N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811- 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:

January 31, 2005

Item 1. Schedule of Investments

Quarterly Holdings Report

for

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

January 31, 2005

ADIF-QTLY-0305

1.813040.100

Investments January 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.5%

Shares

Value
(000s)

Australia - 1.3%

CSL Ltd.

1,838,244

$ 44,078

Macquarie Bank Ltd.

361,852

13,695

QBE Insurance Group Ltd.

1,319,903

15,595

TOTAL AUSTRALIA

73,368

Austria - 0.1%

Bank Austria Creditanstalt AG

95,700

8,314

Bermuda - 0.1%

Clear Media Ltd. (a)

6,342,100

6,302

Brazil - 1.3%

Banco Bradesco SA sponsored ADR (non-vtg.)

457,500

11,255

Banco Itau Holding Financeira SA sponsored ADR (non-vtg.)

181,200

13,561

Uniao de Bancos Brasileiros SA (Unibanco) GDR

534,300

16,451

Votorantim Celulose e Papel SA sponsored ADR (non-vtg.)

2,230,100

32,626

TOTAL BRAZIL

73,893

Canada - 3.5%

Canadian Imperial Bank of Commerce

79,900

4,407

Canadian Natural Resources Ltd.

252,800

11,150

Canadian Western Bank, Edmonton

529,000

10,878

Celestica, Inc. (sub. vtg.) (a)

614,500

7,997

EnCana Corp.

732,624

43,306

ITF Optical Technologies, Inc. Series A (d)

1,792

2

Jean Coutu Group, Inc.:

Class A (c)

343,400

4,895

Class A (sub. vtg.)

1,050,940

14,980

Loblaw Companies Ltd.

181,500

10,764

National Bank of Canada

254,900

10,103

OZ Optics Ltd. unit (d)

5,400

80

Petro-Canada

246,200

12,694

Precision Drilling Corp. (a)

420,600

28,594

Talisman Energy, Inc.

648,500

19,334

Tembec, Inc. (a)

2,222,200

12,086

TimberWest Forest Corp. unit

627,800

8,165

TOTAL CANADA

199,435

Cayman Islands - 0.6%

Apex Silver Mines Ltd. (a)

434,100

7,015

Foxconn International Holdings Ltd. (a)

1,578,000

785

Common Stocks - continued

Shares

Value
(000s)

Cayman Islands - continued

Hutchison Telecommunications International Ltd.

7,108,000

$ 6,379

The9 Computer Technology Consulting Co. Ltd. ADR

809,300

16,833

TOTAL CAYMAN ISLANDS

31,012

China - 0.5%

BYD Co. Ltd. (H Shares)

2,169,000

6,604

Global Bio-Chem Technology Group Co. Ltd.

6,348,000

4,517

Global Bio-Chem Technology Group Co. Ltd. warrants 5/31/07 (a)

2,366,000

96

People's Food Holdings Ltd.

6,518,000

5,772

Sinopec Zhenhai Refining & Chemical Co. Ltd. (H Shares)

8,108,000

8,316

Weichai Power Co. Ltd. (H Shares)

413,000

1,295

TOTAL CHINA

26,600

Denmark - 1.3%

Danske Bank AS

941,675

27,504

GN Store Nordic AS

1,045,500

11,262

Novo Nordisk AS Series B

603,693

32,145

TOTAL DENMARK

70,911

Estonia - 0.1%

Hansabank SA

354,000

4,619

Finland - 1.7%

Fortum Oyj

287,400

5,132

Nokia Corp. sponsored ADR

3,354,000

51,249

Stora Enso Oyj sponsored ADR

1,276,100

18,376

UPM-Kymmene Corp.

885,800

18,708

TOTAL FINLAND

93,465

France - 10.4%

Accor SA

288,100

12,602

Alcatel SA sponsored ADR (a)

1,025,000

14,678

AXA SA

177,200

4,301

AXA SA sponsored ADR

2,166,500

52,581

Bacou Dalloz

76,915

6,957

BNP Paribas SA

574,746

41,464

Bouygues SA

579,900

22,713

CNP Assurances

242,593

17,328

Dassault Aviation SA

8,185

5,286

Eiffage SA

178,670

21,739

France Telecom SA sponsored ADR

1,389,600

43,578

Ipsos SA

38,394

4,099

Common Stocks - continued

Shares

Value
(000s)

France - continued

Lagardere S.C.A. (Reg.)

448,382

$ 33,838

Medidep SA (a)

214,703

7,119

Neopost SA

274,629

21,191

Nexity

232,800

8,193

NRJ Group

430,520

10,336

Orpea (a)

187,100

7,253

Pernod-Ricard

127,803

18,090

Rhodia SA ADR

4,637,200

11,825

Sanofi-Aventis sponsored ADR

1,643,300

61,164

Total SA:

Series B

57,800

12,433

sponsored ADR

852,900

91,729

Vinci SA

146,153

20,955

Vivendi Universal SA sponsored ADR (a)

1,164,200

36,835

TOTAL FRANCE

588,287

Germany - 8.3%

Allianz AG sponsored ADR

5,566,270

66,016

BASF AG sponsored ADR

277,500

19,039

Bayer AG ADR (a)

257,500

8,709

Bijou Brigitte Modische Accessoires AG

20,434

3,086

Bilfinger & Berger Bau AG

623,800

28,376

Deutsche Boerse AG

320,434

19,922

Deutsche Telekom AG sponsored ADR (a)

3,568,800

77,193

E.ON AG sponsored ADR

401,100

35,854

Fresenius Medical Care AG sponsored ADR

482,700

13,018

GFK AG

205,127

7,754

HeidelbergCement AG

410,147

27,585

Heidelberger Druckmaschinen AG (a)

467,900

15,875

Hochtief AG

1,025,800

33,426

Hypo Real Estate Holding AG (a)

461,340

18,274

K&S AG

623,532

31,249

Merck KGaA

105,500

6,996

Metro AG

144,600

7,554

RWE AG

511,961

29,514

Siemens AG sponsored ADR

237,800

18,884

TOTAL GERMANY

468,324

Common Stocks - continued

Shares

Value
(000s)

Greece - 0.9%

Greek Organization of Football Prognostics SA

810,960

$ 21,711

Public Power Corp. of Greece

1,044,080

30,456

TOTAL GREECE

52,167

Hong Kong - 1.8%

China Netcom Group Corp. Hong Kong Ltd. ADR

402,200

11,547

Hengan International Group Co. Ltd.

4,584,000

2,821

Hutchison Whampoa Ltd.

1,797,000

16,358

Shun Tak Holdings Ltd.

7,830,000

7,178

Techtronic Industries Co. Ltd.

11,354,500

25,403

Television Broadcasts Ltd.

3,874,000

18,377

Wharf Holdings Ltd.

6,166,000

19,921

TOTAL HONG KONG

101,605

Hungary - 0.3%

OTP Bank Rt.

442,300

14,313

India - 2.4%

Bank of Baroda

1,173,599

5,578

Housing Development Finance Corp. Ltd.

1,144,197

20,399

Infosys Technologies Ltd.

622,624

29,511

National Thermal Power Corp.

11,048,000

21,896

Reliance Industries Ltd.

388,429

4,737

Satyam Computer Services Ltd.

2,967,563

28,095

State Bank of India

1,502,350

24,162

TOTAL INDIA

134,378

Ireland - 1.5%

Allied Irish Banks PLC

1,350,098

26,867

C&C Group PLC

2,902,900

12,259

CRH PLC

715,517

18,895

Elan Corp. PLC sponsored ADR (a)

411,300

11,076

IAWS Group PLC (Ireland)

299,800

4,748

Independent News & Media PLC (Ireland)

4,566,173

13,093

TOTAL IRELAND

86,938

Italy - 3.7%

Autostrade Spa

430,316

12,412

Banca Antonveneta Spa (a)

309,000

8,071

Banca Intesa Spa

6,621,154

30,740

Banca Popolare di Milano

943,800

8,359

Banche Popolari Unite Scarl

1,003,900

20,497

Banco Popolare di Verona e Novara

1,118,466

21,484

Common Stocks - continued

Shares

Value
(000s)

Italy - continued

Davide Campari-Milano Spa

275,780

$ 16,308

ENI Spa sponsored ADR

338,600

41,377

Lottomatica Spa New

486,700

18,244

Mediobanca Spa

1,112,700

18,890

Societa Iniziative Autostradali e Servizi Spa (SIAS)

840,000

12,904

TOTAL ITALY

209,286

Japan - 14.8%

Advantest Corp.

66,800

5,583

Aisin Seiki Co. Ltd.

456,400

10,791

Asahi Breweries Ltd.

1,239,100

15,461

Asahi Glass Co. Ltd.

1,656,000

17,451

Canon, Inc. ADR

696,700

36,632

Credit Saison Co. Ltd.

258,600

8,784

Daiwa Securities Group, Inc.

2,883,000

19,531

East Japan Railway Co.

2,964

15,989

Honda Motor Co. Ltd.

519,300

27,263

Hoya Corp.

68,500

7,053

Ito Yokado Ltd.

128,000

5,126

JAFCO Co. Ltd.

109,300

7,383

Keyence Corp.

50,000

11,469

Millea Holdings, Inc.

1,061

14,642

Mitsubishi Electric Corp.

4,230,000

20,818

Mitsubishi Securities Co. Ltd.

1,632,000

15,828

Mitsubishi Tokyo Financial Group, Inc. (MTFG)

2,106

20,049

Mitsui Fudosan Co. Ltd.

1,313,000

16,320

Mitsui Trust Holdings, Inc.

2,001,000

21,164

Mizuho Financial Group, Inc.

6,011

28,946

Murata Manufacturing Co. Ltd.

272,800

14,242

Nikko Cordial Corp.

4,677,000

22,070

Nikon Corp.

1,013,000

13,285

Nintendo Co. Ltd.

62,400

7,069

Nippon Chemi-con Corp.

2,892,900

15,578

Nippon Electric Glass Co. Ltd.

641,900

8,449

Nippon Electric Glass Co. Ltd. New (a)

641,900

8,424

Nippon Oil Corp.

1,643,000

11,257

Nitto Denko Corp.

514,600

27,363

Nomura Holdings, Inc.

1,559,000

20,626

NTT Urban Development Co.

1,111

4,975

Oracle Corp. Japan

249,300

12,486

ORIX Corp.

208,000

27,479

Ricoh Co. Ltd.

1,559,000

27,517

Common Stocks - continued

Shares

Value
(000s)

Japan - continued

Rohm Co. Ltd.

59,200

$ 5,387

Sanden Corp.

1,356,000

8,048

SFCG Co. Ltd.

118,300

29,591

Softbank Corp.

118,800

5,618

Sumitomo Forestry Co. Ltd.

2,053,000

20,802

Sumitomo Mitsui Financial Group, Inc.

6,445

45,154

Sumitomo Osaka Cement Co. Ltd.

8,325,000

20,647

T&D Holdings, Inc.

433,650

20,338

Takara Holdings, Inc.

403,000

3,446

Teijin Ltd.

2,122,000

8,785

TIS, Inc.

171,000

7,574

Tokyo Electron Ltd.

262,300

15,289

Toyota Motor Corp. ADR

256,250

20,036

UFJ Holdings, Inc. (a)

6,323

37,770

Victor Co. of Japan Ltd.

338,000

2,877

Yahoo! Japan Corp. (a)

1,291

6,541

Yamato Transport Co. Ltd.

1,754,000

26,253

TOTAL JAPAN

831,259

Korea (South) - 1.4%

Kookmin Bank sponsored ADR (a)

691,410

30,007

LG Electronics, Inc.

193,130

13,283

Samsung Electronics Co. Ltd.

41,320

19,925

Shinhan Financial Group Co. Ltd.

638,284

16,012

TOTAL KOREA (SOUTH)

79,227

Luxembourg - 1.0%

SES Global unit

1,526,373

18,701

Stolt-Nielsen SA Class B sponsored ADR (a)

1,183,800

39,918

TOTAL LUXEMBOURG

58,619

Mexico - 0.7%

America Movil SA de CV sponsored ADR

265,900

14,109

Fomento Economico Mexicano SA de CV sponsored ADR

269,200

14,472

Industrias Penoles SA de CV

1,538,800

8,071

TOTAL MEXICO

36,652

Netherlands - 4.0%

ASML Holding NV (NY Shares) (a)

1,267,200

20,820

EADS NV

631,428

19,299

Fugro NV (Certificaten Van Aandelen)

123,200

10,911

ING Groep NV sponsored ADR

1,392,900

40,199

Common Stocks - continued

Shares

Value
(000s)

Netherlands - continued

Koninklijke Ahold NV (a)

2,957,000

$ 24,454

Koninklijke Numico NV (Certificaten Van Aandelen) (a)

687,886

26,342

Koninklijke Philips Electronics NV (NY Shares)

286,800

7,480

Randstad Holdings NV

370,200

14,476

Reed Elsevier NV ADR

648,600

17,564

VNU NV

919,453

26,856

Wolters Kluwer NV (Certificaten Van Aandelen)

998,129

17,992

TOTAL NETHERLANDS

226,393

Netherlands Antilles - 0.2%

Schlumberger Ltd. (NY Shares)

139,200

9,471

Norway - 0.8%

DnB NOR ASA

2,726,480

24,955

Schibsted AS (B Shares)

223,550

6,130

Storebrand ASA (A Shares)

1,530,700

13,529

TOTAL NORWAY

44,614

Poland - 0.3%

Polski Koncern Naftowy Orlen SA

885,800

10,796

Powszechna Kasa Oszczednosci Bank SA

417,900

3,552

TOTAL POLAND

14,348

Portugal - 0.3%

Brisa Auto-Estradas de Portugal SA

1,626,880

15,225

Singapore - 0.4%

Flextronics International Ltd. (a)

1,457,900

20,629

Want Want Holdings Ltd.

4,182,000

3,952

TOTAL SINGAPORE

24,581

South Africa - 0.5%

Edgars Consolidated Stores Ltd.

196,200

9,802

Massmart Holdings Ltd.

1,155,773

8,059

Steinhoff International Holdings Ltd.

5,027,000

11,111

TOTAL SOUTH AFRICA

28,972

Spain - 2.6%

Actividades de Construccion y Servicios SA (ACS)

865,667

21,697

Antena 3 Television SA (a)

168,747

12,922

Banco Bilbao Vizcaya Argentaria SA sponsored ADR

1,300,800

21,944

Banco Santander Central Hispano SA

860,400

10,179

Compania de Distribucion Integral Logista SA

105,220

5,905

Gestevision Telecinco SA

335,340

7,256

Common Stocks - continued

Shares

Value
(000s)

Spain - continued

Inditex SA

621,127

$ 17,584

Telefonica SA sponsored ADR

938,400

51,152

TOTAL SPAIN

148,639

Sweden - 1.3%

Eniro AB

1,631,500

16,280

Gambro AB (A Shares)

811,672

11,902

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

303,350

10,003

Skandia Foersaekrings AB

3,250,500

16,834

Tele2 AB (B Shares)

91,100

3,115

Telefonaktiebolaget LM Ericsson ADR (a)

553,100

16,222

TOTAL SWEDEN

74,356

Switzerland - 9.1%

ABB Ltd. (Reg.) (a)

1,515,269

8,335

Actelion Ltd. (Reg.) (a)

129,887

12,323

Alcon, Inc.

200,800

15,903

Compagnie Financiere Richemont unit

979,805

30,656

Credit Suisse Group sponsored ADR

977,700

39,431

INFICON Holding AG (a)

65,883

5,433

Nestle SA (Reg.)

294,586

77,304

Nobel Biocare Holding AG (Switzerland)

147,614

25,886

Novartis AG sponsored ADR

1,945,432

93,147

Phonak Holding AG

325,205

10,941

Roche Holding AG (participation certificate)

753,784

80,263

Schindler Holding AG (Reg.)

21,007

7,951

SIG Holding AG

23,060

5,625

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

20,496

14,489

Swiss Life Holding (a)

31,589

4,743

Syngenta AG sponsored ADR

501,500

10,782

The Swatch Group AG (Reg.)

618,379

17,398

UBS AG (NY Shares)

609,247

49,581

TOTAL SWITZERLAND

510,191

Taiwan - 1.0%

Acer, Inc.

5,178,000

8,122

Chi Mei Optoelectronics Corp.

8,500,000

12,240

Taiwan Semiconductor Manufacturing Co. Ltd.

8,483,000

13,839

United Microelectronics Corp.

