policy in its attempt to counter deflation and avoid slipping deeper into recession. Stocks responded favorably to this move as well as to a perceived positive change in Japan's leadership that fueled optimism that overdue structural reforms in the corporate and banking sectors could finally be implemented. That optimism abated, however, during the second half of the period, as investors grew increasingly skeptical of the government's will to revive the economy by following through with meaningful reform.

Q. What factors helped the fund outpace both its benchmark and peer average during the 12-month period?

A. In light of widespread investor uncertainty, I chose not to significantly overweight or underweight any regions, but instead continued to focus on security selection. That said, I was able to add some value at the margin by maintaining a slight emphasis on Europe at the expense of the U.S. for much of the period, capturing the performance differential between the two regions. Changing market conditions prompted me to reverse this strategy later in the year, which also helped. Stock picking and sector positioning in both the U.S. and Europe, which are the largest parts of the portfolio, contributed significantly to results. Becoming defensive early on in both regions also was important and gave us an edge over our index and peers, as investors fled growth-oriented technology, media and telecommunications (TMT) stocks for more attractive opportunities elsewhere. We benefited the most from underweighting tech heavyweights in the U.S., such as EMC, Oracle and Intel, and steering clear of such European phone companies as France Telecom. Instead, we focused on companies with stable earnings from less volatile areas of the market, such as consumer staples, finance and health care, which fared well in an uncertain climate. Top contributors from these groups included Avon Products, Freddie Mac and Cardinal Health, respectively.

Q. What restrained fund performance?

A. Having any TMT exposure was painful on an absolute basis. Relative to the index, we lost ground through our stock picking in Japan, particularly during the second half of the period when market conditions deteriorated. Kyocera, which makes ceramic packages for semiconductors, was a notable detractor here. Elsewhere, Sun Microsystems dramatically underperformed, as did telecom providers Vodafone Group in the U.K. and Dutch-based KPN. Some stocks mentioned in this report were no longer held at the end of the period.

Annual Report

Fund Talk: The Manager's Overview - continued

Q. What's your outlook?

A. U.S. fiscal and monetary policy is working in tandem, which is usually a very powerful force for the economy. Couple that with falling energy prices, low inflation, company fundamentals likely bottoming and ready to improve, record-wide yield spread levels in the bond markets, and default rates nearing their peak, and I feel we now have the ingredients for a more positive environment for stocks. By the time this is confirmed, however, the market may have already made a big move. So, the biggest risk right now is in not being fully invested when the bad news turns good, which I expect to happen in the U.S. first. While Europe and Japan's recovery could lag that of the U.S. given their less aggressive efforts to stimulate economic growth, select opportunities in those regions are beginning to approach more attractive valuations as companies continue to restructure and aggressively cut costs.

Fund Facts

Goal: seeks long-term growth of capital

Start date: December 17, 1998

Size: as of October 31, 2001, more than $20 million

Manager: Richard Habermann, since inception; joined Fidelity in 1968

Dick Habermann on the timing of a recovery:

"The events of September 11 probably accelerated what I perceive to be a final downward leg in the economy before an upswing, potentially hastening U.S. equity markets in their bottoming process - a process that was well underway prior to the 9/11 attacks.

"Earlier in the period, in the face of an unusual synchronized global economic slowdown, Europe and other regions of the world were reluctant to cut interest rates because of inflation issues. But after the September attacks, most central banks are now in the mode of trying to lower rates in an effort to stem the decline - a big positive now that everyone's on the same page.

"If you line up your positive and negative market factors in the U.S. on a ledger, most of the negatives from just a few months ago have shifted over into positive column, yet the market has failed to respond much to the move. So, I would rather emphasize the U.S. now - when the list there looks more positive, particularly relative to other regions - than when it was chock-full of negatives last year at this time. Back then, we saw much higher short-term interest rates, a Fed that was not cutting rates, earnings peaking, no fiscal stimulus, and massive amounts of debt and equity underwriting flooding the market with supply. It's been an 18-month process, but we've finally taken some of those risks out of the equation."

