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N-CSR 1 main.htm cert.pdf -- Converted by SECPublisher 4.0, created by BCL Technologies Inc., for SEC Filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-3855

Fidelity Advisor Series VIII

(Exact name of registrant as specified in charter)

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

Eric D. Roiter, Secretary
82 Devonshire St.
Boston, Massachusetts 02109
(Name and address of agent for service)

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

Date of fiscal year end:		October	31
Date of reporting period:		October	31, 2005
Item 1.	Reports to Stockholders

Fidelity® Advisor

Diversified International

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

Annual Report
October 31, 2005

Contents

Chairman’s Message	4	Ned Johnson’s message to shareholders.
Performance	6	How the fund has done over time.
Management’s Discussion	8	The manager’s review of fund
		performance, strategy and outlook.
Shareholder Expense	9	An example of shareholder expenses.
Example
Investment Changes	11	A summary of major shifts in the fund’s
		investments over the past six months.
Investments	12	A complete list of the fund’s investments
		with their market values.
Financial Statements	23	Statements of assets and liabilities,
		operations, and changes in net assets,
		as well as financial highlights.
Notes	32	Notes to the financial statements.
Report of Independent	41
Registered Public
Accounting Firm
Trustees and Officers	42
Distributions	52
Board Approval of	53
Investment Advisory
Contracts and
Management Fees

To view a fund’s proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission’s (SEC) web site at www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

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

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

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

Annual Report

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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund’s portfolio holdings, view the most recent quarterly holdings report, semiannual report, or annual report on Fidelity’s web site at http://www.advisor.fidelity.com.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

3 Annual Report

Chairman’s Message

(Photograph of Edward C. Johnson 3d)

Dear Shareholder:

During the past year or so, much has been reported about the mutual fund industry, and much of it has been more critical than I believe is warranted. Allegations that some companies have been less than forthright with their shareholders have cast a shadow on the entire industry. I continue to find these reports disturbing, and assert that they do not create an accurate picture of the industry overall. Therefore, I would like to remind everyone where Fidelity stands on these issues. I will say two things specifically regarding allegations that some mutual fund companies were in violation of the Securities and Exchange Commission’s forward pricing rules or were involved in so-called “market timing” activities.

First, Fidelity has no agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not a new policy. This is not to say that someone could not deceive the company through fraudulent acts. However, we are extremely diligent in preventing fraud from occurring in this manner — and in every other. But I underscore again that Fidelity has no so-called “agreements” that sanction illegal practices.

Second, Fidelity continues to stand on record, as we have for years, in opposition to predatory short-term trading that adversely affects shareholders in a mutual fund. Back in the 1980s, we initiated a fee — which is returned to the fund and, therefore, to investors — to discourage this activity. Further, we took the lead several years ago in developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. I am confident we will find other ways to make it more difficult for predatory traders to operate. However, this will only be achieved through close cooperation among regulators, legislators and the industry.

Yes, there have been unfortunate instances of unethical and illegal activity within the mutual fund industry from time to time. That is true of any industry. When this occurs, confessed or convicted offenders should be dealt with appropriately. But we are still concerned about the risk of over-regulation and the quick application of simplistic solutions to intricate problems. Every system can be improved, and we support and applaud well thought out improvements by regulators, legislators and industry representatives that achieve the common goal of building and protecting the value of investors’ holdings.

For nearly 60 years, Fidelity has worked very hard to improve its products and service to justify your trust. When our family founded this company in 1946, we had only a few hundred customers. Today, we serve more than 18 million customers including individual investors and participants in retirement plans across America.

Annual Report 4

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

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

5 Annual Report

Performance: The Bottom Line

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

Average Annual Total Returns
Periods ended October 31, 2005	Past 1	Past 5	Life of
	year	years	fund^A
Class A (incl. 5.75% sales
charge)	13.57%	6.51%	10.79%
Class T (incl. 3.50% sales
charge)	15.96%	6.69%	10.84%
Class B (incl. contingent
deferred sales charge)^B	14.35%	6.52%	10.79%
Class C (incl. contingent
deferred sales charge)^C	18.51%	6.93%	10.86%

A From December 17, 1998.

B Class B shares’ contingent deferred sales charges included in the past one year, past five year, and

life of fund total return figures are 5%, 2%, and 0%, respectively.

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

Annual Report

$10,000 Over Life of Fund

Let’s say hypothetically that $10,000 was invested in Fidelity® Advisor Diversified International Fund — Class T on December 17, 1998, when the fund started, and the current 3.50% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the Morgan Stanley Capital International^SMEurope, Australasia, Far East (MSCI® EAFE®) Index performed over the same period.

7 Annual Report

Management’s Discussion of Fund Performance

Comments from Penelope Dobkin, Portfolio Manager of Fidelity® Advisor Diversified International Fund

Foreign stock markets enjoyed broad-based advances during the 12 months ending Octo-ber 31, 2005, encouraged by better-than-expected corporate earnings and markedly improved economies. For the 12 months overall, the Morgan Stanley Capital International^SMEurope, Australasia, Far East (MSCI® EAFE®) Index — a performance measure of developed stock markets outside the United States and Canada — gained 18.28% . The Japanese stock market climbed to its highest level in more than four years. Positive economic indicators and Prime Minister Koizumi’s decisive election victory attracted record inflows from overseas investors. In response, the Tokyo Stock Exchange Stock Price Index (TOPIX) soared 22.89% . Southeast Asian equities outside of Japan, particularly South Korea, also responded well to the better macroeconomic environment, illustrated by the 19.44% return for the MSCI All Country Far East ex Japan index. European stock markets were up as well, despite investors’ concern about higher energy prices and potential downgrades to economic growth in the region. For the year overall, the MSCI Europe index rose 16.51% . Although robust, returns for U.S. investors in foreign markets were tempered by the strength of the dollar versus many major currencies.

During the past year, the fund’s Class A, Class T, Class B and Class C shares returned 20.50%, 20.16%, 19.35% and 19.51%, respectively, outpacing the MSCI EAFE index and the Lipper^SMInternational Funds Average, which rose 17.75% . Favorable stock selection in banks and diversified financials contributed the most to the fund’s return relative to the index, with holdings in Japanese and emerging-markets banks among the best performers. Stocks in such key markets as Germany, which enjoyed a resurgence in real estate values and in corporate restructuring after 15 years of economic stagnation, also provided a boost to returns, as did Canadian energy stocks, which benefited from healthy production growth. Canadian energy company EnCana was the top contributor versus the index, joined by the strong performance of Brazilian bank Unibanco and State Bank of India. Favorable currency movements in emerging markets such as India and Brazil enhanced our returns in the latter two stocks. By contrast, Brazilian paper company Votorantim Celulose lagged due to a lack of pricing power amid rising energy costs, while weak demand hurt Japanese consumer electronics companies Ricoh and Victor Company. An underweighting in the materials sector also hurt relative performance, as several of the period’s top gainers from this group were absent from the portfolio.

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

Annual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2005 to October 31, 2005).

Actual Expenses

The first line of the table below for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

						Expenses Paid
		Beginning		Ending		During Period*
		Account Value		Account Value		May 1, 2005
		May 1, 2005		October 31, 2005		to October 31, 2005
Class A
Actual	$	1,000.00	$	1,114.20	$	6.77
Hypothetical^A	$	1,000.00	$	1,018.80	$	6.46
Class T
Actual	$	1,000.00	$	1,112.20	$	7.99
Hypothetical^A	$	1,000.00	$	1,017.64	$	7.63
Class B
Actual	$	1,000.00	$	1,108.60	$	11.43
Hypothetical^A	$	1,000.00	$	1,014.37	$	10.92

9 Annual Report

Shareholder Expense Example - continued


						Expenses Paid
		Beginning		Ending		During Period*
		Account Value		Account Value		May 1, 2005
		May 1, 2005		October 31, 2005		to October 31, 2005
Class C
Actual	$	1,000.00	$	1,109.50	$	10.90
Hypothetical^A	$	1,000.00	$	1,014.87	$	10.41
Institutional Class
Actual	$	1,000.00	$	1,115.60	$	5.12
Hypothetical^A	$	1,000.00	$	1,020.37	$	4.89

A 5% return per year before expenses

* Expenses are equal to each Class’ annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

		Annualized
		Expense Ratio
Class A		1.27%
Class T		1.50%
Class B		2.15%
Class C		2.05%
Institutional Class		96%

Annual Report

Investment Changes

Top Five Stocks as of October 31, 2005
	% of fund’s	% of fund’s net assets
	net assets	6 months ago
Total SA (France, Oil, Gas & Consumable Fuels)	2.5	2.5
BP PLC sponsored ADR (United Kingdom, Oil,
Gas & Consumable Fuels)	2.2	2.1
Novartis AG sponsored ADR (Switzerland,
Pharmaceuticals)	2.1	1.6
Vodafone Group PLC sponsored ADR (United
Kingdom, Wireless Telecommunication
Services)	2.0	2.3
Allianz AG sponsored ADR (Germany,
Insurance)	1.8	1.5
	10.6
Top Five Market Sectors as of October 31, 2005
	% of fund’s	% of fund’s net assets
	net assets	6 months ago
Financials	28.1	22.9
Industrials	12.9	11.7
Consumer Discretionary	12.5	12.8
Energy	10.2	8.4
Information Technology	9.0	10.6
Top Five Countries as of October 31, 2005
(excluding cash equivalents)	% of fund’s	% of fund’s net assets
	net assets	6 months ago
Japan	21.0	16.4
France	11.6	12.2
Germany	11.0	9.4
United Kingdom	11.0	11.7
Switzerland	8.4	9.4

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

11 Annual Report

Investments October 31, 2005
Showing Percentage of Net Assets

Common Stocks — 96.6%
	Shares	Value (Note 1)
			(000s)

Australia – 0.7%
CSL Ltd.	1,142,744	$	32,043
Macquarie Bank Ltd.	658,352		31,836
TOTAL AUSTRALIA			63,879

Belgium – 0.2%
KBC Groupe SA	182,138		14,847
Bermuda – 0.0%
Clear Media Ltd. (a)	907,100		761
Brazil – 1.8%
Banco Bradesco SA (PN) sponsored ADR (non-vtg.) (d)	457,500		23,740
Banco Nossa Caixa SA	222,200		3,681
Uniao de Bancos Brasileiros SA (Unibanco) GDR	1,443,832		75,512
Usinas Siderurgicas de Minas Gerais SA (Usiminas) (PN-A)	1,162,900		23,446
Votorantim Celulose e Papel SA sponsored ADR (non-vtg.)	2,216,200		26,528
TOTAL BRAZIL			152,907

Canada – 2.8%
ACE Aviation Holdings, Inc. Class A (a)	586,200		15,387
Canadian Natural Resources Ltd.	699,100		28,586
Canadian Western Bank, Edmonton	685,300		20,426
EnCana Corp.	1,465,248		66,997
ITF Optical Technologies, Inc. Series A (f)	1,792		0
Jean Coutu Group, Inc.:
Class A (e)	100		1
Class A (sub. vtg.)	1,050,940		12,805
NOVA Chemicals Corp.	489,000		17,419
OZ Optics Ltd. unit (a)(f)	5,400		80
Precision Drilling Corp. (a)	841,200		38,677
Talisman Energy, Inc.	910,600		40,333
TOTAL CANADA			240,711

Cayman Islands – 0.5%
Apex Silver Mines Ltd. (a)(d)	434,100		6,650
Foxconn International Holdings Ltd.	28,542,000		30,559
The9 Computer Technology Consulting Co. Ltd. sponsored
ADR (d)	245,900		4,633
TOTAL CAYMAN ISLANDS			41,842

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

Annual Report

Common Stocks – continued
	Shares	Value (Note 1)
			(000s)

China – 0.2%
China Construction Bank Corp. (H Shares)	54,234,000	$	16,441
Global Bio-Chem Technology Group Co. Ltd.	11,470,000		4,550
TOTAL CHINA			20,991

Denmark – 1.1%
Danske Bank AS	1,207,875		37,881
GN Store Nordic AS	1,023,800		12,333
Novo Nordisk AS Series B	366,993		18,804
Vestas Wind Systems AS (a)	1,196,000		25,886
TOTAL DENMARK			94,904

Finland – 2.1%
Fortum Oyj	1,857,400		32,886
Metso Corp.	1,241,700		32,300
Neste Oil Oyj	874,600		27,102
Nokia Corp. sponsored ADR	5,135,700		86,382
TOTAL FINLAND			178,670

France – 11.6%
Accor SA	778,600		38,883
AXA SA	177,200		5,132
AXA SA sponsored ADR	3,083,300		89,292
Bacou Dalloz	76,915		6,915
BNP Paribas SA	1,001,746		75,953
CNP Assurances	439,993		30,618
Eiffage SA	268,005		23,132
Financiere Marc de Lacharriere SA (Fimalac)	431,479		23,431
France Telecom SA sponsored ADR	2,075,200		53,934
L’Air Liquide SA	206,700		37,588
Lagardere S.C.A. (Reg.)	805,682		55,389
Neopost SA	274,629		26,502
Nexity	695,066		31,737
NRJ Group	1,202,020		26,772
Orpea (a)	187,100		10,093
Pernod Ricard SA	105,003		18,365
Pinault Printemps-Redoute SA	46,262		4,861
Sanofi-Aventis sponsored ADR	1,504,900		60,377
Societe des Autoroutes du Nord et de l’Est de la France	464,600		27,708
Total SA:
Series B	109,670		27,641
sponsored ADR	1,440,600		181,544

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

13 Annual Report

Investments - continued


Common Stocks – continued
	Shares	Value (Note 1)
			(000s)

France – continued
Vinci SA	431,106	$	33,695
Vivendi Universal SA sponsored ADR	3,266,600		102,637
TOTAL FRANCE			992,199

Germany – 11.0%
Aareal Bank AG (a)	319,896		9,771
Allianz AG sponsored ADR	10,848,370		153,396
Axel Springer Verlag	12,220		1,562
Bayer AG	970,100		33,759
Bayer AG sponsored ADR	1,060,600		36,909
Bilfinger & Berger Bau AG	623,800		26,995
DaimlerChrysler AG	1,102,200		55,165
Deutsche Post AG	771,500		17,202
Deutsche Telekom AG sponsored ADR	5,531,200		97,902
E.ON AG sponsored ADR	2,222,800		67,151
Epcos AG (a)	679,800		8,206
GFK AG	378,067		12,531
Heidelberger Druckmaschinen AG	1,253,500		39,820
Hochtief AG	1,283,200		51,854
Hypo Real Estate Holding AG	1,175,040		56,822
Interhyp AG	47,943		2,874
IWKA AG	967,900		21,465
K&S AG	300,432		19,711
MAN AG	474,143		22,013
Merck KGaA	105,500		8,726
Metro AG	676,300		30,759
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	436,000		51,220
Q-Cells AG	11,950		656
RWE AG	409,661		26,165
SAP AG sponsored ADR	852,000		36,585
SGL Carbon AG (a)	421,900		6,175
SolarWorld AG	289,406		39,105
TOTAL GERMANY			934,499

