FIDELITY ADVISOR SERIES VIII
N-30D, 2000-12-21

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Fidelity® Advisor

Overseas

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

Annual Report

October 31, 2000

(2_fidelity_logos)(registered trademark)

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

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

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

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

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

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

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

Neither the fund nor Fidelity Distributors Corporation is a bank.

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

Annual Report

President's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

A sixth-straight year of double-digit positive returns for the Dow Jones Industrial Average, NASDAQ and S&P 500® could be in jeopardy unless the U.S. stock market shows marked improvement in the final two months of 2000. Through October, all three indexes had negative year-to-date returns. On the other hand, most fixed-income sectors were solidly in the black. Treasuries and other long-term government securities led the way, returning nearly 14%.

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

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

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

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

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

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Fidelity Advisor Overseas Fund - Class A

Performance: The Bottom Line

There are several ways to evaluate historical performance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. 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). The initial offering of Class A shares took place on September 3, 1996. Class A shares bear a 0.25% 12b-1 fee. Returns prior to September 3, 1996 are those of Class T, the original class of the fund, and reflect Class T shares' 0.50% 12b-1 fee (0.65% prior to January 1, 1996). If Fidelity had not reimbursed certain class expenses, the past five year and past 10 year total returns would have been lower. Prior to December 1, 1992, Fidelity Advisor Overseas Fund operated under a different investment objective. Accordingly, the fund's historical performance may not represent its current investment policies.

Cumulative Total Returns

Periods ended October 31, 2000	Past 1 year	Past 5 years	Past 10 years
Fidelity Adv Overseas - CL A	1.78%	74.90%	166.13%
Fidelity Adv Overseas - CL A (incl. 5.75% sales charge)	-4.07%	64.85%	150.82%
MSCI EAFE®	-2.72%	52.63%	113.59%
International Funds Average	2.70%	62.88%	149.02%

Cumulative total returns show Class A's performance in percentage terms over a set period - in this case, one year, five years or 10 years. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare Class A's returns to the performance of the Morgan Stanley Capital Inter-national Europe, Australasia, Far East Index (MSCI EAFE®) - a market capitalization-weighted index that is designed to represent the performance of developed stock markets outside the United States and Canada. As of October 31, 2000 the index included over 840 equity securities of companies domiciled in 20 countries. To measure how Class A's performance stacked up against its peers, you can compare it to the international funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past one year average represents a peer group of 666 mutual funds. These benchmarks include reinvested dividends and capital gains, if any, and exclude the effect of sales charges.

Average Annual Total Returns

Periods ended October 31, 2000	Past 1 year	Past 5 years	Past 10 years
Fidelity Adv Overseas - CL A	1.78%	11.83%	10.28%
Fidelity Adv Overseas - CL A (incl. 5.75% sales charge)	-4.07%	10.51%	9.63%
MSCI EAFE	-2.72%	8.82%	7.88%
International Funds Average	2.70%	9.93%	9.30%

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.

Annual Report

$10,000 Over 10 Years

$10,000 Over 10 Years: Let's say hypothetically that $10,000 was invested in Fidelity Advisor Overseas Fund - Class A on October 31, 1990, and the current 5.75% sales charge was paid. As the chart shows, by October 31, 2000, the value of the investment would have grown to $25,082 - a 150.82% increase on the initial investment. For comparison, look at how the MSCI EAFE Index did over the same period. With dividends reinvested, the same $10,000 would have grown to $21,359 - a 113.59% 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.

Annual Report

Fidelity Advisor Overseas Fund - Class T

Performance: The Bottom Line

Cumulative Total Returns

Periods ended October 31, 2000	Past 1 year	Past 5 years	Past 10 years
Fidelity Adv Overseas - CL T	1.62%	74.22%	165.09%
Fidelity Adv Overseas - CL T (incl. 3.50% sales charge)	-1.93%	68.12%	155.81%
MSCI EAFE	-2.72%	52.63%	113.59%
International Funds Average	2.70%	62.88%	149.02%

Cumulative total returns show Class T's performance in percentage terms over a set period - in this case, one year, five years or 10 years. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare Class T's returns to the performance of the Morgan Stanley Capital International Europe, Australasia, Far East Index (MSCI EAFE) - a market capitalization-weighted index that is designed to represent the performance of developed stock markets outside the United States and Canada. As of October 31, 2000, the index included over 840 equity securities of companies domiciled in 20 countries. To measure how Class T's performance stacked up against its peers, you can compare it to the international funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past one year average represents a peer group of 666 mutual funds. These benchmarks include reinvested dividends and capital gains, if any, and exclude the effect of sales charges.

Average Annual Total Returns

Periods ended October 31, 2000	Past 1 year	Past 5 years	Past 10 years
Fidelity Adv Overseas - CL T	1.62%	11.74%	10.24%
Fidelity Adv Overseas - CL T (incl. 3.50% sales charge)	-1.93%	10.95%	9.85%
MSCI EAFE	-2.72%	8.82%	7.88%
International Funds Average	2.70%	9.93%	9.30%

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

Annual Report

$10,000 Over 10 Years

$10,000 Over 10 Years: Let's say hypothetically that $10,000 was invested in Fidelity Advisor Overseas Fund - Class T on October 31, 1990, and the current 3.50% sales charge was paid. As the chart shows, by October 31, 2000, the value of the investment would have grown to $25,581 - a 155.81% increase on the initial investment. For comparison, look at how the MSCI EAFE Index did over the same period. With dividends reinvested, the same $10,000 investment would have grown to $21,359 - a 113.59% increase.

Understanding
Performance

Annual Report

Fidelity Advisor Overseas Fund - Class B

Performance: The Bottom Line

There are several ways to evaluate historical performance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. 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). The initial offering of Class B shares took place on July 3, 1995. Class B shares bear a 1.00% 12b-1 fee. Returns prior to July 3, 1995 are those of Class T, the original class of the fund, and reflect Class T shares' prior 0.65% 12b-1 fee. Had Class B shares' 12b-1 fee been reflected, returns prior to July 3, 1995 would have been lower. Class B shares' contingent deferred sales charges included in the past one year, past five year, and past 10 year total return figures are 5%, 2% and 0%, respectively. If Fidelity had not reimbursed certain class expenses, the past five year and past 10 year total returns would have been lower. Prior to December 1, 1992, Fidelity Advisor Overseas Fund operated under a different investment objective. Accordingly, the fund's historical performance may not represent its current investment policies.

Cumulative Total Returns

Periods ended October 31, 2000	Past 1 year	Past 5 years	Past 10 years
Fidelity Adv Overseas - CL B	1.02%	68.82%	156.87%
Fidelity Adv Overseas - CL B (incl. contingent deferred sales charge)	-3.79%	66.82%	156.87%
MSCI EAFE	-2.72%	52.63%	113.59%
International Funds Average	2.70%	62.88%	149.02%

Cumulative total returns show Class B's performance in percentage terms over a set period - in this case, one year, five years or10 years. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare Class B's returns to the performance of the Morgan Stanley Capital International Europe, Australasia, Far East Index (MSCI EAFE) - a market capitalization-weighted index that is designed to represent the performance of developed stock markets outside the United States and Canada. As of October 31, 2000 the index included over 840 equity securities of companies domiciled in 20 countries. To measure how Class B's performance stacked up against its peers, you can compare it to the international funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past one year average represents a peer group of 666 mutual funds. These benchmarks include reinvested dividends and capital gains, if any, and exclude the effect of sales charges.

Average Annual Total Returns

Periods ended October 31, 2000	Past 1 year	Past 5 years	Past 10 years
Fidelity Adv Overseas - CL B	1.02%	11.04%	9.89%
Fidelity Adv Overseas - CL B (incl. contingent deferred sales charge)	-3.79%	10.78%	9.89%
MSCI EAFE	-2.72%	8.82%	7.88%
International Funds Average	2.70%	9.93%	9.30%

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.

Annual Report

$10,000 Over 10 Years

$10,000 Over 10 Years: Let's say hypothetically that $10,000 was invested in Fidelity Advisor Overseas Fund - Class B on October 31, 1990. As the chart shows, by October 31, 2000, the value of the investment would have been $25,687 - a 156.87% increase on the initial investment. For comparison, look at how the MSCI EAFE Index did over the same period. With dividends reinvested, the same $10,000 investment would have grown to $21,359 - a 113.59% increase.

Understanding
Performance

Annual Report

Fidelity Advisor Overseas Fund - Class C

Performance: The Bottom Line

There are several ways to evaluate historical performance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. 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). The initial offering of Class C shares took place on November 3, 1997. Class C shares bear a 1.00% 12b-1 fee. Returns between July 3, 1995 and November 3, 1997 are those of Class B shares and reflect Class B shares' 1.00% 12b-1 fee. Returns prior to July 3, 1995 are those of Class T, the original class of the fund, and reflect Class T shares' prior 0.65% 12b-1 fee. Had Class C shares' 12b-1 fee been reflected, returns prior to July 3, 1995 would have been lower. Class C shares' contingent deferred sales charge included in the past one year, past five year, and past 10 year total return figures are 1%, 0% and 0%, respectively. If Fidelity had not reimbursed certain class expenses, the past five year and past 10 year total returns would have been lower. Prior to December 1, 1992, Fidelity Advisor Overseas Fund operated under a different investment objective. Accordingly, the fund's historical performance may not represent its current investment policies.