Annual Report

Investment Changes

Top Five Stocks as of October 31, 2001
	% of fund's net assets	% of fund's net assets 6 months ago
Microsoft Corp. (United States of America, Software)	3.6	0.6
Cardinal Health, Inc. (United States of America, Health Care Providers & Services)	3.6	3.4
Pfizer, Inc. (United States of America, Pharmaceuticals)	3.2	2.9
Computer Associates International, Inc. (United States of America, Software)	2.6	1.5
Avon Products, Inc. (United States of America, Personal Products)	2.0	2.6
	15.0
Top Five Market Sectors as of October 31, 2001
	% of fund's net assets	% of fund's net assets 6 months ago
Health Care	18.1	17.1
Financials	17.7	18.4
Information Technology	14.3	12.9
Consumer Discretionary	13.8	13.0
Consumer Staples	8.7	7.9
Top Five Countries as of October 31, 2001
(excluding cash equivalents)	% of fund's net assets	% of fund's net assets 6 months ago
United States of America	50.8	49.5
Japan	11.6	12.6
United Kingdom	10.8	9.9
France	4.6	4.5
Germany	3.0	4.1

Percentages are adjusted for the effect of open futures contracts, if applicable.

Asset Allocation (% of fund's net assets)
As of October 31, 2001		As of April 30, 2001
	Stocks 97.4%		Stocks 98.3%
	Short-Term Investments and Net Other Assets 2.6%		Short-Term Investments and Net Other Assets 1.7%