38,429,000

24,474

TOTAL TAIWAN

58,675

Common Stocks - continued

Shares

Value
(000s)

Thailand - 0.2%

Thai Oil PCL (a)

10,242,700

$ 13,816

United Kingdom - 13.9%

3i Group PLC

1,140,700

15,017

AstraZeneca PLC sponsored ADR

943,100

35,461

BAE Systems PLC

6,214,980

28,736

BOC Group PLC

932,737

17,251

BP PLC sponsored ADR

1,761,800

105,039

British Airways PLC (a)

1,500,000

7,537

Capita Group PLC

5,347,313

36,105

Carnival PLC ADR

358,000

21,713

Daily Mail & General Trust PLC Class A

446,267

5,989

DS Smith PLC

88,245

266

Enterprise Inns PLC

705,968

9,912

FKI PLC

6,619,229

15,708

Group 4 Securicor PLC (Denmark) (a)

2,975,530

7,922

Group 4 Securicor PLC (United Kingdom) (a)

8,483,800

21,411

Hilton Group PLC

1,324,337

7,371

HSBC Holdings PLC sponsored ADR

1,043,500

86,642

Intertek Group PLC

737,516

10,140

Invensys PLC (a)

4,014,914

1,475

Kesa Electricals PLC

1,234,912

7,431

National Grid Transco PLC

2,346,430

22,814

Rank Group PLC

2,067,027

10,433

Reckitt Benckiser PLC

1,254,338

37,255

Serco Group PLC

5,026,248

23,548

SMG PLC

871,257

1,772

Standard Chartered PLC

1,399,151

25,693

Taylor Nelson Sofres PLC

1,407,080

5,963

Tesco PLC

4,989,142

28,965

Unilever PLC sponsored ADR

500,000

19,150

Vodafone Group PLC sponsored ADR

5,585,200

145,101

Yell Group PLC

2,119,870

18,266

TOTAL UNITED KINGDOM

780,086

United States of America - 2.2%

Mettler-Toledo International, Inc. (a)

82,900

4,158

News Corp. Class A

1,147,200

19,502

Orthofix International NV (a)

110,100

4,402

Shaw Group, Inc. (a)

324,500

5,455

Stillwater Mining Co. (a)

386,700

4,091

Synthes, Inc.

316,528

36,260

Common Stocks - continued

Shares

Value
(000s)

United States of America - continued

Telewest Global, Inc. (a)

2,119,373

$ 35,711

Transocean, Inc. (a)

323,800

14,247

TOTAL UNITED STATES OF AMERICA

123,826

TOTAL COMMON STOCKS

(Cost $4,516,300)

5,322,167

Preferred Stocks - 1.2%

Convertible Preferred Stocks - 0.0%

Canada - 0.0%

Metrophotonics, Inc. Series 2 (d)

8,500

37

Nonconvertible Preferred Stocks - 1.2%

Germany - 0.5%

Fresenius Medical Care AG

511,500

29,734

Italy - 0.7%

Banca Intesa Spa (Risp)

698,800

2,887

Buzzi Unicem Spa (Risp)

281,400

3,472

Telecom Italia Spa (Risp)

10,317,100

33,080

Unicredito Italiano Spa

68,630

416

TOTAL ITALY

39,855

TOTAL NONCONVERTIBLE PREFERRED STOCKS

69,589

TOTAL PREFERRED STOCKS

(Cost $57,509)

69,626

Government Obligations - 0.8%

Principal
Amount (000s)

Germany - 0.8%

German Federal Republic 2.0852% 2/16/05
(Cost $43,200)

EUR

33,400

43,495

Money Market Funds - 4.7%

Shares

Fidelity Cash Central Fund, 2.31% (b)(e)
(Cost $263,185)

263,185,356

263,185

Cash Equivalents - 0.1%

Maturity
Amount (000s)

Value
(000s)

Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 2.44%, dated 1/31/05 due 2/1/05)
(Cost $4,059)

$ 4,059

$ 4,059

TOTAL INVESTMENT PORTFOLIO - 101.3%

(Cost $4,884,253)

5,702,532

NET OTHER ASSETS - (1.3)%

(73,441)

NET ASSETS - 100%

$ 5,629,091

Currency Abbreviations

EUR

-

European Monetary Unit

Legend

(a) Non-income producing

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

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $4,895,000 or 0.1% of net assets.

(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $119,000 or 0.0% of net assets.

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

(e) Includes investment made with cash collateral received from securities on loan.

Income Tax Information

At January 31, 2005, the aggregate cost of investment securities for income tax purposes was $4,893,557,000. Net unrealized appreciation aggregated $808,975,000, of which $861,614,000 related to appreciated investment securities and $52,639,000 related to depreciated investment securities.

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Emerging Asia Fund
Class A
Class T
Class B
Class C
Institutional Class

January 31, 2005

AEA-QTLY-0305

1.813062.100

Investments January 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.2%

Shares

Value

Bermuda - 1.0%

GOME Electrical Appliances Holdings Ltd. (a)

404,000

$ 393,649

Skyworth Digital Holdings Ltd.

784,000

116,597

TOTAL BERMUDA

510,246

Cayman Islands - 2.0%

Beauty China Holdings Ltd.

248,000

143,895

China Shineway Pharmaceutical Group Ltd.

188,000

104,848

Dynasty Fine Wines Group Ltd.

498,000

193,138

eLong, Inc. ADR

8,300

124,002

Kingboard Chemical Holdings Ltd.

189,000

422,835

TOTAL CAYMAN ISLANDS

988,718

China - 7.3%

Anhui Expressway Co. Ltd. (H Shares)

318,000

178,369

Beijing Media Corp. Ltd. (H Shares)

38,500

106,371

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

265,300

608,841

China Petroleum & Chemical Corp. (H Shares)

1,514,000

607,871

Chitaly Holdings Ltd.

252,000

193,850

PetroChina Co. Ltd. (H Shares)

1,228,000

688,908

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

82,500

136,974

Tencent Holdings Ltd.

233,000

135,172

Weichai Power Co. Ltd. (H Shares)

124,000

388,700

Yanzhou Coal Mining Co. Ltd. (H Shares) (a)

308,000

436,342

ZTE Corp. (H Shares)

53,400

171,842

TOTAL CHINA

3,653,240

Hong Kong - 15.7%

CNOOC Ltd.

1,389,500

743,938

Cosco Pacific Ltd.

142,000

295,839

Esprit Holdings Ltd.

142,500

823,958

Far East Consortium International Ltd.

415,000

162,279

Henderson Land Development Co. Ltd.

42,000

199,235

Hong Kong & China Gas Co. Ltd.

507,000

1,053,020

Hopewell Holdings Ltd.

99,000

250,043

Hutchison Whampoa Ltd.

108,000

983,096

Jardine Strategic Holdings Ltd.

37,000

305,250

JCG Holdings Ltd.

582,000

574,550

Next Media Ltd. (a)

1,104,000

470,624

Sino Land Co.

224,000

199,594

Sun Hung Kai Properties Ltd.

70,000

648,410

Common Stocks - continued

Shares

Value

Hong Kong - continued

Wharf Holdings Ltd.

243,000

$ 785,092

Wing Hang Bank Ltd.

50,000

319,237

TOTAL HONG KONG

7,814,165

India - 8.3%

Alembic Ltd.

29,900

207,372

Britannia Industries Ltd.

4,900

98,399

Cipla Ltd.

23,300

152,975

Crompton Greaves Ltd.

39,200

255,391

Housing Development Finance Corp. Ltd.

22,900

408,260

ITC Ltd.

15,430

481,337

Kotak Mahindra Bank Ltd.

62,520

412,980

Larsen & Toubro Ltd. (a)

15,700

361,609

Max India Ltd. (a)

22,590

210,631

Oil & Natural Gas Corp. Ltd.

23,263

436,318

Pantaloon Retail India Ltd.

34,320

592,786

State Bank of India

32,430

521,570

TOTAL INDIA

4,139,628

Indonesia - 2.9%

PT Bank Mandiri Persero Tbk

1,012,500

214,321

PT Bank PAN Indonesia Tbk

2,166,000

101,624

PT Bumi Resources Tbk (a)

1,445,500

145,102

PT Indosat Tbk

424,500

264,010

PT Mitra Adiperkasa Tbk

2,345,500

199,618

PT Semen Gresik Tbk

68,500

137,524

PT Telkomunikasi Indonesia Tbk Series B

763,500

399,870

TOTAL INDONESIA

1,462,069

Korea (South) - 24.7%

Daewoo Shipbuilding & Marine Engineering Co. Ltd.

35,330

635,011

FINETEC Corp.

74,450

529,454

Hana Bank

7,960

211,310

Hyundai Mipo Dockyard Co. Ltd. (a)

24,140

1,173,488

Jahwa Electronics Co. Ltd.

13,270

149,958

Kia Motors Corp.

89,250

1,095,519

Kookmin Bank (a)

39,480

1,692,275

Korea Exchange Bank (a)

30,690

265,791

LG Electronics, Inc.

4,260

292,992

NCsoft Corp. (a)

3,690

269,965

Nong Shim Co. Ltd.

640

151,193

POSCO

1,930

350,653

S-Oil Corp.

15,220

978,587

Common Stocks - continued

Shares

Value

Korea (South) - continued

Samsung Electronics Co. Ltd.

7,297

$ 3,518,764

Shinhan Financial Group Co. Ltd.

13,960

350,190

Shinsegae Co. Ltd.

1,240

347,901

SK Corp.

4,950

262,810

TOTAL KOREA (SOUTH)

12,275,861

Malaysia - 4.2%

British American Tobacco (Malaysia) BHD

45,100

563,750

IOI Corp. BHD

60,000

146,842

Malayan Banking BHD

144,700

468,371

Malaysian International Shipping Corp. BHD (For. Reg.)

69,500

281,658

Public Bank BHD (For. Reg.)

91,225

193,253

Telekom Malaysia BHD

71,200

206,105

Tenaga Nasional BHD

85,200

239,905

TOTAL MALAYSIA

2,099,884

Philippines - 0.8%

Philippine Long Distance Telephone Co. (a)

15,370

397,644

Singapore - 8.9%

CapitaLand Ltd.

422,000

590,228

DBS Group Holdings Ltd.

102,000

984,303

HTL International Holdings Ltd.

29,000

25,328

Keppel Corp. Ltd.

85,000

477,616

MobileOne Ltd.

201,810

224,329

Oversea-Chinese Banking Corp. Ltd.

20,000

167,349

Parkway Holdings Ltd.

233,000

223,423

SIA Engineering Co. Ltd.

261,000

377,799

Singapore Petroleum Co. Ltd.

175,000

461,736

United Overseas Bank Ltd.

103,000

874,427

TOTAL SINGAPORE

4,406,538

Taiwan - 11.2%

Acer, Inc.

342,000

536,471

Advantech Co. Ltd.

193,000

445,035

Cathay Financial Holding Co. Ltd.

219,000

429,412

Chinatrust Financial Holding Co.

489,484

548,222

Chunghwa Telecom Co. Ltd.

72,000

144,565

Far EasTone Telecommunications Co. Ltd.

395,800

453,230

Formosa Chemicals & Fibre Corp.

247,000

453,318

Formosa Plastics Corp.

208,000

362,165

Fubon Financial Holding Co. Ltd.

316,000

315,256

Min Aik Technology Co. Ltd.

202,000

408,753

Common Stocks - continued

Shares

Value

Taiwan - continued

Pihsiang Machinery Manufacturing Co.

162,000

$ 358,306

Taishin Financial Holdings Co. Ltd.

977,000

879,683

Yuen Foong Yu Paper Manufacturing Co.

424,000

218,152

TOTAL TAIWAN

5,552,568

Thailand - 5.3%

AAPICO Hitech PCL unit

167,100

156,047

Advanced Info Service PCL (For. Reg.)

91,400

251,320

Bangkok Bank Ltd. PCL (For. Reg.)

109,400

329,193

Krung Thai Bank Public Co. Ltd.

526,100

139,202

PTT Exploration & Production PCL (For. Reg.)

26,900

200,965

PTT PCL (For. Reg.)

61,000

291,154

Shin Corp. PCL (For. Reg.)

129,900

146,580

Siam Cement PCL (For. Reg.)

38,600

268,348

Sino Thai Engineering & Construction PCL (For. Reg.)

528,300

167,192

Thai Oil PCL (a)

371,800

501,520

TPI Polene PCL (a)

221,700

194,095

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

190,863

0

TOTAL THAILAND

2,645,616

United Kingdom - 1.9%

HSBC Holdings PLC (Hong Kong) (Reg.)

56,176

932,859

TOTAL COMMON STOCKS

(Cost $38,702,998)

46,879,036

Nonconvertible Preferred Stocks - 3.1%

Korea (South) - 3.1%

Hyundai Motor Co.
(Cost $1,078,005)

47,300

1,545,947

Money Market Funds - 2.1%

Fidelity Cash Central Fund, 2.31% (b)
(Cost $1,019,699)

1,019,699

1,019,699

Cash Equivalents - 0.1%

Maturity Amount

Value

Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 2.45%, dated 1/31/05 due 2/1/05)
(Cost $32,000)

32,002

$ 32,000

TOTAL INVESTMENT PORTFOLIO - 99.5%

(Cost $40,832,702)

49,476,682

NET OTHER ASSETS - 0.5%

264,075

NET ASSETS - 100%

$ 49,740,757

Legend

(a) Non-income producing

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

Income Tax Information

At January 31, 2005, the aggregate cost of investment securities for income tax purposes was $40,842,055. Net unrealized appreciation aggregated $8,634,627, of which $9,028,870 related to appreciated investment securities and $394,243 related to depreciated investment securities.

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Europe Capital
Appreciation Fund
Class A
Class T
Class B
Class C
Institutional Class

January 31, 2005

AEUR-QTLY-0305

1.813041.100

Investments January 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.7%

Shares

Value

Belgium - 1.6%

Belgacom SA

2,500

$ 103,262

Fortis

9,600

259,012

TOTAL BELGIUM

362,274

Canada - 1.5%

Eldorado Gold Corp. (a)

57,400

154,479

Telesystem International Wireless, Inc. (a)

14,100

199,960

TOTAL CANADA

354,439

Denmark - 1.9%

Coloplast AS Series B

2,700

143,295

Novo Nordisk AS Series B

3,100

165,067

TDC AS

3,500

145,292

TOTAL DENMARK

453,654

Finland - 2.5%

F-Secure Oyj (a)

41,900

91,203

Kemira GrowHow Oyj

42,762

318,810

Nokia Corp. sponsored ADR

11,400

174,192

TOTAL FINLAND

584,205

France - 8.7%

Alcatel SA (RFD) (a)

6,100

87,352

BNP Paribas SA

3,400

245,287

France Telecom SA

4,296

134,723

Michelin SA (Compagnie Generale des Etablissements)
Series B

5,200

336,376

Pernod-Ricard

1,325

187,553

Renault SA

1,300

106,240

Rhodia SA (a)

73,300

166,238

Total SA sponsored ADR

7,000

752,850

TOTAL FRANCE

2,016,619

Germany - 8.5%

Adidas-Salomon AG

900

134,726

BASF AG

3,200

219,552

Bayer AG

9,200

311,144

Bilfinger & Berger Bau AG

5,700

259,285

DAB Bank AG (a)

17,765

132,909

Deutsche Boerse AG

4,055

252,108

Deutsche Telekom AG (Reg.) (a)

7,000

151,410

Common Stocks - continued

Shares

Value

Germany - continued

E.ON AG

2,700

$ 241,353

Linde AG

4,300

272,833

TOTAL GERMANY

1,975,320

Greece - 2.8%

Alpha Bank AE

7,200

242,870

Hellenic Petroleum SA

36,340

409,238

TOTAL GREECE

652,108

Ireland - 0.6%

C&C Group PLC

32,600

137,670

Israel - 0.6%

Emblaze Ltd. (a)

37,400

128,904

Italy - 7.9%

Banca Fideuram Spa

21,300

115,991

Banca Intesa Spa

47,405

220,088

Bulgari Spa

27,538

338,902

e.Biscom Spa (a)

13,327

645,311

ENI Spa

16,400

400,816

Mediolanum Spa

15,300

113,211

TOTAL ITALY

1,834,319

Luxembourg - 1.4%

Millicom International Cellular SA unit (a)

15,386

319,170

Netherlands - 6.3%

Aegon NV

17,500

237,219

Akzo Nobel NV sponsored ADR

3,400

141,678

Completel Europe NV (a)

3,529

151,560

ING Groep NV (Certificaten Van Aandelen)

9,630

277,922

Koninklijke Philips Electronics NV (NY Shares)

5,900

153,872

Royal Dutch Petroleum Co. (Hague Registry)

8,500

496,995

TOTAL NETHERLANDS

1,459,246

Norway - 3.8%

TANDBERG Television ASA (a)

85,600

880,997

Poland - 0.4%

Polski Koncern Naftowy Orlen SA

8,100

98,723

Portugal - 0.3%

PT Multimedia SGPS SA

3,100

80,932

Russia - 1.0%

Mobile TeleSystems OJSC sponsored ADR

6,700

241,066

Common Stocks - continued

Shares

Value

South Africa - 0.8%

Steinhoff International Holdings Ltd.

82,400

$ 182,118

Spain - 4.0%

Banco Bilbao Vizcaya Argentaria SA

20,600

347,522

Banco Santander Central Hispano SA

17,300

204,659

Telefonica SA sponsored ADR

7,100

387,021

TOTAL SPAIN

939,202

Sweden - 1.3%

Modern Times Group AB (MTG) (B Shares) (a)

3,000

79,829

Skandia Foersaekrings AB

45,300

234,604

TOTAL SWEDEN

314,433

Switzerland - 11.4%

ABB Ltd. (Reg.) (a)

33,075

181,934

Actelion Ltd. (Reg.) (a)

1,812

171,911

Baloise Holdings AG (Reg.)