Greece – 0.3%
Greek Organization of Football Prognostics SA	946,360		27,318
Hong Kong – 0.9%
ASM Pacific Technology Ltd.	618,500		2,860
Cheung Kong Holdings Ltd.	1,471,000		15,304

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

Annual Report

Common Stocks – continued
	Shares	Value (Note 1)
			(000s)

Hong Kong – continued
Hutchison Whampoa Ltd.	2,255,000	$	21,351
Wharf Holdings Ltd.	10,710,000		36,542
TOTAL HONG KONG			76,057

India – 0.3%
Housing Development Finance Corp. Ltd.	382,125		8,206
Infrastructure Development Finance Co. Ltd.	1,266,464		1,825
State Bank of India	329,089		6,824
Suzlon Energy Ltd. (a)	630,349		9,994
TOTAL INDIA			26,849

Ireland – 0.6%
Allied Irish Banks PLC	1,559,698		32,800
C&C Group PLC	2,382,700		14,710
TOTAL IRELAND			47,510

Israel – 1.0%
Bank Hapoalim BM (Reg.)	8,613,900		32,992
Bank Leumi le-Israel BM	8,532,400		27,846
Teva Pharmaceutical Industries Ltd. sponsored ADR	565,700		21,564
TOTAL ISRAEL			82,402

Italy – 3.0%
Autostrade Spa	290,316		6,636
Banca Intesa Spa	10,887,854		50,811
Banche Popolari Unite S.c.a.r.l.	1,435,200		30,383
Banco Popolare di Verona e Novara	1,355,466		25,023
Davide Campari-Milano Spa	1,823,000		12,360
ENI Spa sponsored ADR	342,800		45,850
Lottomatica Spa New	486,700		17,678
Mediobanca Spa	1,112,700		19,701
Unicredito Italiano Spa	8,816,600		49,230
TOTAL ITALY			257,672

Japan – 21.0%
Advantest Corp.	66,800		4,836
Aiful Corp.	57,000		4,280
Aoyama Trading Co. Ltd.	1,147,400		34,580
Asahi Breweries Ltd.	1,787,800		22,403
Asics Corp.	1,551,000		13,378
Astellas Pharma, Inc.	871,500		31,321
Bank of Nagoya Ltd.	2,275,000		20,549

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

15 Annual Report

Investments - continued


Common Stocks – continued
	Shares	Value (Note 1)
			(000s)

Japan – continued
Canon, Inc. sponsored ADR	813,400	$	43,167
Credit Saison Co. Ltd.	1,388,500		63,129
Daihatsu Motor Co. Ltd.	2,322,000		22,160
Daiwa Securities Group, Inc.	7,352,000		60,422
E*TRADE Securities Co. Ltd. (d)	8,321		43,741
East Japan Railway Co	6,136		36,666
Hokuhoku Financial Group, Inc.	5,808,000		24,093
Honda Motor Co. Ltd.	263,400		14,650
JAFCO Co. Ltd.	281,600		16,973
JSR Corp.	1,591,600		37,698
Juroku Bank Ltd.	2,428,000		20,270
Kayaba Industry Co. Ltd.	2,575,000		10,191
Matsushita Electric Industrial Co. Ltd.	2,300,000		42,320
Millea Holdings, Inc.	1,050		19,104
Mitsubishi Estate Co. Ltd.	1,127,000		16,719
Mitsubishi UFJ Financial Group, Inc.	1,644		20,862
Mitsubishi UFJ Securities Co. Ltd.	1,632,000		18,670
Mitsui Fudosan Co. Ltd.	2,176,000		35,710
Mitsui Trust Holdings, Inc.	3,905,000		47,142
Mizuho Financial Group, Inc.	5,509		36,831
Murata Manufacturing Co. Ltd.	530,200		26,494
Nikko Cordial Corp.	7,370,000		89,356
Nikon Corp. (d)	1,893,000		24,328
Nippon Chemi-con Corp.	5,443,900		33,143
Nippon Electric Glass Co. Ltd.	2,006,800		38,495
Nippon Oil Corp.	1,643,000		13,987
Nishi-Nippon City Bank Ltd. (a)	5,706,000		33,306
Nitori Co. Ltd.	194,800		14,846
Nitto Denko Corp.	724,500		43,983
Nomura Holdings, Inc.	1,559,000		24,149
NTT Urban Development Co.	3,474		20,398
Obayashi Corp.	3,146,000		23,131
Okamura Corp.	1,684,000		12,440
OMC Card, Inc.	581,000		9,776
ORIX Corp.	279,100		52,378
Ricoh Co. Ltd.	1,955,000		31,135
Seven & I Holdings Co. Ltd. (a)	367,540		12,095
SFCG Co. Ltd.	130,010		31,402
SHIMIZU Corp.	6,208,000		42,096
Sompo Japan Insurance, Inc	1,979,000		29,821
Sumitomo Electric Industries Ltd.	3,745,000		49,362
Sumitomo Forestry Co. Ltd.	2,053,000		19,042

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

Annual Report

Common Stocks – continued
	Shares	Value (Note 1)
			(000s)

Japan – continued
Sumitomo Mitsui Financial Group, Inc.	10,771	$	99,808
Sumitomo Osaka Cement Co. Ltd.	8,325,000		23,575
T&D Holdings, Inc.	433,650		27,377
Taiheiyo Cement Corp.	4,508,000		16,319
Takara Holdings, Inc.	569,000		3,375
Takefuji Corp.	170,700		11,989
Tokuyama Corp.	3,207,000		31,939
Tokyo Electron Ltd.	1,537,000		77,335
Tokyo Star Bank Ltd. (a)	706		2,482
Tokyo Tomin Bank Ltd.	631,400		23,239
Toyoda Machine Works Ltd.	1,433,000		17,300
Victor Co. of Japan Ltd. (d)	3,241,200		17,684
TOTAL JAPAN			1,789,450

Korea (South) – 1.8%
Hyundai Heavy Industries Co. Ltd.	238,250		15,495
Hyundai Mipo Dockyard Co. Ltd.	271,720		16,787
Kookmin Bank sponsored ADR	691,410		40,392
LG Electronics, Inc.	315,190		20,439
LG.Philips LCD Co. Ltd. sponsored ADR (a)	485,200		9,224
Samsung Electronics Co. Ltd.	33,771		17,856
Shinhan Financial Group Co. Ltd.	1,063,534		35,451
TOTAL KOREA (SOUTH)			155,644

Luxembourg – 1.6%
SES Global unit	3,316,753		51,886
Stolt-Nielsen SA	173,200		6,096
Stolt-Nielsen SA Class B sponsored ADR	2,137,400		76,669
TOTAL LUXEMBOURG			134,651

Mexico – 0.3%
Fomento Economico Mexicano SA de CV sponsored ADR	312,600		21,254
Industrias Penoles SA de CV	767,000		3,355
TOTAL MEXICO			24,609

Netherlands – 4.7%
ASM International NV (Nasdaq) (a)	1,358,600		18,042
ASML Holding NV (NY Shares) (a)	3,702,400		62,867
Axalto Holding NV (a)	663,700		18,068
Fugro NV (Certificaten Van Aandelen) unit	492,800		13,315
ING Groep NV sponsored ADR	2,281,700		65,850
Koninklijke Ahold NV (a)	2,957,000		20,640

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

17 Annual Report

Investments - continued


Common Stocks – continued
	Shares	Value (Note 1)
			(000s)

Netherlands – continued
Koninklijke Numico NV (a)	431,286	$	17,464
Koninklijke Philips Electronics NV (NY Shares)	2,130,000		55,721
Koninklijke Wessanen NV	2,426,032		35,626
Reed Elsevier NV	223,900		3,017
Reed Elsevier NV sponsored ADR	1,466,400		39,607
Unilever NV (NY Shares)	218,600		15,370
VNU NV	1,196,553		38,054
TOTAL NETHERLANDS			403,641

Netherlands Antilles – 0.4%
Schlumberger Ltd. (NY Shares)	408,300		37,061
New Zealand – 0.0%
The Warehouse Group Ltd.	730,295		1,993
Norway – 0.8%
DnB NOR ASA	2,104,880		21,515
Fred Olsen Energy ASA (a)	874,500		24,127
Odfjell ASA:
(A Shares)	40,500		777
(B Shares)	1,065,750		18,511
TOTAL NORWAY			64,930

Portugal – 0.5%
Brisa Auto-Estradas de Portugal SA	3,785,680		29,951
Impresa SGPS (a)	2,186,400		12,187
TOTAL PORTUGAL			42,138

Russia – 0.5%
Novatek JSC:
GDR (a)	307,700		6,917
GDR (a)(e)	468,166		10,524
Sistema JSFC sponsored GDR (e)	976,800		21,880
TOTAL RUSSIA			39,321

Singapore – 0.3%
STATS ChipPAC Ltd. sponsored ADR (a)(d)	4,459,100		25,016
South Africa – 1.4%
Edgars Consolidated Stores Ltd.	4,306,000		19,124
FirstRand Ltd.	6,481,800		15,253
Massmart Holdings Ltd.	1,333,776		10,297
Standard Bank Group Ltd.	2,529,600		26,088

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

Annual Report

Common Stocks – continued
	Shares	Value (Note 1)
			(000s)

South Africa – continued
Steinhoff International Holdings Ltd.	13,403,402	$	35,077
Sun International Ltd.	1,500,000		16,990
TOTAL SOUTH AFRICA			122,829

Spain – 1.3%
Antena 3 Television SA	1,498,088		29,128
Banco Bilbao Vizcaya Argentaria SA sponsored ADR	408,000		7,193
Compania de Distribucion Integral Logista SA	105,220		5,576
Gestevision Telecinco SA	1,123,940		24,939
Telefonica SA sponsored ADR	970,880		46,554
TOTAL SPAIN			113,390

Sweden – 1.5%
Eniro AB (d)	3,214,100		35,122
Gambro AB (A Shares)	2,033,072		28,728
Securitas AB (B Shares)	1,150,600		17,487
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (d)	1,511,400		49,589
TOTAL SWEDEN			130,926

Switzerland – 8.4%
ABB Ltd. (Reg.) (a)	8,141,450		62,269
Actelion Ltd. (Reg.) (a)	338,125		38,031
Alcon, Inc.	200,800		26,686
Clariant AG (Reg.)	438,315		5,848
Compagnie Financiere Richemont unit	1,137,738		43,289
Credit Suisse Group sponsored ADR	642,200		28,456
Nestle SA (Reg.)	339,614		101,161
Novartis AG sponsored ADR	3,360,132		180,842
Phonak Holding AG	265,982		11,090
Roche Holding AG (participation certificate)	977,215		145,997
Societe Generale de Surveillance Holding SA (SGS) (Reg.)	20,496		15,104
Syngenta AG sponsored ADR	1,187,700		25,524
UBS AG (NY Shares)	369,147		31,625
TOTAL SWITZERLAND			715,922

Taiwan – 1.3%
Advanced Semiconductor Engineering, Inc.	51,971,692		31,677
Chi Mei Optoelectronics Corp.	24,332,623		24,440
Compal Electronics, Inc.	14,491,000		12,784

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

19 Annual Report

Investments - continued


Common Stocks – continued
	Shares	Value (Note 1)
			(000s)

Taiwan – continued
United Microelectronics Corp.	42,384,347	$	22,486
United Microelectronics Corp. sponsored ADR (d)	6,283,700		18,348
TOTAL TAIWAN			109,735

Thailand – 0.1%
Thai Oil PCL (For. Reg.)	3,184,000		5,504
United Kingdom – 11.0%
3i Group PLC	1,679,905		22,544
Babcock International Group PLC	3,347,600		11,127
BAE Systems PLC	9,191,280		53,781
BP PLC sponsored ADR	2,781,400		184,689
Capita Group PLC	5,784,313		39,939
EMI Group PLC	4,486,500		16,998
Group 4 Securicor PLC:
(Denmark)	2,975,530		7,934
(United Kingdom)	5,355,100		14,269
HSBC Holdings PLC sponsored ADR	826,800		65,119
Informa PLC	1,128,700		7,479
Legal & General Group PLC	6,762,900		12,841
National Grid PLC	2,962,375		27,089
Prudential PLC	3,283,700		27,557
Rank Group PLC	4,140,427		21,698
Reckitt Benckiser PLC	155,538		4,701
Royal Dutch Shell PLC Class A sponsored ADR	1,047,200		64,968
Serco Group PLC	5,026,248		23,604
Smiths Group PLC	2,000,700		32,322
Tesco PLC	9,852,242		52,460
Unilever PLC sponsored ADR	1,392,200		56,523
Vodafone Group PLC sponsored ADR	6,479,800		170,160
Yell Group PLC	2,119,870		16,608
TOTAL UNITED KINGDOM			934,410

United States of America – 1.6%
Advanced Energy Industries, Inc. (a)	320,900		3,450
Halliburton Co.	464,500		27,452
News Corp. Class A	1,811,500		25,814

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

Annual Report

Common Stocks – continued
	Shares	Value (Note 1)
			(000s)

United States of America – continued
Synthes, Inc.	548,046	$	58,029
Transocean, Inc. (a)	323,800		18,615
TOTAL UNITED STATES OF AMERICA			133,360

TOTAL COMMON STOCKS
(Cost $7,081,650)			8,238,548

Preferred Stocks — 1.2%

Convertible Preferred Stocks – 0.0%

Canada – 0.0%
MetroPhotonics, Inc. Series 2 (f)	8,500		0
Nonconvertible Preferred Stocks – 1.2%

Italy – 1.2%
Banca Intesa Spa (Risp)	6,478,900		28,061
Buzzi Unicem Spa (Risp)	641,893		6,400
Telecom Italia Spa (Risp)	26,037,100		62,955
Unicredito Italiano Spa (Risp)	1,329,088		7,939
TOTAL ITALY			105,355

TOTAL PREFERRED STOCKS
(Cost $111,653)			105,355

Money Market Funds — 2.8%

Fidelity Cash Central Fund, 3.92% (b)	165,258,587		165,259
Fidelity Securities Lending Cash Central Fund,
3.94% (b)(c)	76,889,140		76,889
TOTAL MONEY MARKET FUNDS
(Cost $242,148)			242,148

TOTAL INVESTMENT PORTFOLIO – 100.6%
(Cost $7,435,451)		8,586,051

NET OTHER ASSETS – (0.6)%			(52,292)
NET ASSETS – 100%	$	8,533,759

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

21 Annual Report

Investments - continued
Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $32,404,000 or 0.4% of net assets.

