N-CSR 1 main.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811- 3855

Fidelity Advisor Series VIII
(Exact name of registrant as specified in charter)

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

Eric D. Roiter, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	October 31

Date of reporting period:	October 31, 2003

Item 1. Reports to Stockholders

Fidelity® Advisor

Diversified International

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

Annual Report

October 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	Ned Johnson's message to shareholders.
Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy and outlook.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Auditors' Opinion	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>

For a free copy of the fund's proxy voting guidelines call 1-877-208-0098 or visit the Securities and Exchange Commission (SEC)'s web site at www.sec.gov.

Standard and 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.

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

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Many of you have read or heard news stories recently that were critical of mutual funds and made allegations that the mutual fund industry has been less than forthright. I find these reports unsettling and not necessarily an accurate picture of the overall industry, and I would like you to know where we at Fidelity stand.

With specific regard to allegations that certain mutual fund companies were violating the Securities and Exchange Commission's forward pricing rules or were involved in so-called "market timing" activities, I want to say two things:

First, Fidelity does not have agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not to say that someone could not deceive the company through fraudulent acts. But I underscore that we have no so-called "agreements" which would permit this illegal practice.

Second, Fidelity has been on record for years opposing predatory short-term trading which adversely affects other shareholders in a mutual fund. In fact, in the 1980s, we began charging a fee - which is returned to the fund and, therefore, to investors - to discourage this activity. What's more, several years ago we took the industry lead in developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. It is reasonable to assume that another structure can be developed that would alter the system to make it much more difficult for predatory traders to operate. This, however, will only be achieved through close cooperation among regulators, legislators and the industry.

Certainly no industry is perfect, and there have been instances of unethical and illegal activity from time to time within the mutual fund industry. When this occurs, confessed or convicted offenders should be dealt with appropriately. Clearly, every system can be improved. We applaud well thought out improvements by regulators, legislators and industry representatives that achieve the common goal of building and protecting the value of investors' holdings. But we remain concerned about the risk of over-regulation and the quick application of simplistic solutions to intricate problems.

For more than 57 years, Fidelity Investments has worked very hard to improve its products and service to justify your trust. When our family founded this company in 1946, we had only a few hundred customers. Many of them were family and friends. Today, we serve more than 18 million customers including individual investors and participants in retirement plans across America.

Let me close by saying that we do not take your trust in us for granted, and we realize that we must always work to improve all aspects of our service to you. In turn, we urge you to continue your active participation with your financial matters, so that your interests can be well served.

Annual Report

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow. Returns reflect the conversion of Class B shares to Class A shares after a maximum of seven years after their commencement of operations.

Average Annual Total Returns

Periods ended October 31, 2003	Past 1 year	Life of fund^A
Class A (incl. 5.75% sales charge)	24.40%	7.67%
Class T (incl. 3.50% sales charge)	27.05%	7.87%
Class B (incl. contingent deferred sales charge)^B	25.90%	7.78%
Class C (incl. contingent deferred sales charge)^C	29.94%	8.13%

^AFrom December 17, 1998.

^BClass B shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 5% and 1%, respectively.

^CClass C shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 1% and 0%, respectively.

Annual Report

$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. The chart shows how the value of your investment would have grown, and also shows how the MSCI® EAFE® Index did over the same period.

Annual Report

Management's Discussion of Fund Performance

Comments from Bill Bower, Portfolio Manager of Fidelity® Advisor Diversified International Fund

Mirroring the U.S. rally, most international stock markets rebounded sharply during the 12-month period ending October 31, 2003. Encouraged by improved corporate earnings, favorable interest rates and the easing of geopolitical tensions, the Morgan Stanley Capital International^SM Europe, Australasia, Far East (MSCI® EAFE®) Index - a proxy for stock markets outside the United States and Canada - gained 27.39% during the past year. From a regional perspective, all 16 countries in the MSCI Europe index - which gained 24.56% - had double-digit advances. Spain, Denmark and Sweden were among the region's best performers. In Japan, increased capital spending, exports and machinery orders helped the Tokyo Stock Exchange Stock Price Index (TOPIX) advance 36.39%. Following the SARS epidemic, other Asian markets also rebounded. For instance, the Hong Kong market, as measured by the Hang Seng Index, gained 34.51%. Emerging markets also fared well, particularly Latin America. The MSCI Emerging Markets Free-Latin America Index rose 59.75%. Canadian equities, as measured by the S&P®/TSX Composite Index, also posted an impressive annual gain, advancing 50.66%.

For the 12 months ending October 31, 2003, Fidelity Advisor Diversified International Fund's Class A, Class T, Class B and Class C shares were up 31.99%, 31.66%, 30.90% and 30.94%, respectively, topping the Lipper^SM International Funds Average, which rose 24.51%, as well as the MSCI EAFE index. The fund's holdings outperformed those of the index in eight of the 10 major market sectors. Our biggest advantage came in the energy industry, where an emphasis on energy services stocks proved quite helpful. Elsewhere, Japanese brokerage stocks - including Nomura and Nikko Cordial - were beneficiaries of the rising equity markets. Increasing the fund's emerging-markets exposure early in the period also worked out well, as several of these stocks rallied sharply. Keeping a low exposure to European technology companies was disappointing, however, given that the market's willingness to pay for their only modestly better earnings growth was much greater than I expected, and these stocks rose. Looking at individual detractors, Anglo/Dutch consumer staples giant Unilever was hurt by disappointing third-quarter 2003 sales, and Swiss pharmaceutical firm Novartis declined due to lower-than-expected third-quarter profits.

The views expressed in this statement 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.

Annual Report

Investment Changes

Top Five Stocks as of October 31, 2003
	% of fund's net assets	% of fund's net assets 6 months ago
Novartis AG (Switzerland, Pharmaceuticals)	2.0	2.5
Unilever NV (NY Shares) (Netherlands, Food Products)	1.7	2.0
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services)	1.3	0.9
HSBC Holdings PLC (United Kingdom, Commercial Banks)	1.2	1.2
GlaxoSmithKline PLC sponsored ADR (United Kingdom, Pharmaceuticals)	1.2	1.6
	7.4
Top Five Market Sectors as of October 31, 2003
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	21.6	22.1
Health Care	13.2	14.3
Consumer Discretionary	11.8	12.4
Information Technology	10.7	9.6
Consumer Staples	9.0	11.1
Top Five Countries as of October 31, 2003
(excluding cash equivalents)	% of fund's net assets	% of fund's net assets 6 months ago
United Kingdom	16.5	15.0
Japan	15.2	11.3
Switzerland	6.6	7.4
France	5.4	7.2
Canada	5.4	5.7

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

Asset Allocation (% of fund's net assets)
As of October 31, 2003		As of April 30, 2003
	Stocks and Investment Companies 91.6%		Stocks and Investment Companies 94.0%
	Bonds 1.0%		Bonds 1.0%
	Short-Term Investments and Net Other Assets 7.4%		Short-Term Investments and Net Other Assets 5.0%

Annual Report

Investments October 31, 2003

Showing Percentage of Net Assets

Common Stocks - 90.8%
	Shares		Value (Note 1) (000s)
Australia - 2.6%
Australia & New Zealand Banking Group Ltd.	319,800		$ 4,029
Australia & New Zealand Banking Group Ltd. rights 11/24/03 (a)	58,145		177
Australian Gas Light Co.	308,407		2,336
Billabong International Ltd.	190,900		989
CSL Ltd.	410,923		4,944
Fosters Group Ltd.	556,242		1,799
Macquarie Bank Ltd.	164,147		4,048
National Australia Bank Ltd.	121,600		2,633
News Corp. Ltd.:
ADR	54,700		1,950
sponsored ADR	23,300		687
Promina Group Ltd.	586,555		1,378
QBE Insurance Group Ltd.	901,525		6,572
Sons of Gwalia Ltd.	41,800		102
Suncorp-Metway Ltd.	265,400		2,436
Westfield Holdings Ltd.	198,900		2,000
TOTAL AUSTRALIA			36,080
Belgium - 0.4%
Agfa-Gevaert NV	102,909		2,545
Groupe Bruxelles Lambert SA (GBL)	22,310		1,074
Melexis NV	159,750		1,745
TOTAL BELGIUM			5,364
Bermuda - 0.3%
Aquarius Platinum Ltd. (Australia)	373,455		2,075
Clear Media Ltd. (a)	3,064,100		2,012
TOTAL BERMUDA			4,087
Brazil - 0.8%
Companhia Vale do Rio Doce sponsored ADR	174,400		7,979
Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR	25,000		649
Petroleo Brasileiro SA Petrobras sponsored ADR	116,100		2,728
TOTAL BRAZIL			11,356
Canada - 5.4%
Aber Diamond Corp. (a)	55,500		1,753
Alcan, Inc.	64,800		2,585
Astral Media, Inc. Class A (non-vtg.)	61,200		1,216
Barrick Gold Corp.	89,100		1,733
Common Stocks - continued
	Shares		Value (Note 1) (000s)
Canada - continued
BCE, Inc.	80,300		$ 1,818
Bombardier, Inc. Class B (sub. vtg.)	407,100		1,828
Canadian Natural Resources Ltd.	55,900		2,374
Canadian Western Bank, Edmonton	23,600		715
EnCana Corp.	243,344		8,355
Falconbridge Ltd.	79,800		1,555
ITF Optical Technologies, Inc. Series A (g)	1,792		2
Kinross Gold Corp. (a)(e)	96,700		793
Kinross Gold Corp. (a)	63,433		520
Loblaw Companies Ltd.	23,800		1,153
Mega Bloks, Inc. (a)	67,900		1,293
Mega Bloks, Inc. (a)(e)	23,400		445
Meridian Gold, Inc. (a)	54,500		691
Metro, Inc. Class A (sub. vtg.)	24,000		361
National Bank of Canada	124,400		3,860
OZ Optics Ltd. unit (g)	5,400		80
Petro-Canada	231,200		9,316
PetroKazakhstan, Inc. Class A (a)	127,200		2,894
Power Corp. of Canada (sub. vtg.)	118,100		3,879
Precision Drilling Corp. (a)	173,400		6,822
Saputo, Inc.	89,000		1,769
Sun Life Financial, Inc.	175,418		4,336
Talisman Energy, Inc.	112,000		5,470
TELUS Corp. (non-vtg.)	61,600		1,079
Thunder Energy, Inc. (a)	81,300		438
TimberWest Forest Corp. unit	242,300		2,128
TransCanada Corp.	125,600		2,562
Trican Well Service Ltd. (a)	52,400		914
Wheaton River Minerals Ltd. (a)	369,500		858
TOTAL CANADA			75,595
Cayman Islands - 0.2%
Apex Silver Mines Ltd. (a)	173,800		2,336
China - 1.0%
Byd Co. Ltd. (H Shares)	925,000		2,412
China Oilfield Services Ltd. (H Shares)	1,090,000		316
China Shipping Development Co. Ltd. (H Shares)	1,082,000		711
China Telecom Corp. Ltd. sponsored ADR	159,100		5,169
Lianhua Supermarket Holdings Co. (H Shares)	669,000		655
Peoples Food Holdings Ltd.	2,779,000		1,773
PetroChina Co. Ltd. sponsored ADR	21,800		794
Common Stocks - continued
	Shares		Value (Note 1) (000s)
China - continued
PICC Property & Casualty Co. Ltd. (H Shares)	308,000		$ 72
Tsingtao Brewery Co. Ltd. (H Shares)	918,000		1,194
Zhenhai Refining & Chemical Co. (H Shares)	1,064,000		651
TOTAL CHINA			13,747
Denmark - 2.6%
A.P. Moller - Maersk AS:
Series A	78		591
Series B	410		3,207
Coloplast AS Series B	38,750		3,249
Danske Bank AS	367,775		7,393
Group 4 Falck AS	312,385		6,986
Novo Nordisk AS Series B	251,543		9,016
Novozymes AS Series B	176,000		5,650
TOTAL DENMARK			36,092
Finland - 0.6%
Nokia Corp. sponsored ADR	453,400		7,703
TietoEnator Oyj	10,800		285
TOTAL FINLAND			7,988
France - 5.4%
AXA SA sponsored ADR	309,500		5,881
Bacou Dalloz	24,013		1,869
BNP Paribas SA	163,000		8,535
CNP Assurances	86,093		3,913
Credit Agricole SA	91,800		1,943
Credit Agricole SA rights 11/7/03 (a)	91,800		21
Dassault Aviation SA	3,688		1,339
Essilor International SA	82,578		3,959
Financiere Marc de Lacharriere SA (Fimalac)	57,957		1,651
Financiere Marc de Lacharriere SA (Fimalac) warrants 12/31/06 (a)	5,532		16
Ipsos SA	25,585		2,152
L'Oreal SA	73,350		5,404
Lagardere S.C.A. (Reg.)	10,700		536
Louis Vuitton Moet Hennessy (LVMH)	7,100		489
Neopost SA	99,546		4,925
NRJ Group	84,320		1,646
Pernod-Ricard	45,703		4,394
Suez SA (France)	65,400		1,046
Technip-Coflexip SA	58,527		5,763
Common Stocks - continued
	Shares		Value (Note 1) (000s)
France - continued
Television Francaise 1 SA	90,733		$ 2,712
Total SA sponsored ADR	169,100		13,202
Vinci SA	25,100		1,813
Vivendi Universal SA sponsored ADR (a)	136,300		2,866
TOTAL FRANCE			76,075
Germany - 3.5%
Allianz AG sponsored ADR	795,070		8,579
Altana AG sponsored ADR	98,750		6,202
AWD Holding AG	19,973		555
Bayerische Hypo Und Verein AG (a)	53,000		1,163
Celanese AG (Reg.)	72,458		2,512
Celesio AG	48,327		2,015
Deutsche Boerse AG	151,076		8,369
Deutsche Telekom AG sponsored ADR (a)	298,100		4,653
Epcos AG (a)	31,300		643
Fresenius Medical Care AG sponsored ADR	246,700		4,680
GFK AG	56,213		1,403
Metro AG	62,000		2,527
Muenchener Rueckversicherungs-Gesellschaft AG:
rights 11/10/03 (a)	21,634		178
(Reg.)	27,723		3,295
Stada Arzneimittel AG	49,084		2,535
TOTAL GERMANY			49,309
Greece - 0.8%
Coca-Cola Hellenic Bottling Co. SA (Bearer)	112,120		2,164
Cosmote Mobile Telecommunications SA	109,100		1,249
Greek Organization of Football Prognostics SA	195,510		2,401
Hellenic Technodomiki Tev SA	88,440		465
Public Power Corp. of Greece	167,830		3,605
Technical Olympic SA (Reg.)	143,800		706
TOTAL GREECE			10,590
Hong Kong - 1.9%
Aeon Credit Service (Asia) Co. Ltd.	716,000		445
CNOOC Ltd. sponsored ADR	116,900		4,401
Esprit Holdings Ltd.	189,500		595
Global Bio-Chem Technology Group Co. Ltd.	2,652,000		1,349
Hutchison Whampoa Ltd.	528,000		4,097
Kingboard Chemical Holdings Ltd.	702,000		940
Li & Fung Ltd.	1,248,000		2,097
Common Stocks - continued
	Shares		Value (Note 1) (000s)
Hong Kong - continued
Techtronic Industries Co.	2,828,000		$ 7,793
Television Broadcasts Ltd.	441,000		2,090
Yue Yuen Industrial Holdings Ltd.	867,061		2,456
TOTAL HONG KONG			26,263
India - 2.6%
Bajaj Auto Ltd.	92,600		1,870
Dr. Reddy's Laboratories Ltd.	203,740		5,373
HDFC Bank Ltd.	250,672		1,750
Housing Development Finance Corp. Ltd.	578,750		6,639
I-Flex Solutions Ltd.	123,332		1,869
Infosys Technologies Ltd.	48,776		5,103
Ranbaxy Laboratories Ltd.	260,821		5,658
Satyam Computer Services Ltd.	575,400		3,886
State Bank of India	386,077		4,125
TOTAL INDIA			36,273
Indonesia - 0.1%
PT Bank Rakyat Indonesia (a)(f)	7,993,000		823
Ireland - 1.1%
Allied Irish Banks PLC	147,600		2,154
Bank of Ireland	299,677		3,711
CRH PLC	122,100		2,185
IAWS Group PLC (Ireland)	319,300		3,403
Independent News & Media PLC (Ireland)	1,281,457		2,791
Kerry Group PLC Class A	107,500		1,868
TOTAL IRELAND			16,112
Israel - 0.3%
Teva Pharmaceutical Industries Ltd. sponsored ADR	79,600		4,528
Italy - 1.3%
Banca Intesa Spa	1,248,431		4,203
Banco Popolare di Verona e Novara	174,813		2,692
Cassa Di Risparmio Di Firenze	502,025		776
ENI Spa sponsored ADR	44,400		3,530
Telecom Italia Spa ADR (a)	259,462		6,720
TOTAL ITALY			17,921
Japan - 14.8%
Access Co. Ltd. (a)	10		576
Aeon Credit Service Ltd.	29,500		1,366
Asahi Glass Co. Ltd.	196,000		1,547
Common Stocks - continued
	Shares		Value (Note 1) (000s)
Japan - continued
Avex, Inc.	15,700		$ 313
Canon, Inc. ADR	232,200		11,366
Credit Saison Co. Ltd.	152,000		3,180
Daicel Chemical Industries Ltd.	107,000		454
Daito Trust Construction Co.	74,800		2,313
Daiwa Securities Group, Inc.	1,521,000		11,123
Dwango Co. Ltd.	31		451
Enplas Corp.	34,800		1,155
Fuji Soft ABC, Inc.	10,400		315
Fuji Television Network, Inc.	157		835
Gigno System Japan, Inc.	104		283
Hoya Corp.	62,200		5,629
Index Corp.	52		350
Ito Yokado Ltd.	94,000		3,454
JAFCO Co. Ltd.	34,700		2,967
Kadokawa Shoten Publishing Co. Ltd.	10,500		304
Keyence Corp.	15,100		3,321
Konica Minolta Holdings, Inc.	486,500		6,394
Kyocera Corp.	62,100		3,739
Kyocera Corp. sponsored ADR	10,200		626
Kyorin Pharmaceutical Co. Ltd.	52,000		783
Millea Holdings, Inc.	208		2,478
Mitsubishi Securities Co. Ltd.	103,000		1,171
Murata Manufacturing Co. Ltd.	52,200		2,968
Nikko Cordial Corp.	2,802,000		15,114
Nikon Corp. (a)	186,000		2,824
Nissan Motor Co. Ltd.	563,100		6,366
Nitori Co. Ltd.	8,550		545
Nitto Denko Corp.	80,700		4,235
NOK Corp.	11,000		433
Nomura Holdings, Inc.	929,000		15,954
Olympus Corp.	97,000		2,126
ORIX Corp.	88,300		7,429
Ricoh Co. Ltd.	107,000		2,029
Rohm Co. Ltd.	45,400		6,120
Seiyu Ltd. (a)	770,000		2,486
Shin-Etsu Chemical Co. Ltd.	173,900		6,469
Shinko Electric Industries Co.Ltd.	49,000		1,203
Sony Corp. sponsored ADR	354,000		12,461
Stanley Electric Co. Ltd.	97,000		2,065
Sumitomo Mitsui Financial Group, Inc.	2,323		11,685
TDK Corp.	55,500		3,635
Common Stocks - continued
	Shares		Value (Note 1) (000s)
Japan - continued
Terumo Corp.	113,900		$ 2,165
Tokyo Electron Ltd.	148,600		10,651
Toshiba Corp.	1,250,000		5,014
Toyota Industries Corp.	94,500		1,745
Toyota Motor Corp.	32,600		946
Toyota Motor Corp. ADR	154,800		8,981
UFJ Holdings, Inc. (a)	611		2,612
USS Co. Ltd.	10,660		757
Yamada Denki Co. Ltd.	35,300		1,124
TOTAL JAPAN			206,635
Korea (South) - 1.6%
Amorepacific Corp.	13,550		1,860
Honam Petrochemical Corp.	21,210		849
Kookmin Bank	1,260		46
Kookmin Bank sponsord ADR	113,210		4,160
KT&G Corp.	84,650		1,631
LG Card Co. Ltd.	140,810		1,434
LG Electronics, Inc.	27,370		1,418
Samsung Electronics Co. Ltd.	28,900		11,477
TOTAL KOREA (SOUTH)			22,875
Luxembourg - 0.1%
SES Global Fiduciary Depositary Receipts	178,405		1,583
Mexico - 0.7%
Coca-Cola Femsa SA de CV sponsored ADR (a)	152,800		3,087
Fomento Economico Mexicano SA de CV sponsored ADR	66,000		2,358
Grupo Radio Centro SA de CV sponsored ADR	130,900		795
TV Azteca SA de CV sponsored ADR	415,800		3,364
TOTAL MEXICO			9,604
Netherlands - 5.1%
ASML Holding NV (NY Shares) (a)	534,500		9,380
EADS NV	99,108		2,009
Euronext NV	159,347		3,886
Fugro NV (Certificaten Van Aandelen)	62,700		3,141
ING Groep NV sponsored ADR	315,541		6,576
Koninklijke Numico NV (Certificaten Van Aandelen) (a)	105,000		2,361
Koninklijke Philips Electronics NV (NY Shares)	120,300		3,229
Nutreco Holding NV	42,200		1,124
OPG Groep NV (A Shares)	35,100		1,256
Royal Dutch Petroleum Co. (NY Shares)	149,500		6,635
Common Stocks - continued
	Shares		Value (Note 1) (000s)
Netherlands - continued
Unilever NV (NY Shares)	396,600		$ 23,261
Van der Moolen Holding NV sponsored ADR	73,200		632
Vedior NV (Certificaten Van Aandelen)	202,992		2,916
VNU NV	158,049		4,797
TOTAL NETHERLANDS			71,203
Netherlands Antilles - 0.3%
Schlumberger Ltd. (NY Shares)	96,200		4,519
Norway - 1.1%
DnB Holding ASA	841,100		4,886
Gjensidige NOR ASA	49,900		2,035
Orkla ASA (A Shares)	43,650		910
ProSafe ASA	60,350		1,076
Schibsted AS (B Shares)	113,750		1,992
Storebrand ASA (A Shares) (a)	760,300		4,213
TOTAL NORWAY			15,112
Panama - 0.2%
Banco Latin Americano de Exporaciones SA (BLADEX) Series E (a)	180,328		2,705
Portugal - 0.3%
Brisa Auto-Estradas de Portugal SA	296,921		1,851
Portugal Telecom SGPS SA sponsored ADR	209,600		1,771
TOTAL PORTUGAL			3,622
Russia - 1.3%
JSC MMC 'Norilsk Nickel' sponsored ADR	54,400		2,788
Lukoil Oil Co. sponsored ADR	43,100		3,504
Mobile TeleSystems OJSC sponsored ADR	30,300		2,348
OAO Gazprom sponsored ADR	99,500		2,388
Sibneft sponsored ADR	65,900		1,433
Surgutneftegaz JSC sponsored ADR	31,900		792
YUKOS Corp. sponsored ADR	116,957		5,403
TOTAL RUSSIA			18,656
Singapore - 0.2%
Datacraft Asia Ltd. (a)	532,000		665
Fraser & Neave Ltd.	101,620		719
Want Want Holdings Ltd.	1,493,000		1,262
TOTAL SINGAPORE			2,646
Common Stocks - continued
	Shares		Value (Note 1) (000s)
South Africa - 0.4%
Anglo American Platinum Corp. Ltd.	25,100		$ 1,075
Gold Fields Ltd. sponsored ADR	91,600		1,312
Harmony Gold Mining Co. Ltd. sponsored ADR	193,600		2,927
MTN Group Ltd. (a)	108,000		387
TOTAL SOUTH AFRICA			5,701
Spain - 4.1%
Actividades de Construccion y Servicios SA (ACS)	136,771		5,739
Altadis SA (Spain)	470,969		11,381
Banco Bilbao Vizcaya Argentaria SA sponsored ADR	456,100		5,209
Banco Espanol de Credito SA (Reg.)	52,600		526
Banco Popular Espanol SA (Reg.)	94,876		4,916
Banco Santander Central Hispano SA ADR	788,400		7,513
Compania de Distribucion Integral Logista SA	76,480		2,051
Fomento Construcciones y Contratas SA (FOCSA)	100,734		3,274
Grupo Auxiliar Metalurgico SA (Gamesa)	40,600		1,095
Grupo Ferrovial SA	111,471		3,172
Inditex SA	189,456		3,900
Prosegur Comp Securidad SA (Reg.)	65,200		1,057
Repsol YPF SA sponsored ADR	84,300		1,464
Telefonica SA sponsored ADR	145,900		5,457
Union Fenosa SA	54,400		876
TOTAL SPAIN			57,630
Sweden - 2.1%
Eniro AB	268,000		2,138
Getinge AB (B Shares)	72,800		2,654
Hennes & Mauritz AB (H&M) (B Shares)	173,400		3,664
Nordea AB	241,100		1,490
OMHEX AB	161,500		1,649
Securitas AB (B Shares)	560,000		6,863
Svenska Cellulosa AB (SCA) (B Shares)	93,850		3,529
Swedish Match Co.	352,300		2,856
Tele2 AB (B Shares) (a)	32,500		1,629
Telefonaktiebolaget LM Ericsson ADR (a)	197,500		3,373
TV 4 AB (A Shares)	12,500		244
TOTAL SWEDEN			30,089
Switzerland - 6.6%
Actelion Ltd. (Reg.) (a)	39,490		3,741
Alcon, Inc.	88,400		4,872
Compagnie Financiere Richemont unit	101,226		2,269
Common Stocks - continued
	Shares		Value (Note 1) (000s)
Switzerland - continued
Converium Holding AG	54,318		$ 2,666
Credit Suisse Group sponsored ADR	330,500		11,660
INFICON Holding AG (a)	23,156		1,727
Nestle SA (Reg.)	30,138		6,609
Nobel Biocare Holding AG (Switzerland)	83,267		7,360
Novartis AG sponsored ADR	717,432		27,534
Roche Holding AG (participation certificate)	127,964		10,548
Schindler Holding AG (Reg'd.) (a)	9,961		2,504
SIG Holding AG	12,046		1,611
Swiss Life Holding (a)	6,903		1,166
Tecan Group AG	46,549		1,667
The Swatch Group AG (Reg.)	188,286		4,003
UBS AG (NY Shares)	45,647		2,800
TOTAL SWITZERLAND			92,737
Taiwan - 1.0%
Chinatrust Financial Holding Co.	1,418,650		1,476
Fubon Financial Holding Co. Ltd.	1,603,787		1,692
Hon Hai Precision Industries Co. Ltd.	967,000		4,332
Taiwan Semiconductor Manufacturing Co. Ltd. (a)	2,563,160		5,061
United Microelectronics Corp. (a)	664,000		609
Yuanta Core Pacific Securities Co. Ltd.	1,115,789		694
TOTAL TAIWAN			13,864
Thailand - 0.0%
BEC World PCL (For. Reg.)	54,500		330
United Kingdom - 16.1%
Amdocs Ltd. (a)	109,800		2,356
Amersham PLC	104,400		1,298
Anglo American PLC:
ADR	32,205		658
(United Kingdom)	70,800		1,447
ARM Holdings PLC sponsored ADR (a)	258,400		1,496
AstraZeneca PLC sponsored ADR	311,100		14,833
Astro All Asia Networks PLC (a)	166,000		206
BAE Systems PLC	1,005,600		3,118
BBA Group PLC	336,800		1,482
BOC Group PLC	264,227		3,597
BP PLC sponsored ADR	232,000		9,832
British American Tobacco PLC sponsored ADR	267,400		6,436
Capita Group PLC	1,058,600		4,435
Capital Radio PLC	141,792		1,129
Common Stocks - continued
	Shares		Value (Note 1) (000s)
United Kingdom - continued
Celltech Group PLC (a)	252,012		$ 1,960
Centrica PLC	1,508,900		4,717
Danka Business Systems PLC sponsored ADR (a)	324,900		997
Enterprise Inns PLC	232,313		3,328
French Connection Group PLC	45,350		1,516
Gallaher Group PLC sponsored ADR	86,500		3,456
GlaxoSmithKline PLC sponsored ADR	383,180		16,588
Hays PLC	860,800		1,779
HSBC Holdings PLC:
(United Kingdom) (Reg.)	3,300		50
sponsored ADR	221,500		16,628
Icap PLC	32,600		764
Inchcape PLC	160,460		3,714
Intertek Group PLC	314,600		2,737
Johnston Press PLC	215,570		1,698
Kesa Electricals PLC	475,912		1,968
Kingfisher PLC	895,374		4,286
London Stock Exchange PLC	299,023		1,938
Maiden Group PLC	187,100		808
Man Group PLC	112,600		2,765
National Grid Transco PLC	201,400		1,284
Next PLC	285,800		5,714
Northern Rock PLC	243,800		2,927
Pennon Group PLC	106,601		1,153
PHS Group PLC	677,708		993
Prudential PLC	837,000		6,485
Punch Taverns Ltd.	341,700		1,964
Reckitt Benckiser PLC	442,100		9,289
Rentokil Initial PLC	641,300		2,426
Rio Tinto PLC (Reg.)	166,700		4,128
Royal Bank of Scotland Group PLC	101,800		2,724
Shire Pharmaceuticals Group PLC sponsored ADR (a)	122,100		2,796
Signet Group PLC	213,200		374
SMG PLC	813,557		1,392
Smith & Nephew PLC	1,008,200		7,999
Standard Chartered PLC	154,100		2,461
Taylor Nelson Sofres PLC	958,520		3,500
Tesco PLC	2,792,700		11,179
Trinity Mirror PLC	259,695		2,381
United Business Media PLC	160,509		1,262
Vodafone Group PLC sponsored ADR	871,800		18,439
William Hill PLC	577,000		3,314
Common Stocks - continued
	Shares		Value (Note 1) (000s)
United Kingdom - continued
Wolfson Microelectronics PLC (a)	39,100		$ 157
Xstrata PLC	454,781		4,662
Yell Group PLC (a)	401,000		1,950
TOTAL UNITED KINGDOM			224,973
United States of America - 3.9%
Affiliated Computer Services, Inc. Class A (a)	24,200		1,184
AFLAC, Inc.	86,600		3,159
Baxter International, Inc.	58,900		1,566
Central European Distribution Corp. (a)	48,700		1,831
Forest Laboratories, Inc. (a)	59,700		2,986
Fox Entertainment Group, Inc. Class A (a)	60,000		1,662
Freeport-McMoRan Copper & Gold, Inc. Class B	122,200		4,735
Golden Telecom, Inc. (a)	10,800		280
Merck & Co., Inc.	52,800		2,336
Mettler-Toledo International, Inc. (a)	105,700		4,053
Motorola, Inc.	635,900		8,604
Newmont Mining Corp. Holding Co.	89,420		3,915
NTL, Inc. (a)	125,590		7,753
Orthofix International NV (a)	70,400		2,570
Phelps Dodge Corp. (a)	39,500		2,439
Synthes-Stratec, Inc.	6,544		5,985
TOTAL UNITED STATES OF AMERICA			55,058
TOTAL COMMON STOCKS (Cost $1,080,343)		1,270,081
Preferred Stocks - 0.4%

