FIDELITY ADVISOR SERIES VIII, N-30D, 1999-12-22

FIDELITY ADVISOR SERIES VIII
N-30D, 1999-12-22

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(Fidelity logo Graphic)(registered trademark)

FIDELITY(REGISTERED TRADEMARK) ADVISOR
EUROPE CAPITAL APPRECIATION
FUND - CLASS A, CLASS T, CLASS B
AND CLASS C

ANNUAL REPORT

OCTOBER 31, 1999

CONTENTS

PRESIDENT'S MESSAGE 3 Ned Johnson on investing
strategies.

PERFORMANCE 4 How the fund has done over
time.

FUND TALK 12 The manager's review of fund
performance, strategy and
outlook.

INVESTMENT CHANGES 15 A summary of the fund's
investments.

INVESTMENTS 16 A complete list of the fund's
investments with their
market values.

FINANCIAL STATEMENTS 21 Statements of assets and
liabilities, operations, and
changes in net assets, as
well as financial highlights.

NOTES 30 Notes to the financial
statements.

INDEPENDENT AUDITORS' REPORT 38 The auditors' opinion.

Third party marks appearing herein are the property of their
respective owners.
All other marks appearing herein are registered or unregistered
trademarks or service marks of FMR Corp. or an affiliated company.
(recycle logo)This report is printed on recycled paper using soy-based
inks.

THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE
SUBMITTED FOR THE GENERAL INFORMATION OF THE SHAREHOLDERS OF THE FUND.
THIS REPORT IS NOT AUTHORIZED FOR DISTRIBUTION TO PROSPECTIVE
INVESTORS IN THE FUND UNLESS PRECEDED OR ACCOMPANIED BY AN EFFECTIVE
PROSPECTUS.
MUTUAL FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED
BY, ANY DEPOSITORY INSTITUTION. SHARES ARE NOT INSURED BY THE FDIC,
FEDERAL RESERVE BOARD OR ANY OTHER AGENCY, AND ARE SUBJECT TO
INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT
INVESTED.
NEITHER THE FUND NOR FIDELITY DISTRIBUTORS CORPORATION IS A BANK.
FOR MORE INFORMATION ON ANY FIDELITY ADVISOR FUND, INCLUDING CHARGES
AND EXPENSES, CONTACT YOUR INVESTMENT PROFESSIONAL FOR A FREE
PROSPECTUS. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.

PRESIDENT'S MESSAGE

(photo_of_Edward_C_Johnson_3d)
DEAR SHAREHOLDER:
All major U.S. equity market indexes posted positive returns for the
month of October, led by the technology-heavy NASDAQ Index, which
climbed to a record high close during the month. Domestic bonds,
however, turned in relatively flat performance, due in large part to
lingering fears of a potential interest rate hike by the Federal
Reserve Board, and its adoption of a tightening bias during the first
week of the month.
While it's impossible to predict the future direction of the markets
with any degree of certainty, there are certain basic principles that
can help investors plan for their future needs.
First, investors are encouraged to take a long-term view of their
portfolios. If you can afford to leave your money invested through the
inevitable up and down cycles of the financial markets, you will
greatly reduce your vulnerability to any single decline. We know from
experience, for example, that stock prices have gone up over longer
periods of time, have significantly outperformed other types of
investments and have stayed ahead of inflation.
Second, you can further manage your investing risk through
diversification. A stock mutual fund, for instance, is already
diversified, because it invests in many different companies. You can
increase your diversification further by investing in a number of
different stock funds, or in such other investment categories as
bonds. If you have a short investment time horizon, you might want to
consider moving some of your investment into a money market fund,
which seeks income and a stable share price by investing in
high-quality, short-term investments. Of course, it's important to
remember that an investment in a money market fund is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Although money market funds seek to preserve the
value of your investment at $1.00 per share, it is possible to lose
money by investing in these types of funds.
Finally, no matter what your time horizon or portfolio diversity, it
makes good sense to follow a regular investment plan, investing a
certain amount of money in a fund at the same time each month or
quarter and periodically reviewing your overall portfolio. By doing
so, you won't get caught up in the excitement of a rapidly rising
market, nor will you buy all your shares at market highs. While this
strategy - known as dollar cost averaging - won't assure a profit or
protect you from a loss in a declining market, it should help you
lower the average cost of your purchases. Of course, you should
consider your financial ability to continue your purchases through
periods of low price levels before undertaking such a strategy.
Remember to contact your investment professional if you need help with
your investments.
Best regards,
Edward C. Johnson 3d

FIDELITY ADVISOR EUROPE CAPITAL APPRECIATION FUND - CLASS A
PERFORMANCE: THE BOTTOM LINE

CUMULATIVE TOTAL RETURNS
PERIOD ENDED OCTOBER 31, 1999 LIFE OF FUND

FIDELITY ADV EUROPE CAP APP - 5.60%
CL A

FIDELITY ADV EUROPE CAP APP - -0.47%
CL A (INCL. 5.75% SALES
CHARGE)

MSCI Europe 6.79%

AVERAGE ANNUAL TOTAL RETURNS
AVERAGE ANNUAL TOTAL RETURNS take Class A shares' cumulative return
and show you what would have happened if Class A shares had performed
at a constant rate each year. These numbers will be reported once the
fund is a year old.

$10,000 OVER LIFE OF FUND
FA Europe Cap App -CL A MS Europe (Net MA tax)
00736 MS002
1998/12/17 9425.00 10000.00
1998/12/31 9736.03 10412.53
1999/01/31 9811.43 10347.66
1999/02/28 9359.03 10087.21
1999/03/31 9377.88 10199.58
1999/04/30 9660.63 10505.36
1999/05/31 9264.78 10002.68
1999/06/30 9509.83 10173.42
1999/07/31 9660.63 10269.87
1999/08/31 9707.75 10376.27
1999/09/30 9585.23 10298.34
1999/10/29 9952.80 10679.38
IMATRL PRASUN SHR__CHT 19991031 19991109 102756 R00000000000014

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Europe Capital Appreciation Fund - Class
A on December 17, 1998, when the fund started, and the current 5.75%
sales charge was paid. As the chart shows, by October 31, 1999, the
value of the investment would have declined to $9,953 - a -0.47%
decrease on the initial investment. For comparison, look at how the
MSCI Europe Index did over the same period. With dividends reinvested,
the same $10,000 would have grown to $10,679 - a 6.79% increase.

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

FIDELITY ADVISOR EUROPE CAPITAL APPRECIATION FUND - CLASS T
PERFORMANCE: THE BOTTOM LINE

CUMULATIVE TOTAL RETURNS
PERIOD ENDED OCTOBER 31, 1999 LIFE OF FUND

FIDELITY ADV EUROPE CAP APP - 5.40%
CL T

FIDELITY ADV EUROPE CAP APP - 1.71%
CL T (INCL. 3.50% SALES
CHARGE)

MSCI Europe 6.79%

$10,000 OVER LIFE OF FUND
FA Europe Cap App -CL T MS Europe (Net MA tax)
00740 MS002
1998/12/17 9650.00 10000.00
1998/12/31 9968.45 10412.53
1999/01/31 10045.65 10347.66
1999/02/28 9582.45 10087.21
1999/03/31 9592.10 10199.58
1999/04/30 9881.60 10505.36
1999/05/31 9485.95 10002.68
1999/06/30 9727.20 10173.42
1999/07/31 9881.60 10269.87
1999/08/31 9929.85 10376.27
1999/09/30 9804.40 10298.34
1999/10/29 10171.10 10679.38
IMATRL PRASUN SHR__CHT 19991031 19991112 114951 R00000000000014

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Europe Capital Appreciation Fund - Class
T on December 17, 1998, when the fund started, and the current 3.50%
sales charge was paid. As the chart shows, by October 31, 1999, the
value of the investment would have grown to $10,171 - a 1.71% increase
on the initial investment. For comparison, look at how the MSCI Europe
Index did over the same period. With dividends reinvested, the same
$10,000 would have grown to $10,679 - a 6.79% increase.