(f) Restricted securities – Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $80,000 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

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

Annual Report

Financial Statements


Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts)				October 31, 2005

Assets
Investment in securities, at value (including securities
loaned of $76,752) (cost $7,435,451) — See
accompanying schedule			$	8,586,051
Foreign currency held at value (cost $12,402)				12,376
Receivable for investments sold				107,221
Receivable for fund shares sold				29,024
Dividends receivable				8,970
Interest receivable				566
Other affiliated receivables				2
Other receivables				878
Total assets				8,745,088

Liabilities
Payable for investments purchased	$	113,454
Payable for fund shares redeemed		9,739
Accrued management fee		5,015
Distribution fees payable		2,462
Other affiliated payables		1,635
Other payables and accrued expenses		2,135
Collateral on securities loaned, at value		76,889
Total liabilities				211,329

Net Assets			$	8,533,759
Net Assets consist of:
Paid in capital			$	6,909,645
Undistributed net investment income				60,354
Accumulated undistributed net realized gain (loss) on
investments and foreign currency transactions				414,935
Net unrealized appreciation (depreciation) on
investments and assets and liabilities in foreign
currencies				1,148,825
Net Assets			$	8,533,759

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

23 Annual Report

Financial Statements - continued


Statement of Assets and Liabilities — continued
Amounts in thousands (except per-share amounts)		October 31, 2005

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($2,791,730 ÷ 137,546 shares)	$	20.30
Maximum offering price per share (100/94.25 of
$20.30)	$	21.54
Class T:
Net Asset Value and redemption price per share
($2,419,981 ÷ 120,268 shares)	$	20.12
Maximum offering price per share (100/96.50 of
$20.12)	$	20.85
Class B:
Net Asset Value and offering price per share
($350,685 ÷ 17,888 shares)^A	$	19.60
Class C:
Net Asset Value and offering price per share
($758,303 ÷ 38,595 shares)^A	$	19.65
Institutional Class:
Net Asset Value, offering price and redemption
price per share ($2,213,060 ÷ 107,617
shares)	$	20.56

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

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

Annual Report 24

Statement of Operations
Amounts in thousands		Year ended October 31, 2005

Investment Income
Dividends		$	153,468
Interest			5,494
Security lending			5,615
			164,577
Less foreign taxes withheld			(16,915)
Total income			147,662

Expenses
Management fee	$	47,855
Transfer agent fees		14,379
Distribution fees		23,448
Accounting and security lending fees		1,818
Independent trustees’ compensation		29
Custodian fees and expenses		2,230
Registration fees		679
Audit		138
Legal		21
Miscellaneous		42
Total expenses before reductions		90,639
Expense reductions		(4,086)	86,553

Net investment income (loss)			61,109
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities (net of foreign taxes of $2,850) .		439,484
Foreign currency transactions		(3,631)
Total net realized gain (loss)			435,853
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of increase in deferred for-
eign taxes of $607)		646,472
Assets and liabilities in foreign currencies		(592)
Total change in net unrealized appreciation
(depreciation)			645,880
Net gain (loss)			1,081,733
Net increase (decrease) in net assets resulting from
operations		$	1,142,842

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

25 Annual Report

Financial Statements - continued


Statement of Changes in Net Assets
		Year ended		Year ended
		October 31,		October 31,
Amounts in thousands		2005		2004
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	61,109	$	11,332
Net realized gain (loss)		435,853		69,269
Change in net unrealized appreciation (depreciation) .		645,880		311,354
Net increase (decrease) in net assets resulting
from operations		1,142,842		391,955
Distributions to shareholders from net investment income .		(10,883)		(10,785)
Distributions to shareholders from net realized gain		(21,643)		—
Total distributions		(32,526)		(10,785)
Share transactions — net increase (decrease)		2,857,486		2,786,474
Redemption fees		289		95
Total increase (decrease) in net assets		3,968,091		3,167,739

Net Assets
Beginning of period		4,565,668		1,397,929
End of period (including undistributed net investment
income of $60,354 and undistributed net investment
income of $8,576, respectively)	$	8,533,759	$	4,565,668

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

Annual Report

Financial Highlights — Class A

Years ended October 31,		2005		2004		2003		2002		2001
Selected Per-Share Data
Net asset value, beginning of
period	$	16.97	$	14.60	$	11.12	$	11.87	$	14.54
Income from Investment
Operations
Net investment income (loss)^C		19		.08		.09		.07		.10
Net realized and unrealized
gain (loss)		3.27		2.41		3.45		(.82)		(2.48)
Total from investment operations		3.46		2.49		3.54		(.75)		(2.38)
Distributions from net investment
income		(.05)		(.12)		(.06)		—		(.29)
Distributions from net realized
gain		(.08)		—		—		—		—
Total distributions		(.13)		(.12)		(.06)		—		(.29)
Redemption fees added to paid in
capital^C		—^E		—^E		—		—		—
Net asset value, end of period	$	20.30	$	16.97	$	14.60	$	11.12	$	11.87
Total Return^A,B		20.50%		17.15%		31.99%		(6.32)%		(16.69)%
Ratios to Average Net Assets^D
Expenses before expense
reductions		1.27%		1.31%		1.42%		1.46%		1.50%
Expenses net of voluntary
waivers, if any		1.27%		1.31%		1.42%		1.46%		1.50%
Expenses net of all reductions		1.20%		1.27%		1.39%		1.43%		1.46%
Net investment income (loss)		1.02%		.51%		.71%		.54%		.77%
Supplemental Data
Net assets, end of period
(in millions)	$	2,792	$	1,294	$	241	$	52	$	38
Portfolio turnover rate		59%		72%		49%		53%		84%

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

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

C Calculated based on average shares outstanding during the period.

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

E Amount represents less than $.01 per share.

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

27 Annual Report

Financial Highlights — Class T

Years ended October 31,		2005		2004		2003		2002		2001
Selected Per-Share Data
Net asset value, beginning of
period	$	16.82	$	14.47	$	11.01	$	11.80	$	14.46
Income from Investment
Operations
Net investment income (loss)^C		15		.03		.05		.02		.06
Net realized and unrealized
gain (loss)		3.23		2.39		3.43		(.81)		(2.46)
Total from investment operations		3.38		2.42		3.48		(.79)		(2.40)
Distributions from net investment
income		—		(.07)		(.02)		—		(.26)
Distributions from net realized
gain		(.08)		—		—		—		—
Total distributions		(.08)		(.07)		(.02)		—		(.26)
Redemption fees added to paid in
capital^C		—^E		—^E		—		—		—
Net asset value, end of period	$	20.12	$	16.82	$	14.47	$	11.01	$	11.80
Total Return^A,B		20.16%		16.78%		31.66%		(6.69)%		(16.90)%
Ratios to Average Net Assets^D
Expenses before expense
reductions		1.51%		1.61%		1.75%		1.79%		1.81%
Expenses net of voluntary
waivers, if any		1.51%		1.61%		1.75%		1.79%		1.81%
Expenses net of all reductions		1.45%		1.57%		1.72%		1.76%		1.76%
Net investment income (loss)		77%		.21%		.38%		.21%		.47%
Supplemental Data
Net assets, end of period
(in millions)	$	2,420	$	1,510	$	552	$	204	$	153
Portfolio turnover rate		59%		72%		49%		53%		84%

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

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

C Calculated based on average shares outstanding during the period.

E Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights — Class B

Years ended October 31,		2005		2004		2003		2002		2001
Selected Per-Share Data
Net asset value, beginning of
period	$	16.46	$	14.19	$	10.84	$	11.68	$	14.33
Income from Investment
Operations
Net investment income (loss)^C		02		(.07)		(.02)		(.04)		(.01)
Net realized and unrealized
gain (loss)		3.16		2.35		3.37		(.80)		(2.44)
Total from investment operations		3.18		2.28		3.35		(.84)		(2.45)
Distributions from net investment
income		—		(.01)		—		—		(.20)
Distributions from net realized
gain		(.04)		—		—		—		—
Total distributions		(.04)		(.01)		—		—		(.20)
Redemption fees added to paid in
capital^C		—^E		—^E		—		—		—
Net asset value, end of period	$	19.60	$	16.46	$	14.19	$	10.84	$	11.68
Total Return^A,B		19.35%		16.08%		30.90%		(7.19)%		(17.33)%
Ratios to Average Net Assets^D
Expenses before expense
reductions		2.16%		2.24%		2.32%		2.32%		2.35%
Expenses net of voluntary
waivers, if any		2.16%		2.24%		2.32%		2.32%		2.35%
Expenses net of all reductions		2.10%		2.20%		2.29%		2.29%		2.30%
Net investment income (loss)		12%		(.42)%		(.19)%		(.32)%		(.07)%
Supplemental Data
Net assets, end of period
(in millions)	$	351	$	196	$	89	$	49	$	42
Portfolio turnover rate		59%		72%		49%		53%		84%

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

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

C Calculated based on average shares outstanding during the period.

E Amount represents less than $.01 per share.

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

29 Annual Report

Financial Highlights — Class C

Years ended October 31,		2005		2004		2003		2002		2001
Selected Per-Share Data
Net asset value, beginning of
period	$	16.48	$	14.22	$	10.86	$	11.68	$	14.34
Income from Investment
Operations
Net investment income (loss)^C		04		(.05)		(.01)		(.03)		—^E
Net realized and unrealized
gain (loss)		3.17		2.35		3.37		(.79)		(2.45)
Total from investment operations		3.21		2.30		3.36		(.82)		(2.45)
Distributions from net investment
income		—		(.04)		—		—		(.21)
Distributions from net realized
gain		(.04)		—		—		—		—
Total distributions		(.04)		(.04)		—		—		(.21)
Redemption fees added to paid in
capital^C		—^E		—^E		—		—		—
Net asset value, end of period	$	19.65	$	16.48	$	14.22	$	10.86	$	11.68
Total Return^A,B		19.51%		16.21%		30.94%		(7.02)%		(17.33)%
Ratios to Average Net Assets^D
Expenses before expense
reductions		2.05%		2.13%		2.23%		2.25%		2.28%
Expenses net of voluntary
waivers, if any		2.05%		2.13%		2.23%		2.25%		2.28%
Expenses net of all reductions		1.99%		2.09%		2.20%		2.22%		2.24%
Net investment income (loss)		23%		(.31)%		(.10)%		(.25)%		(.01)%
Supplemental Data
Net assets, end of period
(in millions)	$	758	$	381	$	124	$	54	$	44
Portfolio turnover rate		59%		72%		49%		53%		84%

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

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

C Calculated based on average shares outstanding during the period.

E Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights — Institutional Class

Years ended October 31,		2005		2004		2003		2002		2001
Selected Per-Share Data
Net asset value, beginning of
period	$	17.18	$	14.74	$	11.22	$	11.94	$	14.60
Income from Investment
Operations
Net investment income (loss)^B		25		.13		.13		.11		.14
Net realized and unrealized
gain (loss)		3.30		2.44		3.48		(.83)		(2.48)
Total from investment operations		3.55		2.57		3.61		(.72)		(2.34)
Distributions from net investment
income		(.09)		(.13)		(.09)		—		(.32)
Distributions from net realized
gain		(.08)		—		—		—		—
Total distributions		(.17)		(.13)		(.09)		—		(.32)
Redemption fees added to paid in
capital^B		—^D		—^D		—		—		—
Net asset value, end of period	$	20.56	$	17.18	$	14.74	$	11.22	$	11.94
Total Return^A		20.81%		17.54%		32.41%		(6.03)%		(16.38)%
Ratios to Average Net Assets^C
Expenses before expense
reductions		97%		1.03%		1.09%		1.11%		1.17%
Expenses net of voluntary
waivers, if any		97%		1.03%		1.09%		1.11%		1.17%
Expenses net of all reductions		91%		.98%		1.06%		1.07%		1.12%
Net investment income (loss)		1.32%		.80%		1.04%		.89%		1.11%
Supplemental Data
Net assets, end of period
(in millions)	$	2,213	$	1,185	$	391	$	88	$	43
Portfolio turnover rate		59%		72%		49%		53%		84%

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

B Calculated based on average shares outstanding during the period.

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

D Amount represents less than $.01 per share.

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

31 Annual Report

Notes to Financial Statements

For the period ended October 31, 2005
(Amounts in thousands except ratios)

1. Significant Accounting Policies.

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

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

The fund’s investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

The fund may invest in affiliated money market central funds (Money Market Central Funds) which are open-end investment companies available to investment companies and other accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:

Security Valuation. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

Annual Report

1. Significant Accounting Policies - continued

Security Valuation - continued

When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. Factors used in the determination of fair value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securities market, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds. Because the fund’s utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used can not be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.

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

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

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

33 Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

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

Income Tax Information and Distributions to Shareholders. Each year, the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on the fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the fund will claim a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount and losses deferred due to wash sales.

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

Unrealized appreciation	$	1,287,906
Unrealized depreciation		(186,136)
Net unrealized appreciation (depreciation)		1,101,770
Undistributed ordinary income		160,691
Undistributed long-term capital gain		315,179
Cost for federal income tax purposes	$	7,484,281

The tax character of distributions paid was as follows:
		October 31, 2005		October 31, 2004
Ordinary Income	$	20,958	$	10,785
Long-term Capital Gains		11,568		—
Total	$	32,526	$	10,785

Annual Report

1. Significant Accounting Policies - continued

Short-Term Trading (Redemption) Fees. Shares held in the fund less than 30 days are subject to a redemption fee equal to 1.00% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the fund and accounted for as an addition to paid in capital.

2. Operating Policies.

Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

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

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $6,901,019 and $3,810,647, respectively.

4. Fees and Other Transactions with Affiliates.

35 Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates - continued

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

	Distribution	Service		Paid to		Retained
	Fee	Fee		FDC		by FDC
Class A	0%	.25%	$	5,086	$	34
Class T	25%	.25%		9,835		436
Class B	75%	.25%		2,812		2,109
Class C	75%	.25%		5,715		2,661

			$	23,448	$	5,240

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

For the period, sales charge amounts retained by FDC were as follows:
		Retained
		by FDC
Class A	$	1,377
Class T		223
Class B^*		360
Class C^*		19
	$	1,979

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

Annual Report

4. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

respective classes of the fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period the total transfer agent fees paid by each class to FIIOC, were as follows:

			% of
			Average
		Amount	Net Assets
Class A	$	4,508	.22
Class T		4,283	.22
Class B		1,030	.37
Class C		1,487	.26
Institutional Class		3,071	.17

	$	14,379

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the fund’s accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

The Money Market Central Funds do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $8,277 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $15 for the period.

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $4.2 billion credit facility (the “line of credit”) to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

37 Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the fund’s Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities.

7. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services included payments of certain expenses on behalf of the fund totaling $4,080 for the period. In addition, through arrangements with each class’ transfer agent, credits realized as a result of uninvested cash balances were used to reduce the fund’s expenses. During the period, credits reduced each class’ transfer agent expense as noted in the table below.

		Transfer Agent
		Expense Reduction
Class A	$	6


8. Other.

The fund’s organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.

Annual Report

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,				2005			2004
From net investment income
Class A	$		4,172			$	2,739
Class T				—			3,117
Class B				—			70
Class C				—			442
Institutional Class			6,711				4,417
Total	$		10,883			$	10,785
From net realized gain
Class A	$		6,675			$	—
Class T			7,510				—
Class B				505			—
Class C				988			—
Institutional Class			5,965				—
Total	$		21,643			$	—

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares			Dollars
Years ended October 31,	2005	2004		2005			2004
Class A
Shares sold	83,477	75,525	$	1,580,867	$		1,219,587
Reinvestment of
distributions	432	132		7,686			2,005
Shares redeemed	(22,583)	(15,926)		(426,811)			(257,408)
Net increase (decrease) .	61,326	59,731	$	1,161,742	$		964,184
Class T
Shares sold	60,374	67,315	$	1,132,534	$		1,076,867
Reinvestment of
distributions	398	183		7,025			2,756
Shares redeemed	(30,276)	(15,917)		(565,431)			(255,724)
Net increase (decrease) .	30,496	51,581	$	574,128	$		823,899
Class B
Shares sold	7,850	6,650	$	143,663	$		104,459
Reinvestment of
distributions	25	4		427			59
Shares redeemed	(1,900)	(1,035)		(34,997)			(16,283)
Net increase (decrease) .	5,975	5,619	$	109,093	$		88,235

39 Annual Report

Notes to Financial Statements - continued
(Amounts in thousands except ratios)


10. Share Transactions - continued

Transactions for each class of shares were as follows - continued

	Shares			Dollars
Years ended October 31,	2005	2004		2005		2004
Class C
Shares sold	19,454	16,221	$	358,671	$	254,211
Reinvestment of
distributions	40	22		699		327
Shares redeemed	(4,021)	(1,843)		(74,121)		(29,087)
Net increase (decrease) .	15,473	14,400	$	285,249	$	225,451
Institutional Class
Shares sold	64,375	56,867	$	1,229,041	$	924,747
Reinvestment of
distributions	418	120		7,508		1,832
Shares redeemed	(26,125)	(14,589)		(509,275)		(241,874)
Net increase (decrease) .	38,668	42,398	$	727,274	$	684,705

Annual Report

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Advisor Diversified International Fund (a fund of Fidelity Advisor Series VIII) at October 31, 2005 and the results of its operations, the changes in its net assets and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fidelity Advisor Diversified International Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2005 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Boston, Massachusetts
December 13, 2005

41 Annual Report

Trustees and Officers

The Trustees, Members of the Advisory Board, and executive officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund’s activities, review contractual arrangements with companies that provide services to the fund, and review the fund’s performance. Except for William O. McCoy, Stephen P. Jonas, and Kenneth L. Wolfe, each of the Trustees oversees 322 funds advised by FMR or an affiliate. Mr. McCoy oversees 324 funds advised by FMR or an affiliate. Mr. Jonas and Mr. Wolfe oversee 319 funds advised by FMR or an affiliate.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Members hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

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

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation

Edward C. Johnson 3d (75)**

Year of Election or Appointment: 1983

Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as

Chief Executive Officer, Chairman, and a Director of FMR Corp.; a Di-

rector and Chairman of the Board and of the Executive Committee of

FMR; Chairman and a Director of Fidelity Management & Research (Far

East) Inc.; Chairman and a Director of Fidelity Investments Money Man-

agement, Inc.; and Chairman (2001-present) and a Director

(2000-present) of FMR Co., Inc.

Annual Report 42

Name, Age; Principal Occupation

Abigail P. Johnson (43)**

Year of Election or Appointment: 2001

Ms. Johnson serves as President of Fidelity Employer Services Company

(FESCO) (2005-present). She is President and a Director of Fidelity In-

vestments Money Management, Inc. (2001-present), FMR Co., Inc.

(2001-present), and a Director of FMR Corp. Previously, Ms. Johnson

served as President and a Director of FMR (2001-2005), Senior Vice

President of the Fidelity funds (2001-2005), and managed a number of

Fidelity funds.

Stephen P. Jonas (52)

Year of Election or Appointment: 2005

Mr. Jonas is Senior Vice President of Advisor Diversified International

(2005-present). He also serves as Senior Vice President of other Fidelity

funds (2005-present). Mr. Jonas is Executive Director of FMR

(2005-present). Previously, Mr. Jonas served as President of Fidelity

Enterprise Operations and Risk Services (2004-2005), Chief Adminis-

trative Officer (2002-2004), and Chief Financial Officer of FMR Co.

(1998-2000). Mr. Jonas has been with Fidelity Investments since 1987

and has held various financial and management positions including

Chief Financial Officer of FMR. In addition, he serves on the Boards of

Boston Ballet (2003-present) and Simmons College (2003-present).

Robert L. Reynolds (53)

Year of Election or Appointment: 2003

Mr. Reynolds is a Director (2003-present) and Chief Operating Officer

(2002-present) of FMR Corp. He also serves on the Board at Fidelity

Investments Canada, Ltd. (2000-present). Previously, Mr. Reynolds

served as President of Fidelity Investments Institutional Retirement Group

(1996-2000).

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

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

43 Annual Report

Trustees and Officers - continued

Independent Trustees:

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

Name, Age; Principal Occupation

Dennis J. Dirks (57)

Year of Election or Appointment: 2005

Prior to his retirement in May 2003, Mr. Dirks was Chief Operating

Officer and a member of the Board of The Depository Trust & Clearing

Corporation (DTCC) (1999-2003). He also served as President, Chief

Operating Officer, and Board member of The Depository Trust Comp-

any (DTC) (1999-2003) and President and Board member of the

National Securities Clearing Corporation (NSCC) (1999-2003). In addi-

tion, Mr. Dirks served as Chief Executive Officer and Board member of

the Government Securities Clearing Corporation (2001-2003) and Chief

Executive Officer and Board member of the Mortgage-Backed Securities

Clearing Corporation (2001-2003). Mr. Dirks also serves as a Trustee of

Manhattan College (2005-present).

Robert M. Gates (62)

Year of Election or Appointment: 1997

Dr. Gates is Vice Chairman of the Independent Trustees (2005-present).

Dr. Gates is President of Texas A&M University (2002-present). He was

Director of the Central Intelligence Agency (CIA) from 1991 to 1993.

From 1989 to 1991, Dr. Gates served as Assistant to the President of

the United States and Deputy National Security Advisor. Dr. Gates is a

Director of NACCO Industries, Inc. (mining and manufacturing), Parker

Drilling Co., Inc. (drilling and rental tools for the energy industry,

2001-present), and Brinker International (restaurant management,

2003-present). Previously, Dr. Gates served as a Director of LucasVarity

PLC (automotive components and diesel engines), a Director of TRW Inc.

(automotive, space, defense, and information technology), and Dean of

the George Bush School of Government and Public Service at Texas

A&M University (1999-2001). Dr. Gates also is a Trustee of the Forum

for International Policy.

Annual Report 44

Name, Age; Principal Occupation

George H. Heilmeier (69)

Year of Election or Appointment: 2004

Dr. Heilmeier is Chairman Emeritus of Telcordia Technologies (commu-

nication software and systems), where prior to his retirement, he served

as company Chairman and Chief Executive Officer. He currently serves

on the Boards of Directors of The Mitre Corporation (systems engineer-

ing and information technology support for the government), and HRL

Laboratories (private research and development, 2004-present). He is

Chairman of the General Motors Science & Technology Advisory Board

and a Life Fellow of the Institute of Electrical and Electronics Engineers

(IEEE) (2000-present). Dr. Heilmeier is a member of the Defense Science

Board and the National Security Agency Advisory Board. He is also a

member of the National Academy of Engineering, the American Aca-

demy of Arts and Sciences, and the Board of Overseers of the School of

Engineering and Applied Science of the University of Pennsylvania. Pre-

viously, Dr. Heilmeier served as a Director of TRW Inc. (automotive,

space, defense, and information technology, 1992-2002), Compaq

(1994-2002), Automatic Data Processing, Inc. (ADP) (technology-based

business outsourcing, 1995-2002), INET Technologies Inc. (telecommu-

nications network surveillance, 2001-2004), and Teletech Holdings (cus-

tomer management services). He is the recipient of the 2005 Kyoto Prize

in Advanced Technology for his invention of the liquid display.

Marie L. Knowles (59)

Year of Election or Appointment: 2001

Prior to Ms. Knowles’ retirement in June 2000, she served as Executive

Vice President and Chief Financial Officer of Atlantic Richfield Company

(ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was

a Senior Vice President of ARCO and President of ARCO Transportation

Company. She served as a Director of ARCO from 1996 to 1998. She

currently serves as a Director of Phelps Dodge Corporation (copper

mining and manufacturing) and McKesson Corporation (healthcare ser-

vice, 2002-present). Ms. Knowles is a Trustee of the Brookings Institution

and the Catalina Island Conservancy and also serves as a member of

the Advisory Board for the School of Engineering of the University of

Southern California.

45 Annual Report

Trustees and Officers - continued

Name, Age; Principal Occupation

Ned C. Lautenbach (61)

Year of Election or Appointment: 2000

Mr. Lautenbach has been a partner of Clayton, Dubilier & Rice, Inc.

(private equity investment firm) since September 1998. Previously, Mr.

Lautenbach was with the International Business Machines Corporation

(IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as

a Director of Italtel Holding S.p.A. (telecommunications (Milan, Italy),

2004-present) and Eaton Corporation (diversified industrial) as well as

the Philharmonic Center for the Arts in Naples, Florida. He also is a

member of the Board of Trustees of Fairfield University (2005-present),

as well as a member of the Council on Foreign Relations.

Marvin L. Mann (72)

Year of Election or Appointment: 1993

Mr. Mann is Chairman of the Independent Trustees (2001-present). He is

Chairman Emeritus of Lexmark International, Inc. (computer

peripherals), where he served as CEO until April 1998, retired as

Chairman May 1999, and remains a member of the Board. Prior to

1991, he held the positions of Vice President of International Business

Machines Corporation (IBM) and President and General Manager of

various IBM divisions and subsidiaries. He is a member of the Executive

Committee of the Independent Director’s Council of the Investment Com-

pany Institute. In addition, Mr. Mann is a member of the President’s

Cabinet at the University of Alabama and the Board of Visitors of the

Culverhouse College of Commerce and Business Administration at the

University of Alabama.

William O. McCoy (72)

Year of Election or Appointment: 1997

Prior to his retirement in December 1994, Mr. McCoy was Vice Chair-

man of the Board of BellSouth Corporation (telecommunications) and

President of BellSouth Enterprises. He is currently a Director of Liberty

Corporation (holding company), Duke Realty Corporation (real estate),

and Progress Energy, Inc. (electric utility). He is also a partner of Frank-

lin Street Partners (private investment management firm) and a member

of the Research Triangle Foundation Board. In addition, Mr. McCoy

served as the Interim Chancellor (1999-2000) and a member of the

Board of Visitors for the University of North Carolina at Chapel Hill and

currently serves on the Board of Directors of the University of North

Carolina Health Care System and the Board of Visitors of the Kenan-

Flagler Business School (University of North Carolina at Chapel Hill). He

also served as Vice President of Finance for the University of North Car-

olina (16-school system).

Annual Report 46

Name, Age; Principal Occupation

Cornelia M. Small (61)

Year of Election or Appointment: 2005

Ms. Small is a member (2000-present) and Chairperson (2002-present)

of the Investment Committee, and a member (2002-present) of the

Board of Trustees of Smith College. Previously, she served as Chief In-

vestment Officer (1999-2000), Director of Global Equity Investments

(1996-1999), and a member of the Board of Directors of Scudder,

Stevens & Clark (1990-1997) and Scudder Kemper Investments

(1997-1998). In addition, Ms. Small served as Co-Chair (2000-2003)

of the Annual Fund for the Fletcher School of Law and Diplomacy.

William S. Stavropoulos (66)

Year of Election or Appointment: 2001

Mr. Stavropoulos is Chairman of the Board (2000-present) and a Mem-

ber of the Board of Directors of The Dow Chemical Company. Since

joining The Dow Chemical Company in 1967, Mr. Stavropoulos served

in numerous senior management positions, including President

(1993-2000; 2002-2003), CEO (1995-2000; 2002-2004), and Chair-

man of the Executive Committee (2000-2004). Currently, he is a Direc-

tor of NCR Corporation (data warehousing and technology solutions),

BellSouth Corporation (telecommunications), Chemical Financial Corpo-

ration, Maersk Inc. (industrial conglomerate, 2002-present), and Metal-

mark Capital (private equity investment firm, 2005-present). He also

serves as a member of the Board of Trustees of the American Enterprise

Institute for Public Policy Research. In addition, Mr. Stavropoulos is a

member of The Business Council, J.P. Morgan International Council and

the University of Notre Dame Advisory Council for the College of

Science.

Kenneth L. Wolfe (66)

Year of Election or Appointment: 2005

Mr. Wolfe also serves as a Trustee (2005-present) or Member of the

Advisory Board (2004-present) of other investment companies advised

by FMR. Prior to his retirement in 2001, Mr. Wolfe was Chairman and

Chief Executive Officer of Hershey Foods Corporation (1993-2001). He

currently serves as a member of the boards of Adelphia Communica-

tions Corporation (2003-present), Bausch & Lomb, Inc., and Revlon Inc.

(2004-present).

47 Annual Report

Trustees and Officers - continued

Advisory Board Members and Executive Officers:

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

Name, Age; Principal Occupation

Albert R. Gamper, Jr. (63)

Year of Election or Appointment: 2005

Member of the Advisory Board of Fidelity Advisor Series VIII. Prior to his

retirement in December 2004, Mr. Gamper served as Chairman of the

Board of CIT Group Inc. (commercial finance). During his tenure with

CIT Group Inc. Mr. Gamper served in numerous senior management

positions, including Chairman (1987-1989; 1999-2001; 2002-2004),

Chief Executive Officer (1987-2004), and President (1989-2002). He

currently serves as a member of the Board of Directors of Public Service

Enterprise Group (utilities, 2001-present), Chairman of the Board of

Governors, Rutgers University (2004-present), and Chairman of the

Board of Saint Barnabas Health Care System.

Peter S. Lynch (61)

Year of Election or Appointment: 2003

Member of the Advisory Board of Fidelity Advisor Series VIII. Vice

Chairman and a Director of FMR, and Vice Chairman (2001-present)

and a Director (2000-present) of FMR Co., Inc. Previously, Mr. Lynch

served as a Trustee of the Fidelity funds (1990-2003). In addition, he

serves as a Trustee of Boston College, Massachusetts Eye & Ear Infir-

mary, Historic Deerfield, John F. Kennedy Library, and the Museum of

Fine Arts of Boston.