Cumulative Total Returns

Periods ended October 31, 2000	Past 1 year	Past 5 years	Past 10 years
Fidelity Adv Overseas - CL C	1.05%	68.88%	156.96%
Fidelity Adv Overseas - CL C (incl. contingent deferred sales charge)	0.09%	68.88%	156.96%
MSCI EAFE	-2.72%	52.63%	113.59%
International Funds Average	2.70%	62.88%	149.02%

Cumulative total returns show Class C's performance in percentage terms over a set period - in this case, one year, five years or10 years. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare Class C's returns to the performance of the Morgan Stanley Capital International Europe, Australasia, Far East Index (MSCI EAFE) - a market capitalization-weighted index that is designed to represent the performance of stock markets outside the United States and Canada. As of October 31, 2000, the index included over 840 equity securities of companies domiciled in 20 countries. To measure how Class C's performance stacked up against its peers, you can compare it to the international funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past one year average represents a peer group of 666 mutual funds. These benchmarks include reinvested dividends and capital gains, if any, and exclude the effect of sales charges.

Average Annual Total Returns

Periods ended October 31, 2000	Past 1 year	Past 5 years	Past 10 years
Fidelity Adv Overseas - CL C	1.05%	11.05%	9.90%
Fidelity Adv Overseas - CL C (incl. contingent deferred sales charge)	0.09%	11.05%	9.90%
MSCI EAFE	-2.72%	8.82%	7.88%
International Funds Average	2.70%	9.93%	9.30%

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.

Annual Report

$10,000 Over 10 Years

$10,000 Over 10 Years: Let's say hypothetically that $10,000 was invested in Fidelity Advisor Overseas Fund - Class C on October 31, 1990. As the chart shows, by October 31, 2000 the value of the investment would have been $25,696 - a 156.96% increase on the initial investment. For comparison, look at how the MSCI EAFE Index did over the same period. With dividends reinvested, the same $10,000 investment would have grown to $21,359 - a 113.59% increase.

Understanding
Performance

Annual Report

Fund Talk: The Manager's Overview

Market Recap

Currency disparities, the see-saw performance of technology and telecommunications stocks and increased uncertainty over the direction of energy prices contributed to volatile world markets for the 12-month period that ended October 31, 2000. Through the first half of the period, foreign investors enjoyed handsome returns from technology and telecommunications holdings. These gains disappeared down the stretch, however, as the dollar continued to outperform the struggling euro - the uniform currency of 11 European nations - and the Japanese yen by wide margins. Soaring oil and gas prices also added to the volatility. The Morgan Stanley EAFE® index - which tracks the performance of stock markets in Europe, Australasia and the Far East - fell 2.72% during the period. Europe's economic recovery remained on course, but the euro's continued weakness proved to be a millstone. The Morgan Stanley Europe index had a 12-month return of 1.16%. Japan's economic recovery, on the other hand, appeared to be short-lived, or at least very, very slow in the making. The Morgan Stanley Japan index declined 11.61% during the period. Emerging markets, meanwhile, were unable to sustain the momentum they carried into early 2000 - the Morgan Stanley Emerging Markets Free index tumbled 10.33%.

(Portfolio Manager photograph)
An interview with Rick Mace,
Portfolio Manager of Fidelity
Advisor Overseas Fund

Q. How did the fund perform, Rick?

A. For the 12-month period that ended October 31, 2000, the fund's Class A, Class T, Class B and Class C shares returned 1.78%, 1.62%, 1.02% and 1.05%, respectively. For the same period, the Morgan Stanley Capital International (MSCI) EAFE Index, a broad measure of stock performance in Europe, Australasia and the Far East, declined 2.72%. The fund also compares its performance against the Lipper Inc. international funds average, which was up 2.70% during the past year.

Q. What factors helped the fund outperform its index during the 12-month period?

A. Overweightings and favorable stock selection in the industrial machinery, telecommunications, and transportation and shipping industries were the major factors. More specifically, our positions in Furukawa Electric, a company that manufactures optic fiber used in high-capacity telecommunications networks, and Kyocera, a producer of internal components for cellular handsets, provided a significant boost to performance. Many telephone holdings also aided performance, such as our positions in Mannesmann - later bought by Vodafone Group - and China Mobile, which were particular standouts. The fund also benefited from an early entrance into transportation and shipping stocks, such as Teekay Shipping and Overseas Shipholding, which rose sharply on an increase in worldwide demand for oil. Among energy stocks, French producer TotalFinaElf and several smaller Canadian holdings, such as Talisman, made strong contributions. From a country perspective, being slightly underweighted in the poor-performing Japanese market, particularly during the past six months, proved helpful. Meanwhile, holding significant out-of-benchmark stakes in the relatively strong-performing markets in Canada, Mexico and the U.S. fueled the fund's overall performance.

Annual Report

Fund Talk: The Manager's Overview - continued

Q. What other investment strategies did you employ?

A. During the past year, I reduced the fund's total number of stocks to focus more on the positions I felt offered the best value and potential for growth. This strategy increased the fund's top-10 holdings to roughly 26% of the fund's net assets, from about 20% at the beginning of 2000. I recently pared back the fund's telecommunications positions, particularly in equipment manufacturers where competitive pricing pressures and weakening handset demand threatened to hurt profits. Similarly, I cut back on a number of telephone holdings due to rising concerns over the prices that some of these companies were paying for recent acquisitions. I also was concerned by the high prices that many of these companies were bidding for G3 spectrum licenses to accommodate the next generation of wireless communications. Additionally, I generally took some profits across the board among our energy holdings due to less-favorable projections of supply and demand. At the same time, I increased the fund's exposure to pharmaceuticals and European consumer stocks, such as Unilever and Nestle, because of the relatively stable earnings growth those sectors historically provide.

Q. The fund's financial services weighting rose to 17.7% from 13.3% six months ago. What was your strategy there?

A. I increased our positions in Nomura Securities and Nikko Securities because I believed the trend of Japanese investors using the securities markets for wealth building was in the initial stage of a long-term growth trend. With the recent deregulation of financial services in Japan, these stocks could benefit going forward. As the period progressed, I opportunistically added to the fund's holdings in selected bank stocks, such as Royal Bank of Scotland and Lloyd's TSB Group in the United Kingdom, which reached such low levels that I couldn't ignore them.

Q. What were some of the fund's top performers? What stocks disappointed?

A. Despite a profit warning at the end of the period, Nokia, the Finnish cellular handset manufacturer, was rewarded for its industry leadership position. In addition, TotalFinaElf performed well as a result of the rising global demand for oil. Asian semiconductor holdings were among the fund's biggest disappointments as the price of main memory chips slid to a three-month low in September. South Korea's Samsung Electronics and Hyundai Electronics were among the fund's biggest detractors.

Q. What's your outlook for the next six months, Rick?

A. I expect the volatility we've experienced in the markets during the past six months to continue. The euro has shown little evidence of strengthening, and slowing global economies could hinder corporate profits. Global demand for PCs, handsets and other hardware appears to be slower than previously expected while, at the same time, there is an oversupply of internal components in the marketplace. Given these factors, I believe the performance of overseas stocks going forward will be closely tied to corporate earnings and fundamentals.

Annual Report

Fund Talk: The Manager's Overview - continued

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

Fund Facts

Goal: seeks growth of capital primarily through investments in foreign securities

Start date: April 23, 1990

Size: as of October 31, 2000, more than $2.0 billion

Manager: Rick Mace, since 1996; joined Fidelity in 1987

Rick Mace on the recent
volatility in global markets:

"As we've seen during the past six months, volatility in the equity markets - both domestically and internationally - has increased this year. I believe it is here to stay for a while.

"It's important to realize that today volatility is truly global, influenced a great deal by economic conditions in the United States. When the U.S. economy cools, the rest of the world freezes. When U.S. markets warm, the rest of the world catches fire. Part of the reason volatility is global is that merger and acquisition activity is sweeping the world. Companies are buying one another not just within their own geographic markets, but on a global basis. This acquisition activity suggests that industries also are consolidating around the world.

"Turning to individual markets, I think we will see the European and Japanese economies sputter along in the short term. However, looking with a longer perspective, the corporate cultures in both Europe and Japan are changing - for the better. For example, an increasing number of companies are offering stock options to senior employees, a move that should improve bottom lines and add value for shareholders. Additionally, the increase in M&A activity is driving efficiency into companies and improving returns for shareholders. In the emerging markets, the outlook is mixed. Although Southeast Asian economies have stabilized, the rise in oil costs could hinder short-term growth. There is a slightly better outlook in Latin America, because a number of countries are self-sufficient in energy production.

"Understandably, most people fear volatility. But in my opinion, volatility can be a good thing, because it creates opportunities to buy and sell."

Annual Report

Investment Changes

Top Five Stocks as of October 31, 2000
	% of fund's net assets	% of fund's net assets 6 months ago
Nokia AB (Finland, Communications Equipment)	4.9	3.6
Vodafone Group PLC (United Kingdom, Cellular)	3.6	3.9
TotalFinaElf SA Class B (France, Oil & Gas)	3.5	3.8
Sony Corp. (Japan, Consumer Electronics)	2.2	0.7
Nippon Telegraph & Telephone Corp. (Japan, Telephone Services)	2.1	1.1
	16.3	13.1
Top Five Market Sectors as of October 31, 2000
	% of fund's net assets	% of fund's net assets 6 months ago
Finance	17.7	13.3
Technology	15.0	20.5
Utilities	14.6	19.7
Energy	6.6	8.5
Health	6.5	3.9
Top Five Countries as of October 31, 2000
(excluding cash equivalents)	% of fund's net assets	% of fund's net assets 6 months ago
Japan	22.7	23.8
United Kingdom	14.0	15.4
France	10.0	10.3
Finland	6.9	4.7
Switzerland	6.0	3.6

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

Asset Allocation (% of fund's net assets)
As of October 31, 2000		As of April 30, 2000
	Stocks, Investment Companies and Equity Futures 89.9%		Stocks and Investment Companies 93.1%
	Bonds 0.2%		Bonds 0.2%
	Short-Term Investments and Net Other Assets 9.9%		Short-Term Investments and Net Other Assets 6.7%