Investments October 31, 2001

Showing Percentage of Net Assets

Common Stocks - 96.2%
	Shares		Value (Note 1)
Australia - 1.4%
AMP Ltd.	1,817		$ 16,521
Australia & New Zealand Banking Group Ltd.	4,500		40,441
Australian Gas Light Co.	1,900		8,499
Australian Stock Exchange Ltd.	700		3,989
BHP Ltd.	8,585		38,620
Brambles Industries Ltd.	2,065		11,330
BRL Hardy Ltd.	1,430		7,746
Commonwealth Bank of Australia	3,200		48,038
John Fairfax Holdings Ltd.	2,800		4,796
Mayne Nickless Ltd.	1,300		4,879
National Australia Bank Ltd.	2,200		33,879
News Corp. Ltd.	6,142		42,257
Perpetual Trustees Australia Ltd.	406		7,778
Publishing & Broadcasting Ltd.	1,500		6,885
Rio Tinto Ltd.	300		4,837
Telstra Corp. Ltd.	3,900		9,764
Westpac Banking Corp.	1,200		8,947
TOTAL AUSTRALIA			299,206
Canada - 2.1%
Abitibi-Consolidated, Inc.	760		4,641
Alberta Energy Co. Ltd.	250		9,836
Alcan, Inc.	450		13,795
Angiotech Pharmaceuticals, Inc. (a)	50		2,360
ATI Technologies, Inc. (a)	370		3,058
Bank of Montreal	730		15,559
Bank of Nova Scotia	710		19,598
Barrick Gold Corp.	760		11,841
BCE, Inc.	1,290		28,429
Biovail Corp. (a)	240		11,317
Bombardier, Inc. Class B (sub. vtg.)	960		6,224
Brascan Corp. Class A (ltd. vtg.)	280		4,188
Canadian Imperial Bank of Commerce	500		15,366
Canadian Natural Resources Ltd.	180		4,810
Canadian Pacific Railway Ltd. (a)	410		6,904
Celestica, Inc. (sub. vtg.) (a)	260		8,985
CGI Group, Inc. Class A (sub. vtg.) (a)	1,130		7,284
Cott Corp. (a)	170		2,370
Enbridge, Inc.	420		11,694
Fairmont Hotels & Resorts, Inc. (a)	125		2,224
George Weston Ltd.	220		13,572
Imperial Oil Ltd.	580		16,083
Common Stocks - continued
	Shares		Value (Note 1)
Canada - continued
Jean Coutu Group, Inc. Class A	150		$ 2,356
Kingsway Financial Services, Inc. (a)	480		4,780
Loblaw Companies Ltd.	230		7,109
Manulife Financial Corp.	710		17,542
Molson, Inc. Class A	460		7,094
Nexen, Inc.	240		4,948
Nortel Networks Corp.	2,460		14,293
PanCanadian Energy Corp.	372		10,350
Petro-Canada	360		9,257
Placer Dome, Inc.	520		6,023
Power Corp. of Canada (sub. vtg.)	290		6,234
QLT, Inc. (a)	190		4,354
Rogers Communications, Inc. Class B (non-vtg.)	300		3,983
Rothmans, Inc.	250		5,138
Royal Bank of Canada	980		28,871
SNC-Lavalin Group, Inc.	310		4,635
Sun Life Financial Services of Canada, Inc.	650		13,498
Suncor Energy, Inc.	480		14,624
Talisman Energy, Inc.	260		9,141
Thomson Corp.	650		18,126
TransCanada PipeLines Ltd.	890		11,491
TrizecHahn Corp. (sub. vtg.)	280		4,450
Westcoast Energy, Inc.	350		9,205
TOTAL CANADA			437,640
Denmark - 0.8%
Danske Bank AS	1,630		24,149
ISS AS (a)	1,828		86,222
Novo-Nordisk AS Series B	1,320		53,560
TOTAL DENMARK			163,931
Finland - 1.3%
Nokia Corp.	5,390		110,549
Sampo Oyj (A Shares)	7,061		63,567
UPM-Kymmene Corp.	2,710		88,072
TOTAL FINLAND			262,188
France - 4.6%
Aventis SA (France)	3,803		278,189
BNP Paribas SA	1,341		111,549
Castorama Dubois Investissements SA	640		30,479
Credit Lyonnais SA	1,577		55,184
Pernod-Ricard	380		26,598
Common Stocks - continued
	Shares		Value (Note 1)
France - continued
Sanofi-Synthelabo SA	2,024		$ 133,469
Societe Generale Series A	851		42,558
TotalFinaElf SA Class B	1,315		183,416
Vivendi Environnement	2,340		89,972
TOTAL FRANCE			951,414
Germany - 2.3%
Bayer AG	2,110		62,684
Beiersdorf AG	90		10,124
Deutsche Bank AG	1,760		97,504
Fresenius Medical Care AG	271		16,802
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	506		133,697
Schering AG	2,095		108,163
Software AG (Reg.)	900		35,747
TOTAL GERMANY			464,721
Hong Kong - 1.3%
Asat Holdings Ltd. sponsored ADR (a)	1,900		4,541
ASM Pacific Technology Ltd.	2,500		3,494
Bank of East Asia Ltd.	4,000		7,975
Cheung Kong Holdings Ltd.	4,000		33,847
China Mobile (Hong Kong) Ltd. (a)	7,500		22,830
CLP Holdings Ltd.	2,400		9,062
Guoco Group Ltd.	1,000		6,603
Hang Seng Bank Ltd.	6,100		61,197
Hong Kong & China Gas Co. Ltd.	7,000		8,750
Hong Kong Electric Holdings Ltd.	4,000		15,180
Hutchison Whampoa Ltd.	6,600		53,520
Johnson Electric Holdings Ltd.	4,000		3,487
Li & Fung Ltd.	4,000		3,821
Pacific Century CyberWorks Ltd. (a)	58,000		15,616
Sun Hung Kai Properties Ltd.	4,000		24,513