3,292

154,916

Compagnie Financiere Richemont unit

5,859

183,317

Credit Suisse Group (Reg.)

6,856

276,502

Julius Baer Holding AG (Bearer)

1,210

423,111

Phonak Holding AG

5,819

195,769

Roche Holding AG (participation certificate)

3,499

372,575

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

135

95,435

Swiss Life Holding (a)

767

115,152

Syngenta AG (Switzerland)

1,145

123,172

UBS AG (NY Shares)

4,300

349,934

TOTAL SWITZERLAND

2,643,728

Turkey - 7.0%

Akenerji Elektrik Uretimi Otoproduktor Grubu AS (a)

39,960

213,938

Petkim Petrokimya Holding AS (a)

19,938

126,152

Petrol Ofisi AS (a)

31,374

126,859

Turk Hava Yollari AO (a)

20,000

112,317

Turkcell Iletisim Hizmet AS sponsored ADR

40,176

719,954

Turkiye Garanti Bankasi AS

52,836

211,661

Yapi ve Kredi Bankasi AS (a)

27,000

109,173

TOTAL TURKEY

1,620,054

United Kingdom - 18.9%

Amlin PLC

99,900

295,398

Axis Shield PLC (a)

19,200

92,573

BAE Systems PLC

33,200

153,508

BP PLC sponsored ADR

14,800

882,378

Common Stocks - continued

Shares

Value

United Kingdom - continued

BT Group PLC

86,900

$ 344,211

Chaucer Holdings PLC

125,300

126,255

Easynet Group PLC (a)

41,800

81,875

HSBC Holdings PLC sponsored ADR

2,100

174,363

Imperial Chemical Industries PLC

31,400

139,730

Invensys PLC (a)

348,900

128,138

ITV PLC

144,675

318,121

Maiden Group PLC

9,000

37,715

Next PLC

3,200

94,682

Royal Bank of Scotland Group PLC

7,400

245,433

Shell Transport & Trading Co. PLC ADR

6,100

321,958

Standard Chartered PLC

9,800

179,959

Ted Baker PLC

23,675

226,292

Vodafone Group PLC

157,400

408,925

William Hill PLC

13,600

148,691

TOTAL UNITED KINGDOM

4,400,205

United States of America - 0.5%

Telewest Global, Inc. (a)

7,339

123,662

TOTAL COMMON STOCKS

(Cost $19,027,037)

21,803,048

Nonconvertible Preferred Stocks - 0.4%

Germany - 0.4%

Porsche AG (non-vtg.)
(Cost $72,965)

130

84,691

Money Market Funds - 6.6%

Fidelity Cash Central Fund, 2.31% (b)(c)
(Cost $1,538,849)

1,538,849

$ 1,538,849

TOTAL INVESTMENT PORTFOLIO - 100.7%

(Cost $20,638,851)

23,426,588

NET OTHER ASSETS - (0.7)%

(156,151)

NET ASSETS - 100%

$ 23,270,437

Legend

(a) Non-income producing

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

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

Income Tax Information

At January 31, 2005, the aggregate cost of investment securities for income tax purposes was $20,656,113. Net unrealized appreciation aggregated $2,770,475, of which $3,061,202 related to appreciated investment securities and $290,727 related to depreciated investment securities.

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor International
Capital Appreciation Fund
Class A
Class T
Class B
Class C
Institutional Class

January 31, 2005

AICAP-QTLY-0305

1.813045.100

Investments January 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.7%

Shares

Value

Australia - 2.3%

CSL Ltd.

661,839

$ 15,869,915

Bahamas (Nassau) - 0.7%

Kerzner International Ltd. (a)

85,000

5,128,050

Bermuda - 0.2%

GOME Electrical Appliances Holdings Ltd. (a)

1,270,000

1,237,460

Brazil - 3.5%

Aracruz Celulose SA sponsored ADR

507,900

17,751,105

Votorantim Celulose e Papel SA sponsored ADR (non-vtg.)

492,250

7,201,618

TOTAL BRAZIL

24,952,723

Canada - 3.3%

Canadian Natural Resources Ltd.

236,000

10,409,444

EnCana Corp.

218,200

12,898,072

TOTAL CANADA

23,307,516

Cayman Islands - 0.1%

Ctrip.com International Ltd. ADR (a)

18,900

778,661

Foxconn International Holdings Ltd. (a)

198,000

98,494

TOTAL CAYMAN ISLANDS

877,155

China - 2.0%

Global Bio-Chem Technology Group Co. Ltd.

9,816,000

6,984,596

People's Food Holdings Ltd.

5,793,000

5,130,306

Weichai Power Co. Ltd. (H Shares)

740,000

2,319,660

TOTAL CHINA

14,434,562

Denmark - 2.1%

Novo Nordisk AS Series B

277,900

14,797,450

Egypt - 0.3%

Orascom Telecom SAE GDR (a)

75,096

2,350,505

France - 12.2%

Alcatel SA (RFD) (a)

1,851,600

26,514,912

Pernod-Ricard

71,671

10,144,976

Societe Generale Series A

121,451

12,094,061

Technip-Coflexip SA

39,000

6,531,989

Thomson SA

593,500

15,053,631

Total SA Series B

72,057

15,499,461

TOTAL FRANCE

85,839,030

Germany - 6.6%

Allianz AG (Reg.)

43,900

5,204,092

Deutsche Telekom AG (Reg.) (a)

781,351

16,900,622

Common Stocks - continued

Shares

Value

Germany - continued

HeidelbergCement AG

151,982

$ 10,221,616

Siemens AG (Reg.)

179,600

14,262,036

TOTAL GERMANY

46,588,366

Greece - 1.0%

Public Power Corp. of Greece

229,000

6,679,951

Hong Kong - 3.2%

China Merchants Holdings International Co. Ltd.

2,236,000

4,400,418

Li & Fung Ltd.

2,316,000

3,815,535

Solomon Systech Ltd.

5,920,000

1,612,852

Techtronic Industries Co. Ltd.

5,791,000

12,955,756

TOTAL HONG KONG

22,784,561

India - 4.8%

Bank of Baroda

1,446,045

6,872,897

State Bank of India

1,274,407

20,496,214

Zee Telefilms Ltd.

1,933,046

6,853,909

TOTAL INDIA

34,223,020

Italy - 2.4%

Banca Intesa Spa

976,900

4,535,464

e.Biscom Spa (a)

65,400

3,166,754

ENI Spa

386,100

9,436,284

TOTAL ITALY

17,138,502

Japan - 11.8%

Aisin Seiki Co. Ltd.

166,800

3,943,643

Credit Saison Co. Ltd.

118,000

4,008,299

Don Quijote Co. Ltd.

70,100

3,842,393

Fast Retailing Co. Ltd.

70,800

4,816,791

Fuji Photo Film Co. Ltd.

74,100

2,690,571

Honda Motor Co. Ltd.

130,700

6,861,750

Hoya Corp.

50,300

5,179,262

JAFCO Co. Ltd.

105,200

7,106,393

Matsui Securities Co. Ltd.

109,100

3,884,960

Mitsui Trust Holdings, Inc.

452,000

4,780,622

Net One Systems Co. Ltd.

869

3,413,105

Nomura Holdings, Inc.

504,000

6,667,920

Sega Sammy Holdings, Inc. (a)

12,800

823,894

SKY Perfect Communications, Inc.

4,518

4,032,955

Common Stocks - continued

Shares

Value

Japan - continued

Softbank Corp.

166,300

$ 7,863,643

Sumitomo Mitsui Financial Group, Inc.

1,891

13,248,405

TOTAL JAPAN

83,164,606

Korea (South) - 0.1%

Korea Exchange Bank (a)

105,990

917,926

Mexico - 0.5%

Grupo Mexico SA de CV Series B (a)

709,795

3,576,325

Netherlands - 6.6%

ASML Holding NV (a)

524,800

8,622,464

ASML Holding NV (NY Shares) (a)

1,481,000

24,332,830

ING Groep NV (Certificaten Van Aandelen)

300,100

8,660,886

QIAGEN NV (a)

444,600

4,783,896

TOTAL NETHERLANDS

46,400,076

Spain - 1.5%

Antena 3 Television SA (a)

32,000

2,450,392

Telefonica SA

448,800

8,154,696

TOTAL SPAIN

10,605,088

Sweden - 1.1%

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

233,150

7,688,390

Switzerland - 15.4%

ABB Ltd. (Reg.) (a)

1,770,522

9,739,025

Actelion Ltd. (Reg.) (a)

242,865

23,041,484

Credit Suisse Group (Reg.)

286,325

11,547,487

Julius Baer Holding AG (Bearer)

13,753

4,809,125

Nestle SA (Reg.)

26,877

7,052,966

Novartis AG (Reg.)

144,948

6,940,110

Phonak Holding AG

95,032

3,197,174

Roche Holding AG (participation certificate)

104,248

11,100,380

The Swatch Group AG (Reg.)

347,337

9,772,003

UBS AG (Reg.)

263,622

21,453,558

TOTAL SWITZERLAND

108,653,312

Taiwan - 1.8%

ASUSTeK Computer, Inc.

1,380,000

3,723,294

Hon Hai Precision Industries Co. Ltd.

926,000

4,067,137

Optimax Technology Corp.

1,988,000

4,895,937

TOTAL TAIWAN

12,686,368

Common Stocks - continued

Shares

Value

United Kingdom - 12.2%

BAE Systems PLC

1,130,061

$ 5,225,116

BHP Billiton PLC

513,000

6,347,830

BP PLC

710,100

7,056,027

British Airways PLC (a)

1,698,800

8,536,470

Capita Group PLC

715,781

4,832,945

HSBC Holdings PLC (United Kingdom) (Reg.)

633,100

10,513,259

Invensys PLC (a)

19,363,400

7,111,460

Kesa Electricals PLC

597,300

3,594,231

Man Group PLC

236,871

6,067,271

NDS Group PLC sponsored ADR (a)

13,700

485,939

Vodafone Group PLC

10,024,443

26,043,501

TOTAL UNITED KINGDOM

85,814,049

United States of America - 1.0%

NTL, Inc. (a)

105,320

7,164,920

TOTAL COMMON STOCKS

(Cost $586,852,190)

682,879,826

Money Market Funds - 11.6%

Fidelity Cash Central Fund, 2.31% (b)

42,079,577

42,079,577

Fidelity Securities Lending Cash Central Fund, 2.29% (b)(c)

40,269,802

40,269,802

TOTAL MONEY MARKET FUNDS

(Cost $82,349,379)

82,349,379

TOTAL INVESTMENT PORTFOLIO - 108.3%

(Cost $669,201,569)

765,229,205

NET OTHER ASSETS - (8.3)%

(58,964,092)

NET ASSETS - 100%

$ 706,265,113

Legend

(a) Non-income producing

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

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

Income Tax Information

At January 31, 2005, the aggregate cost of investment securities for income tax purposes was $669,721,299. Net unrealized appreciation aggregated $95,507,906, of which $103,755,337 related to appreciated investment securities and $8,247,431 related to depreciated investment securities.

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Global Equity
Fund
Class A
Class T
Class B
Class C
Institutional Class

January 31, 2005

AGLO-QTLY-0305

1.813039.100

Investments January 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 91.5%

Shares

Value

Australia - 2.8%

Amcor Ltd.

1,900

$ 10,451

AMP Ltd.

15,000

88,670

Australia & New Zealand Banking Group Ltd.

7,409

118,189

Australian Gas Light Co.

1,053

11,217

Australian Stock Exchange Ltd.

1,000

16,208

AXA Asia Pacific Holdings Ltd.

16,600

53,758

BHP Billiton Ltd.

15,585

198,865

Billabong International Ltd.

4,000

37,343

Bradken Ltd.

4,500

10,110

Brambles Industries Ltd.

2,100

11,926

Coca-Cola Amatil Ltd.

2,442

14,852

Cochlear Ltd.

600

12,063

Commonwealth Bank of Australia

3,200

83,103

ConnectEast Group

44,747

26,001

CSL Ltd.

2,049

49,132

DCA Group Ltd.

2,000

5,206

Fosters Group Ltd.

10,100

40,768

Gunns Ltd.

8,608

30,211

Lion Nathan Ltd.

4,100

26,047

Macquarie Airports unit

10,200

27,342

National Australia Bank

1,000

22,960

Newcrest Mining Ltd.

3,300

43,566

Origin Energy Ltd.

2,046

11,048

Publishing & Broadcasting Ltd.

655

8,312

QBE Insurance Group Ltd.

3,708

43,810

Rinker Group Ltd.

784

6,803

Rio Tinto Ltd.

748

24,861

United Group Ltd.

1,100

6,136

Westfield Group unit

8,900

117,495

Westpac Banking Corp.

7,800

116,027

Woodside Petroleum Ltd.

2,700

43,196

Woolworths Ltd.

3,100

35,041

TOTAL AUSTRALIA

1,350,717

Belgium - 0.7%

Belgacom SA

3,100

128,045

Colruyt NV

700

117,697

Mobistar SA (a)

1,000

88,305

TOTAL BELGIUM

334,047

Bermuda - 0.8%

Accenture Ltd. Class A (a)

2,800

72,940

Common Stocks - continued

Shares

Value

Bermuda - continued

Bunge Ltd.

2,000

$ 113,080

Marvell Technology Group Ltd. (a)

6,400

214,080

TOTAL BERMUDA

400,100

Canada - 2.3%

Alcan, Inc.

340

13,558

Algoma Steel, Inc. (a)

220

4,795

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

610

19,169

Alliance Atlantis Communications, Inc. Class B (non-vtg.) (a)

260

6,909

Astral Media, Inc. Class A (non-vtg.)

240

6,275

Bank of Montreal, Quebec

710

31,625

Bank of Nova Scotia

1,830

58,245

Barrick Gold Corp.

270

5,896

BCE, Inc.

660

15,736

Brascan Corp. Class A (ltd. vtg.)

765

26,031

Canadian Imperial Bank of Commerce

550

30,335

Canadian National Railway Co.

520

30,880

Canadian Natural Resources Ltd.

940

41,461

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

350

14,575

Canfor Corp. (a)

1,280

16,038

Cardiome Pharma Corp. (a)

720

5,511

Cascades, Inc.

580

6,076

Cedara Software Corp. (a)

970

10,317

Ceramic Protection Corp. (a)

390

7,432

Chum Ltd. Class B (non-vtg.)

270

7,288

Cognos, Inc. (a)

130

5,368

Corby Distilleries Ltd. Class A

70

3,974

CryoCath Technologies, Inc. (a)

750

4,230

Cryptologic, Inc.

270

6,681

EnCana Corp.

774

45,752

Falconbridge Ltd.

590

14,467

Geac Computer Corp. Ltd. (a)

1,600

12,957

Gerdau AmeriSteel Corp. (a)

2,460

14,510

Great Canadian Gaming Corp. (a)

140

4,992

Great-West Lifeco, Inc.

160

3,578

GSI Lumonics, Inc. (a)

400

3,868

Home Capital Group, Inc.

230

6,116

Imperial Oil Ltd.

80

4,953

Industrial Alliance Life Insurance Co.

170

7,835

Inmet Mining Corp. (a)

920

13,551

International Forest Products (Interfor) Class A (a)

2,050

11,728

IPSCO, Inc.

500

23,557

Common Stocks - continued

Shares

Value

Canada - continued

Leitch Technology Corp. (a)

920

$ 5,930

Loblaw Companies Ltd.

170

10,082

Manulife Financial Corp.

1,310

57,612

Mediagrif Interactive Technologies, Inc. (a)

230

1,825

Mullen Transportation, Inc.

120

5,647

National Bank of Canada

740

29,330

Noranda, Inc.

550

9,284

Nortel Networks Corp. (a)

1,770

5,753

NOVA Chemicals Corp.

450

20,298

Onex Corp. (sub. vtg.)

720

11,226

Paramount Resources Ltd. (a)

200

4,512

Pason Systems, Inc.

90

2,793

Petro-Canada

420

21,656

PetroKazakhstan, Inc. Class A

650

23,401

Placer Dome, Inc.

820

13,941

Potash Corp. of Saskatchewan

235

19,078

Power Corp. of Canada (sub. vtg.)

440

10,884

Power Financial Corp.

250

6,442

QLT, Inc. (a)

210

3,399

Reitmans Canada Ltd. Class A (non-vtg.)

640

14,280

Research In Motion Ltd. (a)

290

20,638

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

385

10,315

RONA, Inc. (a)

250

9,097

Royal Bank of Canada

620

31,523

Russel Metals, Inc.

1,110

13,908

Sherritt International Corp. (a)

940

7,385

Sierra Wireless, Inc. (a)

190

1,725

Sino-Forest Corp. (a)

2,210

7,390

Sleeman Breweries Ltd. (a)

80

982

Sun Life Financial, Inc.

770

24,911

Suncor Energy, Inc.

320

10,239

Talisman Energy, Inc.