Annual Report

Investments October 31, 2000

Showing Percentage of Net Assets

Common Stocks - 89.5%
	Shares		Value (Note 1) (000s)
Australia - 1.0%
BHP Ltd.	482,140		$ 4,690
Cable & Wireless Optus Ltd. (a)	2,036,300		4,328
News Corp. Ltd.	565,237		6,076
News Corp. Ltd. sponsored ADR (preferred ltd. vtg.)	118,900		4,303
TOTAL AUSTRALIA			19,397
Brazil - 0.2%
Telesp Celular Participacoes SA ADR	100,000		3,163
Canada - 2.4%
Alberta Energy Co. Ltd.	146,100		5,398
Alcan Aluminium Ltd.	132,800		4,191
BCE, Inc.	145,500		3,918
Canadian Natural Resources Ltd. (a)	335,000		9,901
Ensign Resource Service Group, Inc.	22,600		609
Nortel Networks Corp.	67,369		3,065
Rio Alto Exploration Ltd. (a)	443,500		7,545
Suncor Energy, Inc.	15,500		303
Talisman Energy, Inc. (a)	409,400		12,894
TOTAL CANADA			47,824
Finland - 6.9%
Nokia AB	2,328,100		99,528
Sampo Insurance Co. Ltd. (A Shares)	93,000		3,789
Sonera Corp.	155,100		3,418
UPM-Kymmene Corp.	1,113,100		31,509
TOTAL FINLAND			138,244
France - 10.0%
Alcatel SA (RFD) (a)	218,500		13,629
Aventis SA (France)	147,814		10,652
AXA SA de CV	118,690		15,716
BNP Paribas SA	114,345		9,861
Canal Plus SA	20,700		2,996
Castorama Dubois Investissements SA	86,430		17,577
France Telecom SA	120,600		12,611
Sanofi-Synthelabo SA	189,500		9,973
Suez Lyonnaise des Eaux (France)	34,800		5,311
Television Francaise 1 SA (a)	82,630		4,510
TotalFinaElf SA Class B	492,596		70,564
Common Stocks - continued
	Shares		Value (Note 1) (000s)
France - continued
Vivendi Environment (a)	351,200		$ 13,116
Vivendi SA	203,700		14,645
TOTAL FRANCE			201,161
Germany - 2.4%
Allianz AG (Reg.)	38,700		13,125
BASF AG	372,800		14,619
Bayerische Hypo-und Vereinsbank AG	80,500		4,424
Deutsche Lufthansa AG (Reg.)	145,800		2,846
Kali Und Salz Beteiligungs AG	363,500		5,245
Muenchener Ruckversicherungs-Gesellschaft AG (Reg.)	20,100		6,321
United Internet AG (a)	155,000		997
TOTAL GERMANY			47,577
Hong Kong - 2.1%
China Mobile (Hong Kong) Ltd. (a)	4,417,000		27,054
Hutchison Whampoa Ltd.	905,200		11,231
Johnson Electric Holdings Ltd.	2,498,000		4,965
TOTAL HONG KONG			43,250
Ireland - 0.4%
Bank of Ireland, Inc.	982,520		7,572
Italy - 1.4%
Banca Intesa Spa	1,482,481		6,197
Olivetti Spa	1,353,000		4,118
San Paolo IMI Spa	351,300		5,658
Telecom Italia Spa	1,003,828		11,795
TOTAL ITALY			27,768
Japan - 22.4%
Advantest Corp.	27,500		3,587
Asahi Chemical Industry Co. Ltd. (a)	383,000		2,373
Canon, Inc.	243,000		9,857
Daiwa Securities Group, Inc.	1,469,000		16,277
DDI Corp.	425		1,994
Fujitsu Ltd.	463,000		8,249
Furukawa Electric Co. Ltd.	1,154,000		30,355
Hitachi Chemical Co. Ltd.	95,000		2,386
Hitachi Zosen Corp. (a)	3,043,000		2,315
Ito-Yokado Co. Ltd.	272,000		12,290
Kyocera Corp.	77,700		10,392
Matsushita Electric Industrial Co. Ltd.	374,000		10,930
Common Stocks - continued
	Shares		Value (Note 1) (000s)
Japan - continued
Mitsubishi Electric Corp.	502,000		$ 3,607
Mitsubishi Estate Co. Ltd. (a)	444,000		4,720
Mitsui Fudosan Co. Ltd.	198,000		2,399
NEC Corp.	860,000		16,394
Net One Systems Co. Ltd.	111		3,296
NGK Insulators Ltd.	263,000		3,483
Nikko Securities Co. Ltd.	4,221,000		36,442
Nikon Corp.	246,000		3,576
Nintendo Co. Ltd.	27,800		4,599
Nippon Telegraph & Telephone Corp.	4,566		41,555
Nomura Securities Co. Ltd.	1,810,000		38,403
NTT DoCoMo, Inc.	745		18,367
Oki Electric Industry Co. Ltd. (a)	513,000		3,051
Omron Corp.	563,000		13,880
ORIX Corp.	59,800		6,275
Rohm Co. Ltd.	17,100		4,311
Softbank Corp.	229,900		13,801
Sony Corp.	521,400		43,276
Takeda Chemical Industries Ltd.	346,000		22,800
Toko, Inc.	423,000		2,210
Tokyo Broadcasting System, Inc.	98,000		3,835
Tokyo Electron Ltd.	46,400		3,632
Toshiba Corp.	1,429,000		10,216
Toyota Motor Corp.	786,400		31,424
Trans Cosmos, Inc.	11,100		803
Yamanouchi Pharmaceutical Co. Ltd.	84,000		3,803
TOTAL JAPAN			451,163
Korea (South) - 2.7%
Hyundai Electronics Industries Co. Ltd. (a)	1,592,480		9,786
Kookmin Bank	319,000		3,646
Samsung Electronics Co. Ltd.	281,600		35,277
Samsung Heavy Industries Ltd. (a)	489,100		1,522
SK Telecom Co. Ltd. sponsored ADR	181,100		4,539
TOTAL KOREA (SOUTH)			54,770
Marshall Islands - 0.6%
Teekay Shipping Corp.	342,000		12,782
Mexico - 1.7%
Grupo Televisa SA de CV sponsored GDR	85,900		4,649
Common Stocks - continued
	Shares		Value (Note 1) (000s)
Mexico - continued
Telefonos de Mexico SA de CV Series L sponsored ADR	259,800		$ 14,013
TV Azteca SA de CV sponsored ADR	1,234,800		15,435
TOTAL MEXICO			34,097
Netherlands - 5.4%
ABN AMRO Holding NV	288,700		6,690
Akzo Nobel NV	185,600		8,452
Heineken NV	67,900		3,689
ING Groep NV (Certificaten Van Aandelen)	321,273		22,067
Koninklijke Ahold NV	631,330		18,343
Koninklijke Philips Electronics NV	166,258		6,535
Nutreco Holding NV	90,104		3,885
Royal Dutch Petroleum Co. (Hague Registry)	162,700		9,660
Unilever NV (Certificaten Van Aandelen) (a)	243,300		12,205
United Pan-Europe Communications NV Class A (a)	264,600		4,638
Vendex KBB NV	436,900		5,481
VNU NV	78,400		3,717
Wolters Kluwer NV (Certificaten Van Aandelen)	171,900		3,869
TOTAL NETHERLANDS			109,231
Norway - 1.7%
Bergesen dy ASA:
(A Shares)	492,900		9,813
(B Shares)	401,300		7,342
DNB Holding ASA	1,536,618		6,664
Frontline Ltd. (a)	659,800		10,864
TOTAL NORWAY			34,683
Singapore - 0.3%
Overseas Union Bank Ltd.	631,272		3,058
United Overseas Bank Ltd.	381,488		2,827
TOTAL SINGAPORE			5,885
Spain - 2.4%
Altadis SA	177,481		2,659
Banco Santander Central Hispano SA	1,789,260		17,344
Telefonica SA (a)	1,497,900		28,569
TOTAL SPAIN			48,572
Sweden - 1.4%
Telefonaktiebolaget LM Ericsson (B Shares)	2,059,800		28,580
Common Stocks - continued
	Shares		Value (Note 1) (000s)
Switzerland - 6.0%
Credit Suisse Group (Reg.)	130,678		$ 24,500
Julius Baer Holding AG	927		4,590
Nestle SA (Reg.)	19,953		41,349
Novartis AG (Reg.)	6,923		10,503
The Swatch Group AG (Reg.)	39,900		10,855
UBS AG	78,778		10,913
Zurich Financial Services Group AG	36,510		17,671
TOTAL SWITZERLAND			120,381
Taiwan - 0.7%
Taiwan Semiconductor Manufacturing Co. Ltd. (a)	2,821,451		8,560
United Microelectronics Corp. (a)	3,303,600		5,830
TOTAL TAIWAN			14,390
United Kingdom - 14.0%
Amvescap PLC	400,300		8,937
AstraZeneca Group PLC (United Kingdom)	100,800		4,807
BAE Systems PLC	1,136,718		6,452
Barclays PLC	193,300		5,526
BBA Group PLC	428,300		2,350
Billiton PLC	1,249,300		4,763
BP Amoco PLC	1,966,660		16,696
British Telecommunications PLC	937,900		11,161
Cable & Wireless PLC	366,700		5,183
Carlton Communications PLC	762,300		6,133
Diageo PLC	456,800		4,308
Glaxo Wellcome PLC	432,900		12,595
Granada Compass PLC (a)	386,330		3,327
HSBC Holdings PLC (United Kingdom) (Reg.)	687,667		9,916
Lloyds TSB Group PLC	1,773,800		18,052
Marconi PLC	256,500		3,235
Misys PLC	550,900		5,734
Reed International PLC	385,000		3,555
Reuters Group PLC	692,700		13,609
Rio Tinto PLC (Reg. D)	680,700		11,003
Royal Bank of Scotland Group PLC	1,027,900		23,053
SMG PLC	564,400		2,209
SmithKline Beecham PLC	1,341,102		17,485
SSL International PLC	339,300		3,947
Unilever PLC	193,300		1,347
Common Stocks - continued
	Shares		Value (Note 1) (000s)
United Kingdom - continued
Vodafone Group PLC	17,106,916		$ 72,811
WPP Group PLC	325,200		4,361
TOTAL UNITED KINGDOM			282,555
United States of America - 3.4%
Bristol-Myers Squibb Co.	249,900		15,228
Eli Lilly & Co.	86,300		7,713
OMI Corp. (a)	430,300		2,985
Overseas Shipholding Group, Inc.	374,600		8,990
Pfizer, Inc.	222,900		9,626
Schering-Plough Corp.	249,900		12,917
VoiceStream Wireless Corp. (a)	75,700		9,955
TOTAL UNITED STATES OF AMERICA			67,414
TOTAL COMMON STOCKS (Cost $1,628,367)		1,800,459
Investment Companies - 0.1%

