FIDELITY ADVISOR SERIES VIII, N-30D, 2000-06-22

FIDELITY ADVISOR SERIES VIII
N-30D, 2000-06-22

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FIDELITY(REGISTERED TRADEMARK) ADVISOR
JAPAN FUND - CLASS A, CLASS T, CLASS B
AND CLASS C

SEMIANNUAL REPORT
APRIL 30, 2000

(2_FIDELITY_LOGOS)(registered trademark)

CONTENTS

PRESIDENT'S MESSAGE 3 Ned Johnson on investing
strategies.

PERFORMANCE 4 How the fund has done over
time.

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

INVESTMENT CHANGES 15 A summary of major shifts in
the fund's investments over
the past six months.

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

FINANCIAL STATEMENTS 22 Statements of assets and
liabilities, operations, and
changes in net assets, as
well as financial highlights.

NOTES 31 Notes to the financial
statements.

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.

This report is printed on recycled paper using soy-based inks.

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

PRESIDENT'S MESSAGE

(PHOTO_OF_EDWARD_C_JOHNSON_3D)

DEAR SHAREHOLDER:

New indicators of accelerating inflation led to a sharp downturn in
equity markets, as the Dow Jones Industrial Average, NASDAQ and S&P
500(Registered trademark) each suffered its worst single-session point
decline in history on April 14. Volatility ruled the remainder of the
month, with equity markets experiencing both strong rallies and broad
sell-offs. Inflation-sensitive Treasuries experienced similar
volatility, as prices for the bellwether 10-year note edged lower
throughout the month.

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

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

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

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

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

Best regards,
Edward C. Johnson 3d

FIDELITY ADVISOR JAPAN FUND - CLASS A
PERFORMANCE: THE BOTTOM LINE

CUMULATIVE TOTAL RETURNS

PERIODS ENDED APRIL 30, 2000 PAST 6 MONTHS PAST 1 YEAR LIFE OF FUND

FIDELITY ADV JAPAN - CL A 10.63% 75.82% 110.63%

FIDELITY ADV JAPAN - CL A 4.27% 65.71% 98.52%
(INCL. 5.75% SALES CHARGE)

TOPIX 2.10% 37.05% 63.59%

Japanese Funds Average 5.46% 52.96% n/a

CUMULATIVE TOTAL RETURNS show Class A's performance in percentage
terms over a set period - in this case, six months, one year or since
the fund started on December 17, 1998. 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 Tokyo Stock Exchange Index (TOPIX) -
a market capitalization-weighted index of over 1,400 stocks traded in
the Japanese market. To measure how Class A's performance stacked up
against its peers, you can compare it to the Japanese funds average,
which reflects the performance of mutual funds with similar objectives
tracked by Lipper Inc. The past six months average represents a peer
group of 48 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 APRIL 30, 2000 PAST 1 YEAR LIFE OF FUND

FIDELITY ADV JAPAN - CL A 75.82% 72.25%

FIDELITY ADV JAPAN - CL A 65.71% 64.96%
(INCL. 5.75% SALES CHARGE)

TOPIX 37.05% 43.23%

Japanese Funds Average 52.96% n/a

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.

$10,000 OVER LIFE OF FUND
FA Japan -CL A TOPIX
00741 TK001
1998/12/17 9425.00 10000.00
1998/12/31 9698.33 10238.23
1999/01/31 9566.38 10289.31
1999/02/28 9434.43 10044.32
1999/03/31 10650.25 11394.22
1999/04/30 11291.15 11936.61
1999/05/31 10819.90 11401.97
1999/06/30 12563.53 12483.01
1999/07/31 14165.78 13756.39
1999/08/31 15419.30 14193.44
1999/09/30 16635.13 15124.67
1999/10/31 17945.20 16022.57
1999/11/30 20376.85 17184.50
1999/12/31 22898.98 18008.15
2000/01/31 21183.96 17031.27
2000/02/29 22228.30 16762.53
2000/03/31 21864.22 17826.50
2000/04/28 19852.17 16359.34
IMATRL PRASUN SHR__CHT 20000430 20000518 141256 R00000000000020

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Japan Fund - Class A on December 17,
1998, when the fund started, and the current 5.75% sales charge was
paid. As the chart shows, by April 30, 2000, the value of the
investment would have grown to $19,852 - a 98.52% increase on the
initial investment. For comparison, look at how the Tokyo Stock
Exchange Index (TOPIX) did over the same period. With dividends
reinvested, the same $10,000 would have grown to $16,359 - a 63.59%
increase.

(checkmark)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.

FIDELITY ADVISOR JAPAN FUND - CLASS T
PERFORMANCE: THE BOTTOM LINE

CUMULATIVE TOTAL RETURNS

PERIODS ENDED APRIL 30, 2000 PAST 6 MONTHS PAST 1 YEAR LIFE OF FUND

FIDELITY ADV JAPAN - CL T 10.48% 75.46% 110.03%

FIDELITY ADV JAPAN - CL T 6.62% 69.32% 102.68%
(INCL. 3.50% SALES CHARGE)

TOPIX 2.10% 37.05% 63.59%

Japanese Funds Average 5.46% 52.96% n/a

CUMULATIVE TOTAL RETURNS show Class T's performance in percentage
terms over a set period - in this case, six months, one year or since
the fund started on December 17, 1998. 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 Tokyo Stock Exchange Index (TOPIX) -
a market capitalization-weighted index of over 1,400 stocks traded in
the Japanese market. To measure how Class T's performance stacked up
against its peers, you can compare it to the Japanese funds average,
which reflects the performance of mutual funds with similar objectives
tracked by Lipper Inc. The past six months average represents a peer
group of 48 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 APRIL 30, 2000 PAST 1 YEAR LIFE OF FUND

FIDELITY ADV JAPAN - CL T 75.46% 71.88%

FIDELITY ADV JAPAN - CL T 69.32% 67.47%
(INCL. 3.50% SALES CHARGE)

TOPIX 37.05% 43.23%

Japanese Funds Average 52.96% n/a

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.

$10,000 OVER LIFE OF FUND
FA Japan -CL T TOPIX
00745 TK001
1998/12/17 9650.00 10000.00
1998/12/31 9929.85 10238.23
1999/01/31 9794.75 10289.31
1999/02/28 9650.00 10044.32
1999/03/31 10894.85 11394.22
1999/04/30 11551.05 11936.61
1999/05/31 11068.55 11401.97
1999/06/30 12853.80 12483.01
1999/07/31 14494.30 13756.39
1999/08/31 15768.10 14193.44
1999/09/30 17012.95 15124.67
1999/10/31 18344.65 16022.57
1999/11/30 20834.35 17184.50
1999/12/31 23405.35 18008.15
2000/01/31 21650.19 17031.27
2000/02/29 22709.17 16762.53
2000/03/31 22326.76 17826.50
2000/04/28 20267.64 16359.34
IMATRL PRASUN SHR__CHT 20000430 20000518 141700 R00000000000020
$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Japan Fund - Class T on December 17,
1998, when the fund started, and the current 3.50% sales charge was
paid. As the chart shows, by April 30, 2000, the value of the
investment would have grown to $20,268 - a 102.68% increase on the
initial investment. For comparison, look at how the Tokyo Stock
Exchange Index (TOPIX) did over the same period. With dividends
reinvested, the same $10,000 would have grown to $16,359 - a 63.59%
increase.

(checkmark)UNDERSTANDING
PERFORMANCE

FIDELITY ADVISOR JAPAN FUND - CLASS B
PERFORMANCE: THE BOTTOM LINE

CUMULATIVE TOTAL RETURNS

PERIODS ENDED APRIL 30, 2000 PAST 6 MONTHS PAST 1 YEAR LIFE OF FUND

FIDELITY ADV JAPAN - CL B 10.16% 74.41% 108.42%

FIDELITY ADV JAPAN - CL B 5.16% 69.41% 104.42%
(INCL. CONTINGENT DEFERRED
SALES CHARGE)

TOPIX 2.10% 37.05% 63.59%

Japanese Funds Average 5.46% 52.96% n/a

CUMULATIVE TOTAL RETURNS show Class B's performance in percentage
terms over a set period - in this case, six months, one year or since
the fund started on December 17, 1998. 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 Tokyo Stock Exchange Index (TOPIX) -
a market capitalization-weighted index of over 1,400 stocks traded in
the Japanese market. To measure how Class B's performance stacked up
against its peers, you can compare it to the Japanese funds average,
which reflects the performance of mutual funds with similar objectives
tracked by Lipper Inc. The past six months average represents a peer
group of 48 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 APRIL 30, 2000 PAST 1 YEAR LIFE OF FUND

FIDELITY ADV JAPAN - CL B 74.41% 70.92%

FIDELITY ADV JAPAN - CL B 69.41% 68.52%
(INCL. CONTINGENT DEFERRED
SALES CHARGE)

TOPIX 37.05% 43.23%

Japanese Funds Average 52.96% n/a

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.

$10,000 OVER LIFE OF FUND
FA Japan -CL B TOPIX
00742 TK001
1998/12/17 10000.00 10000.00
1998/12/31 10290.00 10238.23
1999/01/31 10140.00 10289.31
1999/02/28 9990.00 10044.32
1999/03/31 11270.00 11394.22
1999/04/30 11950.00 11936.61
1999/05/31 11450.00 11401.97
1999/06/30 13280.00 12483.01
1999/07/31 14960.00 13756.39
1999/08/31 16280.00 14193.44
1999/09/30 17550.00 15124.67
1999/10/31 18920.00 16022.57
1999/11/30 21480.00 17184.50
1999/12/31 24120.88 18008.15
2000/01/31 22293.54 17031.27
2000/02/29 23369.64 16762.53
2000/03/31 22973.72 17826.50
2000/04/28 20442.00 16359.34
IMATRL PRASUN SHR__CHT 20000430 20000518 142617 R00000000000020

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Japan Fund - Class B on December 17,
1998, when the fund started. As the chart shows, by April 30, 2000,
the value of the investment, including the effect of the applicable
contingent deferred sales charge, would have grown to $20,442 - a
104.42% increase on the initial investment. For comparison, look at
how the Tokyo Stock Exchange Index (TOPIX) did over the same period.
With dividends reinvested, the same $10,000 would have grown to
$16,359 - a 63.59% increase.

(checkmark)UNDERSTANDING
PERFORMANCE

FIDELITY ADVISOR JAPAN FUND - CLASS C
PERFORMANCE: THE BOTTOM LINE

CUMULATIVE TOTAL RETURNS

PERIODS ENDED APRIL 30, 2000 PAST 6 MONTHS PAST 1 YEAR LIFE OF FUND

FIDELITY ADV JAPAN - CL C 10.21% 74.58% 108.62%

FIDELITY ADV JAPAN - CL C 9.21% 73.58% 108.62%
(INCL. CONTINGENT DEFERRED
SALES CHARGE)

TOPIX 2.10% 37.05% 63.59%

Japanese Funds Average 5.46% 52.96% n/a

CUMULATIVE TOTAL RETURNS show Class C's performance in percentage
terms over a set period - in this case, six months, one year or since
the fund started on December 17, 1998. 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 Tokyo Stock Exchange Index (TOPIX) -
a market capitalization-weighted index of over 1,400 stocks traded in
the Japanese market. To measure how Class C's performance stacked up
against its peers, you can compare it to the Japanese funds average,
which reflects the performance of mutual funds with similar objectives
tracked by Lipper Inc. The past six months average represents a peer
group of 48 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 APRIL 30, 2000 PAST 1 YEAR LIFE OF FUND

FIDELITY ADV JAPAN - CL C 74.58% 71.04%

FIDELITY ADV JAPAN - CL C 73.58% 71.04%
(INCL. CONTINGENT DEFERRED
SALES CHARGE)

TOPIX 37.05% 43.23%

Japanese Funds Average 52.96% n/a

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.

$10,000 OVER LIFE OF FUND
FA Japan -CL C TOPIX
00743 TK001
1998/12/17 10000.00 10000.00
1998/12/31 10290.00 10238.23
1999/01/31 10140.00 10289.31
1999/02/28 9990.00 10044.32
1999/03/31 11270.00 11394.22
1999/04/30 11950.00 11936.61
1999/05/31 11450.00 11401.97
1999/06/30 13280.00 12483.01
1999/07/31 14970.00 13756.39
1999/08/31 16290.00 14193.44
1999/09/30 17550.00 15124.67
1999/10/31 18930.00 16022.57
1999/11/30 21490.00 17184.50
1999/12/31 24141.01 18008.15
2000/01/31 22313.68 17031.27
2000/02/29 23399.93 16762.53
2000/03/31 22993.85 17826.50
2000/04/28 20861.97 16359.34
IMATRL PRASUN SHR__CHT 20000430 20000518 143147 R00000000000020

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Japan Fund - Class C on December 17,
1998, when the fund started. As the chart shows, by April 30, 2000,
the value of the investment would have grown to $20,862 - a 108.62%
increase on the initial investment. For comparison, look at how the
Tokyo Stock Exchange Index (TOPIX) did over the same period. With
dividends reinvested, the same $10,000 would have grown to $16,359 - a
63.59% increase.

(checkmark)UNDERSTANDING
PERFORMANCE

FUND TALK: THE MANAGER'S OVERVIEW

MARKET RECAP

Resembling their counterparts in the
United States, the majority of major
international equity markets
travelled a similar path of
performance during the six-month
period ending April 30, 2000, with
several months of spectacular returns
spurred by high-flying technology
and telecommunications stocks
followed by profit taking and
valuation concerns in March and
April. Still, the majority of
international equity indexes closed
out the period with fairly strong
positive returns. The Morgan
Stanley Capital International EAFE(registered trademark)
Index - which measures the
performance of stock markets in
Europe, Australasia and the Far
East - closed the six months
ending April 30, 2000, up 6.81%.
Of course, some countries
contributed more than others.
Japan, the equity market darling of
1999, so far has found the first year
of the new millennium a little more
daunting, with the Tokyo Stock
Exchange Index down 9.16%
year-to-date and up just 2.10% for
the six-month period. European
markets, as measured by the
Morgan Stanley Europe Index,
returned 8.43% during the past six
months on the strength of favorable
corporate earnings. In general,
emerging markets, which enjoyed a
strong comeback in 1999,
continued their momentum into
2000, highlighted by the six-month
13.87% gain posted by the Morgan
Stanley Emerging Market Free
Index.

(photograph of Brenda Reed)

An interview with Brenda Reed, Portfolio Manager of Fidelity Advisor
Japan Fund

Q. HOW DID THE FUND PERFORM, BRENDA?

A. The fund managed to finish well ahead of its benchmarks in an
increasingly volatile market environment. For the six months that
ended April 30, 2000, the fund's Class A, Class T, Class B and Class C
shares returned 10.63%, 10.48%, 10.16% and 10.21%, respectively,
beating the Tokyo Stock Exchange Index (TOPIX) and the Japanese funds
average tracked by Lipper Inc., which had respective returns of 2.10%
and 5.46%. For the 12 months that ended April 30, 2000, the fund's
Class A, Class T, Class B and Class C shares returned 75.82%, 75.46%,
74.41% and 74.58%, respectively. By comparison, the index and the
average returned 37.05% and 52.96%, respectively.

Q. WHY DID THE FUND BEAT THE INDEX AND ITS PEER GROUP DURING THE
SIX-MONTH PERIOD?

A. Most of the fund's relative outperformance occurred in the final
two months of 1999, when stock markets worldwide staged a powerful but
narrow rally led by the market sectors representing the new economy -
technology, media and telecommunications. Favorable stock selection
and overweightings in these critical sectors enabled the fund to pull
ahead of the index and the average by a wide margin. Unfortunately,
new economy stocks gave up much of their gains during the rest of the
period. At the same time, cyclical and defensive stocks staged a
comeback. I rotated some money into these rebounding sectors, but
technology remained the fund's largest sector allocation - 23.5% of
net assets - at the end of the period. I couldn't see enough long-term
growth potential in cyclical and defensive stocks to make a radical
readjustment in the fund's focus.

Q. WITHIN TECHNOLOGY AND TELECOMMUNICATIONS, WHERE DID YOU CONCENTRATE
THE FUND'S INVESTMENTS?

A. I focused mainly on two areas. First, I emphasized companies - such
as NTT DoCoMo, Kyocera and Murata Manufacturing - that either provide
cellular phone services or make components for cellular phones. These
companies have extremely cost-efficient operations, and they also
benefited from the ability to raise prices due to healthy worldwide
demand. The other area of interest to me was factory automation. The
robust recovery in Southeast Asia, where Japanese companies making
automation equipment do much of their business, boosted revenue and
earnings prospects for them. Omron was an example of a holding in this
latter category.

Q. WHAT STOCKS DID WELL FOR THE FUND?

A. Furukawa Electric was a key contributor and represented my biggest
overweighted position relative to the index. The company makes
fiber-optic cable, but the most exciting aspect of its business is WDM
- wave division multiplexing. WDM involves using lasers and mirrors to
split light into its component parts and increase the capacity of
fiber-optic pathways. In addition, the company has significant
holdings of U.S. stock JDS Uniphase, to which it also is a supplier.
Another solid performer was Toyota Motor Corp., which saw strong
growth in its U.S. car sales. Investors also responded positively to
Toyota's recent move to invest in the cellular telecommunications
area.

Q. WHAT STOCKS WERE DISAPPOINTING?

A. Cellular holding Hikari Tsushin, formerly a standout performer, ran
into several problems during the period. The company's rapid growth
occurred without sufficiently tight management controls, resulting in
loose accounting practices at some stores. Furthermore, although the
cellular market in Japan continued to boom, growth slowed from the
unsustainably high levels of the past year or two. Finally, the
company's president was the victim of some extremely negative press
coverage, much of which amounted to personal attacks of questionable
credibility. Nonetheless, I sold much of the fund's holdings of Hikari
Tsushin for valuation reasons during the period.

Q. WHAT'S YOUR OUTLOOK, BRENDA?

A. Earlier in the most recent fiscal year, Japan experienced two
consecutive quarters of negative GDP, which meant that the country had
entered a recession according to the traditional definition of that
term. However, due to the confusing way in which the government
measures consumer spending, most analysts believe that economic growth
for that period was understated. There are currently many signs of
improvement - for example, healthy sales of computers and cellular
phones, increased capital spending, rising employment and robust
growth in international travel. These mixed signals for the economy
make stock selection difficult. As a result, my short-term focus will
be on keeping the fund's sector weightings close to those of TOPIX and
emphasizing strong earnings potential.

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.

(checkmark)FUND FACTS

GOAL: long-term growth of
capital by investing mainly in
equity securities of Japanese
issuers

START DATE: December 17, 1998

SIZE: as of April 30, 2000,
more than $150 million

MANAGER: Brenda Reed,
since 1998; joined Fidelity in
1992

BRENDA REED ON JAPAN'S
ZERO INTEREST-RATE POLICY:

"As a way of stimulating the depressed
economy, Japanese monetary officials
have kept short-term interest rates
around 0% for the past several years.
However, recently there has been talk
of raising rates - perhaps as a way
of fending off deflation, a condition in
which prices and wages actually
decline. In the long term, I think
there's no question that such a move
is desirable. Artificially low interest
rates subsidize inefficient uses of
capital and allow marginal
companies to survive. Higher rates, on
the other hand, would help weed out
these marginal companies by raising
their cost of capital, forcing many of
them into bankruptcy. The strong
would survive, and an economy
populated mostly by strong companies
would have many benefits.

"Unfortunately, the `medicine' of
higher interest rates would have some
negative short-term repercussions.
An increase in bankruptcies at a time
when the country appears to be
getting back on its feet would result
in more negative consumer sentiment
- not the ideal way to stimulate
spending. Furthermore, increased
borrowing costs would cut into
corporate profits. Fortunately, the
fund is well-positioned because of its
emphasis on companies with clean
balance sheets and declining debt.
Nevertheless, rising rates tend to
create a difficult environment for
stocks in many sectors, as we have
seen in the United States during the
past year."

NOTE TO SHAREHOLDERS: Effective
June 16, 2000, William Kennedy will
become Portfolio Manager of Fidelity
Advisor Japan Fund.

INVESTMENT CHANGES

<TABLE>
<CAPTION>
<S> <C> <C>
TOP TEN STOCKS BY ISSUER AS
OF APRIL 30, 2000

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

NTT DoCoMo, Inc. 8.2 5.8

Toyota Motor Corp. 4.2 2.4

Furukawa Electric Co. Ltd. 3.0 1.2

Sony Corp. 2.8 1.5

Rohm Co. Ltd. 2.7 1.5

Takeda Chemical Industries Ltd. 2.6 2.4

The Suruga Bank Ltd. 2.5 0.1

Kyocera Corp. 2.4 2.0

Softbank Corp. 2.3 2.4

Murata Manufacturing Co. Ltd. 2.1 0.0

32.8 19.3

TOP FIVE MARKET SECTORS AS OF
APRIL 30, 2000

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

Technology 23.5 24.7

Utilities 12.4 14.6

Durables 12.3 12.1

Industrial Machinery & 9.7 5.8
Equipment

Finance 9.1 12.3

</TABLE>

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

AS OF APRIL 30, 2000 AS OF OCTOBER 31, 1999

Stocks 95.2% Stocks 94.9%

Short-Term Investments and Short-Term Investments and
Net Other Assets 4.8% Net Other Assets 5.1%

Row: 1, Col: 1, Value: 95.2 Row: 1, Col: 1, Value: 94.90000000000001
Row: 1, Col: 2, Value: 0.0 Row: 1, Col: 2, Value: 0.0
Row: 1, Col: 3, Value: 0.0 Row: 1, Col: 3, Value: 0.0
Row: 1, Col: 4, Value: 0.0 Row: 1, Col: 4, Value: 0.0
Row: 1, Col: 5, Value: 0.0 Row: 1, Col: 5, Value: 0.0
Row: 1, Col: 6, Value: 0.0 Row: 1, Col: 6, Value: 0.0
Row: 1, Col: 7, Value: 0.0 Row: 1, Col: 7, Value: 0.0
Row: 1, Col: 8, Value: 4.8 Row: 1, Col: 8, Value: 5.1

</TABLE>

INVESTMENTS APRIL 30, 2000 (UNAUDITED)

Showing Percentage of Net Assets

COMMON STOCKS - 95.2%

SHARES VALUE (NOTE 1)

BASIC INDUSTRIES - 5.6%

CHEMICALS & PLASTICS - 5.1%

Asahi Chemical Industry Co. 191,000 $ 1,098,594
Ltd. (a)

Hitachi Chemical Co. Ltd. 37,000 944,331

Kaneka Corp. 112,000 1,439,615

Mitsubishi Chemical Corp. 234,000 936,952

Nippon Zeon Co. Ltd. 181,000 1,121,417

Nissan Chemical Industries 129,000 694,267
Co. Ltd.

Shin-Etsu Chemical Co. Ltd. 28,000 1,478,454

7,713,630

PAPER & FOREST PRODUCTS - 0.5%

Nippon Paper Industries Co. 121,000 765,341
Ltd.

TOTAL BASIC INDUSTRIES 8,478,971

CONSTRUCTION & REAL ESTATE -
2.0%

BUILDING MATERIALS - 1.1%

Nippon Sheet Glass Co. Ltd. 180,000 1,597,929

CONSTRUCTION - 0.5%

Daito Trust Construction Co. 51,200 804,883

REAL ESTATE - 0.4%

Mitsubishi Estate Co. Ltd. 52,000 584,243

TOTAL CONSTRUCTION & REAL 2,987,055
ESTATE

DURABLES - 12.3%

AUTOS, TIRES, & ACCESSORIES -
7.2%

Honda Motor Co. Ltd. (a) 36,000 1,593,000

Tokai Corp. 75,000 825,319

Toyoda Gosei Co. Ltd. 35,000 2,022,841

Toyota Motor Corp. 126,000 6,296,063

10,737,223

CONSUMER ELECTRONICS - 5.1%

Matsushita Electric 59,000 1,572,350
Industrial Co. Ltd.

Pioneer Corp. 33,000 900,222

Sharp Corp. 50,000 964,028

Sony Corp. 16,600 1,872,687

Sony Corp. (New) 21,500 2,425,469

7,734,756

TOTAL DURABLES 18,471,979

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

FINANCE - 9.1%

BANKS - 5.8%

Bank of Tokyo-Mitsubishi Ltd. 80,000 $ 1,031,256

Dai-Ichi Kangyo Bank Ltd. 251,000 2,079,674

Fuji Bank Ltd. 100,000 832,254

Sakura Bank Ltd. 155,000 1,086,462

The Suruga Bank Ltd. 218,000 3,729,425

8,759,071

SECURITIES INDUSTRY - 3.3%

Daiwa Securities Group, Inc. 154,000 2,349,732

Nikko Securities Co. Ltd. 72,000 848,900

Nomura Securities Co. Ltd. 67,000 1,685,223

4,883,855

TOTAL FINANCE 13,642,926

HEALTH - 8.4%

DRUGS & PHARMACEUTICALS - 7.2%

Fujisawa Pharmaceutical Co. 71,000 2,659,053
Ltd.

Sankyo Co. Ltd. 26,000 572,221

Takeda Chemical Industries 59,000 3,879,138
Ltd.

Yamanouchi Pharmaceutical Co. 49,000 2,587,294
Ltd.

Yoshitomi Pharmaceutical 80,000 1,124,468
Industries Ltd.

10,822,174

MEDICAL EQUIPMENT & SUPPLIES
- 1.2%

Hoya Corp. 17,000 1,729,240

TOTAL HEALTH 12,551,414

INDUSTRIAL MACHINERY &
EQUIPMENT - 9.7%

ELECTRICAL EQUIPMENT - 7.7%

Furukawa Electric Co. Ltd. 325,000 4,505,040

Mitsubishi Electric Corp. 105,000 896,199

Murata Manufacturing Co. Ltd. 16,000 3,107,083

Omron Corp. 112,000 3,044,942

11,553,264

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

INDUSTRIAL MACHINERY &
EQUIPMENT - CONTINUED

INDUSTRIAL MACHINERY &
EQUIPMENT - 2.0%

SMC Corp. 7,500 $ 1,491,123

THK Co. Ltd. 36,600 1,539,948

3,031,071

TOTAL INDUSTRIAL MACHINERY & 14,584,335
EQUIPMENT

MEDIA & LEISURE - 4.1%

BROADCASTING - 2.6%

Fuji Television Network, Inc. 98 1,631,219

Tokyo Broadcasting System, 53,000 2,303,495
Inc.

3,934,714

LEISURE DURABLES & TOYS - 0.8%

Nintendo Co. Ltd. 7,600 1,265,027

PUBLISHING - 0.4%

Kadokawa Shoten Publishing 3,500 566,395
Co. Ltd.

RESTAURANTS - 0.3%

Saizeriya Co. Ltd. 5,200 403,921

TOTAL MEDIA & LEISURE 6,170,057

NONDURABLES - 1.7%

BEVERAGES - 0.5%

Kirin Beverage Corp. 34,000 672,832

FOODS - 0.6%

Ajinomoto Co., Inc. 84,000 959,312

HOUSEHOLD PRODUCTS - 0.6%

Lion Corp. 26,000 106,991

Shiseido Co. Ltd. 61,000 770,538

877,529

TOTAL NONDURABLES 2,509,673

RETAIL & WHOLESALE - 2.3%

APPAREL STORES - 0.8%

World Co. Ltd. 11,600 871,019

World Co. Ltd. New 4,750 356,667

1,227,686

GENERAL MERCHANDISE STORES -
1.1%

Seven Eleven Japan Co. Ltd. 13,000 1,598,853

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

RETAIL & WHOLESALE - CONTINUED

RETAIL & WHOLESALE,
MISCELLANEOUS - 0.4%

Don Quijote Co. Ltd. 3,400 $ 575,365

TOTAL RETAIL & WHOLESALE 3,401,904

SERVICES - 2.8%

ADVERTISING - 1.1%

Asatsu-DK, Inc. 38,900 1,604,346

SERVICES - 1.7%

Nippon System Development Co. 15,600 1,487,294
Ltd.