Convertible Preferred Stocks - 0.0%
Canada - 0.0%
Metrophotonics, Inc. Series 2 (g)	8,500		85
Nonconvertible Preferred Stocks - 0.4%
Germany - 0.4%
Fresenius Medical Care AG	63,600		2,601
Porsche AG (non-vtg.)	5,400		2,643
TOTAL GERMANY			5,244
TOTAL PREFERRED STOCKS (Cost $4,941)		5,329
Investment Companies - 0.4%
	Shares		Value (Note 1) (000s)
China - 0.1%
China Fund, Inc.	35,400		$ 1,230
Templeton China World Fund, Inc.	54,100		837
TOTAL CHINA			2,067
India - 0.1%
The India Fund, Inc.	55,645		1,056
Multi-National - 0.2%
Templeton Dragon Fund, Inc.	181,200		2,838
TOTAL INVESTMENT COMPANIES (Cost $3,915)		5,961

Nonconvertible Bonds - 0.6%
		Principal Amount (000s)
United Kingdom - 0.4%
Telewest Communications PLC yankee:
0% 4/15/09 (c)(d)		$ 810		358
0% 2/1/10 (c)(d)		1,805		727
9.875% 2/1/10 (c)		2,305		1,187
11.25% 11/1/08 (c)		210		113
Telewest PLC:
11% 10/1/07 (c)		5,550		2,997
yankee 9.625% 10/1/06 (c)		835		443
TOTAL UNITED KINGDOM				5,825
United States of America - 0.2%
NTL, Inc. 19% 1/1/10		2,333		2,275
TOTAL NONCONVERTIBLE BONDS (Cost $6,771)			8,100
Government Obligations - 0.4%

Japan - 0.4%
Japan Government 0.2% 9/20/05 (Cost $4,941)	JPY	544,400		4,960

Money Market Funds - 10.5%
	Shares	Value (Note 1) (000s)
Fidelity Cash Central Fund, 1.07% (b) (Cost $146,280)	146,280,436	$ 146,280
TOTAL INVESTMENT PORTFOLIO - 103.1% (Cost $1,247,191)		1,440,711
NET OTHER ASSETS - (3.1)%		(42,782)

NET ASSETS - 100%

$ 1,397,929

Currency Abbreviations
JPY	-	Japanese yen

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) Debt obligation initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $1,238,000 or 0.1% of net assets.

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

(g) 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 (000s)
ITF Optical Technologies, Inc. Series A	10/11/00	$ 90
Metrophotonics, Inc. Series 2	9/29/00	$ 85
OZ Optics Ltd. unit	8/18/00	$ 80

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $993,935,000 and $336,180,000, respectively, of which long-term U.S. government and government agency obligations aggregated $0 and $6,424,000, 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 $15,000 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 $167,000 or 0% of net assets.

Income Tax Information

At October 31, 2003, the fund had a capital loss carryforward of approximately $62,647,000 of which $30,705,000 and $31,942,000 will expire on October 31, 2009 and 2010, respectively.

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)	October 31, 2003

Assets
Investment in securities, at value (including securities loaned of $43,117) (cost $1,247,191) - See accompanying schedule		$ 1,440,711
Cash		197
Foreign currency held at value (cost $ 1,025)		1,029
Receivable for investments sold		7,841
Receivable for fund shares sold		18,274
Dividends receivable		2,382
Interest receivable		103
Prepaid expenses		4
Other receivables		6
Total assets		1,470,547

Liabilities
Payable for investments purchased Regular delivery	$ 22,339
Delayed delivery	831
Payable for fund shares redeemed	1,081
Accrued management fee	796
Distribution fees payable	436
Other payables and accrued expenses	2,346
Collateral on securities loaned, at value	44,789
Total liabilities		72,618

Net Assets		$ 1,397,929
Net Assets consist of:
Paid in capital		$ 1,265,301
Undistributed net investment income		6,506
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(65,469)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		191,591
Net Assets		$ 1,397,929

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

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)	October 31, 2003

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($240,719 ÷ 16,489 shares)		$ 14.60

Maximum offering price per share (100/94.25 of $14.60)		$ 15.49
Class T: Net Asset Value and redemption price per share ($552,442 ÷ 38,191 shares)		$ 14.47

Maximum offering price per share (100/96.50 of $14.47)		$ 14.99
Class B: Net Asset Value and offering price per share ($89,290 ÷ 6,294 shares) ^A		$ 14.19

Class C: Net Asset Value and offering price per share ($124,003 ÷ 8,722 shares) ^A		$ 14.22


Institutional Class: Net Asset Value, offering price and redemption price per share ($391,475 ÷ 26,551 shares)		$ 14.74

^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

Statement of Operations

Amounts in thousands	Year ended October 31, 2003

Investment Income
Dividends		$ 15,593
Interest		1,320
Security lending		340
		17,253
Less foreign taxes withheld		(1,498)
Total income		15,755

Expenses
Management fee	$ 5,424
Transfer agent fees	2,286
Distribution fees	3,343
Accounting and security lending fees	431
Non-interested trustees' compensation	3
Custodian fees and expenses	629
Registration fees	175
Audit	59
Legal	17
Miscellaneous	15
Total expenses before reductions	12,382
Expense reductions	(196)	12,186
Net investment income (loss)		3,569
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities	14,691
Foreign currency transactions	132
Total net realized gain (loss)		14,823
Change in net unrealized appreciation (depreciation) on: Investment securities (net of deferred foreign taxes of $1,978)	218,069
Assets and liabilities in foreign currencies	(1)
Total change in net unrealized appreciation (depreciation)		218,068
Net gain (loss)		232,891
Net increase (decrease) in net assets resulting from operations		$ 236,460

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

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands	Year ended October 31, 2003	Year ended October 31, 2002
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 3,569	$ 1,013
Net realized gain (loss)	14,823	(33,236)
Change in net unrealized appreciation (depreciation)	218,068	(2,842)
Net increase (decrease) in net assets resulting from operations	236,460	(35,065)
Distributions to shareholders from net investment income	(1,439)	-
Share transactions - net increase (decrease)	716,381	160,808
Total increase (decrease) in net assets	951,402	125,743

Net Assets
Beginning of period	446,527	320,784
End of period (including undistributed net investment income of $6,506 and undistributed net investment income of $1,106, respectively)	$ 1,397,929	$ 446,527

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

Annual Report

Financial Highlights - Class A

Years ended October 31,	2003	2002	2001	2000	1999^G
Selected Per-Share Data
Net asset value, beginning of period	$ 11.12	$ 11.87	$ 14.54	$ 13.05	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.09	.07	.10	.22^F	.01
Net realized and unrealized gain (loss)	3.45	(.82)	(2.48)	1.49	3.04
Total from investment operations	3.54	(.75)	(2.38)	1.71	3.05
Distributions from net investment income	(.06)	-	(.29)	(.03)	-
Distributions from net realized gain	-	-	-	(.17)	-
Distributions in excess of net realized gain	-	-	-	(.02)	-
Total distributions	(.06)	-	(.29)	(.22)	-
Net asset value, end of period	$ 14.60	$ 11.12	$ 11.87	$ 14.54	$ 13.05
Total Return^B,C,D	31.99%	(6.32)%	(16.69)%	13.13%	30.50%
Ratios to Average Net Assets^H
Expenses before expense reductions	1.42%	1.46%	1.50%	1.52%	2.60%^A
Expenses net of voluntary waivers, if any	1.42%	1.46%	1.50%	1.52%	2.00%^A
Expenses net of all reductions	1.39%	1.43%	1.46%	1.50%	1.97%^A
Net investment income (loss)	.71%	.54%	.77%	1.44%	.05%^A
Supplemental Data
Net assets, end of period (in millions)	$ 241	$ 52	$ 38	$ 27	$ 4
Portfolio turnover rate	49%	53%	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 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 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 brokerage service arrangements 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 start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements 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

Years ended October 31,	2003	2002	2001	2000	1999^G
Selected Per-Share Data
Net asset value, beginning of period	$ 11.01	$ 11.80	$ 14.46	$ 13.02	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.05	.02	.06	.17^F	(.02)
Net realized and unrealized gain (loss)	3.43	(.81)	(2.46)	1.49	3.04
Total from investment operations	3.48	(.79)	(2.40)	1.66	3.02
Distributions from net investment income	(.02)	-	(.26)	(.03)	-
Distributions from net realized gain	-	-	-	(.17)	-
Distributions in excess of net realized gain	-	-	-	(.02)	-
Total distributions	(.02)	-	(.26)	(.22)	-
Net asset value, end of period	$ 14.47	$ 11.01	$ 11.80	$ 14.46	$ 13.02
Total Return^B,C,D	31.66%	(6.69)%	(16.90)%	12.78%	30.20%
Ratios to Average Net Assets^H
Expenses before expense reductions	1.75%	1.79%	1.81%	1.82%	2.84%^A
Expenses net of voluntary waivers, if any	1.75%	1.79%	1.81%	1.82%	2.25%^A
Expenses net of all reductions	1.72%	1.76%	1.76%	1.80%	2.22%^A
Net investment income (loss)	.38%	.21%	.47%	1.15%	(.20)%^A
Supplemental Data
Net assets, end of period (in millions)	$ 552	$ 204	$ 153	$ 139	$ 32
Portfolio turnover rate	49%	53%	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 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 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,	2003	2002	2001	2000	1999^G
Selected Per-Share Data
Net asset value, beginning of period	$ 10.84	$ 11.68	$ 14.33	$ 12.96	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	(.02)	(.04)	(.01)	.09^F	(.07)
Net realized and unrealized gain (loss)	3.37	(.80)	(2.44)	1.49	3.03
Total from investment operations	3.35	(.84)	(2.45)	1.58	2.96
Distributions from net investment income	-	-	(.20)	(.02)	-
Distributions from net realized gain	-	-	-	(.17)	-
Distributions in excess of net realized gain	-	-	-	(.02)	-
Total distributions	-	-	(.20)	(.21)	-
Net asset value, end of period	$ 14.19	$ 10.84	$ 11.68	$ 14.33	$ 12.96
Total Return^B,C,D	30.90%	(7.19)%	(17.33)%	12.21%	29.60%
Ratios to Average Net Assets^H
Expenses before expense reductions	2.32%	2.32%	2.35%	2.36%	3.38%^A
Expenses net of voluntary waivers, if any	2.32%	2.32%	2.35%	2.36%	2.75%^A
Expenses net of all reductions	2.29%	2.29%	2.30%	2.34%	2.72%^A
Net investment income (loss)	(.19)%	(.32)%	(.07)%	.60%	(.70)%^A
Supplemental Data
Net assets, end of period (in millions)	$ 89	$ 49	$ 42	$ 44	$ 11
Portfolio turnover rate	49%	53%	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.