820

24,447

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

240

7,252

Telesystem International Wireless, Inc. (a)

740

10,494

TELUS Corp.

360

10,443

Toromont Industries Ltd.

200

3,602

Toronto-Dominion Bank

1,170

45,393

TSX Group, Inc.

295

13,810

Tundra Semiconductor Corp. Ltd. (a)

290

3,201

Tundra Semiconductor Corp. Ltd. (c)

100

1,104

TVA Group, Inc. Class B (non-vtg.)

340

5,753

Vitran Corp., Inc. (a)

350

5,189

Common Stocks - continued

Shares

Value

Canada - continued

Wajax Ltd.

200

$ 2,143

West Fraser Timber Co. Ltd.

420

15,940

TOTAL CANADA

1,110,526

Cayman Islands - 2.6%

Ctrip.com International Ltd. ADR (a)

300

12,360

Noble Corp.

5,960

317,966

Seagate Technology

52,020

880,178

TOTAL CAYMAN ISLANDS

1,210,504

Denmark - 0.5%

Danske Bank AS

4,230

123,547

Novo Nordisk AS Series B

2,000

106,495

TOTAL DENMARK

230,042

Finland - 0.4%

Fortum Oyj

10,840

193,565

France - 3.5%

AXA SA

5,974

144,989

BNP Paribas SA

3,492

251,924

CNP Assurances

800

57,141

Credit Agricole SA

4,463

132,920

France Telecom SA

3,114

97,655

Societe Generale Series A

900

89,622

Suez SA (France)

2,800

75,326

Total SA Series B

2,225

478,598

Vivendi Universal SA (a)

10,400

329,056

TOTAL FRANCE

1,657,231

Germany - 2.5%

Allianz AG (Reg.)

2,100

248,943

Continental AG

2,200

152,693

Deutsche Boerse AG

2,177

135,349

Deutsche Telekom AG (Reg.) (a)

12,000

259,560

E.ON AG

2,500

223,475

Merck KGaA

1,100

72,949

RWE AG

1,300

74,944

Siemens AG (Reg.)

500

39,705

TOTAL GERMANY

1,207,618

Greece - 0.7%

Cosmote Mobile Telecommunications SA

4,900

92,862

Common Stocks - continued

Shares

Value

Greece - continued

EFG Eurobank Ergasias SA

3,500

$ 112,861

Greek Organization of Football Prognostics SA

4,700

125,828

TOTAL GREECE

331,551

Hong Kong - 0.7%

Cafe de Coral Holdings Ltd.

6,000

6,654

Cheung Kong Holdings Ltd.

5,000

45,834

China Mobile (Hong Kong) Ltd.

6,500

20,462

Esprit Holdings Ltd.

5,000

28,911

Henderson Land Development Co. Ltd.

5,000

23,718

Hong Kong & China Gas Co. Ltd.

17,400

36,139

Hysan Development Co. Ltd.

9,000

17,193

Jardine Matheson Holdings Ltd.

1,000

16,400

JCG Holdings Ltd.

4,000

3,949

Li & Fung Ltd.

20,000

32,949

Sun Hung Kai Properties Ltd.

3,000

27,789

Swire Pacific Ltd. (A Shares)

2,500

19,632

Television Broadcasts Ltd.

4,000

18,975

Wharf Holdings Ltd.

9,000

29,077

Wing Hang Bank Ltd.

2,000

12,769

TOTAL HONG KONG

340,451

Ireland - 0.4%

CRH PLC

6,327

167,076

Italy - 1.7%

Autostrade Spa

5,440

156,913

Banca Intesa Spa

13,109

60,861

Banco Popolare di Verona e Novara

8,190

157,315

ENI Spa

12,411

303,325

Lottomatica Spa New

1,300

48,732

Riunione Adriatica di Sicurta Spa (RAS)

2,815

63,559

TOTAL ITALY

790,705

Japan - 11.2%

Acom Co. Ltd.

410

28,804

Advantest Corp.

500

41,785

Aeon Co. Ltd.

2,900

48,695

Aisin Seiki Co. Ltd.

1,900

44,922

Ajinomoto Co., Inc.

1,000

12,101

Arisawa Manufacturing Co. Ltd.

300

12,275

Asahi Denka Co. Ltd.

1,000

10,856

Asahi Glass Co. Ltd.

7,000

73,766

Common Stocks - continued

Shares

Value

Japan - continued

Bridgestone Corp.

4,000

$ 78,552

Canon, Inc.

1,300

68,354

Central Glass Co. Ltd.

2,000

14,147

Citizen Watch Co. Ltd.

2,000

18,142

Culture Convenience Club Co. Ltd.

900

11,482

Cyber Agent Ltd.

4

17,139

Dai Nippon Printing Co. Ltd.

2,000

31,537

Daicel Chemical Industries Ltd.

2,000

10,712

Dainippon Ink & Chemicals, Inc.

4,000

10,036

Dainippon Screen Manufacturing Co. Ltd.

3,000

18,789

Daiwa House Industry Co. Ltd.

2,000

23,103

Daiwa Securities Group, Inc.

6,000

40,647

Denki Kagaku Kogyo KK

5,000

16,791

Denso Corp.

2,100

54,514

Don Quijote Co. Ltd.

400

21,925

East Japan Railway Co.

13

70,128

FamilyMart Co. Ltd.

1,100

35,349

Fanuc Ltd.

400

26,982

Fast Retailing Co. Ltd.

800

54,427

Fuji Photo Film Co. Ltd.

3,400

123,454

Fuji Television Network, Inc.

22

48,193

Fujikura Ltd.

6,000

26,750

Fujitsu Ltd.

11,000

63,904

Funai Electric Co. Ltd.

200

22,967

Hamamatsu Photonics K.K.

600

13,607

Hitachi Cable Ltd.

5,000

22,823

Hitachi Chemical Co. Ltd.

1,600

27,345

Hitachi Information Systems Co. Ltd.

400

10,519

Hitachi Software Engineerng Co. Ltd.

700

13,456

Hokuto Corp.

700

12,375

Honda Motor Co. Ltd.

3,100

162,750

Isetan Co. Ltd.

800

9,488

Ito Yokado Ltd.

2,200

88,106

ITOCHU TECHNO-SCIENCE Corp. (CTC)

800

31,267

Izumi Co. Ltd.

600

13,433

JAFCO Co. Ltd.

600

40,531

JFE Holdings, Inc.

2,000

55,296

Js Group Corp.

1,400

25,480

JSR Corp.

1,400

29,723

Kamigumi Co. Ltd.

4,000

32,695

Kao Corp.

1,000

23,257

KDDI Corp.

5

25,525

Common Stocks - continued

Shares

Value

Japan - continued

Keyence Corp.

100

$ 22,938

Konica Minolta Holdings, Inc.

3,500

43,908

Kyocera Corp.

500

36,170

Matsushita Electric Industrial Co. Ltd.

5,000

74,600

Meitec Corp.

800

29,568

Millea Holdings, Inc.

4

55,199

Mitsubishi Corp.

1,200

14,082

Mitsubishi Electric Corp.

9,000

44,294

Mitsubishi Estate Co. Ltd.

2,000

25,264

Mitsubishi Securities Co. Ltd.

4,000

38,794

Mitsubishi Tokyo Financial Group, Inc. (MTFG)

9

85,680

Mitsui & Co. Ltd.

6,000

55,643

Mitsui Fudosan Co. Ltd.

4,000

49,718

Mitsui Mining & Smelting Co. Ltd.

6,000

28,256

Mitsui O.S.K. Lines Ltd.

5,000

31,218

Mizuho Financial Group, Inc.

32

154,094

Murata Manufacturing Co. Ltd.

700

36,545

NGK Insulators Ltd.

6,000

60,622

NGK Spark Plug Co. Ltd.

5,000

50,470

Nintendo Co. Ltd.

800

90,634

Nippon Electric Glass Co. Ltd.

2,000

26,326

Nippon Electric Glass Co. Ltd. New (a)

2,000

26,249

Nippon Mining Holdings, Inc.

2,000

10,113

Nippon Paper Group, Inc.

4

17,255

Nippon Sheet Glass Co. Ltd.

3,000

12,970

Nippon Steel Corp.

16,000

38,910

Nippon Television Network Corp.

180

27,845

Nishimatsuya Chain Co. Ltd.

800

29,491

Nitto Denko Corp.

1,300

69,124

NOK Corp.

2,100

60,188

Nomura Holdings, Inc.

3,000

39,690

Nomura Research Institute Ltd.

300

29,674

NTT Data Corp.

8

27,561

Oji Paper Co. Ltd.

3,000

16,907

Olympus Corp.

2,000

41,689

ORIX Corp.

200

26,422

Ricoh Co. Ltd.

3,000

52,951

Rohm Co. Ltd.

1,200

109,201

Sanden Corp.

5,000

29,674

Sanken Electric Co. Ltd.

3,000

36,825

Sankyo Co. Ltd. (Gunma)

400

21,616

Seiko Epson Corp.

600

24,840

Common Stocks - continued

Shares

Value

Japan - continued

Seven Eleven Japan Co. Ltd.

1,000

$ 30,302

SFCG Co. Ltd.

160

40,021

Sharp Corp.

2,000

30,630

Shin-Etsu Chemical Co. Ltd.

800

31,653

SMC Corp.

300

35,030

Softbank Corp.

800

37,829

Sompo Japan Insurance, Inc.

3,000

29,414

Stanley Electric Co. Ltd.

3,200

48,822

Sumitomo Chemical Co. Ltd.

11,000

56,897

Sumitomo Corp.

9,000

77,124

Sumitomo Electric Industries Ltd.

8,000

87,392

Sumitomo Metal Mining Co. Ltd.

2,000

13,742

Sumitomo Mitsui Financial Group, Inc.

16

112,096

Sumitomo Realty & Development Co. Ltd.

3,000

41,920

Suzuki Motor Corp.

1,800

32,899

Taiyo Yuden Co. Ltd.

2,000

21,173

Takeda Pharamaceutical Co. Ltd.

600

28,487

Teijin Ltd.

12,000

49,679

Tokyo Broadcasting System, Inc.

2,800

46,691

Tokyo Electric Power Co.

2,300

54,823

Tokyo Electron Ltd.

500

29,144

Tokyu Corp.

5,000

27,551

Toray Industries, Inc.

8,000

37,288

Toshiba Machine Co. Ltd.

7,000

33,641

Toyota Motor Corp.

7,300

285,394

Toyota Tsusho Corp.

1,000

15,489

UFJ Holdings, Inc. (a)

26

155,310

Yamaha Corp.

800

12,206

Yamaha Motor Co. Ltd.

3,600

59,094

Yamanouchi Pharmaceutical Co. Ltd.

500

18,191

Yamato Transport Co. Ltd.

4,000

59,870

Yokogawa Electric Corp.

3,000

39,633

TOTAL JAPAN

5,301,557

Liberia - 0.3%

Royal Caribbean Cruises Ltd.

2,700

143,100

Luxembourg - 0.1%

SES Global unit

2,300

28,719

Marshall Islands - 0.1%

Teekay Shipping Corp.

1,100

48,807

Netherlands - 1.4%

ING Groep NV (Certificaten Van Aandelen)

9,010

260,029

Common Stocks - continued

Shares

Value

Netherlands - continued

James Hardie Industries NV

2,000

$ 10,692

Koninklijke Numico NV (Certificaten Van Aandelen) (a)

8,200

314,010

Rodamco Europe NV

800

60,634

TOTAL NETHERLANDS

645,365

Netherlands Antilles - 0.3%

Schlumberger Ltd. (NY Shares)

2,200

149,688

New Zealand - 0.2%

Carter Holt Harvey Ltd.

7,700

11,924

Fisher & Paykel Healthcare Corp.

5,800

13,019

Independent Newspapers Ltd.

800

3,239

Sky City Entertainment Group Ltd.

3,800

13,929

Sky Network Television Ltd. (a)

1,000

4,397

Telecom Corp. of New Zealand Ltd.

7,217

31,710

Tenon Ltd. (PN)

2,300

3,545

TOTAL NEW ZEALAND

81,763

Norway - 0.2%

DnB NOR ASA

11,980

109,651

Papua New Guinea - 0.0%

Oil Search Ltd.

12,300

19,059

Singapore - 0.7%

CapitaLand Ltd.

3,000

4,196

City Developments Ltd.

4,000

16,735

City Developments Ltd. warrants 10/5/06 (a)

300

806

DBS Group Holdings Ltd.

7,000

67,550

Flextronics International Ltd. (a)

10,070

142,491

Fraser & Neave Ltd.

1,000

10,200

Keppel Corp. Ltd.

4,000

22,476

Singapore Exchange Ltd.

6,000

6,889

Singapore Post Ltd.

30,000

16,399

United Overseas Bank Ltd.

6,000

50,938

Yellow Pages (Singapore) Ltd.

11,000

14,176

TOTAL SINGAPORE

352,856

Spain - 2.5%

Actividades de Construccion y Servicios SA (ACS)

4,553

114,118

Altadis SA (Spain)

9,600

418,923

Banco Santander Central Hispano SA

7,100

83,993

Bankinter SA

1,100

56,633

Corporacion Mapfre SA (Reg.)

3,100

45,254

Gestevision Telecinco SA

2,700

58,418

Common Stocks - continued

Shares

Value

Spain - continued

Sogecable SA (a)

2,350

$ 92,809

Telefonica SA

16,253

295,317

TOTAL SPAIN

1,165,465

Sweden - 1.8%

Gambro AB (A Shares)

2,942

43,142

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

6,101

201,188

Skandia Foersaekrings AB

35,735

185,068

Svenska Handelsbanken AB (A Shares)

5,178

122,600

Telefonaktiebolaget LM Ericsson (B Shares) (a)

110,111

322,956

TOTAL SWEDEN

874,954

Switzerland - 3.0%

Compagnie Financiere Richemont unit

3,017

94,396

Credit Suisse Group (Reg.)

6,047

243,876

Nestle SA (Reg.)

656

172,145

Novartis AG (Reg.)

7,679

367,671

Roche Holding AG (participation certificate)

2,842

302,618

UBS AG (Reg.)

2,947

239,827

TOTAL SWITZERLAND

1,420,533

United Kingdom - 10.3%

3i Group PLC

20,120

264,879

Anglo American PLC (United Kingdom)

2,157

50,050

AstraZeneca PLC (Sweden)

4,587

172,589

Aviva PLC

9,700

116,008

BAE Systems PLC

22,500

104,034

Barclays PLC

14,070

155,298

BG Group PLC

30,590

208,416

BP PLC

55,700

553,472

British American Tobacco PLC

2,900

50,504

British Land Co. PLC

9,000

145,945

British Sky Broadcasting Group PLC (BSkyB)

7,000

74,488

BT Group PLC

18,100

71,694

Carnival PLC

3,600

215,883

GlaxoSmithKline PLC

13,831

308,224

HSBC Holdings PLC:

(Hong Kong) (Reg.)

5,444

90,403

(United Kingdom) (Reg.)

24,540

407,511

ITV PLC

23,269

51,165

Kesa Electricals PLC

9,236

55,577

Man Group PLC

4,850

124,229

Prudential PLC

11,421

98,947

Common Stocks - continued

Shares

Value

United Kingdom - continued

Reuters Group PLC

14,700

$ 110,259

Royal Bank of Scotland Group PLC

3,300

109,450

Scottish & Southern Energy PLC

7,100

118,945

Shell Transport & Trading Co. PLC (Reg.)

49,590

436,227

Standard Chartered PLC

5,200

95,488

Tesco PLC

23,600

137,012

United Business Media PLC

2,994

30,506

Vodafone Group PLC

184,464

479,237

Xstrata PLC

2,500

43,554

TOTAL UNITED KINGDOM

4,879,994

United States of America - 39.8%

Abbott Laboratories

2,990

134,610

AFLAC, Inc.

4,730

186,882

Agere Systems, Inc.:

Class A (a)

25,460

36,662

Class B (a)

33,597

48,380

Albany International Corp. Class A

3,480

118,842

Alcoa, Inc.

2,050

60,496

Altera Corp. (a)

22,000

422,400

American International Group, Inc.

2,020

133,906

Amphenol Corp. Class A

4,120

162,040

Analog Devices, Inc.

13,670

490,616

Apache Corp.

2,040

111,017

Apollo Investment Corp.

7,423

126,117

Aramark Corp. Class B

2,710

70,433

Avon Products, Inc.

980

41,376

Baker Hughes, Inc.

2,600

112,580

Bank of America Corp.

3,746

173,702

Barr Pharmaceuticals, Inc. (a)

2,250

106,988

BEA Systems, Inc. (a)

490

4,175

Becton, Dickinson & Co.

3,300

186,945

Biogen Idec, Inc. (a)

7,100

461,216

Biomet, Inc.

2,080

88,358

BJ Services Co.

1,800

86,490

Caterpillar, Inc.

960

85,536

Cendant Corp.

5,820

137,061

Centex Corp.

2,980

182,704

Charles Schwab Corp.

6,510

73,172

ChevronTexaco Corp.

4,720

256,768

Clear Channel Communications, Inc.