Dwight D. Churchill (51)

Year of Election or Appointment: 2005

Vice President of Advisor Diversified International. Mr. Churchill also

serves as Vice President of certain Equity Funds (2005-present) and

certain High Income Funds (2005-present). Previously, he served as

Head of Fidelity’s Fixed-Income Division (2000-2005), Vice President of

Fidelity’s Money Market Funds (2000-2005), Vice President of Fidelity’s

Bond Funds, and Senior Vice President of FIMM (2000) and FMR. Mr.

Churchill joined Fidelity in 1993 as Vice President and Group Leader of

Taxable Fixed-Income Investments.

Penelope A. Dobkin (51)

Year of Election or Appointment: 2004

Vice President of Advisor Diversified International. Prior to assuming her

current responsibilities, Ms. Dobkin managed a variety of Fidelity funds.

Ms. Dobkin also serves as Vice President of FMR and FMR Co., Inc.

Annual Report 48

Name, Age; Principal Occupation

Eric D. Roiter (56)

Year of Election or Appointment: 1998

Secretary of Advisor Diversified International. He also serves as Secre-

tary of other Fidelity funds; Vice President, General Counsel, and Secre-

tary of FMR Co., Inc. (2001-present) and FMR; Assistant Secretary of

Fidelity Management & Research (U.K.) Inc. (2001-present), Fidelity

Management & Research (Far East) Inc. (2001-present), and Fidelity

Investments Money Management, Inc. (2001-present). Mr. Roiter is an

Adjunct Member, Faculty of Law, at Boston College Law School

(2003-present). Previously, Mr. Roiter served as Vice President and

Secretary of Fidelity Distributors Corporation (FDC) (1998-2005).

Stuart Fross (46)

Year of Election or Appointment: 2003

Assistant Secretary of Advisor Diversified International. Mr. Fross also

serves as Assistant Secretary of other Fidelity funds (2003-present), Vice

President and Secretary of FDC (2005-present), and is an employee of

FMR.

Christine Reynolds (47)

Year of Election or Appointment: 2004

President, Treasurer, and Anti-Money Laundering (AML) officer of Advi-

sor Diversified International. Ms. Reynolds also serves as President, Trea-

surer, and AML officer of other Fidelity funds (2004) and is a Vice

President (2003) and an employee (2002) of FMR. Before joining

Fidelity Investments, Ms. Reynolds worked at PricewaterhouseCoopers

LLP (PwC) (1980-2002), where she was most recently an audit partner

with PwC’s investment management practice.

Paul M. Murphy (58)

Year of Election or Appointment: 2005

Chief Financial Officer of Advisor Diversified International. Mr. Murphy

also serves as Chief Financial Officer of other Fidelity funds

(2005-present). He also serves as Senior Vice President of Fidelity Pric-

ing and Cash Management Services Group (FPCMS).

Kenneth A. Rathgeber (58)

Year of Election or Appointment: 2004

Chief Compliance Officer of Advisor Diversified International. Mr. Rath-

geber also serves as Chief Compliance Officer of other Fidelity funds

(2004) and Executive Vice President of Risk Oversight for Fidelity Invest-

ments (2002). Previously, he served as Executive Vice President and

Chief Operating Officer for Fidelity Investments Institutional Services

Company, Inc. (1998-2002).

49 Annual Report

Trustees and Officers - continued

Name, Age; Principal Occupation

John R. Hebble (47)

Year of Election or Appointment: 2003

Deputy Treasurer of Advisor Diversified International. Mr. Hebble also

serves as Deputy Treasurer of other Fidelity funds (2003), and is an

employee of FMR. Before joining Fidelity Investments, Mr. Hebble

worked at Deutsche Asset Management where he served as Director of

Fund Accounting (2002-2003) and Assistant Treasurer of the Scudder

Funds (1998-2003).

Bryan A. Mehrmann (44)

Year of Election or Appointment: 2005

Deputy Treasurer of Advisor Diversified International. Mr. Mehrmann

also serves as Deputy Treasurer of other Fidelity funds (2005-present)

and is an employee of FMR. Previously, Mr. Mehrmann served as Vice

President of Fidelity Investments Institutional Services Group (FIIS)/

Fidelity Investments Institutional Operations Corporation, Inc. (FIIOC)

Client Services (1998-2004).

Kimberley H. Monasterio (41)

Year of Election or Appointment: 2004

Deputy Treasurer of Advisor Diversified International. Ms. Monasterio

also serves as Deputy Treasurer of other Fidelity funds (2004) and is an

employee of FMR (2004). Before joining Fidelity Investments, Ms.

Monasterio served as Treasurer (2000-2004) and Chief Financial Offi-

cer (2002-2004) of the Franklin Templeton Funds and Senior Vice Presi-

dent of Franklin Templeton Services, LLC (2000-2004).

Kenneth B. Robins (36)

Year of Election or Appointment: 2005

Deputy Treasurer of Advisor Diversified International. Mr. Robins also

serves as Deputy Treasurer of other Fidelity funds (2005-present) and is

an employee of FMR (2004-present). Before joining Fidelity Investments,

Mr. Robins worked at KPMG LLP, where he was a partner in KPMG’s

department of professional practice (2002-2004) and a Senior

Manager (1999-2000). In addition, Mr. Robins served as Assistant

Chief Accountant, United States Securities and Exchange Commission

(2000-2002).

Annual Report 50

Name, Age; Principal Occupation

Robert G. Byrnes (38)

Year of Election or Appointment: 2005

Assistant Treasurer of Advisor Diversified International. Mr. Byrnes also

serves as Assistant Treasurer of other Fidelity funds (2005-present) and

is an employee of FMR (2005-present). Previously, Mr. Byrnes served as

Vice President of FPCMS (2003-2005). Before joining Fidelity Invest-

ments, Mr. Byrnes worked at Deutsche Asset Management where he

served as Vice President of the Investment Operations Group

(2000-2003).

John H. Costello (59)

Year of Election or Appointment: 1998

Assistant Treasurer of Advisor Diversified International. Mr. Costello also

serves as Assistant Treasurer of other Fidelity funds and is an employee

of FMR.

Peter L. Lydecker (51)

Year of Election or Appointment: 2004

Assistant Treasurer of Advisor Diversified International. Mr. Lydecker

also serves as Assistant Treasurer of other Fidelity funds (2004) and is

an employee of FMR.

Mark Osterheld (50)

Year of Election or Appointment: 2002

Assistant Treasurer of Advisor Diversified International. Mr. Osterheld

also serves as Assistant Treasurer of other Fidelity funds (2002) and is

an employee of FMR.

Gary W. Ryan (47)

Year of Election or Appointment: 2005

Assistant Treasurer of Advisor Diversified International. Mr. Ryan also

serves as Assistant Treasurer of other Fidelity funds (2005-present) and

is an employee of FMR (2005-present). Previously, Mr. Ryan served as

Vice President of Fund Reporting in FPCMS (1999-2005).

Salvatore Schiavone (39)

Year of Election or Appointment: 2005

Assistant Treasurer of Advisor Diversified International. Mr. Schiavone

also serves as Assistant Treasurer of other Fidelity funds (2005-present)

and is an employee of FMR (2005-present). Before joining Fidelity In-

vestments, Mr. Schiavone worked at Deutsche Asset Management,

where he most recently served as Assistant Treasurer (2003-2005) of

the Scudder Funds and Vice President and Head of Fund Reporting

(1996-2003).

51 Annual Report

Distributions

The Board of Trustees of Advisor Diversified International Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

	Pay Date	Record Date	Dividends	Capital Gains
Class A	12/12/05	12/09/05	$.144	$.950
Class T	12/12/05	12/09/05	$.137	$.950
Class B	12/12/05	12/09/05	$.079	$.950
Class C	12/12/05	12/09/05	$.082	$.950

The fund hereby designates as capital gain dividends: For dividends with respect to the taxable year ended October 31, 2005, $315,626,993, or, if subsequently determined to be different, the net capital gain of such year, and for dividends with respect to the taxable year ended October 31, 2004, $11,119,861, or, if subsequently determined to be different, the excess of: (a) the net capital gain of such year, over (b) amounts previously designated as capital gain dividends with respect to such year.

Class A, Class T, Class B and Class C designates 100% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

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

	Pay Date	Income	Taxes
Class A	12/13/04	$.106	$.016
Class T	12/13/04	$.056	$.016
Class B	12/13/04	—	—
Class C	12/13/04	—	—

The fund will notify shareholders in January 2006 of amounts for use in preparing 2005 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Advisor Diversified International Fund

Each year, typically in July, the Board of Trustees, including the independent Trustees (together, the Board), votes on the renewal of the management contract and sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and independent Trustees’ counsel, requests and considers a broad range of information throughout the year.

The Board meets regularly each month except August and takes into account throughout the year matters bearing on Advisory Contracts. The Board, acting directly and through its separate committees, considers at each of its meetings factors that are relevant to the annual renewal of the fund’s Advisory Contracts, including the services and support provided to the fund and its shareholders by Fidelity. At the time of the renewal, the Board had 11 standing committees, each composed of independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. Each committee has adopted a written charter outlining the structure and purposes of the committee. One such committee, the Equity Contract Committee, meets periodically during the first six months of each year and as necessary to consider matters specifically related to the annual renewal of Advisory Contracts. The committee requests and receives information on, and makes recommendations to the independent Trustees concerning, the approval and annual review of the Advisory Contracts.

At its July 2005 meeting, the Board of Trustees, including the independent Trustees, unanimously determined to renew the Advisory Contracts for the fund. In reaching its determination, the Board considered all factors it believed relevant, including (1) the nature, extent, and quality of the services to be provided to the fund and its shareholders by Fidelity (including the investment performance of the fund); (2) the competitiveness of the management fee and total expenses of the fund; (3) the total costs of the services to be provided by and the profits to be realized by the investment adviser and its affiliates from the relationship with the fund; (4) the extent to which economies of scale would be realized as the fund grows; and (5) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders.

In determining whether to renew the Advisory Contracts for the fund, the Board ultimately reached a determination, with the assistance of fund counsel and independent Trustees’ counsel, that the renewal of the Advisory Contracts and the compensation to be received by Fidelity under the management contract is consistent with Fidelity’s fiduciary duty under applicable law. In addition to evaluating the specific factors noted above, the Board, in reaching its determination, is aware that shareholders in the fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that the fund’s shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its

53 Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

prospectus and other public disclosures, have chosen to invest in this fund, managed by Fidelity.

Nature, Extent, and Quality of Services Provided by Fidelity. The Board considered staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the background of the fund’s portfolio manager and the fund’s investment objective and discipline. The independent Trustees also had discussions with senior management of Fidelity’s investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives.

Fidelity Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers’ investment staff, their use of technology, and the Investment Advisers’ approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. The Board considered Fidelity’s extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board noted that Fidelity’s analysts have access to a variety of technological tools that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board also considered that Fidelity’s portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund’s portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers.

Shareholder and Administrative Services. The Board considered the nature, extent, quality, and cost of administrative, distribution, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund. The Board also considered the nature and extent of the Investment Advisers’ supervision of third party service providers, principally custodians and subcustodians. The Board reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of “soft” commission dollars to pay for research services. The Board also considered that Fidelity voluntarily decided in 2004 to stop using “soft” commission dollars to pay for market data and, instead, to pay for that data out of its own resources. The Board also considered the resources devoted to, and the record of compliance with, the fund’s compliance policies and procedures.

Annual Report

account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing for a large variety of mutual fund investor services. For example, fund shareholders are offered the privilege of exchanging shares of the fund for shares of other Fidelity funds, as set forth in the fund’s prospectus, without paying an additional sales charge. The Board noted that, since the last Advisory Contract renewals in July 2004, Fidelity has taken a number of actions that benefited particular funds, including (i) voluntarily deciding in 2004 to stop using “soft” commission dollars to pay for market data and, instead, to pay for that data out of its own resources, (ii) contractually agreeing to impose management fee reductions and expense limitations on its five Spartan stock index funds and its stock index fund available through variable insurance products, (iii) contractually agreeing to eliminate the management fees on the Fidelity Freedom Funds and the Fidelity Advisor Freedom Funds, (iv) contractually agreeing to reduce the management fees on most of its investment-grade taxable bond funds, and (v) contractually agreeing to impose expense limitations on its retail and Spartan investment-grade taxable bond funds.

Investment Performance and Compliance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund’s absolute investment performance for each class, as well as the fund’s relative investment performance for each class measured against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed appropriate by the Board over multiple periods. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2004, the returns of Class C and Institutional Class of the fund, the returns of a broad-based securities market index (“benchmark”), and a range of returns of a peer group of mutual funds identified by Lipper Inc. as having an investment objective similar to that of the fund. The returns of Class C and Institutional Class represent the performance of classes with the highest and lowest 12b-1 fees, respectively (not necessarily with the highest and lowest total expenses). The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the Lipper peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten numbers noted below each chart correspond to the percentile box and represent the percentage of funds in the Lipper peer group whose performance was equal to or lower than that of the class indicated.

55 Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

The Board reviewed the fund’s relative investment performance against its Lipper peer group and stated that the performance of Institutional Class of the fund was in the second quartile for the one-year period and the first quartile for the three- and five-year periods. The Board also stated that the relative investment performance of Institutional Class of the fund has compared favorably to its benchmark over time, although the fund’s one-year cumulative total return was lower than its benchmark. The Board considered that the variations in performance among the fund’s classes reflect the variations in class expenses, which result in lower performance for higher expense classes.

The Board has had thorough discussions with FMR throughout the year about the Board’s and FMR’s concerns about equity research, equity fund performance, and compliance with internal policies governing gifts and entertainment. FMR has taken steps that it believes will refocus and strengthen equity research and equity portfolio management and compliance. The Board noted with favor FMR’s recent reorganization of its senior management team and FMR’s plans to dedicate additional resources to investment research, and participated in the process that led to those changes.

Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance, the Board concluded that the nature, extent, and quality of the services provided by Fidelity will benefit the fund’s shareholders, particularly in light of the Board’s view that the fund’s shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.

Competitiveness of Management Fee and Total Fund Expenses. The Board considered the fund’s management fee and total expenses compared to “mapped groups”

Annual Report

of competitive funds and classes. Fidelity creates “mapped groups” by combining similar Lipper investment objective categories that have comparable management fee characteristics. Combining Lipper investment objective categories aids the Board’s management fee and total expense comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.

The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the “Total Mapped Group” and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund’s standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. “TMG %” represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund’s. For example, a TMG % of 21% means that 79% of the funds in the Total Mapped Group had higher management fees than the fund. The “Asset-Size Peer Group” (ASPG) comparison focuses on a fund’s standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile (“quadrant”) in which the fund’s management fee ranked, is also included in the chart and considered by the Board.