Multi-National - 0.1%
European Warrant Fund, Inc. (Cost $3,643)	220,200		2,945

Convertible Bonds - 0.2%
Moody's Ratings (unaudited)		Principal Amount (000s)
Hong Kong - 0.2%
China Mobile (Hong Kong) Ltd. 2.25% 11/3/05 (Cost $3,439)	Baa2	$ 3,439	3,439
Government Obligations - 0.0%

United States of America - 0.0%
U.S. Treasury Bills, yield at date of purchase 6.14% to 6.16% 11/9/00 to 1/11/01 (c) (Cost $471)	-	475	471

Cash Equivalents - 9.6%
	Shares		Value (Note 1) (000s)
Fidelity Cash Central Fund, 6.61% (b)	171,742,079		$ 171,742
Fidelity Securities Lending Cash Central Fund, 6.66% (b)	21,299,550		21,300
TOTAL CASH EQUIVALENTS (Cost $193,042)		193,042
TOTAL INVESTMENT PORTFOLIO - 99.4% (Cost $1,828,962)			2,000,356
NET OTHER ASSETS - 0.6%			12,102
NET ASSETS - 100%		$ 2,012,458

Futures Contracts
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Gain/(Loss) (000s)
Purchased
90 Nikkei 225 Index Contracts (Japan)	Dec. 2000	$ 6,640	$ (754)

The face value of futures purchased as a percentage of net assets - 0.3%

Legend

(a) Non-income producing

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

(c) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $471,000.

Income Tax Information

At October 31, 2000, the aggregate
cost of investment securities for income
tax purposes was $1,851,512,000.
Net unrealized appreciation aggregated $148,844,000, of which $329,592,000 related to appreciated investment securities and $180,748,000 related to depreciated investment securities.

The fund hereby designates approximately $92,559,000 as a capital gain dividend for the purpose of the dividend paid deduction.

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands	October 31, 2000
Asset
Investment in securities, at value (cost $1,828,962) - See accompanying schedule		$ 2,000,356
Cash		325
Foreign currency held at value (cost $612)		607
Receivable for investments sold		54,685
Receivable for fund shares sold		10,018
Dividends receivable		2,764
Interest receivable		966
Receivable for daily variation on futures contracts		101
Other receivables		21
Total assets		2,069,843
Liabilities
Payable for investments purchased	$ 28,013
Payable for fund shares redeemed	5,213
Accrued management fee	1,280
Distribution fees payable	872
Other payables and accrued expenses	707
Collateral on securities loaned, at value	21,300
Total liabilities		57,385
Net Assets		$ 2,012,458
Net Assets consist of:
Paid in capital		$ 1,635,481
Undistributed net investment income		57,980
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		148,519
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		170,478
Net Assets		$ 2,012,458

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

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)	October 31, 2000
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($44,110 ÷ 2,219 shares)		$19.88
Maximum offering price per share (100/94.25 of $19.88)		$21.09
Class T: Net Asset Value and redemption price per share ($1,678,401 ÷ 83,369 shares)		$20.13
Maximum offering price per share (100/96.50 of $20.13)		$20.86
Class B: Net Asset Value and offering price per share ($124,692 ÷ 6,398 shares)^A		$19.49
Class C: Net Asset Value and offering price per share ($75,708 ÷ 3,824 shares)^A		$19.80
Institutional Class: Net Asset Value, offering price and redemption price per share ($89,547 ÷ 4,489 shares)		$19.95

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

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

Annual Report

Financial Statements - continued

Statement of Operations

Amounts in thousands	Year ended October 31, 2000
Investment Income Dividends		$ 25,315
Special dividend from BCE, Inc.		3,831
Interest		9,802
Security lending		513
		39,461
Less foreign taxes withheld		(3,134)
Total income		36,327
Expenses
Management fee Basic fee	$ 15,078
Performance adjustment	2,434
Transfer agent fees	4,601
Distribution fees	10,704
Accounting and security lending fees	1,003
Non-interested trustees' compensation	6
Custodian fees and expenses	993
Registration fees	251
Audit	54
Legal	52
Miscellaneous	22
Total expenses before reductions	35,198
Expense reductions	(444)	34,754
Net investment income		1,573
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities	217,443
Foreign currency transactions	(1,080)
Futures contracts	1,389	217,752
Change in net unrealized appreciation (depreciation) on:
Investment securities	(218,049)
Assets and liabilities in foreign currencies	(225)
Futures contracts	(1,136)	(219,410)
Net gain (loss)		(1,658)
Net increase (decrease) in net assets resulting from operations		$ (85)

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

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands	Year ended October 31, 2000	Year ended October 31, 1999
Increase (Decrease) in Net Assets
Operations Net investment income	$ 1,573	$ 5,488
Net realized gain (loss)	217,752	133,044
Change in net unrealized appreciation (depreciation)	(219,410)	216,537
Net increase (decrease) in net assets resulting from operations	(85)	355,069
Distributions to shareholders From net investment income	(5,290)	(3,445)
In excess of net investment income	(5,539)	-
From net realized gain	(81,508)	(10,438)
Total distributions	(92,337)	(13,883)
Share transactions - net increase (decrease)	388,023	127,794
Total increase (decrease) in net assets	295,601	468,980
Net Assets
Beginning of period	1,716,857	1,247,877
End of period (including undistributed net investment income of $57,980 and $10,177, respectively)	$ 2,012,458	$ 1,716,857

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

Annual Report

Financial Highlights - Class A

Years ended October 31,	2000	1999	1998	1997	1996^E
Selected Per-Share Data
Net asset value, beginning of period	$ 20.59	$ 16.32	$ 16.89	$ 15.29	$ 14.98
Income from Investment Operations
Net investment income^D	.06^H	.10	.09	.09	.04
Net realized and unrealized gain (loss)	.38^I	4.42	.51	2.39	.27
Total from investment operations	.44	4.52	.60	2.48	.31
Less Distributions
From net investment income	(.08)	(.11)	(.21)	(.25)	-
In excess of net investment income	(.09)	-	-	-	-
From net realized gain	(.98)	(.14)	(.96)	(.63)	-
Total distributions	(1.15)	(.25)	(1.17)	(.88)	-
Net asset value, end of period	$ 19.88	$ 20.59	$ 16.32	$ 16.89	$ 15.29
Total Return^{B, C}	1.78%	28.05%	3.73%	16.95%	2.07%
Ratios and Supplemental Data
Net assets, end of period (in millions)	$ 44	$ 23	$ 12	$ 5	$ 1
Ratio of expenses to average net assets	1.49%	1.55%	1.55%^F	1.90%^F	1.16%^{A, F}
Ratio of expenses to average net assets after expense reductions	1.46%^G	1.52%^G	1.54%^G	1.89%^G	1.16%^A
Ratio of net investment income to average net assets	.28%	.57%	.51%	.53%	1.74%^A
Portfolio turnover	132%	85%	74%	70%	82%

^A Annualized

^B The total returns would have been lower had certain expenses not been reduced during the periods 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 September 3, 1996 (commencement of sale of Class A shares) to October 31, 1996.

^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.

^H Investment income per share reflects a special dividend (from BCE, Inc.) which amounted to $.04 per share.

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

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

Annual Report

Financial Highlights - Class T

Years ended October 31,	2000	1999	1998	1997	1996
Selected Per-Share Data
Net asset value, beginning of period	$ 20.83	$ 16.48	$ 17.02	$ 15.30	$ 13.92
Income from Investment Operations
Net investment income^C	.02^F	.07	.06	.13	.19^D
Net realized and unrealized gain (loss)	.39^G	4.46	.52	2.38	1.29
Total from investment operations	.41	4.53	.58	2.51	1.48
Less Distributions
From net investment income	(.06)	(.04)	(.16)	(.16)	(.09)
In excess of net investment income	(.07)	-	-	-	-
From net realized gain	(.98)	(.14)	(.96)	(.63)	(.01)
Total distributions	(1.11)	(.18)	(1.12)	(.79)	(.10)
Net asset value, end of period	$ 20.13	$ 20.83	$ 16.48	$ 17.02	$ 15.30
Total Return^{A, B}	1.62%	27.74%	3.57%	17.07%	10.69%
Ratios and Supplemental Data
Net assets, end of period (in millions)	$ 1,678	$ 1,480	$ 1,086	$ 1,111	$ 995
Ratio of expenses to average net assets	1.67%	1.72%	1.74%	1.66%	1.61%
Ratio of expenses to average net assets after expense reductions	1.65%^E	1.69%^E	1.72%^E	1.65%^E	1.60%^E
Ratio of net investment income to average net assets	.10%	.39%	.35%	.80%	1.30%
Portfolio turnover	132%	85%	74%	70%	82%

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

^B Total returns do not include the one time sales charge.