Secom Co. Ltd. 9,000 754,023

Shinki Co. Ltd. 14,500 344,600

2,585,917

TOTAL SERVICES 4,190,263

TECHNOLOGY - 23.5%

COMMUNICATIONS EQUIPMENT - 0.7%

NEC Corp. 38,000 1,033,105

COMPUTER SERVICES & SOFTWARE
- 5.2%

Capcom Co. Ltd. 4,350 160,903

Fujitsu Ltd. 100,000 2,829,665

Hitachi Information Systems 41,000 1,588,589
Co. Ltd.

KOEI Co. Ltd. 3,180 114,097

Konami Co. Ltd. 1,000 61,032

Konami Co. Ltd. New 7,500 437,627

Net One Systems Co. Ltd. 24 818,938

Oracle Corp. Japan 500 402,256

Square Co. Ltd. 6,100 448,446

Trend Micro, Inc. (a) 6,000 898,835

7,760,388

COMPUTERS & OFFICE EQUIPMENT
- 5.6%

Canon, Inc. 43,000 1,996,812

Oki Electric Industry Co. 151,000 1,061,217
Ltd. (a)

Ricoh Co. Ltd. 88,000 1,855,373

Softbank Corp. 3,900 959,312

Softbank Corp. New 10,400 2,558,165

8,430,879

ELECTRONIC INSTRUMENTS - 0.7%

Tokyo Seimitsu Co. Ltd. 10,700 1,118,088

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

TECHNOLOGY - CONTINUED

ELECTRONICS - 10.5%

Hirose Electric Co. Ltd. 8,300 $ 1,002,386

Hosiden Corp. 19,000 885,519

Kyocera Corp. 21,900 3,636,769

Mitsumi Electric Co. Ltd. 20,000 824,857

Nichicon Corp. 73,000 1,957,648

Nidec Corp. 7,000 485,482

Nidec Corp. New 6,700 464,675

Nitto Denko Corp. 42,000 1,646,754

Rohm Co. Ltd. 11,900 3,983,540

Toko, Inc. 96,000 798,964

15,686,594

PHOTOGRAPHIC EQUIPMENT - 0.8%

Fuji Photo Film Co. Ltd. 16,000 656,000

Konica Corp. (a) 122,000 587,775

1,243,775

TOTAL TECHNOLOGY 35,272,829

TRANSPORTATION - 1.3%

AIR TRANSPORTATION - 0.7%

Nippon Express Co. Ltd. 164,000 1,034,289

RAILROADS - 0.6%

West Japan Railway Co. 268 921,916

TOTAL TRANSPORTATION 1,956,205

UTILITIES - 12.4%

CELLULAR - 8.3%

Hikari Tsushin, Inc. 1,400 201,960

NTT DoCoMo, Inc. 367 12,251,434

12,453,394

TELEPHONE SERVICES - 4.1%

DDI Corp. 166 1,903,458

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

UTILITIES - CONTINUED

TELEPHONE SERVICES - CONTINUED

KDD Corp. 14,500 $ 1,678,750

Nippon Telegraph & Telephone 210 2,602,182
Corp.

6,184,390

TOTAL UTILITIES 18,637,784

TOTAL COMMON STOCKS 142,855,395
(Cost $116,264,608)

CASH EQUIVALENTS - 6.5%

Taxable Central Cash Fund, 9,774,828 9,774,828
5.77% (b) (Cost $9,774,828)

TOTAL INVESTMENT PORTFOLIO - 152,630,223
101.7%
(Cost $126,039,436)

NET OTHER ASSETS - (1.7)% (2,529,708)

NET ASSETS - 100% $ 150,100,515

LEGEND

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at
period end.

INCOME TAX INFORMATION

At April 30, 2000, the aggregate cost
of investment securities for income tax purposes was $127,632,091. Net
unrealized appreciation aggregated $24,998,132, of which $31,408,078
related to appreciated investment securities and $6,409,946 related to
depreciated investment securities.

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2000 (UNAUDITED)

ASSETS

Investment in securities, at $ 152,630,223
value (cost $126,039,436) -
See accompanying schedule

Receivable for investments 6,665,669
sold

Receivable for fund shares 179,392
sold

Dividends receivable 242,834

Interest receivable 30,439

TOTAL ASSETS 159,748,557

LIABILITIES

Payable for investments $ 8,939,132
purchased

Payable for fund shares 448,924
redeemed

Accrued management fee 93,548

Distribution fees payable 91,096

Other payables and accrued 75,342
expenses

TOTAL LIABILITIES 9,648,042

NET ASSETS $ 150,100,515

Net Assets consist of:

Paid in capital $ 125,133,423

Distributions in excess of (1,358,162)
net investment income

Accumulated undistributed net (264,131)
realized gain (loss) on
investments and foreign
currency transactions

Net unrealized appreciation 26,589,385
(depreciation) on
investments and assets and
liabilities in foreign
currencies

NET ASSETS $ 150,100,515

STATEMENT OF ASSETS AND LIABILITIES - CONTINUED
APRIL 30, 2000 (UNAUDITED)

CALCULATION OF MAXIMUM $20.72
OFFERING PRICE CLASS A: NET
ASSET VALUE and redemption
price per share
($21,427,052 (divided by)
1,034,257 shares)

Maximum offering price per $21.98
share (100/94.25 of $20.72)

CLASS T: NET ASSET VALUE and $20.67
redemption price per share
($46,743,407 (divided by)
2,261,225 shares)

Maximum offering price per $21.42
share (100/96.50 of $20.67)

CLASS B: NET ASSET VALUE and $20.53
offering price per share
($42,052,645 (divided by)
2,048,554 shares) A

CLASS C: NET ASSET VALUE and $20.55
offering price per share
($35,597,871 (divided by)
1,731,848 shares) A

INSTITUTIONAL CLASS: NET $20.80
ASSET VALUE, offering price
and redemption price per
share ($4,279,540 (divided
by) 205,784 shares)

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

STATEMENT OF OPERATIONS
SIX MONTHS ENDED APRIL 30,
2000 (UNAUDITED)

INVESTMENT INCOME $ 295,481
Dividends

Interest 232,947

528,428

Less foreign taxes withheld (44,322)

TOTAL INCOME 484,106

EXPENSES

Management fee $ 557,088

Transfer agent fees 185,996

Distribution fees 552,707

Accounting fees and expenses 45,891

Non-interested trustees' 208
compensation

Custodian fees and expenses 54,426

Registration fees 81,833

Audit 9,509

Legal 1,127

Interest 724

Miscellaneous 198

Total expenses before 1,489,707
reductions

Expense reductions (25,362) 1,464,345

NET INVESTMENT INCOME (LOSS) (980,239)

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

Investment securities 622,973

Foreign currency transactions (418,585) 204,388

Change in net unrealized
appreciation (depreciation)
on:

Investment securities 8,531,291

Assets and liabilities in (1,954) 8,529,337
foreign currencies

NET GAIN (LOSS) 8,733,725

NET INCREASE (DECREASE) IN $ 7,753,486
NET ASSETS RESULTING FROM
OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS

SIX MONTHS ENDED APRIL 30, DECEMBER 17, 1998
2000 (UNAUDITED) (COMMENCEMENT OF OPERATIONS)
TO OCTOBER 31, 1999

INCREASE (DECREASE) IN NET
ASSETS

Operations Net investment $ (980,239) $ (312,413)
income (loss)

Net realized gain (loss) 204,388 1,426,579

Change in net unrealized 8,529,337 18,060,048
appreciation (depreciation)

NET INCREASE (DECREASE) IN 7,753,486 19,174,214
NET ASSETS RESULTING FROM
OPERATIONS

Distributions to shareholders (86,348) -
From net investment income

In excess of net investment (377,923) -
income

From net realized gain (1,117,801) -

In excess of net realized (264,131) -
gain

TOTAL DISTRIBUTIONS (1,846,203) -

Share transactions - net 65,515,557 59,503,461
increase (decrease)

TOTAL INCREASE (DECREASE) 71,422,840 78,677,675
IN NET ASSETS

NET ASSETS

Beginning of period 78,677,675 -

End of period (including $ 150,100,515 $ 78,677,675
under (over) distribution of
net investment income of
$(1,358,162) and $200,753,
respectively)

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL HIGHLIGHTS - CLASS A

SIX MONTHS ENDED APRIL 30, 2000 YEAR ENDED OCTOBER 31,

(UNAUDITED) 1999 E

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 19.04 $ 10.00
period

Income from Investment
Operations

Net investment income (loss) D (.09) (.13)

Net realized and unrealized 2.11 9.17
gain (loss)

Total from investment 2.02 9.04
operations

Less Distributions

From net investment income (.02) -

In excess of net investment (.08) -
income

From net realized gain (.19) -

In excess of net realized gain (.05) -

Total distributions (.34) -

Net asset value, end of period $ 20.72 $ 19.04

TOTAL RETURN B, C 10.63% 90.40%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 21,427 $ 7,130
(000 omitted)

Ratio of expenses to average 1.50% A 2.02% A, F
net assets

Ratio of expenses to average 1.47% A, G 2.01% A, G
net assets after expense
reductions

Ratio of net investment (.83)% A (1.04)% A
income (loss) to average net
assets

Portfolio turnover 170% A 152% A

</TABLE>

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

<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL HIGHLIGHTS - CLASS T

SIX MONTHS ENDED APRIL 30, 2000 YEAR ENDED OCTOBER 31,

(UNAUDITED) 1999 E

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 19.01 $ 10.00
period

Income from Investment
Operations

Net investment income (loss) D (.11) (.17)

Net realized and unrealized 2.10 9.18
gain (loss)

Total from investment 1.99 9.01
operations

Less Distributions

From net investment income (.02) -

In excess of net investment (.07) -
income

From net realized gain (.19) -

In excess of net realized gain (.05) -

Total distributions (.33) -

Net asset value, end of period $ 20.67 $ 19.01

TOTAL RETURN B, C 10.48% 90.10%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 46,743 $ 25,682
(000 omitted)

Ratio of expenses to average 1.75% A 2.27% A, F
net assets

Ratio of expenses to average 1.72% A, G 2.26% A, G
net assets after expense
reductions

Ratio of net investment (1.08)% A (1.29)% A
income (loss) to average net
assets

Portfolio turnover 170% A 152% A

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL HIGHLIGHTS - CLASS B

SIX MONTHS ENDED APRIL 30, 2000 YEAR ENDED OCTOBER 31,

(UNAUDITED) 1999 E

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 18.92 $ 10.00
period

Income from Investment
Operations

Net investment income (loss) D (.17) (.23)

Net realized and unrealized 2.09 9.15
gain (loss)

Total from investment 1.92 8.92
operations

Less Distributions

From net investment income (.01) -

In excess of net investment (.06) -
income

From net realized gain (.19) -

In excess of net realized gain (.05) -

Total distributions (.31) -

Net asset value, end of period $ 20.53 $ 18.92

TOTAL RETURN B, C 10.16% 89.20%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 42,053 $ 20,667
(000 omitted)

Ratio of expenses to average 2.30% A 2.78% A, F
net assets

Ratio of expenses to average 2.27% A, G 2.77% A, G
net assets after expense
reductions

Ratio of net investment (1.63)% A (1.79)% A
income (loss) to average net
assets

Portfolio turnover 170% A 152% A

</TABLE>

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

<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL HIGHLIGHTS - CLASS C

SIX MONTHS ENDED APRIL 30, 2000 YEAR ENDED OCTOBER 31,

(UNAUDITED) 1999 E

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 18.93 $ 10.00
period

Income from Investment
Operations

Net investment income (loss) D (.16) (.24)

Net realized and unrealized 2.09 9.17
gain (loss)

Total from investment 1.93 8.93
operations

Less Distributions

From net investment income (.01) -

In excess of net investment (.06) -
income

From net realized gain (.19) -

In excess of net realized gain (.05) -

Total distributions (.31) -

Net asset value, end of period $ 20.55 $ 18.93

TOTAL RETURN B, C 10.21% 89.30%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 35,598 $ 22,213
(000 omitted)

Ratio of expenses to average 2.22% A 2.78% A, F
net assets

Ratio of expenses to average 2.19% A, G 2.76% A, G
net assets after expense
reductions

Ratio of net investment (1.55)% A (1.79)% A
income (loss) to average net
assets

Portfolio turnover 170% A 152% A

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL HIGHLIGHTS - INSTITUTIONAL CLASS

SIX MONTHS ENDED APRIL 30, 2000 YEAR ENDED OCTOBER 31,

(UNAUDITED) 1999 E

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 19.09 $ 10.00
period

Income from Investment
Operations

Net investment income (loss) D (.06) (.10)

Net realized and unrealized 2.12 9.19
gain (loss)

Total from investment 2.06 9.09
operations

Less Distributions

From net investment income (.02) -

In excess of net investment (.09) -
income

From net realized gain (.19) -

In excess of net realized gain (.05) -

Total distributions (.35) -

Net asset value, end of period $ 20.80 $ 19.09

TOTAL RETURN B, C 10.81% 90.90%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 4,280 $ 2,986
(000 omitted)

Ratio of expenses to average 1.20% A 1.77% A, F
net assets

Ratio of expenses to average 1.16% A, G 1.76% A, G
net assets after expense
reductions

Ratio of net investment (.52)% A (.78)% A
income (loss) to average net
assets

Portfolio turnover 170% A 152% A

</TABLE>

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

NOTES TO FINANCIAL STATEMENTS
For the period ended April 30, 2000 (Unaudited)

1. SIGNIFICANT ACCOUNTING POLICIES.

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

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

The financial statements have been prepared in conformity with
generally accepted accounting principles which require management to
make certain estimates and assumptions at the date of the financial
statements. The following summarizes the significant accounting
policies of the fund:

SECURITY VALUATION. Securities for which quotations are readily
available are valued using the official closing price or 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 for which
quotations are not readily available are valued primarily using
dealer-supplied valuations or at their fair value. Short-term
securities with remaining maturities of sixty days or less for which
quotations are not readily available are valued at amortized cost or
original cost plus accrued interest, both of which approximate current
value.

FOREIGN CURRENCY TRANSLATION. The accounting records of the fund are
maintained in U.S. dollars. Investment securities and other assets and
liabilities denominated in a foreign currency are translated into U.S.
dollars at the prevailing rates of exchange at period end. Purchases
and sales of securities, income receipts and expense payments are
translated into U.S. dollars at the prevailing exchange rate on the
respective dates of the transactions.

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

1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

FOREIGN CURRENCY TRANSLATION - CONTINUED

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.

Permanent book and tax basis differences relating to shareholder
distributions will result in reclassifications to paid in capital.
Distributions in excess of net investment income and accumulated
undistributed net realized gain (loss) on investments and foreign
currency transactions may include temporary book and tax basis
differences that will reverse in a subsequent period. Any taxable
income gain remaining at fiscal year end is distributed in the
following year.

1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

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 bank
custodian. The securities are marked-to-market daily and maintained at
a value at least equal to the principal amount of the repurchase
agreement (including accrued interest). FMR, the fund's investment
adviser, is responsible for determining that the value of the
underlying securities remains in accordance with the market value
requirements stated above.

TAXABLE CENTRAL CASH FUND. Pursuant to an Exemptive Order issued by
the SEC, the fund may invest in the Taxable Central Cash Fund (the
Cash Fund) managed by Fidelity Investments Money Management, Inc., an
affiliate of FMR. The Cash Fund is an open-end money market fund
available only to investment companies and other accounts managed by
FMR and its affiliates. The Cash Fund seeks preservation of capital,
liquidity, and current income. Income distributions from the Cash Fund
are declared daily and paid monthly from net interest income. Income
distributions earned by the fund are recorded as interest income in
the accompanying financial statements.

3. PURCHASES AND SALES OF INVESTMENTS.

Purchases and sales of securities, other than short-term securities,
aggregated $180,204,604 and $121,158,220, respectively.

4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.

MANAGEMENT FEE. As the fund's investment adviser, FMR receives a
monthly fee that is calculated on the basis of a group fee rate plus a
fixed individual fund fee rate applied to the average net assets of
the fund. The group fee rate is the weighted average of a series of
rates and is based on the monthly average net assets of all the mutual
funds advised by FMR. The rates ranged from .2167% to .5200% for the
period. The annual individual fund fee rate is .45%. In the event that
these rates were lower than the contractual rates in effect during the
period, FMR voluntarily implemented the above rates, as they resulted
in the same or a lower management fee. For the period, the management
fee was equivalent to an annualized rate of .73% of average net
assets.

SUB-ADVISER FEE. FMR, on behalf of the fund, entered into sub-advisory
agreements with Fidelity Management & Research (U.K.) Inc., Fidelity
Management & Research (Far East) Inc., Fidelity International
Investment Advisors (FIIA), and Fidelity Investments Japan Limited
(FIJ). In addition, FIIA entered into a sub-advisory agreement with
its subsidiary, Fidelity International Investment Advisors (U.K.)
Limited (FIIA(U.K.)L). Under the sub-advisory arrangements, FMR may
receive investment advice and research services and may grant the
sub-advisers investment management authority to buy and sell
securities. FMR pays its sub-advisers either a portion of its
management fee or a fee based on costs incurred for these services.
FIIA pays FIIA(U.K.)L a fee based on costs incurred for either
service.

DISTRIBUTION AND SERVICE PLAN. In accordance with Rule 12b-1 of the
1940 Act, the Board of Trustees have adopted separate Distribution 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
distribution and service 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.

4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED

DISTRIBUTION AND SERVICE PLAN - CONTINUED

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 $ 22,120 $ 666

CLASS T 125,882 1,450

CLASS B 194,606 146,701

CLASS C 210,099 123,123

$ 552,707 $ 271,940

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

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

PAID TO FDC RETAINED BY FDC

CLASS A $ 102,356 $ 55,255

CLASS T 106,770 31,694

CLASS B 123,418 123,418*

CLASS C 30,230 30,230*

$ 362,774 $ 240,597

* 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.

4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED

TRANSFER AGENT FEES. Fidelity Investments Institutional Operations
Company, Inc., (FIIOC), an affiliate of FMR, is the transfer, dividend
disbursing and shareholder servicing agent for each class of the fund.
FIIOC receives account fees and asset-based fees that vary according
to the account size and type of account of the shareholders of the
respective classes of the fund. FIIOC pays for typesetting, printing
and mailing of all shareholder reports, except proxy statements. For
the period, the following amounts were paid to FIIOC:

AMOUNT % OF AVERAGE NET ASSETS

CLASS A $ 21,814 .25*

CLASS T 61,142 .25*

CLASS B 54,842 .29*

CLASS C 43,698 .21*

INSTITUTIONAL CLASS 4,500 .20*

$ 185,996

* ANNUALIZED

ACCOUNTING FEES. Fidelity Service Company, Inc., an affiliate of FMR,
maintains the fund's accounting records. The fee is based on the level
of average net assets for the month plus out-of-pocket expenses.

BROKERAGE COMMISSIONS. The fund placed a portion of its portfolio
transactions with brokerage firms which are affiliates of FMR. The
commissions paid to these affiliated firms were $4,729 for the period.

5. BANK BORROWINGS.

The fund is permitted to have bank borrowings for temporary or
emergency purposes to fund shareholder redemptions. The fund has
established borrowing arrangements with certain banks. The interest
rate on the borrowings is the bank's base rate, as revised from time
to time. The average daily loan balance during the period for which
the loan was outstanding amounted to $4,234,000. The weighted average
interest rate was 6.16%.

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 $25,195 under this arrangement.
In addition, through an arrangement with the each class' transfer
agent, credits realized as a result of uninvested cash balances were
used to reduce a portion of expenses. During the period, each
applicable class' expenses were reduced as follows under the transfer
agent arrangements:

TRANSFER AGENT CREDITS

CLASS C $ 167

7. BENEFICIAL INTEREST.

At the end of the period, one shareholder was record owner of
approximately 20% of the total outstanding shares of the fund.

8. DISTRIBUTIONS TO SHAREHOLDERS.

Distributions to shareholders of each class were as follows:

SIX MONTHS ENDED APRIL 30, 2000 YEAR ENDED OCTOBER 31,1999

FROM NET INVESTMENT INCOME

Class A $ 8,622 $ -

Class T 33,442 -

Class B 18,058 -

Class C 22,474 -

Institutional Class 3,752 -

Total $ 86,348 $ -

IN EXCESS OF NET INVESTMENT
INCOME

Class A $ 37,734 $ -

Class T 146,369 -

Class B 79,034 -

Class C 98,362 -

Institutional Class 16,424 -

Total $ 377,923 $ -

FROM NET REALIZED GAIN

Class A $ 89,989 $ -

Class T 387,849 -

Class B 269,245 -

Class C 335,111 -

Institutional Class 35,607 -

Total $ 1,117,801 $ -

IN EXCESS OF NET REALIZED GAIN

Class A $ 21,264 $ -

Class T 91,647 -

Class B 63,621 -

Class C 79,185 -

Institutional Class 8,414 -

Total $ 264,131 $ -

$ 1,846,203 $ -

</TABLE>

9. SHARE TRANSACTIONS.

Transactions for each class of shares for the periods are as follows:

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

SIX MONTHS ENDED APRIL 30, DECEMBER 17, 1998 SIX MONTHS ENDED APRIL 30,
(COMMENCEMENT OF
OPERATIONS) TO OCTOBER 31,

2000 1999 2000

CLASS A Shares sold 1,024,717 423,324 $ 22,476,182

Reinvestment of distributions 6,298 - 129,234

Shares redeemed (371,161) (48,921) (8,065,822)

Net increase (decrease) 659,854 374,403 $ 14,539,594

CLASS T Shares sold 2,173,352 1,859,477 $ 45,896,183

Reinvestment of distributions 23,648 - 484,785

Shares redeemed (1,286,400) (508,852) (28,212,953)

Net increase (decrease) 910,600 1,350,625 $ 18,168,015

CLASS B Shares sold 1,612,602 1,232,591 $ 34,828,662

Reinvestment of distributions 16,921 - 345,351

Shares redeemed (673,101) (140,459) (14,395,478)

Net increase (decrease) 956,422 1,092,132 $ 20,778,535

CLASS C Shares sold 1,878,755 1,586,570 $ 39,653,561

Reinvestment of distributions 18,308 - 373,848

Shares redeemed (1,338,469) (413,316) (29,016,975)

Net increase (decrease) 558,594 1,173,254 $ 11,010,434

INSTITUTIONAL CLASS Shares 145,323 164,732 $ 3,117,148
sold

Reinvestment of distributions 1,495 - 30,777

Shares redeemed (97,386) (8,380) (2,128,946)

Net increase (decrease) 49,432 156,352 $ 1,018,979

</TABLE>

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

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

1999

CLASS A Shares sold $ 5,943,698

Reinvestment of distributions -

Shares redeemed (679,705)

Net increase (decrease) $ 5,263,993

CLASS T Shares sold $ 27,451,689

Reinvestment of distributions -

Shares redeemed (8,433,226)

Net increase (decrease) $ 19,018,463

CLASS B Shares sold $ 18,325,581

Reinvestment of distributions -

Shares redeemed (2,237,447)

Net increase (decrease) $ 16,088,134

CLASS C Shares sold $ 23,987,260

Reinvestment of distributions -

Shares redeemed (6,867,482)

Net increase (decrease) $ 17,119,778

INSTITUTIONAL CLASS Shares $ 2,149,856
sold

Reinvestment of distributions -

Shares redeemed (136,763)

Net increase (decrease) $ 2,013,093

</TABLE>

INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA

INVESTMENT SUB-ADVISERS
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Far East) Inc.
Fidelity International
Investment Advisors
Fidelity International
Investment Advisors
(U.K.) Limited
Fidelity Investments Japan Ltd.

OFFICERS
Edward C. Johnson 3d, President
Robert C. Pozen, Senior Vice President
Brenda A. Reed, Vice President
Richard A. Spillane, Jr., Vice President
Eric D. Roiter, Secretary
Robert A. Dwight, Treasurer
Matthew N. Karstetter, Deputy Treasurer
Maria F. Dwyer, Deputy Treasurer
John H. Costello, Assistant Treasurer

* INDEPENDENT TRUSTEES

AJAF-SANN-0600 104119
1.719835.101

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

GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA

TRANSFER AND SHAREHOLDER
SERVICING AGENT
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

CUSTODIAN
State Street Bank and Trust Company
Quincy, MA

(2_FIDELITY_LOGOS)(registered trademark)

FIDELITY(REGISTERED TRADEMARK) ADVISOR
LATIN AMERICA FUND - CLASS A, CLASS T,
CLASS B AND CLASS C

SEMIANNUAL REPORT
APRIL 30, 2000

(2_FIDELITY_LOGOS)(registered trademark)

CONTENTS

PRESIDENT'S MESSAGE 3 Ned Johnson on investing
strategies.

PERFORMANCE 4 How the fund has done over
time.

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

INVESTMENT CHANGES 15 A summary of major shifts in
the fund's investments over
the past six months.

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

FINANCIAL STATEMENTS 19 Statements of assets and
liabilities, operations, and
changes in net assets, as
well as financial highlights.

NOTES 28 Notes to the financial
statements.

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.

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.

This report is printed on recycled paper using soy-based inks.

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,
Edward C. Johnson 3d

FIDELITY ADVISOR LATIN AMERICA FUND - CLASS A
PERFORMANCE: THE BOTTOM LINE

CUMULATIVE TOTAL RETURNS

PERIODS ENDED APRIL 30, 2000 PAST 6 MONTHS PAST 1 YEAR LIFE OF FUND

FIDELITY ADV LATIN AMERICA - 19.24% 10.86% 38.80%
CL A

FIDELITY ADV LATIN AMERICA - 12.39% 4.49% 30.82%
CL A (INCL. 5.75% SALES
CHARGE)

MSCI EMF - Latin America 20.84% 14.10% 45.70%

Latin American Funds Average 25.73% 17.12% n/a

CUMULATIVE TOTAL RETURNS show Class A's performance in percentage
terms over a set period - in this case, six months, one year or since
the fund started on December 21, 1998. 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 International
Emerging Markets Free - Latin America Index - a market
capitalization-weighted index of approximately 190 stocks traded in
seven Latin American markets. To measure how Class A's performance
stacked up against its peers, you can compare it to the Latin American
funds average, which reflects the performance of mutual funds with
similar objectives tracked by Lipper Inc. The past six months average
represents a peer group of 51 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 APRIL 30, 2000 PAST 1 YEAR LIFE OF FUND

FIDELITY ADV LATIN AMERICA - 10.86% 27.28%
CL A

FIDELITY ADV LATIN AMERICA - 4.49% 21.86%
CL A (INCL. 5.75% SALES
CHARGE)

MSCI EMF - Latin America 14.10% 31.91%

Latin American Funds Average 17.12% n/a

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.

$10,000 OVER LIFE OF FUND
FA Latin America -CL A MS EMF Latin America
00746 MS007
1998/12/21 9425.00 10000.00
1998/12/31 9274.20 9890.78
1999/01/31 8180.90 8719.68
1999/02/28 8821.80 9276.11
1999/03/31 10433.48 11161.84
1999/04/30 11800.10 12769.74
1999/05/31 11375.98 12370.61
1999/06/30 12092.28 12959.78
1999/07/31 10914.15 11962.45
1999/08/31 10584.28 11601.98
1999/09/30 10631.40 11791.53
1999/10/31 10970.70 12057.40
1999/11/30 12412.73 13578.21
1999/12/31 14495.65 15715.42
2000/01/31 13515.45 15043.50
2000/02/29 14948.05 16198.08
2000/03/31 15193.10 16332.45
2000/04/28 13082.00 14570.02
IMATRL PRASUN SHR__CHT 20000430 20000525 125211 R00000000000020

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Latin America Fund - Class A on December
21, 1998, when the fund started, and the current 5.75% sales charge
was paid. As the chart shows, by April 30, 2000 the value of the
investment would have grown to $13,082 - a 30.82% increase on the
initial investment. For comparison, look at how the MSCI EMF - Latin
America Index did over the same period. With dividends reinvested, the
same $10,000 would have grown to $14,570 - a 45.70% increase.