FIDELITY ADVISOR EUROPE CAPITAL APPRECIATION FUND - CLASS B
PERFORMANCE: THE BOTTOM LINE

CUMULATIVE TOTAL RETURNS
PERIOD ENDED OCTOBER 31, 1999 LIFE OF FUND

FIDELITY ADV EUROPE CAP APP - 4.80%
CL B

FIDELITY ADV EUROPE CAP APP - -0.20%
CL B (INCL. CONTINGENT
DEFERRED SALES CHARGE)

MSCI Europe 6.79%

AVERAGE ANNUAL TOTAL RETURNS
AVERAGE ANNUAL TOTAL RETURNS take Class B shares' cumulative return
and show you what would have happened if Class B shares had performed
at a constant rate each year. These numbers will be reported once the
fund is a year old.

$10,000 OVER LIFE OF FUND
FA Europe Cap App -CL B MS Europe (Net MA tax)
00737 MS002
1998/12/17 10000.00 10000.00
1998/12/31 10330.00 10412.53
1999/01/31 10390.00 10347.66
1999/02/28 9910.00 10087.21
1999/03/31 9920.00 10199.58
1999/04/30 10210.00 10505.36
1999/05/31 9800.00 10002.68
1999/06/30 10050.00 10173.42
1999/07/31 10200.00 10269.87
1999/08/31 10240.00 10376.27
1999/09/30 10110.00 10298.34
1999/10/29 9980.00 10679.38
IMATRL PRASUN SHR__CHT 19991031 19991123 141109 R00000000000014

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Europe Capital Appreciation Fund - Class
B on December 17, 1998, when the fund started. As the chart shows, by
October 31, 1999, the value of the investment, including the effect of
the applicable contingent deferred sales charge, would have declined
to $9,980 - a 0.20% decrease on the initial investment. For
comparison, look at how the MSCI Europe Index did over the same
period. With dividends reinvested, the same $10,000 would have grown
to $10,679 - a 6.79% increase.

FIDELITY ADVISOR EUROPE CAPITAL APPRECIATION FUND - CLASS C
PERFORMANCE: THE BOTTOM LINE

CUMULATIVE TOTAL RETURNS
PERIOD ENDED OCTOBER 31, 1999 LIFE OF FUND

FIDELITY ADV EUROPE CAP APP - 4.90%
CL C

FIDELITY ADV EUROPE CAP APP - 3.90%
CL C (INCL. CONTINGENT
DEFERRED SALES CHARGE)

MSCI Europe 6.79%

AVERAGE ANNUAL TOTAL RETURNS
AVERAGE ANNUAL TOTAL RETURNS take Class C shares' cumulative return
and show you what would have happened if Class C shares had performed
at a constant rate each year. These numbers will be reported once the
fund is a year old.

$10,000 OVER LIFE OF FUND
FA Europe Cap App -CL C MS Europe (Net MA tax)
00738 MS002
1998/12/17 10000.00 10000.00
1998/12/31 10330.00 10412.53
1999/01/31 10400.00 10347.66
1999/02/28 9910.00 10087.21
1999/03/31 9920.00 10199.58
1999/04/30 10220.00 10505.36
1999/05/31 9800.00 10002.68
1999/06/30 10050.00 10173.42
1999/07/31 10200.00 10269.87
1999/08/31 10240.00 10376.27
1999/09/30 10110.00 10298.34
1999/10/29 10390.00 10679.38
IMATRL PRASUN SHR__CHT 19991031 19991109 102940 R00000000000014

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Europe Capital Appreciation Fund - Class
C on December 17, 1998, when the fund started. As the chart shows, by
October 31, 1999, the value of the investment, including the effect of
the applicable contingent deferred sales charge, would have grown to
$10,390 - a 3.90% increase on the initial investment. For comparison,
look at how the MSCI Europe Index did over the same period. With
dividends reinvested, the same $10,000 would have grown to $10,679 - a
6.79% increase.

FUND TALK: THE MANAGER'S OVERVIEW

MARKET RECAP
European markets offered mixed
performance results for the 12 months
ending October 31, 1999. The
Morgan Stanley Capital
International Europe Index returned
12.79% in that time span, while
the Standard & Poor's 500 SM Index
- - a popular gauge of U.S. stock
market performance - returned
25.67%. The United Kingdom posted
the most impressive market returns
during this period, largely aided by
the strength of the bustling
telecommunications industry. Italy
and Germany, meanwhile, lagged
behind, mostly due to fears of
higher interest rates. The weak
performance of the euro - the new
single currency of 11 European
nations that was introduced January 1,
1999 - didn't help matters, either.
An additional detriment was the
subpar performance of many of
Europe's largest pharmaceutical
companies. These types of stocks -
major contributors in years past -
suffered due to non-compelling
product introductions and slow
revenue growth. On a positive note,
the seemingly endless global
demand for wireless communications
boosted the telecom industry.
Cross-border consolidation played
a significant role across the European
corporate landscape as well, as
merger, acquisition and takeover bid
announcements were almost daily
occurrences.

An interview with Kevin McCarey, Portfolio Manager of Fidelity Advisor
Europe Capital Appreciation Fund
Q. HOW DID THE FUND PERFORM, KEVIN?
A. From December 17, 1998 - the date on which the fund commenced
operations - through October 31, 1999, its Class A, Class T, Class B
and Class C shares returned 5.60%, 5.40%, 4.80% and 4.90%,
respectively. The Morgan Stanley Capital International Europe Index
returned 6.79% during this same time period. Going forward, we'll look
at the fund's performance in six- and 12-
month intervals and also will compare its performance to a peer group
of funds tracked by Lipper Inc.
Q. WHAT FACTORS INFLUENCED THE PERFORMANCE OF EUROPEAN MARKETS DURING
THE PERIOD?
A. Economic developments in both Europe and Russia served as catalysts
for positive market performance. When the period began, most European
economies were struggling. Several interest-rate cuts followed shortly
thereafter, though, and we began to see an economic revival -
particularly in the United Kingdom - during April and May. This
improved climate led to a higher level of corporate restructuring, as
well as a rash of merger and acquisition activity. Russia, meanwhile,
recovered from its currency problems of last year. Since many European
companies rely on Russia as a market for their goods and services,
this righting of the ship proved beneficial. On another front, market
performance - as measured in U.S. dollar returns - was a bit
suppressed early in the period due to the slow start of the euro, the
new single currency for 11 European nations.
Q. WITH THESE ECONOMIC SHIFTS IN MIND, DID YOU FOLLOW ANY SPECIFIC
INVESTMENT STRATEGIES?
A. My decision to add to several of the fund's positions in
smaller-sized U.K. stocks worked out well. Small-cap stocks typically
perform well at the beginning of an economic rebound, and the fund's
stakes in building materials retailer Wickes, electrical equipment
supplier Electrocomponents and de la Rue - a company that makes
cash-handling equipment for banks - performed well. Several holdings
in France also contributed positively, as favorable economic
conditions resulted in more consolidation activity during the period,
especially among larger firms. One example was the merger between
France's two largest oil companies, Total and Elf Aquitaine.
Q. SEVEN OF THE FUND'S TOP-20 INVESTMENTS AT THE END OF THE PERIOD
WERE TELECOMMUNICATIONS-RELATED. WHAT WAS THE ATTRACTION?
A. These companies continued to reap the benefits from both fixed-line
and wireless demand. On the fixed side, more phone lines were
installed for Internet usage. Unlike their U.S. counterparts, European
phone companies charge per-minute fees for local calls. While consumer
pressure may change this fee structure in the future, increased
Internet usage has helped to propel revenues. Wireless demand, on the
other hand, was extremely strong. Consolidation activity was popular
within this group as well, as companies such as Vodafone AirTouch,
Deutsche Telekom and Mannesmann looked to join forces with other
business partners. The fund's positions in Nokia, British
Telecommunications and Ericsson also fared nicely.
Q. FINANCE STOCKS ACCOUNTED FOR MORE THAN A QUARTER OF THE FUND'S
INVESTMENTS AT THE END OF THE PERIOD. HOW DID THIS GROUP PERFORM?
A. Finance stocks performed fairly well early, but declined through
most of the period as long-term interest rates rose. These higher
rates in the U.S. and Europe hurt the fund's positions in Italian bank
San Paolo-IMI as well as insurance stock Allied Zurich. While the
fund's finance exposure was considerable, its weighting through much
of the period was still lower than that of the Morgan Stanley index.
Q. WERE THERE ANY OTHER POSITIONS THAT DIDN'T PERFORM AS WELL AS YOU
WOULD HAVE LIKED?
A. The fund's investment in Telecom Italia was a source of
frustration. Telecom Italia was bought at a premium during the period
by Olivetti, a fellow Italian telecom firm. Olivetti paid a premium
for Telecom Italia, but the fund owned "savings class" shares and the
takeover bid recognized only ordinary shares. In Italy, there is less
protection for minority shareholders of stock. In the U.S., the bid
would have included both classes of shares. The fund also was hurt by
not owning enough economically sensitive stocks, particularly those in
the non-consumer, commodity areas such as metals.
Q. WHAT'S YOUR OUTLOOK?
A. I'm reasonably optimistic. For the most part, European companies
have been paying attention to shareholder interests. While valuations
aren't as low as they have been in recent years, I think better
economies, calmer currency situations and increased merger activity
can be positives for the European markets over the next few months.