3,154

102,284

ConocoPhillips

1,190

110,420

Common Stocks - continued

Shares

Value

United States of America - continued

Danaher Corp.

6,280

$ 344,646

Dean Foods Co. (a)

1,700

59,891

Dell, Inc. (a)

21,050

879,048

Dow Chemical Co.

5,020

249,494

Eagle Materials, Inc.

54

4,307

Eagle Materials, Inc. Class B

184

14,288

EMC Corp. (a)

46,620

610,722

Emulex Corp. (a)

10,500

171,885

ENSCO International, Inc.

3,270

111,932

Fannie Mae

1,480

95,578

FedEx Corp.

2,250

215,213

FirstEnergy Corp.

1,190

47,314

Freeport-McMoRan Copper & Gold, Inc. Class B

6,630

244,050

Freescale Semiconductor, Inc. Class B (a)

1,470

25,681

Genentech, Inc. (a)

10,240

488,550

Gillette Co.

5,730

290,626

Golden West Financial Corp., Delaware

2,020

130,532

Hartford Financial Services Group, Inc.

4,200

282,618

Herman Miller, Inc.

1,700

45,424

Home Depot, Inc.

1,190

49,099

Hudson Highland Group, Inc. (a)

207

6,042

Intel Corp.

14,540

326,423

Intersil Corp. Class A

640

9,491

J.P. Morgan Chase & Co.

2,580

96,311

Jabil Circuit, Inc. (a)

5,080

119,736

Johnson & Johnson

2,970

192,159

Juniper Networks, Inc. (a)

5,300

133,189

KB Home

420

45,633

KLA-Tencor Corp. (a)

8,640

399,600

Lattice Semiconductor Corp. (a)

960

4,310

Lennar Corp.:

Class A

2,220

125,363

Class B

2,096

108,594

Liberty Media International, Inc. Class A (a)

1,884

85,308

LSI Logic Corp. (a)

2,750

16,803

Lyondell Chemical Co.

8,855

260,514

Masco Corp.

1,510

55,568

Maytag Corp.

1,360

21,366

McDonald's Corp.

5,100

165,189

Medtronic, Inc.

3,390

177,941

Merrill Lynch & Co., Inc.

2,010

120,741

MetLife, Inc.

6,860

272,685

Common Stocks - continued

Shares

Value

United States of America - continued

Mettler-Toledo International, Inc. (a)

2,550

$ 127,908

Micron Technology, Inc. (a)

3,670

38,205

Microsoft Corp.

18,520

486,706

Monsanto Co.

1,400

75,782

Monster Worldwide, Inc. (a)

4,370

136,737

Morgan Stanley

3,310

185,228

Motorola, Inc.

3,920

61,701

National Semiconductor Corp.

3,040

51,467

National-Oilwell, Inc. (a)

2,970

109,534

News Corp.:

Class A unit

1,024

17,224

Class B unit

2,011

35,353

Nextel Communications, Inc. Class A (a)

9,400

269,686

NIKE, Inc. Class B

960

83,165

Northrop Grumman Corp.

760

39,429

Peabody Energy Corp.

4,200

355,950

PepsiCo, Inc.

3,190

171,303

Perrigo Co.

3,780

64,827

Pfizer, Inc.

9,132

220,629

Phelps Dodge Corp.

2,530

243,639

PolyOne Corp. (a)

4,210

36,417

Pride International, Inc. (a)

2,730

63,855

Pulte Homes, Inc.

1,920

126,874

RealNetworks, Inc. (a)

3,190

19,363

SafeNet, Inc. (a)

2,100

71,274

SBC Communications, Inc.

5,600

133,056

St. Jude Medical, Inc. (a)

17,480

686,614

Stryker Corp.

4,360

214,250

Synthes, Inc.

1,056

120,970

Teradyne, Inc. (a)

10,720

150,402

Texas Instruments, Inc.

5,020

116,514

Time Warner, Inc. (a)

11,520

207,360

Transocean, Inc. (a)

2,000

88,000

Union Pacific Corp.

750

44,700

UnitedHealth Group, Inc.

3,060

272,034

Univision Communications, Inc. Class A (a)

20,570

561,767

VERITAS Software Corp. (a)

3,020

77,674

Viacom, Inc. Class B (non-vtg.)

5,101

190,471

Volterra Semiconductor Corp.

2,700

48,222

Wachovia Corp.

4,380

240,243

Wal-Mart Stores, Inc.

1,550

81,220

Waste Management, Inc.

4,510

130,790

Common Stocks - continued

Shares

Value

United States of America - continued

Weatherford International Ltd. (a)

5,750

$ 312,053

Wells Fargo & Co.

1,000

61,300

Whole Foods Market, Inc.

510

45,604

Wyeth

1,970

78,071

Xilinx, Inc.

1,010

29,482

Zimmer Holdings, Inc. (a)

6,580

518,833

TOTAL UNITED STATES OF AMERICA

18,917,926

TOTAL COMMON STOCKS

(Cost $37,022,411)

43,463,570

Nonconvertible Preferred Stocks - 0.7%

Germany - 0.3%

Fresenius AG

1,100

111,617

Fresenius Medical Care AG

330

19,183

TOTAL GERMANY

130,800

Italy - 0.4%

Telecom Italia Spa (Risp)

63,770

204,470

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $195,840)

335,270

Government Obligations - 0.4%

Principal Amount

United States of America - 0.4%

U.S. Treasury Bills, yield at date of purchase 2.21% to 2.35% 3/10/05 to 4/14/05 (d)
(Cost $174,295)

$ 175,000

174,306

Money Market Funds - 7.4%

Shares

Value

Fidelity Cash Central Fund, 2.31% (b)
(Cost $3,529,887)

3,529,887

$ 3,529,887

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $40,922,433)

47,503,033

NET OTHER ASSETS - 0.0%

(2,734)

NET ASSETS - 100%

$ 47,500,299

Futures Contracts

Expiration Date

Underlying Face Amount at Value

Unrealized Appreciation/
(Depreciation)

Purchased

Equity Index Contracts

44 S&P 500 E-Mini Index Contracts

March 2005

$ 2,599,740

$ (35,076)

Legend

(a) Non-income producing

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

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $1,104 or 0.0% of net assets.

(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $124,504.

Income Tax Information

At January 31, 2005, the aggregate cost of investment securities for income tax purposes was $41,018,404. Net unrealized appreciation aggregated $6,484,629, of which $7,965,235 related to appreciated investment securities and $1,480,606 related to depreciated investment securities.

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

January 31, 2005

ALAF-QTLY-0305

1.813051.100

Investments January 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%

Shares

Value

Argentina - 0.9%

Grupo Financiero Galicia SA sponsored ADR (a)

4,200

$ 36,162

Inversiones y Representaciones SA sponsored GDR (a)

4,418

54,076

Telecom Argentina SA sponsored ADR (a)

7,600

85,728

TOTAL ARGENTINA

175,966

Brazil - 51.1%

Aracruz Celulose SA sponsored ADR

4,104

143,435

Banco Bradesco SA:

rights 1/27/05 (a)

374

3,555

(PN)

10,140

251,868

sponsored ADR (non-vtg.)

10,500

258,300

Banco do Brasil SA

7,800

92,387

Banco Itau Holding Financeira SA:

(PN)

4,379

654,634

sponsored ADR (non-vtg.)

600

44,904

Bradespar SA

2,800

96,435

Brasil Telecom Participacoes SA

9,138,700

90,904

Braskem SA Series A (a)

3,800,000

169,112

Caemi Mineracao E Metalurgia SA (PN) (a)

395,000

364,900

Centrais Electricas Brasileiras (Electrobras) SA (PN-B)

7,512,100

94,448

Companhia Brasileira de Distribuicao Grupo Pao de Acucar sponsored ADR

2,600

57,382

Companhia de Bebidas das Americas (AmBev) sponsored ADR

11,000

280,500

Companhia Energetica Minas Gerais (CEMIG) (PN)

8,789,179

194,731

Companhia Paranaense de Energia-Copel sponsored ADR

8,500

37,995

Companhia Vale do Rio Doce:

(PN-A)

8,400

208,648

sponsored:

ADR

30,300

916,575

ADR (non-vtg.)

15,900

400,044

Compania de Saneamento Basico do Estado de Sao Paulo (SABESP) ADR

6,600

87,054

Diagnosticos da America SA

10,000

103,496

Eletropaulo Metropolitana SA (a)

1,493,500

36,364

Embraer - Empresa Brasileira de Aeronautica SA

12,400

65,974

Embraer - Empresa Brasileira de Aeronautica SA
sponsored ADR

6,640

211,484

Gerdau SA

4,200

61,564

Gerdau SA sponsored ADR

12,490

210,457

Itausa Investimentos Itau SA

23,000

39,762

Natura Cosmeticos SA

4,500

110,223

Petroleo Brasileiro SA Petrobras:

(PN)

12,500

447,045

Common Stocks - continued

Shares

Value

Brazil - continued

Petroleo Brasileiro SA Petrobras: - continued

sponsored:

ADR

17,500

$ 711,375

ADR (non-vtg.)

22,700

813,795

Ripasa SA Celulose E Papel (PN)

24,800

36,599

Sadia SA

39,800

76,738

Siderurgica Nacional Compania ADR

14,700

297,675

Suzano Bahia Sul Papel e Celulose SA

10,601

49,982

Tele Centro Oeste Celular Participacoes SA ADR (non-vtg.) (a)

5,216

51,378

Tele Leste Celular Participacoes SA sponsored ADR (non-vtg.) (a)

72

649

Tele Norte Leste Participacoes SA

5,200

90,374

Tele Norte Leste Participacoes SA ADR (non-vtg.)

22,168

319,441

Telebras sponsored ADR

6,600

183,546

Telemar Norte Leste SA (PN-A)

2,652

60,180

Telesp Celular Participacoes SA ADR (a)

15,500

96,100

TIM Participacoes SA sponsored ADR (non-vtg.)

3,683

52,593

Uniao de Bancos Brasileiros SA (Unibanco) GDR

9,100

280,189

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

26,500

543,449

Votorantim Celulose e Papel SA:

(PN)

3,280

47,777

sponsored ADR (non-vtg.)

6,750

98,753

TOTAL BRAZIL

9,544,773

Chile - 3.7%

Banco Santander Chile sponsored ADR

3,856

124,742

Compania Acero del Pacifico SA

6,600

56,717

CorpBanca SA ADR (a)

2,400

63,816

Empresa Nacional de Electricidad SA sponsored ADR

8,900

152,635

Enersis SA sponsored ADR (a)

22,425

179,624

Sociedad Quimica y Minera de Chile SA (SQM) sponsored ADR

1,100

66,110

Vina Concha y Toro SA sponsored ADR

594

42,174

TOTAL CHILE

685,818

Luxembourg - 1.5%

Tenaris SA sponsored ADR

5,684

280,221

Mexico - 39.2%

Alfa SA de CV Series A

29,500

151,747

America Movil SA de CV sponsored ADR

32,000

1,697,919

America Telecom SA de CV Series A1 (a)

30,000

87,520

Cemex SA de CV sponsored ADR

26,063

976,841

Common Stocks - continued

Shares

Value

Mexico - continued

Consorcio ARA SA de CV (a)

27,500

$ 100,203

Corporacion Geo SA de CV Series B (a)

42,000

100,874

Fomento Economico Mexicano SA de CV sponsored ADR

8,021

431,209

Gruma SA de CV Class B

22,200

52,823

Grupo Aeroportuario del Sureste SA de CV Series B ADR

1,900

50,559

Grupo Bimbo SA de CV Series A

25,600

71,481

Grupo Financiero Banorte SA de CV Series O

29,400

189,061

Grupo Financiero Inbursa SA de CV Series O

65,075

130,595

Grupo Mexico SA de CV Series B (a)

39,751

200,287

Grupo Modelo SA de CV Series C

62,200

167,897

Grupo Televisa SA de CV sponsored ADR

12,439

731,786

Industrias Penoles SA de CV

8,300

43,533

Telefonos de Mexico SA de CV sponsored ADR

39,401

1,467,687

TV Azteca SA de CV sponsored ADR

5,600

51,800

Urbi, Desarrollos Urbanos, SA de CV

17,100

92,454

Wal-Mart de Mexico SA de CV Series V

154,039

531,551

TOTAL MEXICO

7,327,827

Peru - 0.9%

Compania de Minas Buenaventura SA sponsored ADR

8,345

177,498

United Kingdom - 0.4%

Antofagasta PLC

3,500

80,421

TOTAL COMMON STOCKS

(Cost $13,308,635)

18,272,524

Money Market Funds - 3.2%

Fidelity Cash Central Fund, 2.31% (b)
(Cost $593,748)

593,748

593,748

TOTAL INVESTMENT PORTFOLIO - 100.9%

(Cost $13,902,383)

18,866,272

NET OTHER ASSETS - (0.9)%

(169,942)

NET ASSETS - 100%

$ 18,696,330

Legend

(a) Non-income producing

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

Income Tax Information

At January 31, 2005, the aggregate cost of investment securities for income tax purposes was $13,932,230. Net unrealized appreciation aggregated $4,934,042, of which $5,007,572 related to appreciated investment securities and $73,530 related to depreciated investment securities.

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

January 31, 2005

AKOR-QTLY-0305

1.813048.100

Investments January 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.8%

Shares

Value

CONSUMER DISCRETIONARY - 13.4%

Auto Components - 3.6%

Hankook Tire Co. Ltd.

27,420

$ 316,539

Hyundai Mobis

5,550

379,011

695,550

Automobiles - 4.2%

Hyundai Motor Co.

14,190

804,538

Household Durables - 4.9%

LG Electronics, Inc.

13,600

935,373

Multiline Retail - 0.7%

Hyundai Department Store Co. Ltd.

3,620

133,303

TOTAL CONSUMER DISCRETIONARY

2,568,764

CONSUMER STAPLES - 7.6%

Beverages - 1.5%

Lotte Chilsung Beverage Co. Ltd.

320

280,565

Food & Staples Retailing - 3.3%

Shinsegae Co. Ltd.

2,260

634,077

Food Products - 2.0%

Nong Shim Co. Ltd.

1,606

379,401

Personal Products - 0.8%

AmorePacific Corp.

690

149,898

TOTAL CONSUMER STAPLES

1,443,941

ENERGY - 5.3%

Oil & Gas - 5.3%

S-Oil Corp.

7,100

456,503

SK Corp.

10,540

559,601

1,016,104

FINANCIALS - 16.8%

Commercial Banks - 14.6%

Hana Bank

26,610

706,403

Kookmin Bank (a)

16,600

711,544

Shinhan Financial Group Co. Ltd.

43,182

1,083,231

Woori Finance Holdings Co. Ltd.

32,220

290,341

2,791,519

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Insurance - 2.2%

Samsung Fire & Marine Insurance Co. Ltd.

5,410

$ 421,627

TOTAL FINANCIALS

3,213,146

INDUSTRIALS - 11.1%

Commercial Services & Supplies - 1.6%

INSUN ENT Co. Ltd.

14,575

299,593

Construction & Engineering - 2.1%

Doosan Heavy Industries & Construction Co. Ltd.

6,520

74,950

LG Engineering & Construction Co. Ltd.

11,390

317,344

392,294

Electrical Equipment - 0.0%

Kumho Electric Co. Ltd.

48

2,001

Industrial Conglomerates - 2.0%

LG Corp.

19,500

379,932

Machinery - 2.8%

Hyundai Mipo Dockyard Co. Ltd. (a)

11,110

540,077

Marine - 2.6%

Hanjin Shipping Co. Ltd.

21,190

464,467

Hyundai Merchant Marine Co. Ltd. (a)

2,600

38,626

503,093

TOTAL INDUSTRIALS

2,116,990

INFORMATION TECHNOLOGY - 26.4%

Electronic Equipment & Instruments - 8.8%

Dae Duck Electronics Co. Ltd.

14,420

117,158

INTOPS Co. Ltd.

8,125

144,849

Jahwa Electronics Co. Ltd.

27,100

306,244

LG.Philips LCD Co. Ltd.

10,510

454,597

LG.Philips LCD Co. Ltd. ADR

13,900

300,240

Samsung SDI Co. Ltd.

3,360

366,605

1,689,693

Internet Software & Services - 1.0%

YBM Sisa.com, Inc.

17,520

182,624

Semiconductors & Semiconductor Equipment - 14.5%

Samsung Electronics Co. Ltd.

5,740

2,767,947

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - 2.1%

NCsoft Corp. (a)

5,630

$ 411,898

TOTAL INFORMATION TECHNOLOGY

5,052,162

MATERIALS - 4.9%

Chemicals - 0.7%

Honam Petrochemical Corp.

2,760

127,716

Metals & Mining - 4.2%

POSCO

4,460

810,317

TOTAL MATERIALS

938,033

TELECOMMUNICATION SERVICES - 6.0%

Diversified Telecommunication Services - 1.9%

KT Corp.

5,080

206,615

Lightron Fiber-Optic Devices, Inc.

13,636

164,721

371,336

Wireless Telecommunication Services - 4.1%

SK Telecom Co. Ltd.