Television Broadcasts Ltd.	1,000		2,949
TOTAL HONG KONG			277,385
Ireland - 0.5%
Bank of Ireland, Inc.	6,268		55,581
CRH PLC	3,127		48,419
TOTAL IRELAND			104,000
Italy - 1.3%
Banca Nazionale del Lavoro (BNL)	20,520		45,204
Bulgari Spa	5,140		39,170
Common Stocks - continued
	Shares		Value (Note 1)
Italy - continued
ENI Spa	7,643		$ 96,308
Italgas Spa	4,410		37,192
Luxottica Group Spa	2,150		34,265
Mediolanum Spa	3,100		24,076
TOTAL ITALY			276,215
Japan - 11.6%
Advantest Corp.	300		15,435
Alps Electric Co. Ltd.	2,000		12,675
Amada Co. Ltd.	2,000		9,032
Anritsu Corp.	2,000		15,974
Asahi Glass Co. Ltd.	5,000		26,868
Asahi Kasei Corp.	9,000		29,620
Canon, Inc.	1,000		29,270
Citizen Watch Co. Ltd.	4,000		21,070
Credit Saison Co. Ltd.	1,500		35,892
CSK Corp.	300		7,619
Dai Nippon Printing Co. Ltd.	2,000		21,299
Dainippon Ink & Chemicals, Inc.	4,000		7,415
Dainippon Pharmaceutical Co.	1,000		11,531
Daiwa Securities Group, Inc.	2,000		13,067
Denso Corp.	700		10,061
Fanuc Ltd.	200		8,330
Fuji Heavy Industries Ltd.	3,000		14,675
Fuji Machine Manufacturing Co. Ltd.	200		2,597
Fuji Photo Film Co. Ltd.	2,000		65,986
Fuji Soft ABC, Inc.	300		12,593
Fujikura Ltd.	1,000		4,426
Fujisawa Pharmaceutical Co. Ltd.	1,000		24,010
Fujitsu Ltd.	5,000		36,995
Fujitsu Support & Service, Inc. (FSAS)	300		7,595
Funai Electric Co. Ltd.	100		5,594
Furukawa Electric Co. Ltd.	1,000		5,766
Honda Motor Co. Ltd.	1,400		50,820
Hosiden Corp.	1,000		16,333
Hoya Corp.	200		11,940
Ito-Yokado Co. Ltd.	1,000		44,100
JAFCO Co. Ltd.	400		25,839
Japan Telecom Co. Ltd.	7		21,895
Kao Corp.	1,000		23,683
KDDI Corp.	18		47,481
Keyence Corp.	100		15,231
Common Stocks - continued
	Shares		Value (Note 1)
Japan - continued
Kirin Beverage Corp.	400		$ 7,856
Komatsu Ltd.	5,000		15,272
Kuraray Co. Ltd.	1,000		6,239
Kyocera Corp.	600		41,640
Matsushita Communication Industrial Co. Ltd.	600		16,856
Matsushita Electric Industrial Co. Ltd.	3,000		35,760
Minebea Co. Ltd.	3,000		15,582
Mitsubishi Electric Corp.	2,000		7,187
Mitsubishi Tokyo Finance Group, Inc.	8		59,920
Mitsui Chemicals, Inc.	3,000		9,751
Mitsui Mining & Smelting Co. Ltd.	1,000		3,005
Mitsumi Electric Co. Ltd.	2,000		24,255
Mizuho Holdings, Inc.	12		36,260
Mori Seiki Co. Ltd.	1,000		6,876
Murata Manufacturing Co. Ltd.	100		6,272
NEC Corp.	4,000		36,260
Nichicon Corp.	1,000		10,755
Nidec Corp.	100		3,904
Nikko Cordial Corp.	6,000		32,389
Nintendo Co. Ltd.	300		46,256
Nippon COMSYS Corp.	2,000		15,843
Nippon Foundry, Inc. (a)	1		6,043
Nippon System Development Co. Ltd.	100		5,137
Nippon Telegraph & Telephone Corp.	19		79,458
Nippon Unipac Holding	2		9,963
Nissan Motor Co. Ltd.	7,000		30,870
Nitto Denko Corp.	1,400		23,781
Nomura Holdings, Inc.	4,000		52,593
NTT Data Corp.	2		8,738
NTT DoCoMo, Inc.	4		54,226
Oki Electric Industry Co. Ltd.	4,000		14,112
Omron Corp.	1,000		12,740
Oriental Land Co. Ltd.	400		29,563
ORIX Corp.	700		61,225
Rohm Co. Ltd.	300		31,923
Secom Co. Ltd.	500		26,011
Sekisui Chemical Co. Ltd.	6,000		17,101
Sekisui House Ltd.	1,000		8,052
Senshukai Co. Ltd.	1,000		3,152
Sharp Corp.	2,000		20,678
Shin-Etsu Chemical Co. Ltd.	1,000		32,911
Shinko Electric Industries Co.Ltd.	1,700		28,044
Common Stocks - continued
	Shares		Value (Note 1)
Japan - continued
SMC Corp.	200		$ 17,232
Sony Corp.	1,600		61,120
Square Co. Ltd. (a)	300		4,851
Sumitomo Bakelite Co. Ltd.	6,000		37,877
Sumitomo Electric Industries Ltd.	2,000		16,954
Sumitomo Mitsui Banking Corp.	11,000		68,003
Sumitomo Trust & Banking Ltd.	2,000		11,139
Suzuki Motor Corp.	2,000		20,531
Takeda Chemical Industries Ltd.	1,000		48,428
Takefuji Corp.	170		14,105
TDK Corp. (a)	200		8,885
Terumo Corp.	1,000		16,537
The Suruga Bank Ltd.	4,000		27,766
THK Co. Ltd.	1,100		14,697
Tokai Corp.	1,000		4,002
Tokyo Broadcasting System, Inc.	1,000		16,742
Tokyo Electric Power Co.	700		17,379
Tokyo Electron Ltd.	100		4,108
Toppan Forms Co. Ltd.	500		9,800
Toppan Printing Co. Ltd.	5,000		46,509
Tosoh Corp.	2,000		3,789
Toto Ltd.	1,000		4,982
Toyota Motor Corp.	4,500		109,147
Tsubaki Nakashima Co. Ltd.	1,000		9,269
Union Tool Co.	100		3,226
World Co. Ltd.	100		3,348