^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

Financial Highlights - Class C

Years ended October 31,	2003	2002	2001	2000	1999^G
Selected Per-Share Data
Net asset value, beginning of period	$ 10.86	$ 11.68	$ 14.34	$ 12.96	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	(.01)	(.03)	-^I	.10^F	(.07)
Net realized and unrealized gain (loss)	3.37	(.79)	(2.45)	1.48	3.03
Total from investment operations	3.36	(.82)	(2.45)	1.58	2.96
Distributions from net investment income	-	-	(.21)	(.01)	-
Distributions from net realized gain	-	-	-	(.17)	-
Distributions in excess of net realized gain	-	-	-	(.02)	-
Total distributions	-	-	(.21)	(.20)	-
Net asset value, end of period	$ 14.22	$ 10.86	$ 11.68	$ 14.34	$ 12.96
Total Return^B,C,D	30.94%	(7.02)%	(17.33)%	12.21%	29.60%
Ratios to Average Net Assets^H
Expenses before expense reductions	2.23%	2.25%	2.28%	2.32%	3.36%^A
Expenses net of voluntary waivers, if any	2.23%	2.25%	2.28%	2.32%	2.75%^A
Expenses net of all reductions	2.20%	2.22%	2.24%	2.30%	2.72%^A
Net investment income (loss)	(.10)%	(.25)%	(.01)%	.65%	(.70)%^A
Supplemental Data
Net assets, end of period (in millions)	$ 124	$ 54	$ 44	$ 38	$ 8
Portfolio turnover rate	49%	53%	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.

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

^I Amount represents less than .01 per-share.

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

Annual Report

Financial Highlights - Institutional Class

Years ended October 31,	2003	2002	2001	2000	1999^F
Selected Per-Share Data
Net asset value, beginning of period	$ 11.22	$ 11.94	$ 14.60	$ 13.08	$ 10.00
Income from Investment Operations
Net investment income (loss)^D	.13	.11	.14	.26^E	.03
Net realized and unrealized gain (loss)	3.48	(.83)	(2.48)	1.49	3.05
Total from investment operations	3.61	(.72)	(2.34)	1.75	3.08
Distributions from net investment income	(.09)	-	(.32)	(.04)	-
Distributions from net realized gain	-	-	-	(.17)	-
Distributions in excess of net realized gain	-	-	-	(.02)	-
Total distributions	(.09)	-	(.32)	(.23)	-
Net asset value, end of period	$ 14.74	$ 11.22	$ 11.94	$ 14.60	$ 13.08
Total Return^B,C	32.41%	(6.03)%	(16.38)%	13.42%	30.80%
Ratios to Average Net Assets^G
Expenses before expense reductions	1.09%	1.11%	1.17%	1.24%	2.34%^A
Expenses net of voluntary waivers, if any	1.09%	1.11%	1.17%	1.24%	1.75%^A
Expenses net of all reductions	1.06%	1.07%	1.12%	1.22%	1.72%^A
Net investment income (loss)	1.04%	.89%	1.11%	1.73%	.30%^A
Supplemental Data
Net assets, end of period (in millions)	$ 391	$ 88	$ 43	$ 20	$ 4
Portfolio turnover rate	49%	53%	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 For the period December 17, 1998 (commencement of operations) to October 31, 1999.

^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements 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 start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements 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, 2003

(Amounts in thousands except ratios)

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 fund's investments in emerging markets can be subject to social, economic, regula-tory, and political uncertainties and can be extremely volatile. 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 (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. Debt securities for which quotations are readily available are valued at their most recent bid prices (sales prices if the principal market is an exchange) in the principal market in which such securities are normally traded, as determined by recognized dealers in such securities, or securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and valuation models. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Annual Report

Security Valuation - continued

of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

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.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. 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. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities which is accrued using the interest method. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectibility of interest is reasonably assured.

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.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Income dividends and capital gain distributions are declared separately for each class. Distributions are recorded on the ex-dividend date.

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), prior period premium and discount on debt securities, market discount, non-taxable dividends, capital loss carryforwards and losses deferred due to wash sales.

The tax-basis components of distributable earnings and the federal tax cost as of period end were as follows:

Unrealized appreciation	$ 208,639	\|
Unrealized depreciation	(23,720)
Net unrealized appreciation (depreciation)	184,919
Undistributed ordinary income	10,355
Capital loss carryforward	(62,647)
Cost for federal income tax purposes	$ 1,255,792

The tax character of distributions paid was as follows:

	October 31, 2003	October 31, 2002
Ordinary Income	$ 1,439	$ -

Short-Term Trading (Redemption) Fees. Shares purchased after March 31, 2004 and held in the fund less than 30 days will be subject to a short-term trading fee equal to 1.00% of the proceeds of the redeemed shares. The fee, which will be retained by the fund, is accounted for as an addition to paid in capital.

2. Operating Policies.

Annual Report

2. Operating Policies - continued

Annual Report

Repurchase Agreements - continued

balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. Collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. Collateral is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

Delayed Delivery Transactions and When-Issued Securities. The fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in the fund's Schedule of Investments. The fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract, or if the issuer does not issue the securities due to political, economic, or other factors.

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 at the end of the fund's Schedule of Investments.

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.

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annual management fee rate was .72% of the fund's average net assets.

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. Certain classes pay 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. Class A and Class T Plans also authorize the use of brokerage commissions to pay distribution expenses. This practice has been discontinued and no commissions incurred after June 30, 2003 have been used to pay distribution expenses. 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, the total amounts paid to and retained by FDC and the amount of distribution expenses paid with brokerage commissions were as follows:

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC	Paid with Commissions
Class A	-%	.25%	$ 247	$ 2	$ 1
Class T	.25%	.25%	1,710	11	6
Class B	.75%	.25%	624	468	-
Class C	.75%	.25%	762	217	-
			$ 3,343	$ 698	$ 7

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

4. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

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

	Retained by FDC
Class A	$ 144
Class T	59
Class B*	154
Class C*	24
	$ 381

* 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	$ 267	.27
Class T	1,190	.35
Class B	265	.42
Class C	255	.33
Institutional Class	309	.19
	$ 2,286

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.

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 $888 for the period.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates - continued

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 $3.5 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.

Annual Report

7. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services may include payments of expenses on behalf of the fund to support distribution of fund shares for Class A and Class T ("Distribution Expense Reduction") and to pay other fund expenses, such as transfer agent fees ("Other Expense Reduction") collectively referred to as "Brokerage Service Arrangements" in the accompanying table. Brokerage service arrangements generally benefits all shareholders of each class by reducing fund expenses. Each of Class A and Class T shareholders' Other Expense Reduction benefit is reduced by the amount of any Distribution Expense Reduction. 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. All of the applicable expense reductions are noted in the table below.

	Brokerage Service Arrangements
	Distribution expense reduction	Other expense reduction	Custody expense reduction

Fund Level	$ -	$ 186	$ 3
Class A	1	-	-
Class T	6	-	-
	$ 7	$ 186	$ 3

8. Other Information.

At the end of the period, one unaffiliated shareholder was the owner of record of 15% of the total outstanding shares of the fund.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Years ended October 31, 2003	Years ended October 31, 2002
From net investment income
Class A	$ 292	$ -
Class T	397	-
Institutional Class	750	-
Total	$ 1,439	$ -

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2003	2002	2003	2002
Class A
Shares sold	16,942	4,966	$ 218,725	$ 60,391
Reinvestment of distributions	24	-	271	-
Shares redeemed	(5,120)	(3,525)	(63,239)	(43,045)
Net increase (decrease)	11,846	1,441	$ 155,757	$ 17,346
Class T
Shares sold	29,220	11,344	$ 358,219	$ 137,199
Reinvestment of distributions	33	-	370	-
Shares redeemed	(9,624)	(5,761)	(117,763)	(69,065)
Net increase (decrease)	19,629	5,583	$ 240,826	$ 68,134
Class B
Shares sold	2,720	1,844	$ 32,792	$ 21,855
Shares redeemed	(917)	(959)	(10,619)	(11,319)
Net increase (decrease)	1,803	885	$ 22,173	$ 10,536
Class C
Shares sold	5,286	2,496	$ 64,958	$ 29,291
Shares redeemed	(1,527)	(1,316)	(17,673)	(15,655)
Net increase (decrease)	3,759	1,180	$ 47,285	$ 13,636
Institutional Class
Shares sold	26,478	8,596	$ 351,243	$ 105,185
Reinvestment of distributions	29	-	326	-
Shares redeemed	(7,794)	(4,386)	(101,229)	(54,029)
Net increase (decrease)	18,713	4,210	$ 250,340	$ 51,156

Annual Report

Report of Independent Auditors

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, 2003 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, 2003 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 12, 2003

Annual Report

Trustees and Officers

The Trustees, Members of the Advisory Board, and executive officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, and review the fund's performance. Except for William O. McCoy, each of the Trustees oversees 289 funds advised by FMR or an affiliate. Mr. McCoy oversees 291 funds advised by FMR or an affiliate.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. In any event, each non-interested Trustee shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The executive officers and Advisory Board Members hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for each Trustee who is an "interested person" (as defined in the 1940 Act) may be sent to 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (73)**
	Year of Election or Appointment: 1983 Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR Corp.; a Director and Chairman of the Board and of the Executive Committee of FMR; Chairman and a Director of Fidelity Management & Research (Far East) Inc.; Chairman (1998) and a Director of Fidelity Investments Money Management, Inc.; and Chairman (2001) and a Director (2000) of FMR Co., Inc.
Abigail P. Johnson (41)**
	Year of Election or Appointment: 2001 Senior Vice President of Advisor Diversified International (2001). Ms. Johnson also serves as Senior Vice President of other Fidelity funds (2001). She is President and a Director of FMR (2001), Fidelity Investments Money Management, Inc. (2001), FMR Co., Inc. (2001), and a Director of FMR Corp. Previously, Ms. Johnson managed a number of Fidelity funds.
Laura B. Cronin (49)
	Year of Election or Appointment: 2003 Ms. Cronin is an Executive Vice President (2002) and Chief Financial Officer (2002) of FMR Corp. and is a member of the Fidelity Management Committee (2003). Previously, Ms. Cronin served as Vice President of Finance of FMR (1997-1999), and Chief Financial Officer of FMR (1999-2001), Fidelity Personal Investments (2001), and Fidelity Brokerage Company (2001-2002).
Robert L. Reynolds (51)
	Year of Election or Appointment: 2003 Mr. Reynolds is a Director (2003) and Chief Operating Officer (2002) of FMR Corp. and is the head of the Fidelity Management Committee (2003). He also serves on the Board at Fidelity Investments Canada, Ltd. (2000). Previously, Mr. Reynolds served as President of Fidelity Investments Institutional Retirement Group (1996-2000).

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

** Edward C. Johnson 3d, Trustee, is Abigail P. Johnson's father.

Annual Report

Non-Interested Trustees:

Correspondence intended for each non-interested Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
J. Michael Cook (61)
	Year of Election or Appointment: 2001 Prior to Mr. Cook's retirement in May 1999, he served as Chairman and Chief Executive Officer of Deloitte & Touche LLP (accounting/consulting), Chairman of the Deloitte & Touche Foundation, and a member of the Board of Deloitte Touche Tohmatsu. He currently serves as a Director of Comcast (telecommunications, 2002), International Flavors & Fragrances, Inc. (2000), Rockwell Automation (2000) and The Dow Chemical Company (2000). He is a Member of the Diversity Advisory Council of Marakon (2003) and the Advisory Board of the Directorship Search Group, Chairman Emeritus of the Board of Catalyst (a leading organization for the advancement of women in business), and is Chairman of the Accountability Advisory Council to the Comptroller General of the United States. He also serves as a Member of the Advisory Board of the Graduate School of Business of the University of Florida, his alma mater.
Ralph F. Cox (71)
	Year of Election or Appointment: 1991 Mr. Cox is President of RABAR Enterprises (management consulting for the petroleum industry). Prior to February 1994, he was President of Greenhill Petroleum Corporation (petroleum exploration and production). Until March 1990, Mr. Cox was President and Chief Operating Officer of Union Pacific Resources Company (exploration and production). He is a Director of CH2M Hill Companies (engineering), and Abraxas Petroleum (petroleum exploration and production, 1999). In addition, he is a member of advisory boards of Texas A&M University and the University of Texas at Austin.
Phyllis Burke Davis (71)
	Year of Election or Appointment: 1992 Mrs. Davis is retired from Avon Products, Inc. (consumer products) where she held various positions including Senior Vice President of Corporate Affairs and Group Vice President of U.S. product marketing, sales, distribution, and manufacturing. Mrs. Davis is a member of the Board of Directors of the Southampton Hospital in Southampton, N.Y. (1998). Previously, she served as a Director of BellSouth Corporation (telecommunications), Eaton Corporation (diversified industrial), the TJX Companies, Inc. (retail stores), Hallmark Cards, Inc., and Nabisco Brands, Inc.
Robert M. Gates (60)
	Year of Election or Appointment: 1997 Dr. Gates is President of Texas A&M University (2002). He was Director of the Central Intelligence Agency (CIA) from 1991 to 1993. From 1989 to 1991, Dr. Gates served as Assistant to the President of the United States and Deputy National Security Advisor. Dr. Gates is a Director of NACCO Industries, Inc. (mining and manufacturing), and Parker Drilling Co., Inc. (drilling and rental tools for the energy industry, 2001). He also serves as a member of the Advisory Board of VoteHere.net (secure internet voting, 2001). Previously, Dr. Gates served as a Director of LucasVarity PLC (automotive components and diesel engines), a Director of TRW Inc. (automotive, space, defense, and information technology), and Dean of the George Bush School of Government and Public Service at Texas A&M University (1999-2001). Dr. Gates also is a Trustee of the Forum for International Policy.
Donald J. Kirk (70)
	Year of Election or Appointment: 1987 Mr. Kirk is a Governor of the American Stock Exchange (2001), a Trustee and former Chairman of the Board of Trustees of the Greenwich Hospital Association, a Director of the Yale-New Haven Health Services Corp. (1998), and a Director Emeritus and former Chairman of the Board of Directors of National Arts Strategies Inc. Mr. Kirk was an Executive-in-Residence (1995-2000) and a Professor (1987-1995) at Columbia University Graduate School of Business. Prior to 1987, he was Chairman of the Financial Accounting Standards Board. Previously, Mr. Kirk served as a Governor of the National Association of Securities Dealers, Inc. (1996-2002), a member and Vice Chairman of the Public Oversight Board of the American Institute of Certified Public Accountants' SEC Practice Section (1995-2002), a Director of General Re Corporation (reinsurance, 1987-1998) and as a Director of Valuation Research Corp. (appraisals and valuations).
Marie L. Knowles (57)
	Year of Election or Appointment: 2001 Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. She currently serves as a Director of Phelps Dodge Corporation (copper mining and manufacturing), URS Corporation (multidisciplinary engineering, 1999), and McKesson Corporation (healthcare service, 2002). Ms. Knowles is a Trustee of the Brookings Institution and the Catalina Island Conservancy and also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California.
Ned C. Lautenbach (59)
	Year of Election or Appointment: 2000 Mr. Lautenbach has been a partner of Clayton, Dubilier & Rice, Inc. (private equity investment firm) since September 1998. Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. He was most recently Senior Vice President and Group Executive of Worldwide Sales and Services. From 1993 to 1995, he was Chairman of IBM World Trade Corporation, and from 1994 to 1998 was a member of IBM's Corporate Executive Committee. Mr. Lautenbach serves as Chairman and as a Director (1998) of Acterna Corporation (communications test equipment). He is also Co-Chairman of Covansys, Inc. (global provider of business and technology solutions, 2000). In addition, he is a Director of Eaton Corporation (diversified industrial) and the Philharmonic Center for the Arts in Naples, Florida (1999). He also is a member of the Council on Foreign Relations.
Marvin L. Mann (70)
	Year of Election or Appointment: 1993 Mr. Mann is Chairman of the non-interested Trustees (2001). He is Chairman Emeritus of Lexmark International, Inc. (computer peripherals) where he served as CEO until April 1998 and retired as Chairman May 1999, and remains a member of the Board. Prior to 1991, he held the positions of Vice President of International Business Machines Corporation (IBM) and President and General Manager of various IBM divisions and subsidiaries. Mr. Mann is a Board member of Imation Corp. (imaging and information storage) and Acterna Corporation (communications test equipment, 1999). He is also a member of the Director Services Committee of the Investment Company Institute. In addition, Mr. Mann is a member of the President's Cabinet at the University of Alabama and the Board of Visitors of the Culverhouse College of Commerce and Business Administration at the University of Alabama.
William O. McCoy (70)
	Year of Election or Appointment: 1997 Prior to his retirement in December 1994, Mr. McCoy was Vice Chairman of the Board of BellSouth Corporation (telecommunications) and President of BellSouth Enterprises. He is currently a Director of Liberty Corporation (holding company), Duke Realty Corporation (real estate), Progress Energy, Inc. (electric utility), and Acterna Corporation (communications test equipment, 1999). He is also a partner of Franklin Street Partners (private investment management firm) and a member of the Research Triangle Foundation Board. In addition, Mr. McCoy served as the Interim Chancellor (1999-2000) and a member of the Board of Visitors (1994-1998) for the University of North Carolina at Chapel Hill and currently serves on the Board of Directors of the University of North Carolina Health Care System and the Board of Visitors of the Kenan-Flagler Business School (University of North Carolina at Chapel Hill). He also served as Vice President of Finance for the University of North Carolina (16-school system, 1995-1998).
William S. Stavropoulos (64)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Chairman of the Board, President and CEO (2002), and Chairman of the Executive Committee (2000) and a Director of The Dow Chemical Company. Since joining The Dow Chemical Company in 1967, Mr. Stavropoulos served in numerous senior management positions, including President (1993-2000) and Chief Executive Officer (1995-2000). Currently, he is a Director of NCR Corporation (data warehousing and technology solutions), BellSouth Corporation (telecommunications), Chemical Financial Corporation, and Maersk Inc. (industrial conglomerate, 2002). He also serves as a member of the Board of Trustees of the American Enterprise Institute for Public Policy Research. In addition, Mr. Stavropoulos is a member of The Business Council, J.P. Morgan International Council, World Business Council for Sustainable Development, and the University of Notre Dame Advisory Council for the College of Science.