KEVIN MCCAREY TALKS
ABOUT THE GLOBALIZATION
OF INDUSTRIES:
"It used to be enough for investors
in international markets to rely on
"top-down" analysis to find
countries with strong return
potential. Twenty years ago, for
instance - when foreign stock
markets were less developed and
the world's information network
was still in the dark ages -
investors could capture most of
the positive returns by being in the
right country at the right time. But
speeding globalization has
changed all of that.
"Over the past decade, the borders
between countries, companies
and currencies have been coming
down. The result: Most companies
are now much less constrained by
international borders than they
were in the past. Leading firms in
an industry must now compete
worldwide for the same customer.
"This shift has caused the
relationship between a stock's
performance and the performance
of its respective home market to
weaken. Meanwhile, the links
between a company and its
industry group have never been
stronger. Over time, companies
with solid business prospects and
reasonable stock prices can have
superior growth potential, no
matter what country they're based
in."

FUND FACTS
GOAL: long-term growth of
capital by investing mainly
in equity securities of
European issuers
START DATE: December 17,
1998
SIZE: as of October 31,
1999, more than $22 million
MANAGER: Kevin McCarey,
since inception; joined
Fidelity in 1985
(checkmark)

THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO
MANAGER ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON
THE COVER AND DO NOT NECESSARILY REPRESENT THE VIEWS OF FIDELITY OR
ANY OTHER PERSON IN THE FIDELITY ORGANIZATION. ANY SUCH VIEWS ARE
SUBJECT TO CHANGE AT ANY TIME BASED UPON MARKET OR OTHER CONDITIONS
AND FIDELITY DISCLAIMS ANY RESPONSIBILITY TO UPDATE SUCH VIEWS. THESE
VIEWS MAY NOT BE RELIED ON AS INVESTMENT ADVICE AND, BECAUSE
INVESTMENT DECISIONS FOR A FIDELITY FUND ARE BASED ON NUMEROUS
FACTORS, MAY NOT BE RELIED ON AS AN INDICATION OF TRADING INTENT ON
BEHALF OF ANY FIDELITY FUND.

INVESTMENT CHANGES

<TABLE>
<CAPTION>
<S> <C> <C>
TOP FIVE STOCKS AS OF OCTOBER
31, 1999

% OF FUND'S NET ASSETS % OF FUND'S NET ASSETS 6
MONTHS AGO

Total Fina SA Class B 3.8 2.8
(France, Oil & Gas)

Nokia AB sponsored ADR 3.7 2.8
(Finland, Communications
Equipment)

Nestle SA (Reg.) 2.3 0.6
(Switzerland, Foods)

BP Amoco PLC (United 2.2 3.1
Kingdom, Oil & Gas)

Shell Transport & Trading Co. 2.1 1.8
PLC (Reg.) (United Kingdom,
Oil & Gas)

14.1 11.1

TOP FIVE MARKET SECTORS AS OF
OCTOBER 31, 1999

% OF FUND'S NET ASSETS % OF FUND'S NET ASSETS 6
MONTHS AGO

FINANCE 26.5 25.1

UTILITIES 16.0 21.1

ENERGY 9.0 7.7

HEALTH 8.5 8.1

TECHNOLOGY 7.3 5.6

TOP FIVE COUNTRIES AS OF
OCTOBER 31, 1999

(EXCLUDING CASH EQUIVALENTS) % OF FUND'S NET ASSETS % OF FUND'S NET ASSETS 6
MONTHS AGO

United Kingdom 32.3 33.0

France 19.1 18.6

Germany 11.6 11.8

Switzerland 10.9 6.9

Netherlands 8.6 7.6

</TABLE>

PERCENTAGES ARE ADJUSTED FOR THE EFFECT OF FUTURES CONTRACTS, IF
APPLICABLE.

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
<C>
ASSET ALLOCATION (% OF FUND'S

NET ASSETS)

AS OF OCTOBER 31, 1999 AS OF APRIL 30, 1999

Stocks and investment Stocks and investment

companies 97.1% companies 98.1%

Short-term investments and Short-term investments and

net other assets 2.9% net other assets 1.9%

</TABLE>

Row: 1, Col: 1, Value: 97.09999999999999
Row: 1, Col: 2, Value: 0.0
Row: 1, Col: 3, Value: 0.0
Row: 1, Col: 4, Value: 0.0
Row: 1, Col: 5, Value: 0.0
Row: 1, Col: 6, Value: 0.0
Row: 1, Col: 7, Value: 0.0
Row: 1, Col: 8, Value: 2.9
Row: 1, Col: 1, Value: 98.09999999999999
Row: 1, Col: 2, Value: 0.0
Row: 1, Col: 3, Value: 0.0
Row: 1, Col: 4, Value: 0.0
Row: 1, Col: 5, Value: 0.0
Row: 1, Col: 6, Value: 0.0
Row: 1, Col: 7, Value: 0.0
Row: 1, Col: 8, Value: 1.5
PRIOR TO THIS REPORT, CERTAIN INFORMATION RELATED TO PORTFOLIO
HOLDINGS WAS STATED AS A PERCENTAGE OF THE FUND'S INVESTMENTS.

INVESTMENTS OCTOBER 31, 1999

Showing Percentage of Net Assets

COMMON STOCKS - 96.8%

SHARES VALUE (NOTE 1)