^C Net investment income per share has been calculated based on average shares outstanding during the period.

^D Investment income per share reflects a special dividend which amounted to $.04 per share.

^E FMR or the fund has entered into varying arrangements with third parties who either paid or reduced a portion of the class' expenses.

^F Investment income per share reflects a special dividend (from BCE, Inc.) which amounted to $.04 per share.

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

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

Annual Report

Financial Highlights - Class B

Years ended October 31,	2000	1999	1998	1997	1996
Selected Per-Share Data
Net asset value, beginning of period	$ 20.25	$ 16.08	$ 16.69	$ 15.06	$ 13.92
Income from Investment Operations
Net investment income (loss)^C	(.11)^G	(.03)	(.03)	.02	.08^D
Net realized and unrealized gain (loss)	.39^H	4.34	.51	2.36	1.26
Total from investment operations	.28	4.31	.48	2.38	1.34
Less Distributions
From net investment income	(.03)	-	(.13)	(.12)	(.19)
In excess of net investment income	(.03)	-	-	-	-
From net realized gain	(.98)	(.14)	(.96)	(.63)	(.01)
Total distributions	(1.04)	(.14)	(1.09)	(.75)	(.20)
Net asset value, end of period	$ 19.49	$ 20.25	$ 16.08	$ 16.69	$ 15.06
Total Return^{A, B}	1.02%	27.00%	3.00%	16.41%	9.73%
Ratios and Supplemental Data
Net assets, end of period (in millions)	$ 125	$ 89	$ 58	$ 40	$ 19
Ratio of expenses to average net assets	2.27%	2.29%^E	2.30%^E	2.30%	2.37%
Ratio of expenses to average net assets after expense reductions	2.25%^F	2.26%^F	2.29%^F	2.29%^F	2.37%
Ratio of net investment income (loss) to average net assets	(.50)%	(.18)%	(.19)%	.15%	.53%
Portfolio turnover	132%	85%	74%	70%	82%

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

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

^C Net investment income (loss) per share has been calculated based on average shares outstanding during the period.

^D Investment income per share reflects a special dividend which amounted to $.04 per share.

^E FMR agreed to reimburse a portion of the class' expenses during the period. Without this reimbursement, the class' expense ratio would have been higher.

^F FMR or the fund has entered into varying arrangements with third parties who either paid or reduced a portion of the class' expenses.

^G Investment income per share reflects a special dividend (from BCE, Inc.) which amounted to $.04 per share.

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

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

Annual Report

Financial Highlights - Class C

Years ended October 31,	2000	1999	1998^E
Selected Per-Share Data
Net asset value, beginning of period	$ 20.58	$ 16.37	$ 17.23
Income from Investment Operations
Net investment income (loss)^D	(.10)^H	(.02)	(.03)
Net realized and unrealized gain (loss)	.39^I	4.43	.29
Total from investment operations	.29	4.41	.26
Less Distributions
From net investment income	(.04)	(.06)	(.16)
In excess of net investment income	(.05)	-	-
From net realized gain	(.98)	(.14)	(.96)
Total distributions	(1.07)	(.20)	(1.12)
Net asset value, end of period	$ 19.80	$ 20.58	$ 16.37
Total Return^{B, C}	1.05%	27.21%	2.84%
Ratios and Supplemental Data
Net assets, end of period (in millions)	$ 76	$ 35	$ 15
Ratio of expenses to average net assets	2.22%	2.25%^F	2.30%^{A, F}
Ratio of expenses to average net assets after expense reductions	2.20%^G	2.22%^G	2.30%^A
Ratio of net investment income (loss) to average net assets	(.45)%	(.13)%	(.20)%^A
Portfolio turnover	132%	85%	74%

^A Annualized

^B The total returns would have been lower had certain expenses not been reduced during the periods 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 November 3, 1997 (commencement of sale of Class C shares) to October 31, 1998.

^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.

^H Investment income per share reflects a special dividend (from BCE, Inc.) which amounted to $.04 per share.

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

Annual Report

Financial Highlights - Institutional Class

Years ended October 31,	2000	1999	1998	1997	1996
Selected Per-Share Data
Net asset value, beginning of period	$ 20.62	$ 16.36	$ 16.92	$ 15.20	$ 13.97
Income from Investment Operations
Net investment income^B	.14^D	.17	.13	.22	.21^C
Net realized and unrealized gain (loss)	.38^F	4.39	.53	2.36	1.24
Total from investment operations	.52	4.56	.66	2.58	1.45
Less Distributions
From net investment income	(.10)	(.16)	(.26)	(.23)	(.21)
In excess of net investment income	(.11)	-	-	-	-
From net realized gain	(.98)	(.14)	(.96)	(.63)	(.01)
Total distributions	(1.19)	(.30)	(1.22)	(.86)	(.22)
Net asset value, end of period	$ 19.95	$ 20.62	$ 16.36	$ 16.92	$ 15.20
Total Return^A	2.18%	28.30%	4.11%	17.73%	10.51%
Ratios and Supplemental Data
Net assets, end of period (in millions)	$ 90	$ 90	$ 77	$ 38	$ 16
Ratio of expenses to average net assets	1.13%	1.18%	1.26%	1.17%	1.44%
Ratio of expenses to average net assets after expense reductions	1.11%^E	1.15%^E	1.24%^E	1.16%^E	1.43%^E
Ratio of net investment income to average net assets	.63%	.94%	.76%	1.31%	1.46%
Portfolio turnover	132%	85%	74%	70%	82%

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

^B Net investment income per share has been calculated based on average shares outstanding during the period.

^C Investment income per share reflects a special dividend which amounted to $.04 per share.

^D Investment income per share reflects a special dividend (from BCE, Inc.) which amounted to $.04 per share.

^E FMR or the fund has entered into varying arrangements with third parties who either paid or reduced a portion of the class' expenses.

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

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

Annual Report

Notes to Financial Statements

For the period ended October 31, 2000

1. Significant Accounting Policies.

Fidelity Advisor Overseas 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.

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

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.

Annual Report

Notes to Financial Statements - continued

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. As a qualified regulated investment company under Subchapter M of the Internal Revenue Code, the fund is not subject to U.S. federal income taxes to the extent that it distributes 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.

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, futures transactions, foreign currency transactions, passive foreign investment companies (PFIC), non-taxable dividends and losses deferred due to wash sales. The fund also utilized earnings and profits distributed to shareholders on redemption of shares as a part of the dividends paid deduction for income tax purposes.

Annual Report

Notes to Financial Statements - continued

1. Significant Accounting Policies - continued

Distributions to Shareholders - continued

Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to paid in capital. 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 Fidelity Management & Research Company (FMR), may transfer uninvested cash balances into one or more joint trading accounts. These balances are invested in one or more repurchase agreements for U.S. Treasury or Federal Agency obligations.

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

Futures Contracts. The fund may use futures contracts to manage its exposure to the stock market and to fluctuations in currency values. Buying futures tends to increase the fund's exposure to the underlying instrument, while selling futures tends to decrease the fund's exposure to the underlying instrument or hedge other fund investments. Futures contracts involve, to varying degrees, risk of loss in excess of the futures variation margin reflected in the Statement of Assets and Liabilities. The underlying face amount at value of any open futures contracts at period end is shown in the schedule of investments

Annual Report

Notes to Financial Statements - continued

2. Operating Policies - continued

Futures Contracts - continued

under the caption "Futures Contracts." This amount reflects each contract's exposure to the underlying instrument at period end. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contracts' terms. Gains (losses) are realized upon the expiration or closing of the futures contracts. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

Restricted Securities. The fund is permitted to 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. At the end of the period, the fund had no investments in restricted securities (excluding 144A issues).

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $2,739,133,000 and $2,502,270,000, respectively, of which U.S. government and government agency obligations aggregated $0 and $3,405,000, respectively.

The market value of futures contracts opened and closed during the period amounted to $26,938,000 and $31,192,000, respectively.

4. Fees and Other Transactions with Affiliates.

Management Fee. As the fund's investment adviser, FMR receives a monthly basic 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. The basic fee is subject to a performance adjustment (up to a maximum of ±.20% of the fund's average net assets over the performance period) based on the fund's investment performance as compared to the appropriate index over a specified period of time. For the period, the management fee was equivalent to an annual rate of .84% of average net assets after the performance adjustment.

Annual Report

Notes to Financial Statements - continued

4. Fees and Other Transactions with Affiliates - continued

Sub-Adviser Fee.Beginning January 1, 2001, FMR Co. (FMRC) will serve as a sub-
adviser for the fund. FMRC may provide investment research and advice and may also provide investment advisory services for the fund. 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). 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.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Board of Trustees have adopted separate Distribution and Service 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 12b-1 fee. A portion of this fee may be reallowed to securities dealers, banks and other financial 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	$ 96,000	$ -
Class T	8,766,000	42,000
Class B	1,226,000	920,000
Class C	616,000	337,000
	$ 10,704,000	$ 1,299,000

Annual Report

Notes to Financial Statements - continued

4. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

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.

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

	Paid to FDC	Retained by FDC
Class A	$ 271,000	$ 120,000
Class T	553,000	196,000
Class B	247,000	247,000 *
Class C	29,000	29,000 *
	$ 1,100,000	$ 592,000

* 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 (collectively referred to as the transfer agent) for each class of the fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the fund. FIIOC pays for typesetting, printing and mailing of all shareholder reports, except proxy statements. For the period, the following amounts were paid to FIIOC:

	Amount	% of Average Net Assets
Class A	$ 107,000	.28
Class T	3,767,000	.21
Class B	382,000	.31
Class C	162,000	.26
Institutional Class	183,000	.18
	$ 4,601,000

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

Annual Report

Notes to Financial Statements - continued

4. Fees and Other Transactions with Affiliates - continued

Fidelity Cash Central Fund. Pursuant to an Exemptive Order issued by the SEC, the fund may invest in the Fidelity Cash Central 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 investment income. Income distributions earned by the fund are recorded as interest income in the accompanying financial statements.