Yamanouchi Pharmaceutical Co. Ltd.	2,000		59,290
Yamato Transport Co. Ltd.	1,000		18,742
Zeon Corp.	1,000		3,193
TOTAL JAPAN			2,388,827
Netherlands - 1.6%
Euronext NV	3,500		58,449
ING Groep NV (Certificaten Van Aandelen)	4,040		100,745
Koninklijke Ahold NV	1,543		43,423
Koninklijke KPN NV	10,240		39,640
Numico NV	3,400		88,765
TOTAL NETHERLANDS			331,022
Norway - 0.7%
DnB Holding ASA	12,800		48,358
Common Stocks - continued
	Shares		Value (Note 1)
Norway - continued
Norsk Hydro AS	1,730		$ 65,943
Tomra Systems AS	2,800		27,863
TOTAL NORWAY			142,164
Portugal - 0.1%
Vodafone Telecel-Comunicacoes Pessoais SA (a)	2,780		19,521
Singapore - 0.4%
City Developments Ltd.	1,000		2,270
DBS Group Holdings Ltd.	2,000		11,407
Oversea-Chinese Banking Corp. Ltd.	3,050		17,562
Singapore Airlines Ltd.	1,000		4,634
Singapore Press Holdings Ltd.	400		3,466
Singapore Technologies Engineering Ltd.	6,000		6,778
United Overseas Bank Ltd.	5,096		28,505
TOTAL SINGAPORE			74,622
Spain - 1.9%
Acerinox SA (Reg.)	930		29,127
Altadis SA	8,010		131,601
Amadeus Global Travel Distribution SA Series A	3,830		20,722
Banco Santander Central Hispano SA	11,000		84,669
Centros Comerciales Carrefour SA	4,210		51,658
Fomento Construcciones y Contratas SA (FOCSA)	1,370		29,539
Telefonica SA (a)	4,004		48,085
TOTAL SPAIN			395,401
Sweden - 0.9%
Assa Abloy AB (B Shares)	6,922		78,850
Eniro AB	3,010		21,024
Svenska Handelsbanken AB (A Shares)	3,978		49,044
Swedish Match Co.	7,400		38,158
TOTAL SWEDEN			187,076
Switzerland - 1.8%
Adecco SA	157		6,947
Credit Suisse Group (Reg.)	1,750		63,942
Givaudan AG	77		23,563
Kuoni Reisen Holding AG Class B (Reg.)	78		14,584
Nestle SA (Reg.)	382		79,257
Novartis AG (Reg.)	2,402		89,897
Common Stocks - continued
	Shares		Value (Note 1)
Switzerland - continued
Swiss Reinsurance Co. (Reg.)	613		$ 63,030
Swisscom AG (Reg.)	134		37,193
TOTAL SWITZERLAND			378,413
United Kingdom - 10.8%
3i Group PLC	10,230		110,459
AstraZeneca PLC (Sweden)	1,562		70,147
Barclays PLC	4,560		137,359
BBA Group PLC	10,060		32,133
BG Group PLC	15,020		56,883
BP PLC	21,590		173,944
British Telecommunications PLC	4,745		23,768
Compass Group PLC	11,350		82,830
GlaxoSmithKline PLC	6,511		173,518
Granada PLC	26,490		50,209
HBOS PLC	6,700		75,561
HSBC Holdings PLC:
(Hong Kong) (Reg.)	5,844		64,296
(United Kingdom) (Reg.)	4,810		52,920
Lloyds TSB Group PLC	10,550		106,545
Man Group PLC	1,500		24,185
Marks & Spencer PLC	19,660		82,109
Matalan PLC	4,090		21,545
National Grid Group PLC	7,100		50,420
Prudential PLC	8,260		86,544
Reed International PLC	11,380		93,234
Reuters Group PLC	2,530		23,968
Safeway PLC	11,780		59,998
Shell Transport & Trading Co. PLC (Reg.)	27,140		201,514
Unilever PLC	12,030		87,368
United Business Media PLC	5,374		34,253
Vodafone Group PLC	113,024		261,312
TOTAL UNITED KINGDOM			2,237,022
United States of America - 50.8%
Abercrombie & Fitch Co. Class A (a)	660		12,421
AFLAC, Inc.	1,100		26,906
Albany International Corp. Class A (a)	1,640		31,980
American Eagle Outfitters, Inc. (a)	2,150		58,910
American Home Products Corp.	4,650		259,610
American Standard Companies, Inc. (a)	1,050		60,795
American Water Works, Inc.	520		21,112
Common Stocks - continued
	Shares		Value (Note 1)
United States of America - continued
Applied Materials, Inc. (a)	550		$ 18,761
Arrow Electronics, Inc. (a)	1,380		33,741
AsiaInfo Holdings, Inc. (a)	200		2,670
AT&T Corp.	7,810		119,103
Atmel Corp. (a)	3,370		26,792
AutoNation, Inc. (a)	26,930		277,110
Avnet, Inc.	1,483		30,594
Avon Products, Inc.	8,850		414,446
Baker Hughes, Inc.	490		17,557
Bank of America Corp.	930		54,861
Bank One Corp.	1,660		55,095
Barr Laboratories, Inc. (a)	250		18,200
BEA Systems, Inc. (a)	1,090		13,233
Becton, Dickinson & Co.	1,920		68,736
Best Buy Co., Inc. (a)	400		21,960
BJ Services Co. (a)	790		20,216
Black & Decker Corp.	400		13,236
Boise Cascade Corp.	1,150		32,844
Bowater, Inc.	160		7,155
Bristol-Myers Squibb Co.	4,980		266,181
Cabot Microelectronics Corp. (a)	260		17,233
Cardinal Health, Inc.	11,010		738,881
Cendant Corp. (a)	3,540		45,878
Centex Corp.	1,810		69,251
ChevronTexaco Corp.	1,570		139,024