(checkmark)UNDERSTANDING
PERFORMANCE

FIDELITY ADVISOR LATIN AMERICA FUND - CLASS T
PERFORMANCE: THE BOTTOM LINE

CUMULATIVE TOTAL RETURNS

PERIODS ENDED APRIL 30, 2000 PAST 6 MONTHS PAST 1 YEAR LIFE OF FUND

FIDELITY ADV LATIN AMERICA - 19.19% 10.80% 38.50%
CL T

FIDELITY ADV LATIN AMERICA - 15.02% 6.92% 33.65%
CL T (INCL. 3.50% SALES
CHARGE)

MSCI EMF - Latin America 20.84% 14.10% 45.70%

Latin American Funds Average 25.73% 17.12% n/a

CUMULATIVE TOTAL RETURNS show Class T's performance in percentage
terms over a set period - in this case, six months, one year or since
the fund started on December 21, 1998. 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
Emerging Markets Free - Latin America Index - a market
capitalization-weighted index of approximately 190 stocks traded in
seven Latin American markets. To measure how Class T's performance
stacked up against its peers, you can compare it to the Latin American
funds average, which reflects the performance of mutual funds with
similar objectives tracked by Lipper Inc. The past six months average
represents a peer group of 51 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 APRIL 30, 2000 PAST 1 YEAR LIFE OF FUND

FIDELITY ADV LATIN AMERICA - 10.80% 27.08%
CL T

FIDELITY ADV LATIN AMERICA - 6.92% 23.79%
CL T (INCL. 3.50% SALES
CHARGE)

MSCI EMF - Latin America 14.10% 31.91%

Latin American Funds Average 17.12% n/a

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.

$10,000 OVER LIFE OF FUND
FA Latin America -CL T MS EMF Latin America
00750 MS007
1998/12/21 9650.00 10000.00
1998/12/31 9495.60 9890.78
1999/01/31 8376.20 8719.68
1999/02/28 9022.75 9276.11
1999/03/31 10672.90 11161.84
1999/04/30 12062.50 12769.74
1999/05/31 11637.90 12370.61
1999/06/30 12371.30 12959.78
1999/07/31 11155.40 11962.45
1999/08/31 10827.30 11601.98
1999/09/30 10865.90 11791.53
1999/10/31 11213.30 12057.40
1999/11/30 12689.75 13578.21
1999/12/31 14822.40 15715.42
2000/01/31 13809.15 15043.50
2000/02/29 15275.95 16198.08
2000/03/31 15526.85 16332.45
2000/04/28 13365.25 14570.02
IMATRL PRASUN SHR__CHT 20000430 20000525 125650 R00000000000020

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Latin America Fund - Class T on December
21, 1998, when the fund started, and the current 3.50% sales charge
was paid. As the chart shows, by April 30, 2000, the value of the
investment would have grown to $13,365 - a 33.65% increase on the
initial investment. For comparison, look at how the MSCI EMF - Latin
America Index did over the same period. With dividends reinvested, the
same $10,000 would have grown to $14,570 - a 45.70% increase.

(checkmark)UNDERSTANDING
PERFORMANCE

FIDELITY ADVISOR LATIN AMERICA FUND - CLASS B
PERFORMANCE: THE BOTTOM LINE

CUMULATIVE TOTAL RETURNS

PERIODS ENDED APRIL 30, 2000 PAST 6 MONTHS PAST 1 YEAR LIFE OF FUND

FIDELITY ADV LATIN AMERICA - 18.74% 10.09% 37.50%
CL B

FIDELITY ADV LATIN AMERICA - 13.74% 5.09% 33.50%
CL B (INCL. CONTINGENT
DEFERRED SALES CHARGE)

MSCI EMF - Latin America 20.84% 14.10% 45.70%

Latin American Funds Average 25.73% 17.12% n/a

CUMULATIVE TOTAL RETURNS show Class B's performance in percentage
terms over a set period - in this case, six months, one year or since
the fund started on December 21, 1998. 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
Emerging Markets Free - Latin America Index - a market
capitalization-weighted index of approximately 190 stocks traded in
seven Latin American markets. To measure how Class B's performance
stacked up against its peers, you can compare it to the Latin American
funds average, which reflects the performance of mutual funds with
similar objectives tracked by Lipper Inc. The past six months average
represents a peer group of 51 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 APRIL 30, 2000 PAST 1 YEAR LIFE OF FUND

FIDELITY ADV LATIN AMERICA - 10.09% 26.41%
CL B

FIDELITY ADV LATIN AMERICA - 5.09% 23.69%
CL B (INCL. CONTINGENT
DEFERRED SALES CHARGE)

MSCI EMF - Latin America 14.10% 31.91%

Latin American Funds Average 17.12% n/a

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.

$10,000 OVER LIFE OF FUND
FA Latin America -CL B MS EMF Latin America
00747 MS007
1998/12/21 10000.00 10000.00
1998/12/31 9840.00 9890.78
1999/01/31 8680.00 8719.68
1999/02/28 9340.00 9276.11
1999/03/31 11050.00 11161.84
1999/04/30 12490.00 12769.74
1999/05/31 12040.00 12370.61
1999/06/30 12790.00 12959.78
1999/07/31 11530.00 11962.45
1999/08/31 11180.00 11601.98
1999/09/30 11220.00 11791.53
1999/10/31 11580.00 12057.40
1999/11/30 13090.00 13578.21
1999/12/31 15270.00 15715.42
2000/01/31 14230.00 15043.50
2000/02/29 15730.00 16198.08
2000/03/31 15980.00 16332.45
2000/04/28 13350.00 14570.02
IMATRL PRASUN SHR__CHT 20000430 20000525 131645 R00000000000020

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Latin America Fund - Class B on December
21, 1998, when the fund started. As the chart shows, by April 30,
2000, the value of the investment, including the effect of the
applicable contingent deferred sales charge, would have grown to
$13,350 - a 33.50% increase on the initial investment. For comparison,
look at how the MSCI EMF - Latin America Index did over the same
period. With dividends reinvested, the same $10,000 would have grown
to $14,570 - a 45.70% increase.

(checkmark)UNDERSTANDING
PERFORMANCE

FIDELITY ADVISOR LATIN AMERICA FUND - CLASS C
PERFORMANCE: THE BOTTOM LINE

CUMULATIVE TOTAL RETURNS

PERIODS ENDED APRIL 30, 2000 PAST 6 MONTHS PAST 1 YEAR LIFE OF FUND

FIDELITY ADV LATIN AMERICA - 18.76% 10.01% 37.40%
CL C

FIDELITY ADV LATIN AMERICA - 17.76% 9.01% 37.40%
CL C (INCL. CONTINGENT
DEFERRED SALES CHARGE)

MSCI EMF - Latin America 20.84% 14.10% 45.70%

Latin American Funds Average 25.73% 17.12% n/a

CUMULATIVE TOTAL RETURNS show Class C's performance in percentage
terms over a set period - in this case, six months, one year or since
the fund started on December 21, 1998. 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
Emerging Markets Free - Latin America Index - a market
capitalization-weighted index of approximately 190 stocks traded in
seven Latin American markets. To measure how Class C's performance
stacked up against its peers, you can compare it to the Latin American
funds average, which reflects the performance of mutual funds with
similar objectives tracked by Lipper Inc. The past six months average
represents a peer group of 51 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 APRIL 30, 2000 PAST 1 YEAR LIFE OF FUND

FIDELITY ADV LATIN AMERICA - 10.01% 26.34%
CL C

FIDELITY ADV LATIN AMERICA - 9.01% 26.34%
CL C (INCL. CONTINGENT
DEFERRED SALES CHARGE)

MSCI EMF - Latin America 14.10% 31.91%

Latin American Funds Average 17.12% n/a

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.

$10,000 OVER LIFE OF FUND
FA Latin America -CL C MS EMF Latin America
00748 MS007
1998/12/21 10000.00 10000.00
1998/12/31 9840.00 9890.78
1999/01/31 8680.00 8719.68
1999/02/28 9340.00 9276.11
1999/03/31 11050.00 11161.84
1999/04/30 12490.00 12769.74
1999/05/31 12040.00 12370.61
1999/06/30 12780.00 12959.78
1999/07/31 11530.00 11962.45
1999/08/31 11180.00 11601.98
1999/09/30 11220.00 11791.53
1999/10/31 11570.00 12057.40
1999/11/30 13080.00 13578.21
1999/12/31 15270.00 15715.42
2000/01/31 14220.00 15043.50
2000/02/29 15720.00 16198.08
2000/03/31 15970.00 16332.45
2000/04/28 13740.00 14570.02
IMATRL PRASUN SHR__CHT 20000430 20000525 132258 R00000000000020

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Latin America Fund - Class C on December
21, 1998, when the fund started. As the chart shows, by April 30,
2000, the value of the investment would have grown to $13,740 - a
37.40% increase on the initial investment. For comparison, look at how
the MSCI EMF - Latin America Index did over the same period. With
dividends reinvested, the same $10,000 would have grown to $14,570 - a
45.70% increase.

(checkmark)UNDERSTANDING
PERFORMANCE

FUND TALK: THE MANAGER'S OVERVIEW

MARKET RECAP

(photograph of Patti Satterthwaite)

An interview with Patti Satterthwaite, Portfolio Manager of Fidelity
Advisor Latin America Fund

Q. HOW DID THE FUND PERFORM, PATTI?

A. For the six-month period that ended April 30, 2000, the fund's
Class A, Class T, Class B and Class C shares returned 19.24%, 19.19%,
18.74% and 18.76%, respectively. In comparison, the Morgan Stanley
Capital International Emerging Markets Free - Latin America Index
returned 20.84%. During the same period, the Latin American funds
average, as tracked by Lipper Inc., returned 25.73%. For the 12-month
period that ended April 30, 2000, the fund's Class A, Class T, Class B
and Class C shares returned 10.86%, 10.80%, 10.09% and 10.01%,
respectively. That compared to a 14.10% return for the Morgan Stanley
index and 17.12% for the Lipper peer group.

Q. WHAT WERE SOME OF THE KEYS TO THE FUND'S PERFORMANCE DURING THE
PAST SIX MONTHS?

A. The fund's overweighted position in Mexico and good stock selection
within that country were the biggest contributors to performance.
Mexico outperformed just about every market in the Latin American
region. In particular, the fund's holdings in Mexican banks performed
extremely well. Recently, the country's strengthening economy boosted
consumer borrowing activity. Furthermore, banks retained investors'
attention with their improved balance sheets, ongoing improvements in
the regulatory environment and the prospect of consolidation within
the industry. All of these factors pushed the stock prices of holdings
such as Grupo Financiero Bancomer and Banacci steadily higher
throughout the past six months. Media companies such as Grupo Televisa
also helped performance as advertising revenues improved. Another very
good performer in Mexico was Telefonos de Mexico (Telmex), the fund's
largest holding. It continued to rise in response to the impressive
growth in demand for wireless, voice and Internet services. The fund
underperformed its peers in large part because there are many new
funds in the Lipper peer group that came into existence during the
recent strong performance of Latin American markets. Also, many
competitors are less diversified than the fund.

Q. WHAT ABOUT DISAPPOINTMENTS?

A. I'd say that the biggest disappointments came as a result of what
the fund didn't own. We missed out on the significant appreciation of
Telephonica Espana's buyout of most of its telephone subsidiaries in
Brazil when I sold Telesp before that buyout was announced.

Q. WHERE DID YOU FIND ATTRACTIVE OPPORTUNITIES IN BRAZIL?

A. Pulp and paper companies in Brazil looked very attractive, both
from a valuation and a fundamental standpoint. With the market's focus
on faster-growing sectors, pulp and paper companies cheapened up quite
a bit. From a fundamental standpoint, inventories kept declining and
paper and pulp prices rose. One of my favorites in this area was
Votorantim Celulose, a Brazilian pulp producer.

Q. WHAT WAS YOUR APPROACH TO COUNTRIES OTHER THAN MEXICO AND BRAZIL?

A. I tended to underweight the rest of the region. Chilean stocks
recently went through a "de-rating." By that I mean that stocks in
Chile cheapened when Mexico achieved investment-grade status and
attracted money away from Chilean stocks. Prior to that move, Chile
was the only investment-grade rated country in Latin America. I also
underweighted Argentina
because I believed that the economy might weaken in response to
potentially deflationary conditions over the next several years.

Q. WHAT'S YOUR OUTLOOK?

A. The Mexican economy continues to look quite strong and corporate
earnings appear to be on a healthy track. That said, I slightly
reduced the fund's stake in Mexico recently as a precaution against
volatility that might arise in conjunction with the upcoming
presidential election in July. If the election goes well, I expect the
Mexican market to continue to perform well. Brazil's economy appears
to be strengthening, which I believe will be a positive for that
market. Except for Argentina, I think that most Latin American
currencies will appreciate, which also would bode well for the region.

(checkmark)FUND FACTS

GOAL: seeks high total
investment return

START DATE: December 21,
1998

SIZE: as of April 30, 2000,
more than $7 million

MANAGER: Patti Satterthwaite,
since inception; joined
Fidelity in 1986

PATTI SATTERTHWAITE
ON MEXICO'S
CREDIT-RATING UPGRADE:

"In early March, Moody's Investors
Services gave Mexico a coveted
investment-grade rating.
According to Moody's, the credit
rating upgrade came in response
to a number of developments,
including increased exports -
particularly to the U.S. - adoption
of a floating-exchange-rate
system, and fiscal discipline. The
upgrade paved the way for lower
financing costs for Mexican
corporate and government issuers.
The interesting thing is that
Standard & Poor's - the other
major rating agency - has
indicated it will wait until after
the upcoming presidential
election in July before it considers
upgrading the country's credit
rating. S&P currently has Mexico
on `positive' outlook in recognition
of its good economic
performance."

NOTE TO SHAREHOLDERS: Fidelity
Advisor Latin America Fund may
invest up to 35% of its total assets
in any industry which represents more
than 20% of the Latin American
market. As of April 30, 2000, 29%
of the fund's total assets were
invested in telephone service
companies, which accounted for
approximately 31% of the Latin
American market as of April 30,
2000, as represented by the Morgan
Stanley Capital International
(MSCI) Emerging Markets Free -
Latin America Index.

INVESTMENT CHANGES

<TABLE>
<CAPTION>
<S> <C> <C>
TOP FIVE STOCKS AS OF APRIL
30, 2000

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

Telefonos de Mexico SA de CV 10.4 11.3
Series L sponsored ADR
(Mexico, Telephone Services)

Carso Global Telecom SA de CV 5.8 0.0
Series A1 (Mexico,
Telephone Services)

Wal-Mart de Mexico SA de CV 5.6 0.0
Series C (Mexico, General
Merchandise Stores)

Telesp Celular Participacoes 5.2 0.4
SA ADR (Brazil, Cellular)

Petrobras PN (Pfd. Reg.) 5.1 0.0
(Brazil, Oil & Gas)

32.1 11.7

TOP FIVE MARKET SECTORS AS OF
APRIL 30, 2000

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

Utilities 39.2 29.6

Nondurables 11.5 22.0

Media & Leisure 9.3 4.6

Finance 9.3 9.0

Basic Industries 8.4 11.4

TOP FIVE COUNTRIES AS OF
APRIL 30, 2000

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

Mexico 43.4 48.1

Brazil 34.7 31.1

Chile 4.2 6.2

Peru 3.8 3.9

Venezuela 2.7 0.0

</TABLE>

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

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

AS OF APRIL 30, 2000 AS OF OCTOBER 31, 1999

Stocks 95.0% Stocks 95.9%

Short-Term Investments and Short-Term Investments and
Net Other Assets 5.0% Net Other Assets 4.1%

Row: 1, Col: 1, Value: 95.0 Row: 1, Col: 1, Value: 95.90000000000001
Row: 1, Col: 2, Value: 0.0 Row: 1, Col: 2, Value: 0.0
Row: 1, Col: 3, Value: 0.0 Row: 1, Col: 3, Value: 0.0
Row: 1, Col: 4, Value: 0.0 Row: 1, Col: 4, Value: 0.0
Row: 1, Col: 5, Value: 0.0 Row: 1, Col: 5, Value: 0.0
Row: 1, Col: 6, Value: 0.0 Row: 1, Col: 6, Value: 0.0
Row: 1, Col: 7, Value: 0.0 Row: 1, Col: 7, Value: 0.0
Row: 1, Col: 8, Value: 5.0 Row: 1, Col: 8, Value: 4.1

</TABLE>

INVESTMENTS APRIL 30, 2000 (UNAUDITED)

Showing Percentage of Net Assets

COMMON STOCKS - 95.0%

SHARES VALUE (NOTE 1)

ARGENTINA - 2.3%

Bansud SA Series B (a) 2,800 $ 5,212

Cresud S.A.C.I.F.y A. 847 8,364
sponsored ADR

Inversiones y Representacions 586 17,287
SA sponsored GDR

PC Holdings SA sponsored ADR 8,477 129,804
(a)

160,667

BRAZIL - 34.7%

Aracruz Celulose SA sponsored 3,370 62,977
ADR

Banco Bradesco SA (PN) (a) 11,544,000 85,061

Banco Itau SA 1,499,000 112,114

Brahma Cervejaria (Compagnie) 12,000 186,000
sponsored ADR

Companhia Brasileira de 200 5,700
Distribuicao Grupo Pao de
Acucar sponsored ADR

Companhia de Tecidos Norte de 80,000 5,983
Minas (Coteminas) (PN)

Companhia Vale do Rio Doce 11,800 292,222
(PN-A)

Compania Cimento Portland Itau 50,000 6,150

Compania Energertica Minas 2,916,000 44,427
Gerais

Dixie Toga SA 20,000 5,983

Embratel Participacoes SA ADR 8,400 189,000

Perdigao SA 10,000,000 11,080

Petrobras PN (Pfd. Reg.) 1,521,000 359,816

Souza Cruz Industria Comerico 6,500 39,612

Tele Centro Sul Participacoes 1,500 95,625
SA sponsored ADR

Tele Nordeste Celular 200 10,400
Participacoes SA sponsored
ADR

Tele Norte Leste 11,031 196,490
Participacoes SA ADR

Tele Sudeste Celular 2,200 94,050
Participacoes SA ADR

Telemig Celular Participacoes 2,900 169,650
SA ADR

Telesp Celular Participacoes 8,261 364,517
SA ADR

Votorantim Celulose e Papel 3,742,000 111,534
SA (PN Reg.)

2,448,391

BRITISH VIRGIN ISLANDS - 0.6%

El Sitio, Inc. 4,200 45,150

CHILE - 4.2%

Compania Cervecerias Unidas 1,400 31,238
SA sponsored ADR

Compania de 5,700 105,450
Telecomunicaciones de Chile
SA sponsored ADR

Distribucion Y Servicio D&S 4,500 76,500
SA ADR

Embotelladora Andina 4,450 51,731
sponsored ADR Class A

Enersis SA sponsored ADR 309 5,755

Vina Concha Stet y Toro SA 650 25,025
sponsored ADR

295,699

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

COLOMBIA - 0.2%

Banco Ganadero SA sponsored 600 $ 4,200
ADR Class C

Suramericana de Inversiones SA 7,000 7,058

11,258

LUXEMBOURG - 0.7%

Quilmes Industrial SA 5,000 47,500
sponsored ADR

MEXICO - 43.4%

Alfa SA de CV 18,000 55,834

Banacci SA de CV Series O (a) 53,000 191,753

Carso Global Telecom SA de CV 152,000 410,833
Series A1 (a)

Coca-Cola Femsa SA de CV ADR 2,100 38,981

Corporacion Interamericana de 15,000 61,213
Entretenimiento SA de CV
Series B (a)

Grupo Carso SA de CV Series 39,000 132,179
A1 (a)

Grupo Elektra SA de CV unit 41,000 39,964

Grupo Financiero Bancomer SA 398,000 177,454
de CV Series A (a)

Grupo Financiero Inbursa SA 17,000 69,103
de CV Series O (a)

Grupo Modelo SA de CV Series C 69,000 145,820

Grupo Televisa SA de CV 5,050 320,359
sponsored ADR (a)

Nuevo Grupo Iusacell SA de CV 1,100 17,531
sponsored ADR (a)

Telefonos de Mexico SA de CV 12,475 733,684
Series L sponsored ADR

Tubos de Acero de Mexico SA 4,600 68,713
sponsored ADR

TV Azteca SA de CV sponsored 18,600 204,600
ADR

Wal-Mart de Mexico SA de CV 187,000 399,968
Series C (a)

3,067,989

PANAMA - 1.4%

Banco Latin Americano de 400 9,875
Exporaciones SA (BLADEX)
Series E

Panamerican Beverages, Inc. 5,600 92,050
Class A

101,925

PERU - 3.8%

Compania de Minas 7,000 120,750
Buenaventura SA Class B
sponsored ADR

Telefonica del Peru SA ADR 9,780 147,923

268,673

UNITED STATES OF AMERICA - 1.0%

Impsat Fiber Networks, Inc. 4,400 69,575

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

VENEZUELA - 2.7%

Compania Anonima Nacional 6,700 $ 194,300
Telefono de Venezuela
sponsored ADR

TOTAL COMMON STOCKS 6,711,127
(Cost $6,113,381)

CASH EQUIVALENTS - 5.4%

Taxable Central Cash Fund, 379,431 379,431
5.77% (b) (Cost $379,431)

TOTAL INVESTMENT PORTFOLIO - 7,090,558
100.4%
(Cost $6,492,812)

NET OTHER ASSETS - (0.4)% (30,278)

NET ASSETS - 100% $ 7,060,280

LEGEND

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at
period end.

INCOME TAX INFORMATION

At April 30, 2000, the aggregate cost of investment securities for
income tax purposes was $6,496,820. Net unrealized appreciation
aggregated $593,738, of which $1,209,646 related to appreciated
investment securities and $615,908 related to depreciated investment
securities.

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2000 (UNAUDITED)

ASSETS

Investment in securities, at $ 7,090,558
value (cost $6,492,812) -
See accompanying schedule

Receivable for investments 2,226
sold

Receivable for fund shares 11,215
sold

Dividends receivable 23,360

Interest receivable 1,620

Receivable from investment 8,894
adviser for expense
reductions

TOTAL ASSETS 7,137,873

LIABILITIES

Payable to custodian bank $ 22,459

Payable for investments 5,022
purchased

Payable for fund shares 26,631
redeemed

Distribution fees payable 3,994

Other payables and accrued 19,487
expenses

TOTAL LIABILITIES 77,593

NET ASSETS $ 7,060,280

Net Assets consist of:

Paid in capital $ 6,374,170

Accumulated net investment (13,548)
loss

Accumulated undistributed net 102,227
realized gain (loss) on
investments and foreign
currency transactions

Net unrealized appreciation 597,431
(depreciation) on
investments and assets and
liabilities in foreign
currencies

NET ASSETS $ 7,060,280

STATEMENT OF ASSETS AND LIABILITIES - CONTINUED
APRIL 30, 2000 (UNAUDITED)

CALCULATION OF MAXIMUM $13.88
OFFERING PRICE CLASS A: NET
ASSET VALUE and redemption
price per share
($1,030,488 (divided by)
74,253 shares)

Maximum offering price per $14.73
share (100/94.25 of $13.88)

CLASS T: NET ASSET VALUE and $13.85
redemption price per share
($2,237,167 (divided by)
161,565 shares)

Maximum offering price per $14.35
share (100/96.50 of $13.85)

CLASS B: NET ASSET VALUE and $13.75
offering price per share
($1,909,623 (divided by)
138,894 shares) A

CLASS C: NET ASSET VALUE and $13.74
offering price per share
($1,317,497 (divided by)
95,900 shares) A

INSTITUTIONAL CLASS: NET $13.93
ASSET VALUE, offering price
and redemption price per
share ($565,505 (divided by)
40,602 shares)

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

STATEMENT OF OPERATIONS
SIX MONTHS ENDED APRIL 30,
2000 (UNAUDITED)

INVESTMENT INCOME $ 58,213
Dividends

Interest 9,020

67,233

Less foreign taxes withheld (4,654)

TOTAL INCOME 62,579

EXPENSES

Management fee $ 23,052

Transfer agent fees 10,973

Distribution fees 20,070

Accounting fees and expenses 30,041

Non-interested trustees' 9
compensation

Custodian fees and expenses 13,226

Registration fees 60,597

Audit 9,940

Legal 57

Foreign tax expenses 2,967

Total expenses before 170,932
reductions

Expense reductions (94,805) 76,127

NET INVESTMENT INCOME (LOSS) (13,548)

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

Investment securities 112,783

Foreign currency transactions (3,321) 109,462

Change in net unrealized
appreciation (depreciation)
on:

Investment securities 339,976

Assets and liabilities in 1,081 341,057
foreign currencies

NET GAIN (LOSS) 450,519

NET INCREASE (DECREASE) IN $ 436,971
NET ASSETS RESULTING FROM
OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS

SIX MONTHS ENDED APRIL 30, DECEMBER 21, 1998
2000 (UNAUDITED) (COMMENCEMENT OF
OPERATIONS) TO OCTOBER 31,
1999

INCREASE (DECREASE) IN NET
ASSETS

Operations Net investment $ (13,548) $ 4,112
income (loss)

Net realized gain (loss) 109,462 (15,197)

Change in net unrealized 341,057 256,374
appreciation (depreciation)

NET INCREASE (DECREASE) IN 436,971 245,289
NET ASSETS RESULTING FROM
OPERATIONS

Share transactions - net 2,711,550 3,666,470
increase (decrease)

TOTAL INCREASE (DECREASE) 3,148,521 3,911,759
IN NET ASSETS

NET ASSETS

Beginning of period 3,911,759 -

End of period (including $ 7,060,280 $ 3,911,759
accumulated net investment
loss of $13,548 and $0,
respectively)

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL HIGHLIGHTS - CLASS A

SIX MONTHS ENDED APRIL 30, 2000 YEAR ENDED OCTOBER 31,

(UNAUDITED) 1999 E

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 11.64 $ 10.00
period

Income from Investment
Operations

Net investment income (loss) D (.00) .05

Net realized and unrealized 2.24 1.59
gain (loss)

Total from investment 2.24 1.64
operations

Net asset value, end of period $ 13.88 $ 11.64

TOTAL RETURN B, C 19.24% 16.40%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 1,030 $ 756
(000 omitted)

Ratio of expenses to average 2.09% A, F 2.01% A, F
net assets

Ratio of expenses to average 2.05% A, G 1.99% A, G
net assets after expense
reductions

Ratio of net investment (.05)% A .50% A
income (loss) to average net
assets

Portfolio turnover 45% A 50% A

</TABLE>

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 (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD DECEMBER 21, 1998 (COMMENCEMENT OF OPERATIONS) TO
OCTOBER 31, 1999.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.

<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL HIGHLIGHTS - CLASS T

SIX MONTHS ENDED APRIL 30, 2000 YEAR ENDED OCTOBER 31,

(UNAUDITED) 1999 E

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 11.62 $ 10.00
period

Income from Investment
Operations

Net investment income (loss) D (.02) .02

Net realized and unrealized 2.25 1.60
gain (loss)

Total from investment 2.23 1.62
operations

Net asset value, end of period $ 13.85 $ 11.62

TOTAL RETURN B, C 19.19% 16.20%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 2,237 $ 1,065
(000 omitted)

Ratio of expenses to average 2.35% A, F 2.26% A, F
net assets

Ratio of expenses to average 2.30% A, G 2.24% A, G
net assets after expense
reductions

Ratio of net investment (.30)% A .25% A
income (loss) to average net
assets

Portfolio turnover 45% A 50% A

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL HIGHLIGHTS - CLASS B

SIX MONTHS ENDED APRIL 30, 2000 YEAR ENDED OCTOBER 31,

(UNAUDITED) 1999 E

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 11.58 $ 10.00
period

Income from Investment
Operations

Net investment income (loss) D (.06) (.02)

Net realized and unrealized 2.23 1.60
gain (loss)

Total from investment 2.17 1.58
operations

Net asset value, end of period $ 13.75 $ 11.58

TOTAL RETURN B, C 18.74% 15.80%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 1,910 $ 912
(000 omitted)

Ratio of expenses to average 2.85% A, F 2.76% A, F
net assets

Ratio of expenses to average 2.81% A, G 2.74% A, G
net assets after expense
reductions

Ratio of net investment (.81)% A (.25)% A
income (loss) to average net
assets

Portfolio turnover 45% A 50% A

</TABLE>

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 DECEMBER 21, 1998 (COMMENCEMENT OF OPERATIONS) TO
OCTOBER 31, 1999.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.