Annual Report

Trustees and Officers - continued

Advisory Board Members and Executive Officers:

Correspondence intended for Dr. Heilmeier may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for each executive officer and Mr. Lynch may be sent to 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
George H. Heilmeier (67)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity Advisor Series VIII. Dr. Heilmeier is Chairman Emeritus of Telcordia Technologies (communication software and systems), where prior to his retirement, he served as company Chairman and Chief Executive Officer. He currently serves on the Boards of Directors of The Mitre Corporation (systems engineering and information technology support for the government), INET Technologies Inc. (telecommunications network surveillance, 2001) and Teletech Holdings (customer management services, 1998). He is Chairman of the General Motors Technology Advisory Committee and a Life Fellow of the IEEE (2000). Dr. Heilmeier is a member of the Defense Science Board and the National Security Agency Advisory Board. He is also a member of the National Academy of Engineering, the American Academy of Arts and Sciences and The Board of Overseers of the School of Engineering and Applied Science of the University of Pennsylvania. Previously, Dr. Heilmeier served as a Director of TRW Inc. (automotive, space, defense, and information technology, 1992-2002) and Compaq (1994-2002).
Peter S. Lynch (60)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity Advisor Series VIII. Vice Chairman and a Director of FMR, and Vice Chairman (2001) and a Director (2000) of FMR Co., Inc. Previously, Mr. Lynch served as a Trustee of the Fidelity funds (1990-2003). Prior to May 31, 1990, he was a Director of FMR and Executive Vice President of FMR (a position he held until March 31, 1991), Vice President of Fidelity Magellan Fund and FMR Growth Group Leader, and Managing Director of FMR Corp. Mr. Lynch was also Vice President of Fidelity Investments Corporate Services. In addition, he serves as a Trustee of Boston College, Massachusetts Eye & Ear Infirmary, Historic Deerfield, John F. Kennedy Library, and the Museum of Fine Arts of Boston.
Philip L. Bullen (44)
	Year of Election or Appointment: 2001 Vice President of Advisor Diversified International. Mr. Bullen also serves as Vice President of certain Equity Funds (2001) and certain High Income Funds (2001). He is Senior Vice President of FMR (2001) and FMR Co., Inc. (2001), President and a Director of Fidelity Management & Research (Far East) Inc. (2001), President and a Director of Fidelity Management & Research (U.K.) Inc. (2002), and a Director of Strategic Advisers, Inc. (2002). Before joining Fidelity Investments, Mr. Bullen was President and Chief Investment Officer of Santander Global Advisors (1997-2000) and President and Chief Executive Officer of Boston's Baring Asset Management Inc. (1994-1997).
William Bower (36)
	Year of Election or Appointment: 2001 Vice President of Advisor Diversified International. Mr. Bower is also Vice President of another fund advised by FMR. Prior to assuming his current responsibilities, Mr. Bower managed a variety of Fidelity funds.
Eric D. Roiter (54)
	Year of Election or Appointment: 1998 Secretary of Advisor Diversified International. He also serves as Secretary of other Fidelity funds (1998); Vice President, General Counsel, and Clerk of FMR Co., Inc. (2001) and FMR (1998); Vice President and Clerk of FDC (1998); Assistant Clerk of Fidelity Management & Research (U.K.) Inc. (2001) and Fidelity Management & Research (Far East) Inc. (2001); and Assistant Secretary of Fidelity Investments Money Management Inc. (2001). Prior to joining Fidelity, Mr. Roiter was with the law firm of Debevoise & Plimpton, as an associate (1981-1984) and as a partner (1985-1997), and served as an Assistant General Counsel of the U.S. Securities and Exchange Commission (1979-1981). Mr. Roiter is an Adjunct Member, Faculty of Law, at Boston College Law School (2003).
Stuart Fross (44)
	Year of Election or Appointment: 2003 Assistant Secretary of Advisor Diversified International. Mr. Fross also serves as Assistant Secretary of other Fidelity funds (2003) and is an employee of FMR.
Maria F. Dwyer (44)
	Year of Election or Appointment: 2002 President and Treasurer of Advisor Diversified International. Ms. Dwyer also serves as President and Treasurer of other Fidelity funds (2002) and is a Vice President (1999) and an employee (1996) of FMR. Prior to joining Fidelity, Ms. Dwyer served as Director of Compliance for MFS Investment Management.
Timothy F. Hayes (52)
	Year of Election or Appointment: 2002 Chief Financial Officer of Advisor Diversified International. Mr. Hayes also serves as Chief Financial Officer of other Fidelity funds (2002). Recently he was appointed President of Fidelity Service Company (2003) where he also serves as a Director. Mr. Hayes also serves as President of Fidelity Investments Operations Group (FIOG, 2002), which includes Fidelity Pricing and Cash Management Services Group (FPCMS), where he was appointed President in 1998. Previously, Mr. Hayes served as Chief Financial Officer of Fidelity Investments Corporate Systems and Service Group (1998) and Fidelity Systems Company (1997-1998).
John R. Hebble (45)
	Year of Election or Appointment: 2003 Deputy Treasurer of Advisor Diversified International. Mr. Hebble also serves as Deputy Treasurer of other Fidelity funds (2003), and is an employee of FMR. Before joining Fidelity Investments, Mr. Hebble worked at Deutsche Asset Management where he served as Director of Fund Accounting (2002-2003) and Assistant Treasurer of the Scudder Funds (1998-2003).
John H. Costello (57)
	Year of Election or Appointment: 1998 Assistant Treasurer of Advisor Diversified International. Mr. Costello also serves as Assistant Treasurer of other Fidelity funds and is an employee of FMR.
Francis V. Knox, Jr. (56)
	Year of Election or Appointment: 2002 Assistant Treasurer of Advisor Diversified International. Mr. Knox also serves as Assistant Treasurer of other Fidelity funds (2002), and is a Vice President and an employee of FMR. Previously, Mr. Knox served as Vice President of Investment & Advisor Compliance (1990-2001), and Compliance Officer of Fidelity Management & Research (U.K.) Inc. (1992-2002), Fidelity Management & Research (Far East) Inc. (1991-2002), and FMR Corp. (1995-2002).
Mark Osterheld (48)
	Year of Election or Appointment: 2002 Assistant Treasurer of Advisor Diversified International. Mr. Osterheld also serves as Assistant Treasurer of other Fidelity funds (2002) and is an employee of FMR.
Thomas J. Simpson (45)
	Year of Election or Appointment: 2000 Assistant Treasurer of Advisor Diversified International. Mr. Simpson is Assistant Treasurer of other Fidelity funds (2000) and an employee of FMR (1996). Prior to joining FMR, Mr. Simpson was Vice President and Fund Controller of Liberty Investment Services (1987-1995).

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	12/9/02	$.074	$.014
Class T	12/9/02	$.034	$.014

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

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

Annual Report

Fidelity Advisor Aggressive Growth Fund

Fidelity Advisor Asset Allocation Fund

Fidelity Advisor Balanced Fund

Fidelity Advisor Biotechnology Fund

Fidelity Advisor California Municipal Income 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 Freedom Income Fund^SM

Fidelity Advisor Freedom 2010 Fund^SM

Fidelity Advisor Freedom 2020 Fund^SM

Fidelity Advisor Freedom 2030 Fund^SM

Fidelity Advisor Freedom 2040 Fund^SM

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 Advantage Fund

Fidelity Advisor High Income Fund

Fidelity Advisor Inflation-Protected Bond Fund

Fidelity Advisor Intermediate Bond Fund

Fidelity Advisor International Capital Appreciation Fund

Fidelity Advisor International Small Cap Fund

Fidelity Advisor Investment Grade Bond 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 New Insights Fund

Fidelity Advisor New York
Municipal Income Fund

Fidelity Advisor Overseas Fund

Fidelity Advisor Real Estate Fund

Fidelity Advisor Short Fixed-Income Fund

Fidelity Advisor Short Intermediate Municipal Income Fund

Fidelity Advisor Small Cap Fund

Fidelity Advisor Strategic Growth Fund

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Fidelity Advisor Tax Managed
Stock Fund

Fidelity Advisor Technology Fund

Fidelity Advisor Telecommunications & Utilities Growth Fund

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Treasury Fund

(Fidelity Investment logo)(registered trademark)
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ADIF-UANN-1203
1.784735.100

Fidelity® Advisor

Diversified International

Fund - Institutional Class

Annual Report

October 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	Ned Johnson's message to shareholders.
Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy and outlook.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Auditors' Opinion	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>

For a free copy of the fund's proxy voting guidelines call 1-877-208-0098 or visit the Securities and Exchange Commission (SEC)'s web site at www.sec.gov.

Standard and 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

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Annual Report

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended October 31, 2003	Past 1 year	Life of fund^A
Institutional Class	32.41%	9.31%

^AFrom December 17, 1998.

$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. The chart shows how the value of your investment would have grown, and also shows how the MSCI® EAFE® Index did over the same period.

Annual Report

Management's Discussion of Fund Performance

Comments from Bill Bower, Portfolio Manager of Fidelity® Advisor Diversified International Fund

Mirroring the U.S. rally, most international stock markets rebounded sharply during the 12-month period ending October 31, 2003. Encouraged by improved corporate earnings, favorable interest rates and the easing of geopolitical tensions, the Morgan Stanley Capital International^SM Europe, Australasia, Far East (MSCI® EAFE®) Index - a proxy for stock markets outside the United States and Canada - gained 27.39% during the past year. From a regional perspective, all 16 countries in the MSCI Europe index - which gained 24.56% -- had double-digit advances. Spain, Denmark and Sweden were among the region's best performers. In Japan, increased capital spending, exports and machinery orders helped the Tokyo Stock Exchange Stock Price Index (TOPIX) advance 36.39%. Following the SARS epidemic, other Asian markets also rebounded. For instance, the Hong Kong market, as measured by the Hang Seng Index, gained 34.51%. Emerging markets also fared well, particularly Latin America. The MSCI Emerging Markets Free-Latin America Index rose 59.75%. Canadian equities, as measured by the S&P®/TSX Composite Index, also posted an impressive annual gain, advancing 50.66%.

For the 12 months ending October 31, 2003, Fidelity Advisor Diversified International Fund's Institutional Class shares were up 32.41%, topping the Lipper^SM International Funds Average, which rose 24.51%, as well as the MSCI EAFE index. Superior stock selection was the main reason for the fund's outperformance, with the fund beating the index's holdings in eight of the 10 major market sectors The portfolio's biggest advantage came in the energy industry, where an emphasis on energy services stocks, as well as companies with little exposure to the Middle East, proved quite helpful. Elsewhere, Japanese brokerage stocks were beneficiaries of the rising equity markets, and our holdings of Nomura and Nikko Cordial were top performers. Additionally, increasing the fund's emerging-markets exposure early in the period worked out well, as several of these stocks were among the fund's top contributors. Keeping a low exposure to European technology companies was disappointing, however, given that the market's willingness to pay for their only modestly better earnings growth was much greater than I expected, and these stocks rose. Looking at individual detractors, Anglo/Dutch consumer staples giant Unilever was hurt by disappointing third-quarter 2003 sales, and Swiss pharmaceutical firm Novartis declined due to lower-than-expected third-quarter profits.

Annual Report

Investment Changes

Top Five Stocks as of October 31, 2003
	% of fund's net assets	% of fund's net assets 6 months ago
Novartis AG (Switzerland, Pharmaceuticals)	2.0	2.5
Unilever NV (NY Shares) (Netherlands, Food Products)	1.7	2.0
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services)	1.3	0.9
HSBC Holdings PLC (United Kingdom, Commercial Banks)	1.2	1.2
GlaxoSmithKline PLC sponsored ADR (United Kingdom, Pharmaceuticals)	1.2	1.6
	7.4
Top Five Market Sectors as of October 31, 2003
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	21.6	22.1
Health Care	13.2	14.3
Consumer Discretionary	11.8	12.4
Information Technology	10.7	9.6
Consumer Staples	9.0	11.1
Top Five Countries as of October 31, 2003
(excluding cash equivalents)	% of fund's net assets	% of fund's net assets 6 months ago
United Kingdom	16.5	15.0
Japan	15.2	11.3
Switzerland	6.6	7.4
France	5.4	7.2
Canada	5.4	5.7

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

Asset Allocation (% of fund's net assets)
As of October 31, 2003		As of April 30, 2003
	Stocks and Investment Companies 91.6%		Stocks and Investment Companies 94.0%
	Bonds 1.0%		Bonds 1.0%
	Short-Term Investments and Net Other Assets 7.4%		Short-Term Investments and Net Other Assets 5.0%