57 Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

The Board noted that the fund’s management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2004.

Based on its review, the Board concluded that the fund’s management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

In its review of each class’s total expenses, the Board considered the fund’s management fee as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that each class’s total expenses ranked below its competitive median for 2004.

In its review of total expenses, the Board also considered Fidelity fee structures and other information on clients that FMR and its affiliates service in other competitive markets, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients.

Based on its review, the Board concluded that the total expenses for each class of the fund were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and its shareholders. The Board also considered the level of Fidelity’s profits in respect of all the Fidelity funds.

On an annual basis, FMR presents to the Board Fidelity’s profitability for the fund. Fidelity calculates the profitability for each fund, as well as aggregate profitability for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the audited books and records of Fidelity. The Audit Committee of the Board reviews any significant changes from the prior year’s methodologies.

Annual Report

engagement includes the review and assessment of Fidelity’s methodologies used in determining the revenues and expenses attributable to Fidelity’s mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC’s reports issued under the engagement and information provided by Fidelity, the Board believes that while other allocation methods may also be reasonable, Fidelity’s profitability methodologies are reasonable in all material respects.

The Board has also reviewed Fidelity’s non-fund businesses and any fall-out benefits related to the mutual fund business as well as cases where Fidelity’s affiliates may benefit from or be related to the fund’s business. In addition, a special committee of the Board reviewed services provided to Fidelity by its affiliates and determined that the fees that Fidelity paid for such services were reasonable.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the fund.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions, including reductions that occur through operation of the transfer agent agreement. The transfer agent fee varies in part based on the number of accounts in the fund. If the number of accounts decreases or the average account size increases, the overall transfer agent fee rate decreases.

The Board recognized that the fund’s management contract incorporates a “group fee” structure, which provides for lower fee rates as total fund assets under FMR’s management increase, and for higher fee rates as total fund assets under FMR’s management decrease. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity’s costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will achieve a certain level of economies of scale as assets under FMR’s management increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board further concluded that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

59 Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Advisory Contracts, the Board requested additional information regarding (i) equity fund transfer agency fees; (ii) Fidelity’s fund profitability methodology and the impact of various changes in the methodology over time; (iii) benefits to shareholders from economies of scale; (iv) composition and characteristics of various fund and industry data used in comparisons; and (v) compensation of portfolio managers and research analysts.

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the existing advisory fee structures are fair and reasonable, and that the fund’s existing Advisory Contracts should be renewed.

Annual Report

61 Annual Report

Annual Report

Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Far East) Inc.
Fidelity International
Investment Advisors
Fidelity Investments Japan Limited
Fidelity International Investment
Advisors (U.K.) Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank and Trust Company
Quincy, MA

Fidelity® Advisor

Diversified International

Fund - Institutional Class

Annual Report October 31, 2005

Contents

Chairman’s Message	4	Ned Johnson’s message to shareholders.
Performance	6	How the fund has done over time.
Management’s Discussion	7	The manager’s review of fund
		performance, strategy and outlook
Shareholder Expense	8	An example of shareholder expenses.
Example
Investment Changes	10	A summary of major shifts in the fund’s
		investments over the past six months.
Investments	11	A complete list of the fund’s investments
		with their market values.
Financial Statements	22	Statements of assets and liabilities,
		operations, and changes in net assets,
		as well as financial highlights.
Notes	31	Notes to the financial statements.
Report of Independent	40
Registered Public
Accounting Firm
Trustees and Officers	41
Distributions	51
Board Approval of	52
Investment Advisory
Contracts and
Management Fees

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

Annual Report

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

3 Annual Report

Chairman’s Message

(Photograph of Edward C. Johnson 3d)

Dear Shareholder:

Annual Report 4

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

5 Annual Report

Performance: The Bottom Line

Average Annual Total Returns
Periods ended October 31, 2005	Past 1	Past 5	Life of
	year	years	fund^A
Institutional Class	20.81%	8.12%	12.09%
A From December 17, 1998.

$10,000 Over Life of Fund

Let’s say hypothetically that $10,000 was invested in Fidelity® Advisor Diversified International Fund — Institutional Class on December 17, 1998, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Morgan Stanley Capital International^SMEurope, Australia, Far East (MSCI® EAFE®) Index performed over the same period.

Annual Report 6

Management’s Discussion of Fund Performance

Comments from Penelope Dobkin, Portfolio Manager of Fidelity® Advisor Diversified International Fund

During the past year, the fund’s Institutional Class shares were up 20.81%, outpacing the MSCI EAFE index and the Lipper^SMInternational Funds Average, which rose 17.75% . Favorable stock selection in banks and diversified financials contributed the most to the fund’s return relative to the index, with holdings in Japanese and emerging-markets banks among the best performers. Stocks in such key markets as Germany, which enjoyed a resurgence in real estate values and in corporate restructuring after 15 years of economic stagnation, also provided a boost to returns, as did Canadian energy stocks, which benefited from healthy production growth. Canadian energy company EnCana was the top contributor versus the index, joined by the strong performance of Brazilian bank Unibanco and State Bank of India. Favorable currency movements in emerging markets such as India and Brazil enhanced our returns in the latter two stocks. By contrast, Brazilian paper company Votorantim Celulose lagged due to a lack of pricing power amid rising energy costs, while demand hurt Japanese consumer electronics companies Ricoh and Victor Company. An underweighting in the materials sector also hurt relative performance, as several of the period’s top gainers from this group were absent from the portfolio.

7 Annual Report
7

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2005 to October 31, 2005).

Actual Expenses

Hypothetical Example for Comparison Purposes

						Expenses Paid
		Beginning		Ending		During Period*
		Account Value		Account Value		May 1, 2005
		May 1, 2005		October 31, 2005	to October 31, 2005
Class A
Actual	$	1,000.00	$	1,114.20	$	6.77
Hypothetical^A	$	1,000.00	$	1,018.80	$	6.46
Class T
Actual	$	1,000.00	$	1,112.20	$	7.99
Hypothetical^A	$	1,000.00	$	1,017.64	$	7.63
Class B
Actual	$	1,000.00	$	1,108.60	$	11.43
Hypothetical^A	$	1,000.00	$	1,014.37	$	10.92

Annual Report 8

						Expenses Paid
		Beginning		Ending		During Period*
		Account Value		Account Value		May 1, 2005
		May 1, 2005		October 31, 2005	to October 31, 2005
Class C
Actual	$	1,000.00	$	1,109.50	$	10.90
Hypothetical^A	$	1,000.00	$	1,014.87	$	10.41
Institutional Class
Actual	$	1,000.00	$	1,115.60	$	5.12
Hypothetical^A	$	1,000.00	$	1,020.37	$	4.89

A 5% return per year before expenses

		Annualized
		Expense Ratio
Class A		1.27%
Class T		1.50%
Class B		2.15%
Class C		2.05%
Institutional Class		96%

9 Annual Report

Investment Changes

Top Five Stocks as of October 31, 2005
	% of fund’s	% of fund’s net assets
	net assets	6 months ago
Total SA (France, Oil, Gas & Consumable Fuels)	2.5	2.5
BP PLC sponsored ADR (United Kingdom, Oil,
Gas & Consumable Fuels)	2.2	2.1
Novartis AG sponsored ADR (Switzerland,
Pharmaceuticals)	2.1	1.6
Vodafone Group PLC sponsored ADR (United
Kingdom, Wireless Telecommunication
Services)	2.0	2.3
Allianz AG sponsored ADR (Germany,
Insurance)	1.8	1.5
	10.6
Top Five Market Sectors as of October 31, 2005
	% of fund’s	% of fund’s net assets
	net assets	6 months ago
Financials	28.1	22.9
Industrials	12.9	11.7
Consumer Discretionary	12.5	12.8
Energy	10.2	8.4
Information Technology	9.0	10.6
Top Five Countries as of October 31, 2005
(excluding cash equivalents)	% of fund’s	% of fund’s net assets
	net assets	6 months ago
Japan	21.0	16.4
France	11.6	12.2
Germany	11.0	9.4
United Kingdom	11.0	11.7
Switzerland	8.4	9.4

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

Annual Report 10

Investments October 31, 2005
Showing Percentage of Net Assets

Common Stocks — 96.6%
	Shares	Value (Note 1)
			(000s)

Australia – 0.7%
CSL Ltd.	1,142,744	$	32,043
Macquarie Bank Ltd.	658,352		31,836
TOTAL AUSTRALIA			63,879

Belgium – 0.2%
KBC Groupe SA	182,138		14,847
Bermuda – 0.0%
Clear Media Ltd. (a)	907,100		761
Brazil – 1.8%
Banco Bradesco SA (PN) sponsored ADR (non-vtg.) (d)	457,500		23,740
Banco Nossa Caixa SA	222,200		3,681
Uniao de Bancos Brasileiros SA (Unibanco) GDR	1,443,832		75,512
Usinas Siderurgicas de Minas Gerais SA (Usiminas) (PN-A)	1,162,900		23,446
Votorantim Celulose e Papel SA sponsored ADR (non-vtg.)	2,216,200		26,528
TOTAL BRAZIL			152,907

Canada – 2.8%
ACE Aviation Holdings, Inc. Class A (a)	586,200		15,387
Canadian Natural Resources Ltd.	699,100		28,586
Canadian Western Bank, Edmonton	685,300		20,426
EnCana Corp.	1,465,248		66,997
ITF Optical Technologies, Inc. Series A (f)	1,792		0
Jean Coutu Group, Inc.:
Class A (e)	100		1
Class A (sub. vtg.)	1,050,940		12,805
NOVA Chemicals Corp.	489,000		17,419
OZ Optics Ltd. unit (a)(f)	5,400		80
Precision Drilling Corp. (a)	841,200		38,677
Talisman Energy, Inc.	910,600		40,333
TOTAL CANADA			240,711

Cayman Islands – 0.5%
Apex Silver Mines Ltd. (a)(d)	434,100		6,650
Foxconn International Holdings Ltd.	28,542,000		30,559
The9 Computer Technology Consulting Co. Ltd. sponsored
ADR (d)	245,900		4,633
TOTAL CAYMAN ISLANDS			41,842

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

11 Annual Report

Investments - continued


Common Stocks – continued
	Shares	Value (Note 1)
			(000s)

China – 0.2%
China Construction Bank Corp. (H Shares)	54,234,000	$	16,441
Global Bio-Chem Technology Group Co. Ltd.	11,470,000		4,550
TOTAL CHINA			20,991

Denmark – 1.1%
Danske Bank AS	1,207,875		37,881
GN Store Nordic AS	1,023,800		12,333
Novo Nordisk AS Series B	366,993		18,804
Vestas Wind Systems AS (a)	1,196,000		25,886
TOTAL DENMARK			94,904

Finland – 2.1%
Fortum Oyj	1,857,400		32,886
Metso Corp.	1,241,700		32,300
Neste Oil Oyj	874,600		27,102
Nokia Corp. sponsored ADR	5,135,700		86,382
TOTAL FINLAND			178,670

France – 11.6%
Accor SA	778,600		38,883
AXA SA	177,200		5,132
AXA SA sponsored ADR	3,083,300		89,292
Bacou Dalloz	76,915		6,915
BNP Paribas SA	1,001,746		75,953
CNP Assurances	439,993		30,618
Eiffage SA	268,005		23,132
Financiere Marc de Lacharriere SA (Fimalac)	431,479		23,431
France Telecom SA sponsored ADR	2,075,200		53,934
L’Air Liquide SA	206,700		37,588
Lagardere S.C.A. (Reg.)	805,682		55,389
Neopost SA	274,629		26,502
Nexity	695,066		31,737
NRJ Group	1,202,020		26,772
Orpea (a)	187,100		10,093
Pernod Ricard SA	105,003		18,365
Pinault Printemps-Redoute SA	46,262		4,861
Sanofi-Aventis sponsored ADR	1,504,900		60,377
Societe des Autoroutes du Nord et de l’Est de la France	464,600		27,708
Total SA:
Series B	109,670		27,641
sponsored ADR	1,440,600		181,544

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

Annual Report

Common Stocks – continued
	Shares	Value (Note 1)
			(000s)

France – continued
Vinci SA	431,106	$	33,695
Vivendi Universal SA sponsored ADR	3,266,600		102,637
TOTAL FRANCE			992,199

Germany – 11.0%
Aareal Bank AG (a)	319,896		9,771
Allianz AG sponsored ADR	10,848,370		153,396
Axel Springer Verlag	12,220		1,562
Bayer AG	970,100		33,759
Bayer AG sponsored ADR	1,060,600		36,909
Bilfinger & Berger Bau AG	623,800		26,995
DaimlerChrysler AG	1,102,200		55,165
Deutsche Post AG	771,500		17,202
Deutsche Telekom AG sponsored ADR	5,531,200		97,902
E.ON AG sponsored ADR	2,222,800		67,151
Epcos AG (a)	679,800		8,206
GFK AG	378,067		12,531
Heidelberger Druckmaschinen AG	1,253,500		39,820
Hochtief AG	1,283,200		51,854
Hypo Real Estate Holding AG	1,175,040		56,822
Interhyp AG	47,943		2,874
IWKA AG	967,900		21,465
K&S AG	300,432		19,711
MAN AG	474,143		22,013
Merck KGaA	105,500		8,726
Metro AG	676,300		30,759
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	436,000		51,220
Q-Cells AG	11,950		656
RWE AG	409,661		26,165
SAP AG sponsored ADR	852,000		36,585
SGL Carbon AG (a)	421,900		6,175
SolarWorld AG	289,406		39,105
TOTAL GERMANY			934,499

Greece – 0.3%
Greek Organization of Football Prognostics SA	946,360		27,318
Hong Kong – 0.9%
ASM Pacific Technology Ltd.	618,500		2,860
Cheung Kong Holdings Ltd.	1,471,000		15,304

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

13 Annual Report

Investments - continued


Common Stocks – continued
	Shares	Value (Note 1)
			(000s)

Hong Kong – continued
Hutchison Whampoa Ltd.	2,255,000	$	21,351
Wharf Holdings Ltd.	10,710,000		36,542
TOTAL HONG KONG			76,057

India – 0.3%
Housing Development Finance Corp. Ltd.	382,125		8,206
Infrastructure Development Finance Co. Ltd.	1,266,464		1,825
State Bank of India	329,089		6,824
Suzlon Energy Ltd. (a)	630,349		9,994
TOTAL INDIA			26,849

Ireland – 0.6%
Allied Irish Banks PLC	1,559,698		32,800
C&C Group PLC	2,382,700		14,710
TOTAL IRELAND			47,510