AUSTRIA - 0.4%

Bank Austria AG 2,000 $ 99,730

BELGIUM - 0.6%

Electrabel SA 398 131,665

FINLAND - 4.3%

Nokia AB sponsored ADR 7,260 838,984

Sonera Group PLC 2,500 75,293

UPM-Kymmene Corp. 2,500 79,118

993,395

FRANCE - 19.1%

AXA SA de CV 2,022 286,036

Banque Nationale de Paris 693 61,042

Bouygues 300 104,752

Cap Gemini SA 499 75,801

Carrefour SA (SUPERMARCHE) 500 92,831

Castorama Dubois 684 205,498
Investissements SA

Compagnie de St. Gobain 481 83,722

Dassault Systemes SA 800 33,276

France Telecom SA 3,900 377,881

Groupe Danone 250 63,953

Havas Advertising SA 703 197,635

Hermes International SA 1,100 120,681

Lafarge SA 600 57,914

Rhodia SA 5,600 108,402

Sanofi-Synthelabo SA (a) 4,588 203,033

Schneider SA (a) 600 41,458

Societe Generale, France 1,467 320,340
Class A

Suez Lyonnaise des Eaux 1,978 320,292

Television Francaise 1 SA 970 304,929

Total Fina SA Class B 6,530 870,937

Transiciel SA 900 52,123

Vivendi SA (a) 5,093 387,096

4,369,632

GERMANY - 11.3%

Allianz AG (Reg.) 880 267,447

Celanese AG (a) 190 3,006

DaimlerChrysler AG (Reg.) 2,014 156,589

Deutsche Bank AG 2,600 186,451

Deutsche Telekom AG 9,565 442,452

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

GERMANY - CONTINUED

Dresdner Bank AG 3,300 $ 170,403

Fresenius Medical Care AG 4,800 111,900
sponsored ADR

Hoechst AG 1,900 84,161

Kali Und Salz Beteiligungs AG 2,500 35,814

Mannesmann AG (Reg.) 2,107 333,179

Munich Reinsurance AG (Reg.) 636 145,388

Primacom AG 2,800 138,825

Siemens AG 1,000 90,247

Veba AG 3,600 195,540

Wella AG 9,290 227,360

2,588,762

IRELAND - 0.2%

CRH PLC 2,200 41,658

ITALY - 2.2%

Assicurazioni Generali Spa 2,500 80,832

Eni Spa sponsored ADR 20,350 120,023

Mondadori (Arnoldo) Editore 4,400 82,764
Spa

San Paolo-IMI Spa 5,400 71,331

TECNOST Spa (a) 73,300 142,431

497,381

NETHERLANDS - 8.6%

ABN AMRO Holding NV 6,100 147,938

Aegon NV 2,201 203,741

Equant NV (a) 1,200 117,094

Fortis Amev NV 6,400 220,972

Getronics NV 900 45,002

Gucci Group NV (NY Shares) 800 64,600

ING Groep NV 6,846 405,001

Koninklijke Ahold NV 6,518 200,774

Koninklijke KPN NV 2,200 113,231

Libertel NV (a) 4,900 93,042

Numico NV 1,706 69,737

Vendex KBB NV 7,900 231,260

Vnu NV 1,760 59,690

1,972,082

NORWAY - 0.4%

Norsk Hydro AS 2,400 96,003

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

SPAIN - 3.5%

Argentaria Caja Postal y 7,600 $ 169,164
Banco Hipotecario de Espana
SA

Banco Santander Central 23,760 247,386
Hispano SA

Iberdrola SA 7,265 106,221

Telefonica SA (a) 17,036 281,071

803,842

SWEDEN - 3.0%

Electrolux AB 8,200 164,005

Ericsson (L.M.) Telefon AB 8,300 354,825
Class B

Swedish Match Co. 34,300 125,910

Volvo AB Class B 2,000 51,831

696,571

SWITZERLAND - 10.9%

ABB Ltd. (Reg) (a) 2,191 221,131

Ares Serono SA Class B 76 118,430
(Bearer)

Credit Suisse Group (Reg.) 1,253 241,389

Holderbank Financiere Glarus 82 101,199
AG (Bearer)

Julius Baer Holding AG 21 63,308

Kuoni Reisen Holding AG Class 16 68,381
B (Reg.)

Nestle SA (Reg.) 273 527,727

Novartis AG (Reg.) 139 208,377

PubliGroupe SA 112 82,330

Roche Holding AG 33 397,068
participation certificates

Swatch Group AG (The) (Bearer) 233 185,983

UBS AG 925 269,733

2,485,056

UNITED KINGDOM - 32.3%

Abbey National PLC 8,600 168,288

Alliance & Leicester PLC 8,800 128,500

Allied Zurich PLC 19,400 234,475

Amvescap PLC 12,400 110,925

Arcadia Group PLC 38,900 98,030

AstraZeneca Group PLC (Sweden) 3,100 140,449

Bank of Scotland 14,700 183,471

BG PLC 14,800 82,199

BP Amoco PLC 51,800 498,575

British Telecommunications PLC 25,600 460,800

CGU PLC 11,400 166,185

Computacenter PLC 9,900 103,375

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

UNITED KINGDOM - CONTINUED

de la Rue PLC 24,400 $ 123,480

Diageo PLC 9,600 97,085

General Electric Co. PLC 21,800 237,134

GKN PLC 3,300 52,854

Glaxo Wellcome PLC 10,600 317,338

HSBC Holdings PLC (Reg.) 18,100 222,856

Kingfisher PLC 7,700 84,138

Lloyds TSB Group PLC 27,200 376,383

MERANT PLC (a) 27,300 109,986

Misys PLC 13,100 109,432

Pearson PLC 6,400 143,865

Prudential Corp. PLC 12,800 200,906

Rentokil Initial PLC 51,300 171,035

Reuters Group PLC 14,700 136,697

Royal Bank of Scotland Group 15,200 350,428
PLC

Shell Transport & Trading Co. 62,800 480,158
PLC (Reg.)

Smith (David S.) Holdings PLC 38,500 120,921

SmithKline Beecham PLC 36,300 464,640

Standard Chartered PLC 18,300 256,840

Unilever PLC 30,246 281,193

Vodafone AirTouch PLC 68,600 328,852

Vodafone AirTouch PLC 5,500 263,656
sponsored ADR

Wickes PLC 15,100 78,961

7,384,110

TOTAL COMMON STOCKS 22,159,887
(Cost $20,552,580)

NONCONVERTIBLE PREFERRED
STOCKS - 0.3%

GERMANY - 0.3%

Dyckerhoff AG (Cost $64,634) 2,189 65,350

INVESTMENT COMPANIES - 0.0%

MULTI-NATIONAL - 0.0%

European Warrant Fund, Inc. 200 3,088
(Cost $3,948)

CASH EQUIVALENTS - 4.5%

SHARES VALUE (NOTE 1)

Taxable Central Cash Fund, 1,043,388 $ 1,043,388
5.21% (b) (Cost $1,043,388)

TOTAL INVESTMENT PORTFOLIO - 23,271,713
101.6%
(Cost $21,664,550)

NET OTHER ASSETS - (1.6)% (371,869)

NET ASSETS - 100% $ 22,899,844

LEGEND
(a) Non-income producing
(b) The rate quoted is the annualized seven-day yield of the fund at
period end.
INCOME TAX INFORMATION
At October 31, 1999, the aggregate
cost of investment securities for income tax purposes was $21,804,874.
Net unrealized appreciation aggregated $1,466,839, of which $2,158,085
related to appreciated investment securities and $691,246 related to
depreciated investment securities.
At October 31, 1999, the fund had a capital loss carryforward of
approxi-
mately $697,000 all of which will expire on October 31, 2007.
MARKET SECTOR DIVERSIFICATION (UNAUDITED)
As a Percentage of Net Assets
BASIC INDUSTRIES 1.9%

CASH EQUIVALENTS 4.5

CONSTRUCTION & REAL ESTATE 2.1

DURABLES 4.0

ENERGY 9.0

FINANCE 26.5

HEALTH 8.5

INDUSTRIAL MACHINERY & 3.9
EQUIPMENT

MEDIA & LEISURE 3.4

NONDURABLES 5.5

RETAIL & WHOLESALE 4.4

SERVICES 4.6

TECHNOLOGY 7.3

UTILITIES 16.0

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 1999

ASSETS

Investment in securities, at $ 23,271,713
value (cost $21,664,550) -
See accompanying schedule

Receivable for investments 916,338
sold

Receivable for fund shares 15,495
sold

Dividends receivable 40,822

Interest receivable 2,765

Other receivables 261

Prepaid expenses 6,058

Receivable from investment 1,078
adviser for expense
reductions

TOTAL ASSETS 24,254,530

LIABILITIES

Payable to custodian bank $ 9,276

Payable for investments 1,185,587
purchased

Payable for fund shares 95,155
redeemed

Distribution fees payable 11,489

Other payables and accrued 53,179
expenses

TOTAL LIABILITIES 1,354,686

NET ASSETS $ 22,899,844

Net Assets consist of:

Paid in capital $ 22,112,298

Undistributed net investment 24,274
income

Accumulated undistributed net (843,736)
realized gain (loss) on
investments and foreign
currency transactions

Net unrealized appreciation 1,607,008
(depreciation) on
investments and assets and
liabilities in foreign
currencies

NET ASSETS $ 22,899,844

STATEMENT OF ASSETS AND LIABILITIES - CONTINUED
OCTOBER 31, 1999

CALCULATION OF MAXIMUM $10.56
OFFERING PRICE CLASS A: NET
ASSET VALUE and redemption
price per share
($2,059,745 (divided by)
195,037 shares)

Maximum offering price per $11.20
share (100/94.25 of $10.56)

CLASS T: NET ASSET VALUE and $10.54
redemption price per share
($12,343,112 (divided by)
1,170,966 shares)

Maximum offering price per $10.92
share (100/96.50 of $10.54)

CLASS B: NET ASSET VALUE and $10.48
offering price per share
($3,764,671 (divided by)
359,063 shares) A

CLASS C: NET ASSET VALUE and $10.49
offering price per share
($3,894,472 (divided by)
371,355 shares) A

INSTITUTIONAL CLASS: NET $10.58
ASSET VALUE, offering price
and redemption price per
share ($837,844 (divided by)
79,206 shares)

A REDEMPTION PRICE PER SHARE IS EQUAL TO NET ASSET VALUE LESS ANY
APPLICABLE CONTINGENT DEFERRED SALES CHARGE.