Annual Report

Investments October 31, 2003

Showing Percentage of Net Assets

Common Stocks - 90.8%
	Shares		Value (Note 1) (000s)
Australia - 2.6%
Australia & New Zealand Banking Group Ltd.	319,800		$ 4,029
Australia & New Zealand Banking Group Ltd. rights 11/24/03 (a)	58,145		177
Australian Gas Light Co.	308,407		2,336
Billabong International Ltd.	190,900		989
CSL Ltd.	410,923		4,944
Fosters Group Ltd.	556,242		1,799
Macquarie Bank Ltd.	164,147		4,048
National Australia Bank Ltd.	121,600		2,633
News Corp. Ltd.:
ADR	54,700		1,950
sponsored ADR	23,300		687
Promina Group Ltd.	586,555		1,378
QBE Insurance Group Ltd.	901,525		6,572
Sons of Gwalia Ltd.	41,800		102
Suncorp-Metway Ltd.	265,400		2,436
Westfield Holdings Ltd.	198,900		2,000
TOTAL AUSTRALIA			36,080
Belgium - 0.4%
Agfa-Gevaert NV	102,909		2,545
Groupe Bruxelles Lambert SA (GBL)	22,310		1,074
Melexis NV	159,750		1,745
TOTAL BELGIUM			5,364
Bermuda - 0.3%
Aquarius Platinum Ltd. (Australia)	373,455		2,075
Clear Media Ltd. (a)	3,064,100		2,012
TOTAL BERMUDA			4,087
Brazil - 0.8%
Companhia Vale do Rio Doce sponsored ADR	174,400		7,979
Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR	25,000		649
Petroleo Brasileiro SA Petrobras sponsored ADR	116,100		2,728
TOTAL BRAZIL			11,356
Canada - 5.4%
Aber Diamond Corp. (a)	55,500		1,753
Alcan, Inc.	64,800		2,585
Astral Media, Inc. Class A (non-vtg.)	61,200		1,216
Barrick Gold Corp.	89,100		1,733
Common Stocks - continued
	Shares		Value (Note 1) (000s)
Canada - continued
BCE, Inc.	80,300		$ 1,818
Bombardier, Inc. Class B (sub. vtg.)	407,100		1,828
Canadian Natural Resources Ltd.	55,900		2,374
Canadian Western Bank, Edmonton	23,600		715
EnCana Corp.	243,344		8,355
Falconbridge Ltd.	79,800		1,555
ITF Optical Technologies, Inc. Series A (g)	1,792		2
Kinross Gold Corp. (a)(e)	96,700		793
Kinross Gold Corp. (a)	63,433		520
Loblaw Companies Ltd.	23,800		1,153
Mega Bloks, Inc. (a)	67,900		1,293
Mega Bloks, Inc. (a)(e)	23,400		445
Meridian Gold, Inc. (a)	54,500		691
Metro, Inc. Class A (sub. vtg.)	24,000		361
National Bank of Canada	124,400		3,860
OZ Optics Ltd. unit (g)	5,400		80
Petro-Canada	231,200		9,316
PetroKazakhstan, Inc. Class A (a)	127,200		2,894
Power Corp. of Canada (sub. vtg.)	118,100		3,879
Precision Drilling Corp. (a)	173,400		6,822
Saputo, Inc.	89,000		1,769
Sun Life Financial, Inc.	175,418		4,336
Talisman Energy, Inc.	112,000		5,470
TELUS Corp. (non-vtg.)	61,600		1,079
Thunder Energy, Inc. (a)	81,300		438
TimberWest Forest Corp. unit	242,300		2,128
TransCanada Corp.	125,600		2,562
Trican Well Service Ltd. (a)	52,400		914
Wheaton River Minerals Ltd. (a)	369,500		858
TOTAL CANADA			75,595
Cayman Islands - 0.2%
Apex Silver Mines Ltd. (a)	173,800		2,336
China - 1.0%
Byd Co. Ltd. (H Shares)	925,000		2,412
China Oilfield Services Ltd. (H Shares)	1,090,000		316
China Shipping Development Co. Ltd. (H Shares)	1,082,000		711
China Telecom Corp. Ltd. sponsored ADR	159,100		5,169
Lianhua Supermarket Holdings Co. (H Shares)	669,000		655
Peoples Food Holdings Ltd.	2,779,000		1,773
PetroChina Co. Ltd. sponsored ADR	21,800		794
Common Stocks - continued
	Shares		Value (Note 1) (000s)
China - continued
PICC Property & Casualty Co. Ltd. (H Shares)	308,000		$ 72
Tsingtao Brewery Co. Ltd. (H Shares)	918,000		1,194
Zhenhai Refining & Chemical Co. (H Shares)	1,064,000		651
TOTAL CHINA			13,747
Denmark - 2.6%
A.P. Moller - Maersk AS:
Series A	78		591
Series B	410		3,207
Coloplast AS Series B	38,750		3,249
Danske Bank AS	367,775		7,393
Group 4 Falck AS	312,385		6,986
Novo Nordisk AS Series B	251,543		9,016
Novozymes AS Series B	176,000		5,650
TOTAL DENMARK			36,092
Finland - 0.6%
Nokia Corp. sponsored ADR	453,400		7,703
TietoEnator Oyj	10,800		285
TOTAL FINLAND			7,988
France - 5.4%
AXA SA sponsored ADR	309,500		5,881
Bacou Dalloz	24,013		1,869
BNP Paribas SA	163,000		8,535
CNP Assurances	86,093		3,913
Credit Agricole SA	91,800		1,943
Credit Agricole SA rights 11/7/03 (a)	91,800		21
Dassault Aviation SA	3,688		1,339
Essilor International SA	82,578		3,959
Financiere Marc de Lacharriere SA (Fimalac)	57,957		1,651
Financiere Marc de Lacharriere SA (Fimalac) warrants 12/31/06 (a)	5,532		16
Ipsos SA	25,585		2,152
L'Oreal SA	73,350		5,404
Lagardere S.C.A. (Reg.)	10,700		536
Louis Vuitton Moet Hennessy (LVMH)	7,100		489
Neopost SA	99,546		4,925
NRJ Group	84,320		1,646
Pernod-Ricard	45,703		4,394
Suez SA (France)	65,400		1,046
Technip-Coflexip SA	58,527		5,763
Common Stocks - continued
	Shares		Value (Note 1) (000s)
France - continued
Television Francaise 1 SA	90,733		$ 2,712
Total SA sponsored ADR	169,100		13,202
Vinci SA	25,100		1,813
Vivendi Universal SA sponsored ADR (a)	136,300		2,866
TOTAL FRANCE			76,075
Germany - 3.5%
Allianz AG sponsored ADR	795,070		8,579
Altana AG sponsored ADR	98,750		6,202
AWD Holding AG	19,973		555
Bayerische Hypo Und Verein AG (a)	53,000		1,163
Celanese AG (Reg.)	72,458		2,512
Celesio AG	48,327		2,015
Deutsche Boerse AG	151,076		8,369
Deutsche Telekom AG sponsored ADR (a)	298,100		4,653
Epcos AG (a)	31,300		643
Fresenius Medical Care AG sponsored ADR	246,700		4,680
GFK AG	56,213		1,403
Metro AG	62,000		2,527
Muenchener Rueckversicherungs-Gesellschaft AG:
rights 11/10/03 (a)	21,634		178
(Reg.)	27,723		3,295
Stada Arzneimittel AG	49,084		2,535
TOTAL GERMANY			49,309
Greece - 0.8%
Coca-Cola Hellenic Bottling Co. SA (Bearer)	112,120		2,164
Cosmote Mobile Telecommunications SA	109,100		1,249
Greek Organization of Football Prognostics SA	195,510		2,401
Hellenic Technodomiki Tev SA	88,440		465
Public Power Corp. of Greece	167,830		3,605
Technical Olympic SA (Reg.)	143,800		706
TOTAL GREECE			10,590
Hong Kong - 1.9%
Aeon Credit Service (Asia) Co. Ltd.	716,000		445
CNOOC Ltd. sponsored ADR	116,900		4,401
Esprit Holdings Ltd.	189,500		595
Global Bio-Chem Technology Group Co. Ltd.	2,652,000		1,349
Hutchison Whampoa Ltd.	528,000		4,097
Kingboard Chemical Holdings Ltd.	702,000		940
Li & Fung Ltd.	1,248,000		2,097
Common Stocks - continued
	Shares		Value (Note 1) (000s)
Hong Kong - continued
Techtronic Industries Co.	2,828,000		$ 7,793
Television Broadcasts Ltd.	441,000		2,090
Yue Yuen Industrial Holdings Ltd.	867,061		2,456
TOTAL HONG KONG			26,263
India - 2.6%
Bajaj Auto Ltd.	92,600		1,870
Dr. Reddy's Laboratories Ltd.	203,740		5,373
HDFC Bank Ltd.	250,672		1,750
Housing Development Finance Corp. Ltd.	578,750		6,639
I-Flex Solutions Ltd.	123,332		1,869
Infosys Technologies Ltd.	48,776		5,103
Ranbaxy Laboratories Ltd.	260,821		5,658
Satyam Computer Services Ltd.	575,400		3,886
State Bank of India	386,077		4,125
TOTAL INDIA			36,273
Indonesia - 0.1%
PT Bank Rakyat Indonesia (a)(f)	7,993,000		823
Ireland - 1.1%
Allied Irish Banks PLC	147,600		2,154
Bank of Ireland	299,677		3,711
CRH PLC	122,100		2,185
IAWS Group PLC (Ireland)	319,300		3,403
Independent News & Media PLC (Ireland)	1,281,457		2,791
Kerry Group PLC Class A	107,500		1,868
TOTAL IRELAND			16,112
Israel - 0.3%
Teva Pharmaceutical Industries Ltd. sponsored ADR	79,600		4,528
Italy - 1.3%
Banca Intesa Spa	1,248,431		4,203
Banco Popolare di Verona e Novara	174,813		2,692
Cassa Di Risparmio Di Firenze	502,025		776
ENI Spa sponsored ADR	44,400		3,530
Telecom Italia Spa ADR (a)	259,462		6,720
TOTAL ITALY			17,921
Japan - 14.8%
Access Co. Ltd. (a)	10		576
Aeon Credit Service Ltd.	29,500		1,366
Asahi Glass Co. Ltd.	196,000		1,547
Common Stocks - continued
	Shares		Value (Note 1) (000s)
Japan - continued
Avex, Inc.	15,700		$ 313
Canon, Inc. ADR	232,200		11,366
Credit Saison Co. Ltd.	152,000		3,180
Daicel Chemical Industries Ltd.	107,000		454
Daito Trust Construction Co.	74,800		2,313
Daiwa Securities Group, Inc.	1,521,000		11,123
Dwango Co. Ltd.	31		451
Enplas Corp.	34,800		1,155
Fuji Soft ABC, Inc.	10,400		315
Fuji Television Network, Inc.	157		835
Gigno System Japan, Inc.	104		283
Hoya Corp.	62,200		5,629
Index Corp.	52		350
Ito Yokado Ltd.	94,000		3,454
JAFCO Co. Ltd.	34,700		2,967
Kadokawa Shoten Publishing Co. Ltd.	10,500		304
Keyence Corp.	15,100		3,321
Konica Minolta Holdings, Inc.	486,500		6,394
Kyocera Corp.	62,100		3,739
Kyocera Corp. sponsored ADR	10,200		626
Kyorin Pharmaceutical Co. Ltd.	52,000		783
Millea Holdings, Inc.	208		2,478
Mitsubishi Securities Co. Ltd.	103,000		1,171
Murata Manufacturing Co. Ltd.	52,200		2,968
Nikko Cordial Corp.	2,802,000		15,114
Nikon Corp. (a)	186,000		2,824
Nissan Motor Co. Ltd.	563,100		6,366
Nitori Co. Ltd.	8,550		545
Nitto Denko Corp.	80,700		4,235
NOK Corp.	11,000		433
Nomura Holdings, Inc.	929,000		15,954
Olympus Corp.	97,000		2,126
ORIX Corp.	88,300		7,429
Ricoh Co. Ltd.	107,000		2,029
Rohm Co. Ltd.	45,400		6,120
Seiyu Ltd. (a)	770,000		2,486
Shin-Etsu Chemical Co. Ltd.	173,900		6,469
Shinko Electric Industries Co.Ltd.	49,000		1,203
Sony Corp. sponsored ADR	354,000		12,461
Stanley Electric Co. Ltd.	97,000		2,065
Sumitomo Mitsui Financial Group, Inc.	2,323		11,685
TDK Corp.	55,500		3,635
Common Stocks - continued
	Shares		Value (Note 1) (000s)
Japan - continued
Terumo Corp.	113,900		$ 2,165
Tokyo Electron Ltd.	148,600		10,651
Toshiba Corp.	1,250,000		5,014
Toyota Industries Corp.	94,500		1,745
Toyota Motor Corp.	32,600		946
Toyota Motor Corp. ADR	154,800		8,981
UFJ Holdings, Inc. (a)	611		2,612
USS Co. Ltd.	10,660		757
Yamada Denki Co. Ltd.	35,300		1,124
TOTAL JAPAN			206,635
Korea (South) - 1.6%
Amorepacific Corp.	13,550		1,860
Honam Petrochemical Corp.	21,210		849
Kookmin Bank	1,260		46
Kookmin Bank sponsord ADR	113,210		4,160
KT&G Corp.	84,650		1,631
LG Card Co. Ltd.	140,810		1,434
LG Electronics, Inc.	27,370		1,418
Samsung Electronics Co. Ltd.	28,900		11,477
TOTAL KOREA (SOUTH)			22,875
Luxembourg - 0.1%
SES Global Fiduciary Depositary Receipts	178,405		1,583
Mexico - 0.7%
Coca-Cola Femsa SA de CV sponsored ADR (a)	152,800		3,087
Fomento Economico Mexicano SA de CV sponsored ADR	66,000		2,358
Grupo Radio Centro SA de CV sponsored ADR	130,900		795
TV Azteca SA de CV sponsored ADR	415,800		3,364
TOTAL MEXICO			9,604
Netherlands - 5.1%
ASML Holding NV (NY Shares) (a)	534,500		9,380
EADS NV	99,108		2,009
Euronext NV	159,347		3,886
Fugro NV (Certificaten Van Aandelen)	62,700		3,141
ING Groep NV sponsored ADR	315,541		6,576
Koninklijke Numico NV (Certificaten Van Aandelen) (a)	105,000		2,361
Koninklijke Philips Electronics NV (NY Shares)	120,300		3,229
Nutreco Holding NV	42,200		1,124
OPG Groep NV (A Shares)	35,100		1,256
Royal Dutch Petroleum Co. (NY Shares)	149,500		6,635
Common Stocks - continued
	Shares		Value (Note 1) (000s)
Netherlands - continued
Unilever NV (NY Shares)	396,600		$ 23,261
Van der Moolen Holding NV sponsored ADR	73,200		632
Vedior NV (Certificaten Van Aandelen)	202,992		2,916
VNU NV	158,049		4,797
TOTAL NETHERLANDS			71,203
Netherlands Antilles - 0.3%
Schlumberger Ltd. (NY Shares)	96,200		4,519
Norway - 1.1%
DnB Holding ASA	841,100		4,886
Gjensidige NOR ASA	49,900		2,035
Orkla ASA (A Shares)	43,650		910
ProSafe ASA	60,350		1,076
Schibsted AS (B Shares)	113,750		1,992
Storebrand ASA (A Shares) (a)	760,300		4,213
TOTAL NORWAY			15,112
Panama - 0.2%
Banco Latin Americano de Exporaciones SA (BLADEX) Series E (a)	180,328		2,705
Portugal - 0.3%
Brisa Auto-Estradas de Portugal SA	296,921		1,851
Portugal Telecom SGPS SA sponsored ADR	209,600		1,771
TOTAL PORTUGAL			3,622
Russia - 1.3%
JSC MMC 'Norilsk Nickel' sponsored ADR	54,400		2,788
Lukoil Oil Co. sponsored ADR	43,100		3,504
Mobile TeleSystems OJSC sponsored ADR	30,300		2,348
OAO Gazprom sponsored ADR	99,500		2,388
Sibneft sponsored ADR	65,900		1,433
Surgutneftegaz JSC sponsored ADR	31,900		792
YUKOS Corp. sponsored ADR	116,957		5,403
TOTAL RUSSIA			18,656
Singapore - 0.2%
Datacraft Asia Ltd. (a)	532,000		665
Fraser & Neave Ltd.	101,620		719
Want Want Holdings Ltd.	1,493,000		1,262
TOTAL SINGAPORE			2,646
Common Stocks - continued
	Shares		Value (Note 1) (000s)
South Africa - 0.4%
Anglo American Platinum Corp. Ltd.	25,100		$ 1,075
Gold Fields Ltd. sponsored ADR	91,600		1,312
Harmony Gold Mining Co. Ltd. sponsored ADR	193,600		2,927
MTN Group Ltd. (a)	108,000		387
TOTAL SOUTH AFRICA			5,701
Spain - 4.1%
Actividades de Construccion y Servicios SA (ACS)	136,771		5,739
Altadis SA (Spain)	470,969		11,381
Banco Bilbao Vizcaya Argentaria SA sponsored ADR	456,100		5,209
Banco Espanol de Credito SA (Reg.)	52,600		526
Banco Popular Espanol SA (Reg.)	94,876		4,916
Banco Santander Central Hispano SA ADR	788,400		7,513
Compania de Distribucion Integral Logista SA	76,480		2,051
Fomento Construcciones y Contratas SA (FOCSA)	100,734		3,274
Grupo Auxiliar Metalurgico SA (Gamesa)	40,600		1,095
Grupo Ferrovial SA	111,471		3,172
Inditex SA	189,456		3,900
Prosegur Comp Securidad SA (Reg.)	65,200		1,057
Repsol YPF SA sponsored ADR	84,300		1,464
Telefonica SA sponsored ADR	145,900		5,457
Union Fenosa SA	54,400		876
TOTAL SPAIN			57,630
Sweden - 2.1%
Eniro AB	268,000		2,138
Getinge AB (B Shares)	72,800		2,654
Hennes & Mauritz AB (H&M) (B Shares)	173,400		3,664
Nordea AB	241,100		1,490
OMHEX AB	161,500		1,649
Securitas AB (B Shares)	560,000		6,863
Svenska Cellulosa AB (SCA) (B Shares)	93,850		3,529
Swedish Match Co.	352,300		2,856
Tele2 AB (B Shares) (a)	32,500		1,629
Telefonaktiebolaget LM Ericsson ADR (a)	197,500		3,373
TV 4 AB (A Shares)	12,500		244
TOTAL SWEDEN			30,089
Switzerland - 6.6%
Actelion Ltd. (Reg.) (a)	39,490		3,741
Alcon, Inc.	88,400		4,872
Compagnie Financiere Richemont unit	101,226		2,269
Common Stocks - continued
	Shares		Value (Note 1) (000s)
Switzerland - continued
Converium Holding AG	54,318		$ 2,666
Credit Suisse Group sponsored ADR	330,500		11,660
INFICON Holding AG (a)	23,156		1,727
Nestle SA (Reg.)	30,138		6,609
Nobel Biocare Holding AG (Switzerland)	83,267		7,360
Novartis AG sponsored ADR	717,432		27,534
Roche Holding AG (participation certificate)	127,964		10,548
Schindler Holding AG (Reg'd.) (a)	9,961		2,504
SIG Holding AG	12,046		1,611
Swiss Life Holding (a)	6,903		1,166
Tecan Group AG	46,549		1,667
The Swatch Group AG (Reg.)	188,286		4,003
UBS AG (NY Shares)	45,647		2,800
TOTAL SWITZERLAND			92,737
Taiwan - 1.0%
Chinatrust Financial Holding Co.	1,418,650		1,476
Fubon Financial Holding Co. Ltd.	1,603,787		1,692
Hon Hai Precision Industries Co. Ltd.	967,000		4,332
Taiwan Semiconductor Manufacturing Co. Ltd. (a)	2,563,160		5,061
United Microelectronics Corp. (a)	664,000		609
Yuanta Core Pacific Securities Co. Ltd.	1,115,789		694
TOTAL TAIWAN			13,864
Thailand - 0.0%
BEC World PCL (For. Reg.)	54,500		330
United Kingdom - 16.1%
Amdocs Ltd. (a)	109,800		2,356
Amersham PLC	104,400		1,298
Anglo American PLC:
ADR	32,205		658
(United Kingdom)	70,800		1,447
ARM Holdings PLC sponsored ADR (a)	258,400		1,496
AstraZeneca PLC sponsored ADR	311,100		14,833
Astro All Asia Networks PLC (a)	166,000		206
BAE Systems PLC	1,005,600		3,118
BBA Group PLC	336,800		1,482
BOC Group PLC	264,227		3,597
BP PLC sponsored ADR	232,000		9,832
British American Tobacco PLC sponsored ADR	267,400		6,436
Capita Group PLC	1,058,600		4,435
Capital Radio PLC	141,792		1,129
Common Stocks - continued
	Shares		Value (Note 1) (000s)
United Kingdom - continued
Celltech Group PLC (a)	252,012		$ 1,960
Centrica PLC	1,508,900		4,717
Danka Business Systems PLC sponsored ADR (a)	324,900		997
Enterprise Inns PLC	232,313		3,328
French Connection Group PLC	45,350		1,516
Gallaher Group PLC sponsored ADR	86,500		3,456
GlaxoSmithKline PLC sponsored ADR	383,180		16,588
Hays PLC	860,800		1,779
HSBC Holdings PLC:
(United Kingdom) (Reg.)	3,300		50
sponsored ADR	221,500		16,628
Icap PLC	32,600		764
Inchcape PLC	160,460		3,714
Intertek Group PLC	314,600		2,737
Johnston Press PLC	215,570		1,698
Kesa Electricals PLC	475,912		1,968
Kingfisher PLC	895,374		4,286
London Stock Exchange PLC	299,023		1,938
Maiden Group PLC	187,100		808
Man Group PLC	112,600		2,765
National Grid Transco PLC	201,400		1,284
Next PLC	285,800		5,714
Northern Rock PLC	243,800		2,927
Pennon Group PLC	106,601		1,153
PHS Group PLC	677,708		993
Prudential PLC	837,000		6,485
Punch Taverns Ltd.	341,700		1,964
Reckitt Benckiser PLC	442,100		9,289
Rentokil Initial PLC	641,300		2,426
Rio Tinto PLC (Reg.)	166,700		4,128
Royal Bank of Scotland Group PLC	101,800		2,724
Shire Pharmaceuticals Group PLC sponsored ADR (a)	122,100		2,796
Signet Group PLC	213,200		374
SMG PLC	813,557		1,392
Smith & Nephew PLC	1,008,200		7,999
Standard Chartered PLC	154,100		2,461
Taylor Nelson Sofres PLC	958,520		3,500
Tesco PLC	2,792,700		11,179
Trinity Mirror PLC	259,695		2,381
United Business Media PLC	160,509		1,262
Vodafone Group PLC sponsored ADR	871,800		18,439
William Hill PLC	577,000		3,314
Common Stocks - continued
	Shares		Value (Note 1) (000s)
United Kingdom - continued
Wolfson Microelectronics PLC (a)	39,100		$ 157
Xstrata PLC	454,781		4,662
Yell Group PLC (a)	401,000		1,950
TOTAL UNITED KINGDOM			224,973
United States of America - 3.9%
Affiliated Computer Services, Inc. Class A (a)	24,200		1,184
AFLAC, Inc.	86,600		3,159
Baxter International, Inc.	58,900		1,566
Central European Distribution Corp. (a)	48,700		1,831
Forest Laboratories, Inc. (a)	59,700		2,986
Fox Entertainment Group, Inc. Class A (a)	60,000		1,662
Freeport-McMoRan Copper & Gold, Inc. Class B	122,200		4,735
Golden Telecom, Inc. (a)	10,800		280
Merck & Co., Inc.	52,800		2,336
Mettler-Toledo International, Inc. (a)	105,700		4,053
Motorola, Inc.	635,900		8,604
Newmont Mining Corp. Holding Co.	89,420		3,915
NTL, Inc. (a)	125,590		7,753
Orthofix International NV (a)	70,400		2,570
Phelps Dodge Corp. (a)	39,500		2,439
Synthes-Stratec, Inc.	6,544		5,985
TOTAL UNITED STATES OF AMERICA			55,058
TOTAL COMMON STOCKS (Cost $1,080,343)		1,270,081
Preferred Stocks - 0.4%

Convertible Preferred Stocks - 0.0%
Canada - 0.0%
Metrophotonics, Inc. Series 2 (g)	8,500		85
Nonconvertible Preferred Stocks - 0.4%
Germany - 0.4%
Fresenius Medical Care AG	63,600		2,601
Porsche AG (non-vtg.)	5,400		2,643
TOTAL GERMANY			5,244
TOTAL PREFERRED STOCKS (Cost $4,941)		5,329
Investment Companies - 0.4%
	Shares		Value (Note 1) (000s)
China - 0.1%
China Fund, Inc.	35,400		$ 1,230
Templeton China World Fund, Inc.	54,100		837
TOTAL CHINA			2,067
India - 0.1%
The India Fund, Inc.	55,645		1,056
Multi-National - 0.2%
Templeton Dragon Fund, Inc.	181,200		2,838
TOTAL INVESTMENT COMPANIES (Cost $3,915)		5,961

Nonconvertible Bonds - 0.6%
		Principal Amount (000s)
United Kingdom - 0.4%
Telewest Communications PLC yankee:
0% 4/15/09 (c)(d)		$ 810		358
0% 2/1/10 (c)(d)		1,805		727
9.875% 2/1/10 (c)		2,305		1,187
11.25% 11/1/08 (c)		210		113
Telewest PLC:
11% 10/1/07 (c)		5,550		2,997
yankee 9.625% 10/1/06 (c)		835		443
TOTAL UNITED KINGDOM				5,825
United States of America - 0.2%
NTL, Inc. 19% 1/1/10		2,333		2,275
TOTAL NONCONVERTIBLE BONDS (Cost $6,771)			8,100
Government Obligations - 0.4%

Japan - 0.4%
Japan Government 0.2% 9/20/05 (Cost $4,941)	JPY	544,400		4,960

Money Market Funds - 10.5%
	Shares	Value (Note 1) (000s)
Fidelity Cash Central Fund, 1.07% (b) (Cost $146,280)	146,280,436	$ 146,280
TOTAL INVESTMENT PORTFOLIO - 103.1% (Cost $1,247,191)		1,440,711
NET OTHER ASSETS - (3.1)%		(42,782)

NET ASSETS - 100%

$ 1,397,929

Currency Abbreviations
JPY	-	Japanese yen

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) Debt obligation initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.