Clear Channel Communications, Inc. (a)	4,384		167,118
Computer Associates International, Inc.	17,570		543,264
Compuware Corp. (a)	6,990		71,857
Comverse Technology, Inc. (a)	1,160		21,820
Conoco, Inc.	3,180		81,726
Corinthian Colleges, Inc. (a)	490		17,900
Cygnus, Inc. (a)	2,220		11,100
Dal-Tile International, Inc. (a)	1,000		16,210
Danaher Corp.	560		31,214
DuPont Photomasks, Inc. (a)	370		13,335
Ecolab, Inc.	300		10,554
ENSCO International, Inc.	1,860		36,828
Fairchild Semiconductor International, Inc. Class A (a)	1,430		30,388
Fannie Mae	2,610		211,306
FleetBoston Financial Corp.	1,630		53,562
Fleetwood Enterprises, Inc.	1,740		17,435
Forest Laboratories, Inc. (a)	1,040		77,355
Common Stocks - continued
	Shares		Value (Note 1)
United States of America - continued
Freddie Mac	5,620		$ 381,148
Freeport-McMoRan Copper & Gold, Inc. Class B (a)	2,200		24,420
Furniture Brands International, Inc. (a)	1,230		29,532
Georgia Gulf Corp.	100		1,777
Georgia-Pacific Group	1,370		38,031
Gillette Co.	3,090		96,068
Guidant Corp. (a)	7,540		312,985
Harrah's Entertainment, Inc. (a)	990		28,839
HealthSouth Corp. (a)	1,370		17,837
Hilton Hotels Corp.	17,200		147,232
IMC Global, Inc.	2,730		29,348
Ingersoll-Rand Co.	930		34,689
Integrated Silicon Solution (a)	970		10,078
Intel Corp.	8,650		211,233
International Rectifier Corp. (a)	780		27,386
J.D. Edwards & Co. (a)	4,490		31,834
JCPenney Co., Inc.	1,440		31,277
KB HOME	220		6,501
Kmart Corp. (a)	6,250		38,313
Lafarge North America, Inc.	500		17,725
LAM Research Corp. (a)	3,060		58,018
Lattice Semiconductor Corp. (a)	960		16,800
Lockheed Martin Corp.	3,760		183,375
Lowe's Companies, Inc.	1,540		52,514
LSI Logic Corp. (a)	1,820		30,849
Lyondell Chemical Co.	1,650		21,962
Manpower, Inc.	3,430		97,961
Maytag Corp.	750		20,910
MetLife, Inc.	2,700		72,630
Mettler-Toledo International, Inc. (a)	870		39,942
Micron Technology, Inc. (a)	1,890		43,016
Microsoft Corp. (a)	12,740		740,817
MIPS Technologies, Inc.:
Class A (a)	640		5,984
Class B (a)	400		3,492
Mohawk Industries, Inc. (a)	650		28,080
Mylan Laboratories, Inc.	1,530		56,411
Nabors Industries, Inc. (a)	2,620		80,539
National Semiconductor Corp. (a)	900		23,382
National-Oilwell, Inc. (a)	1,740		32,225
Noble Drilling Corp. (a)	1,890		57,740
Northrop Grumman Corp.	360		35,982
Common Stocks - continued
	Shares		Value (Note 1)
United States of America - continued
Northwest Airlines Corp. (a)	1,675		$ 21,507
NVIDIA Corp. (a)	2,760		118,294
Omnicom Group, Inc.	2,400		184,272
Pacific Century Financial Corp.	950		22,135
Pacific Sunwear of California, Inc. (a)	1,770		24,338
Pepsi Bottling Group, Inc.	400		18,592
PepsiCo, Inc.	1,110		54,068
Perrigo Co. (a)	830		12,276
Pfizer, Inc.	15,642		655,400
Phelps Dodge Corp.	4,400		127,600
Philip Morris Companies, Inc.	3,000		140,400
PolyOne Corp.	1,920		16,416
Priority Healthcare Corp. Class B (a)	820		23,690
Pulte Homes, Inc.	650		21,125
Qwest Communications International, Inc.	4,250		55,038
RadiSys Corp. (a)	930		12,806
Rite Aid Corp. (a)	9,200		50,784
Ryerson Tull, Inc.	4,190		48,185
Semtech Corp. (a)	1,120		42,280
SICOR, Inc. (a)	800		15,000
Solutia, Inc.	2,130		25,560
Sonic Automotive, Inc. Class A (a)	6,160		102,379
Starwood Hotels & Resorts Worldwide, Inc. unit	5,960		131,358
Take-Two Interactive Software, Inc. (a)	2,620		36,497
The Coca-Cola Co.	6,250		299,250
Tribune Co.	630		19,026
Tricon Global Restaurants, Inc. (a)	500		25,295
Tyco International Ltd.	5,180		254,545
U.S. Bancorp, Delaware	3,360		59,741
VERITAS Software Corp. (a)	1,120		31,786
Viacom, Inc. Class B (non-vtg.) (a)	1,660		60,607
Viad Corp.	3,380		65,910
Weatherford International, Inc. (a)	1,950		66,749
Zimmer Holdings, Inc. (a)	1,170		36,165
TOTAL UNITED STATES OF AMERICA			10,505,420
TOTAL COMMON STOCKS (Cost $21,647,232)		19,896,188
Nonconvertible Preferred Stocks - 1.2%
	Shares		Value (Note 1)
Germany - 0.7%
Hugo Boss AG	3,000		$ 55,338
ProSiebenSat.1 Media AG	3,150		16,731
Wella AG	1,292		59,377
TOTAL GERMANY			131,446
Italy - 0.5%
Telecom Italia Spa (Risp)	21,870		105,432
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $298,413)		236,878