Israel – 1.0%
Bank Hapoalim BM (Reg.)	8,613,900		32,992
Bank Leumi le-Israel BM	8,532,400		27,846
Teva Pharmaceutical Industries Ltd. sponsored ADR	565,700		21,564
TOTAL ISRAEL			82,402

Italy – 3.0%
Autostrade Spa	290,316		6,636
Banca Intesa Spa	10,887,854		50,811
Banche Popolari Unite S.c.a.r.l.	1,435,200		30,383
Banco Popolare di Verona e Novara	1,355,466		25,023
Davide Campari-Milano Spa	1,823,000		12,360
ENI Spa sponsored ADR	342,800		45,850
Lottomatica Spa New	486,700		17,678
Mediobanca Spa	1,112,700		19,701
Unicredito Italiano Spa	8,816,600		49,230
TOTAL ITALY			257,672

Japan – 21.0%
Advantest Corp.	66,800		4,836
Aiful Corp.	57,000		4,280
Aoyama Trading Co. Ltd.	1,147,400		34,580
Asahi Breweries Ltd.	1,787,800		22,403
Asics Corp.	1,551,000		13,378
Astellas Pharma, Inc.	871,500		31,321
Bank of Nagoya Ltd.	2,275,000		20,549

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

Annual Report

Common Stocks – continued
	Shares	Value (Note 1)
			(000s)

Japan – continued
Canon, Inc. sponsored ADR	813,400	$	43,167
Credit Saison Co. Ltd.	1,388,500		63,129
Daihatsu Motor Co. Ltd.	2,322,000		22,160
Daiwa Securities Group, Inc.	7,352,000		60,422
E*TRADE Securities Co. Ltd. (d)	8,321		43,741
East Japan Railway Co	6,136		36,666
Hokuhoku Financial Group, Inc.	5,808,000		24,093
Honda Motor Co. Ltd.	263,400		14,650
JAFCO Co. Ltd.	281,600		16,973
JSR Corp.	1,591,600		37,698
Juroku Bank Ltd.	2,428,000		20,270
Kayaba Industry Co. Ltd.	2,575,000		10,191
Matsushita Electric Industrial Co. Ltd.	2,300,000		42,320
Millea Holdings, Inc.	1,050		19,104
Mitsubishi Estate Co. Ltd.	1,127,000		16,719
Mitsubishi UFJ Financial Group, Inc.	1,644		20,862
Mitsubishi UFJ Securities Co. Ltd.	1,632,000		18,670
Mitsui Fudosan Co. Ltd.	2,176,000		35,710
Mitsui Trust Holdings, Inc.	3,905,000		47,142
Mizuho Financial Group, Inc.	5,509		36,831
Murata Manufacturing Co. Ltd.	530,200		26,494
Nikko Cordial Corp.	7,370,000		89,356
Nikon Corp. (d)	1,893,000		24,328
Nippon Chemi-con Corp.	5,443,900		33,143
Nippon Electric Glass Co. Ltd.	2,006,800		38,495
Nippon Oil Corp.	1,643,000		13,987
Nishi-Nippon City Bank Ltd. (a)	5,706,000		33,306
Nitori Co. Ltd.	194,800		14,846
Nitto Denko Corp.	724,500		43,983
Nomura Holdings, Inc.	1,559,000		24,149
NTT Urban Development Co.	3,474		20,398
Obayashi Corp.	3,146,000		23,131
Okamura Corp.	1,684,000		12,440
OMC Card, Inc.	581,000		9,776
ORIX Corp.	279,100		52,378
Ricoh Co. Ltd.	1,955,000		31,135
Seven & I Holdings Co. Ltd. (a)	367,540		12,095
SFCG Co. Ltd.	130,010		31,402
SHIMIZU Corp.	6,208,000		42,096
Sompo Japan Insurance, Inc	1,979,000		29,821
Sumitomo Electric Industries Ltd.	3,745,000		49,362
Sumitomo Forestry Co. Ltd.	2,053,000		19,042

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

15 Annual Report

Investments - continued


Common Stocks – continued
	Shares	Value (Note 1)
			(000s)

Japan – continued
Sumitomo Mitsui Financial Group, Inc.	10,771	$	99,808
Sumitomo Osaka Cement Co. Ltd.	8,325,000		23,575
T&D Holdings, Inc.	433,650		27,377
Taiheiyo Cement Corp.	4,508,000		16,319
Takara Holdings, Inc.	569,000		3,375
Takefuji Corp.	170,700		11,989
Tokuyama Corp.	3,207,000		31,939
Tokyo Electron Ltd.	1,537,000		77,335
Tokyo Star Bank Ltd. (a)	706		2,482
Tokyo Tomin Bank Ltd.	631,400		23,239
Toyoda Machine Works Ltd.	1,433,000		17,300
Victor Co. of Japan Ltd. (d)	3,241,200		17,684
TOTAL JAPAN			1,789,450

Korea (South) – 1.8%
Hyundai Heavy Industries Co. Ltd.	238,250		15,495
Hyundai Mipo Dockyard Co. Ltd.	271,720		16,787
Kookmin Bank sponsored ADR	691,410		40,392
LG Electronics, Inc.	315,190		20,439
LG.Philips LCD Co. Ltd. sponsored ADR (a)	485,200		9,224
Samsung Electronics Co. Ltd.	33,771		17,856
Shinhan Financial Group Co. Ltd.	1,063,534		35,451
TOTAL KOREA (SOUTH)			155,644

Luxembourg – 1.6%
SES Global unit	3,316,753		51,886
Stolt-Nielsen SA	173,200		6,096
Stolt-Nielsen SA Class B sponsored ADR	2,137,400		76,669
TOTAL LUXEMBOURG			134,651

Mexico – 0.3%
Fomento Economico Mexicano SA de CV sponsored ADR	312,600		21,254
Industrias Penoles SA de CV	767,000		3,355
TOTAL MEXICO			24,609

Netherlands – 4.7%
ASM International NV (Nasdaq) (a)	1,358,600		18,042
ASML Holding NV (NY Shares) (a)	3,702,400		62,867
Axalto Holding NV (a)	663,700		18,068
Fugro NV (Certificaten Van Aandelen) unit	492,800		13,315
ING Groep NV sponsored ADR	2,281,700		65,850
Koninklijke Ahold NV (a)	2,957,000		20,640

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

Annual Report

Common Stocks – continued
	Shares	Value (Note 1)
			(000s)

Netherlands – continued
Koninklijke Numico NV (a)	431,286	$	17,464
Koninklijke Philips Electronics NV (NY Shares)	2,130,000		55,721
Koninklijke Wessanen NV	2,426,032		35,626
Reed Elsevier NV	223,900		3,017
Reed Elsevier NV sponsored ADR	1,466,400		39,607
Unilever NV (NY Shares)	218,600		15,370
VNU NV	1,196,553		38,054
TOTAL NETHERLANDS			403,641

Netherlands Antilles – 0.4%
Schlumberger Ltd. (NY Shares)	408,300		37,061
New Zealand – 0.0%
The Warehouse Group Ltd.	730,295		1,993
Norway – 0.8%
DnB NOR ASA	2,104,880		21,515
Fred Olsen Energy ASA (a)	874,500		24,127
Odfjell ASA:
(A Shares)	40,500		777
(B Shares)	1,065,750		18,511
TOTAL NORWAY			64,930

Portugal – 0.5%
Brisa Auto-Estradas de Portugal SA	3,785,680		29,951
Impresa SGPS (a)	2,186,400		12,187
TOTAL PORTUGAL			42,138

Russia – 0.5%
Novatek JSC:
GDR (a)	307,700		6,917
GDR (a)(e)	468,166		10,524
Sistema JSFC sponsored GDR (e)	976,800		21,880
TOTAL RUSSIA			39,321

Singapore – 0.3%
STATS ChipPAC Ltd. sponsored ADR (a)(d)	4,459,100		25,016
South Africa – 1.4%
Edgars Consolidated Stores Ltd.	4,306,000		19,124
FirstRand Ltd.	6,481,800		15,253
Massmart Holdings Ltd.	1,333,776		10,297
Standard Bank Group Ltd.	2,529,600		26,088

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

17 Annual Report

Investments - continued


Common Stocks – continued
	Shares	Value (Note 1)
			(000s)

South Africa – continued
Steinhoff International Holdings Ltd.	13,403,402	$	35,077
Sun International Ltd.	1,500,000		16,990
TOTAL SOUTH AFRICA			122,829

Spain – 1.3%
Antena 3 Television SA	1,498,088		29,128
Banco Bilbao Vizcaya Argentaria SA sponsored ADR	408,000		7,193
Compania de Distribucion Integral Logista SA	105,220		5,576
Gestevision Telecinco SA	1,123,940		24,939
Telefonica SA sponsored ADR	970,880		46,554
TOTAL SPAIN			113,390

Sweden – 1.5%
Eniro AB (d)	3,214,100		35,122
Gambro AB (A Shares)	2,033,072		28,728
Securitas AB (B Shares)	1,150,600		17,487
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (d)	1,511,400		49,589
TOTAL SWEDEN			130,926

Switzerland – 8.4%
ABB Ltd. (Reg.) (a)	8,141,450		62,269
Actelion Ltd. (Reg.) (a)	338,125		38,031
Alcon, Inc.	200,800		26,686
Clariant AG (Reg.)	438,315		5,848
Compagnie Financiere Richemont unit	1,137,738		43,289
Credit Suisse Group sponsored ADR	642,200		28,456
Nestle SA (Reg.)	339,614		101,161
Novartis AG sponsored ADR	3,360,132		180,842
Phonak Holding AG	265,982		11,090
Roche Holding AG (participation certificate)	977,215		145,997
Societe Generale de Surveillance Holding SA (SGS) (Reg.)	20,496		15,104
Syngenta AG sponsored ADR	1,187,700		25,524
UBS AG (NY Shares)	369,147		31,625
TOTAL SWITZERLAND			715,922

Taiwan – 1.3%
Advanced Semiconductor Engineering, Inc.	51,971,692		31,677
Chi Mei Optoelectronics Corp.	24,332,623		24,440
Compal Electronics, Inc.	14,491,000		12,784

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

Annual Report

Common Stocks – continued
	Shares	Value (Note 1)
			(000s)

Taiwan – continued
United Microelectronics Corp.	42,384,347	$	22,486
United Microelectronics Corp. sponsored ADR (d)	6,283,700		18,348
TOTAL TAIWAN			109,735

Thailand – 0.1%
Thai Oil PCL (For. Reg.)	3,184,000		5,504
United Kingdom – 11.0%
3i Group PLC	1,679,905		22,544
Babcock International Group PLC	3,347,600		11,127
BAE Systems PLC	9,191,280		53,781
BP PLC sponsored ADR	2,781,400		184,689
Capita Group PLC	5,784,313		39,939
EMI Group PLC	4,486,500		16,998
Group 4 Securicor PLC:
(Denmark)	2,975,530		7,934
(United Kingdom)	5,355,100		14,269
HSBC Holdings PLC sponsored ADR	826,800		65,119
Informa PLC	1,128,700		7,479
Legal & General Group PLC	6,762,900		12,841
National Grid PLC	2,962,375		27,089
Prudential PLC	3,283,700		27,557
Rank Group PLC	4,140,427		21,698
Reckitt Benckiser PLC	155,538		4,701
Royal Dutch Shell PLC Class A sponsored ADR	1,047,200		64,968
Serco Group PLC	5,026,248		23,604
Smiths Group PLC	2,000,700		32,322
Tesco PLC	9,852,242		52,460
Unilever PLC sponsored ADR	1,392,200		56,523
Vodafone Group PLC sponsored ADR	6,479,800		170,160
Yell Group PLC	2,119,870		16,608
TOTAL UNITED KINGDOM			934,410

United States of America – 1.6%
Advanced Energy Industries, Inc. (a)	320,900		3,450
Halliburton Co.	464,500		27,452
News Corp. Class A	1,811,500		25,814

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

19 Annual Report

Investments - continued


Common Stocks – continued
	Shares	Value (Note 1)
			(000s)

United States of America – continued
Synthes, Inc.	548,046	$	58,029
Transocean, Inc. (a)	323,800		18,615
TOTAL UNITED STATES OF AMERICA			133,360

TOTAL COMMON STOCKS
(Cost $7,081,650)			8,238,548

Preferred Stocks — 1.2%

Convertible Preferred Stocks – 0.0%

Canada – 0.0%
MetroPhotonics, Inc. Series 2 (f)	8,500		0
Nonconvertible Preferred Stocks – 1.2%

Italy – 1.2%
Banca Intesa Spa (Risp)	6,478,900		28,061
Buzzi Unicem Spa (Risp)	641,893		6,400
Telecom Italia Spa (Risp)	26,037,100		62,955
Unicredito Italiano Spa (Risp)	1,329,088		7,939
TOTAL ITALY			105,355

TOTAL PREFERRED STOCKS
(Cost $111,653)			105,355

Money Market Funds — 2.8%

Fidelity Cash Central Fund, 3.92% (b)	165,258,587		165,259
Fidelity Securities Lending Cash Central Fund,
3.94% (b)(c)	76,889,140		76,889
TOTAL MONEY MARKET FUNDS
(Cost $242,148)			242,148

TOTAL INVESTMENT PORTFOLIO – 100.6%
(Cost $7,435,451)		8,586,051

NET OTHER ASSETS – (0.6)%			(52,292)
NET ASSETS – 100%	$	8,533,759

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

Annual Report

Legend

(a) Non-income producing

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

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

Additional information on each 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

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

21 Annual Report

Financial Statements


Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts)				October 31, 2005

Assets
Investment in securities, at value (including securities
loaned of $76,752) (cost $7,435,451) — See
accompanying schedule			$	8,586,051
Foreign currency held at value (cost $12,402)				12,376
Receivable for investments sold				107,221
Receivable for fund shares sold				29,024
Dividends receivable				8,970
Interest receivable				566
Other affiliated receivables				2
Other receivables				878
Total assets				8,745,088

Liabilities
Payable for investments purchased	$	113,454
Payable for fund shares redeemed		9,739
Accrued management fee		5,015
Distribution fees payable		2,462
Other affiliated payables		1,635
Other payables and accrued expenses		2,135
Collateral on securities loaned, at value		76,889
Total liabilities				211,329

Net Assets			$	8,533,759
Net Assets consist of:
Paid in capital			$	6,909,645
Undistributed net investment income				60,354
Accumulated undistributed net realized gain (loss) on
investments and foreign currency transactions				414,935
Net unrealized appreciation (depreciation) on
investments and assets and liabilities in foreign
currencies				1,148,825
Net Assets			$	8,533,759

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

Annual Report

Statement of Assets and Liabilities — continued
Amounts in thousands (except per-share amounts)		October 31, 2005