4,490

782,961

TOTAL TELECOMMUNICATION SERVICES

1,154,297

UTILITIES - 2.3%

Electric Utilities - 0.6%

Korea Electric Power Corp.

4,000

108,329

Gas Utilities - 1.7%

Korea Gas Corp.

11,140

322,317

TOTAL UTILITIES

430,646

TOTAL COMMON STOCKS

(Cost $12,143,626)

17,934,083

Money Market Funds - 1.6%

Shares

Value

Fidelity Cash Central Fund, 2.31% (b)
(Cost $317,101)

317,101

$ 317,101

TOTAL INVESTMENT PORTFOLIO - 95.4%

(Cost $12,460,727)

18,251,184

NET OTHER ASSETS - 4.6%

872,778

NET ASSETS - 100%

$ 19,123,962

Legend

(a) Non-income producing

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

Income Tax Information

At January 31, 2005, the aggregate cost of investment securities for income tax purposes was $12,491,206. Net unrealized appreciation aggregated $5,759,978, of which $5,901,039 related to appreciated investment securities and $141,061 related to depreciated investment securities.

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

January 31, 2005

AJAF-QTLY-0305

1.813049.100

Investments January 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.2%

Shares

Value

CONSUMER DISCRETIONARY - 32.8%

Auto Components - 8.2%

Aisin Seiki Co. Ltd.

40,300

$ 952,811

Bridgestone Corp.

46,000

903,353

Exedy Corp.

21,900

397,106

Musashi Seimitsu Industry Co. Ltd.

27,000

667,021

NOK Corp.

33,700

965,877

Sanden Corp.

113,000

670,639

Stanley Electric Co. Ltd.

72,100

1,100,025

Sumitomo Rubber Industries Ltd.

90,000

855,489

6,512,321

Automobiles - 4.2%

Honda Motor Co. Ltd.

11,500

603,750

Toyota Motor Corp.

70,100

2,740,555

3,344,305

Distributors - 0.7%

Crymson Co. Ltd.

146

346,596

Doshisha Co. Ltd.

8,600

259,764

606,360

Hotels, Restaurants & Leisure - 1.4%

H.I.S. Co. Ltd.

51,050

1,113,370

Household Durables - 4.8%

Arnest One Corp.

14,500

375,706

Casio Computer Co. Ltd.

22,700

317,855

D&M Holdings, Inc. (a)

139,000

334,002

Sanko Soflan Co., Inc.

106,000

638,302

Sharp Corp.

44,000

673,853

Sony Corp.

21,700

803,334

Sumitomo Forestry Co. Ltd.

64,000

648,492

3,791,544

Leisure Equipment & Products - 5.4%

Aruze Corp.

38,100

941,240

Core Logic, Inc.

6,500

272,918

Fuji Photo Film Co. Ltd.

18,200

660,842

Mars Engineering Corp.

23,000

861,182

Sankyo Co. Ltd. (Gunma)

9,900

535,006

Sega Sammy Holdings, Inc. (a)

15,800

1,016,994

4,288,182

Media - 2.3%

Amuse, Inc.

16,100

357,346

Bandai Visual Co. Ltd.

124

374,543

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Media - continued

Kadokawa Holdings, Inc.

9,500

$ 358,456

Opt, Inc.

61

418,538

SKY Perfect Communications, Inc.

350

312,425

1,821,308

Multiline Retail - 1.3%

Don Quijote Co. Ltd.

7,800

427,542

Thanks Japan Corp.

94,200

593,608

1,021,150

Specialty Retail - 4.5%

Hikari Tsushin, Inc.

14,200

1,138,741

Honeys Co. Ltd.

6,100

240,174

Nishimatsuya Chain Co. Ltd.

16,500

608,251

USS Co. Ltd.

10,010

827,848

Xebio Co. Ltd.

12,300

362,027

Yamada Denki Co. Ltd.

10,800

454,408

3,631,449

TOTAL CONSUMER DISCRETIONARY

26,129,989

CONSUMER STAPLES - 3.7%

Beverages - 1.9%

Asahi Breweries Ltd.

43,300

540,284

Kirin Beverage Corp.

17,800

412,256

Takara Holdings, Inc.

68,000

581,404

1,533,944

Food & Staples Retailing - 1.0%

Create SD Co. Ltd.

2,000

103,450

Kura Corp. Ltd.

59

182,196

Seiyu Ltd. (a)

214,000

489,438

775,084

Food Products - 0.8%

Hokuto Corp.

600

10,607

Kibun Food Chemifa Co. Ltd.

14,700

349,679

Warabeya Nichiyo Co. Ltd.

11,700

265,896

626,182

TOTAL CONSUMER STAPLES

2,935,210

Common Stocks - continued

Shares

Value

ENERGY - 1.9%

Oil & Gas - 1.9%

AOC Holdings, Inc. (a)

21,400

$ 251,947

Cosmo Oil Co. Ltd.

215,000

674,306

Nippon Mining Holdings, Inc.

113,000

571,407

1,497,660

FINANCIALS - 16.4%

Capital Markets - 0.6%

Nikko Cordial Corp.

103,000

486,051

Commercial Banks - 7.4%

Hokuhoku Financial Group, Inc.

286,000

772,786

Mitsui Trust Holdings, Inc.

75,000

793,245

Mizuho Financial Group, Inc.

180

866,779

Nishi-Nippon City Bank Ltd.

228,000

910,899

Sumitomo Mitsui Financial Group, Inc.

189

1,324,140

Tokyo Tomin Bank Ltd.

18,800

480,772

UFJ Holdings, Inc. (a)

115

686,948

5,835,569

Consumer Finance - 5.5%

Finance All Corp.

232

268,661

Lopro Corp.

69,000

512,048

Nippon Shinpan Co. Ltd. (a)

200,000

839,566

Nissin Co. Ltd.

223,800

568,004

ORIX Corp.

4,100

541,655

SFCG Co. Ltd.

6,670

1,668,385

4,398,319

Insurance - 2.0%

Millea Holdings, Inc.

60

827,986

T&D Holdings, Inc.

16,050

752,743

1,580,729

Real Estate - 0.9%

Tokyu Land Corp.

161,000

741,105

TOTAL FINANCIALS

13,041,773

HEALTH CARE - 2.3%

Health Care Equipment & Supplies - 0.9%

Fujirebio, Inc.

29,000

429,018

Hogy Medical Co.

7,000

317,491

746,509

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Pharmaceuticals - 1.4%

Yamanouchi Pharmaceutical Co. Ltd.

29,800

$ 1,084,159

TOTAL HEALTH CARE

1,830,668

INDUSTRIALS - 13.7%

Air Freight & Logistics - 0.9%

Yamato Transport Co. Ltd.

48,000

718,437

Commercial Services & Supplies - 3.6%

Backs Group, Inc.

67

234,055

Fullcast Co. Ltd.

168

471,778

Meitec Corp.

5,300

195,889

Oricon, Inc.

116

563,069

Riso Kyoiku Co. Ltd.

1,728

1,038,884

Teraoka Seisakusho Co. Ltd.

46,000

386,200

2,889,875

Construction & Engineering - 1.4%

Commuture Corp.

110,000

1,092,304

Electrical Equipment - 1.4%

Furukawa Electric Co. Ltd. (a)

53,000

283,860

Hitachi Cable Ltd.

6,000

27,387

Kumho Electric Co. Ltd.

4,700

195,967

Phoenix Electric Co. Ltd.

11,600

223,884

Sumitomo Electric Industries Ltd.

39,000

426,036

1,157,134

Machinery - 2.4%

Ishikawajima-Harima Heavy Industries Co. Ltd. (a)

246,000

360,840

Kitz Corp.

72,000

409,245

Nihon Trim Co. Ltd.

2,750

175,682

Nittoku Engineering Co. Ltd.

51,000

468,043

SFA Engineering Corp.

21,700

468,246

1,882,056

Road & Rail - 3.4%

East Japan Railway Co.

230

1,240,724

Hamakyorex Co. Ltd.

34,100

1,451,204

2,691,928

Transportation Infrastructure - 0.6%

Kamigumi Co. Ltd.

56,000

457,727

TOTAL INDUSTRIALS

10,889,461

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - 19.1%

Communications Equipment - 0.6%

Japan Radio Co. Ltd. (a)

127,000

$ 485,327

Computers & Peripherals - 1.3%

Fujitsu Ltd.

110,000

639,035

NEC Corp.

67,000

384,058

1,023,093

Electronic Equipment & Instruments - 6.0%

Enplas Corp.

7,800

211,136

Forval Corp. (a)

6,500

73,390

Geomatec Co. Ltd.

7,600

182,987

Hoya Corp.

6,000

617,805

Koha Co. Ltd.

12,500

214,234

Nidec Corp.

4,200

470,967

Nippon Chemi-con Corp.

46,000

247,701

Nippon Electric Glass Co. Ltd.

86,000

1,132,005

Nippon Electric Glass Co. Ltd. New (a)

81,000

1,063,064

Tokyo Cathode Laborator Co. Ltd.

34,800

568,554

4,781,843

Internet Software & Services - 1.9%

Dip Corp.

11

24,415

Softbank Corp.

21,700

1,026,104

Telewave, Inc.

44

458,577

1,509,096

IT Services - 1.6%

Net One Systems Co. Ltd.

113

443,821

TIS, Inc.

18,200

806,157

1,249,978

Office Electronics - 2.8%

Canon, Inc.

9,900

520,542

Konica Minolta Holdings, Inc.

71,000

890,712

Ricoh Co. Ltd.

45,000

794,258

2,205,512

Semiconductors & Semiconductor Equipment - 1.6%

Disco Corp.

5,900

274,432

Nihon Inter Electronics Corp.

70,000

539,735

Sanken Electric Co. Ltd.

39,000

478,726

1,292,893

Software - 3.3%

Hitachi Software Engineerng Co. Ltd.

19,000

365,240

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - continued

Intelligent Wave, Inc.

752

$ 1,872,290

Nihon Falcom Corp.

113

309,694

Works Applications Co. Ltd. (a)

30

99,879

2,647,103

TOTAL INFORMATION TECHNOLOGY

15,194,845

MATERIALS - 9.7%

Chemicals - 7.9%

Ise Chemical Corp.

45,000

204,101

JSR Corp.

29,000

615,682

Kaneka Corp. (a)

38,000

423,180

Nihon Micro Coating Co. Ltd. (a)

28,000

339,107

Nissan Chemical Industries Co. Ltd.

50,000

420,748

Nitto Denko Corp.

17,300

919,884

Osaka Organic Chemical Industry Ltd.

85,600

700,495

Soken Chemical & Engineer Co. Ltd.

42,900

1,034,982

Teijin Ltd.

285,000

1,179,879

Zeon Corp.

51,000

421,288

6,259,346

Construction Materials - 0.4%

Sumitomo Osaka Cement Co. Ltd.

138,000

342,253

Containers & Packaging - 0.4%

Fuji Seal International, Inc.

8,900

359,865

Metals & Mining - 1.0%

Hitachi Metals Ltd.

116,000

764,565

TOTAL MATERIALS

7,726,029

TELECOMMUNICATION SERVICES - 0.6%

Wireless Telecommunication Services - 0.6%

Mobilephone Telecommunications International Ltd.

284

454,948

TOTAL COMMON STOCKS

(Cost $72,579,451)

79,700,583

Money Market Funds - 2.9%

Shares

Value

Fidelity Cash Central Fund, 2.31% (b)(c)
(Cost $2,311,630)

2,311,630

$ 2,311,630

TOTAL INVESTMENT PORTFOLIO - 103.1%

(Cost $74,891,081)

82,012,213

NET OTHER ASSETS - (3.1)%

(2,490,648)

NET ASSETS - 100%

$ 79,521,565

Legend

(a) Non-income producing

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

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

Income Tax Information

At January 31, 2005, the aggregate cost of investment securities for income tax purposes was $75,715,288. Net unrealized appreciation aggregated $6,296,925, of which $9,895,296 related to appreciated investment securities and $3,598,371 related to depreciated investment securities.

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

January 31, 2005

FAEM-QTLY-0305

1.813064.100

Investments January 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.3%

Shares

Value

Argentina - 0.5%

Inversiones y Representaciones SA sponsored GDR (a)

3,400

$ 41,616

Austria - 0.6%

Bank Austria Creditanstalt AG

639

55,511

Bermuda - 1.3%

Aquarius Platinum Ltd. (Australia)

5,300

23,405

Central European Media Enterprises Ltd. Class A (a)

1,800

66,420

GOME Electrical Appliances Holdings Ltd. (a)

20,000

19,488

TOTAL BERMUDA

109,313

Brazil - 10.8%

Banco Bradesco SA (PN)

3,000

74,517

Banco do Brasil SA

2,100

24,874

Banco Itau Holding Financeira SA (PN)

397

59,349

Caemi Mineracao E Metalurgia SA (PN) (a)

51,200

47,298

Centrais Electricas Brasileiras (Electrobras) SA (PN-B)

2,465,200

30,995

Companhia Vale do Rio Doce sponsored:

ADR

100

3,025

ADR (non-vtg.)

8,900

223,924

Diagnosticos da America SA

2,100

21,734

Gerdau SA sponsored ADR

2,700

45,495

Natura Cosmeticos SA

1,700

41,640

Petroleo Brasileiro SA Petrobras:

(PN)

2,100

75,103

sponsored:

ADR

1,300

52,845

ADR (non-vtg.)

3,000

107,550

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

2,700

55,370

Votorantim Celulose e Papel SA sponsored ADR (non-vtg.)

4,350

63,641

TOTAL BRAZIL

927,360

Canada - 0.2%

PetroKazakhstan, Inc. Class A

500

18,001

Cayman Islands - 0.1%

Foxconn International Holdings Ltd. (a)

24,000

11,939

Chile - 0.2%

Lan Chile SA sponsored ADR

500

17,740

Czech Republic - 0.8%

Ceske Energeticke Zavody AS

4,500

68,476

Egypt - 2.1%

Lecico Egypt S.A.E. unit (a)(b)

600

10,140

Common Stocks - continued

Shares

Value

Egypt - continued

Orascom Construction Industries SAE GDR

1,620

$ 55,631

Orascom Telecom SAE GDR (a)

3,783

118,408

TOTAL EGYPT

184,179

Hong Kong - 2.8%

Chaoda Modern Agriculture (Holdings) Ltd.

208,700

84,284

China Netcom Group Corp. Hong Kong Ltd. ADR

1,200

34,452

China Overseas Land & Investment Ltd.

151,700

37,926

Henderson Land Development Co. Ltd.

4,800

22,770

Midland Realty Holdings Ltd.

45,400

22,118

Sun Hung Kai Properties Ltd.

2,000

18,526

Television Broadcasts Ltd.

5,000

23,718

TOTAL HONG KONG

243,794

Hungary - 1.3%

OTP Bank Rt.

3,400

110,024

India - 3.3%

Bank of India

21,400

41,432

Bharat Forge Ltd.

602

18,648

Larsen & Toubro Ltd. (a)

1,840

42,380

Mphasis BFL Ltd.

2,578

15,629

Oil & Natural Gas Corp. Ltd.

2,261

42,407

Reliance Industries Ltd.

2,681

32,698

State Bank of India

3,449

55,470

Wipro Ltd.

2,394

38,690

TOTAL INDIA

287,354

Indonesia - 3.2%

PT Astra International Tbk

22,400

24,563

PT Bank Central Asia Tbk

119,500

37,486

PT Bank Danamon Indonesia Tbk Series A

55,500

25,282

PT Bumi Resources Tbk (a)

231,500

23,238

PT Indosat Tbk

160,600

99,882

PT Telkomunikasi Indonesia Tbk Series B

130,600

68,399

TOTAL INDONESIA

278,850

Israel - 4.1%

Bank Hapoalim BM (Reg.)

23,128

83,478

M-Systems Flash Disk Pioneers Ltd. (a)

3,300

66,363

Nice Systems Ltd. sponsored ADR (a)

1,300

39,416

Common Stocks - continued

Shares

Value

Israel - continued

RADWARE Ltd. (a)

1,600

$ 39,024

Teva Pharmaceutical Industries Ltd. sponsored ADR

4,500

129,285

TOTAL ISRAEL

357,566

Korea (South) - 19.7%

CJ Home Shopping

700

40,166

Daegu Bank Co. Ltd.

4,960

34,404

Daelim Industrial Co.

1,620

87,115

Daewoo Shipbuilding & Marine Engineering Co. Ltd.

4,490

80,702

Hana Bank

1,180

31,325

Hyundai Mipo Dockyard Co. Ltd. (a)

1,260

61,251

Hyundai Mobis

660

45,072

Hyundai Motor Co.

2,000

113,395

Hyundai Securities Co. Ltd. (a)

4,140

23,190

Interflex Co. Ltd.

865

15,421

Kia Motors Corp.

3,160

38,788

LG Electronics, Inc.

1,910

131,365

LG Engineering & Construction Co. Ltd.

1,920

53,494

NCsoft Corp. (a)

310

22,680

POSCO

570

103,561

S-Oil Corp.

640

41,150

Samsung Electronics Co. Ltd.