STATEMENT OF OPERATIONS
DECEMBER 17, 1998
(COMMENCEMENT OF OPERATIONS)
TO OCTOBER 31, 1999

INVESTMENT INCOME $ 341,018
Dividends

Interest 41,050

382,068

Less foreign taxes withheld (40,301)

TOTAL INCOME 341,767

EXPENSES

Management fee $ 98,482

Transfer agent fees 40,069

Distribution fees 82,985

Accounting fees and expenses 52,090

Non-interested trustees' 33
compensation

Custodian fees and expenses 113,508

Registration fees 107,260

Audit 28,020

Legal 177

Miscellaneous 371

Total expenses before 522,995
reductions

Expense reductions (207,047) 315,948

NET INVESTMENT INCOME 25,819

REALIZED AND UNREALIZED GAIN
(LOSS)
Net realized gain (loss) on:

Investment securities (843,542)

Foreign currency transactions (1,739) (845,281)

Change in net unrealized
appreciation (depreciation)
on:

Investment securities 1,607,163

Assets and liabilities in (155) 1,607,008
foreign currencies

NET GAIN (LOSS) 761,727

NET INCREASE (DECREASE) IN $ 787,546
NET ASSETS RESULTING FROM
OPERATIONS

STATEMENT OF CHANGES IN NET ASSETS
DECEMBER 17, 1998
(COMMENCEMENT OF OPERATIONS)
TO OCTOBER 31, 1999

INCREASE (DECREASE) IN NET
ASSETS

Operations Net investment $ 25,819
income

Net realized gain (loss) (845,281)

Change in net unrealized 1,607,008
appreciation (depreciation)

NET INCREASE (DECREASE) IN 787,546
NET ASSETS RESULTING FROM
OPERATIONS

Share transactions - net 22,112,298
increase (decrease)

TOTAL INCREASE (DECREASE) 22,899,844
IN NET ASSETS

NET ASSETS

Beginning of period -

End of period (including $ 22,899,844
undistributed net investment
income of $24,274)

FINANCIAL HIGHLIGHTS - CLASS A

OCTOBER 31 1999 E

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 10.00
period

Income from Investment
Operations

Net investment income D .05

Net realized and unrealized .51
gain (loss)

Total from investment .56
operations

Net asset value, end of period $ 10.56

TOTAL RETURN B, C 5.60%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 2,060
(000 omitted)

Ratio of expenses to average 2.00% A, F
net assets

Ratio of expenses to average 1.96% A, G
net assets after expense
reductions

Ratio of net investment .56% A
income to average net assets

Portfolio turnover 164% A

A ANNUALIZED
B THE TOTAL RETURN WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIOD SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR
PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD DECEMBER 17, 1998 (COMMENCEMENT OF OPERATIONS) TO
OCTOBER 31, 1999.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.

FINANCIAL HIGHLIGHTS - CLASS T

OCTOBER 31, 1999 E

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 10.00
period

Income from Investment
Operations

Net investment income D .03

Net realized and unrealized .51
gain (loss)

Total from investment .54
operations

Net asset value, end of period $ 10.54

TOTAL RETURN B, C 5.40%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 12,343
(000 omitted)

Ratio of expenses to average 2.25% A, F
net assets

Ratio of expenses to average 2.21% A, G
net assets after expense
reductions

Ratio of net investment .31% A
income to average net assets

Portfolio turnover 164% A

FINANCIAL HIGHLIGHTS - CLASS B

OCTOBER 31, 1999 E

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 10.00
period

Income from Investment
Operations

Net investment income (loss) D (.02)

Net realized and unrealized .50
gain (loss)

Total from investment .48
operations

Net asset value, end of period $ 10.48

TOTAL RETURN B, C 4.80%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 3,765
(000 omitted)

Ratio of expenses to average 2.75% A, F
net assets

Ratio of expenses to average 2.71% A, G
net assets after expense
reductions

Ratio of net investment (.19)% A
income (loss) to average net
assets

Portfolio turnover 164% A

A ANNUALIZED
B THE TOTAL RETURN WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIOD SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE CONTINGENT DEFERRED SALES CHARGE
AND FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD DECEMBER 17, 1998 (COMMENCEMENT OF OPERATIONS) TO
OCTOBER 31, 1999.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.

FINANCIAL HIGHLIGHTS - CLASS C

OCTOBER 31, 1999 E

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 10.00
period

Income from Investment
Operations

Net investment income (loss) D (.02)

Net realized and unrealized .51
gain (loss)

Total from investment .49
operations

Net asset value, end of period $ 10.49

TOTAL RETURN B, C 4.90%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 3,894
(000 omitted)

Ratio of expenses to average 2.75% A, F
net assets

Ratio of expenses to average 2.71% A, G
net assets after expense
reductions

Ratio of net investment (.19)% A
income (loss) to average net
assets

Portfolio turnover 164% A

FINANCIAL HIGHLIGHTS - INSTITUTIONAL CLASS

OCTOBER 31, 1999 E

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 10.00
period

Income from Investment
Operations

Net investment income D .07

Net realized and unrealized .51
gain (loss)

Total from investment .58
operations

Net asset value, end of period $ 10.58

TOTAL RETURN B, C 5.80%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 838
(000 omitted)

Ratio of expenses to average 1.75% A, F
net assets

Ratio of expenses to average 1.71% A, G
net assets after expense
reductions

Ratio of net investment .81% A
income to average net assets

Portfolio turnover 164% A

A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C THE TOTAL RETURN WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIOD SHOWN.
D NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD DECEMBER 17, 1998 (COMMENCEMENT OF OPERATIONS) TO
OCTOBER 31, 1999.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.