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

(g) 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 (000s)
ITF Optical Technologies, Inc. Series A	10/11/00	$ 90
Metrophotonics, Inc. Series 2	9/29/00	$ 85
OZ Optics Ltd. unit	8/18/00	$ 80

Other Information

Income Tax Information

At October 31, 2003, the fund had a capital loss carryforward of approximately $62,647,000 of which $30,705,000 and $31,942,000 will expire on October 31, 2009 and 2010, respectively.

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)	October 31, 2003

Assets
Investment in securities, at value (including securities loaned of $43,117) (cost $1,247,191) - See accompanying schedule		$ 1,440,711
Cash		197
Foreign currency held at value (cost $ 1,025)		1,029
Receivable for investments sold		7,841
Receivable for fund shares sold		18,274
Dividends receivable		2,382
Interest receivable		103
Prepaid expenses		4
Other receivables		6
Total assets		1,470,547

Liabilities
Payable for investments purchased Regular delivery	$ 22,339
Delayed delivery	831
Payable for fund shares redeemed	1,081
Accrued management fee	796
Distribution fees payable	436
Other payables and accrued expenses	2,346
Collateral on securities loaned, at value	44,789
Total liabilities		72,618

Net Assets		$ 1,397,929
Net Assets consist of:
Paid in capital		$ 1,265,301
Undistributed net investment income		6,506
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(65,469)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		191,591
Net Assets		$ 1,397,929

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

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)	October 31, 2003

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($240,719 ÷ 16,489 shares)		$ 14.60

Maximum offering price per share (100/94.25 of $14.60)		$ 15.49
Class T: Net Asset Value and redemption price per share ($552,442 ÷ 38,191 shares)		$ 14.47

Maximum offering price per share (100/96.50 of $14.47)		$ 14.99
Class B: Net Asset Value and offering price per share ($89,290 ÷ 6,294 shares) ^A		$ 14.19

Class C: Net Asset Value and offering price per share ($124,003 ÷ 8,722 shares) ^A		$ 14.22


Institutional Class: Net Asset Value, offering price and redemption price per share ($391,475 ÷ 26,551 shares)		$ 14.74

^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

Statement of Operations

Amounts in thousands	Year ended October 31, 2003

Investment Income
Dividends		$ 15,593
Interest		1,320
Security lending		340
		17,253
Less foreign taxes withheld		(1,498)
Total income		15,755

Expenses
Management fee	$ 5,424
Transfer agent fees	2,286
Distribution fees	3,343
Accounting and security lending fees	431
Non-interested trustees' compensation	3
Custodian fees and expenses	629
Registration fees	175
Audit	59
Legal	17
Miscellaneous	15
Total expenses before reductions	12,382
Expense reductions	(196)	12,186
Net investment income (loss)		3,569
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities	14,691
Foreign currency transactions	132
Total net realized gain (loss)		14,823
Change in net unrealized appreciation (depreciation) on: Investment securities (net of deferred foreign taxes of $1,978)	218,069
Assets and liabilities in foreign currencies	(1)
Total change in net unrealized appreciation (depreciation)		218,068
Net gain (loss)		232,891
Net increase (decrease) in net assets resulting from operations		$ 236,460

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

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands	Year ended October 31, 2003	Year ended October 31, 2002
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 3,569	$ 1,013
Net realized gain (loss)	14,823	(33,236)
Change in net unrealized appreciation (depreciation)	218,068	(2,842)
Net increase (decrease) in net assets resulting from operations	236,460	(35,065)
Distributions to shareholders from net investment income	(1,439)	-
Share transactions - net increase (decrease)	716,381	160,808
Total increase (decrease) in net assets	951,402	125,743

Net Assets
Beginning of period	446,527	320,784
End of period (including undistributed net investment income of $6,506 and undistributed net investment income of $1,106, respectively)	$ 1,397,929	$ 446,527

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

Annual Report

Financial Highlights - Class A

Years ended October 31,	2003	2002	2001	2000	1999^G
Selected Per-Share Data
Net asset value, beginning of period	$ 11.12	$ 11.87	$ 14.54	$ 13.05	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.09	.07	.10	.22^F	.01
Net realized and unrealized gain (loss)	3.45	(.82)	(2.48)	1.49	3.04
Total from investment operations	3.54	(.75)	(2.38)	1.71	3.05
Distributions from net investment income	(.06)	-	(.29)	(.03)	-
Distributions from net realized gain	-	-	-	(.17)	-
Distributions in excess of net realized gain	-	-	-	(.02)	-
Total distributions	(.06)	-	(.29)	(.22)	-
Net asset value, end of period	$ 14.60	$ 11.12	$ 11.87	$ 14.54	$ 13.05
Total Return^B,C,D	31.99%	(6.32)%	(16.69)%	13.13%	30.50%
Ratios to Average Net Assets^H
Expenses before expense reductions	1.42%	1.46%	1.50%	1.52%	2.60%^A
Expenses net of voluntary waivers, if any	1.42%	1.46%	1.50%	1.52%	2.00%^A
Expenses net of all reductions	1.39%	1.43%	1.46%	1.50%	1.97%^A
Net investment income (loss)	.71%	.54%	.77%	1.44%	.05%^A
Supplemental Data
Net assets, end of period (in millions)	$ 241	$ 52	$ 38	$ 27	$ 4
Portfolio turnover rate	49%	53%	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 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 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,	2003	2002	2001	2000	1999^G
Selected Per-Share Data
Net asset value, beginning of period	$ 11.01	$ 11.80	$ 14.46	$ 13.02	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.05	.02	.06	.17^F	(.02)
Net realized and unrealized gain (loss)	3.43	(.81)	(2.46)	1.49	3.04
Total from investment operations	3.48	(.79)	(2.40)	1.66	3.02
Distributions from net investment income	(.02)	-	(.26)	(.03)	-
Distributions from net realized gain	-	-	-	(.17)	-
Distributions in excess of net realized gain	-	-	-	(.02)	-
Total distributions	(.02)	-	(.26)	(.22)	-
Net asset value, end of period	$ 14.47	$ 11.01	$ 11.80	$ 14.46	$ 13.02
Total Return^B,C,D	31.66%	(6.69)%	(16.90)%	12.78%	30.20%
Ratios to Average Net Assets^H
Expenses before expense reductions	1.75%	1.79%	1.81%	1.82%	2.84%^A
Expenses net of voluntary waivers, if any	1.75%	1.79%	1.81%	1.82%	2.25%^A
Expenses net of all reductions	1.72%	1.76%	1.76%	1.80%	2.22%^A
Net investment income (loss)	.38%	.21%	.47%	1.15%	(.20)%^A
Supplemental Data
Net assets, end of period (in millions)	$ 552	$ 204	$ 153	$ 139	$ 32
Portfolio turnover rate	49%	53%	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 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 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,	2003	2002	2001	2000	1999^G
Selected Per-Share Data
Net asset value, beginning of period	$ 10.84	$ 11.68	$ 14.33	$ 12.96	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	(.02)	(.04)	(.01)	.09^F	(.07)
Net realized and unrealized gain (loss)	3.37	(.80)	(2.44)	1.49	3.03
Total from investment operations	3.35	(.84)	(2.45)	1.58	2.96
Distributions from net investment income	-	-	(.20)	(.02)	-
Distributions from net realized gain	-	-	-	(.17)	-
Distributions in excess of net realized gain	-	-	-	(.02)	-
Total distributions	-	-	(.20)	(.21)	-
Net asset value, end of period	$ 14.19	$ 10.84	$ 11.68	$ 14.33	$ 12.96
Total Return^B,C,D	30.90%	(7.19)%	(17.33)%	12.21%	29.60%
Ratios to Average Net Assets^H
Expenses before expense reductions	2.32%	2.32%	2.35%	2.36%	3.38%^A
Expenses net of voluntary waivers, if any	2.32%	2.32%	2.35%	2.36%	2.75%^A
Expenses net of all reductions	2.29%	2.29%	2.30%	2.34%	2.72%^A
Net investment income (loss)	(.19)%	(.32)%	(.07)%	.60%	(.70)%^A
Supplemental Data
Net assets, end of period (in millions)	$ 89	$ 49	$ 42	$ 44	$ 11
Portfolio turnover rate	49%	53%	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.

^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

Financial Highlights - Class C

Years ended October 31,	2003	2002	2001	2000	1999^G
Selected Per-Share Data
Net asset value, beginning of period	$ 10.86	$ 11.68	$ 14.34	$ 12.96	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	(.01)	(.03)	-^I	.10^F	(.07)
Net realized and unrealized gain (loss)	3.37	(.79)	(2.45)	1.48	3.03
Total from investment operations	3.36	(.82)	(2.45)	1.58	2.96
Distributions from net investment income	-	-	(.21)	(.01)	-
Distributions from net realized gain	-	-	-	(.17)	-
Distributions in excess of net realized gain	-	-	-	(.02)	-
Total distributions	-	-	(.21)	(.20)	-
Net asset value, end of period	$ 14.22	$ 10.86	$ 11.68	$ 14.34	$ 12.96
Total Return^B,C,D	30.94%	(7.02)%	(17.33)%	12.21%	29.60%
Ratios to Average Net Assets^H
Expenses before expense reductions	2.23%	2.25%	2.28%	2.32%	3.36%^A
Expenses net of voluntary waivers, if any	2.23%	2.25%	2.28%	2.32%	2.75%^A
Expenses net of all reductions	2.20%	2.22%	2.24%	2.30%	2.72%^A
Net investment income (loss)	(.10)%	(.25)%	(.01)%	.65%	(.70)%^A
Supplemental Data
Net assets, end of period (in millions)	$ 124	$ 54	$ 44	$ 38	$ 8
Portfolio turnover rate	49%	53%	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.

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

^I Amount represents less than .01 per-share.

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

Annual Report

Financial Highlights - Institutional Class

Years ended October 31,	2003	2002	2001	2000	1999^F
Selected Per-Share Data
Net asset value, beginning of period	$ 11.22	$ 11.94	$ 14.60	$ 13.08	$ 10.00
Income from Investment Operations
Net investment income (loss)^D	.13	.11	.14	.26^E	.03
Net realized and unrealized gain (loss)	3.48	(.83)	(2.48)	1.49	3.05
Total from investment operations	3.61	(.72)	(2.34)	1.75	3.08
Distributions from net investment income	(.09)	-	(.32)	(.04)	-
Distributions from net realized gain	-	-	-	(.17)	-
Distributions in excess of net realized gain	-	-	-	(.02)	-
Total distributions	(.09)	-	(.32)	(.23)	-
Net asset value, end of period	$ 14.74	$ 11.22	$ 11.94	$ 14.60	$ 13.08
Total Return^B,C	32.41%	(6.03)%	(16.38)%	13.42%	30.80%
Ratios to Average Net Assets^G
Expenses before expense reductions	1.09%	1.11%	1.17%	1.24%	2.34%^A
Expenses net of voluntary waivers, if any	1.09%	1.11%	1.17%	1.24%	1.75%^A
Expenses net of all reductions	1.06%	1.07%	1.12%	1.22%	1.72%^A
Net investment income (loss)	1.04%	.89%	1.11%	1.73%	.30%^A
Supplemental Data
Net assets, end of period (in millions)	$ 391	$ 88	$ 43	$ 20	$ 4
Portfolio turnover rate	49%	53%	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 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, 2003

(Amounts in thousands except ratios)

1. Significant Accounting Policies.

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Notes to Financial Statements - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Annual Report

Security Valuation - 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.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax-basis components of distributable earnings and the federal tax cost as of period end were as follows:

Unrealized appreciation	$ 208,639	\|
Unrealized depreciation	(23,720)
Net unrealized appreciation (depreciation)	184,919
Undistributed ordinary income	10,355
Capital loss carryforward	(62,647)
Cost for federal income tax purposes	$ 1,255,792

The tax character of distributions paid was as follows:

	October 31, 2003	October 31, 2002
Ordinary Income	$ 1,439	$ -

2. Operating Policies.

Annual Report

2. Operating Policies - continued

Annual Report

Repurchase Agreements - 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.

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC	Paid with Commissions
Class A	-%	.25%	$ 247	$ 2	$ 1
Class T	.25%	.25%	1,710	11	6
Class B	.75%	.25%	624	468	-
Class C	.75%	.25%	762	217	-
			$ 3,343	$ 698	$ 7

Annual Report

4. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

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

	Retained by FDC
Class A	$ 144
Class T	59
Class B*	154
Class C*	24
	$ 381

* 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	$ 267	.27
Class T	1,190	.35
Class B	265	.42
Class C	255	.33
Institutional Class	309	.19
	$ 2,286

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates - continued

5. Committed Line of Credit.

6. Security Lending.

Annual Report

7. Expense Reductions.

	Brokerage Service Arrangements
	Distribution expense reduction	Other expense reduction	Custody expense reduction

Fund Level	$ -	$ 186	$ 3
Class A	1	-	-
Class T	6	-	-
	$ 7	$ 186	$ 3

8. Other Information.

At the end of the period, one unaffiliated shareholder was the owner of record of 15% of the total outstanding shares of the fund.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Years ended October 31, 2003	Years ended October 31, 2002
From net investment income
Class A	$ 292	$ -
Class T	397	-
Institutional Class	750	-
Total	$ 1,439	$ -

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2003	2002	2003	2002
Class A
Shares sold	16,942	4,966	$ 218,725	$ 60,391
Reinvestment of distributions	24	-	271	-
Shares redeemed	(5,120)	(3,525)	(63,239)	(43,045)
Net increase (decrease)	11,846	1,441	$ 155,757	$ 17,346
Class T
Shares sold	29,220	11,344	$ 358,219	$ 137,199
Reinvestment of distributions	33	-	370	-
Shares redeemed	(9,624)	(5,761)	(117,763)	(69,065)
Net increase (decrease)	19,629	5,583	$ 240,826	$ 68,134
Class B
Shares sold	2,720	1,844	$ 32,792	$ 21,855
Shares redeemed	(917)	(959)	(10,619)	(11,319)
Net increase (decrease)	1,803	885	$ 22,173	$ 10,536
Class C
Shares sold	5,286	2,496	$ 64,958	$ 29,291
Shares redeemed	(1,527)	(1,316)	(17,673)	(15,655)
Net increase (decrease)	3,759	1,180	$ 47,285	$ 13,636
Institutional Class
Shares sold	26,478	8,596	$ 351,243	$ 105,185
Reinvestment of distributions	29	-	326	-
Shares redeemed	(7,794)	(4,386)	(101,229)	(54,029)
Net increase (decrease)	18,713	4,210	$ 250,340	$ 51,156

Annual Report

Report of Independent Auditors

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 12, 2003

Annual Report

Trustees and Officers

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for each Trustee who is an "interested person" (as defined in the 1940 Act) may be sent to 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (73)**
	Year of Election or Appointment: 1983 Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR Corp.; a Director and Chairman of the Board and of the Executive Committee of FMR; Chairman and a Director of Fidelity Management & Research (Far East) Inc.; Chairman (1998) and a Director of Fidelity Investments Money Management, Inc.; and Chairman (2001) and a Director (2000) of FMR Co., Inc.
Abigail P. Johnson (41)**
	Year of Election or Appointment: 2001 Senior Vice President of Advisor Diversified International (2001). Ms. Johnson also serves as Senior Vice President of other Fidelity funds (2001). She is President and a Director of FMR (2001), Fidelity Investments Money Management, Inc. (2001), FMR Co., Inc. (2001), and a Director of FMR Corp. Previously, Ms. Johnson managed a number of Fidelity funds.
Laura B. Cronin (49)
	Year of Election or Appointment: 2003 Ms. Cronin is an Executive Vice President (2002) and Chief Financial Officer (2002) of FMR Corp. and is a member of the Fidelity Management Committee (2003). Previously, Ms. Cronin served as Vice President of Finance of FMR (1997-1999), and Chief Financial Officer of FMR (1999-2001), Fidelity Personal Investments (2001), and Fidelity Brokerage Company (2001-2002).
Robert L. Reynolds (51)
	Year of Election or Appointment: 2003 Mr. Reynolds is a Director (2003) and Chief Operating Officer (2002) of FMR Corp. and is the head of the Fidelity Management Committee (2003). He also serves on the Board at Fidelity Investments Canada, Ltd. (2000). Previously, Mr. Reynolds served as President of Fidelity Investments Institutional Retirement Group (1996-2000).