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($2,791,730 ÷ 137,546 shares)	$	20.30
Maximum offering price per share (100/94.25 of
$20.30)	$	21.54
Class T:
Net Asset Value and redemption price per share
($2,419,981 ÷ 120,268 shares)	$	20.12
Maximum offering price per share (100/96.50 of
$20.12)	$	20.85
Class B:
Net Asset Value and offering price per share
($350,685 ÷ 17,888 shares)^A	$	19.60
Class C:
Net Asset Value and offering price per share
($758,303 ÷ 38,595 shares)^A	$	19.65
Institutional Class:
Net Asset Value, offering price and redemption
price per share ($2,213,060 ÷ 107,617
shares)	$	20.56

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

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

23 Annual Report

Financial Statements - continued


Statement of Operations
Amounts in thousands		Year ended October 31, 2005

Investment Income
Dividends		$	153,468
Interest			5,494
Security lending			5,615
			164,577
Less foreign taxes withheld			(16,915)
Total income			147,662

Expenses
Management fee	$	47,855
Transfer agent fees		14,379
Distribution fees		23,448
Accounting and security lending fees		1,818
Independent trustees’ compensation		29
Custodian fees and expenses		2,230
Registration fees		679
Audit		138
Legal		21
Miscellaneous		42
Total expenses before reductions		90,639
Expense reductions		(4,086)	86,553

Net investment income (loss)			61,109
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities (net of foreign taxes of $2,850) .		439,484
Foreign currency transactions		(3,631)
Total net realized gain (loss)			435,853
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of increase in deferred for-
eign taxes of $607)		646,472
Assets and liabilities in foreign currencies		(592)
Total change in net unrealized appreciation
(depreciation)			645,880
Net gain (loss)			1,081,733
Net increase (decrease) in net assets resulting from
operations		$	1,142,842

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

Annual Report

Statement of Changes in Net Assets
		Year ended		Year ended
		October 31,		October 31,
Amounts in thousands		2005		2004
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	61,109	$	11,332
Net realized gain (loss)		435,853		69,269
Change in net unrealized appreciation (depreciation) .		645,880		311,354
Net increase (decrease) in net assets resulting
from operations		1,142,842		391,955
Distributions to shareholders from net investment income .		(10,883)		(10,785)
Distributions to shareholders from net realized gain		(21,643)		—
Total distributions		(32,526)		(10,785)
Share transactions — net increase (decrease)		2,857,486		2,786,474
Redemption fees		289		95
Total increase (decrease) in net assets		3,968,091		3,167,739

Net Assets
Beginning of period		4,565,668		1,397,929
End of period (including undistributed net investment
income of $60,354 and undistributed net investment
income of $8,576, respectively)	$	8,533,759	$	4,565,668

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

25 Annual Report

Financial Highlights — Class A

Years ended October 31,		2005		2004		2003		2002		2001
Selected Per-Share Data
Net asset value, beginning of
period	$	16.97	$	14.60	$	11.12	$	11.87	$	14.54
Income from Investment
Operations
Net investment income (loss)^C		19		.08		.09		.07		.10
Net realized and unrealized
gain (loss)		3.27		2.41		3.45		(.82)		(2.48)
Total from investment operations		3.46		2.49		3.54		(.75)		(2.38)
Distributions from net investment
income		(.05)		(.12)		(.06)		—		(.29)
Distributions from net realized
gain		(.08)		—		—		—		—
Total distributions		(.13)		(.12)		(.06)		—		(.29)
Redemption fees added to paid in
capital^C		—^E		—^E		—		—		—
Net asset value, end of period	$	20.30	$	16.97	$	14.60	$	11.12	$	11.87
Total Return^A,B		20.50%		17.15%		31.99%		(6.32)%		(16.69)%
Ratios to Average Net Assets^D
Expenses before expense
reductions		1.27%		1.31%		1.42%		1.46%		1.50%
Expenses net of voluntary
waivers, if any		1.27%		1.31%		1.42%		1.46%		1.50%
Expenses net of all reductions		1.20%		1.27%		1.39%		1.43%		1.46%
Net investment income (loss)		1.02%		.51%		.71%		.54%		.77%
Supplemental Data
Net assets, end of period
(in millions)	$	2,792	$	1,294	$	241	$	52	$	38
Portfolio turnover rate		59%		72%		49%		53%		84%

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

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

C Calculated based on average shares outstanding during the period.

E Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights — Class T

Years ended October 31,		2005		2004		2003		2002		2001
Selected Per-Share Data
Net asset value, beginning of
period	$	16.82	$	14.47	$	11.01	$	11.80	$	14.46
Income from Investment
Operations
Net investment income (loss)^C		15		.03		.05		.02		.06
Net realized and unrealized
gain (loss)		3.23		2.39		3.43		(.81)		(2.46)
Total from investment operations		3.38		2.42		3.48		(.79)		(2.40)
Distributions from net investment
income		—		(.07)		(.02)		—		(.26)
Distributions from net realized
gain		(.08)		—		—		—		—
Total distributions		(.08)		(.07)		(.02)		—		(.26)
Redemption fees added to paid in
capital^C		—^E		—^E		—		—		—
Net asset value, end of period	$	20.12	$	16.82	$	14.47	$	11.01	$	11.80
Total Return^A,B		20.16%		16.78%		31.66%		(6.69)%		(16.90)%
Ratios to Average Net Assets^D
Expenses before expense
reductions		1.51%		1.61%		1.75%		1.79%		1.81%
Expenses net of voluntary
waivers, if any		1.51%		1.61%		1.75%		1.79%		1.81%
Expenses net of all reductions		1.45%		1.57%		1.72%		1.76%		1.76%
Net investment income (loss)		77%		.21%		.38%		.21%		.47%
Supplemental Data
Net assets, end of period
(in millions)	$	2,420	$	1,510	$	552	$	204	$	153
Portfolio turnover rate		59%		72%		49%		53%		84%

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

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

C Calculated based on average shares outstanding during the period.

E Amount represents less than $.01 per share.

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

27 Annual Report

Financial Highlights — Class B

Years ended October 31,		2005		2004		2003		2002		2001
Selected Per-Share Data
Net asset value, beginning of
period	$	16.46	$	14.19	$	10.84	$	11.68	$	14.33
Income from Investment
Operations
Net investment income (loss)^C		02		(.07)		(.02)		(.04)		(.01)
Net realized and unrealized
gain (loss)		3.16		2.35		3.37		(.80)		(2.44)
Total from investment operations		3.18		2.28		3.35		(.84)		(2.45)
Distributions from net investment
income		—		(.01)		—		—		(.20)
Distributions from net realized
gain		(.04)		—		—		—		—
Total distributions		(.04)		(.01)		—		—		(.20)
Redemption fees added to paid in
capital^C		—^E		—^E		—		—		—
Net asset value, end of period	$	19.60	$	16.46	$	14.19	$	10.84	$	11.68
Total Return^A,B		19.35%		16.08%		30.90%		(7.19)%		(17.33)%
Ratios to Average Net Assets^D
Expenses before expense
reductions		2.16%		2.24%		2.32%		2.32%		2.35%
Expenses net of voluntary
waivers, if any		2.16%		2.24%		2.32%		2.32%		2.35%
Expenses net of all reductions		2.10%		2.20%		2.29%		2.29%		2.30%
Net investment income (loss)		12%		(.42)%		(.19)%		(.32)%		(.07)%
Supplemental Data
Net assets, end of period
(in millions)	$	351	$	196	$	89	$	49	$	42
Portfolio turnover rate		59%		72%		49%		53%		84%

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

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

C Calculated based on average shares outstanding during the period.

E Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights — Class C

Years ended October 31,		2005		2004		2003		2002		2001
Selected Per-Share Data
Net asset value, beginning of
period	$	16.48	$	14.22	$	10.86	$	11.68	$	14.34
Income from Investment
Operations
Net investment income (loss)^C		04		(.05)		(.01)		(.03)		—^E
Net realized and unrealized
gain (loss)		3.17		2.35		3.37		(.79)		(2.45)
Total from investment operations		3.21		2.30		3.36		(.82)		(2.45)
Distributions from net investment
income		—		(.04)		—		—		(.21)
Distributions from net realized
gain		(.04)		—		—		—		—
Total distributions		(.04)		(.04)		—		—		(.21)
Redemption fees added to paid in
capital^C		—^E		—^E		—		—		—
Net asset value, end of period	$	19.65	$	16.48	$	14.22	$	10.86	$	11.68
Total Return^A,B		19.51%		16.21%		30.94%		(7.02)%		(17.33)%
Ratios to Average Net Assets^D
Expenses before expense
reductions		2.05%		2.13%		2.23%		2.25%		2.28%
Expenses net of voluntary
waivers, if any		2.05%		2.13%		2.23%		2.25%		2.28%
Expenses net of all reductions		1.99%		2.09%		2.20%		2.22%		2.24%
Net investment income (loss)		23%		(.31)%		(.10)%		(.25)%		(.01)%
Supplemental Data
Net assets, end of period
(in millions)	$	758	$	381	$	124	$	54	$	44
Portfolio turnover rate		59%		72%		49%		53%		84%

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

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

C Calculated based on average shares outstanding during the period.

E Amount represents less than $.01 per share.

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

29 Annual Report

Financial Highlights — Institutional Class

Years ended October 31,		2005		2004		2003		2002		2001
Selected Per-Share Data
Net asset value, beginning of
period	$	17.18	$	14.74	$	11.22	$	11.94	$	14.60
Income from Investment
Operations
Net investment income (loss)^B		25		.13		.13		.11		.14
Net realized and unrealized
gain (loss)		3.30		2.44		3.48		(.83)		(2.48)
Total from investment operations		3.55		2.57		3.61		(.72)		(2.34)
Distributions from net investment
income		(.09)		(.13)		(.09)		—		(.32)
Distributions from net realized
gain		(.08)		—		—		—		—
Total distributions		(.17)		(.13)		(.09)		—		(.32)
Redemption fees added to paid in
capital^B		—^D		—^D		—		—		—
Net asset value, end of period	$	20.56	$	17.18	$	14.74	$	11.22	$	11.94
Total Return^A		20.81%		17.54%		32.41%		(6.03)%		(16.38)%
Ratios to Average Net Assets^C
Expenses before expense
reductions		97%		1.03%		1.09%		1.11%		1.17%
Expenses net of voluntary
waivers, if any		97%		1.03%		1.09%		1.11%		1.17%
Expenses net of all reductions		91%		.98%		1.06%		1.07%		1.12%
Net investment income (loss)		1.32%		.80%		1.04%		.89%		1.11%
Supplemental Data
Net assets, end of period
(in millions)	$	2,213	$	1,185	$	391	$	88	$	43
Portfolio turnover rate		59%		72%		49%		53%		84%

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

B Calculated based on average shares outstanding during the period.

D Amount represents less than $.01 per share.

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

Annual Report

Notes to Financial Statements

For the period ended October 31, 2005
(Amounts in thousands except ratios)

1. Significant Accounting Policies.

The fund’s investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

31 Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Security Valuation - continued

Annual Report

1. Significant Accounting Policies - continued

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

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount and losses deferred due to wash sales.

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

Unrealized appreciation	$	1,287,906
Unrealized depreciation		(186,136)
Net unrealized appreciation (depreciation)		1,101,770
Undistributed ordinary income		160,691
Undistributed long-term capital gain		315,179
Cost for federal income tax purposes	$	7,484,281

The tax character of distributions paid was as follows:
		October 31, 2005		October 31, 2004
Ordinary Income	$	20,958	$	10,785
Long-term Capital Gains		11,568		—
Total	$	32,526	$	10,785

33 Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

2. Operating Policies.

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $6,901,019 and $3,810,647, respectively.

4. Fees and Other Transactions with Affiliates.

Annual Report

4. Fees and Other Transactions with Affiliates - continued

	Distribution	Service		Paid to		Retained
	Fee	Fee		FDC		by FDC
Class A	0%	.25%	$	5,086	$	34
Class T	25%	.25%		9,835		436
Class B	75%	.25%		2,812		2,109
Class C	75%	.25%		5,715		2,661

			$	23,448	$	5,240

For the period, sales charge amounts retained by FDC were as follows:
		Retained
		by FDC
Class A	$	1,377
Class T		223
Class B^*		360
Class C^*		19
	$	1,979

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

35 Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

			% of
			Average
		Amount	Net Assets
Class A	$	4,508	.22
Class T		4,283	.22
Class B		1,030	.37
Class C		1,487	.26
Institutional Class		3,071	.17

	$	14,379

The Money Market Central Funds do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $8,277 for the period.

5. Committed Line of Credit.

Annual Report

6. Security Lending.

7. Expense Reductions.

		Transfer Agent
		Expense Reduction
Class A	$	6


8. Other.

37 Annual Report

Notes to Financial Statements - continued
(Amounts in thousands except ratios)


9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,		2005				2004
From net investment income
Class A	$		4,172 $			2,739
Class T				—		3,117
Class B				—		70
Class C				—		442
Institutional Class			6,711			4,417
Total	$		10,883 $			10,785
From net realized gain
Class A	$		6,675 $			—
Class T			7,510			—
Class B				505		—
Class C				988		—
Institutional Class			5,965			—
Total	$		21,643 $			—

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares			Dollars
Years ended October 31,	2005	2004		2005		2004
Class A
Shares sold	83,477	75,525	$	1,580,867	$	1,219,587
Reinvestment of
distributions	432	132		7,686		2,005
Shares redeemed	(22,583)	(15,926)		(426,811)		(257,408)
Net increase (decrease) .	61,326	59,731	$	1,161,742	$	964,184
Class T
Shares sold	60,374	67,315	$	1,132,534	$	1,076,867
Reinvestment of
distributions	398	183		7,025		2,756
Shares redeemed	(30,276)	(15,917)		(565,431)		(255,724)
Net increase (decrease) .	30,496	51,581	$	574,128	$	823,899
Class B
Shares sold	7,850	6,650	$	143,663	$	104,459
Reinvestment of
distributions	25	4		427		59
Shares redeemed	(1,900)	(1,035)		(34,997)		(16,283)
Net increase (decrease) .	5,975	5,619	$	109,093	$	88,235

Annual Report

10. Share Transactions - continued

Transactions for each class of shares were as follows - continued

	Shares			Dollars
Years ended October 31,	2005	2004		2005		2004
Class C
Shares sold	19,454	16,221	$	358,671	$	254,211
Reinvestment of
distributions	40	22		699		327
Shares redeemed	(4,021)	(1,843)		(74,121)		(29,087)
Net increase (decrease) .	15,473	14,400	$	285,249	$	225,451
Institutional Class
Shares sold	64,375	56,867	$	1,229,041	$	924,747
Reinvestment of
distributions	418	120		7,508		1,832
Shares redeemed	(26,125)	(14,589)		(509,275)		(241,874)
Net increase (decrease) .	38,668	42,398	$	727,274	$	684,705