<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL HIGHLIGHTS - CLASS C

SIX MONTHS ENDED APRIL 30, 2000 YEAR ENDED OCTOBER 31,

(UNAUDITED) 1999 E

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 11.57 $ 10.00
period

Income from Investment
Operations

Net investment income (loss) D (.06) (.02)

Net realized and unrealized 2.23 1.59
gain (loss)

Total from investment 2.17 1.57
operations

Net asset value, end of period $ 13.74 $ 11.57

TOTAL RETURN B, C 18.76% 15.70%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 1,317 $ 708
(000 omitted)

Ratio of expenses to average 2.85% A, F 2.76% A, F
net assets

Ratio of expenses to average 2.81% A, G 2.74% A, G
net assets after expense
reductions

Ratio of net investment (.80)% A (.25)% A
income (loss) to average net
assets

Portfolio turnover 45% A 50% A

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL HIGHLIGHTS - INSTITUTIONAL CLASS

SIX MONTHS ENDED APRIL 30, 2000 YEAR ENDED OCTOBER 31,

(UNAUDITED) 1999 E

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 11.67 $ 10.00
period

Income from Investment
Operations

Net investment income D .02 .07

Net realized and unrealized 2.24 1.60
gain (loss)

Total from investment 2.26 1.67
operations

Net asset value, end of period $ 13.93 $ 11.67

TOTAL RETURN B, C 19.37% 16.70%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 566 $ 472
(000 omitted)

Ratio of expenses to average 1.83% A, F 1.76% A, F
net assets

Ratio of expenses to average 1.79% A, G 1.74% A, G
net assets after expense
reductions

Ratio of net investment .21% A .75% A
income to average net assets

Portfolio turnover 45% A 50% A

</TABLE>

A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD DECEMBER 21, 1998 (COMMENCEMENT OF OPERATIONS) TO
OCTOBER 31, 1999.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.

NOTES TO FINANCIAL STATEMENTS
For the period ended April 30, 2000 (Unaudited)

1. SIGNIFICANT ACCOUNTING POLICIES.

Fidelity Advisor Latin America 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's investments in emerging markets can be subject to social,
economic, regulatory and political uncertainties and can be extremely
volatile.The financial statements have been prepared in conformity
with generally accepted accounting principles which require management
to make certain estimates and assumptions at the date of the financial
statements. The following summarizes the significant accounting
policies of the fund:

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.

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.

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.
Accumulated net investment loss and accumulated undistributed net
realized gain (loss) on investments and foreign currency transactions
may include temporary book and tax basis differences that 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.

3. PURCHASES AND SALES OF INVESTMENTS.

Purchases and sales of securities, other than short-term securities,
aggregated $3,806,330 and $1,297,434, respectively.

4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.

SUB-ADVISER FEE. FMR, on behalf of the fund, entered into sub-advisory
agreements with Fidelity Management & Research (U.K.) Inc., Fidelity
Management & Research (Far East) Inc. and Fidelity International
Investment Advisors (FIIA). In addition, FIIA entered into a
sub-advisory agreement with its subsidiary, Fidelity International
Investment Advisors (U.K.) Limited (FIIA(U.K.)L). Under the
sub-advisory arrangements, FMR may receive investment advice and
research services and may grant the sub-advisers investment management
authority to buy and sell securities. FMR pays its sub-advisers either
a portion of its management fee or a fee based on costs incurred for
these services. FIIA pays FIIA(U.K.)L a fee based on costs incurred
for either service.

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.

4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED

DISTRIBUTION AND SERVICE PLAN - CONTINUED

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 $ 1,245 $ 745

CLASS T 4,946 1,477

CLASS B 8,151 6,834

CLASS C 5,728 5,339

$ 20,070 $ 14,395

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

PAID TO FDC RETAINED BY FDC

CLASS A $ 3,332 $ 1,221

CLASS T 5,733 1,384

CLASS B 2,904 2,904*

CLASS C 332 332*

$ 12,301 $ 5,841

* 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.

4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED

TRANSFER AGENT FEES. Fidelity Investments Institutional Operations
Company, Inc., (FIIOC), an affiliate of FMR, is the transfer, dividend
disbursing and shareholder servicing agent for each class of the fund
(collectively referred to as the transfer agent) for the fund's Class
A, Class T, Class B, Class C and Institutional Class Shares. 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 $ 1,518 .31 *

CLASS T 3,629 .37 *

CLASS B 3,127 .39 *

CLASS C 2,111 .37 *

INSTITUTIONAL CLASS 588 .20 *

$ 10,973

* ANNUALIZED

5. EXPENSE REDUCTIONS.

FMR voluntarily agreed to reimburse operating expenses (excluding
interest, taxes, certain securities lending fees, brokerage
commissions and extraordinary expenses, if any) above the following
annual rates or range of annual rates of average net assets for each
of the following classes:

FMR EXPENSE LIMITATIONS REIMBURSEMENT

CLASS A 2.00% $ 14,463

CLASS T 2.25% 29,278

CLASS B 2.75% 24,304

CLASS C 2.75% 16,994

INSTITUTIONAL CLASS 1.75% 8,450

$ 93,489

5. EXPENSE REDUCTIONS - CONTINUED

FMR has also directed certain portfolio trades to brokers who paid a
portion of the fund's expenses. For the period, the fund's expenses
were reduced by $1,316 under this arrangement.

6. BENEFICIAL INTEREST.

At the end of the period, FMR and its affiliates were record owners of
approximately 40% of the total outstanding shares of the fund.

7. SHARE TRANSACTIONS.

Transactions for each class of shares for the periods are as follows:

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

SIX MONTHS ENDED APRIL 30, YEAR ENDED OCTOBER 31, SIX MONTHS ENDED APRIL 30, YEAR ENDED
OCTOBER 31,

2000 1999 A 2000 1999 A

CLASS A Shares sold 25,949 65,380 $ 404,023 $ 711,107

Shares redeemed (16,587) (489) (239,286) (5,527)

Net increase (decrease) 9,362 64,891 $ 164,737 $ 705,580

CLASS T Shares sold 117,716 134,413 $ 1,803,584 $ 1,468,015

Shares redeemed (47,727) (42,837) (722,309) (447,894)

Net increase (decrease) 69,989 91,576 $ 1,081,275 $ 1,020,121

CLASS B Shares sold 75,391 100,677 $ 1,126,790 $ 1,121,618

Shares redeemed (15,268) (21,906) (207,949) (257,607)

Net increase (decrease) 60,123 78,771 $ 918,841 $ 864,011

CLASS C Shares sold 42,980 81,526 $ 670,114 $ 903,646

Shares redeemed (8,251) (20,355) (126,498) (231,930)

Net increase (decrease) 34,729 61,171 $ 543,616 $ 671,716

INSTITUTIONAL CLASS Shares 338 40,574 $ 5,500 $ 407,034
sold

Shares redeemed (152) (158) (2,419) (1,992)

Net increase (decrease) 186 40,416 $ 3,081 $ 405,042

</TABLE>

A SHARE TRANSACTIONS ARE FOR THE PERIOD DECEMBER 21, 1998
(COMMENCEMENT OF OPERATIONS) TO OCTOBER 31, 1999.

INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA

OFFICERS
Edward C. Johnson 3d, President
Robert C. Pozen, Senior Vice President
Richard A. Spillane, Jr., Vice President
Patricia Satterthwaite, Vice President
Eric D. Roiter, Secretary
Robert A. Dwight, Treasurer
Matthew N. Karstetter, Deputy Treasurer
Maria F. Dwyer, Deputy Treasurer
John H. Costello, Assistant Treasurer

* INDEPENDENT TRUSTEES

ADVISORY BOARD
J. Michael Cook
Abigail P. Johnson

GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA

TRANSFER AND SHAREHOLDER
SERVICING AGENT
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

CUSTODIAN
State Street Bank and Trust Company
Quincy, MA

FOCUS FUNDS
Fidelity Advisor Consumer
Industries Fund
Fidelity Advisor Cyclical
Industries Fund
Fidelity Advisor Financial
Services Fund
Fidelity Advisor Health Care Fund
Fidelity Advisor Natural
Resources Fund
Fidelity Advisor Technology Fund
Fidelity Advisor Telecommunications and Utilities Growth Fund

GROWTH FUNDS
Fidelity Advisor Latin America Fund
Fidelity Advisor Emerging Asia Fund
Fidelity Advisor Japan Fund
Fidelity Advisor Europe Capital Appreciation Fund
Fidelity Advisor International
Capital Appreciation Fund
Fidelity Advisor Overseas Fund
Fidelity Advisor Diversified International Fund
Fidelity Advisor Global Equity Fund
Fidelity Advisor TechnoQuant (registered trademark)
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

ALAF-SANN-0600 104895
1.719833.101

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

(2_FIDELITY_LOGOS)(registered trademark)

FIDELITY(REGISTERED TRADEMARK) ADVISOR
OVERSEAS FUND - CLASS A, CLASS T,
CLASS B AND CLASS C

SEMIANNUAL REPORT
APRIL 30, 2000

(2_FIDELITY_LOGOS)(registered trademark)

CONTENTS

PRESIDENT'S MESSAGE 3 Ned Johnson on investing
strategies.

PERFORMANCE 4 How the fund has done over
time.

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

INVESTMENT CHANGES 15 A summary of major shifts in
the fund's investments over
the past six months.

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

FINANCIAL STATEMENTS 25 Statements of assets and
liabilities, operations, and
changes in net assets, as
well as financial highlights.

NOTES 34 Notes to the financial
statements.

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.

This report is printed on recycled paper using soy-based inks.

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,
Edward C. Johnson 3d

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.

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
CUMULATIVE TOTAL RETURNS

PERIODS ENDED APRIL 30, 2000 PAST 6 MONTHS PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS

FIDELITY ADV OVERSEAS - CL A 13.36% 25.35% 99.37% 186.19%

FIDELITY ADV OVERSEAS - CL A 6.84% 18.14% 87.91% 169.74%
(INCL. 5.75% SALES CHARGE)

MSCI EAFE(registered trademark) 6.81% 14.11% 64.91% 135.87%

International Funds Average 14.17% 24.75% 89.12% 169.74%

</TABLE>

CUMULATIVE TOTAL RETURNS show Class A's performance in percentage
terms over a set period - in this case, six months, 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 - a market
capitalization-weighted index that is designed to represent the
performance of developed stock markets outside the United States and
Canada. As of April 30, 2000 the index included over 1,000 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
six months average represents a peer group of 675 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 APRIL 30, 2000 PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS

FIDELITY ADV OVERSEAS - CL A 25.35% 14.80% 11.09%

FIDELITY ADV OVERSEAS - CL A 18.14% 13.45% 10.43%
(INCL. 5.75% SALES CHARGE)

MSCI EAFE 14.11% 10.52% 8.96%

International Funds Average 24.75% 13.15% 10.15%

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.

$10,000 OVER 10 YEARS
FA Overseas -CL A MS EAFE (Net MA tax)
00252 MS001
1990/04/30 9425.00 10000.00
1990/05/31 9834.78 11141.01
1990/06/30 10330.33 11042.89
1990/07/31 10940.24 11198.43
1990/08/31 9634.66 10110.97
1990/09/30 8815.09 8701.86
1990/10/31 9100.99 10057.77
1990/11/30 9110.52 9464.48
1990/12/31 9022.16 9617.81
1991/01/31 9243.15 9928.89
1991/02/28 9656.30 10993.26
1991/03/31 9118.24 10333.31
1991/04/30 9108.63 10434.78
1991/05/31 9118.24 10543.66
1991/06/30 8436.05 9768.91
1991/07/31 8916.47 10248.87
1991/08/31 9050.98 10040.74
1991/09/30 9521.79 10606.62
1991/10/31 9396.88 10756.98
1991/11/30 9156.67 10254.80
1991/12/31 9633.75 10784.39
1992/01/31 9663.00 10554.03
1992/02/29 9887.27 10176.28
1992/03/31 9585.00 9504.48
1992/04/30 10082.28 9549.66
1992/05/31 10491.82 10188.87
1992/06/30 10326.05 9705.59
1992/07/31 9926.27 9457.20
1992/08/31 9653.25 10050.36
1992/09/30 9506.99 9851.89
1992/10/31 8843.94 9335.12
1992/11/30 8726.93 9422.96
1992/12/31 9168.08 9471.70
1993/01/31 9631.41 9470.54
1993/02/28 9838.43 9756.61
1993/03/31 10439.78 10607.05
1993/04/30 11248.14 11613.69
1993/05/31 11543.89 11858.97
1993/06/30 11228.43 11673.94
1993/07/31 11780.48 12082.59
1993/08/31 12559.28 12734.84
1993/09/30 12431.12 12448.19
1993/10/31 12746.58 12831.81
1993/11/30 12253.67 11710.18
1993/12/31 13003.64 12555.74
1994/01/31 13862.65 13617.27
1994/02/28 13675.05 13579.55
1994/03/31 13329.47 12994.66
1994/04/30 13902.14 13546.01
1994/05/31 13645.43 13468.24
1994/06/30 13536.82 13658.57
1994/07/31 13882.40 13789.93
1994/08/31 14010.76 14116.41
1994/09/30 13576.31 13671.80
1994/10/31 13882.40 14127.07
1994/11/30 13339.34 13448.12
1994/12/31 13260.88 13532.33
1995/01/31 12713.73 13012.48
1995/02/28 12743.57 12975.14
1995/03/31 13141.50 13784.41
1995/04/30 13529.48 14302.82
1995/05/31 13678.70 14132.32
1995/06/30 13778.18 13884.49
1995/07/31 14375.07 14748.89
1995/08/31 13957.25 14186.27
1995/09/30 14126.37 14463.33
1995/10/31 13847.82 14074.55
1995/11/30 13977.14 14466.16
1995/12/31 14406.67 15049.00
1996/01/31 14667.16 15110.78
1996/02/29 14697.21 15161.87
1996/03/31 14907.60 15483.85
1996/04/30 15298.32 15934.01
1996/05/31 15298.32 15640.80
1996/06/30 15408.53 15728.83
1996/07/31 14957.69 15269.11
1996/08/31 15057.88 15302.57
1996/09/30 15478.66 15709.10
1996/10/31 15318.36 15548.34
1996/11/30 16109.83 16166.99
1996/12/31 16186.42 15959.02
1997/01/31 16186.42 15403.64
1997/02/28 16547.06 15659.34
1997/03/31 16684.95 15718.85
1997/04/30 16812.24 15805.30
1997/05/31 17862.34 16836.92
1997/06/30 18795.76 17767.99
1997/07/31 19432.19 18057.97
1997/08/31 17968.41 16711.75
1997/09/30 19294.29 17650.46
1997/10/31 17915.37 16298.25
1997/11/30 17851.73 16135.27
1997/12/31 17990.87 16279.04
1998/01/31 18571.59 17026.57
1998/02/28 19607.78 18122.23
1998/03/31 20484.55 18683.65
1998/04/30 21042.49 18834.62
1998/05/31 21008.33 18746.66
1998/06/30 20791.99 18891.95
1998/07/31 20951.40 19086.91
1998/08/31 17136.88 16725.67
1998/09/30 17091.33 16216.54
1998/10/31 18582.98 17910.68
1998/11/30 19653.32 18831.83
1998/12/31 20062.75 19578.32
1999/01/31 20351.67 19524.09
1999/02/28 19808.50 19062.34
1999/03/31 20629.04 19861.82
1999/04/30 21518.92 20669.79
1999/05/31 20548.14 19608.83
1999/06/30 21634.49 20376.71
1999/07/31 22235.45 20985.98
1999/08/31 22512.81 21066.14
1999/09/30 22824.85 21281.86
1999/10/31 23795.62 22082.48
1999/11/30 25540.71 22853.16
1999/12/31 28545.24 24907.66
2000/01/31 26912.69 23328.52
2000/02/29 28411.22 23960.48
2000/03/31 28703.62 24893.27
2000/04/28 26973.60 23586.87
IMATRL PRASUN SHR__CHT 20000430 20000523 115150 R00000000000123

$10,000 OVER 10 YEARS: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Overseas Fund - Class A on April 30,
1990, and the current 5.75% sales charge was paid. As the chart shows,
by April 30, 2000, the value of the investment would have grown to
$26,974 - a 169.74% 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
$23,587 - a 135.87% increase.

(checkmark)UNDERSTANDING
PERFORMANCE

FIDELITY ADVISOR OVERSEAS FUND - CLASS T
PERFORMANCE: THE BOTTOM LINE

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
CUMULATIVE TOTAL RETURNS

PERIODS ENDED APRIL 30, 2000 PAST 6 MONTHS PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS

FIDELITY ADV OVERSEAS - CL T 13.29% 25.12% 98.78% 185.35%

FIDELITY ADV OVERSEAS - CL T 9.32% 20.74% 91.82% 175.36%
(INCL. 3.50% SALES CHARGE)

MSCI EAFE 6.81% 14.11% 64.91% 135.87%

International Funds Average 14.17% 24.75% 89.12% 169.74%

</TABLE>

CUMULATIVE TOTAL RETURNS show Class T's performance in percentage
terms over a set period - in this case, six months, 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 - a market capitalization-weighted index that is designed
to represent the performance of developed stock markets outside the
United States and Canada. As of April 30, 2000, the index included
over 1,000 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 six months average represents a peer group of 675 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 APRIL 30, 2000 PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS

FIDELITY ADV OVERSEAS - CL T 25.12% 14.73% 11.05%

FIDELITY ADV OVERSEAS - CL T 20.74% 13.91% 10.66%
(INCL. 3.50% SALES CHARGE)

MSCI EAFE 14.11% 10.52% 8.96%

International Funds Average 24.75% 13.15% 10.15%

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.

$10,000 OVER 10 YEARS
FA Overseas -CL T MS EAFE (Net MA tax)
00175 MS001
1990/04/30 9650.00 10000.00
1990/05/31 10069.57 11141.01
1990/06/30 10576.95 11042.89
1990/07/31 11201.42 11198.43
1990/08/31 9864.66 10110.97
1990/09/30 9025.53 8701.86
1990/10/31 9318.25 10057.77
1990/11/30 9328.01 9464.48
1990/12/31 9237.54 9617.81
1991/01/31 9463.81 9928.89
1991/02/28 9886.83 10993.26
1991/03/31 9335.92 10333.31
1991/04/30 9326.08 10434.78
1991/05/31 9335.92 10543.66
1991/06/30 8637.45 9768.91
1991/07/31 9129.33 10248.87
1991/08/31 9267.05 10040.74
1991/09/30 9749.10 10606.62
1991/10/31 9621.21 10756.98
1991/11/30 9375.27 10254.80
1991/12/31 9863.73 10784.39
1992/01/31 9893.68 10554.03
1992/02/29 10123.30 10176.28
1992/03/31 9813.81 9504.48
1992/04/30 10322.98 9549.66
1992/05/31 10742.28 10188.87
1992/06/30 10572.56 9705.59
1992/07/31 10163.24 9457.20
1992/08/31 9883.70 10050.36
1992/09/30 9733.95 9851.89
1992/10/31 9055.07 9335.12
1992/11/30 8935.26 9422.96
1992/12/31 9386.94 9471.70
1993/01/31 9861.34 9470.54
1993/02/28 10073.30 9756.61
1993/03/31 10689.00 10607.05
1993/04/30 11516.67 11613.69
1993/05/31 11819.47 11858.97
1993/06/30 11496.48 11673.94
1993/07/31 12061.72 12082.59
1993/08/31 12859.10 12734.84
1993/09/30 12727.89 12448.19
1993/10/31 13050.88 12831.81
1993/11/30 12546.20 11710.18
1993/12/31 13314.07 12555.74
1994/01/31 14193.59 13617.27
1994/02/28 14001.51 13579.55
1994/03/31 13647.68 12994.66
1994/04/30 14234.03 13546.01
1994/05/31 13971.18 13468.24
1994/06/30 13859.98 13658.57
1994/07/31 14213.81 13789.93
1994/08/31 14345.23 14116.41
1994/09/30 13900.42 13671.80
1994/10/31 14213.81 14127.07
1994/11/30 13657.79 13448.12
1994/12/31 13577.45 13532.33
1995/01/31 13017.24 13012.48
1995/02/28 13047.80 12975.14
1995/03/31 13455.22 13784.41
1995/04/30 13852.46 14302.82
1995/05/31 14005.25 14132.32
1995/06/30 14107.10 13884.49
1995/07/31 14718.24 14748.89
1995/08/31 14290.44 14186.27
1995/09/30 14463.60 14463.33
1995/10/31 14178.40 14074.55
1995/11/30 14310.81 14466.16
1995/12/31 14750.60 15049.00
1996/01/31 15017.30 15110.78
1996/02/29 15048.07 15161.87
1996/03/31 15263.49 15483.85
1996/04/30 15663.54 15934.01
1996/05/31 15663.54 15640.80
1996/06/30 15776.37 15728.83
1996/07/31 15314.77 15269.11
1996/08/31 15417.35 15302.57
1996/09/30 15858.43 15709.10
1996/10/31 15694.31 15548.34
1996/11/30 16504.67 16166.99
1996/12/31 16581.26 15959.02
1997/01/31 16581.26 15403.64
1997/02/28 16959.09 15659.34
1997/03/31 17099.43 15718.85
1997/04/30 17228.97 15805.30
1997/05/31 18308.48 16836.92
1997/06/30 19269.24 17767.99
1997/07/31 19927.74 18057.97
1997/08/31 18427.22 16711.75
1997/09/30 19776.61 17650.46
1997/10/31 18373.25 16298.25
1997/11/30 18308.48 16135.27
1997/12/31 18451.34 16279.04
1998/01/31 19028.67 17026.57
1998/02/28 20090.95 18122.23
1998/03/31 20991.58 18683.65
1998/04/30 21557.36 18834.62
1998/05/31 21511.17 18746.66
1998/06/30 21291.79 18891.95
1998/07/31 21453.44 19086.91
1998/08/31 17539.17 16725.67
1998/09/30 17504.53 16216.54
1998/10/31 19028.67 17910.68
1998/11/30 20114.04 18831.83
1998/12/31 20537.69 19578.32
1999/01/31 20829.42 19524.09
1999/02/28 20257.63 19062.34
1999/03/31 21097.81 19861.82
1999/04/30 22008.00 20669.79
1999/05/31 21004.45 19608.83
1999/06/30 22113.02 20376.71
1999/07/31 22731.48 20985.98
1999/08/31 23011.54 21066.14
1999/09/30 23326.61 21281.86
1999/10/31 24306.82 22082.48
1999/11/30 26092.20 22853.16
1999/12/31 29155.98 24907.66
2000/01/31 27487.11 23328.52
2000/02/29 29008.72 23960.48
2000/03/31 29303.23 24893.27
2000/04/28 27536.20 23586.87
IMATRL PRASUN SHR__CHT 20000430 20000523 115935 R00000000000123

$10,000 OVER 10 YEARS: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Overseas Fund - Class T on April 30,
1990, and the current 3.50% sales charge was paid. As the chart shows,
by April 30, 2000, the value of the investment would have grown to
$27,536 - a 175.36% 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 $23,587 - a 135.87% increase.

(checkmark)UNDERSTANDING
PERFORMANCE

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
six month, past one year, past five year, and past 10 year total
return figures are 5%, 5%, 2% and 0%, respectively. If Fidelity had
not reimbursed certain class expenses, the 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.

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
CUMULATIVE TOTAL RETURNS

PERIODS ENDED APRIL 30, 2000 PAST 6 MONTHS PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS

FIDELITY ADV OVERSEAS - CL B 12.95% 24.44% 93.18% 177.31%

FIDELITY ADV OVERSEAS - CL B 7.95% 19.44% 91.18% 177.31%
(INCL. CONTINGENT DEFERRED
SALES CHARGE)

MSCI EAFE 6.81% 14.11% 64.91% 135.87%

International Funds Average 14.17% 24.75% 89.12% 169.74%

</TABLE>

CUMULATIVE TOTAL RETURNS show Class B's performance in percentage
terms over a set period - in this case, six months, 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 - a market capitalization-weighted index that is designed
to represent the performance of developed stock markets outside the
United States and Canada. As of April 30, 2000 the index included over
1,000 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 six months average represents a peer group of 675 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 APRIL 30, 2000 PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS

FIDELITY ADV OVERSEAS - CL B 24.44% 14.08% 10.74%

FIDELITY ADV OVERSEAS - CL B 19.44% 13.84% 10.74%
(INCL. CONTINGENT DEFERRED
SALES CHARGE)

MSCI EAFE 14.11% 10.52% 8.96%

International Funds Average 24.75% 13.15% 10.15%

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.

$10,000 OVER 10 YEARS
FA Overseas -CL B MS EAFE (Net MA tax)
00654 MS001
1990/04/30 10000.00 10000.00
1990/05/31 10434.78 11141.01
1990/06/30 10960.57 11042.89
1990/07/31 11607.68 11198.43
1990/08/31 10222.45 10110.97
1990/09/30 9352.88 8701.86
1990/10/31 9656.22 10057.77
1990/11/30 9666.33 9464.48
1990/12/31 9572.58 9617.81
1991/01/31 9807.05 9928.89
1991/02/28 10245.42 10993.26
1991/03/31 9674.53 10333.31
1991/04/30 9664.33 10434.78
1991/05/31 9674.53 10543.66
1991/06/30 8950.72 9768.91
1991/07/31 9460.44 10248.87
1991/08/31 9603.17 10040.74
1991/09/30 10102.69 10606.62
1991/10/31 9970.17 10756.98
1991/11/30 9715.30 10254.80
1991/12/31 10221.48 10784.39
1992/01/31 10252.52 10554.03
1992/02/29 10490.47 10176.28
1992/03/31 10169.76 9504.48
1992/04/30 10697.38 9549.66
1992/05/31 11131.90 10188.87
1992/06/30 10956.02 9705.59
1992/07/31 10531.85 9457.20
1992/08/31 10242.18 10050.36
1992/09/30 10086.99 9851.89
1992/10/31 9383.49 9335.12
1992/11/30 9259.34 9422.96
1992/12/31 9727.40 9471.70
1993/01/31 10219.00 9470.54
1993/02/28 10438.65 9756.61
1993/03/31 11076.69 10607.05
1993/04/30 11934.37 11613.69
1993/05/31 12248.16 11858.97
1993/06/30 11913.45 11673.94
1993/07/31 12499.19 12082.59
1993/08/31 13325.49 12734.84
1993/09/30 13189.52 12448.19
1993/10/31 13524.23 12831.81
1993/11/30 13001.25 11710.18
1993/12/31 13796.97 12555.74
1994/01/31 14708.38 13617.27
1994/02/28 14509.34 13579.55
1994/03/31 14142.68 12994.66
1994/04/30 14750.29 13546.01
1994/05/31 14477.91 13468.24
1994/06/30 14362.67 13658.57
1994/07/31 14729.33 13789.93
1994/08/31 14865.52 14116.41
1994/09/30 14404.58 13671.80
1994/10/31 14729.33 14127.07
1994/11/30 14153.15 13448.12
1994/12/31 14069.90 13532.33
1995/01/31 13489.37 13012.48
1995/02/28 13521.03 12975.14
1995/03/31 13943.23 13784.41
1995/04/30 14354.88 14302.82
1995/05/31 14513.21 14132.32
1995/06/30 14618.76 13884.49
1995/07/31 15252.06 14748.89
1995/08/31 14808.75 14186.27
1995/09/30 14988.19 14463.33
1995/10/31 14692.64 14074.55
1995/11/30 14829.86 14466.16
1995/12/31 15276.78 15049.00
1996/01/31 15544.42 15110.78
1996/02/29 15555.13 15161.87
1996/03/31 15758.53 15483.85
1996/04/30 16165.34 15934.01
1996/05/31 16143.93 15640.80
1996/06/30 16250.99 15728.83
1996/07/31 15769.24 15269.11
1996/08/31 15865.59 15302.57
1996/09/30 16304.51 15709.10
1996/10/31 16122.52 15548.34
1996/11/30 16957.55 16166.99
1996/12/31 17025.66 15959.02
1997/01/31 17025.66 15403.64
1997/02/28 17396.76 15659.34
1997/03/31 17531.70 15718.85
1997/04/30 17655.40 15805.30
1997/05/31 18746.22 16836.92
1997/06/30 19724.57 17767.99
1997/07/31 20388.06 18057.97
1997/08/31 18836.18 16711.75
1997/09/30 20208.13 17650.46
1997/10/31 18768.71 16298.25
1997/11/30 18689.99 16135.27
1997/12/31 18827.63 16279.04
1998/01/31 19404.72 17026.57
1998/02/28 20474.75 18122.23
1998/03/31 21376.45 18683.65
1998/04/30 21953.55 18834.62
1998/05/31 21905.45 18746.66
1998/06/30 21665.00 18891.95
1998/07/31 21809.27 19086.91
1998/08/31 17841.76 16725.67
1998/09/30 17781.65 16216.54
1998/10/31 19332.59 17910.68
1998/11/30 20414.63 18831.83
1998/12/31 20841.83 19578.32
1999/01/31 21120.69 19524.09
1999/02/28 20538.72 19062.34
1999/03/31 21375.31 19861.82
1999/04/30 22284.64 20669.79
1999/05/31 21266.19 19608.83
1999/06/30 22381.63 20376.71
1999/07/31 22987.85 20985.98
1999/08/31 23266.71 21066.14
1999/09/30 23557.70 21281.86
1999/10/31 24551.90 22082.48
1999/11/30 26334.18 22853.16
1999/12/31 29435.87 24907.66
2000/01/31 27730.55 23328.52
2000/02/29 29257.70 23960.48
2000/03/31 29537.68 24893.27
2000/04/28 27730.55 23586.87
IMATRL PRASUN SHR__CHT 20000430 20000524 114351 R00000000000123

$10,000 OVER 10 YEARS: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Overseas Fund - Class B on April 30,
1990. As the chart shows, by April 30, 2000, the value of the
investment would have been $27,731 - a 177.31% 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 $23,587 - a 135.87% increase.