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

** Edward C. Johnson 3d, Trustee, is Abigail P. Johnson's father.

Annual Report

Non-Interested Trustees:

Name, Age; Principal Occupation
J. Michael Cook (61)
	Year of Election or Appointment: 2001 Prior to Mr. Cook's retirement in May 1999, he served as Chairman and Chief Executive Officer of Deloitte & Touche LLP (accounting/consulting), Chairman of the Deloitte & Touche Foundation, and a member of the Board of Deloitte Touche Tohmatsu. He currently serves as a Director of Comcast (telecommunications, 2002), International Flavors & Fragrances, Inc. (2000), Rockwell Automation (2000) and The Dow Chemical Company (2000). He is a Member of the Diversity Advisory Council of Marakon (2003) and the Advisory Board of the Directorship Search Group, Chairman Emeritus of the Board of Catalyst (a leading organization for the advancement of women in business), and is Chairman of the Accountability Advisory Council to the Comptroller General of the United States. He also serves as a Member of the Advisory Board of the Graduate School of Business of the University of Florida, his alma mater.
Ralph F. Cox (71)
	Year of Election or Appointment: 1991 Mr. Cox is President of RABAR Enterprises (management consulting for the petroleum industry). Prior to February 1994, he was President of Greenhill Petroleum Corporation (petroleum exploration and production). Until March 1990, Mr. Cox was President and Chief Operating Officer of Union Pacific Resources Company (exploration and production). He is a Director of CH2M Hill Companies (engineering), and Abraxas Petroleum (petroleum exploration and production, 1999). In addition, he is a member of advisory boards of Texas A&M University and the University of Texas at Austin.
Phyllis Burke Davis (71)
	Year of Election or Appointment: 1992 Mrs. Davis is retired from Avon Products, Inc. (consumer products) where she held various positions including Senior Vice President of Corporate Affairs and Group Vice President of U.S. product marketing, sales, distribution, and manufacturing. Mrs. Davis is a member of the Board of Directors of the Southampton Hospital in Southampton, N.Y. (1998). Previously, she served as a Director of BellSouth Corporation (telecommunications), Eaton Corporation (diversified industrial), the TJX Companies, Inc. (retail stores), Hallmark Cards, Inc., and Nabisco Brands, Inc.
Robert M. Gates (60)
	Year of Election or Appointment: 1997 Dr. Gates is President of Texas A&M University (2002). He was Director of the Central Intelligence Agency (CIA) from 1991 to 1993. From 1989 to 1991, Dr. Gates served as Assistant to the President of the United States and Deputy National Security Advisor. Dr. Gates is a Director of NACCO Industries, Inc. (mining and manufacturing), and Parker Drilling Co., Inc. (drilling and rental tools for the energy industry, 2001). He also serves as a member of the Advisory Board of VoteHere.net (secure internet voting, 2001). Previously, Dr. Gates served as a Director of LucasVarity PLC (automotive components and diesel engines), a Director of TRW Inc. (automotive, space, defense, and information technology), and Dean of the George Bush School of Government and Public Service at Texas A&M University (1999-2001). Dr. Gates also is a Trustee of the Forum for International Policy.
Donald J. Kirk (70)
	Year of Election or Appointment: 1987 Mr. Kirk is a Governor of the American Stock Exchange (2001), a Trustee and former Chairman of the Board of Trustees of the Greenwich Hospital Association, a Director of the Yale-New Haven Health Services Corp. (1998), and a Director Emeritus and former Chairman of the Board of Directors of National Arts Strategies Inc. Mr. Kirk was an Executive-in-Residence (1995-2000) and a Professor (1987-1995) at Columbia University Graduate School of Business. Prior to 1987, he was Chairman of the Financial Accounting Standards Board. Previously, Mr. Kirk served as a Governor of the National Association of Securities Dealers, Inc. (1996-2002), a member and Vice Chairman of the Public Oversight Board of the American Institute of Certified Public Accountants' SEC Practice Section (1995-2002), a Director of General Re Corporation (reinsurance, 1987-1998) and as a Director of Valuation Research Corp. (appraisals and valuations).
Marie L. Knowles (57)
	Year of Election or Appointment: 2001 Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. She currently serves as a Director of Phelps Dodge Corporation (copper mining and manufacturing), URS Corporation (multidisciplinary engineering, 1999), and McKesson Corporation (healthcare service, 2002). Ms. Knowles is a Trustee of the Brookings Institution and the Catalina Island Conservancy and also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California.
Ned C. Lautenbach (59)
	Year of Election or Appointment: 2000 Mr. Lautenbach has been a partner of Clayton, Dubilier & Rice, Inc. (private equity investment firm) since September 1998. Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. He was most recently Senior Vice President and Group Executive of Worldwide Sales and Services. From 1993 to 1995, he was Chairman of IBM World Trade Corporation, and from 1994 to 1998 was a member of IBM's Corporate Executive Committee. Mr. Lautenbach serves as Chairman and as a Director (1998) of Acterna Corporation (communications test equipment). He is also Co-Chairman of Covansys, Inc. (global provider of business and technology solutions, 2000). In addition, he is a Director of Eaton Corporation (diversified industrial) and the Philharmonic Center for the Arts in Naples, Florida (1999). He also is a member of the Council on Foreign Relations.
Marvin L. Mann (70)
	Year of Election or Appointment: 1993 Mr. Mann is Chairman of the non-interested Trustees (2001). He is Chairman Emeritus of Lexmark International, Inc. (computer peripherals) where he served as CEO until April 1998 and retired as Chairman May 1999, and remains a member of the Board. Prior to 1991, he held the positions of Vice President of International Business Machines Corporation (IBM) and President and General Manager of various IBM divisions and subsidiaries. Mr. Mann is a Board member of Imation Corp. (imaging and information storage) and Acterna Corporation (communications test equipment, 1999). He is also a member of the Director Services Committee of the Investment Company Institute. In addition, Mr. Mann is a member of the President's Cabinet at the University of Alabama and the Board of Visitors of the Culverhouse College of Commerce and Business Administration at the University of Alabama.
William O. McCoy (70)
	Year of Election or Appointment: 1997 Prior to his retirement in December 1994, Mr. McCoy was Vice Chairman of the Board of BellSouth Corporation (telecommunications) and President of BellSouth Enterprises. He is currently a Director of Liberty Corporation (holding company), Duke Realty Corporation (real estate), Progress Energy, Inc. (electric utility), and Acterna Corporation (communications test equipment, 1999). He is also a partner of Franklin Street Partners (private investment management firm) and a member of the Research Triangle Foundation Board. In addition, Mr. McCoy served as the Interim Chancellor (1999-2000) and a member of the Board of Visitors (1994-1998) for the University of North Carolina at Chapel Hill and currently serves on the Board of Directors of the University of North Carolina Health Care System and the Board of Visitors of the Kenan-Flagler Business School (University of North Carolina at Chapel Hill). He also served as Vice President of Finance for the University of North Carolina (16-school system, 1995-1998).
William S. Stavropoulos (64)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Chairman of the Board, President and CEO (2002), and Chairman of the Executive Committee (2000) and a Director of The Dow Chemical Company. Since joining The Dow Chemical Company in 1967, Mr. Stavropoulos served in numerous senior management positions, including President (1993-2000) and Chief Executive Officer (1995-2000). Currently, he is a Director of NCR Corporation (data warehousing and technology solutions), BellSouth Corporation (telecommunications), Chemical Financial Corporation, and Maersk Inc. (industrial conglomerate, 2002). He also serves as a member of the Board of Trustees of the American Enterprise Institute for Public Policy Research. In addition, Mr. Stavropoulos is a member of The Business Council, J.P. Morgan International Council, World Business Council for Sustainable Development, and the University of Notre Dame Advisory Council for the College of Science.

Annual Report

Trustees and Officers - continued

Advisory Board Members and Executive Officers:

Name, Age; Principal Occupation
George H. Heilmeier (67)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity Advisor Series VIII. Dr. Heilmeier is Chairman Emeritus of Telcordia Technologies (communication software and systems), where prior to his retirement, he served as company Chairman and Chief Executive Officer. He currently serves on the Boards of Directors of The Mitre Corporation (systems engineering and information technology support for the government), INET Technologies Inc. (telecommunications network surveillance, 2001) and Teletech Holdings (customer management services, 1998). He is Chairman of the General Motors Technology Advisory Committee and a Life Fellow of the IEEE (2000). Dr. Heilmeier is a member of the Defense Science Board and the National Security Agency Advisory Board. He is also a member of the National Academy of Engineering, the American Academy of Arts and Sciences and The Board of Overseers of the School of Engineering and Applied Science of the University of Pennsylvania. Previously, Dr. Heilmeier served as a Director of TRW Inc. (automotive, space, defense, and information technology, 1992-2002) and Compaq (1994-2002).
Peter S. Lynch (60)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity Advisor Series VIII. Vice Chairman and a Director of FMR, and Vice Chairman (2001) and a Director (2000) of FMR Co., Inc. Previously, Mr. Lynch served as a Trustee of the Fidelity funds (1990-2003). Prior to May 31, 1990, he was a Director of FMR and Executive Vice President of FMR (a position he held until March 31, 1991), Vice President of Fidelity Magellan Fund and FMR Growth Group Leader, and Managing Director of FMR Corp. Mr. Lynch was also Vice President of Fidelity Investments Corporate Services. In addition, he serves as a Trustee of Boston College, Massachusetts Eye & Ear Infirmary, Historic Deerfield, John F. Kennedy Library, and the Museum of Fine Arts of Boston.
Philip L. Bullen (44)
	Year of Election or Appointment: 2001 Vice President of Advisor Diversified International. Mr. Bullen also serves as Vice President of certain Equity Funds (2001) and certain High Income Funds (2001). He is Senior Vice President of FMR (2001) and FMR Co., Inc. (2001), President and a Director of Fidelity Management & Research (Far East) Inc. (2001), President and a Director of Fidelity Management & Research (U.K.) Inc. (2002), and a Director of Strategic Advisers, Inc. (2002). Before joining Fidelity Investments, Mr. Bullen was President and Chief Investment Officer of Santander Global Advisors (1997-2000) and President and Chief Executive Officer of Boston's Baring Asset Management Inc. (1994-1997).
William Bower (36)
	Year of Election or Appointment: 2001 Vice President of Advisor Diversified International. Mr. Bower is also Vice President of another fund advised by FMR. Prior to assuming his current responsibilities, Mr. Bower managed a variety of Fidelity funds.
Eric D. Roiter (54)
	Year of Election or Appointment: 1998 Secretary of Advisor Diversified International. He also serves as Secretary of other Fidelity funds (1998); Vice President, General Counsel, and Clerk of FMR Co., Inc. (2001) and FMR (1998); Vice President and Clerk of FDC (1998); Assistant Clerk of Fidelity Management & Research (U.K.) Inc. (2001) and Fidelity Management & Research (Far East) Inc. (2001); and Assistant Secretary of Fidelity Investments Money Management Inc. (2001). Prior to joining Fidelity, Mr. Roiter was with the law firm of Debevoise & Plimpton, as an associate (1981-1984) and as a partner (1985-1997), and served as an Assistant General Counsel of the U.S. Securities and Exchange Commission (1979-1981). Mr. Roiter is an Adjunct Member, Faculty of Law, at Boston College Law School (2003).
Stuart Fross (44)
	Year of Election or Appointment: 2003 Assistant Secretary of Advisor Diversified International. Mr. Fross also serves as Assistant Secretary of other Fidelity funds (2003) and is an employee of FMR.
Maria F. Dwyer (44)
	Year of Election or Appointment: 2002 President and Treasurer of Advisor Diversified International. Ms. Dwyer also serves as President and Treasurer of other Fidelity funds (2002) and is a Vice President (1999) and an employee (1996) of FMR. Prior to joining Fidelity, Ms. Dwyer served as Director of Compliance for MFS Investment Management.
Timothy F. Hayes (52)
	Year of Election or Appointment: 2002 Chief Financial Officer of Advisor Diversified International. Mr. Hayes also serves as Chief Financial Officer of other Fidelity funds (2002). Recently he was appointed President of Fidelity Service Company (2003) where he also serves as a Director. Mr. Hayes also serves as President of Fidelity Investments Operations Group (FIOG, 2002), which includes Fidelity Pricing and Cash Management Services Group (FPCMS), where he was appointed President in 1998. Previously, Mr. Hayes served as Chief Financial Officer of Fidelity Investments Corporate Systems and Service Group (1998) and Fidelity Systems Company (1997-1998).
John R. Hebble (45)
	Year of Election or Appointment: 2003 Deputy Treasurer of Advisor Diversified International. Mr. Hebble also serves as Deputy Treasurer of other Fidelity funds (2003), and is an employee of FMR. Before joining Fidelity Investments, Mr. Hebble worked at Deutsche Asset Management where he served as Director of Fund Accounting (2002-2003) and Assistant Treasurer of the Scudder Funds (1998-2003).
John H. Costello (57)
	Year of Election or Appointment: 1998 Assistant Treasurer of Advisor Diversified International. Mr. Costello also serves as Assistant Treasurer of other Fidelity funds and is an employee of FMR.
Francis V. Knox, Jr. (56)
	Year of Election or Appointment: 2002 Assistant Treasurer of Advisor Diversified International. Mr. Knox also serves as Assistant Treasurer of other Fidelity funds (2002), and is a Vice President and an employee of FMR. Previously, Mr. Knox served as Vice President of Investment & Advisor Compliance (1990-2001), and Compliance Officer of Fidelity Management & Research (U.K.) Inc. (1992-2002), Fidelity Management & Research (Far East) Inc. (1991-2002), and FMR Corp. (1995-2002).
Mark Osterheld (48)
	Year of Election or Appointment: 2002 Assistant Treasurer of Advisor Diversified International. Mr. Osterheld also serves as Assistant Treasurer of other Fidelity funds (2002) and is an employee of FMR.
Thomas J. Simpson (45)
	Year of Election or Appointment: 2000 Assistant Treasurer of Advisor Diversified International. Mr. Simpson is Assistant Treasurer of other Fidelity funds (2000) and an employee of FMR (1996). Prior to joining FMR, Mr. Simpson was Vice President and Fund Controller of Liberty Investment Services (1987-1995).

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
Institutional Class	12/09/02	$.104	$.014

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

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

Annual Report

Fidelity Advisor Aggressive Growth Fund

Fidelity Advisor Asset Allocation Fund

Fidelity Advisor Balanced Fund

Fidelity Advisor Biotechnology Fund

Fidelity Advisor California Municipal Income 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 Advantage Fund

Fidelity Advisor High Income Fund

Fidelity Advisor Inflation-Protected Bond Fund

Fidelity Advisor Intermediate Bond Fund

Fidelity Advisor International Capital Appreciation Fund

Fidelity Advisor International Small Cap Fund

Fidelity Advisor Investment Grade Bond 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 New York Municipal Income Fund

Fidelity Advisor Overseas Fund

Fidelity Advisor Real Estate Fund

Fidelity Advisor Short Fixed-Income Fund

Fidelity Advisor Small Cap Fund

Fidelity Advisor Strategic Growth Fund

Fidelity Advisor Strategic Income Fund

Fidelity Advisor Tax Managed
Stock Fund

Fidelity Advisor Technology Fund

Fidelity Advisor Telecommunications & Utilities Growth Fund

Fidelity Advisor Value Leaders Fund

Fidelity Advisor Value Strategies Fund

Prime Fund

Tax-Exempt Fund

Treasury Fund

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

Fidelity® Advisor

Emerging Asia

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

Annual Report

October 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	Ned Johnson's message to shareholders.
Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy and outlook.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Auditors' Opinion	<Click Here>
Trustees and Officers	<Click Here>

For a free copy of the fund's proxy voting guidelines call 1-877-208-0098 or visit the Securities and Exchange Commission (SEC)'s web site at www.sec.gov.

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.

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Annual Report

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow. Returns may reflect the conversion of Class B shares to Class A shares after a maximum of seven years.

Average Annual Total Returns

Periods ended October 31, 2003	Past 1 year	Past 5 years	Life of fund^A
Class A (incl. 5.75% sales charge)^B	24.55%	5.09%	-0.55%
Class T (incl. 3.50% sales charge)^C	27.09%	5.34%	-0.43%
Class B (incl. contingent deferred sales charge)^D	26.26%	5.31%	-0.29%
Class C (incl. contingent deferred sales charge)^E	30.22%	5.65%	-0.28%

^AFrom March 25, 1994.

^BClass A's 12b-1 fee may have ranged over time between 0.25% and 0.35%, as an equivalent amount of brokerage commissions of up to 0.10% of the class's average net assets may have been used to promote the sale of class shares. This practice has been discontinued and no commissions incurred after June 30, 2003 have been used to pay distribution expenses. Class A's 12b-1 plan currently authorizes a 0.25% 12b-1 fee. The initial offering of Class A shares took place on June 16, 1999. Returns between March 25, 1994 and June 16, 1999 are those of Fidelity Advisor Emerging Asia Fund, Inc., the Closed-End Fund. On June 15, 1999, the Closed-End Fund reorganized as an open-end fund through a transfer of all its assets and liabilities to Fidelity Advisor Emerging Asia Fund (the fund). Shareholders of the Closed-End Fund received Class A shares of the fund in exchange for their shares of the Closed-End Fund. If Class A shares' total expenses, including its 12b-1 fee, had been reflected in the Closed-End Fund's performance, Class A's returns, prior to June 16,1999, may have been lower.

^CClass T's 12b-1 fee may have ranged over time between 0.50% and 0.60%, as an equivalent amount of brokerage commissions of up to 0.10% of the class's average net assets may have been used to promote the sale of class shares. This practice has been discontinued and no commissions incurred after June 30, 2003 have been used to pay distribution expenses. Class T's 12b-1 plan currently authorizes a 0.50% 12b-1 fee. The initial offering of Class T shares took place on June 16, 1999. Returns between March 25, 1994 and June 16, 1999 are those of Fidelity Advisor Emerging Asia Fund, Inc., the Closed-End Fund. On June 15, 1999, the Closed-End Fund reorganized as an open-end fund through a transfer of all its assets and liabilities to Fidelity Advisor Emerging Asia Fund (the fund). Shareholders of the Closed-End Fund received Class A shares of the fund in exchange for their shares of the Closed-End Fund. If Class T shares total expenses, including its 12b-1 fee, had been reflected in the Closed-End Fund's performance, Class T's returns, prior to June 16, 1999, may have been lower.

Annual Report

^DClass B shares bear a 1.00% 12b-1 fee that is reflected in returns after June 16, 1999. The initial offering of Class B shares took place on June 16, 1999. Returns between March 25, 1994 and June 16, 1999 are those of Fidelity Advisor Emerging Asia Fund, Inc., the Closed-End Fund. On June 15, 1999, the Closed-End Fund reorganized as an open-end fund through a transfer of all its assets and liabilities to Fidelity Advisor Emerging Asia Fund (the fund). Shareholders of the Closed-End Fund received Class A shares of the fund in exchange for their shares of the Closed-End Fund. If Class B shares' total expenses, including its 1.00% 12b-1 fee, had been reflected in the Closed-End Fund's performance, Class B's returns, prior to June 16, 1999, may have been lower. Class B shares' contingent deferred sales charges included in the past one year, past five year, and life of fund total return figures are 5%, 2%, and 0%, respectively.

^EClass C shares bear a 1.00% 12b-1 fee that is reflected in returns after June 16, 1999. Returns between March 25, 1994 and June 16, 1999 are those of Fidelity Advisor Emerging Asia Fund, Inc., the Closed-End Fund. On June 15, 1999, the Closed-End Fund reorganized as an open-end fund through a transfer of all its assets and liabilities to Fidelity Advisor Emerging Asia Fund (the fund). Shareholders of the Closed-End Fund received Class A shares of the fund in exchange for their shares of the Closed-End Fund. If Class C shares' total expenses, including its 1.00% 12b-1 fee, had been reflected in the Closed-End Fund's performance, Class C's returns, prior to June 16, 1999, may have been lower. Class C shares' contingent deferred sales charge included in the past one year, past five year, and life of fund total return figures are 1%, 0%, and 0%, respectively.

Annual Report

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Advisor Emerging Asia Fund - Class T on March 25, 1994, when the Closed-End Fund started, and the current 3.50% sales charge was paid. The chart shows what the value of your investment would have been, and also shows how the Morgan Stanley Capital International^SM AC Asia Free ex Japan did over the same period.

Annual Report

Management's Discussion of Fund Performance

Comments from Yosawadee Polcharoen, Portfolio Manager of Fidelity® Advisor Emerging Asia Fund

Emerging Asian equity markets were among the world's best performers during the year that ended October 31, 2003. In that time, each country represented in the Morgan Stanley Capital International^SM (MSCI®) All Country Asia Free ex Japan Index - a performance benchmark of Asian emerging markets, excluding Japan - returned in excess of 23% in U.S. dollar terms, and the index as a whole advanced 38.86%. Emerging Asian markets were boosted by the improving global economy, a pickup in export growth and a recovery from the SARS epidemic. In terms of individual performance, some of the nations with the smallest exposure in the index had the biggest returns. China, which displayed unexpected resilience to the SARS-related slowdown, represented about 3.5% of the index on average and gained more than 108%, while Thailand, accounting for about 2.5% of the index, advanced 87%. South Korea - the largest index component at 26% on average - underperformed as its economy slipped into a recession. Hong Kong, the benchmark's second-largest weighting, also underperformed despite gaining nearly 35%.