Nonconvertible Bonds - 0.0%
Moody's Ratings (unaudited)			Principal Amount
United Kingdom - 0.0%
BAE Systems PLC 7.45% 11/29/03 (Cost $295)	-	GBP	433	378

Money Market Funds - 4.5%
	Shares
Fidelity Cash Central Fund, 2.81% (b) (Cost $936,742)	936,742		936,742
TOTAL INVESTMENT PORTFOLIO - 101.9% (Cost $22,882,682)			21,070,186
NET OTHER ASSETS - (1.9)%			(387,743)
NET ASSETS - 100%		$ 20,682,443

Currency Abbreviations
GBP	-	British pound

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

Other Information

Purchases and sales of securities,
other than short-term securities,
aggregated $37,098,150 and $31,377,630, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which
are affiliates of the investment adviser.
The commissions paid to these affiliated firms were $1,654 for the period.

Income Tax Information

At October 31, 2001, the aggregate
cost of investment securities for income
tax purposes was $23,068,694. Net unrealized depreciation aggregated $1,998,508, of which $1,286,845
related to appreciated investment
securities and $3,285,353 related to depreciated investment securities.

At October 31, 2001, the fund had a capital loss carryforward of approximately $2,623,000 of which $301,000 and $2,322,000 will expire on October 31, 2008 and 2009, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	October 31, 2001
Assets
Investment in securities, at value (cost $22,882,682) - See accompanying schedule		$ 21,070,186
Receivable for investments sold		239,348
Receivable for fund shares sold		8,235
Dividends receivable		25,406
Interest receivable		1,087
Total assets		21,344,262
Liabilities
Payable for investments purchased	$ 570,399
Payable for fund shares redeemed	38,650
Accrued management fee	6,230
Distribution fees payable	11,111
Other payables and accrued expenses	35,429
Total liabilities		661,819
Net Assets		$ 20,682,443
Net Assets consist of:
Paid in capital		$ 25,323,116
Accumulated net investment (loss)		(9,839)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(2,818,142)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(1,812,692)
Net Assets		$ 20,682,443

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

	October 31, 2001
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($3,515,588 ÷ 360,270 shares)		$9.76
Maximum offering price per share (100/94.25 of $9.76)		$10.36
Class T: Net Asset Value and redemption price per share ($7,641,933 ÷ 787,658 shares)		$9.70
Maximum offering price per share (100/96.50 of $9.70)		$10.05
Class B: Net Asset Value and offering price per share ($4,865,451 ÷ 508,691 shares)^A		$9.56
Class C: Net Asset Value and offering price per share ($3,750,244 ÷ 391,603 shares)^A		$9.58
Institutional Class: Net Asset Value, offering price and redemption price per share ($909,227 ÷ 92,650 shares)		$9.81