(checkmark)UNDERSTANDING
PERFORMANCE

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 six
month, past one year, past five year, and past 10 year total return
figures are 1%, 1%, 0% and 0%, respectively. If Fidelity had not
reimbursed certain class expenses, the past one year, 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.

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
CUMULATIVE TOTAL RETURNS

PERIODS ENDED APRIL 30, 2000 PAST 6 MONTHS PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS

FIDELITY ADV OVERSEAS - CL C 12.94% 24.43% 93.19% 177.33%

FIDELITY ADV OVERSEAS - CL C 11.94% 23.43% 93.19% 177.33%
(INCL. CONTINGENT DEFERRED
SALES CHARGE)

MSCI EAFE 6.81% 14.11% 64.91% 135.87%

International Funds Average 14.17% 24.75% 89.12% 169.74%

</TABLE>

CUMULATIVE TOTAL RETURNS show Class C's performance in percentage
terms over a set period - in this case, six months, 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 - a market capitalization-weighted index that is designed
to represent the performance of stock markets outside the United
States and Canada. As of April 30, 2000, the index included over 1,000
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 six months average represents a peer group of 675 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 APRIL 30, 2000 PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS

FIDELITY ADV OVERSEAS - CL C 24.43% 14.08% 10.74%

FIDELITY ADV OVERSEAS - CL C 23.43% 14.08% 10.74%
(INCL. CONTINGENT DEFERRED
SALES CHARGE)

MSCI EAFE 14.11% 10.52% 8.96%

International Funds Average 24.75% 13.15% 10.15%

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.

$10,000 OVER 10 YEARS
FA Overseas -CL C MS EAFE (Net MA tax)
00485 MS001
1990/04/30 10000.00 10000.00
1990/05/31 10434.78 11141.01
1990/06/30 10960.57 11042.89
1990/07/31 11607.68 11198.43
1990/08/31 10222.45 10110.97
1990/09/30 9352.88 8701.86
1990/10/31 9656.22 10057.77
1990/11/30 9666.33 9464.48
1990/12/31 9572.58 9617.81
1991/01/31 9807.05 9928.89
1991/02/28 10245.42 10993.26
1991/03/31 9674.53 10333.31
1991/04/30 9664.33 10434.78
1991/05/31 9674.53 10543.66
1991/06/30 8950.72 9768.91
1991/07/31 9460.44 10248.87
1991/08/31 9603.17 10040.74
1991/09/30 10102.69 10606.62
1991/10/31 9970.17 10756.98
1991/11/30 9715.30 10254.80
1991/12/31 10221.48 10784.39
1992/01/31 10252.52 10554.03
1992/02/29 10490.47 10176.28
1992/03/31 10169.76 9504.48
1992/04/30 10697.38 9549.66
1992/05/31 11131.90 10188.87
1992/06/30 10956.02 9705.59
1992/07/31 10531.85 9457.20
1992/08/31 10242.18 10050.36
1992/09/30 10086.99 9851.89
1992/10/31 9383.49 9335.12
1992/11/30 9259.34 9422.96
1992/12/31 9727.40 9471.70
1993/01/31 10219.00 9470.54
1993/02/28 10438.65 9756.61
1993/03/31 11076.69 10607.05
1993/04/30 11934.37 11613.69
1993/05/31 12248.16 11858.97
1993/06/30 11913.45 11673.94
1993/07/31 12499.19 12082.59
1993/08/31 13325.49 12734.84
1993/09/30 13189.52 12448.19
1993/10/31 13524.23 12831.81
1993/11/30 13001.25 11710.18
1993/12/31 13796.97 12555.74
1994/01/31 14708.38 13617.27
1994/02/28 14509.34 13579.55
1994/03/31 14142.68 12994.66
1994/04/30 14750.29 13546.01
1994/05/31 14477.91 13468.24
1994/06/30 14362.67 13658.57
1994/07/31 14729.33 13789.93
1994/08/31 14865.52 14116.41
1994/09/30 14404.58 13671.80
1994/10/31 14729.33 14127.07
1994/11/30 14153.15 13448.12
1994/12/31 14069.90 13532.33
1995/01/31 13489.37 13012.48
1995/02/28 13521.03 12975.14
1995/03/31 13943.23 13784.41
1995/04/30 14354.88 14302.82
1995/05/31 14513.21 14132.32
1995/06/30 14618.76 13884.49
1995/07/31 15252.06 14748.89
1995/08/31 14808.75 14186.27
1995/09/30 14988.19 14463.33
1995/10/31 14692.64 14074.55
1995/11/30 14829.86 14466.16
1995/12/31 15276.78 15049.00
1996/01/31 15544.42 15110.78
1996/02/29 15555.13 15161.87
1996/03/31 15758.53 15483.85
1996/04/30 16165.34 15934.01
1996/05/31 16143.93 15640.80
1996/06/30 16250.99 15728.83
1996/07/31 15769.24 15269.11
1996/08/31 15865.59 15302.57
1996/09/30 16304.51 15709.10
1996/10/31 16122.52 15548.34
1996/11/30 16957.55 16166.99
1996/12/31 17025.66 15959.02
1997/01/31 17025.66 15403.64
1997/02/28 17396.76 15659.34
1997/03/31 17531.70 15718.85
1997/04/30 17655.40 15805.30
1997/05/31 18746.22 16836.92
1997/06/30 19724.57 17767.99
1997/07/31 20388.06 18057.97
1997/08/31 18836.18 16711.75
1997/09/30 20208.13 17650.46
1997/10/31 18768.71 16298.25
1997/11/30 18684.96 16135.27
1997/12/31 18819.05 16279.04
1998/01/31 19408.62 17026.57
1998/02/28 20481.63 18122.23
1998/03/31 21389.57 18683.65
1998/04/30 21955.56 18834.62
1998/05/31 21908.39 18746.66
1998/06/30 21660.77 18891.95
1998/07/31 21814.06 19086.91
1998/08/31 17840.36 16725.67
1998/09/30 17781.41 16216.54
1998/10/31 19302.50 17910.68
1998/11/30 20410.89 18831.83
1998/12/31 20832.56 19578.32
1999/01/31 21118.92 19524.09
1999/02/28 20534.27 19062.34
1999/03/31 21381.41 19861.82
1999/04/30 22288.21 20669.79
1999/05/31 21262.10 19608.83
1999/06/30 22383.66 20376.71
1999/07/31 22992.18 20985.98
1999/08/31 23254.67 21066.14
1999/09/30 23564.89 21281.86
1999/10/31 24555.21 22082.48
1999/11/30 26333.02 22853.16
1999/12/31 29424.71 24907.66
2000/01/31 27732.91 23328.52
2000/02/29 29249.26 23960.48
2000/03/31 29537.49 24893.27
2000/04/28 27732.91 23586.87
IMATRL PRASUN SHR__CHT 20000430 20000607 103056 R00000000000123

$10,000 OVER 10 YEARS: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Overseas Fund - Class C on April 30,
1990. As the chart shows, by April 30, 2000 the value of the
investment would have been $27,733 - a 177.33% 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 $23,587 - a 135.87% increase.

(checkmark)UNDERSTANDING
PERFORMANCE

FUND TALK: THE MANAGER'S OVERVIEW

MARKET RECAP

(photograph of Rick Mace)

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

Q. HOW DID THE FUND PERFORM, RICK?

A. For the six-month period that ended April 30, 2000, the fund's
Class A, Class T, Class B and Class C shares returned 13.36%, 13.29%,
12.95% and 12.94%, 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 - was up
6.81%. The fund also compares its performance against the Lipper Inc.
international funds average, which was up 14.17% during the past six
months. For the one-year period that ended April 30, 2000, the fund's
Class A, Class T, Class B and Class C shares returned 25.35%, 25.12%,
24.44% and 24.43%, respectively. The MSCI EAFE index returned 14.11%
during the same 12-month period, while the Lipper peer group average
was up 24.75%.

Q. WHY DID THE FUND OUTPERFORM ITS INDEX DURING THE PAST SIX MONTHS?

A. The fund's technology-related stocks provided the most significant
contribution to performance over the period. Japanese "new economy"
stocks were particular standouts. Among these were such companies as
Kyocera and Furukawa - companies that provide materials and components
used in the manufacture of electronics equipment such as cellular
phones. Another strong contributor was Softbank, a Japanese company
with investments in more than 100 Internet-related companies.
Similarly, holdings in European telephone utilities and
telecommunications equipment manufacturers continued to make
substantial contributions to the fund's performance.

Q. THERE SEEMED TO BE AN EFFORT TO MAKE THE FUND MORE CONCENTRATED
DURING THE PERIOD . . .

A. That's true. Volatile market conditions created some unusual
opportunities to buy more of the fund's most attractive stocks at
cheaper prices. Therefore, I eliminated some of the fund's smaller and
less attractive stocks to increase holdings in the stocks with the
greatest potential for growth. My effort to increase the fund's
concentration reduced the total number of stocks in the portfolio by
about 25%.

Q. THE FUND'S ENERGY POSITION ROSE TO 8.5%, FROM 6.8% THE PRIOR
PERIOD. WHAT WAS YOUR STRATEGY THERE?

A. The energy sector looked attractive for several reasons. First,
OPEC (Organization of Petroleum Exporting Countries) curtailed
production during a period of increasing global demand, and this
caused oil and product inventories to fall to very low levels. Second,
as demand continued to grow and inventories remained relatively low, I
felt that prices might remain above the levels most investors were
expecting. That meant that energy stocks were cheap as they reflected
a $16-$18 per-gallon oil price assumption. Third, I thought the
earnings estimates for these companies were generally too low. Most
were generating substantial cash flow and were benefiting from
continuing industry consolidation activity. In this environment, I
added to some of the fund's existing positions in oil producers such
as TotalFinaElf and BP Amoco. In addition, I initiated positions in a
number of tanker stocks on expectations that OPEC would need to
increase production in an effort to ease oil prices. This worked out
well as production quotas were eventually raised and demand for ocean
carriers increased substantially. Tanker rates on some routes rose to
their highest level in years. Among the fund's holdings that benefited
most were Overseas Shipholding, Bergesen and OMI.

Q. WHAT WERE SOME OF THE FUND'S TOP PERFORMERS? WHICH STOCKS
DISAPPOINTED?

A. Most of the fund's top contributors came from the
telecommunications sector, which experienced greater-than-expected
growth. These stocks - including Nokia, Ericsson and Kyocera - all
benefited from increased usage of cellular transmission that fueled
higher revenues in the industry. On the down side, investors punished
Japan-based Hikari Tsushin, which sells handsets, after the company
announced it would fail to meet its earnings and sales targets.

Q. WHAT'S YOUR OUTLOOK, RICK?

A. I will continue to look for undervalued companies that have decent
growth prospects and are consistently reporting strong earnings. In
partnership with our team of 100 international research analysts, we
will maintain our global stock selection process using a bottom-up
approach, while at the same time monitoring country and industry
weightings. I expect consolidation to remain a major theme across a
variety of sectors as corporate managements seek to cut costs, boost
growth, and increase their global competitiveness by acquiring
competitors.

(checkmark)FUND FACTS

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

START DATE: April 23, 1990

SIZE: as of April 30, 2000,
more than $2.1 billion

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

RICK MACE ON OVERSEAS
INVESTING OPPORTUNITIES:

"Two important new trends in
overseas investing helped fuel the
strong performance of international
equities during the past year.
"First, more company executives
overseas are placing an emphasis
on maximizing shareholder value.
The increasing number of corporate
announcements from international
companies detailing restructuring
efforts and mergers and
acquisitions is evidence of this
trend. Increased competition from
abroad has forced industry
consolidation to the forefront of
corporate boardrooms. In the third
quarter of 1999, Europe outpaced
the U.S. in merger-and-acquisition
(M&A) activity for the first time in
seven years. This increase in M&A
activity underscores a common goal
of many companies to improve the
bottom line by becoming a bigger
presence globally and reducing
costs through economies of scale.
Additionally, compensation
packages for management teams
are changing to better reflect
shareholders' interests.

"Second, it is likely that equities will
begin to play a much more prominent
role in the future savings of European
investors. Compared to Americans,
investors overseas put a smaller
percentage of retirement assets in
equity investments. In Japan, for
instance, there is no retirement
savings equivalent to the U.S.' 401(k)
plan. However, Japanese investors
have historically maintained among
the highest savings rates in the world.
A number of recent factors -
deregulation of the Japanese financial
services industry, limited funded
private pension systems and
legislation to encourage new
retirement vehicles - should foster
increased investment in equities
going forward and ultimately drive
prices higher."

INVESTMENT CHANGES

<TABLE>
<CAPTION>
<S> <C> <C>
TOP FIVE STOCKS AS OF APRIL
30, 2000

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

Vodafone AirTouch PLC 3.9 2.9
(United Kingdom, Cellular)

TotalFinaElf SA Class B 3.8 2.9
(France, Oil & Gas)

Nokia AB (Finland, 3.6 1.6
Communications Equipment)

Kyocera Corp. (Japan, 2.5 1.3
Electronics)

Furukawa Electric Co. Ltd. 2.4 0.8
(Japan, Electrical Equipment)

16.2 9.5

TOP FIVE MARKET SECTORS AS OF
APRIL 30, 2000

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

Technology 20.5 8.8

Utilities 19.7 16.5

Finance 13.3 20.5

Energy 8.5 6.8

Industrial Machinery & 8.2 4.9
Equipment

TOP FIVE COUNTRIES AS OF
APRIL 30, 2000

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

Japan 23.8 25.1

United Kingdom 15.4 18.0

France 10.3 12.0

Netherlands 7.4 6.1

Germany 5.3 7.6

</TABLE>

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

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

AS OF APRIL 30, 2000 AS OF OCTOBER 31, 1999

Stocks and Investment Stocks, Investment Companies
Companies 93.1% and Equity Futures 90.4%

Bonds 0.2% Bonds 1.8%

Short-Term Investments and Short-Term Investments and
Net Other Assets 6.7% Net Other Assets 7.8%

Row: 1, Col: 1, Value: 93.09999999999999 Row: 1, Col: 1, Value: 90.40000000000001
Row: 1, Col: 2, Value: 0.0 Row: 1, Col: 2, Value: 0.0
Row: 1, Col: 3, Value: 0.0 Row: 1, Col: 3, Value: 0.0
Row: 1, Col: 4, Value: 0.2 Row: 1, Col: 4, Value: 1.8
Row: 1, Col: 5, Value: 0.0 Row: 1, Col: 5, Value: 0.0
Row: 1, Col: 6, Value: 0.0 Row: 1, Col: 6, Value: 0.0
Row: 1, Col: 7, Value: 0.0 Row: 1, Col: 7, Value: 0.0
Row: 1, Col: 8, Value: 6.7 Row: 1, Col: 8, Value: 7.8

</TABLE>

INVESTMENTS APRIL 30, 2000 (UNAUDITED)

Showing Percentage of Net Assets

<TABLE>
<CAPTION>
<S> <C> <C> <C>
COMMON STOCKS - 92.3%

SHARES VALUE (NOTE 1) (000S)

AUSTRALIA - 1.3%

Australia & New Zealand 187,666 $ 1,298
Banking Group Ltd.

Broken Hill Proprietary Co. 211,440 2,277
Ltd.

Cable & Wireless Optus Ltd. 2,036,300 6,576
(a)

Commonwealth Bank of Australia 371,500 5,658

News Corp. Ltd. 564,862 7,173

News Corp. Ltd. sponsored ADR 118,900 5,232
(preferred ltd. vtg.)

28,214

BELGIUM - 0.2%

Electrabel SA 15,600 3,781

BRAZIL - 0.2%

Telesp Celular Participacoes 100,000 4,413
SA ADR

BRITISH VIRGIN ISLANDS - 0.0%

El Sitio, Inc. 65,100 700

CANADA - 2.3%

Alberta Energy Co. Ltd. 65,800 2,082

Anderson Exploration Ltd. (a) 145,700 2,332

BCE, Inc. 42,900 4,968

Canadian Natural Resources 112,000 2,988
Ltd. (a)

Celestica, Inc. (sub. vtg.) 142,900 7,711
(a)

Cinar Films, Inc. Class B 86,600 303
(sub. vtg.) (a)

Crestar Energy, Inc. (a) 193,200 2,740

Mitel Corp. (a) 78,200 1,959

Rio Alto Exploration Ltd. (a) 131,600 2,311

Suncor Energy, Inc. 49,200 2,101

Talisman Energy, Inc. (a) 458,900 13,682

Telesystem International 150,900 4,993
Wireless, Inc. (sub. vtg.)
(a)

48,170

DENMARK - 0.4%

Carlsberg AS (A Shares) 67,200 2,076

Novo-Nordisk AS (B Shares) 46,900 6,299

8,375

FINLAND - 4.7%

Metsa-Serla Oyj Class B Free 112,900 960
Shares

Nokia AB 1,345,400 76,520

Sampo Insurance Co. Ltd. 93,000 3,526

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1) (000S)

FINLAND - CONTINUED

Sonera Corp. 155,100 $ 8,553

UPM-Kymmene Corp. 416,800 10,827

100,386

FRANCE - 10.3%

Aventis SA 119,214 6,706

AXA SA de CV 91,190 13,556

Banque Nationale de Paris 114,345 9,265
(BNP)

Canal Plus SA 24,800 4,792

Cap Gemini SA 19,778 3,894

Carrefour SA 44,700 2,917

Castorama Dubois 4,900 1,072
Investissements SA

Compagnie de St. Gobain 16,700 2,285

France Telecom SA 198,000 30,716

ILOG SA sponsored ADR (a) 34,800 1,253

Lafarge SA 21,313 1,770

Rhodia SA 263,600 4,901

Sanofi-Synthelabo SA 137,480 5,144

Societe Generale Class A 30,300 6,291

Suez Lyonnaise des Eaux 23,700 3,726

Television Francaise 1 SA 23,043 15,815

TotalFinaElf SA Class B 530,896 80,298

Transiciel SA 5,100 682

Vivendi SA 256,700 25,456

220,539

GERMANY - 5.1%

ACG AG 2,700 652

Allianz AG (Reg.) 33,300 12,848

BASF AG 161,500 7,079

Bayer AG 124,700 5,209

Deutsche Telekom AG 466,600 30,361

Epcos AG 31,000 4,380

Intershop Communication AG (a) 4,800 2,139

JUMPtec Industrielle 9,700 919
Computertechnik AG (a)

Kali Und Salz Beteiligungs AG 422,800 5,661

Munich Reinsurance AG (Reg.) 19,900 5,849

Primacom AG (a) 35,632 2,744

Siemens AG 134,700 20,012

Software AG (a) 12,800 1,482

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1) (000S)

GERMANY - CONTINUED

United Internet AG (a) 15,500 $ 3,998

Veba AG 118,200 5,947

109,280

HONG KONG - 1.3%

China Telecom Ltd. (a) 2,614,000 19,172

Hutchison Whampoa Ltd. 372,000 5,421

Johnson Electric Holdings 332,000 2,675
Ltd.

27,268

IRELAND - 0.3%

Bank of Ireland, Inc. 804,320 5,425

Trintech Group PLC sponsored 6,300 170
ADR

5,595

ISRAEL - 0.1%

Check Point Software 17,600 3,045
Technologies Ltd. (a)

ITALY - 1.8%

Assicurazioni Generali Spa 208,500 5,931

Banca Intesa Spa 1,007,581 3,760

Olivetti & Co. Spa (a) 1,353,000 4,464

San Paolo Imi Spa 289,700 4,077

Telecom Italia Mobile Spa 949,500 9,091

Telecom Italia Spa 838,728 11,983

39,306

JAPAN - 23.8%

Asatsu-DK, Inc. 127,000 5,238

Canon, Inc. 272,000 12,631

Dai-Ichi Kangyo Bank Ltd. 565,000 4,681

Daiwa Securities Group, Inc. 1,148,000 17,516

DDI Corp. 1,988 22,796

Fuji Bank Ltd. 635,000 5,285

Fuji Photo Film Co. Ltd. 109,000 4,469

Fuji Television Network, Inc. 300 4,994

Fujitsu Ltd. 462,000 13,073

Furukawa Electric Co. Ltd. 3,743,000 51,884

Hikari Tsushin, Inc. 18,500 2,669

Honda Motor Co. Ltd. (a) 152,000 6,726

Hoya Corp. 66,000 6,714

Ito-Yokado Co. Ltd. 273,000 19,918

Kadokawa Shoten Publishing 2,400 388
Co. Ltd.

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1) (000S)

JAPAN - CONTINUED

KDD Corp. 53,100 $ 6,148

Koa Denko Co. Ltd. 79,000 2,294

Kyocera Corp. 323,200 53,671

Mitsubishi Electric Corp. 920,000 7,852

Mitsubishi Estate Co. Ltd. 444,000 4,989

Mitsui Fudosan Co. Ltd. 198,000 2,010

Murata Manufacturing Co. Ltd. 43,000 8,350

NEC Corp. 376,000 10,222

Net One Systems Co. Ltd. 111 3,788

Nikko Securities Co. Ltd. 1,362,000 16,058

Nintendo Co. Ltd. 27,800 4,627

Nippon Telegraph & Telephone 1,916 23,742
Corp.

Nippon Zeon Co. Ltd. 508,000 3,147

Nomura Securities Co. Ltd. 724,000 18,210

NTT DoCoMo, Inc. 438 14,622

Oki Electric Industry Co. 513,000 3,605
Ltd. (a)

Omron Corp. 779,000 21,179

ORIX Corp. 41,660 5,940

Pioneer Corp. 162,000 4,419

Rohm Co. Ltd. 17,100 5,724

Sakura Bank Ltd. 772,000 5,411

Sharp Corp. 212,000 4,087

Shin-Etsu Chemical Co. Ltd. 62,000 3,274

Softbank Corp. 31,800 7,822

Softbank Corp. New 63,600 15,644

Sony Corp. 79,200 8,935

Sony Corp. New 62,500 7,051

Square Co. Ltd. 2,450 180

Takeda Chemical Industries 320,000 21,039
Ltd.

Toko, Inc. 423,000 3,520

Tokyo Broadcasting System, 98,000 4,259
Inc.

Tokyo Seimitsu Co. Ltd. 104,900 10,961

Tokyo Tomin Bank Ltd. 17,900 563

Toyota Motor Corp. 98,000 4,897

Trans Cosmos, Inc. 22,300 4,434

Tsubaki Nakashima Co. Ltd. 11,000 138

Yamanouchi Pharmaceutical Co. 84,000 4,435
Ltd.

Yokogawa Electric Corp. 367,000 2,800

509,029

KOREA (SOUTH) - 2.0%

Daelim Industrial Co. 5,320 30

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1) (000S)

KOREA (SOUTH) - CONTINUED

Hyundai Electronics 182,200 $ 2,890
Industries Co. Ltd. (a)

Samsung Electro-Mechanics Co. 109,480 7,448

Samsung Electronics Co. Ltd. 75,700 20,464

SK Telecom Co. Ltd. ADR 253,100 8,115

Trigem Computer, Inc. 45,100 2,605

41,552

LUXEMBOURG - 0.1%

Thiel Logistik AG (a) 41,100 2,566

MARSHALL ISLANDS - 0.5%

Teekay Shipping Corp. 334,200 10,966

MEXICO - 2.7%

Grupo Televisa SA de CV 175,500 11,133
sponsored ADR (a)

Telefonos de Mexico SA de CV 375,100 22,061
Series L sponsored ADR

Tubos de Acero de Mexico SA 33,200 496
sponsored ADR

TV Azteca SA de CV sponsored 1,375,700 15,133
ADR

Wal-Mart de Mexico SA de CV 3,651,300 8,451
Series V (a)

57,274

NETHERLANDS - 7.4%

ABN AMRO Holding NV 288,700 5,960

Aegon NV 66,200 4,770

Akzo Nobel NV 176,100 7,228

Equant NV (NY Shares) (a) 316,300 24,671

Fortis Amev NV 276,400 6,968

Heineken NV 67,900 3,775

ING Groep NV (Certificaten 253,273 13,855
Van Aandelen)

Koninklijke Ahold NV 432,040 10,101

Koninklijke KPN NV 84,500 8,537

Koninklijke Philips 973,980 43,561
Electronics NV

Nutreco Holding NV 90,104 3,511

STMicroelectronics NV 26,100 4,993

STMicroelectronics NV (NY 300 57
Shares)

United Pan-Europe 189,900 6,929
Communications NV (a)

Vendex KBB NV 351,700 5,433

VNU NV 78,400 4,205

Wolters Kluwer NV 171,900 4,067
(Certificaten Van Aandelen)

158,621

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1) (000S)

NORWAY - 0.8%

Bergesen dy ASA:

(A Shares) 333,500 $ 5,614

(B Shares) 262,400 4,197

DNB Holding ASA 597,300 2,098

Opticom ASA (a) 29,100 3,076

Tandberg ASA (a) 81,900 1,255

VMETRO ASA 86,600 804

17,044

SINGAPORE - 0.3%

Chartered Semiconduct 27,000 2,359
Manufacturing Ltd. ADR

Overseas Union Bank Ltd. 631,272 2,885

United Overseas Bank Ltd. 235,488 1,642

6,886

SPAIN - 1.9%

Altadis SA 177,481 2,092

Banco Santander Central 1,099,360 11,493
Hispano SA

Telefonica SA (a) 1,243,400 27,743

41,328

SWEDEN - 2.5%

Elanders AB (B Shares) 28,300 906

Investor AB (B Shares) 64,200 906

Netcom AB (B Shares) (a) 17,500 1,248

Telefonaktiebolaget LM 560,000 49,525
Ericsson (B Shares)

52,585

SWITZERLAND - 3.6%

ABB Ltd. (Reg.) 43,192 4,862

Ascom Holding AG (Bearer) 400 1,361

Credit Suisse Group (Reg.) 73,288 13,281

Fantastic Corp. (a) 104,500 1,914

Gretag Imaging Holding AG 100 20
(Reg. D)

Julius Baer Holding AG 1,027 3,603

Nestle SA (Reg.) 11,032 19,510

Novartis AG (Reg.) 3,881 5,439

Roche Holding AG 773 8,099
participation certificates

Swiss Reinsurance Co. (Reg.) 1,800 2,902

The Swatch Group AG (Reg.) 25,000 5,657

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1) (000S)

SWITZERLAND - CONTINUED

UBS AG 38,439 $ 9,448

Valora Holding AG 6,000 1,564

77,660

TAIWAN - 1.8%

Macronix International Co. 490,000 1,481
Ltd. (a)

Taiwan Semiconductor 2,880,040 18,544
Manufacturing Co. Ltd.