For the 12 months ending October 31, 2003, the fund's Class A, Class T, Class B and Class C shares returned 32.15%, 31.70%, 31.26% and 31.22%, respectively, trailing the Morgan Stanley Capital International All Country Asia Free ex Japan Index. The fund also lagged the Lipper^SM Pacific Region ex Japan Funds Average, which posted a 37.16% return. An overweighting in the South Korean market, most notably in consumer and banking stocks, hurt performance. Consumer stocks, including CJ Home Shopping, were sidetracked by slowing credit growth and weak domestic consumption. Meanwhile, Korean banking stocks lagged due to high default rates on credit card debt. In the export group, Korean electronics firm Samsung Electro-Mechanics was hampered by sluggish demand for the company's electronics products. Conversely, overweighting India and Thailand, both of which outperformed the benchmark, helped performance. Indian auto manufacturer Tata Motors returned 182% due to robust domestic demand. Also helping was Siam Cement, Thailand's leading construction material company, whose 131% return was driven by strong demand from real estate and infrastructure development.

Annual Report

Investment Changes

Top Ten Stocks as of October 31, 2003
	% of fund's net assets	% of fund's net assets 6 months ago
Samsung Electronics Co. Ltd.	9.4	9.4
Taiwan Semiconductor Manufacturing Co. Ltd.	3.5	3.4
Hutchison Whampoa Ltd.	2.9	2.7
HSBC Holdings PLC (Hong Kong) (Reg.)	2.8	3.5
Sun Hung Kai Properties Ltd.	2.4	1.5
Cheung Kong Holdings Ltd.	2.3	1.9
Li & Fung Ltd.	2.2	1.5
Kookmin Bank	2.1	1.8
United Overseas Bank Ltd.	1.9	2.2
LG Electronics, Inc.	1.9	2.2
	31.4
Top Five Market Sectors as of October 31, 2003
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	29.9	25.5
Information Technology	28.7	21.6
Consumer Discretionary	12.6	8.7
Materials	10.3	13.0
Energy	4.9	7.2

Asset Allocation (% of fund's net assets)
As of October 31, 2003		As of April 30, 2003
	Stocks 97.9%		Stocks 93.0%
	Short-Term Investments and Net Other Assets 2.1%		Short-Term Investments and Net Other Assets 7.0%

Annual Report

Investments October 31, 2003

Showing Percentage of Net Assets

Common Stocks - 95.7%
	Shares		Value (Note 1)
Bermuda - 1.3%
Skyworth Digital Holdings Ltd.	2,138,000		$ 528,608
China - 5.1%
China Petroleum & Chemical Corp. (H Shares)	1,506,000		499,375
Guangdong Kelon Electrical Holdings Ltd. Series H (a)	339,000		142,967
Harbin Power Equipment Co. Ltd. (H Shares)	386,000		94,939
Nanjing Panda Electronics Co. (H Shares) (a)	180,000		52,733
PetroChina Co. Ltd. (H Shares)	1,634,000		594,423
PICC Property & Casualty Co. Ltd. (H Shares)	86,000		20,136
Sinopec Shanghai Petrochemical Co. Ltd. (H Shares)	1,466,000		415,319
Tianjin Capital Environmental Protection Co. Ltd. (H Shares)	254,000		70,323
Zhenhai Refining & Chemical Co. (H Shares)	274,000		167,598
TOTAL CHINA			2,057,813
Hong Kong - 20.0%
ASM Pacific Technology Ltd.	25,500		95,392
Bank of East Asia Ltd.	141,600		423,035
BOC Hong Kong Holdings Ltd.	237,500		411,349
Cheung Kong Holdings Ltd.	112,000		933,862
China Everbright Ltd.	306,000		168,454
China Merchants Holdings International Co. Ltd.	162,000		219,043
Denway Motors Ltd.	338,000		278,562
Elec & Eltek International Holdings Ltd.	106,000		19,792
Esprit Holdings Ltd.	121,000		380,190
Hang Seng Bank Ltd.	55,000		687,004
Hong Kong & China Gas Co. Ltd.	258,400		357,706
Hutchison Whampoa Ltd.	151,000		1,171,545
Li & Fung Ltd.	530,000		890,659
PCCW Ltd. (a)	372,000		265,865
Sun Hung Kai Properties Ltd.	116,000		982,152
Swire Pacific Ltd. (A Shares)	82,500		503,567
Wharf Holdings Ltd.	114,000		286,997
TOTAL HONG KONG			8,075,174
India - 8.5%
Bharti Televentures Ltd. (a)	62,110		123,823
BSES Ltd.	13,790		145,355
Dr. Reddy's Laboratories Ltd.	2,660		70,151
Hero Honda Motors Ltd.	17,100		133,363
Hindustan Petroleum Corp. Ltd.	17,370		126,174
Housing Development Finance Corp. Ltd.	20,280		232,647
ICICI Bank Ltd.	54,211		296,773
Infosys Technologies Ltd.	5,090		532,524
Common Stocks - continued
	Shares		Value (Note 1)
India - continued
ITC Ltd.	100		$ 1,917
Ranbaxy Laboratories Ltd.	12,254		265,832
Reliance Industries Ltd.	54,850		588,560
Satyam Computer Services Ltd.	36,540		246,798
State Bank of India	27,775		296,749
Tata Engineering & Locomotive Co. Ltd.	45,480		375,822
TOTAL INDIA			3,436,488
Indonesia - 1.0%
PT Telkomunikasi Indonesia Tbk	576,500		407,110
Korea (South) - 24.9%
Amotech Co. Ltd.	4,430		91,332
Dae Duck Electronics Co. Ltd.	9,520		87,679
Daewoo Heavy Industries & Machinery Ltd. (a)	13,940		95,407
Honam Petrochemical Corp.	13,250		530,671
KH Vatec Co. Ltd.	2,620		124,857
Kookmin Bank	23,459		856,298
Korean Air Co. Ltd.	12,390		165,409
LG Chemical Ltd.	10,460		419,814
LG Electronics, Inc.	14,510		751,553
LG Petrochemical Co. Ltd.	4,490		102,433
POSCO	5,850		678,132
Samsung Electro-Mechanics Co. Ltd.	9,800		332,049
Samsung Electronics Co. Ltd.	9,577		3,803,285
Samsung SDI Co. Ltd.	6,110		629,843
Shinhan Financial Group Co. Ltd.	26,910		386,540
Shinsegae Co. Ltd.	1,660		333,122
SK Telecom Co. Ltd.	3,760		663,996
TOTAL KOREA (SOUTH)			10,052,420
Malaysia - 3.2%
AMMB Holdings BHD	76,500		106,697
Berjaya Sports Toto BHD	80,850		92,765
British American Tobacco (Malaysia) BHD	9,900		108,770
Gamuda BHD	49,300		98,600
Hong Leong Bank BHD	60,300		86,483
Malayan Banking BHD	94,800		254,463
Public Bank BHD (For. Reg.)	378,750		299,013
Resorts World BHD	50,300		145,605
Tanjong PLC	32,300		93,500
TOTAL MALAYSIA			1,285,896
Common Stocks - continued
	Shares		Value (Note 1)
Singapore - 6.4%
Chartered Semiconductor Manufacturing Ltd. (a)	194,000		$ 190,710
City Developments Ltd.	60,000		208,681
DBS Group Holdings Ltd.	76,463		628,583
Huan Hsin Holdings Ltd.	82,000		53,268
Oversea-Chinese Banking Corp. Ltd.	47,604		331,134
Singapore Press Holdings Ltd.	15,298		173,251
Singapore Telecommunications Ltd.	164,000		162,162
ST Assembly Test Services Ltd. (a)	60,000		78,643
United Overseas Bank Ltd.	96,470		754,235
TOTAL SINGAPORE			2,580,667
Taiwan - 18.7%
Advanced Semiconductor Engineering, Inc. (a)	442,000		410,345
AU Optronics Corp.	223,000		301,014
Cathay Financial Holding Co. Ltd.	238,000		392,809
China Steel Corp.	461,320		372,537
Chinatrust Financial Holding Co.	248,433		258,464
Chung Hwa Pulp Corp.	283,000		151,801
Compal Electronics, Inc.	168,850		256,286
Compeq Manufacturing Co. Ltd. (a)	310,000		175,420
Delta Electronics, Inc.	127,000		162,446
Evergreen Marine Corp.	102,760		90,252
Formosa Plastic Corp.	379,811		582,086
Fubon Financial Holding Co. Ltd.	243,000		256,393
High Tech Computer Corp.	21,000		77,984
Hon Hai Precision Industries Co. Ltd.	113,784		509,731
Johnson Health Tech Co. Ltd.	29,000		64,103
Merry Electronics Co. Ltd.	45,000		72,944
Nan Ya Plastics Corp.	380,280		507,712
Quanta Computer, Inc.	138,915		378,710
Siliconware Precision Industries Co. Ltd. (a)	154,000		147,510
Sunplus Technology Co. Ltd.	51,000		88,683
Taiwan Semiconductor Manufacturing Co. Ltd. (a)	723,440		1,428,543
United Microelectronics Corp. (a)	794,476		728,211
Yageo Corp. (a)	303,000		144,668
TOTAL TAIWAN			7,558,652
Thailand - 3.8%
Bangkok Bank Ltd. PCL (For. Reg.) (a)	211,600		495,234
Krung Thai Bank Public Co. Ltd.	413,700		92,163
Land & House PCL (For. Reg.)	723,900		244,622
Siam Cement PCL (For. Reg.)	66,200		374,498
Common Stocks - continued
	Shares		Value (Note 1)
Thailand - continued
Siam Commercial Bank PCL (For. Reg.) (a)	205,300		$ 211,981
TelecomAsia Corp. PCL (a)	100		14
TelecomAsia Corp. PCL rights 4/30/08 (a)	190,863		0
Thai Military Bank PCL (For.Reg.) (a)	745,100		82,810
Thai Olefins PCL (a)	57,900		43,479
TOTAL THAILAND			1,544,801
United Kingdom - 2.8%
HSBC Holdings PLC (Hong Kong) (Reg.)	76,976		1,155,718
TOTAL COMMON STOCKS (Cost $33,168,328)		38,683,347
Nonconvertible Preferred Stocks - 2.2%

Korea (South) - 2.2%
Hyundai Motor Co. Ltd.	30,480		502,205
Samsung Electronics Co. Ltd.	2,050		407,055
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $727,264)		909,260

Government Obligations - 3.0%
		Principal Amount (c)
India - 3.0%
India, Federal Republic of 3.8502% 12/12/03 (Cost $1,208,645)	INR	55,000,000	1,206,428

Money Market Funds - 2.4%
	Shares		Value (Note 1)
Fidelity Cash Central Fund, 1.07% (b) (Cost $972,288)	972,288		$ 972,288
TOTAL INVESTMENT PORTFOLIO - 103.3% (Cost $36,076,525)			41,771,323
NET OTHER ASSETS - (3.3)%			(1,352,258)
NET ASSETS - 100%		$ 40,419,065

Currency Abbreviations
INR	-	Indian rupee

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 $50,897,932 and $49,252,885, respectively.

The fund participated in the interfund lending program as a borrower. The average daily loan balance during the period for which loans were outstanding amounted to $2,874,000. The weighted average interest rate was 1.15%. At period end there were no interfund loans outstanding.

Income Tax Information

At October 31, 2003, the fund had a capital loss carryforward of approximately $3,457,000 of which $2,034,000 and $1,423,000 will expire on October 31, 2009 and 2010, respectively.

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

	October 31, 2003

Assets
Investment in securities, at value (cost $36,076,525) - See accompanying schedule		$ 41,771,323
Foreign currency held at value (cost $326,396)		326,773
Receivable for investments sold		561,922
Receivable for fund shares sold		223,623
Dividends receivable		7,800
Interest receivable		1,038
Prepaid expenses		173
Receivable from investment adviser for expense reductions		28,495
Total assets		42,921,147

Liabilities
Payable for investments purchased	$ 637,411
Payable for fund shares redeemed	52,140
Accrued management fee	23,465
Distribution fees payable	14,367
Other payables and accrued expenses	1,774,699
Total liabilities		2,502,082

Net Assets		$ 40,419,065
Net Assets consist of:
Paid in capital		$ 38,371,555
Undistributed net investment income		180,437
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(3,605,277)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		5,472,350
Net Assets		$ 40,419,065

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, 2003

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($24,161,487 ÷ 1,848,546 shares)		$ 13.07

Maximum offering price per share (100/94.25 of $13.07)		$ 13.87
Class T: Net Asset Value and redemption price per share ($4,981,853 ÷ 385,533 shares)		$ 12.92

Maximum offering price per share (100/96.50 of $12.92)		$ 13.39
Class B: Net Asset Value and offering price per share ($5,156,870 ÷ 408,090 shares) ^A		$ 12.64

Class C: Net Asset Value and offering price per share ($4,580,983 ÷ 362,141 shares)^A		$ 12.65

Institutional Class: Net Asset Value, offering price and redemption price per share ($1,537,872 ÷ 116,476 shares)		$ 13.20

^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

Statement of Operations

	Year ended October 31, 2003

Investment Income
Dividends		$ 867,986
Interest		55,510
		923,496
Less foreign taxes withheld		(103,241)
Total income		820,255

Expenses
Management fee	$ 220,272
Transfer agent fees	126,966
Distribution fees	123,907
Accounting fees and expenses	61,615
Non-interested trustees' compensation	121
Custodian fees and expenses	217,541
Registration fees	55,751
Audit	108,585
Legal	1,428
Interest	641
Miscellaneous	7,911
Total expenses before reductions	924,738
Expense reductions	(266,360)	658,378
Net investment income (loss)		161,877
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities	6,483,503
Foreign currency transactions	(5,082)
Total net realized gain (loss)		6,478,421
Change in net unrealized appreciation (depreciation) on: Investment securities (net of deferred foreign taxes of $195,235)	3,316,302
Assets and liabilities in foreign currencies	(24,567)
Total change in net unrealized appreciation (depreciation)		3,291,735
Net gain (loss)		9,770,156
Net increase (decrease) in net assets resulting from operations		$ 9,932,033

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, 2003	Year ended October 31, 2002
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 161,877	$ (101,155)
Net realized gain (loss)	6,478,421	(1,376,366)
Change in net unrealized appreciation (depreciation)	3,291,735	3,700,512
Net increase (decrease) in net assets resulting from operations	9,932,033	2,222,991
Share transactions - net increase (decrease)	2,145,215	738,683
Total increase (decrease) in net assets	12,077,248	2,961,674

Net Assets
Beginning of period	28,341,817	25,380,143
End of period (including undistributed net investment income of $180,437 and accumulated net investment loss of $49,255, respectively)	$ 40,419,065	$ 28,341,817

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

Annual Report

Financial Highlights - Class A

Years ended October 31,	2003	2002	2001	2000	1999^E
Selected Per-Share Data
Net asset value, beginning of period	$ 9.89	$ 9.15	$ 12.29	$ 15.01	$ 9.61
Income from Investment Operations
Net investment income (loss)^C	.07	(.02)	(.03)	(.12)	(.03)
Net realized and unrealized gain (loss)	3.11	.76	(3.11)	(2.60)	5.30
Total from investment operations	3.18	.74	(3.14)	(2.72)	5.27
Redemption fees added to paid in capital^C	-	-	-	-	.13
Net asset value, end of period	$ 13.07	$ 9.89	$ 9.15	$ 12.29	$ 15.01
Total Return^A,B	32.15%	8.09%	(25.55)%	(18.12)%	56.19%
Ratios to Average Net Assets^D
Expenses before expense reductions	2.81%	2.56%	2.56%	1.98%	2.04%
Expenses net of voluntary waivers, if any	2.02%	2.00%	2.00%	1.98%	2.04%
Expenses net of all reductions	2.02%	1.98%	1.97%	1.96%	2.03%
Net investment income (loss)	.70%	(.17)%	(.26)%	(.69)%	(.22)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 24,161	$ 18,314	$ 18,151	$ 31,386	$ 82,492
Portfolio turnover rate	172%	121%	62%	96%	62%

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

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

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

^D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^E Prior to June 16, 1999, the fund operated as a closed-end investment company. Shares of the fund existing at the time of its conversion to an open-ended management investment company were exchanged for Class A shares.

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

Annual Report

Financial Highlights - Class T

Years ended October 31,	2003	2002	2001	2000	1999^F
Selected Per-Share Data
Net asset value, beginning of period	$ 9.81	$ 9.09	$ 12.25	$ 15.01	$ 14.44
Income from Investment Operations
Net investment income (loss)^E	.05	(.05)	(.06)	(.14)	.13
Net realized and unrealized gain (loss)	3.06	.77	(3.10)	(2.62)	.34^H
Total from investment operations	3.11	.72	(3.16)	(2.76)	.47
Redemption fees added to paid in capital^E	-	-	-	-	.10^H
Net asset value, end of period	$ 12.92	$ 9.81	$ 9.09	$ 12.25	$ 15.01
Total Return^B,C,D	31.70%	7.92%	(25.80)%	(18.39)%	3.95%
Ratios to Average Net Assets^G
Expenses before expense reductions	3.43%	3.16%	3.41%	2.17%	2.50%^A
Expenses net of voluntary waivers, if any	2.27%	2.25%	2.25%	2.17%	2.25%^A
Expenses net of all reductions	2.26%	2.23%	2.22%	2.15%	2.25%^A
Net investment income (loss)	.45%	(.42)%	(.51)%	(.88)%	2.34%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 4,982	$ 4,347	$ 2,842	$ 4,165	$ 1,405
Portfolio turnover rate	172%	121%	62%	96%	62%

^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 sales charges.

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

^F For the period June 16, 1999 (commencement of sale of shares) to October 31, 1999.

^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements 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 any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^H Per share amounts have been reclassified to reflect redemption fees on a class level.

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

Annual Report

Financial Highlights - Class B

Years ended October 31,	2003	2002	2001	2000	1999^F
Selected Per-Share Data
Net asset value, beginning of period	$ 9.63	$ 8.97	$ 12.15	$ 14.98	$ 14.44
Income from Investment Operations
Net investment income (loss)^E	(.01)	(.10)	(.11)	(.24)	.08
Net realized and unrealized gain (loss)	3.02	.76	(3.07)	(2.59)	.37^H
Total from investment operations	3.01	.66	(3.18)	(2.83)	.45
Redemption fees added to paid in capital^E	-	-	-	-	.09^H
Net asset value, end of period	$ 12.64	$ 9.63	$ 8.97	$ 12.15	$ 14.98
Total Return^B,C,D	31.26%	7.36%	(26.17)%	(18.89)%	3.74%
Ratios to Average Net Assets^G
Expenses before expense reductions	3.87%	3.63%	3.66%	2.77%	3.19%^A
Expenses net of voluntary waivers, if any	2.77%	2.75%	2.75%	2.77%	2.75%^A
Expenses net of all reductions	2.77%	2.73%	2.72%	2.75%	2.75%^A
Net investment income (loss)	(.05)%	(.92)%	(1.01)%	(1.48)%	1.38%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 5,157	$ 2,787	$ 2,466	$ 3,664	$ 977
Portfolio turnover rate	172%	121%	62%	96%	62%