1,276

615,312

Samsung Fire & Marine Insurance Co. Ltd.

400

31,174

Samsung SDI Co. Ltd.

420

45,826

Shinhan Financial Group Co. Ltd.

2,030

50,923

Shinsegae Co. Ltd.

120

33,668

TOTAL KOREA (SOUTH)

1,699,982

Luxembourg - 0.6%

Tenaris SA sponsored ADR

1,000

49,300

Malaysia - 2.2%

AirAsia BHD

34,300

15,977

Malakoff BHD

15,300

30,197

Malayan Banking BHD

15,000

48,553

Maxis Communications BHD

16,500

41,250

Public Bank BHD (For. Reg.)

9,200

19,489

Southern Bank BHD (For. Reg.)

16,800

15,827

Telekom Malaysia BHD

6,600

19,105

TOTAL MALAYSIA

190,398

Mexico - 7.5%

America Movil SA de CV sponsored ADR

4,100

217,546

Common Stocks - continued

Shares

Value

Mexico - continued

Cemex SA de CV sponsored ADR

2,900

$ 108,692

Grupo Financiero Banorte SA de CV Series O

2,511

16,147

Grupo Mexico SA de CV Series B (a)

11,521

58,049

Grupo Televisa SA de CV sponsored ADR

1,300

76,479

Industrias Penoles SA de CV

5,300

27,798

Urbi, Desarrollos Urbanos, SA de CV

10,100

54,607

Wal-Mart de Mexico SA de CV Series V

24,300

83,853

TOTAL MEXICO

643,171

Philippines - 1.0%

Philippine Long Distance Telephone Co. (a)

3,300

85,376

Poland - 0.9%

Agora SA (a)

1,314

23,938

Globe Trade Centre SA

200

6,543

Powszechna Kasa Oszczednosci Bank SA

5,400

45,898

TOTAL POLAND

76,379

Russia - 4.5%

JSC MMC 'Norilsk Nickel' sponsored ADR

613

35,248

Lukoil Oil Co. sponsored ADR

600

74,400

Mobile TeleSystems OJSC sponsored ADR

2,400

86,352

OAO Gazprom sponsored ADR

1,400

49,000

Surgutneftegaz JSC sponsored ADR

1,936

108,416

Vimpel Communications sponsored ADR (a)

900

32,580

TOTAL RUSSIA

385,996

South Africa - 11.4%

ABSA Group Ltd.

8,225

104,805

African Bank Investments Ltd.

32,447

90,927

Afrikander Lease Ltd. (a)

47,718

27,779

Edgars Consolidated Stores Ltd.

1,713

85,579

Harmony Gold Mining Co. Ltd.

3,567

29,000

Impala Platinum Holdings Ltd.

508

42,335

Ispat Iscor Ltd.

2,100

20,331

JD Group Ltd.

3,000

32,402

Lewis Group Ltd.

5,300

32,887

Massmart Holdings Ltd.

4,485

31,272

MTN Group Ltd.

22,500

168,853

Sanlam Ltd.

41,849

88,026

Sasol Ltd.

1,970

39,597

Standard Bank Group Ltd.

10,800

116,755

Common Stocks - continued

Shares

Value

South Africa - continued

Steinhoff International Holdings Ltd.

9,700

$ 21,439

Telkom SA Ltd.

2,796

50,626

TOTAL SOUTH AFRICA

982,613

Taiwan - 8.1%

Acer, Inc.

25,000

39,216

Cathay Financial Holding Co. Ltd.

40,000

78,431

China Steel Corp.

39,000

43,558

Chinatrust Financial Holding Co.

53,953

60,427

Delta Electronics, Inc.

27,500

44,863

Evergreen Marine Corp.

35,000

33,380

Far Eastern Textile Ltd.

47,464

34,249

Far EasTone Telecommunications Co. Ltd.

31,100

35,613

First Financial Holding Co. Ltd. (a)

54,000

45,233

Formosa Chemicals & Fibre Corp.

20,000

36,706

Hon Hai Precision Industries Co. Ltd.

15,349

67,415

Polaris Securities Co. Ltd.

64,051

32,151

Powerchip Semiconductor Corp. (a)

36,000

28,348

Taiwan Semiconductor Manufacturing Co. Ltd.

73,126

119,296

TOTAL TAIWAN

698,886

Thailand - 2.0%

Advanced Info Service PCL (For. Reg.)

22,700

62,418

Siam Cement PCL (For. Reg.)

8,400

58,397

Siam Commercial Bank PCL (For. Reg.)

15,800

20,390

Thai Olefins PCL (a)

18,000

33,152

TOTAL THAILAND

174,357

Turkey - 4.4%

Akbank T. A. S.

5,280

33,010

Arcelik AS (a)

1,971

12,768

Buyuk Magazacilik AS (a)

9,100

21,941

Dogan Yayin Holding AS (a)

24,570

67,334

Enka Insaat ve Sanayi AS

1,652

22,142

Finansbank AS (a)

20,642

46,369

Turk Sise ve Cam Fabrikalari AS

2,000

6,080

Turkcell Iletisim Hizmet AS sponsored ADR

3,968

71,107

Turkiye Is Bankasi AS Series C unit

7,999

47,019

Yapi ve Kredi Bankasi AS (a)

12,365

49,996

TOTAL TURKEY

377,766

United States of America - 1.7%

Central European Distribution Corp. (a)

1,736

57,028

Common Stocks - continued

Shares

Value

United States of America - continued

CTC Media, Inc. (c)

799

$ 11,998

DSP Group, Inc. (a)

1,600

39,696

NII Holdings, Inc. (a)

300

16,140

Zoran Corp. (a)

2,100

21,399

TOTAL UNITED STATES OF AMERICA

146,261

TOTAL COMMON STOCKS

(Cost $7,037,892)

8,222,208

Cash Equivalents - 4.6%

Maturity Amount

Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 2.45%, dated 1/31/05 due 2/1/05)
(Cost $393,000)

$ 393,027

393,000

TOTAL INVESTMENT PORTFOLIO - 99.9%

(Cost $7,430,892)

8,615,208

NET OTHER ASSETS - 0.1%

12,104

NET ASSETS - 100%

$ 8,627,312

Legend

(a) Non-income producing

(b) 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 $10,140 or 0.1% of net assets.

(c) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $11,998 or 0.1% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

CTC Media, Inc.

1/26/05

$ 11,998

Income Tax Information

At January 31, 2005, the aggregate cost of investment securities for income tax purposes was $7,438,209. Net unrealized appreciation aggregated $1,176,999, of which $1,260,101 related to appreciated investment securities and $83,102 related to depreciated investment securities.

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Value Leaders Fund Class A
Class T
Class B
Class C
Institutional Class

January 31, 2005

AVLF-QTLY-0305

1.813052.100

Investments January 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%

Shares

Value

CONSUMER DISCRETIONARY - 9.7%

Auto Components - 0.2%

Amerigon, Inc. (a)

10,000

$ 46,400

Automobiles - 0.1%

Toyota Motor Corp. ADR

500

39,095

Distributors - 0.2%

WESCO International, Inc. (a)

1,300

43,927

Hotels, Restaurants & Leisure - 0.8%

McDonald's Corp.

6,600

213,774

Household Durables - 1.2%

Blount International, Inc. (a)

1,600

28,720

Centex Corp.

900

55,179

KB Home

900

97,785

LG Electronics, Inc.

450

30,950

Sony Corp. sponsored ADR

1,400

51,828

Techtronic Industries Co. Ltd.

21,000

46,982

311,444

Leisure Equipment & Products - 0.6%

Eastman Kodak Co.

3,400

112,506

Escalade, Inc.

3,000

40,740

153,246

Media - 4.7%

Clear Channel Communications, Inc.

4,420

143,341

Emmis Communications Corp. Class A (a)

2,200

38,654

Grupo Televisa SA de CV sponsored ADR

1,300

76,479

Lamar Advertising Co. Class A (a)

4,564

196,161

News Corp. Class A

1,476

25,092

NTL, Inc. (a)

326

22,178

Omnicom Group, Inc.

1,100

93,379

Time Warner, Inc. (a)

5,600

100,800

Univision Communications, Inc. Class A (a)

400

10,924

Valassis Communications, Inc. (a)

600

20,370

Viacom, Inc. Class B (non-vtg.)

7,834

292,522

Walt Disney Co.

7,500

214,725

XM Satellite Radio Holdings, Inc. Class A (a)

700

22,337

1,256,962

Multiline Retail - 0.7%

99 Cents Only Stores (a)

3,600

54,000

JCPenney Co., Inc.

1,600

68,352

Nordstrom, Inc.

1,300

62,725

185,077

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Specialty Retail - 1.2%

Blockbuster, Inc.:

Class A

3

$ 27

Class B

3

26

Home Depot, Inc.

3,200

132,032

Sonic Automotive, Inc. Class A (sub. vtg.)

2,100

49,056

The Pep Boys - Manny, Moe & Jack

1,500

25,830

Toys 'R' Us, Inc. (a)

5,500

117,975

324,946

TOTAL CONSUMER DISCRETIONARY

2,574,871

CONSUMER STAPLES - 3.7%

Beverages - 0.2%

PepsiCo, Inc.

1,200

64,440

Food & Staples Retailing - 0.5%

Albertsons, Inc.

1,700

38,896

Safeway, Inc. (a)

4,300

81,055

119,951

Food Products - 0.5%

Bunge Ltd.

1,000

56,540

General Mills, Inc.

1,000

52,990

Smithfield Foods, Inc. (a)

700

21,189

130,719

Household Products - 0.1%

Clorox Co.

600

35,652

Personal Products - 0.4%

Gillette Co.

2,280

115,642

Tobacco - 2.0%

Altria Group, Inc.

8,230

525,321

TOTAL CONSUMER STAPLES

991,725

ENERGY - 13.2%

Energy Equipment & Services - 5.6%

Baker Hughes, Inc.

600

25,980

BJ Services Co.

1,100

52,855

ENSCO International, Inc.

2,910

99,609

FMC Technologies, Inc. (a)

2,500

76,575

GlobalSantaFe Corp.

3,600

127,296

Halliburton Co.

6,600

271,458

Common Stocks - continued

Shares

Value

ENERGY - continued

Energy Equipment & Services - continued

Hornbeck Offshore Services, Inc.

1,500

$ 32,550

National-Oilwell, Inc. (a)

400

14,752

Pride International, Inc. (a)

6,000

140,340

Rowan Companies, Inc.

1,900

53,504

Schlumberger Ltd. (NY Shares)

2,000

136,080

Smith International, Inc. (a)

600

35,520

Transocean, Inc. (a)

3,000

132,000

Varco International, Inc. (a)

4,900

149,989

Weatherford International Ltd. (a)

2,330

126,449

1,474,957

Oil & Gas - 7.6%

Apache Corp.

1,400

76,188

BP PLC sponsored ADR

700

41,734

Burlington Resources, Inc.

2,600

113,646

ChevronTexaco Corp.

4,900

266,560

ConocoPhillips

1,500

139,185

Encore Acquisition Co. (a)

1,000

37,300

Exxon Mobil Corp.

19,070

984,012

Occidental Petroleum Corp.

1,800

105,084

Premcor, Inc.

1,300

62,400

Quicksilver Resources, Inc. (a)

2,400

106,632

Valero Energy Corp.

1,900

98,857

2,031,598

TOTAL ENERGY

3,506,555

FINANCIALS - 19.2%

Capital Markets - 3.7%

Bear Stearns Companies, Inc.

1,600

161,696

Lehman Brothers Holdings, Inc.

2,200

200,618

Merrill Lynch & Co., Inc.

5,800

348,406

Morgan Stanley

3,500

195,860

optionsXpress Holdings, Inc.

200

4,056

State Street Corp.

1,200

53,772

TradeStation Group, Inc. (a)

3,100

18,910

983,318

Commercial Banks - 5.9%

Banco Bradesco SA sponsored ADR (non-vtg.)

3,900

95,940

Bank of America Corp.

17,842

827,334

Texas Capital Bancshares, Inc. (a)

900

21,339

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Commercial Banks - continued

UCBH Holdings, Inc.

500

$ 22,035

Wachovia Corp.

9,159

502,371

Wells Fargo & Co.

1,850

113,405

1,582,424

Consumer Finance - 0.4%

Capital One Financial Corp.

900

70,452

First Marblehead Corp. (a)

800

51,464

121,916

Diversified Financial Services - 1.6%

Citigroup, Inc.

5,800

284,490

J.P. Morgan Chase & Co.

3,540

132,148

416,638

Insurance - 5.1%

ACE Ltd.

3,500

151,900

AFLAC, Inc.

2,300

90,873

AMBAC Financial Group, Inc.

1,610

123,777

American International Group, Inc.

9,840

652,294

Hartford Financial Services Group, Inc.

1,600

107,664

Hilb Rogal & Hobbs Co.

1,300

46,228

MetLife, Inc.

1,100

43,725

Scottish Re Group Ltd.

700

16,149

W.R. Berkley Corp.

2,500

119,250

1,351,860

Real Estate - 0.8%

Apartment Investment & Management Co. Class A

2,800

100,520

Equity Lifestyle Properties, Inc.

350

11,998

General Growth Properties, Inc.

2,100

66,717

iStar Financial, Inc.

700

29,295

Spirit Finance Corp. (c)

300

3,570

212,100

Thrifts & Mortgage Finance - 1.7%

Fannie Mae

1,060

68,455

Freddie Mac

1,100

71,819

Golden West Financial Corp., Delaware

1,240

80,129

New York Community Bancorp, Inc.

1,533

27,333

Sovereign Bancorp, Inc.

5,500

125,070

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Thrifts & Mortgage Finance - continued

W Holding Co., Inc.

1,836

$ 23,941

Washington Mutual, Inc.

1,600

64,560

461,307

TOTAL FINANCIALS

5,129,563

HEALTH CARE - 10.3%

Biotechnology - 1.1%

Alkermes, Inc. (a)

1,500

19,005

Amgen, Inc. (a)

800

49,792

Biogen Idec, Inc. (a)

900

58,464

BioMarin Pharmaceutical, Inc. (a)

5,500

33,275

Genentech, Inc. (a)

500

23,855

ImClone Systems, Inc. (a)

400

16,780

MedImmune, Inc. (a)

2,700

63,869

Millennium Pharmaceuticals, Inc. (a)

1,450

13,355

ONYX Pharmaceuticals, Inc. (a)

500

14,520

292,915

Health Care Equipment & Supplies - 4.2%

Baxter International, Inc.

12,140

409,846

Dade Behring Holdings, Inc. (a)

1,100

62,865

Guidant Corp.

800

57,992

Medtronic, Inc.

5,200

272,948

PerkinElmer, Inc.

2,500

57,475

Thermo Electron Corp. (a)

800

23,952

Waters Corp. (a)

4,800

235,584

1,120,662

Health Care Providers & Services - 2.0%

McKesson Corp.

3,500

120,715

PacifiCare Health Systems, Inc. (a)

960

59,069

Sierra Health Services, Inc. (a)

1,300

71,409

UnitedHealth Group, Inc.

3,000

266,700

517,893

Pharmaceuticals - 3.0%

Johnson & Johnson

2,430

157,221

Merck & Co., Inc.

3,900

109,395

Pfizer, Inc.

3,800

91,808

Schering-Plough Corp.

12,040

223,462

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Pharmaceuticals - continued

Valeant Pharmaceuticals International

1,500

$ 37,455

Wyeth

4,800

190,224

809,565

TOTAL HEALTH CARE

2,741,035

INDUSTRIALS - 19.8%

Aerospace & Defense - 4.8%

Engineered Support Systems, Inc.

500

29,005

Hexcel Corp. (a)

2,200

32,406

Honeywell International, Inc.

20,540

739,029

Lockheed Martin Corp.

3,040

175,742

Orbital Sciences Corp. (a)

2,000

20,320

Precision Castparts Corp.

1,150

80,845

Raytheon Co.

3,000

112,200

The Boeing Co.

1,900

96,140

1,285,687

Air Freight & Logistics - 0.2%

Expeditors International of Washington, Inc.

900

50,526

Airlines - 0.5%

AirTran Holdings, Inc. (a)

1,500

12,810

Delta Air Lines, Inc. (a)

5,000

26,950

JetBlue Airways Corp. (a)

1,200

23,748

Ryanair Holdings PLC sponsored ADR (a)

200

9,366

Southwest Airlines Co.

4,800

69,504

142,378

Building Products - 1.1%

Masco Corp.

7,950

292,560

Commercial Services & Supplies - 2.3%

Apollo Group, Inc. Class A (a)

1,500

117,285

Asset Acceptance Capital Corp.

100

2,048

Career Education Corp. (a)

2,700

108,783

Cintas Corp.

3,500

152,250

On Assignment, Inc. (a)

2,900

15,950

Robert Half International, Inc.

7,400

224,516

620,832

Construction & Engineering - 1.1%

Chicago Bridge & Iron Co. NV (NY Shares)

2,400

90,720

Fluor Corp.

900

48,186

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Construction & Engineering - continued

Jacobs Engineering Group, Inc. (a)

1,700

$ 86,343

MasTec, Inc. (a)

8,000

71,120

296,369

Electrical Equipment - 0.1%

Rockwell Automation, Inc.