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 $20,000 for the period.

5. 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, the fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. At period end, the value of the securities loaned amounted to $20,884,000. The fund received cash collateral of $21,300,000 which was invested in the Central Cash Collateral Fund.

6. Expense Reductions.

FMR has 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 $437,000 under this arrangement.

In addition, through an arrangement with the fund's custodian, credits realized as a result of uninvested cash balances were used to reduce a portion of expenses. During the period, the fund's custodian fees were reduced by $7,000 under the custodian arrangement.

7. Beneficial Interest.

At the end of the period, one shareholder was record owner of approximately 13% of the total outstanding shares of the fund.

Annual Report

Notes to Financial Statements - continued

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Amounts in thousands	Years ended October 31,
	2000	1999
From net investment income
Class A	$ 95	$ 78
Class T	4,533	2,595
Class B	132	-
Class C	76	50
Institutional Class	454	722
Total	$ 5,290	$ 3,445
In excess of net investment income
Class A	$ 99	$ -
Class T	4,748	-
Class B	138	-
Class C	79	-
Institutional Class	475	-
Total	$ 5,539	$ -
From net realized gain
Class A	$ 1,120	$ 99
Class T	69,969	9,084
Class B	4,396	507
Class C	1,690	116
Institutional Class	4,333	632
Total	$ 81,508	$ 10,438
	$ 92,337	$ 13,883

Annual Report

Notes to Financial Statements - continued

9. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Amounts in thousands	Year ended October 31,	Year ended October 31,	Year ended October 31,	Year ended October 31,
	2000	1999	2000	1999

Class A Shares sold	4,566	4,183	$ 100,132	$ 76,263
Reinvestment of distributions	57	11	1,222	173
Shares redeemed	(3,543)	(3,818)	(78,300)	(69,891)
Net increase (decrease)	1,080	376	$ 23,054	$ 6,545
Class T Shares sold	50,328	100,980	$ 1,122,012	$ 1,884,019
Reinvestment of distributions	3,494	648	75,183	10,982
Shares redeemed	(41,478)	(96,495)	(926,640)	(1,796,038)
Net increase (decrease)	12,344	5,133	$ 270,555	$ 98,963
Class B Shares sold	2,974	2,267	$ 64,992	$ 41,143
Reinvestment of distributions	196	27	4,107	454
Shares redeemed	(1,177)	(1,520)	(25,357)	(27,409)
Net increase (decrease)	1,993	774	$ 43,742	$ 14,188
Class C Shares sold	3,639	8,406	$ 80,303	$ 153,485
Reinvestment of distributions	76	9	1,630	143
Shares redeemed	(1,582)	(7,619)	(34,658)	(139,603)
Net increase (decrease)	2,133	796	$ 47,275	$ 14,025
Institutional Class Shares sold	2,113	3,272	$ 47,118	$ 59,739
Reinvestment of distributions	99	36	2,115	602
Shares redeemed	(2,077)	(3,637)	(45,836)	(66,268)
Net increase (decrease)	135	(329)	$ 3,397	$ (5,927)

Annual Report

Report of Independent Accountants

To the Trustees of Fidelity Advisor Series VIII and the Shareholders of Fidelity Advisor Overseas 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 Overseas Fund (a fund of Fidelity Advisor Series VIII) at October 31, 2000, 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 Overseas Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with auditing standards generally accepted in the United States of America which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2000 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP

Boston, Massachusetts
December 8, 2000

Annual Report

Distributions

The Board of Trustees of Fidelity Advisor Overseas 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	12/11/00	12/8/00	$.43	$1.72
Class T	12/11/00	12/8/00	$.35	$1.72
Class B	12/11/00	12/8/00	$.25	$1.72
Class C	12/11/00	12/8/00	$.30	$1.72

The fund hereby designates 100% of the long-term capital gain dividends distributed during the fiscal year as 20%-rate capital gain dividends.

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	12/6/99	$.310	$.036
Class T	12/6/99	$.283	$.036
Class B	12/6/99	$.235	$.036
Class C	12/6/99	$.256	$.036

The fund will notify shareholders in January 2001 of amounts for use in preparing 2000 income tax returns.

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

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

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

Fidelity International Investment Advisors

Fidelity International Investment Advisors (U.K.) Limited

Officers

Edward C. Johnson 3d, President

Robert C. Pozen, Senior Vice President

Richard A. Spillane, Jr., Vice President

Richard R. Mace, Jr., Vice President

Eric D. Roiter, Secretary

Robert A. Dwight, Treasurer

Maria F. Dwyer, Deputy Treasurer

John H. Costello, Assistant Treasurer

Thomas J. Simpson, Assistant Treasurer

Board of Trustees

Ralph F. Cox *

Phyllis Burke Davis *

Robert M. Gates *

Edward C. Johnson 3d

Donald J. Kirk *

Ned C. Lautenbach *

Peter S. Lynch

Marvin L. Mann *

William O. McCoy *

Gerald C. McDonough *

Robert C. Pozen

Thomas R. Williams *

Advisory Board

J. Michael Cook

Abigail P. Johnson

Marie L. Knowles

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agent

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Custodian

The Chase Manhattan Bank

New York, NY

* Independent trustees

Annual Report

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 Telecommunications & Utilities Growth Fund

Growth Funds

Fidelity Advisor Korea Fund

Fidelity Advisor Emerging Asia Fund

Fidelity Advisor Latin America 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 ^®
Growth Fund

Fidelity Advisor Small Cap Fund

Fidelity Advisor Value Strategies Fund

Fidelity Advisor Mid Cap Fund

Fidelity Advisor Dynamic Capital Appreciation 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 Yield Fund

Fidelity Advisor High Income 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

Money Market Funds

Prime Fund

Treasury Fund

Tax-Exempt Fund

OS-ANN-1200 118696
1.538536.103

(Fidelity Investment logo)(registered trademark)

Fidelity® Advisor

Overseas

Fund - Institutional Class

Annual Report

October 31, 2000

(2_fidelity_logos)(registered trademark)

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

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

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

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

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

Neither the fund nor Fidelity Distributors Corporation is a bank.

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

Annual Report

President's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

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

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

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Fidelity Advisor Overseas Fund - Institutional Class

Performance: The Bottom Line

There are several ways to evaluate historical performance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. 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). The initial offering of Institutional Class shares took place on July 3, 1995. Institutional Class shares are sold to eligible investors without a sales load or 12b-1 fee. Returns prior to July 3, 1995 are those of Class T, the original class of the fund, and reflect Class T shares' prior 0.65% 12b-1 fee. If Fidelity had not reimbursed certain class expenses, the past five year and past 10 year total returns would have been lower. Prior to December 1, 1992, Fidelity Advisor Overseas Fund operated under a different investment objective. Accordingly, the fund's historical performance may not represent its current investment policies.

Cumulative Total Returns

Periods ended October 31, 2000	Past 1 year	Past 5 years	Past 10 years
Fidelity Adv Overseas - Inst CL	2.18%	77.57%	171.16%
MSCI EAFE®	-2.72%	52.63%	113.59%
International Funds Average	2.70%	62.88%	149.02%

Cumulative total returns show Institutional Class performance in percentage terms over a set period - in this case, one year, five years or 10 years. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare Institutional Class' returns to the performance of the Morgan Stanley Capital International Europe, Australasia, Far East Index (MSCI EAFE®) - a market capitalization-weighted index that is designed to represent the performance of developed stock markets outside the United States and Canada. As of October 31, 2000, the index included over 840 equity securities of companies domiciled in 20 countries. To measure how Institutional Class' performance stacked up against its peers, you can compare it to the international funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past one year average represents a peer group of 666 mutual funds. These benchmarks include reinvested dividends and capital gains, if any, and exclude the effect of sales charges.

Average Annual Total Returns

Periods ended October 31, 2000	Past 1 year	Past 5 years	Past 10 years
Fidelity Adv Overseas - Inst CL	2.18%	12.17%	10.49%
MSCI EAFE	-2.72%	8.82%	7.88%
International Funds Average	2.70%	9.93%	9.30%

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

Annual Report

$10,000 Over 10 Years

$10,000 Over 10 Years: Let's say hypothetically that $10,000 was invested in Fidelity Advisor Overseas Fund - Institutional Class on October 31, 2000, 1990. As the chart shows, by October 31, 2000, the value of the investment would have grown to $27,116 - a 171.16% increase on the initial investment. For comparison, look at how the MSCI EAFE Index did over the same period. With dividends reinvested, the same $10,000 would have grown to $21,359 - a 113.59% increase.

Understanding
Performance

Annual Report

Fund Talk: The Manager's Overview

Market Recap

(Portfolio Manager photograph)
An interview with Rick Mace,
Portfolio Manager of Fidelity
Advisor Overseas Fund

Q. How did the fund perform, Rick?

A. For the 12-month period that ended October 31, 2000, the fund's Institutional Class shares returned 2.18%. For the same period, the Morgan Stanley Capital International (MSCI) EAFE Index, a broad measure of stock performance in Europe, Australasia and the Far East, declined 2.72%. The fund also compares its performance against the Lipper Inc. international funds average, which was up 2.70% during the past year.