United Microelectronics Corp. 5,472,000 18,511

38,536

UNITED KINGDOM - 15.4%

3i Group PLC 133,900 2,681

Allied Zurich PLC 890,800 8,822

Amvescap PLC 554,200 7,994

Autonomy Corp. PLC (a) 16,400 2,181

Bookham Technology PLC 15,100 785
sponsored ADR

BP Amoco PLC 5,053,660 42,956

British Aerospace PLC 1,119,255 6,851

British Telecommunications PLC 332,500 6,085

Cable & Wireless PLC 1,383,900 22,853

Carlton Communications PLC 1,132,100 13,612

Centrica PLC 557,700 1,975

Diageo PLC 341,100 2,753

Granada Group PLC 324,200 3,153

Hanson PLC 644,300 4,724

Hilton Group PLC 430,200 1,801

HSBC Holdings PLC (Reg.) 680,387 7,782

Jazztel PLC sponsored ADR 30,800 1,602

Lloyds TSB Group PLC 1,070,400 10,443

Marconi PLC 458,700 5,711

Misys PLC 442,800 5,042

Prudential Corp. PLC 326,000 4,994

Reed International PLC 385,000 2,659

Reuters Group PLC 550,300 9,823

Rio Tinto PLC (Reg.) 179,000 2,767

Royal Bank of Scotland Group 507,700 7,860
PLC

Scottish & Newcastle PLC 230,800 1,706

Scottish Media Group PLC 141,100 2,565

Shell Transport & Trading Co. 3,308,100 26,603
PLC (Reg.)

SmithKline Beecham PLC 1,145,802 15,755

Unilever PLC 1,288,731 8,014

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1) (000S)

UNITED KINGDOM - CONTINUED

Vodafone AirTouch PLC 17,660,916 $ 83,002

WPP Group PLC 173,700 2,790

328,344

UNITED STATES OF AMERICA - 1.5%

Bristol-Myers Squibb Co. 56,200 2,947

Eli Lilly & Co. 48,500 3,750

Impsat Fiber Networks, Inc. 52,000 822

Infonet Services Corp. Class B 33,300 562

JDS Uniphase Corp. (a) 28,300 2,934

OMI Corp. (a) 327,200 1,145

Overseas Shipholding Group, 536,700 14,055
Inc.

Schering-Plough Corp. 114,300 4,608

30,823

TOTAL COMMON STOCKS 1,972,286
(Cost $1,462,353)

NONCONVERTIBLE PREFERRED
STOCKS - 0.2%

GERMANY - 0.2%

SAP AG (Cost $1,452) 5,400 3,192

INVESTMENT COMPANIES - 0.6%

EMERGING MARKETS - 0.3%

Asia Tigers Fund, Inc. 161,200 1,421

Central European Equity Fund, 54,500 818
Inc. (a)

Templeton Dragon Fund, Inc. 379,100 3,009

5,248

KOREA (SOUTH) - 0.1%

Korea Fund, Inc. (The) (a) 193,600 2,408

MEXICO - 0.0%

Mexico Fund, Inc. (The) 58,000 877

INVESTMENT COMPANIES -
CONTINUED

SHARES VALUE (NOTE 1) (000S)

MULTI-NATIONAL - 0.2%

European Warrant Fund, Inc. 220,200 $ 3,427

Morgan Stanley Dean Witter 152,700 1,622
Asia-Pacific Fund, Inc.

5,049

TOTAL INVESTMENT COMPANIES 13,582
(Cost $15,751)

GOVERNMENT OBLIGATIONS - 0.2%

MOODY'S RATINGS PRINCIPAL AMOUNT (000S)

UNITED STATES OF AMERICA - 0.2%

U.S. Treasury Bond stripped Aaa $ 18,300 3,578
principal 0% 11/15/27 (Cost
$3,189)

CASH EQUIVALENTS - 11.2%

Central Cash Collateral Fund, 106,971,471 106,971
5.94% (b)

Taxable Central Cash Fund, 132,247,528 132,248
5.77% (b)

TOTAL CASH EQUIVALENTS 239,219
(Cost $239,219)

TOTAL INVESTMENT PORTFOLIO - 2,231,857
104.5%
(Cost $1,721,964)

NET OTHER ASSETS - (4.5)% (95,918)

NET ASSETS - 100% $ 2,135,939

</TABLE>

LEGEND

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at
period end.

INCOME TAX INFORMATION

At April 30, 2000, the aggregate cost of investment securities for
income tax purposes was $1,726,378,000. Net unrealized appreciation
aggregated $505,479,000, of which $606,512,000 related to appreciated
investment securities and $101,033,000 related to depreciated
investment securities.

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES
AMOUNTS IN THOUSANDS

APRIL 30, 2000 (UNAUDITED)

ASSETS

Investment in securities, at $ 2,231,857
value (cost $1,721,964) -
See accompanying schedule

Cash 196

Foreign currency held at 16,611
value (cost $16,634)

Receivable for investments 65,896
sold

Receivable for fund shares 3,812
sold

Dividends receivable 5,649

Interest receivable 653

Other receivables 98

TOTAL ASSETS 2,324,772

LIABILITIES

Payable for investments $ 72,743
purchased

Payable for fund shares 5,854
redeemed

Accrued management fee 1,527

Distribution fees payable 915

Other payables and accrued 823
expenses

Collateral on securities 106,971
loaned, at value

TOTAL LIABILITIES 188,833

NET ASSETS $ 2,135,939

Net Assets consist of:

Paid in capital $ 1,532,376

Distributions in excess of (10,804)
net investment income

Accumulated undistributed net 104,751
realized gain (loss) on
investments and foreign
currency transactions

Net unrealized appreciation 509,616
(depreciation) on
investments and assets and
liabilities in foreign
currencies

NET ASSETS $ 2,135,939

STATEMENT OF ASSETS AND LIABILITIES - CONTINUED
AMOUNTS IN THOUSANDS (EXCEPT
PER-SHARE AMOUNTS)

APRIL 30, 2000 (UNAUDITED)

CALCULATION OF MAXIMUM $22.14
OFFERING PRICE CLASS A: NET
ASSET VALUE and redemption
price per share ($40,151
(divided by) 1,813.6 shares)

Maximum offering price per $23.49
share (100/94.25 of $22.14)

CLASS T: NET ASSET VALUE and $22.44
redemption price per share
($1,795,009 (divided by)
79,988 shares)

Maximum offering price per $23.25
share (100/96.50 of $22.44)

CLASS B: NET ASSET VALUE and $21.79
offering price per share
($127,837 (divided by) 5,867
shares) A

CLASS C: NET ASSET VALUE and $22.13
offering price per share
($65,461 (divided by)
2,958.5 shares) A

INSTITUTIONAL CLASS: NET $22.18
ASSET VALUE, offering price
and redemption price per
share ($107,481 (divided by)
4,846.6 shares)

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

STATEMENT OF OPERATIONS
AMOUNTS IN THOUSANDS SIX
MONTHS ENDED APRIL 30, 2000
(UNAUDITED)

INVESTMENT INCOME $ 10,752
Dividends

Interest 3,779

Security lending 216

14,747

Less foreign taxes withheld (1,216)

TOTAL INCOME 13,531

EXPENSES

Management fee Basic fee $ 7,379

Performance adjustment 1,370

Transfer agent fees 2,206

Distribution fees 5,188

Accounting and security 486
lending fees

Non-interested trustees' 2
compensation

Custodian fees and expenses 498

Registration fees 162

Audit 21

Legal 41

Miscellaneous 6

Total expenses before 17,359
reductions

Expense reductions (138) 17,221

NET INVESTMENT INCOME (LOSS) (3,690)

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

Investment securities 108,712

Foreign currency transactions 221

Futures contracts 1,530 110,463

Change in net unrealized
appreciation (depreciation)
on:

Investment securities 120,450

Assets and liabilities in (340)
foreign currencies

Futures contracts (382) 119,728

NET GAIN (LOSS) 230,191

NET INCREASE (DECREASE) IN $ 226,501
NET ASSETS RESULTING FROM
OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS

AMOUNTS IN THOUSANDS SIX MONTHS ENDED APRIL 30, YEAR ENDED OCTOBER 31, 1999
2000 (UNAUDITED)

INCREASE (DECREASE) IN NET
ASSETS

Operations Net investment $ (3,690) $ 5,488
income (loss)

Net realized gain (loss) 110,463 133,044

Change in net unrealized 119,728 216,537
appreciation (depreciation)

NET INCREASE (DECREASE) IN 226,501 355,069
NET ASSETS RESULTING FROM
OPERATIONS

Distributions to shareholders (3,717) (3,445)
From net investment income

In excess of net investment (7,112) -
income

From net realized gain (81,508) (10,438)

TOTAL DISTRIBUTIONS (92,337) (13,883)

Share transactions - net 284,918 127,794
increase (decrease)

TOTAL INCREASE (DECREASE) 419,082 468,980
IN NET ASSETS

NET ASSETS

Beginning of period 1,716,857 1,247,877

End of period (including $ 2,135,939 $ 1,716,857
under (over) distribution
of net investment income of
$(10,804) and $10,177,
respectively)

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS - CLASS A

SIX MONTHS ENDED APRIL 30, 2000 YEARS ENDED OCTOBER 31,

(UNAUDITED) 1999 1998 1997 1996 E

SELECTED PER-SHARE DATA

Net asset value, beginning $ 20.59 $ 16.32 $ 16.89 $ 15.29 $ 14.98
of period

Income from Investment
Operations

Net investment income (loss) (.02) .10 .09 .09 .04
D

Net realized and unrealized 2.72 4.42 .51 2.39 .27
gain (loss)

Total from investment 2.70 4.52 .60 2.48 .31
operations

Less Distributions

From net investment income (.06) (.11) (.21) (.25) -

In excess of net investment (.11) - - - -
income

From net realized gain (.98) (.14) (.96) (.63) -

Total distributions (1.15) (.25) (1.17) (.88) -

Net asset value, end of $ 22.14 $ 20.59 $ 16.32 $ 16.89 $ 15.29
period

TOTAL RETURN B, C 13.36% 28.05% 3.73% 16.95% 2.07%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 40 $ 23 $ 12 $ 5 $ 1
(in millions)

Ratio of expenses to average 1.52% A 1.55% 1.55% F 1.90% F 1.16% A, F
net assets

Ratio of expenses to average 1.51% A, G 1.52% G 1.54% G 1.89% G 1.16% A
net assets after expense
reductions

Ratio of net investment (.16)% A .57% .51% .53% 1.74% A
income (loss) to average
net assets

Portfolio turnover 96% A 85% 74% 70% 82%

</TABLE>

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 (LOSS) 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.

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS - CLASS T

SIX MONTHS ENDED APRIL 30, 2000 YEARS ENDED OCTOBER 31,

(UNAUDITED) 1999 1998 1997 1996

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 20.83 $ 16.48 $ 17.02 $ 15.30 $ 13.92
period

Income from Invest- ment
Operations

Net investment income (loss) (.04) D .07 D .06 D .13 D .19 D, E

Net realized and unrealized 2.76 4.46 .52 2.38 1.29
gain (loss)

Total from investment 2.72 4.53 .58 2.51 1.48
operations

Less Distributions

From net investment income (.04) (.04) (.16) (.16) (.09)

In excess of net investment (.09) - - - -
income

From net realized gain (.98) (.14) (.96) (.63) (.01)

In excess of net realized gain - - - - -

Total distributions (1.11) (.18) (1.12) (.79) (.10)

Net asset value, end of $ 22.44 $ 20.83 $ 16.48 $ 17.02 $ 15.30
period

TOTAL RETURN B, C 13.29% 27.74% 3.57% 17.07% 10.69%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (in $ 1,795 $ 1,480 $ 1,086 $ 1,111 $ 995
millions)

Ratio of expenses to average 1.72% A 1.72% 1.74% 1.66% 1.61%
net assets

Ratio of expenses to average 1.71% A, F 1.69% F 1.72% F 1.65% F 1.60% F
net assets after expense
reductions

Ratio of net investment (.35)% A .39% .35% .80% 1.30%
income (loss) to average net
assets

Portfolio turnover 96% A 85% 74% 70% 82%

</TABLE>

<TABLE>
<CAPTION>
<S> <C>
FINANCIAL HIGHLIGHTS - CLASS T

YEARS ENDED OCTOBER 31,

1995

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 14.06
period

Income from Invest- ment
Operations

Net investment income (loss) .07

Net realized and unrealized (.11)
gain (loss)

Total from investment (.04)
operations

Less Distributions

From net investment income -

In excess of net investment -
income

From net realized gain (.02)

In excess of net realized gain (.08)

Total distributions (.10)

Net asset value, end of $ 13.92
period

TOTAL RETURN B, C (0.25)%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (in $ 742
millions)

Ratio of expenses to average 1.90%
net assets

Ratio of expenses to average 1.90%
net assets after expense
reductions

Ratio of net investment 1.01%
income (loss) to average net
assets

Portfolio turnover 47%

</TABLE>

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 THE
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 INVESTMENT INCOME PER SHARE REFLECTS A SPECIAL DIVIDEND WHICH
AMOUNTED TO $.04 PER SHARE.
F FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS - CLASS B

SIX MONTHS ENDED APRIL 30, 2000 YEARS ENDED OCTOBER 31,

(UNAUDITED) 1999 1998 1997 1996

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 20.25 $ 16.08 $ 16.69 $ 15.06 $ 13.92
period

Income from Invest- ment
Operations

Net investment income (loss) (.10) D (.03) D (.03) D .02 D .08 D, E

Net realized and unrealized 2.68 4.34 .51 2.36 1.26
gain (loss)

Total from investment 2.58 4.31 .48 2.38 1.34
operations

Less Distributions

From net investment income (.02) - (.13) (.12) (.19)

In excess of net investment (.04) - - - -
income

From net realized gain (.98) (.14) (.96) (.63) (.01)

Total distributions (1.04) (.14) (1.09) (.75) (.20)

Net asset value, end of $ 21.79 $ 20.25 $ 16.08 $ 16.69 $ 15.06
period

TOTAL RETURN B, C 12.95% 27.00% 3.00% 16.41% 9.73%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (in $ 128 $ 89 $ 58 $ 40 $ 19
millions)

Ratio of expenses to average 2.30% A, G 2.29% G 2.30% G 2.30% 2.37%
net assets

Ratio of expenses to average 2.29% A, H 2.26% H 2.29% H 2.29% H 2.37%
net assets after expense
reductions

Ratio of net invest- ment (.94)% A (.18)% (.19)% .15% .53%
income (loss) to average
net assets

Portfolio turnover 96% A 85% 74% 70% 82%

</TABLE>

<TABLE>
<CAPTION>
<S> <C>
FINANCIAL HIGHLIGHTS - CLASS B

YEARS ENDED OCTOBER 31,

1995 F

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 13.89
period

Income from Invest- ment
Operations

Net investment income (loss) .01

Net realized and unrealized .02
gain (loss)

Total from investment .03
operations

Less Distributions

From net investment income -

In excess of net investment -
income

From net realized gain -

Total distributions -

Net asset value, end of $ 13.92
period

TOTAL RETURN B, C 0.22%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (in $ 3
millions)

Ratio of expenses to average 1.97% A, G
net assets

Ratio of expenses to average 1.97% A
net assets after expense
reductions

Ratio of net invest- ment .94% A
income (loss) to average
net assets

Portfolio turnover 47%

</TABLE>

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 INVESTMENT INCOME PER SHARE REFLECTS A SPECIAL DIVIDEND WHICH
AMOUNTED TO $.04 PER SHARE.
F FOR THE PERIOD JULY 3, 1995 (COMMENCEMENT OF SALE OF CLASS B SHARES)
TO OCTOBER 31, 1995.
G FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
H FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.

<TABLE>
<CAPTION>
<S> <C> <C> <C>
FINANCIAL HIGHLIGHTS - CLASS C

SIX MONTHS ENDED APRIL 30, 2000 YEARS ENDED OCTOBER 31,

(UNAUDITED) 1999 1998 E

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 20.58 $ 16.37 $ 17.23
period

Income from Investment
Operations

Net investment income (loss) D (.10) (.02) (.03)

Net realized and unrealized 2.72 4.43 .29
gain (loss)

Total from investment 2.62 4.41 .26
operations

Less Distributions

From net investment income (.03) (.06) (.16)

In excess of net investment (.06) - -
income

From net realized gain (.98) (.14) (.96)

Total distributions (1.07) (.20) (1.12)

Net asset value, end of period $ 22.13 $ 20.58 $ 16.37

TOTAL RETURN B, C 12.94% 27.21% 2.84%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (in $ 65 $ 35 $ 15
millions)

Ratio of expenses to average 2.27% A 2.25% F 2.30% A, F
net assets

Ratio of expenses to average 2.26% A, G 2.22% G 2.30% A
net assets after expense
reductions

Ratio of net investment (.91)% A (.13)% (.20)% A
income (loss) to average net
assets

Portfolio turnover 96% A 85% 74%

</TABLE>

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.

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS - INSTITUTIONAL CLASS

SIX MONTHS ENDED APRIL 30, 2000 YEARS ENDED OCTOBER 31,

(UNAUDITED) 1999 1998 1997 1996

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 20.62 $ 16.36 $ 16.92 $ 15.20 $ 13.97
period

Income from Invest- ment
Operations

Net investment income .02 D .17 D .13 D .22 D .21 D, E

Net realized and unrealized 2.73 4.39 .53 2.36 1.24
gain (loss)

Total from investment 2.75 4.56 .66 2.58 1.45
operations

Less Distributions

From net investment income (.07) (.16) (.26) (.23) (.21)

In excess of net investment (.14) - - - -
income

From net realized gain (.98) (.14) (.96) (.63) (.01)

Total distributions (1.19) (.30) (1.22) (.86) (.22)

Net asset value, end of $ 22.18 $ 20.62 $ 16.36 $ 16.92 $ 15.20
period

TOTAL RETURN B, C 13.60% 28.30% 4.11% 17.73% 10.51%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (in $ 107 $ 90 $ 77 $ 38 $ 16
millions)

Ratio of expenses to average 1.18% A 1.18% 1.26% 1.17% 1.44%
net assets

Ratio of expenses to average 1.17% A, H 1.15% H 1.24% H 1.16% H 1.43% H
net assets after expense
reductions

Ratio of net invest- ment .19% A .94% .76% 1.31% 1.46%
income to average net assets

Portfolio turnover 96% A 85% 74% 70% 82%

</TABLE>

<TABLE>
<CAPTION>
<S> <C>
FINANCIAL HIGHLIGHTS - INSTITUTIONAL CLASS

YEARS ENDED OCTOBER 31,

1995 F

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 13.89
period

Income from Invest- ment
Operations

Net investment income .05

Net realized and unrealized .03
gain (loss)

Total from investment .08
operations

Less Distributions

From net investment income -

In excess of net investment -
income

From net realized gain -

Total distributions -

Net asset value, end of $ 13.97
period

TOTAL RETURN B, C 0.58%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (in $ 1
millions)

Ratio of expenses to average .97% A, G
net assets

Ratio of expenses to average .97% A
net assets after expense
reductions

Ratio of net invest- ment 1.94% A
income to average net assets

Portfolio turnover 47%

</TABLE>

A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
D NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
E INVESTMENT INCOME PER SHARE REFLECTS A SPECIAL DIVIDEND WHICH
AMOUNTED TO $.04 PER SHARE.
F FOR THE PERIOD JULY 3, 1995 (COMMENCEMENT OF SALE OF INSTITUTIONAL
CLASS SHARES) TO OCTOBER 31, 1995.
G FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
H FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.

NOTES TO FINANCIAL STATEMENTS
For the period ended April 30, 2000 (Unaudited)

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.

SECURITY VALUATION. Securities for which quotations are readily
available are valued using the official closing price or 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.

1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

FOREIGN CURRENCY TRANSLATION - CONTINUED

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 funds
are 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, which includes accretion of
original issue discount, 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.

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.

CENTRAL CASH FUNDS. Pursuant to an Exemptive Order issued by the SEC,
the fund may invest in the Taxable Central Cash Fund and the Central
Cash Collateral Fund (the Cash Funds) managed by Fidelity Investments
Money Management, Inc., an affiliate of FMR. The Cash Funds are
open-end money market funds available only to investment companies and
other accounts managed by FMR and its affiliates. The Cash Funds seek
preservation of capital, liquidity, and current income. Income
distributions from the Cash Funds are declared daily and paid monthly
from net interest income. Income distributions earned by the fund are
recorded as either interest income or security lending income in the
accompanying financial statements.

2. OPERATING POLICIES - CONTINUED

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.
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.

3. PURCHASES AND SALES OF INVESTMENTS.

Purchases and sales of securities, other than short-term securities,
aggregated $1,082,346,000 and $889,454,000, respectively.

The market value of futures contracts opened and closed during the
period amounted to $12,023,000 and $23,813,000, 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 annualized 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 (plus/minus).20% of the fund's average net assets over the
performance period) based on the investment performance of the
asset-weighted average return of all classes as compared to the
appropriate index over a specified period of time. For the period, the
management fee was equivalent to an annualized rate of .87% of average
net assets after the performance adjustment.

4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED

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
distribution and service 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
annualized 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 $ 41,000 $ -

CLASS T 4,329,000 41,000

CLASS B 566,000 424,000

CLASS C 252,000 146,000

$ 5,188,000 $ 611,000

4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED

SALES LOAD - CONTINUED

from 5% to 1% for Class B and 1% for Class C, of the lesser of the
cost of shares at the initial date of purchase or the net asset value
of the redeemed shares, excluding any reinvested dividends and capital
gains. In addition, purchases of Class A and Class T shares that were
subject to a finder's fee bear a contingent deferred sales charge on
assets that do not remain in the fund for at least one year. The Class
A and Class T contingent deferred sales charge is based on 0.25% of
the lesser of the cost of shares at the initial date of purchase or
the net asset value of the redeemed shares, excluding any reinvested
dividends and capital gains. A portion of the sales charges paid to
FDC is paid to securities dealers, banks and other financial
institutions.

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

PAID TO FDC RETAINED BY FDC

CLASS A $ 123,000 $ 48,000

CLASS T 335,000 124,000

CLASS B 124,000 124,000 *

CLASS C 9,000 9,000 *

$ 591,000 $ 305,000

* 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.

AMOUNT % OF AVERAGE NET ASSETS

CLASS A $ 44,000 .27 *

CLASS T 1,837,000 .22 *

CLASS B 165,000 .30 *

CLASS C 64,000 .26 *

INSTITUTIONAL CLASS 96,000 .18 *

$ 2,206,000

* ANNUALIZED.

4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED

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.

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 $103,789,000. The fund received cash collateral of
$106,971,000 which was invested in cash equivalents, and U.S. Treasury
obligations valued at $1,881,000.

6. EXPENSE REDUCTIONS.

FMR EXPENSE LIMITATIONS REIMBURSEMENT

CLASS B 2.30% $ 4,000

FMR has also directed certain portfolio trades to brokers who paid a
portion of the fund's expenses. For the period, the fund's expenses
were reduced by $129,000 under this arrangement.

6. EXPENSE REDUCTIONS - CONTINUED

In addition, through arrangements with the fund's custodian and each
class' transfer agent, 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 $4,000 under the custodian
arrangement, and each applicable class' expenses were reduced as
follows under the transfer agent arrangements:

TRANSFER AGENT CREDITS

CLASS A $ 1,000

7. BENEFICIAL INTEREST.

At the end of the period, one shareholder was record owner of
approximately 11% of the total outstanding shares of the fund.

8. DISTRIBUTIONS TO SHAREHOLDERS.

Distributions to shareholders of each class were as follows:

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS SIX MONTHS ENDED APRIL 30, YEAR ENDED OCTOBER 31,

2000 1999

FROM NET INVESTMENT INCOME

Class A $ 66 $ 78

Class T 3,187 2,595

Class B 92 -

Class C 53 50

Institutional Class 319 722

Total $ 3,717 $ 3,445

IN EXCESS OF NET INVESTMENT
INCOME

Class A $ 128 $ -

Class T 6,095 -

Class B 177 -

Class C 102 -

Institutional Class 610 -

Total $ 7,112 $ -

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

</TABLE>

9. SHARE TRANSACTIONS.

Transactions for each class of shares for the periods are as follows:

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

AMOUNTS IN THOUSANDS SIX MONTHS ENDED APRIL 30, YEAR ENDED OCTOBER 31, SIX MONTHS ENDED APRIL 30,

2000 1999 2000

CLASS A Shares sold 4,183 $ 51,698
2,307

Reinvestment of distributions 58 11 1,222

Shares redeemed (1,690) (3,818) (38,068)

Net increase (decrease) 675 376 $ 14,852

CLASS T Shares sold 27,478 100,980 $ 628,546

Reinvestment of distributions 3,494 648 75,182

Shares redeemed (22,009) (96,495) (505,717)

Net increase (decrease) 8,963 5,133 $ 198,011

CLASS B Shares sold 1,902 2,267 $ 42,219

Reinvestment of distributions 196 27 4,107

Shares redeemed (636) (1,520) (13,979)

Net increase (decrease) 1,462 774 $ 32,347

CLASS C Shares sold 1,748 8,406 $ 39,618

Reinvestment of distributions 77 9 1,630

Shares redeemed (557) (7,619) (12,511)

Net increase (decrease) 1,268 796 $ 28,737

INSTITUTIONAL CLASS Shares 1,441 3,272 $ 32,518
sold

Reinvestment of distributions 100 36 2,115

Shares redeemed (1,048) (3,637) (23,662)

Net increase (decrease) 493 (329) $ 10,971

</TABLE>

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

AMOUNTS IN THOUSANDS YEAR ENDED OCTOBER 31,

1999

CLASS A Shares sold $ 76,263

Reinvestment of distributions 173

Shares redeemed (69,891)

Net increase (decrease) $ 6,545

CLASS T Shares sold $ 1,884,019

Reinvestment of distributions 10,982

Shares redeemed (1,796,038)

Net increase (decrease) $ 98,963

CLASS B Shares sold $ 41,143

Reinvestment of distributions 454

Shares redeemed (27,409)

Net increase (decrease) $ 14,188

CLASS C Shares sold $ 153,485

Reinvestment of distributions 143

Shares redeemed (139,603)

Net increase (decrease) $ 14,025

INSTITUTIONAL CLASS Shares $ 59,739
sold

Reinvestment of distributions 602

Shares redeemed (66,268)

Net increase (decrease) $ (5,927)

</TABLE>

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 Ltd.
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
Matthew N. Karstetter, Deputy Treasurer
Maria F. Dwyer, Deputy Treasurer
John H. Costello, Assistant Treasurer

* INDEPENDENT TRUSTEES

ADVISORY BOARD
J. Michael Cook
Abigail P. Johnson

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

GROWTH FUNDS
Fidelity Advisor Latin America Fund
Fidelity Advisor Emerging Asia Fund
Fidelity Advisor Japan Fund
Fidelity Advisor Europe Capital Appreciation Fund
Fidelity Advisor International
Capital Appreciation Fund
Fidelity Advisor Overseas Fund
Fidelity Advisor Diversified International Fund
Fidelity Advisor Global Equity Fund
Fidelity Advisor TechnoQuant (registered trademark)
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

OS-SANN-0600 104859
1.703565.102

GROWTH AND INCOME FUNDS
Fidelity Advisor Growth & Income Fund
Fidelity Advisor Equity Income Fund
Fidelity Advisor Asset Allocation Fund
Fidelity Advisor Balanced Fund

MUNICIPAL FUNDS
Fidelity Advisor Municipal Income Fund

MONEY MARKET FUNDS
Prime Fund
Treasury Fund
Tax-Exempt Fund

(2_FIDELITY_LOGOS)(registered trademark)

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

SEMIANNUAL REPORT
APRIL 30, 2000

(2_FIDELITY_LOGOS)(registered trademark)

CONTENTS

PRESIDENT'S MESSAGE 3 Ned Johnson on investing
strategies.

PERFORMANCE 4 How the fund has done over
time.

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

INVESTMENT CHANGES 15 A summary of major shifts in
the fund's investments over
the past six months.

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

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

NOTES 30 Notes to the financial
statements.

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.

This report is printed on recycled paper using soy-based inks.