NOTES TO FINANCIAL STATEMENTS
For the period ended October 31, 1999

1. SIGNIFICANT ACCOUNTING POLICIES.
Fidelity Advisor Europe Capital Appreciation Fund (the fund) is a fund
of Fidelity Advisor Series VIII (the trust) and is authorized to issue
an unlimited number of shares. The trust is registered under the
Investment Company Act of 1940, as amended (the 1940 Act), as an
open-end management investment company organized as a Massachusetts
business trust.
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 of shares
differs in its respective distribution, transfer agent, and certain
other class-specific fees, expenses, and expense reductions.
The financial statements have been prepared in conformity with
generally accepted accounting principles 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. Securities for which quotations are readily
available are valued at the last sale price, or if no sale price, at
the closing bid price in the principal market in which such securities
are normally traded. If trading or events occurring in other markets
after the close of the principal market in which securities are traded
are expected to materially affect the value of those securities, then
they are valued at their fair value taking this trading or these
events into account. Fair value is determined in good faith under
consistently applied procedures under the general supervision of the
Board of Trustees. Securities for which quotations are not readily
available are valued primarily using dealer-supplied valuations or at
their fair value. Short-term securities with remaining maturities of
sixty days or less for which quotations are not readily available are
valued at amortized cost or original cost plus accrued interest, both
of which approximate current value.
FOREIGN CURRENCY TRANSLATION. The accounting records of the fund are
maintained in U.S. dollars. Investment securities and other assets and
liabilities denominated in a foreign currency are translated into U.S.
dollars at the prevailing rates of exchange at period end. Purchases
and sales of securities, income receipts and expense payments are
translated into U.S. dollars at the prevailing exchange rate on the
respective dates of the transactions.
1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
FOREIGN CURRENCY TRANSLATION - CONTINUED
Net realized gains and losses on foreign currency transactions
represent net gains and losses from sales and maturities of foreign
currency contracts, disposition of foreign currencies, the difference
between the amount of net investment income accrued and the U.S.
dollar amount actually received, and gains and losses between trade
and settlement date on purchases and sales of securities. The effects
of changes in foreign currency exchange rates on investments in
securities are included with the net realized and unrealized gain or
loss on investment securities.
INCOME TAXES. The fund intends to qualify as a regulated investment
company under Subchapter M of the Internal Revenue Code. By so
qualifying, the fund will not be subject to income taxes to the extent
that it distributes substantially all of its taxable income for its
fiscal year. The fund may be subject to foreign taxes on income and
gains on investments which are accrued based upon the fund's
understanding of the tax rules and regulations that exist in the
markets in which it invests. Foreign governments may also impose taxes
on other payments or transactions with respect to foreign securities.
The fund accrues such taxes as applicable. The schedule of investments
includes information regarding income taxes under the caption "Income
Tax Information."
INVESTMENT INCOME. Dividend income is recorded on the ex-dividend
date, except certain dividends from foreign securities where the
ex-dividend date may have passed, are recorded as soon as the fund is
informed of the ex-dividend date. Non-cash dividends included in
dividend income, if any, are recorded at the fair market value of the
securities received. Interest income is accrued as earned. Investment
income is recorded net of foreign taxes withheld where recovery of
such taxes is uncertain.
EXPENSES. Most expenses of the trust can be directly attributed to a
fund. Expenses which cannot be directly attributed are apportioned
among the funds in the trust.
PREPAID EXPENSES. Fidelity Management & Research Company (FMR) bears
all organizational expenses of the funds except for the cost of
registering and qualifying shares of each class for distribution under
federal and state securities law. These registration expenses are
borne by the fund and amortized over one year.
DISTRIBUTIONS TO SHAREHOLDERS. Distributions are recorded on the
ex-dividend date. Income dividends and capital gain distributions are
declared separately for each class.
Income and capital gain distributions are determined in accordance
with income tax regulations which may differ from generally accepted
accounting principles. These differences, which may result in
distribution reclassifications, are primarily due to differing
treatments for foreign currency transactions, passive foreign
investment companies (PFIC) and losses deferred due to wash sales.
1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
DISTRIBUTIONS TO SHAREHOLDERS - CONTINUED
Permanent book and tax basis differences relating to shareholder
distributions will result in reclassifications to paid in capital.
Undistributed net investment income and accumulated undistributed net
realized gain (loss) on investments and foreign currency transactions
may include temporary book and tax basis differences which will
reverse in a subsequent period. Any taxable income or gain remaining
at fiscal year end is distributed in the following year.
SECURITY TRANSACTIONS. Security transactions are accounted for as of
trade date. Gains and losses on securities sold are determined on the
basis of identified cost.
2. OPERATING POLICIES.
FOREIGN CURRENCY CONTRACTS. The fund generally uses foreign currency
contracts to facilitate transactions in foreign-denominated
securities. Losses may arise from changes in the value of the foreign
currency or if the counterparties do not perform under the contracts'
terms. The U.S. dollar value of foreign currency contracts is
determined using contractual currency exchange rates established at
the time of each trade.
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission (the SEC), the fund, along with
other affiliated entities of FMR, may transfer uninvested cash
balances into one or more joint trading accounts. These balances are
invested in one or more repurchase agreements for U.S. Treasury or
Federal Agency obligations.
REPURCHASE AGREEMENTS. The underlying U.S. Treasury or Federal Agency
securities are transferred to an account of the fund, or to the Joint
Trading Account, at a bank custodian. The securities are
marked-to-market daily and maintained at a value at least equal to the
principal amount of the repurchase agreement (including accrued
interest). FMR, the fund's investment adviser, is responsible for
determining that the value of the underlying securities remains in
accordance with the market value requirements stated above.
2. OPERATING POLICIES - CONTINUED
TAXABLE CENTRAL CASH FUND. Pursuant to an Exemptive Order issued by
the SEC, the fund may invest in the Taxable Central Cash Fund (the
Cash Fund) managed by Fidelity Investments Money Management, Inc., an
affiliate of FMR. The Cash Fund is an open-end money market fund
available only to investment companies and other accounts managed by
FMR and its affiliates. The Cash Fund seeks preservation of capital,
liquidity, and current income. Income distributions from the Cash Fund
are declared daily and paid monthly from net interest income. Income
distributions earned by the fund are recorded as interest income in
the accompanying financial statements.
3. PURCHASES AND SALES OF INVESTMENTS.
Purchases and sales of securities, other than short-term securities,
aggregated $43,820,145 and $22,331,256, respectively.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, FMR receives a
monthly fee that is calculated on the basis of a group fee rate plus a
fixed individual fund fee rate applied to the average net assets of
the fund. The group fee rate is the weighted average of a series of
rates and is based on the monthly average net assets of all the mutual
funds advised by FMR. The rates ranged from .2167% to .5200% for the
period. The annual individual fund fee rate is .45%. In the event that
these rates were lower than the contractual rates in effect during the
period, FMR voluntarily implemented the above rates, as they resulted
in the same or a lower management fee. For the period, the management
fee was equivalent to an annualized rate of .73% of average net
assets.
SUB-ADVISER FEE. FMR, on behalf of the fund, entered into sub-advisory
agreements with Fidelity Management & Research (U.K.) Inc., Fidelity
Management & Research (Far East) Inc., and Fidelity International
Investment Advisors (FIIA). In addition, FIIA entered into a
sub-advisory agreement with its subsidiary, Fidelity International
Investment Advisors (U.K.) Limited (FIIA(U.K.)L). Under the
sub-advisory arrangements, FMR may receive investment advice and
research services and may grant the sub-advisers investment management
authority to buy and sell securities. FMR pays its sub-advisers either
a portion of its management fee or a fee based on costs incurred for
these services. FIIA pays FIIA(U.K.)L a fee based on costs incurred
for either service.
DISTRIBUTION AND SERVICE PLAN. In accordance with Rule 12b-1 of the
1940 Act, the Board of Trustees have adopted separate distribution
plans with respect to each class of shares (collectively referred to
as "the Plans"). Under certain of the Plans, the class pays Fidelity
Distributors Corporation (FDC), an affiliate of FMR, a distribution
and service fee. A portion of this fee may be reallowed to securities
dealers, banks and other financial
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
DISTRIBUTION AND SERVICE PLAN - CONTINUED
institutions for the distribution of each class of shares and
providing shareholder support services. For the period, this fee was
based on the following annual rates of the average net assets of each
applicable class:

CLASS A .25%

CLASS T .50%

CLASS B 1.00%*

CLASS C 1.00%*

* .75% REPRESENTS A DISTRIBUTION FEE AND .25% REPRESENTS A SHAREHOLDER
SERVICE FEE.
For the period, each class paid FDC the following amounts, a portion
of which was retained by FDC:

PAID TO FDC RETAINED BY FDC

CLASS A $ 3,256 $ 851

CLASS T 35,955 1,256

CLASS B 21,450 16,903

CLASS C 22,324 20,104

$ 82,985 $ 39,114

SALES LOAD. FDC receives a front-end sales charge of up to 5.75% for
selling Class A shares, and 3.50% for selling Class T shares of the
fund. FDC receives the proceeds of contingent deferred sales charges
levied on Class B share redemptions occurring within six years of
purchase and Class C share redemptions occurring within one year of
purchase. Contingent deferred sales charges are based on declining
rates ranging from 5% to 1% for Class B and 1% for Class C, of the
lesser of the cost of shares at the initial date of purchase or the
net asset value of the redeemed shares, excluding any reinvested
dividends and capital gains. In addition, purchases of Class A and
Class T shares that were subject to a finder's fee bear a contingent
deferred sales charge on assets that do not remain in the fund for at
least one year. The Class A and Class T contingent deferred sales
charge is based on 0.25% of the lesser of the cost of shares at the
initial date of purchase or the net asset value of the redeemed
shares, excluding any reinvested dividends and capital gains. A
portion of the sales charges paid to FDC is paid to securities
dealers, banks and other financial institutions.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
SALES LOAD - CONTINUED
For the period, sales charge amounts paid to and retained by FDC were
as follows:

PAID TO FDC RETAINED BY FDC

CLASS A $ 22,916 $ 10,160

CLASS T 48,724 15,624

CLASS B 6,305 6,305*

CLASS C 871 871*

$ 78,816 $ 32,960

* WHEN CLASS B AND CLASS C SHARES ARE INITIALLY SOLD, FDC PAYS
COMMISSIONS FROM ITS OWN RESOURCES TO SECURITIES DEALERS,
BANKS, AND OTHER FINANCIAL INSTITUTIONS THROUGH WHICH THE SALES ARE
MADE.
TRANSFER AGENT FEES. Fidelity Investments Institutional Operations
Company, Inc., (FIIOC), an affiliate of FMR, is the transfer, dividend
disbursing and shareholder servicing agent for each class of the fund.
FIIOC receives account fees and asset-based fees that vary according
to the account size and type of account of the shareholders of the
respective classes of the fund. FIIOC pays for typesetting, printing
and mailing of all shareholder reports, except proxy statements. For
the period, the following amounts were paid to FIIOC:

AMOUNT % OF AVERAGE NET ASSETS

CLASS A $ 4,285 .33*

CLASS T 20,661 .28*

CLASS B 7,856 .36*

CLASS C 5,104 .23*

INSTITUTIONAL CLASS 2,163 .36*

$ 40,069

* ANNUALIZED
ACCOUNTING FEES. Fidelity Service Company, Inc, an affiliate of FMR,
maintains the fund's accounting records. The fee is based on the level
of average net assets for the month plus out-of-pocket expenses.
BROKERAGE COMMISSIONS. The fund placed a portion of its portfolio
transactions with brokerage firms which are affiliates of FMR. The
commissions paid to these affiliated firms were $8 for the period.
5. EXPENSE REDUCTIONS.
FMR voluntarily agreed to reimburse operating expenses (excluding
interest, taxes, certain securities lending fees, brokerage
commissions and extraordinary expenses, if any) above the following
annual rates or range of annual rates of average net assets for each
of the following classes:

FMR EXPENSE LIMITATIONS REIMBURSEMENT

CLASS A 2.00% $ 19,927

CLASS T 2.25% 106,887

CLASS B 2.75% 33,467

CLASS C 2.75% 31,757

INSTITUTIONAL CLASS 1.75% 9,227

$ 201,265

FMR has also directed certain portfolio trades to brokers who paid a
portion of the fund's expenses. For the period, the fund's expenses
were reduced by $5,782 under this arrangement.
6. BENEFICIAL INTEREST.
At the end of the period, FMR and its affiliates were record owners of
approximately 9% of total outstanding shares of the fund. In addition,
one unaffiliated shareholder was record owner of more than 20% of the
total outstanding shares of the fund.
7. SHARE TRANSACTIONS.
Transactions for each class of shares for the periods are as follows:

<TABLE>
<CAPTION>
<S> <C> <C>
SHARES DOLLARS

DECEMBER 17, 1998 DECEMBER 17, 1998
(COMMENCEMENT OF OPERATIONS) (COMMENCEMENT OF OPERATIONS)
TO OCTOBER 31, TO OCTOBER 31,

1999 1999

CLASS A Shares sold $ 2,460,326
242,665

Shares redeemed (47,628) (483,630)

Net increase (decrease) 195,037 $ 1,976,696

CLASS T Shares sold 1,472,795 $ 14,972,579

Shares redeemed (301,829) (3,050,024)

Net increase (decrease) 1,170,966 $ 11,922,555

CLASS B Shares sold 399,772 $ 4,048,052

Shares redeemed (40,709) (414,433)

Net increase (decrease) 359,063 $ 3,633,619

CLASS C Shares sold 395,362 $ 4,017,324

Shares redeemed (24,007) (243,373)

Net increase (decrease) 371,355 $ 3,773,951

INSTITUTIONAL CLASS Shares 375,401 $ 3,858,159
sold

Shares redeemed (296,195) (3,052,682)

Net increase (decrease) 79,206 $ 805,477

</TABLE>

INDEPENDENT AUDITORS' REPORT

To the Trustees of Fidelity Advisor Series VIII and Shareholders of
Fidelity Advisor Europe Capital Appreciation Fund:
We have audited the accompanying statement of assets and liabilities,
including the portfolio of investments, of Fidelity Advisor Europe
Capital Appreciation Fund as of October 31, 1999, the related
statement of operations, the statement of changes in net assets and
the financial highlights for the period from December 17, 1998
(commencement of operations) to October 31, 1999. These financial
statements and financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an opinion on
these financial statements and financial highlights based on our
audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. Our procedures included
confirmation of the securities owned at October 31, 1999, by
correspondence with the custodian and brokers; where replies were not
received from brokers, we performed other auditing procedures. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the
overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights
present fairly, in all material respects, the financial position of
Fidelity Advisor Europe Capital Appreciation Fund at October 31, 1999,
the results of its operations, the changes in its net assets, and its
financial highlights for the period from December 17, 1998
(commencement of operations) to October 31, 1999 in conformity with
generally accepted accounting principles.
/s/DELOITTE & TOUCHE LLP
DELOITTE & TOUCHE LLP
Boston, Massachusetts
December 3, 1999

INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA
INVESTMENT SUB-ADVISERS
Fidelity Management & Research
(U.K.) Inc., London, England
Fidelity Management & Research
(Far East) Inc., Tokyo, Japan
Fidelity International Investment Advisors, Pembroke, Bermuda
Fidelity International Investment Advisors (U.K.) Limited
London, England
OFFICERS
Edward C. Johnson 3d, President
Robert C. Pozen, Senior Vice President
Richard Spillane, Jr., Vice President
Kevin McCarey, Vice President
Eric D. Roiter, Secretary
Richard A. Silver, Treasurer
Matthew N. Karstetter, Deputy Treasurer
John H. Costello, Assistant Treasurer
BOARD OF TRUSTEES
Ralph F. Cox *
Phyllis Burke Davis *
Robert M. Gates *
Edward C. Johnson 3d
E. Bradley Jones *
Donald J. Kirk *
Peter S. Lynch
Marvin L. Mann *
William O. McCoy *
Gerald C. McDonough *
Robert C. Pozen
Thomas R. Williams *
ADVISORY BOARD
J. Gary Burkhead
Abigail P. Johnson
Ned C. Lautenbach
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENT
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
CUSTODIAN
State Street Bank and Trust Company
Quincy, MA
FOCUS FUNDS
Fidelity Advisor Consumer
Industries Fund
Fidelity Advisor Cyclical
Industries Fund
Fidelity Advisor Financial
Services Fund
Fidelity Advisor Health Care Fund
Fidelity Advisor Natural
Resources Fund
Fidelity Advisor Technology Fund
Fidelity Advisor Utilities Growth Fund
GROWTH FUNDS
Fidelity Advisor Latin America Fund
Fidelity Advisor Emerging Asia Fund
Fidelity Advisor Japan Fund
Fidelity Advisor Europe Capital Appreciation Fund
Fidelity Advisor International
Capital Appreciation Fund
Fidelity Advisor Overseas Fund
Fidelity Advisor Diversified International Fund
Fidelity Advisor Global Equity Fund
Fidelity Advisor TechnoQuant SM
Growth Fund
Fidelity Advisor Small Cap Fund
Fidelity Advisor Value Strategies Fund
Fidelity Advisor Mid Cap Fund
Fidelity Advisor Retirement Growth Fund
Fidelity Advisor Equity Growth Fund
Fidelity Advisor Large Cap Fund
Fidelity Advisor Dividend Growth Fund
Fidelity Advisor Growth
Opportunities Fund
GROWTH AND INCOME FUNDS
Fidelity Advisor Growth & Income Fund
Fidelity Advisor Equity Income Fund
Fidelity Advisor Asset Allocation Fund
Fidelity Advisor Balanced Fund
TAXABLE INCOME FUNDS
Fidelity Advisor Emerging Markets Income Fund
Fidelity Advisor High Income Fund
Fidelity Advisor High Yield Fund
Fidelity Advisor Strategic Income Fund
Fidelity Advisor Mortgage
Securities Fund
Fidelity Advisor Government Investment Fund
Fidelity Advisor Intermediate Bond Fund
Fidelity Advisor Short Fixed-Income Fund
MUNICIPAL FUNDS
Fidelity Advisor Municipal Income Fund
Fidelity Advisor Intermediate Municipal Income Fund
MONEY MARKET FUNDS
Prime Fund
Treasury Fund
Tax-Exempt Fund