Annual Report

Fund Talk: The Manager's Overview - continued

Q. What factors helped the fund outperform its index during the 12-month period?

Q. What other investment strategies did you employ?

Q. The fund's financial services weighting rose to 17.7% from 13.3% six months ago. What was your strategy there?

Q. What were some of the fund's top performers? What stocks disappointed?

Annual Report

Fund Talk: The Manager's Overview - continued

Q. What's your outlook for the next six months, Rick?

Fund Facts

Goal: seeks growth of capital primarily through investments in foreign securities

Start date: April 23, 1990

Size: as of October 31, 2000, more than $2.0 billion

Manager: Rick Mace, since 1996; joined Fidelity in 1987

Rick Mace on the recent
volatility in global markets:

"As we've seen during the past six months, volatility in the equity markets - both domestically and internationally - has increased this year. I believe it is here to stay for a while.

"Understandably, most people fear volatility. But in my opinion, volatility can be a good thing, because it creates opportunities to buy and sell."

Annual Report

Investment Changes

Top Five Stocks as of October 31, 2000
	% of fund's net assets	% of fund's net assets 6 months ago
Nokia AB (Finland, Communications Equipment)	4.9	3.6
Vodafone Group PLC (United Kingdom, Cellular)	3.6	3.9
TotalFinaElf SA Class B (France, Oil & Gas)	3.5	3.8
Sony Corp. (Japan, Consumer Electronics)	2.2	0.7
Nippon Telegraph & Telephone Corp. (Japan, Telephone Services)	2.1	1.1
	16.3	13.1
Top Five Market Sectors as of October 31, 2000
	% of fund's net assets	% of fund's net assets 6 months ago
Finance	17.7	13.3
Technology	15.0	20.5
Utilities	14.6	19.7
Energy	6.6	8.5
Health	6.5	3.9
Top Five Countries as of October 31, 2000
(excluding cash equivalents)	% of fund's net assets	% of fund's net assets 6 months ago
Japan	22.7	23.8
United Kingdom	14.0	15.4
France	10.0	10.3
Finland	6.9	4.7
Switzerland	6.0	3.6

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

Asset Allocation (% of fund's net assets)
As of October 31, 2000		As of April 30, 2000
	Stocks, Investment Companies and Equity Futures 89.9%		Stocks and Investment Companies 93.1%
	Bonds 0.2%		Bonds 0.2%
	Short-Term Investments and Net Other Assets 9.9%		Short-Term Investments and Net Other Assets 6.7%

Annual Report

Investments October 31, 2000

Showing Percentage of Net Assets

Common Stocks - 89.5%
	Shares		Value (Note 1) (000s)
Australia - 1.0%
BHP Ltd.	482,140		$ 4,690
Cable & Wireless Optus Ltd. (a)	2,036,300		4,328
News Corp. Ltd.	565,237		6,076
News Corp. Ltd. sponsored ADR (preferred ltd. vtg.)	118,900		4,303
TOTAL AUSTRALIA			19,397
Brazil - 0.2%
Telesp Celular Participacoes SA ADR	100,000		3,163
Canada - 2.4%
Alberta Energy Co. Ltd.	146,100		5,398
Alcan Aluminium Ltd.	132,800		4,191
BCE, Inc.	145,500		3,918
Canadian Natural Resources Ltd. (a)	335,000		9,901
Ensign Resource Service Group, Inc.	22,600		609
Nortel Networks Corp.	67,369		3,065
Rio Alto Exploration Ltd. (a)	443,500		7,545
Suncor Energy, Inc.	15,500		303
Talisman Energy, Inc. (a)	409,400		12,894
TOTAL CANADA			47,824
Finland - 6.9%
Nokia AB	2,328,100		99,528
Sampo Insurance Co. Ltd. (A Shares)	93,000		3,789
Sonera Corp.	155,100		3,418
UPM-Kymmene Corp.	1,113,100		31,509
TOTAL FINLAND			138,244
France - 10.0%
Alcatel SA (RFD) (a)	218,500		13,629
Aventis SA (France)	147,814		10,652
AXA SA de CV	118,690		15,716
BNP Paribas SA	114,345		9,861
Canal Plus SA	20,700		2,996
Castorama Dubois Investissements SA	86,430		17,577
France Telecom SA	120,600		12,611
Sanofi-Synthelabo SA	189,500		9,973
Suez Lyonnaise des Eaux (France)	34,800		5,311
Television Francaise 1 SA (a)	82,630		4,510
TotalFinaElf SA Class B	492,596		70,564
Common Stocks - continued
	Shares		Value (Note 1) (000s)
France - continued
Vivendi Environment (a)	351,200		$ 13,116
Vivendi SA	203,700		14,645
TOTAL FRANCE			201,161
Germany - 2.4%
Allianz AG (Reg.)	38,700		13,125
BASF AG	372,800		14,619
Bayerische Hypo-und Vereinsbank AG	80,500		4,424
Deutsche Lufthansa AG (Reg.)	145,800		2,846
Kali Und Salz Beteiligungs AG	363,500		5,245
Muenchener Ruckversicherungs-Gesellschaft AG (Reg.)	20,100		6,321
United Internet AG (a)	155,000		997
TOTAL GERMANY			47,577
Hong Kong - 2.1%
China Mobile (Hong Kong) Ltd. (a)	4,417,000		27,054
Hutchison Whampoa Ltd.	905,200		11,231
Johnson Electric Holdings Ltd.	2,498,000		4,965
TOTAL HONG KONG			43,250
Ireland - 0.4%
Bank of Ireland, Inc.	982,520		7,572
Italy - 1.4%
Banca Intesa Spa	1,482,481		6,197
Olivetti Spa	1,353,000		4,118
San Paolo IMI Spa	351,300		5,658
Telecom Italia Spa	1,003,828		11,795
TOTAL ITALY			27,768
Japan - 22.4%
Advantest Corp.	27,500		3,587
Asahi Chemical Industry Co. Ltd. (a)	383,000		2,373
Canon, Inc.	243,000		9,857
Daiwa Securities Group, Inc.	1,469,000		16,277
DDI Corp.	425		1,994
Fujitsu Ltd.	463,000		8,249
Furukawa Electric Co. Ltd.	1,154,000		30,355
Hitachi Chemical Co. Ltd.	95,000		2,386
Hitachi Zosen Corp. (a)	3,043,000		2,315
Ito-Yokado Co. Ltd.	272,000		12,290
Kyocera Corp.	77,700		10,392
Matsushita Electric Industrial Co. Ltd.	374,000		10,930
Common Stocks - continued
	Shares		Value (Note 1) (000s)
Japan - continued
Mitsubishi Electric Corp.	502,000		$ 3,607
Mitsubishi Estate Co. Ltd. (a)	444,000		4,720
Mitsui Fudosan Co. Ltd.	198,000		2,399
NEC Corp.	860,000		16,394
Net One Systems Co. Ltd.	111		3,296
NGK Insulators Ltd.	263,000		3,483
Nikko Securities Co. Ltd.	4,221,000		36,442
Nikon Corp.	246,000		3,576
Nintendo Co. Ltd.	27,800		4,599
Nippon Telegraph & Telephone Corp.	4,566		41,555
Nomura Securities Co. Ltd.	1,810,000		38,403
NTT DoCoMo, Inc.	745		18,367
Oki Electric Industry Co. Ltd. (a)	513,000		3,051
Omron Corp.	563,000		13,880
ORIX Corp.	59,800		6,275
Rohm Co. Ltd.	17,100		4,311
Softbank Corp.	229,900		13,801
Sony Corp.	521,400		43,276
Takeda Chemical Industries Ltd.	346,000		22,800
Toko, Inc.	423,000		2,210
Tokyo Broadcasting System, Inc.	98,000		3,835
Tokyo Electron Ltd.	46,400		3,632
Toshiba Corp.	1,429,000		10,216
Toyota Motor Corp.	786,400		31,424
Trans Cosmos, Inc.	11,100		803
Yamanouchi Pharmaceutical Co. Ltd.	84,000		3,803
TOTAL JAPAN			451,163
Korea (South) - 2.7%
Hyundai Electronics Industries Co. Ltd. (a)	1,592,480		9,786
Kookmin Bank	319,000		3,646
Samsung Electronics Co. Ltd.	281,600		35,277
Samsung Heavy Industries Ltd. (a)	489,100		1,522
SK Telecom Co. Ltd. sponsored ADR	181,100		4,539
TOTAL KOREA (SOUTH)			54,770
Marshall Islands - 0.6%
Teekay Shipping Corp.	342,000		12,782
Mexico - 1.7%
Grupo Televisa SA de CV sponsored GDR	85,900		4,649
Common Stocks - continued
	Shares		Value (Note 1) (000s)
Mexico - continued
Telefonos de Mexico SA de CV Series L sponsored ADR	259,800		$ 14,013
TV Azteca SA de CV sponsored ADR	1,234,800		15,435
TOTAL MEXICO			34,097
Netherlands - 5.4%
ABN AMRO Holding NV	288,700		6,690
Akzo Nobel NV	185,600		8,452
Heineken NV	67,900		3,689
ING Groep NV (Certificaten Van Aandelen)	321,273		22,067
Koninklijke Ahold NV	631,330		18,343
Koninklijke Philips Electronics NV	166,258		6,535
Nutreco Holding NV	90,104		3,885
Royal Dutch Petroleum Co. (Hague Registry)	162,700		9,660
Unilever NV (Certificaten Van Aandelen) (a)	243,300		12,205
United Pan-Europe Communications NV Class A (a)	264,600		4,638
Vendex KBB NV	436,900		5,481
VNU NV	78,400		3,717
Wolters Kluwer NV (Certificaten Van Aandelen)	171,900		3,869
TOTAL NETHERLANDS			109,231
Norway - 1.7%
Bergesen dy ASA:
(A Shares)	492,900		9,813
(B Shares)	401,300		7,342
DNB Holding ASA	1,536,618		6,664
Frontline Ltd. (a)	659,800		10,864
TOTAL NORWAY			34,683
Singapore - 0.3%
Overseas Union Bank Ltd.	631,272		3,058
United Overseas Bank Ltd.	381,488		2,827
TOTAL SINGAPORE			5,885
Spain - 2.4%
Altadis SA	177,481		2,659
Banco Santander Central Hispano SA	1,789,260		17,344
Telefonica SA (a)	1,497,900		28,569
TOTAL SPAIN			48,572
Sweden - 1.4%
Telefonaktiebolaget LM Ericsson (B Shares)	2,059,800		28,580
Common Stocks - continued
	Shares		Value (Note 1) (000s)
Switzerland - 6.0%
Credit Suisse Group (Reg.)	130,678		$ 24,500
Julius Baer Holding AG	927		4,590
Nestle SA (Reg.)	19,953		41,349
Novartis AG (Reg.)	6,923		10,503
The Swatch Group AG (Reg.)	39,900		10,855
UBS AG	78,778		10,913
Zurich Financial Services Group AG	36,510		17,671
TOTAL SWITZERLAND			120,381
Taiwan - 0.7%
Taiwan Semiconductor Manufacturing Co. Ltd. (a)	2,821,451		8,560
United Microelectronics Corp. (a)	3,303,600		5,830
TOTAL TAIWAN			14,390
United Kingdom - 14.0%
Amvescap PLC	400,300		8,937
AstraZeneca Group PLC (United Kingdom)	100,800		4,807
BAE Systems PLC	1,136,718		6,452
Barclays PLC	193,300		5,526
BBA Group PLC	428,300		2,350
Billiton PLC	1,249,300		4,763
BP Amoco PLC	1,966,660		16,696
British Telecommunications PLC	937,900		11,161
Cable & Wireless PLC	366,700		5,183
Carlton Communications PLC	762,300		6,133
Diageo PLC	456,800		4,308
Glaxo Wellcome PLC	432,900		12,595
Granada Compass PLC (a)	386,330		3,327
HSBC Holdings PLC (United Kingdom) (Reg.)	687,667		9,916
Lloyds TSB Group PLC	1,773,800		18,052
Marconi PLC	256,500		3,235
Misys PLC	550,900		5,734
Reed International PLC	385,000		3,555
Reuters Group PLC	692,700		13,609
Rio Tinto PLC (Reg. D)	680,700		11,003
Royal Bank of Scotland Group PLC	1,027,900		23,053
SMG PLC	564,400		2,209
SmithKline Beecham PLC	1,341,102		17,485
SSL International PLC	339,300		3,947
Unilever PLC	193,300		1,347
Common Stocks - continued
	Shares		Value (Note 1) (000s)
United Kingdom - continued
Vodafone Group PLC	17,106,916		$ 72,811
WPP Group PLC	325,200		4,361
TOTAL UNITED KINGDOM			282,555
United States of America - 3.4%
Bristol-Myers Squibb Co.	249,900		15,228
Eli Lilly & Co.	86,300		7,713
OMI Corp. (a)	430,300		2,985
Overseas Shipholding Group, Inc.	374,600		8,990
Pfizer, Inc.	222,900		9,626
Schering-Plough Corp.	249,900		12,917
VoiceStream Wireless Corp. (a)	75,700		9,955
TOTAL UNITED STATES OF AMERICA			67,414
TOTAL COMMON STOCKS (Cost $1,628,367)		1,800,459
Investment Companies - 0.1%