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,
Edward C. Johnson 3d

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

CUMULATIVE TOTAL RETURNS

PERIODS ENDED APRIL 30, 2000 PAST 6 MONTHS PAST 1 YEAR LIFE OF FUND

FIDELITY ADV INTL CAP APP - 26.64% 50.77% 90.72%
CL A

FIDELITY ADV INTL CAP APP - 19.36% 42.10% 79.75%
CL A (INCL. 5.75% SALES
CHARGE)

MSCI World ex US 8.40% 15.89% 40.15%

International Funds Average 14.17% 24.75% n/a

CUMULATIVE TOTAL RETURNS show Class A's performance in percentage
terms over a set period - in this case, six months, one year or since
the fund started on November 3, 1997. 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 International AC World
Index Free ex USA - a market capitalization-weighted index that is
designed to represent the performance of developed stock markets,
excluding the United States, throughout the world. 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
six months average represents a peer group of 675 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 APRIL 30, 2000 PAST 1 YEAR LIFE OF FUND

FIDELITY ADV INTL CAP APP - 50.77% 29.60%
CL A

FIDELITY ADV INTL CAP APP - 42.10% 26.56%
CL A (INCL. 5.75% SALES
CHARGE)

MSCI World ex US 15.89% 14.52%

International Funds Average 24.75% n/a

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.

$10,000 OVER LIFE OF FUND
FA Intl Cap App -CL A MS AC World ex USA
00288 MS025
1997/11/03 9425.00 10000.00
1997/11/30 9179.95 9717.68
1997/12/31 9368.45 9829.52
1998/01/31 9641.78 10123.55
1998/02/28 10282.68 10799.04
1998/03/31 10867.03 11172.17
1998/04/30 11121.50 11252.19
1998/05/31 11093.23 11048.13
1998/06/30 10914.15 11006.60
1998/07/31 11140.35 11111.22
1998/08/31 8963.18 9544.28
1998/09/30 8802.95 9342.67
1998/10/31 9490.98 10321.30
1998/11/30 9990.50 10875.96
1998/12/31 10292.10 11250.66
1999/01/31 10508.88 11238.61
1999/02/28 10376.93 10986.98
1999/03/31 11310.00 11517.44
1999/04/30 11922.63 12093.51
1999/05/31 11291.15 11525.48
1999/06/30 12290.20 12055.08
1999/07/31 12883.98 12337.82
1999/08/31 13110.18 12380.62
1999/09/30 13449.48 12464.35
1999/10/31 14194.05 12928.47
1999/11/30 16050.78 13445.41
1999/12/31 19562.29 14727.73
2000/01/31 18572.91 13928.55
2000/02/29 20394.94 14304.78
2000/03/31 19454.54 14843.12
2000/04/28 17975.36 14014.67
IMATRL PRASUN SHR__CHT 20000430 20000524 111232 R00000000000033

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor International Capital Appreciation Fund -
Class A on November 3, 1997, when the fund started, and the current
5.75% sales charge was paid. As the chart shows, by April 30, 2000,
the value of the investment would have grown to $17,975 - a 79.75%
increase on the initial investment. For comparison, look at how the
Morgan Stanley Capital International AC World Index Free ex USA did
over the same period. With dividends reinvested, the same $10,000
would have grown to $14,015 - a 40.15% increase.

(checkmark)UNDERSTANDING
PERFORMANCE

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

CUMULATIVE TOTAL RETURNS

PERIODS ENDED APRIL 30, 2000 PAST 6 MONTHS PAST 1 YEAR LIFE OF FUND

FIDELITY ADV INTL CAP APP - 26.49% 50.43% 89.99%
CL T

FIDELITY ADV INTL CAP APP - 22.07% 45.16% 83.34%
CL T (INCL. 3.50% SALES
CHARGE)

MSCI World ex US 8.40% 15.89% 40.15%

International Funds Average 14.17% 24.75% n/a

CUMULATIVE TOTAL RETURNS show Class T's performance in percentage
terms over a set period - in this case, six months, one year or since
the fund started on November 3, 1997. 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 AC World
Index Free ex USA - a market capitalization-weighted index that is
designed to represent the performance of developed stock markets,
excluding the United States, throughout the world. 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
six months average represents a peer group of 675 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 APRIL 30, 2000 PAST 1 YEAR LIFE OF FUND

FIDELITY ADV INTL CAP APP - 50.43% 29.40%
CL T

FIDELITY ADV INTL CAP APP - 45.16% 27.56%
CL T (INCL. 3.50% SALES
CHARGE)

MSCI World ex US 15.89% 14.52%

International Funds Average 24.75% n/a

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.

$10,000 OVER LIFE OF FUND
FA Intl Cap App -CL T MS AC World ex USA
00292 MS025
1997/11/03 9650.00 10000.00
1997/11/30 9399.10 9717.68
1997/12/31 9592.10 9829.52
1998/01/31 9862.30 10123.55
1998/02/28 10518.50 10799.04
1998/03/31 11116.80 11172.17
1998/04/30 11367.70 11252.19
1998/05/31 11338.75 11048.13
1998/06/30 11145.75 11006.60
1998/07/31 11377.35 11111.22
1998/08/31 9148.20 9544.28
1998/09/30 8993.80 9342.67
1998/10/31 9688.60 10321.30
1998/11/30 10200.05 10875.96
1998/12/31 10508.85 11250.66
1999/01/31 10721.15 11238.61
1999/02/28 10586.05 10986.98
1999/03/31 11541.40 11517.44
1999/04/30 12187.95 12093.51
1999/05/31 11531.75 11525.48
1999/06/30 12554.65 12055.08
1999/07/31 13162.60 12337.82
1999/08/31 13384.55 12380.62
1999/09/30 13731.95 12464.35
1999/10/31 14494.30 12928.47
1999/11/30 16385.70 13445.41
1999/12/31 19967.23 14727.73
2000/01/31 18945.32 13928.55
2000/02/29 20808.79 14304.78
2000/03/31 19847.00 14843.12
2000/04/28 18334.18 14014.67
IMATRL PRASUN SHR__CHT 20000430 20000524 111452 R00000000000033

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor International Capital Appreciation Fund -
Class T on November 3, 1997, when the fund started, and the current
3.50% sales charge was paid. As the chart shows, by April 30, 2000,
the value of the investment would have grown to $18,334 - an 83.34%
increase on the initial investment. For comparison, look at how the
Morgan Stanley Capital International AC World Index Free ex USA did
over the same period. With dividends reinvested, the same $10,000
would have grown to $14,015 - a 40.15% increase.

(checkmark)UNDERSTANDING
PERFORMANCE

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

CUMULATIVE TOTAL RETURNS

PERIODS ENDED APRIL 30, 2000 PAST 6 MONTHS PAST 1 YEAR LIFE OF FUND

FIDELITY ADV INTL CAP APP - 26.20% 49.63% 87.03%
CL B

FIDELITY ADV INTL CAP APP - 21.20% 44.63% 84.03%
CL B (INCL. CONTINGENT
DEFERRED SALES CHARGE)

MSCI World ex US 8.40% 15.89% 40.15%

International Funds Average 14.17% 24.75% n/a

CUMULATIVE TOTAL RETURNS show Class B's performance in percentage
terms over a set period - in this case, six months, one year or since
the fund started on November 3, 1997. 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 AC World
Index Free ex USA - a market capitalization-weighted index that is
designed to represent the performance of developed stock markets,
excluding the United States, throughout the world. 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
six months average represents a peer group of 675 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 APRIL 30, 2000 PAST 1 YEAR LIFE OF FUND

FIDELITY ADV INTL CAP APP - 49.63% 28.59%
CL B

FIDELITY ADV INTL CAP APP - 44.63% 27.76%
CL B (INCL. CONTINGENT
DEFERRED SALES CHARGE)

MSCI World ex US 15.89% 14.52%

International Funds Average 24.75% n/a

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.

$10,000 OVER LIFE OF FUND
FA Intl Cap App -CL B MS AC World ex USA
00290 MS025
1997/11/03 10000.00 10000.00
1997/11/30 9730.00 9717.68
1997/12/31 9930.00 9829.52
1998/01/31 10200.00 10123.55
1998/02/28 10870.00 10799.04
1998/03/31 11490.00 11172.17
1998/04/30 11750.00 11252.19
1998/05/31 11710.00 11048.13
1998/06/30 11510.00 11006.60
1998/07/31 11740.00 11111.22
1998/08/31 9440.00 9544.28
1998/09/30 9270.00 9342.67
1998/10/31 9990.00 10321.30
1998/11/30 10510.00 10875.96
1998/12/31 10820.00 11250.66
1999/01/31 11040.00 11238.61
1999/02/28 10890.00 10986.98
1999/03/31 11870.00 11517.44
1999/04/30 12500.00 12093.51
1999/05/31 11830.00 11525.48
1999/06/30 12870.00 12055.08
1999/07/31 13480.00 12337.82
1999/08/31 13710.00 12380.62
1999/09/30 14050.00 12464.35
1999/10/31 14820.00 12928.47
1999/11/30 16750.00 13445.41
1999/12/31 20402.71 14727.73
2000/01/31 19356.15 13928.55
2000/02/29 21252.39 14304.78
2000/03/31 20257.64 14843.12
2000/04/28 18403.00 14014.67
IMATRL PRASUN SHR__CHT 20000430 20000524 111727 R00000000000033

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor International Capital Appreciation Fund -
Class B on November 3, 1997, when the fund started. As the chart
shows, by April 30, 2000, the value of the investment, including the
effect of the applicable contingent deferred sales charge, would have
grown to $18,403 - an 84.03% increase on the initial investment. For
comparison, look at how the Morgan Stanley Capital International AC
World Index Free ex USA did over the same period. With dividends
reinvested, the same $10,000 would have grown to $14,015 - a 40.15%
increase.

(checkmark)UNDERSTANDING
PERFORMANCE

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

CUMULATIVE TOTAL RETURNS

PERIODS ENDED APRIL 30, 2000 PAST 6 MONTHS PAST 1 YEAR LIFE OF FUND

FIDELITY ADV INTL CAP APP - 26.12% 49.63% 87.04%
CL C

FIDELITY ADV INTL CAP APP - 25.12% 48.63% 87.04%
CL C (INCL. CONTINGENT
DEFERRED SALES CHARGE)

MSCI World ex US 8.40% 15.89% 40.15%

International Funds Average 14.17% 24.75% n/a

CUMULATIVE TOTAL RETURNS show Class C's performance in percentage
terms over a set period - in this case, six months, one year or since
the fund started on November 3, 1997. 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 AC World
Index Free ex USA - a market capitalization-weighted index that is
designed to represent the performance of developed stock markets,
excluding the United States, throughout the world. 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
six months average represents a peer group of 675 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 APRIL 30, 2000 PAST 1 YEAR LIFE OF FUND

FIDELITY ADV INTL CAP APP - 49.63% 28.59%
CL C

FIDELITY ADV INTL CAP APP - 48.63% 28.59%
CL C (INCL. CONTINGENT
DEFERRED SALES CHARGE)

MSCI World ex US 15.89% 14.52%

International Funds Average 24.75% n/a

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.

$10,000 OVER LIFE OF FUND
FA Intl Cap App -CL C MS AC World ex USA
00281 MS025
1997/11/03 10000.00 10000.00
1997/11/30 9730.00 9717.68
1997/12/31 9930.00 9829.52
1998/01/31 10210.00 10123.55
1998/02/28 10880.00 10799.04
1998/03/31 11490.00 11172.17
1998/04/30 11750.00 11252.19
1998/05/31 11710.00 11048.13
1998/06/30 11510.00 11006.60
1998/07/31 11740.00 11111.22
1998/08/31 9440.00 9544.28
1998/09/30 9270.00 9342.67
1998/10/31 9980.00 10321.30
1998/11/30 10500.00 10875.96
1998/12/31 10820.00 11250.66
1999/01/31 11030.00 11238.61
1999/02/28 10880.00 10986.98
1999/03/31 11850.00 11517.44
1999/04/30 12500.00 12093.51
1999/05/31 11820.00 11525.48
1999/06/30 12860.00 12055.08
1999/07/31 13480.00 12337.82
1999/08/31 13710.00 12380.62
1999/09/30 14050.00 12464.35
1999/10/31 14830.00 12928.47
1999/11/30 16760.00 13445.41
1999/12/31 20404.42 14727.73
2000/01/31 19357.24 13928.55
2000/02/29 21254.60 14304.78
2000/03/31 20259.26 14843.12
2000/04/28 18704.05 14014.67
IMATRL PRASUN SHR__CHT 20000430 20000524 112411 R00000000000033

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor International Capital Appreciation Fund -
Class C on November 3, 1997, when the fund started. As the chart
shows, by April 30, 2000, the value of the investment would have
grown to $18,704 - an 87.04% increase on the initial investment. For
comparison, look at how the Morgan Stanley Capital International AC
World Index Free ex USA did over the same period. With dividends
reinvested, the same $10,000 would have grown to $14,015 - a 40.15%
increase.

(checkmark)UNDERSTANDING
PERFORMANCE

FUND TALK: THE MANAGER'S OVERVIEW

MARKET RECAP

(photograph of Kevin McCarey)

An interview with Kevin McCarey, Portfolio Manager of Fidelity Advisor
International Capital Appreciation Fund

Q. HOW DID THE FUND PERFORM, KEVIN?

A. Very well. For the six months that ended April 30, 2000, the fund's
Class A, Class T, Class B and Class C shares returned 26.64%, 26.49%,
26.20% and 26.12%, respectively. These returns easily beat the Morgan
Stanley Capital International AC World Index Free ex USA - which
returned 8.40% during the same period - as well as the international
funds average, which returned 14.17% according to Lipper Inc. For the
12 months that ended April 30, 2000, the fund's Class A, Class T,
Class B and Class C shares returned 50.77%, 50.43%, 49.63% and 49.63%,
respectively. The Morgan Stanley index and Lipper group returned
15.89% and 24.75%, respectively, during the same period.

Q. WHAT FACTORS PLAYED KEY ROLES IN SHAPING THE FUND'S PERFORMANCE
DURING THE PERIOD?

A. Solid research and good stock picking - particularly in Japan and
the emerging markets - helped the fund perform well. In fact, six of
the fund's 10 best-performing stocks during the period were based in
Japan. Another factor was my emphasis on so-called new economy stocks,
or companies that stand to benefit from changes brought on by the
Internet and technology trends in general. The fund's exposure to
technology stocks went from 18% of assets six months ago to
approximately 34% at the end of the period. I also favored stocks in
the media and telecommunications areas, and reduced the fund's
exposure to industries adversely affected by new economy trends,
including retail and general banking.

Q. SIX MONTHS AGO, JAPAN'S ECONOMY WAS ON THE UPSWING. CAN YOU GIVE AN
UPDATE?

A. Entering the period, Japan was still enjoying a switch from
negative to positive investor sentiment, based largely on initial
signs of an economic turnaround and a slew of corporate restructuring
announcements. As the period wore on, however - and companies began
the actual hard work of restructuring - the shine wore off and the
rebound became sluggish. Based on what our research indicated, I
decided to trim the fund's Japanese exposure, from 34% of assets six
months ago to 24% at the close of the period. That being said, the
fund still realized significant gains from its positions in Internet
venture capital firm Softbank, cellular provider DDI and Daiwa
Securities.

Q. WHAT WAS THE STORY IN THE EMERGING MARKETS?

A. Latin America and Asia both experienced rebounds following an
upturn in economic conditions, and the fund was able to take
advantage. Latin America continued to benefit from the positive impact
of Brazil's currency devaluation in February 1999, and Mexico in
particular performed well as interest rates fell, inflation remained
subdued and oil prices rose. The fund's investments in Mexican banks
Bancomer and Banacci provided strong results before I decided to
de-emphasize the bank group. Asia, meanwhile, continued to benefit
from its own rebound of over a year ago, and technology exports
improved significantly. The fund's positions in Taiwan Semiconductor
and Samsung Electronics contributed nicely.

Q. WHAT WAS YOUR STRATEGY WITH RESPECT TO THE FUND'S EUROPEAN
INVESTMENTS?

A. The economic situation continued to be positive throughout Europe,
and the weakening of the euro relative to the dollar put the wind at
the backs of many European exporters. In terms of my particular focus,
I again concentrated on companies that I felt could benefit from the
new economy. One example was French software firm ILOG, which
performed well during the period.

Q. WHICH OTHER STOCKS HELPED PERFORMANCE? WHICH WERE DISAPPOINTING?

A. Going back to Japan, the fund's stakes in Trans Cosmos, a software
services company that benefited from Internet trends, Kyocera - a
maker of electronics components - and Furukawa Electric, which is
involved in optical networking equipment, all provided a considerable
boost. Disappointments included Japanese cellular service provider
Hikari Tsushin - which soured on weak growth forecasts - and Equant, a
Netherlands-based telecommunications networking company that suffered
from a slowdown in revenue growth.

Q. WHAT'S YOUR OUTLOOK?

A. The economic recovery and corporate restructuring phase should
deepen in Europe, but progress slowly in Japan. In Europe, we should
see more management incentives in terms of salary and stock options,
and we'll also see more companies coming to market under the banner of
the new economy. I'll keep a close eye on that. Japan, meanwhile, is
much earlier in the game and I wouldn't be surprised if we saw a lot
of consolidation activity there over the next year or so. As for the
emerging markets, I'll be keeping tabs on the new government in Russia
and the upcoming presidential election in Mexico.

(checkmark)FUND FACTS

GOAL: seeks capital
appreciation by investing in
securities of foreign issuers

START DATE: November 3, 1997

SIZE: as of April 30, 2000,
more than $290 million

MANAGER: Kevin McCarey,
since inception; joined
Fidelity in 1985

KEVIN MCCAREY ENVISIONS
A WIRELESS WORLD:

"If the 1990s were the decade of the
Internet, the next 10 years will be
dominated by wireless technology.
Over the next couple years, in fact,
the number of people in the world that
have a cell phone will be greater
than those that have fixed lines. And
a couple years beyond that, the
number of people worldwide that
access the Internet via wireless
devices is going to be greater than
those who access the Web by
fixed-line.

"Europe is very much ahead of the U.S.
in terms of wireless penetration,
mainly because it's been able to
support the technology with one
common system - the Global System
for Mobile Communications (GSM).
The U.S., on the other hand, has a
more fragmented network with
different types of technologies
competing against one another. This
has slowed penetration rates. Also,
Europe has a feature known as CPP,
or calling party pays. That's something
we're all hoping for someday in the
U.S. Wireless phone usage also is
increasing rapidly throughout many
of the emerging-market countries.

"The fund's exposure to wireless
basically falls into two camps:
companies that manufacture the
equipment - including global
leaders NEC, Ericsson and Nokia -
and those that operate the networks
and sign up the customers, such as
Vodafone AirTouch. As the
technology improves in the near
future, companies such as these
stand to benefit handsomely."

INVESTMENT CHANGES

<TABLE>
<CAPTION>
<S> <C> <C>
TOP FIVE STOCKS BY ISSUER AS
OF APRIL 30, 2000

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

Nokia AB (Finland, 6.5 1.9
Communications Equipment)

Koninklijke Philips 5.5 0.3
Electronics NV
(Netherlands, Electrical
Equipment)

TotalFinaElf SA (France, Oil 4.4 1.3
& Gas)

DDI Corp. (Japan, Telephone 4.3 3.0
Services)

Vodafone AirTouch PLC 3.1 1.9
(United Kingdom, Cellular)

23.8 8.4

TOP FIVE MARKET SECTORS AS OF
APRIL 30, 2000

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

Technology 33.7 18.4

Utilities 17.7 12.0

Industrial Machinery & 13.7 3.1
Equipment

Finance 9.7 28.8

Media & Leisure 8.7 6.5

TOP FIVE COUNTRIES AS OF
APRIL 30, 2000

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

Japan 24.0 34.0

United Kingdom 10.7 16.9

Netherlands 9.4 5.4

France 8.6 8.7

Finland 8.1 2.2

</TABLE>

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

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

AS OF APRIL 30, 2000 AS OF OCTOBER 31, 1999

Stocks 96.9% Stocks and Investment
Companies 96.2%

Short-Term Investments and Short-Term Investments and
Net Other Assets 3.1% Net Other Assets 3.8%

Row: 1, Col: 1, Value: 96.90000000000001 Row: 1, Col: 1, Value: 96.2
Row: 1, Col: 2, Value: 0.0 Row: 1, Col: 2, Value: 0.0
Row: 1, Col: 3, Value: 0.0 Row: 1, Col: 3, Value: 0.0
Row: 1, Col: 4, Value: 0.0 Row: 1, Col: 4, Value: 0.0
Row: 1, Col: 5, Value: 0.0 Row: 1, Col: 5, Value: 0.0
Row: 1, Col: 6, Value: 0.0 Row: 1, Col: 6, Value: 0.0
Row: 1, Col: 7, Value: 0.0 Row: 1, Col: 7, Value: 0.0
Row: 1, Col: 8, Value: 3.1 Row: 1, Col: 8, Value: 3.8

</TABLE>

INVESTMENTS APRIL 30, 2000 (UNAUDITED)

Showing Percentage of Net Assets

COMMON STOCKS - 96.9%

SHARES VALUE (NOTE 1)

BELGIUM - 0.3%

Telinfo SA 6,700 $ 757,233

CANADA - 3.4%

Celestica, Inc. (sub. vtg.) 29,100 1,570,158
(a)

Research in Motion Ltd. (a) 123,300 5,237,419

Rogers Communications, Inc. 57,600 1,499,514
Class B (non-vtg.) (a)

Talisman Energy, Inc. (a) 55,500 1,654,731

9,961,822

DENMARK - 0.6%

Novo-Nordisk AS (B Shares) 12,400 1,665,385

FINLAND - 8.1%

JOT Automation Group Oyj 288,300 2,089,030

Nokia AB 331,200 18,836,995

Sonera Corp. 45,400 2,503,480

23,429,505

FRANCE - 8.6%

Canal Plus SA 3,600 695,619

Castorama Dubois 4,100 896,867
Investissements SA

Coflexip SA 14,800 1,443,372

France Telecom SA 28,200 4,374,632

ILOG SA sponsored ADR (a) 7,800 280,800

TotalFinaElf SA Class B 84,200 12,735,250

Vivendi SA 47,200 4,680,624

25,107,164

GERMANY - 4.3%

Hannover Rueckversicherungs AG 23,500 1,488,626

Intershop Communication AG (a) 9,900 4,412,150

JUMPtec Industrielle 8,800 834,159
Computertechnik AG (a)

Primacom AG (a) 17,100 1,317,000

Siemens AG 19,000 2,822,761

Software AG (a) 14,600 1,690,011

12,564,707

HONG KONG - 2.4%

China Telecom Ltd. (a) 372,000 2,728,388

Giordano International Ltd. 678,000 1,109,820

Johnson Electric Holdings 90,000 725,052
Ltd.

Li & Fung Ltd. 308,000 1,190,227

Vtech Holdings Ltd. 304,000 1,260,633

7,014,120

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

INDIA - 1.4%

Housing Development Finance 130,800 $ 1,417,075
Corp. Ltd.

Hughes Software Systems Ltd. 12,100 818,309

Pentamedia Graphics Ltd. 77,214 1,124,158

Pentamedia Graphics Ltd. New 45,286 659,319

4,018,861

IRELAND - 0.2%

SmartForce PLC sponsored ADR 11,400 544,350
(a)

ISRAEL - 0.7%

Check Point Software 3,800 657,400
Technologies Ltd. (a)

Gilat Satellite Networks Ltd. 6,700 575,363
(a)

Orad Hi-Tech Systems Ltd. (a) 18,800 856,763

2,089,526

JAPAN - 24.0%

Alpha Systems, Inc. 5,000 984,834

Asatsu-DK, Inc. 10,000 412,428

Casio Computer Co. Ltd. 220,000 2,420,936

Daiwa Securities Group, Inc. 185,000 2,822,730

DDI Corp. 1,096 12,567,413

FamilyMart Co. Ltd. 34,100 1,248,715

Focus Systems Corp. 31,000 1,103,662

Fuji Television Network, Inc. 75 1,248,382

Fujitsu Ltd. 123,000 3,480,488

Furukawa Electric Co. Ltd. 508,000 7,041,724

Hikari Tsushin, Inc. 1,900 274,089

ITOCHU TECHNO-SCIENCE Corp. 1,400 1,114,666
(CTC)

Kyocera Corp. 26,500 4,400,656

Macnica, Inc. 7,800 1,379,822

Mitsubishi Electric Corp. 629,000 5,368,661

NEC Corp. 77,000 2,093,397

Nikko Securities Co. Ltd. 285,000 3,360,227

Nippon Systemware Co. Ltd. 10,300 676,253

Nomura Securities Co. Ltd. 102,000 2,565,563

Omron Corp. 66,000 1,794,341

Pioneer Corp. 54,000 1,473,090

Shinko Securities Co. Ltd. 497,000 2,173,858

Softbank Corp. 4,200 1,033,105

Softbank Corp. New 8,400 2,066,210

Toko, Inc. 301,000 2,505,086

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

JAPAN - CONTINUED

Yahoo Japan Corp. 2 $ 998,705

Yamaha Motor Co. Ltd. 368,000 3,137,562

69,746,603

KOREA (SOUTH) - 2.2%

Samsung Electronics Co. Ltd. 17,100 4,622,664

Trigem Computer, Inc. 32,500 1,877,225

6,499,889

MEXICO - 5.7%

Grupo Radio Centro SA de CV 76,900 1,076,600
sponsored ADR

Grupo Televisa SA de CV 55,200 3,501,750
sponsored ADR (a)

Nuevo Grupo Iusacell SA de CV 227,600 3,627,375
sponsored ADR (a)

TV Azteca SA de CV sponsored 544,000 5,984,000
ADR

Wal-Mart de Mexico SA de CV 1,074,000 2,485,714
Series V (a)

16,675,439

NETHERLANDS - 9.4%

Equant NV (a) 43,700 3,391,556

Exact Holdings NV (a) 19,300 1,090,641

Gucci Group NV (NY Shares) 9,100 797,388

Koninklijke Philips 355,700 15,908,630
Electronics NV

United Pan-Europe 104,400 3,809,070
Communications NV (a)

Wolters Kluwer NV 100,700 2,382,687
(Certificaten Van Aandelen)

27,379,972

NORWAY - 0.2%

Opticom ASA (a) 5,300 560,163

RUSSIA - 0.5%

Vimpel Communications 40,800 1,366,800
sponsored ADR (a)

SINGAPORE - 1.1%

Chartered Semiconduct 35,400 3,093,075
Manufacturing Ltd. ADR

SOUTH AFRICA - 0.4%

Dimension Data Holdings Ltd. 164,800 1,080,059
(a)

SPAIN - 1.9%

Banco Santander Central 274,200 2,866,578
Hispano SA

Telefonica SA (a) 116,400 2,597,151

5,463,729

SWEDEN - 3.0%

Telefonaktiebolaget LM 100,400 8,879,125
Ericsson (B Shares)

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

SWITZERLAND - 4.0%

Ascom Holding AG (Bearer) 200 $ 680,628

Credit Suisse Group (Reg.) 14,000 2,536,940

Nestle SA (Reg.) 750 1,326,353

PubliGroupe SA 2,028 1,569,075

The Swatch Group AG (Bearer) 3,910 4,203,421

UBS AG 4,800 1,179,756

11,496,173

TAIWAN - 3.3%

Hon Hai Precision Industries 103,000 993,136
Co. Ltd. (a)

Taiwan Semiconductor 1,326,500 8,541,281
Manufacturing Co. Ltd. (a)

9,534,417

UNITED KINGDOM - 10.7%

Amvescap PLC 319,600 4,609,989

Cable & Wireless PLC 330,800 5,462,734

Carlton Communications PLC 179,700 2,160,729

EMI Group PLC 107,300 1,025,147

Hilton Group PLC 272,400 1,140,452

HSBC Holdings PLC (Reg.) 230,100 2,631,770

Manchester United PLC 229,300 1,338,487

Misys PLC 279,500 3,182,710

Synstar PLC (a) 220,100 468,438

Vodafone AirTouch PLC 1,942,764 9,131,001

31,151,457

UNITED STATES OF AMERICA - 0.5%

SCM Microsystems, Inc. (a) 18,500 1,531,897

TOTAL COMMON STOCKS 281,611,471
(Cost $266,913,329)

CASH EQUIVALENTS - 7.5%

SHARES VALUE (NOTE 1)

Central Cash Collateral Fund, 6,420,030 $ 6,420,030
5.94% (b)

Taxable Central Cash Fund, 15,281,207 15,281,207
5.77% (b)

TOTAL CASH EQUIVALENTS 21,701,237
(Cost $21,701,237)

TOTAL INVESTMENT PORTFOLIO - 303,312,708
104.4%
(Cost $288,614,566)

NET OTHER ASSETS - (4.4)% (12,864,723)

NET ASSETS - 100% $ 290,447,985

LEGEND

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at
period end.