(registered trademark)

(2_FIDELITY_LOGOS)(registered trademark)

FIDELITY(REGISTERED TRADEMARK) ADVISOR
EUROPE CAPITAL APPRECIATION
FUND - INSTITUTIONAL CLASS

ANNUAL REPORT

OCTOBER 31, 1999

CONTENTS

PRESIDENT'S MESSAGE 3 Ned Johnson on investing
strategies.

PERFORMANCE 4 How the fund has done over
time.

FUND TALK 6 The manager's review of fund
performance, strategy and
outlook.

INVESTMENT CHANGES 9 A summary of the fund's
investments.

INVESTMENTS 10 A complete list of the fund's
investments with their
market values.

FINANCIAL STATEMENTS 15 Statements of assets and
liabilities, operations, and
changes in net assets, as
well as financial highlights.

NOTES 24 Notes to the financial
statements.

INDEPENDENT AUDITORS' REPORT 32 The auditors' opinion.

PRESIDENT'S MESSAGE

FIDELITY ADVISOR EUROPE CAPITAL APPRECIATION FUND - INSTITUTIONAL
CLASS
PERFORMANCE: THE BOTTOM LINE

CUMULATIVE TOTAL RETURNS
PERIOD ENDED OCTOBER 31, 1999 LIFE OF FUND

FIDELITY ADV EUROPE CAP APP - 5.80%
INST CL

MSCI Europe 6.79%

$10,000 OVER LIFE OF FUND
FA Europe Cap App -CL I MS Europe (Net MA tax)
00739 MS002
1998/12/17 10000.00 10000.00
1998/12/31 10330.00 10412.53
1999/01/31 10410.00 10347.66
1999/02/28 9930.00 10087.21
1999/03/31 9950.00 10199.58
1999/04/30 10250.00 10505.36
1999/05/31 9840.00 10002.68
1999/06/30 10100.00 10173.42
1999/07/31 10260.00 10269.87
1999/08/31 10310.00 10376.27
1999/09/30 10190.00 10298.34
1999/10/29 10580.00 10679.38
IMATRL PRASUN SHR__CHT 19991031 19991109 102949 R00000000000014

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Europe Capital Appreciation Fund -
Institutional Class on December 17, 1998, when the fund started. As
the chart shows, by October 31, 1999, the value of the investment
would have grown to $10,580 - a 5.80% increase on the initial
investment. For comparison, look at how the MSCI Europe Index did over
the same period. With dividends reinvested, the same $10,000 would
have grown to $10,679 - a 6.79% increase.

FUND TALK: THE MANAGER'S OVERVIEW

An interview with Kevin McCarey, Portfolio Manager of Fidelity Advisor
Europe Capital Appreciation Fund
Q. HOW DID THE FUND PERFORM, KEVIN?
A. From December 17, 1998 - the date on which the fund commenced
operations - through October 31, 1999, its Institutional Class shares
returned 5.80%. The Morgan Stanley Capital International Europe Index
returned 6.79% during this same time period. Going forward, we'll look
at the fund's performance in six- and 12-month intervals and also will
compare its performance to a peer group of funds tracked by Lipper
Inc.
Q. WHAT FACTORS INFLUENCED THE PERFORMANCE OF EUROPEAN MARKETS DURING
THE PERIOD?
A. Economic developments in both Europe and Russia served as catalysts
for positive market performance. When the period began, most European
economies were struggling. Several interest-rate cuts followed shortly
thereafter, though, and we began to see an economic revival -
particularly in the United Kingdom - during April and May. This
improved climate led to a higher level of corporate restructuring, as
well as a rash of merger and acquisition activity. Russia, meanwhile,
recovered from its currency problems of last year. Since many European
companies rely on Russia as a market for their goods and services,
this righting of the ship proved beneficial. On another front, market
performance - as measured in U.S. dollar returns - was a bit
suppressed early in the period due to the slow start of the euro, the
new single currency for 11 European nations.
Q. WITH THESE ECONOMIC SHIFTS IN MIND, DID YOU FOLLOW ANY SPECIFIC
INVESTMENT STRATEGIES?
A. My decision to add to several of the fund's positions in
smaller-sized U.K. stocks worked out well. Small-cap stocks typically
perform well at the beginning of an economic rebound, and the fund's
stakes in building materials retailer Wickes, electrical equipment
supplier Electrocomponents and de la Rue - a company that makes
cash-handling equipment for banks - performed well. Several holdings
in France also contributed positively, as favorable economic
conditions resulted in more consolidation activity during the period,
especially among larger firms. One example was the merger between
France's two largest oil companies, Total and Elf Aquitaine.
Q. SEVEN OF THE FUND'S TOP-20 INVESTMENTS AT THE END OF THE PERIOD
WERE TELECOMMUNICATIONS-RELATED. WHAT WAS THE ATTRACTION?
A. These companies continued to reap the benefits from both fixed-line
and wireless demand. On the fixed side, more phone lines were
installed for Internet usage. Unlike their U.S. counterparts, European
phone companies charge per-minute fees for local calls. While consumer
pressure may change this fee structure in the future, increased
Internet usage has helped to propel revenues. Wireless demand, on the
other hand, was extremely strong. Consolidation activity was popular
within this group as well, as companies such as Vodafone AirTouch,
Deutsche Telekom and Mannesmann looked to join forces with other
business partners. The fund's positions in Nokia, British
Telecommunications and Ericsson also fared nicely.
Q. FINANCE STOCKS ACCOUNTED FOR MORE THAN A QUARTER OF THE FUND'S
INVESTMENTS AT THE END OF THE PERIOD. HOW DID THIS GROUP PERFORM?
A. Finance stocks performed fairly well early, but declined through
most of the period as long-term interest rates rose. These higher
rates in the U.S. and Europe hurt the fund's positions in Italian bank
San Paolo-IMI as well as insurance stock Allied Zurich. While the
fund's finance exposure was considerable, its weighting through much
of the period was still lower than that of the Morgan Stanley index.
Q. WERE THERE ANY OTHER POSITIONS THAT DIDN'T PERFORM AS WELL AS YOU
WOULD HAVE LIKED?
A. The fund's investment in Telecom Italia was a source of
frustration. Telecom Italia was bought at a premium during the period
by Olivetti, a fellow Italian telecom firm. Olivetti paid a premium
for Telecom Italia, but the fund owned "savings class" shares and the
takeover bid recognized only ordinary shares. In Italy, there is less
protection for minority shareholders of stock. In the U.S., the bid
would have included both classes of shares. The fund also was hurt by
not owning enough economically sensitive stocks, particularly those in
the non-consumer, commodity areas such as metals.
Q. WHAT'S YOUR OUTLOOK?
A. I'm reasonably optimistic. For the most part, European companies
have been paying attention to shareholder interests. While valuations
aren't as low as they have been in recent years, I think better
economies, calmer currency situations and increased merger activity
can be positives for the European markets over the next few months.