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Operations

	Year ended October 31, 2001
Investment Income Dividends		$ 306,472
Special dividend from Granada PLC		88,415
Interest		45,167
		440,054
Less foreign taxes withheld		(24,846)
Total income		415,208
Expenses
Management fee	$ 168,486
Transfer agent fees	103,144
Distribution fees	149,380
Accounting fees and expenses	61,513
Non-interested trustees' compensation	82
Custodian fees and expenses	63,621
Registration fees	87,016
Audit	25,230
Legal	332
Miscellaneous	15,627
Total expenses before reductions	674,431
Expense reductions	(127,697)	546,734
Net investment income (loss)		(131,526)
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities	(2,313,256)
Foreign currency transactions	(11,136)	(2,324,392)
Change in net unrealized appreciation (depreciation) on:
Investment securities	(3,600,574)
Assets and liabilities in foreign currencies	793	(3,599,781)
Net gain (loss)		(5,924,173)
Net increase (decrease) in net assets resulting from operations		$ (6,055,699)

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Year ended October 31, 2001	Year ended October 31, 2000
Increase (Decrease) in Net Assets
Operations Net investment income (loss)	$ (131,526)	$ (137,872)
Net realized gain (loss)	(2,324,392)	(426,876)
Change in net unrealized appreciation (depreciation)	(3,599,781)	695,599
Net increase (decrease) in net assets resulting from operations	(6,055,699)	130,851
Distributions to shareholders From net realized gain	-	(179,139)
In excess of net realized gain	-	(59,365)
Total distributions	-	(238,504)
Share transactions - net increase (decrease)	4,261,479	11,427,176
Total increase (decrease) in net assets	(1,794,220)	11,319,523
Net Assets
Beginning of period	22,476,663	11,157,140
End of period (including accumulated net investment loss of $9,839 and $42,698, respectively)	$ 20,682,443	$ 22,476,663

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class A

Years ended October 31,	2001	2000	1999^H
Selected Per-Share Data
Net asset value, beginning of period	$ 12.62	$ 11.79	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	(.02)^G	(.04)^F	(.04)
Net realized and unrealized gain (loss)	(2.84)	1.13	1.83
Total from investment operations	(2.86)	1.09	1.79
Less Distributions
From net realized gain	-	(.20)	-
In excess of net realized gain	-	(.06)	-
Total distributions	-	(.26)	-
Net asset value, end of period	$ 9.76	$ 12.62	$ 11.79
Total Return^{B, C, D}	(22.66)%	9.28%	17.90%
Ratios to Average Net Assets^I
Expenses before expense reductions	2.40%	2.32%	4.39%^A
Expenses net of voluntary waivers, if any	2.00%	2.00%	2.00%^A
Expenses net of all reductions	1.96%	1.99%	1.99%^A
Net investment income (loss)	(.17)%	(.33)%	(.47)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 3,516	$ 2,868	$ 1,853
Portfolio turnover rate	141%	106%	69%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of sales charges.

^E Calculated based on average shares outstanding during the period.

^F Investment income per share reflects a special dividend which amounted to $.03 per share.

^G Investment income per share reflects a special dividend from Granada PLC which amounted to $.04 per share.

^H For the period December 17, 1998 (commencement of operations) to October 31, 1999.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class T

Years ended October 31,	2001	2000	1999^H
Selected Per-Share Data
Net asset value, beginning of period	$ 12.60	$ 11.77	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	(.05)^G	(.08)^F	(.07)
Net realized and unrealized gain (loss)	(2.85)	1.15	1.84
Total from investment operations	(2.90)	1.07	1.77
Less Distributions
From net realized gain	-	(.18)	-
In excess of net realized gain	-	(.06)	-
Total distributions	-	(.24)	-
Net asset value, end of period	$ 9.70	$ 12.60	$ 11.77
Total Return^{B, C, D}	(23.02)%	9.12%	17.70%
Ratios to Average Net Assets^I
Expenses before expense reductions	2.88%	2.70%	4.70%^A
Expenses net of voluntary waivers, if any	2.25%	2.25%	2.25%^A
Expenses net of all reductions	2.21%	2.24%	2.24%^A
Net investment income (loss)	(.42)%	(.58)%	(.72)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 7,642	$ 8,019	$ 3,204
Portfolio turnover rate	141%	106%	69%^A