Multi-National - 0.1%
European Warrant Fund, Inc. (Cost $3,643)	220,200		2,945

Convertible Bonds - 0.2%
Moody's Ratings (unaudited)		Principal Amount (000s)
Hong Kong - 0.2%
China Mobile (Hong Kong) Ltd. 2.25% 11/3/05 (Cost $3,439)	Baa2	$ 3,439	3,439
Government Obligations - 0.0%

United States of America - 0.0%
U.S. Treasury Bills, yield at date of purchase 6.14% to 6.16% 11/9/00 to 1/11/01 (c) (Cost $471)	-	475	471

Cash Equivalents - 9.6%
	Shares		Value (Note 1) (000s)
Fidelity Cash Central Fund, 6.61% (b)	171,742,079		$ 171,742
Fidelity Securities Lending Cash Central Fund, 6.66% (b)	21,299,550		21,300
TOTAL CASH EQUIVALENTS (Cost $193,042)		193,042
TOTAL INVESTMENT PORTFOLIO - 99.4% (Cost $1,828,962)			2,000,356
NET OTHER ASSETS - 0.6%			12,102
NET ASSETS - 100%		$ 2,012,458

Futures Contracts
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Gain/(Loss) (000s)
Purchased
90 Nikkei 225 Index Contracts (Japan)	Dec. 2000	$ 6,640	$ (754)

The face value of futures purchased as a percentage of net assets - 0.3%

Legend

(a) Non-income producing

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

(c) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $471,000.

Income Tax Information

The fund hereby designates approximately $92,559,000 as a capital gain dividend for the purpose of the dividend paid deduction.

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands	October 31, 2000
Asset
Investment in securities, at value (cost $1,828,962) - See accompanying schedule		$ 2,000,356
Cash		325
Foreign currency held at value (cost $612)		607
Receivable for investments sold		54,685
Receivable for fund shares sold		10,018
Dividends receivable		2,764
Interest receivable		966
Receivable for daily variation on futures contracts		101
Other receivables		21
Total assets		2,069,843
Liabilities
Payable for investments purchased	$ 28,013
Payable for fund shares redeemed	5,213
Accrued management fee	1,280
Distribution fees payable	872
Other payables and accrued expenses	707
Collateral on securities loaned, at value	21,300
Total liabilities		57,385
Net Assets		$ 2,012,458
Net Assets consist of:
Paid in capital		$ 1,635,481
Undistributed net investment income		57,980
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		148,519
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		170,478
Net Assets		$ 2,012,458

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

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)	October 31, 2000
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($44,110 ÷ 2,219 shares)		$19.88
Maximum offering price per share (100/94.25 of $19.88)		$21.09
Class T: Net Asset Value and redemption price per share ($1,678,401 ÷ 83,369 shares)		$20.13
Maximum offering price per share (100/96.50 of $20.13)		$20.86
Class B: Net Asset Value and offering price per share ($124,692 ÷ 6,398 shares)^A		$19.49
Class C: Net Asset Value and offering price per share ($75,708 ÷ 3,824 shares)^A		$19.80
Institutional Class: Net Asset Value, offering price and redemption price per share ($89,547 ÷ 4,489 shares)		$19.95

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

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

Annual Report

Financial Statements - continued

Statement of Operations

Amounts in thousands	Year ended October 31, 2000
Investment Income Dividends		$ 25,315
Special dividend from BCE, Inc.		3,831
Interest		9,802
Security lending		513
		39,461
Less foreign taxes withheld		(3,134)
Total income		36,327
Expenses
Management fee Basic fee	$ 15,078
Performance adjustment	2,434
Transfer agent fees	4,601
Distribution fees	10,704
Accounting and security lending fees	1,003
Non-interested trustees' compensation	6
Custodian fees and expenses	993
Registration fees	251
Audit	54
Legal	52
Miscellaneous	22
Total expenses before reductions	35,198
Expense reductions	(444)	34,754
Net investment income		1,573
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities	217,443
Foreign currency transactions	(1,080)
Futures contracts	1,389	217,752
Change in net unrealized appreciation (depreciation) on:
Investment securities	(218,049)
Assets and liabilities in foreign currencies	(225)
Futures contracts	(1,136)	(219,410)
Net gain (loss)		(1,658)
Net increase (decrease) in net assets resulting from operations		$ (85)

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

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands	Year ended October 31, 2000	Year ended October 31, 1999
Increase (Decrease) in Net Assets
Operations Net investment income	$ 1,573	$ 5,488
Net realized gain (loss)	217,752	133,044
Change in net unrealized appreciation (depreciation)	(219,410)	216,537
Net increase (decrease) in net assets resulting from operations	(85)	355,069
Distributions to shareholders From net investment income	(5,290)	(3,445)
In excess of net investment income	(5,539)	-
From net realized gain	(81,508)	(10,438)
Total distributions	(92,337)	(13,883)
Share transactions - net increase (decrease)	388,023	127,794
Total increase (decrease) in net assets	295,601	468,980
Net Assets
Beginning of period	1,716,857	1,247,877
End of period (including undistributed net investment income of $57,980 and $10,177, respectively)	$ 2,012,458	$ 1,716,857

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

Annual Report

Financial Highlights - Class A

Years ended October 31,	2000	1999	1998	1997	1996^E
Selected Per-Share Data
Net asset value, beginning of period	$ 20.59	$ 16.32	$ 16.89	$ 15.29	$ 14.98
Income from Investment Operations
Net investment income^D	.06^H	.10	.09	.09	.04
Net realized and unrealized gain (loss)	.38^I	4.42	.51	2.39	.27
Total from investment operations	.44	4.52	.60	2.48	.31
Less Distributions
From net investment income	(.08)	(.11)	(.21)	(.25)	-
In excess of net investment income	(.09)	-	-	-	-
From net realized gain	(.98)	(.14)	(.96)	(.63)	-
Total distributions	(1.15)	(.25)	(1.17)	(.88)	-
Net asset value, end of period	$ 19.88	$ 20.59	$ 16.32	$ 16.89	$ 15.29
Total Return^{B, C}	1.78%	28.05%	3.73%	16.95%	2.07%
Ratios and Supplemental Data
Net assets, end of period (in millions)	$ 44	$ 23	$ 12	$ 5	$ 1
Ratio of expenses to average net assets	1.49%	1.55%	1.55%^F	1.90%^F	1.16%^{A, F}
Ratio of expenses to average net assets after expense reductions	1.46%^G	1.52%^G	1.54%^G	1.89%^G	1.16%^A
Ratio of net investment income to average net assets	.28%	.57%	.51%	.53%	1.74%^A
Portfolio turnover	132%	85%	74%	70%	82%