600

33,990

Industrial Conglomerates - 8.1%

General Electric Co.

44,830

1,619,705

Siemens AG sponsored ADR

600

47,646

Tyco International Ltd.

13,200

477,048

2,144,399

Machinery - 0.4%

CUNO, Inc. (a)

600

34,458

ITT Industries, Inc.

800

68,232

102,690

Marine - 0.1%

Alexander & Baldwin, Inc.

400

18,400

Road & Rail - 1.0%

Norfolk Southern Corp.

3,900

136,188

Swift Transportation Co., Inc. (a)

3,100

69,130

Union Pacific Corp.

1,000

59,600

264,918

Trading Companies & Distributors - 0.1%

UAP Holding Corp.

1,400

21,000

TOTAL INDUSTRIALS

5,273,749

INFORMATION TECHNOLOGY - 8.0%

Communications Equipment - 1.3%

Cisco Systems, Inc. (a)

1,400

25,256

Comverse Technology, Inc. (a)

3,900

87,165

Foundry Networks, Inc. (a)

4,400

45,232

Juniper Networks, Inc. (a)

4,400

110,572

Motorola, Inc.

1,600

25,184

QUALCOMM, Inc.

1,500

55,860

349,269

Computers & Peripherals - 0.7%

International Business Machines Corp.

910

85,012

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - continued

Sun Microsystems, Inc. (a)

4,900

$ 21,364

Western Digital Corp. (a)

8,400

90,468

196,844

Electronic Equipment & Instruments - 0.8%

Amphenol Corp. Class A

1,400

55,062

Molex, Inc.

1,300

37,336

Solectron Corp. (a)

1,600

7,952

Symbol Technologies, Inc.

6,000

109,800

210,150

Internet Software & Services - 0.1%

Akamai Technologies, Inc. (a)

2,100

27,510

IT Services - 0.7%

Affiliated Computer Services, Inc. Class A (a)

2,490

134,933

BearingPoint, Inc. (a)

3,200

25,248

Sapient Corp. (a)

2,300

18,124

178,305

Office Electronics - 0.4%

Xerox Corp. (a)

6,100

96,868

Semiconductors & Semiconductor Equipment - 1.7%

Analog Devices, Inc.

1,400

50,246

Applied Materials, Inc. (a)

2,100

33,390

Cabot Microelectronics Corp. (a)

2,400

73,032

Freescale Semiconductor, Inc. Class A

5,000

85,500

Intel Corp.

4,000

89,800

Lam Research Corp. (a)

1,200

32,112

PMC-Sierra, Inc. (a)

2,200

22,616

Samsung Electronics Co. Ltd.

128

61,724

448,420

Software - 2.3%

BEA Systems, Inc. (a)

7,069

60,228

Macrovision Corp. (a)

500

11,665

Microsoft Corp.

14,160

372,125

Oracle Corp. (a)

4,900

67,473

PalmSource, Inc. (a)

900

9,306

Symantec Corp. (a)

4,100

95,735

616,532

TOTAL INFORMATION TECHNOLOGY

2,123,898

Common Stocks - continued

Shares

Value

MATERIALS - 8.7%

Chemicals - 5.8%

Albemarle Corp.

900

$ 31,599

Celanese Corp. Class A

1,300

20,969

Dow Chemical Co.

5,900

293,230

E.I. du Pont de Nemours & Co.

9,400

447,064

Lubrizol Corp.

1,000

36,030

Lyondell Chemical Co.

13,080

384,814

Monsanto Co.

2,900

156,977

Mosaic Co. (a)

1,900

31,350

Nalco Holding Co.

2,600

50,310

Olin Corp.

2,500

55,675

Valspar Corp.

600

29,400

1,537,418

Containers & Packaging - 1.4%

Crown Holdings, Inc. (a)

2,000

26,980

Owens-Illinois, Inc. (a)

4,312

97,969

Packaging Corp. of America

4,700

104,857

Smurfit-Stone Container Corp. (a)

10,000

150,400

380,206

Metals & Mining - 1.4%

Alcoa, Inc.

4,000

118,040

Freeport-McMoRan Copper & Gold, Inc. Class B

1,100

40,491

International Steel Group, Inc. (a)

600

24,150

Massey Energy Co.

1,100

41,723

Metals USA, Inc. (a)

100

1,789

Newmont Mining Corp.

1,650

68,624

Nucor Corp.

1,000

56,160

Phelps Dodge Corp.

400

38,520

389,497

Paper & Forest Products - 0.1%

Louisiana-Pacific Corp.

1,000

25,600

TOTAL MATERIALS

2,332,721

TELECOMMUNICATION SERVICES - 4.2%

Diversified Telecommunication Services - 2.7%

Covad Communications Group, Inc. (a)

48,800

82,472

SBC Communications, Inc.

14,750

350,460

Common Stocks - continued

Shares

Value

TELECOMMUNICATION SERVICES - continued

Diversified Telecommunication Services - continued

Telewest Global, Inc. (a)

4,600

$ 77,510

Verizon Communications, Inc.

6,100

217,099

727,541

Wireless Telecommunication Services - 1.5%

American Tower Corp. Class A (a)

5,500

99,660

Leap Wireless International, Inc. (a)

900

24,525

Mobile TeleSystems OJSC sponsored ADR

800

28,784

Nextel Communications, Inc. Class A (a)

2,500

71,725

Nextel Partners, Inc. Class A (a)

4,000

79,560

SpectraSite, Inc. (a)

700

41,020

Turkcell Iletisim Hizmet AS sponsored ADR

3,000

53,760

399,034

TOTAL TELECOMMUNICATION SERVICES

1,126,575

UTILITIES - 2.1%

Electric Utilities - 1.4%

Entergy Corp.

1,900

132,088

PG&E Corp. (a)

3,100

108,500

PPL Corp.

1,500

81,000

Southern Co.

800

27,016

TXU Corp.

400

27,680

376,284

Multi-Utilities & Unregulated Power - 0.7%

AES Corp. (a)

4,800

67,440

CMS Energy Corp. (a)

8,000

84,240

Public Service Enterprise Group, Inc.

400

21,100

172,780

TOTAL UTILITIES

549,064

TOTAL COMMON STOCKS

(Cost $23,552,380)

26,349,756

Money Market Funds - 1.0%

Shares

Value

Fidelity Cash Central Fund, 2.31% (b)
(Cost $269,691)

269,691

$ 269,691

TOTAL INVESTMENT PORTFOLIO - 99.9%

(Cost $23,822,071)

26,619,447

NET OTHER ASSETS - 0.1%

21,956

NET ASSETS - 100%

$ 26,641,403

Legend

(a) Non-income producing

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

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $3,570 or 0.0% of net assets.

Income Tax Information

At January 31, 2005, the aggregate cost of investment securities for income tax purposes was $23,882,499. Net unrealized appreciation aggregated $2,736,948, of which $3,127,836 related to appreciated investment securities and $390,888 related to depreciated investment securities.

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

January 31, 2005

OS-QTLY-0305

1.813050.100

Investments January 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.5%

Shares

Value (000s)

Australia - 0.7%

CSL Ltd.

446,467

$ 10,706

Belgium - 0.4%

Fortis

196,600

5,304

Brazil - 1.6%

Aracruz Celulose SA sponsored ADR

181,300

6,336

Tele Norte Leste Participacoes SA ADR (non-vtg.)

294,700

4,247

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

244,400

5,012

Votorantim Celulose e Papel SA sponsored ADR (non-vtg.)

461,850

6,757

TOTAL BRAZIL

22,352

Canada - 2.8%

Alcan, Inc.

103,400

4,123

EnCana Corp.

179,700

10,622

Novelis, Inc.

23,020

513

Research In Motion Ltd. (a)

161,600

11,500

Talisman Energy, Inc.

429,300

12,799

Tembec, Inc. (a)

228,300

1,242

TOTAL CANADA

40,799

Cayman Islands - 0.0%

Foxconn International Holdings Ltd. (a)

406,000

202

China - 0.8%

BYD Co. Ltd. (H Shares)

506,000

1,541

China Telecom Corp. Ltd. sponsored ADR

126,500

4,722

Global Bio-Chem Technology Group Co. Ltd.

4,814,000

3,425

Global Bio-Chem Technology Group Co. Ltd. warrants 5/31/07 (a)

394,000

16

People's Food Holdings Ltd.

1,259,000

1,115

TOTAL CHINA

10,819

Denmark - 0.8%

Coloplast AS Series B

39,100

2,075

Danske Bank AS

106,950

3,124

Novo Nordisk AS Series B

122,900

6,544

TOTAL DENMARK

11,743

Finland - 1.9%

Nokia Corp.

1,761,800

26,920

France - 10.3%

Accor SA

126,512

5,534

Alcatel SA sponsored ADR (a)

1,029,800

14,747

Common Stocks - continued

Shares

Value (000s)

France - continued

AXA SA

434,160

$ 10,537

BNP Paribas SA

230,081

16,599

Credit Agricole SA

84,800

2,526

Dassault Systemes SA

71,890

3,344

France Telecom SA

294,399

9,232

L'Oreal SA

50,534

3,784

Lagardere S.C.A. (Reg.)

31,200

2,355

Pernod-Ricard

44,400

6,285

Sanofi-Aventis sponsored ADR

316,600

11,784

Thomson SA

332,300

8,429

Total SA Series B

179,197

38,545

Vivendi Universal SA sponsored ADR (a)

484,200

15,320

TOTAL FRANCE

149,021

Germany - 9.5%

Allianz AG (Reg.)

375,800

44,549

BASF AG

182,532

12,524

Bayerische Hypo-und Vereinsbank AG (a)

283,300

6,229

Deutsche Boerse AG

128,210

7,971

Deutsche Telekom AG sponsored ADR (a)

1,309,900

28,333

E.ON AG

112,279

10,037

Infineon Technologies AG sponsored ADR (a)

556,100

5,155

SAP AG sponsored ADR

189,400

7,334

Siemens AG sponsored ADR

180,300

14,318

TOTAL GERMANY

136,450

Hong Kong - 1.8%

Esprit Holdings Ltd.

529,500

3,062

Hong Kong Exchanges & Clearing Ltd.

1,292,000

3,222

Hutchison Whampoa Ltd.

580,700

5,286

Techtronic Industries Co. Ltd.

3,998,500

8,946

Television Broadcasts Ltd.

551,000

2,614

Wharf Holdings Ltd.

956,000

3,089

TOTAL HONG KONG

26,219

India - 2.9%

Cipla Ltd.

723,574

4,751

Dr. Reddy's Laboratories Ltd.

8,623

146

HDFC Bank Ltd.

132,154

1,710

Housing Development Finance Corp. Ltd.

676,711

12,064

Infosys Technologies Ltd.

215,063

10,193

Reliance Industries Ltd.

263,100

3,209

Common Stocks - continued

Shares

Value (000s)

India - continued

Satyam Computer Services Ltd.

772,146

$ 7,310

State Bank of India

140,300

2,256

TOTAL INDIA

41,639

Italy - 0.9%

ENI Spa

547,891

13,390

Japan - 18.0%

Advantest Corp.

138,000

11,533

Aeon Co. Ltd.

578,000

9,705

Canon, Inc.

135,300

7,114

Daiwa Securities Group, Inc.

1,750,000

11,855

FamilyMart Co. Ltd.

169,100

5,434

Honda Motor Co. Ltd.

162,200

8,516

Ito Yokado Ltd.

202,700

8,118

JAFCO Co. Ltd.

151,400

10,227

Mizuho Financial Group, Inc.

4,227

20,355

Murata Manufacturing Co. Ltd.

142,900

7,460

Nikko Cordial Corp.

3,315,000

15,643

Nitto Denko Corp.

164,200

8,731

Nomura Holdings, Inc.

1,323,000

17,503

Oracle Corp. Japan

19,000

952

ORIX Corp.

56,600

7,477

Ricoh Co. Ltd.

378,000

6,672

Rohm Co. Ltd.

67,500

6,143

Softbank Corp.

225,200

10,649

Sumitomo Electric Industries Ltd.

520,000

5,680

Sumitomo Mitsui Financial Group, Inc.

3,468

24,297

TDK Corp.

84,600

5,878

Tokyo Electron Ltd.

292,200

17,031

Toyota Motor Corp.

546,300

21,358

UFJ Holdings, Inc. (a)

1,232

7,359

Yahoo! Japan Corp. (a)

825

4,180

TOTAL JAPAN

259,870

Korea (South) - 3.9%

Honam Petrochemical Corp.

223,690

10,351

Hyundai Motor Co.

41,081

2,329

Kookmin Bank (a)

201,100

8,620

LG Electronics, Inc.

224,670

15,452

LG Petrochemical Co. Ltd.

111,050

2,732

Samsung Electro-Mechanics Co. Ltd.

130,080

3,231

Common Stocks - continued

Shares

Value (000s)

Korea (South) - continued

Samsung Electronics Co. Ltd.

13,450

$ 6,486

Shinhan Financial Group Co. Ltd.

257,660

6,463

TOTAL KOREA (SOUTH)

55,664

Netherlands - 6.8%

Aegon NV

862,900

11,697

ASML Holding NV (a)

3,230,922

53,084

EADS NV

221,300

6,764

ING Groep NV (Certificaten Van Aandelen)

575,546

16,610

VNU NV

334,540

9,772

TOTAL NETHERLANDS

97,927

Spain - 2.3%

Banco Bilbao Vizcaya Argentaria SA

523,000

8,823

Banco Santander Central Hispano SA

738,660

8,738

Telefonica SA

883,727

16,057

TOTAL SPAIN

33,618

Sweden - 0.7%

Telefonaktiebolaget LM Ericsson ADR (a)

323,900

9,500

Switzerland - 9.5%

ABB Ltd. (Reg.) (a)

966,968

5,319

Actelion Ltd. (Reg.) (a)

16,470

1,563

Compagnie Financiere Richemont unit

190,699

5,967

Credit Suisse Group (Reg.)

828,847

33,427

Nestle SA (Reg.)

43,243

11,348

Novartis AG (Reg.)

494,246

23,664

Phonak Holding AG

105,962

3,565

Roche Holding AG (participation certificate)

141,768

15,096

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

3,320

2,347

UBS AG (Reg.)

434,041

35,322

TOTAL SWITZERLAND

137,618

Taiwan - 2.9%

Acer, Inc.

3,981,000

6,245

Hon Hai Precision Industries Co. Ltd.

1,344,328

5,904

Taiwan Semiconductor Manufacturing Co. Ltd.

3,564,000

5,814

United Microelectronics Corp.

24,911,400

15,865

United Microelectronics Corp. sponsored ADR

1,756,800

6,202

Yageo Corp. (a)

6,013,000

1,962

TOTAL TAIWAN

41,992

Common Stocks - continued

Shares

Value (000s)

United Kingdom - 14.5%

3i Group PLC

419,153

$ 5,518

AstraZeneca PLC (United Kingdom)

303,700

11,419

BHP Billiton PLC

628,502

7,777

BP PLC

2,652,408

26,356

British Sky Broadcasting Group PLC (BSkyB)

393,300

4,185

Hilton Group PLC

619,600

3,448

HSBC Holdings PLC (United Kingdom) (Reg.)

1,596,883

26,518

ITV PLC

2,712,708

5,965

Kesa Electricals PLC

876,014

5,271

Man Group PLC

373,297

9,562

Reckitt Benckiser PLC

202,700

6,020

Rio Tinto PLC (Reg.)

486,018

15,261

Smith & Nephew PLC

1,097,400

10,851

Tesco PLC

977,311

5,674

Vodafone Group PLC

23,743,679

61,686

Xstrata PLC

238,100

4,148

TOTAL UNITED KINGDOM

209,659

United States of America - 1.5%

Freeport-McMoRan Copper & Gold, Inc. Class B

214,600

7,899

Synthes, Inc.

47,576

5,450

Telewest Global, Inc. (a)

476,231

8,024

TOTAL UNITED STATES OF AMERICA

21,373

TOTAL COMMON STOCKS

(Cost $1,250,901)

1,362,785

Money Market Funds - 8.0%

Fidelity Cash Central Fund, 2.31% (b)

67,106,690

67,107

Fidelity Securities Lending Cash Central Fund, 2.29% (b)(c)

48,847,760

48,848

TOTAL MONEY MARKET FUNDS

(Cost $115,955)

115,955

TOTAL INVESTMENT PORTFOLIO - 102.5%

(Cost $1,366,856)

1,478,740

NET OTHER ASSETS - (2.5)%

(36,558)

NET ASSETS - 100%

$ 1,442,182

Legend

(a) Non-income producing

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

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

Income Tax Information

At January 31, 2005, the aggregate cost of investment securities for income tax purposes was $1,382,016,000. Net unrealized appreciation aggregated $96,724,000, of which $176,140,000 related to appreciated investment securities and $79,416,000 related to depreciated investment securities.

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Advisor Series VIII

By:

/s/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

March 21, 2005

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

By:

/s/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

March 21, 2005

By:

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

Date:

March 21, 2005