INCOME TAX INFORMATION

At April 30, 2000, the aggregate cost of investment securities for
income tax purposes was $289,296,503. Net unrealized appreciation
aggregated $14,016,205, of which $36,311,537 related to appreciated
investment securities and $22,295,332 related to depreciated
investment securities.

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2000 (UNAUDITED)

ASSETS

Investment in securities, at $ 303,312,708
value (cost $288,614,566) -
See accompanying schedule

Cash 30,700

Foreign currency held at 2,597,499
value (cost $2,600,357)

Receivable for investments 8,327,316
sold

Receivable for fund shares 1,283,110
sold

Dividends receivable 344,523

Interest receivable 94,528

Other receivables 697,094

TOTAL ASSETS 316,687,478

LIABILITIES

Payable for investments $ 18,874,186
purchased

Payable for fund shares 311,608
redeemed

Accrued management fee 169,418

Distribution fees payable 145,462

Other payables and accrued 318,789
expenses

Collateral on securities 6,420,030
loaned, at value

TOTAL LIABILITIES 26,239,493

NET ASSETS $ 290,447,985

Net Assets consist of:

Paid in capital $ 269,334,762

Distributions in excess of (793,046)
net investment income

Accumulated undistributed net 7,144,108
realized gain (loss) on
investments and foreign
currency transactions

Net unrealized appreciation 14,762,161
(depreciation) on
investments and assets and
liabilities in foreign
currencies

NET ASSETS $ 290,447,985

STATEMENT OF ASSETS AND LIABILITIES - CONTINUED
APRIL 30, 2000 (UNAUDITED)

CALCULATION OF MAXIMUM $18.35
OFFERING PRICE CLASS A: NET
ASSET VALUE and redemption
price per share
($16,289,506 (divided by)
887,895 shares)

Maximum offering price per $19.47
share (100/94.25 of $18.35)

CLASS T: NET ASSET VALUE and $18.30
redemption price per share
($169,022,025 (divided by)
9,237,061 shares)

Maximum offering price per $18.96
share (100/96.50 of $18.30)

CLASS B: NET ASSET VALUE and $18.05
offering price per share
($51,671,859 (divided by)
2,862,720 shares) A

CLASS C: NET ASSET VALUE and $18.04
offering price per share
($41,602,623 (divided by)
2,305,618 shares) A

INSTITUTIONAL CLASS: NET $18.41
ASSET VALUE, offering price
and redemption price per
share ($11,861,972 (divided
by) 644,304 shares)

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

STATEMENT OF OPERATIONS
SIX MONTHS ENDED APRIL 30,
2000 (UNAUDITED)

INVESTMENT INCOME $ 645,340
Dividends

Interest 491,783

Security lending 22,712

1,159,835

Less foreign taxes withheld (75,792)

TOTAL INCOME 1,084,043

EXPENSES

Management fee $ 706,840

Transfer agent fees 245,875

Distribution fees 590,009

Accounting and security 58,969
lending fees

Non-interested trustees' 237
compensation

Custodian fees and expenses 129,296

Registration fees 112,685

Audit 16,389

Legal 1,592

Miscellaneous 8,572

Total expenses before 1,870,464
reductions

Expense reductions (23,636) 1,846,828

NET INVESTMENT INCOME (LOSS) (762,785)

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

Investment securities 7,484,837

Foreign currency transactions (59,945) 7,424,892

Change in net unrealized
appreciation (depreciation)
on:

Investment securities 4,770,282

Assets and liabilities in 52,793 4,823,075
foreign currencies

NET GAIN (LOSS) 12,247,967

NET INCREASE (DECREASE) IN $ 11,485,182
NET ASSETS RESULTING FROM
OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS

SIX MONTHS ENDED APRIL 30, YEAR ENDED OCTOBER 31, 1999
2000 (UNAUDITED)

INCREASE (DECREASE) IN NET
ASSETS

Operations Net investment $ (762,785) $ (132,984)
income (loss)

Net realized gain (loss) 7,424,892 6,701,720

Change in net unrealized 4,823,075 9,215,926
appreciation (depreciation)

NET INCREASE (DECREASE) IN 11,485,182 15,784,662
NET ASSETS RESULTING FROM
OPERATIONS

Distributions to shareholders (12,905) -
In excess of investment
income

From net realized gain (3,861,885) -

TOTAL DISTRIBUTIONS (3,874,790) -

Share transactions - net 209,125,679 34,004,800
increase (decrease)

TOTAL INCREASE (DECREASE) 216,736,071 49,789,462
IN NET ASSETS

NET ASSETS

Beginning of period 73,711,914 23,922,452

End of period (including $ 290,447,985 $ 73,711,914
distributions in excess of
net investment income of
$793,046 and accumulated net
investment loss of $17,356,
respectively)

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C> <C>
FINANCIAL HIGHLIGHTS - CLASS A

SIX MONTHS ENDED APRIL 30, 2000 YEARS ENDED OCTOBER 31,

(UNAUDITED) 1999 1998 E

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 15.06 $ 10.07 $ 10.00
period

Income from Investment
Operations

Net investment income (loss) D (.04) (.01) .00

Net realized and unrealized 3.98 5.00 .07
gain (loss)

Total from investment 3.94 4.99 .07
operations

Less Distributions

In excess of net investment (.01) - -
income

From net realized gain (.64) - -

Total distributions (.65) - -

Net asset value, end of period $ 18.35 $ 15.06 $ 10.07

TOTAL RETURN B, C 26.64% 49.55% 0.70%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 16,290 $ 3,407 $ 860
(000 omitted)

Ratio of expenses to average 1.64% A 1.72% F 2.06% A, F
net assets

Ratio of expenses to average 1.62% A, G 1.67% G 2.06% A
net assets after expense
reductions

Ratio of net investment (.48)% A (.06)% .03% A
income (loss) to average
net assets

Portfolio turnover 236% A 218% 199% A

</TABLE>

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 (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD NOVEMBER 3, 1997 (COMMENCEMENT OF OPERATIONS) 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.

<TABLE>
<CAPTION>
<S> <C> <C> <C>
FINANCIAL HIGHLIGHTS - CLASS T

SIX MONTHS ENDED APRIL 30, 2000 YEARS ENDED OCTOBER 31,

(UNAUDITED) 1999 1998 E

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 15.02 $ 10.04 $ 10.00
period

Income from Investment
Operations

Net investment income (loss) D (.06) (.04) (.03)

Net realized and unrealized 3.97 5.02 .07
gain (loss)

Total from investment 3.91 4.98 .04
operations

Less Distributions

From net realized gain (.63) - -

Net asset value, end of period $ 18.30 $ 15.02 $ 10.04

TOTAL RETURN B, C 26.49% 49.60% 0.40%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 169,022 $ 44,233 $ 12,117
(000 omitted)

Ratio of expenses to average 1.83% A 1.97% F 2.31% A, F
net assets

Ratio of expenses to average 1.81% A, G 1.92% G 2.31% A
net assets after expense
reductions

Ratio of net investment (.67)% A (.31)% (.24)% A
income (loss) to average
net assets

Portfolio turnover 236% A 218% 199% A

</TABLE>

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 (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD NOVEMBER 3, 1997 (COMMENCEMENT OF OPERATIONS) 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.

<TABLE>
<CAPTION>
<S> <C> <C> <C>
FINANCIAL HIGHLIGHTS - CLASS B

SIX MONTHS ENDED APRIL 30, 2000 YEARS ENDED OCTOBER 31,

(UNAUDITED) 1999 1998 E

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 14.82 $ 9.99 $ 10.00
period

Income from Investment
Operations

Net investment income (loss) D (.11) (.10) (.07)

Net realized and unrealized 3.93 4.93 .06
gain (loss)

Total from investment 3.82 4.83 (.01)
operations

Less Distributions

From net realized gain (.59) - -

Net asset value, end of period $ 18.05 $ 14.82 $ 9.99

TOTAL RETURN B, C 26.20% 48.35% (0.10)%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 51,672 $ 11,098 $ 4,047
(000 omitted)

Ratio of expenses to average 2.42% A 2.47% F 2.81% A, F
net assets

Ratio of expenses to average 2.39% A, G 2.42% G 2.81% A
net assets after expense
reductions

Ratio of net investment (1.26)% A (.81)% (.70)% A
income (loss) to average
net assets

Portfolio turnover 236% A 218% 199% A

</TABLE>

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 OPERATIONS) 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.

<TABLE>
<CAPTION>
<S> <C> <C> <C>
FINANCIAL HIGHLIGHTS - CLASS C

SIX MONTHS ENDED APRIL 30, 2000 YEARS ENDED OCTOBER 31,

(UNAUDITED) 1999 1998 E

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 14.83 $ 9.98 $ 10.00
period

Income from Investment
Operations

Net investment income (loss) D (.11) (.10) (.08)

Net realized and unrealized 3.92 4.95 .06
gain (loss)

Total from investment 3.81 4.85 (.02)
operations

Less Distributions

From net realized gain (.60) - -

Net asset value, end of period $ 18.04 $ 14.83 $ 9.98

TOTAL RETURN B, C 26.12% 48.60% (0.20)%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 41,603 $ 7,874 $ 2,217
(000 omitted)

Ratio of expenses to average 2.38% A 2.47% F 2.81% A, F
net assets

Ratio of expenses to average 2.35% A, G 2.42% G 2.81% A
net assets after expense
reductions

Ratio of net investment (1.22)% A (.81)% (.75)% A
income (loss) to average
net assets

Portfolio turnover 236% A 218% 199% A

</TABLE>

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 OPERATIONS) 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.

<TABLE>
<CAPTION>
<S> <C> <C> <C>
FINANCIAL HIGHLIGHTS - INSTITUTIONAL CLASS

SIX MONTHS ENDED APRIL 30, 2000 YEARS ENDED OCTOBER 31,

(UNAUDITED) 1999 1998 E

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 15.09 $ 10.09 $ 10.00
period

Income from Investment
Operations

Net investment income (loss) D (.01) .02 .04

Net realized and unrealized 3.99 4.98 .05
gain (loss)

Total from investment 3.98 5.00 .09
operations

Less Distributions

In excess of net investment (.02) - -
income

From net realized gain (.64) - -

Total distributions (.66) - -

Net asset value, end of period $ 18.41 $ 15.09 $ 10.09

TOTAL RETURN B, C 26.87% 49.55% 0.90%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 11,862 $ 7,099 $ 4,682
(000 omitted)

Ratio of expenses to average 1.27% A 1.47% F 1.81% A, F
net assets

Ratio of expenses to average 1.24% A, G 1.42% G 1.81% A
net assets after expense
reductions

Ratio of net investment (.11)% A .19% .34% A
income (loss) to average
net assets

Portfolio turnover 236% A 218% 199% A

</TABLE>

A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS 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 OPERATIONS) 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.

NOTES TO FINANCIAL STATEMENTS
For the period ended April 30, 2000 (Unaudited)

1. SIGNIFICANT ACCOUNTING POLICIES.

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

The fund's investments in emerging markets can be subject to social,
economic, regulatory and political uncertainties and can be extremely
volatile. The financial statements have been prepared in conformity
with generally accepted accounting principles which require management
to make certain estimates and assumptions at the date of the financial
statements. The following summarizes the significant accounting
policies of the fund:

1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

FOREIGN CURRENCY TRANSLATION - CONTINUED

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

DISTRIBUTIONS TO SHAREHOLDERS. Distributions are recorded on the
ex-dividend date. Income dividends and capital gain distributions are
declared separately for each class.

Income and capital gain distributions are determined in accordance
with income tax regulations which may differ from generally accepted
accounting principles. These differences, which may result in
distribution reclassifications, are primarily due to differing
treatments for foreign currency transactions, passive foreign
investment companies (PFIC), net operating losses 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.

1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

DISTRIBUTIONS TO SHAREHOLDERS - CONTINUED

currency transactions may include temporary book and tax basis
differences that 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.

2. OPERATING POLICIES - CONTINUED

RESTRICTED SECURITIES - CONTINUED

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.

3. PURCHASES AND SALES OF INVESTMENTS.

Purchases and sales of securities, other than short-term securities,
aggregated $412,430,096 and $213,987,845, respectively.

4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.

4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED

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 $ 12,358 $ -

CLASS T 292,850 1,297

CLASS B 158,401 118,801

CLASS C 126,400 96,488

$ 590,009 $ 216,586

4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED

SALES LOAD - CONTINUED

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

PAID TO FDC RETAINED BY FDC

CLASS A $ 101,125 $ 39,980

CLASS T 281,508 100,999

CLASS B 20,252 20,252*

CLASS C 46,659 46,659*

$ 449,544 $ 207,890

* WHEN CLASS B AND CLASS C SHARES ARE INITIALLY SOLD, FDC PAYS
COMMISSIONS FROM ITS OWN RESOURCES TO SECURITIES DEALERS,
BANKS, AND OTHER FINANCIAL INSTITUTIONS THROUGH WHICH THE SALES ARE
MADE.

TRANSFER AGENT FEES. Fidelity Investments Institutional Operations
Company, Inc., (FIIOC), an affiliate of FMR, is the transfer, dividend
disbursing and shareholder servicing agent for each class of the fund
(collectively referred to as the transfer agent) for the fund's Class
A, Class T, Class B, Class C and Institutional Class Shares. 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 $ 14,766 .30*

CLASS T 137,911 .24*

CLASS B 49,111 .32*

CLASS C 34,191 .28*

INSTITUTIONAL CLASS 9,896 .18*

$ 245,875

* ANNUALIZED

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 $6,144,201. The fund received cash collateral of
$6,420,030 which was invested in cash equivalents.

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 $22,517 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 $1,119 under the custodian arrangement.

7. DISTRIBUTIONS TO SHAREHOLDERS.

Distributions to shareholders of each class were as follows:

SIX MONTHS ENDED APRIL 30,

2000

IN EXCESS OF NET INVESTMENT
INCOME

Class A $ 2,939

Institutional Class 9,966

Total $ 12,905

FROM NET REALIZED GAIN

Class A $ 187,495

Class T 2,394,220

Class B 538,581

Class C 422,856

Institutional Class 318,733

Total $ 3,861,885

$ 3,874,790

8. SHARE TRANSACTIONS.

Transactions for each class of shares for the periods are as follows:

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

SIX MONTHS ENDED APRIL 30, YEAR ENDED OCTOBER 31, SIX MONTHS ENDED APRIL 30,

2000 1999 2000

CLASS A Shares sold 735,972 171,382 $ 14,115,501

Reinvestment of distributions 11,028 - 182,185

Shares redeemed (85,350) (30,537) (1,669,345)

Net increase (decrease) 661,650 140,845 $ 12,628,341

CLASS T Shares sold 7,552,136 2,655,095 $ 144,049,665

Reinvestment of distributions 139,576 - 2,301,600

Shares redeemed (1,400,491) (915,882) (26,692,725)

Net increase (decrease) 6,291,221 1,739,213 $ 119,658,540

CLASS B Shares sold 2,255,778 490,982 $ 42,953,882

Reinvestment of distributions 27,962 - 455,782

Shares redeemed (169,705) (147,536) (3,226,858)

Net increase (decrease) 2,114,035 343,446 $ 40,182,806

CLASS C Shares sold 2,180,002 381,866 $ 41,393,914

Reinvestment of distributions 23,658 - 385,614

Shares redeemed (429,191) (72,877) (8,287,036)

Net increase (decrease) 1,774,469 308,989 $ 33,492,492

INSTITUTIONAL CLASS Shares 163,991 898,968 $ 3,027,350
sold

Reinvestment of distributions 18,789 - 310,962

Shares redeemed (8,963) (892,708) (174,812)

Net increase (decrease) 173,817 6,260 $ 3,163,500

</TABLE>

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

YEAR ENDED OCTOBER 31,

1999

CLASS A Shares sold $ 2,262,199

Reinvestment of distributions -

Shares redeemed (375,127)

Net increase (decrease) $ 1,887,072

CLASS T Shares sold $ 35,017,679

Reinvestment of distributions -

Shares redeemed (11,570,979)

Net increase (decrease) $ 23,446,700

CLASS B Shares sold $ 6,457,280

Reinvestment of distributions -

Shares redeemed (1,813,165)

Net increase (decrease) $ 4,644,115

CLASS C Shares sold $ 5,012,400

Reinvestment of distributions -

Shares redeemed (886,960)

Net increase (decrease) $ 4,125,440

INSTITUTIONAL CLASS Shares $ 10,922,948
sold

Reinvestment of distributions -

Shares redeemed (11,021,475)

Net increase (decrease) $ (98,527)

</TABLE>

INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA

INVESTMENT SUB-ADVISERS
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Far East) Inc.
Fidelity International Investment Advisors
Fidelity International Investment Advisors (U.K.) Limited
Fidelity Investments Japan Ltd.

OFFICERS
Edward C. Johnson 3d, President
Robert C. Pozen, Senior Vice President
Richard Spillane, Jr., Vice President
Kevin McCarey, Vice President
Eric D. Roiter, Secretary
Robert A. Dwight, Treasurer
Matthew N. Karstetter, Deputy Treasurer
Maria F. Dwyer, Deputy Treasurer
John H. Costello, Assistant Treasurer

* INDEPENDENT TRUSTEES

ADVISORY BOARD
J. Michael Cook
Abigail P. Johnson

GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA

TRANSFER AND SHAREHOLDER
SERVICING AGENTS
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

CUSTODIAN
Brown Brothers Harriman & Co.
Boston, MA

GROWTH FUNDS
Fidelity Advisor Latin America Fund
Fidelity Advisor Emerging Asia Fund
Fidelity Advisor Japan Fund
Fidelity Advisor Europe Capital Appreciation Fund
Fidelity Advisor International
Capital Appreciation Fund
Fidelity Advisor Overseas Fund
Fidelity Advisor Diversified International Fund
Fidelity Advisor Global Equity Fund
Fidelity Advisor TechnoQuant(registered trademark)
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

AICAP-SANN-0600 103978
1.703428.102

GROWTH AND INCOME FUNDS
Fidelity Advisor Growth & Income Fund
Fidelity Advisor Equity Income Fund
Fidelity Advisor Asset Allocation Fund
Fidelity Advisor Balanced Fund

MUNICIPAL FUNDS
Fidelity Advisor Municipal Income Fund

MONEY MARKET FUNDS
Prime Fund
Treasury Fund
Tax-Exempt Fund

(2_FIDELITY_LOGOS)(registered trademark)

FIDELITY(REGISTERED TRADEMARK) ADVISOR
DIVERSIFIED INTERNATIONAL
FUND - CLASS A, CLASS T, CLASS B
AND CLASS C

SEMIANNUAL REPORT
APRIL 30, 2000

(2_FIDELITY_LOGOS)(registered trademark)

CONTENTS

PRESIDENT'S MESSAGE 3 Ned Johnson on investing
strategies.

PERFORMANCE 4 How the fund has done over
time.

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

INVESTMENT CHANGES 15 A summary of major shifts in
the fund's investments over
the past six months.

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

FINANCIAL STATEMENTS 32 Statements of assets and
liabilities, operations, and
changes in net assets, as
well as financial highlights.

NOTES 41 Notes to the financial
statements.

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.

This report is printed on recycled paper using soy-based inks.

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,
Edward C. Johnson 3d

FIDELITY ADVISOR DIVERSIFIED INTERNATIONAL FUND - CLASS A
PERFORMANCE: THE BOTTOM LINE

CUMULATIVE TOTAL RETURNS

PERIODS ENDED APRIL 30, 2000 PAST 6 MONTHS PAST 1 YEAR LIFE OF FUND

FIDELITY(REGISTERED 18.04% 33.02% 54.04%
TRADEMARK) ADV DIVERSIFIED
INTL - CL A

FIDELITY ADV DIVERSIFIED INTL 11.25% 25.37% 45.18%
- CL A (INCL. 5.75% SALES
CHARGE)

MSCI EAFE(registered trademark) 6.81% 14.11% 24.75%

International Funds Average 14.17% 24.75% n/a

CUMULATIVE TOTAL RETURNS show Class A's performance in percentage
terms over a set period - in this case, six months, one year or since
the fund started on December 17, 1998. 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 International
Europe, Australasia, Far East (EAFE) Index - a market
capitalization-weighted index that is designed to represent the
performance of developed stock markets outside the United States and
Canada. As of April 30, 2000, the index included over 1,000 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
six months average represents a peer group of 675 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 APRIL 30, 2000 PAST 1 YEAR LIFE OF FUND

FIDELITY ADV DIVERSIFIED INTL 33.02% 37.07%
- CL A

FIDELITY ADV DIVERSIFIED INTL 25.37% 31.27%
- CL A (INCL. 5.75% SALES
CHARGE)

MSCI EAFE 14.11% 17.52%

International Funds Average 24.75% n/a

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.

$10,000 OVER LIFE OF FUND
FA Diversified Intl -CL A MS EAFE (Net MA tax)
00731 MS001
1998/12/17 9425.00 10000.00
1998/12/31 9745.45 10355.15
1999/01/31 9802.00 10326.46
1999/02/28 9660.63 10082.24
1999/03/31 10254.40 10505.09
1999/04/30 10914.15 10932.44
1999/05/31 10527.73 10371.28
1999/06/30 11187.48 10777.42
1999/07/31 11489.08 11099.67
1999/08/31 11611.60 11142.07
1999/09/30 11771.83 11256.17
1999/10/31 12299.63 11679.62
1999/11/30 13506.03 12087.24
1999/12/31 15427.17 13173.88
2000/01/31 14403.16 12338.66
2000/02/29 15503.73 12672.91
2000/03/31 15484.59 13166.27
2000/04/28 14518.00 12475.30
IMATRL PRASUN SHR__CHT 20000430 20000522 143144 R00000000000020

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Diversified International Fund - Class A
on December 17, 1998, when the fund started, and the current 5.75%
sales charge was paid. As the chart shows, by April 30, 2000, the
value of the investment would have grown to $14,518 - a 45.18%
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 $12,475 - a 24.75% increase.

(checkmark)UNDERSTANDING
PERFORMANCE

FIDELITY ADVISOR DIVERSIFIED INTERNATIONAL FUND - CLASS T
PERFORMANCE: THE BOTTOM LINE

CUMULATIVE TOTAL RETURNS

PERIODS ENDED APRIL 30, 2000 PAST 6 MONTHS PAST 1 YEAR LIFE OF FUND

FIDELITY ADV DIVERSIFIED INTL 17.92% 32.70% 53.54%
- CL T

FIDELITY ADV DIVERSIFIED INTL 13.80% 28.06% 48.16%
- CL T (INCL. 3.50% SALES
CHARGE)

MSCI EAFE 6.81% 14.11% 24.75%

International Funds Average 14.17% 24.75% n/a

CUMULATIVE TOTAL RETURNS show Class T's performance in percentage
terms over a set period - in this case, six months, one year or since
the fund started on December 17, 1998. 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 (EAFE) Index - a market
capitalization-weighted index that is designed to represent the
performance of developed stock markets outside the United States and
Canada. As of April 30, 2000, the index included over 1,000 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
six months average represents a peer group of 675 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 APRIL 30, 2000 PAST 1 YEAR LIFE OF FUND

FIDELITY ADV DIVERSIFIED INTL 32.70% 36.75%
- CL T

FIDELITY ADV DIVERSIFIED INTL 28.06% 33.24%
- CL T (INCL. 3.50% SALES
CHARGE)

MSCI EAFE 14.11% 17.52%

International Funds Average 24.75% n/a

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.

$10,000 OVER LIFE OF FUND
FA Diversified Intl -CL T MS EAFE (Net MA tax)
00735 MS001
1998/12/17 9650.00 10000.00
1998/12/31 9978.10 10355.15
1999/01/31 10026.35 10326.46
1999/02/28 9891.25 10082.24
1999/03/31 10489.55 10505.09
1999/04/30 11165.05 10932.44
1999/05/31 10769.40 10371.28
1999/06/30 11444.90 10777.42
1999/07/31 11744.05 11099.67
1999/08/31 11869.50 11142.07
1999/09/30 12033.55 11256.17
1999/10/31 12564.30 11679.62
1999/11/30 13799.50 12087.24
1999/12/31 15756.93 13173.88
2000/01/31 14708.43 12338.66
2000/02/29 15835.32 12672.91
2000/03/31 15815.73 13166.27
2000/04/28 14816.22 12475.30
IMATRL PRASUN SHR__CHT 20000430 20000522 143903 R00000000000020

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Diversified International Fund - Class T
on December 17, 1998, when the fund started, and the current 3.50%
sales charge was paid. As the chart shows, by April 30, 2000, the
value of the investment would have grown to $14,816 - a 48.16%
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 $12,475 - a 24.75% increase.

(checkmark)UNDERSTANDING
PERFORMANCE

FIDELITY ADVISOR DIVERSIFIED INTERNATIONAL FUND - CLASS B
PERFORMANCE: THE BOTTOM LINE

CUMULATIVE TOTAL RETURNS

PERIODS ENDED APRIL 30, 2000 PAST 6 MONTHS PAST 1 YEAR LIFE OF FUND

FIDELITY ADV DIVERSIFIED INTL 17.69% 32.06% 52.53%
- CL B

FIDELITY ADV DIVERSIFIED INTL 12.69% 27.06% 48.53%
- CL B (INCL. CONTINGENT
DEFERRED SALES CHARGE)

MSCI EAFE 6.81% 14.11% 24.75%

International Funds Average 14.17% 24.75% n/a

CUMULATIVE TOTAL RETURNS show Class B's performance in percentage
terms over a set period - in this case, six months, one year or since
the fund started on December 17, 1998. 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 (EAFE) Index - a market
capitalization-weighted index that is designed to represent the
performance of developed stock markets outside the United States and
Canada. As of April 30, 2000, the index included over 1,000 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
six months average represents a peer group of 675 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 APRIL 30, 2000 PAST 1 YEAR LIFE OF FUND

FIDELITY ADV DIVERSIFIED INTL 32.06% 36.09%
- CL B

FIDELITY ADV DIVERSIFIED INTL 27.06% 33.48%
- CL B (INCL. CONTINGENT
DEFERRED SALES CHARGE)

MSCI EAFE 14.11% 17.52%

International Funds Average 24.75% n/a

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.

$10,000 OVER LIFE OF FUND
FA Diversified Intl -CL B MS EAFE (Net MA tax)
00732 MS001
1998/12/17 10000.00 10000.00
1998/12/31 10330.00 10355.15
1999/01/31 10390.00 10326.46
1999/02/28 10240.00 10082.24
1999/03/31 10850.00 10505.09
1999/04/30 11550.00 10932.44
1999/05/31 11130.00 10371.28
1999/06/30 11820.00 10777.42
1999/07/31 12130.00 11099.67
1999/08/31 12250.00 11142.07
1999/09/30 12420.00 11256.17
1999/10/31 12960.00 11679.62
1999/11/30 14230.00 12087.24
1999/12/31 16236.95 13173.88
2000/01/31 15151.11 12338.66
2000/02/29 16307.99 12672.91
2000/03/31 16277.55 13166.27
2000/04/28 14853.00 12475.30
IMATRL PRASUN SHR__CHT 20000430 20000522 144433 R00000000000020

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Diversified International Fund - Class B
on December 17, 1998, when the fund started. As the chart shows, by
April 30, 2000, the value of the investment, including the effect of
the applicable contingent deferred sales charge, would have grown to
$14,853 - a 48.53% 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 $12,475 - a
24.75% increase.

(checkmark)UNDERSTANDING
PERFORMANCE

FIDELITY ADVISOR DIVERSIFIED INTERNATIONAL FUND - CLASS C
PERFORMANCE: THE BOTTOM LINE

CUMULATIVE TOTAL RETURNS

PERIODS ENDED APRIL 30, 2000 PAST 6 MONTHS PAST 1 YEAR LIFE OF FUND

FIDELITY ADV DIVERSIFIED INTL 17.61% 31.96% 52.42%
- CL C

FIDELITY ADV DIVERSIFIED INTL 16.61% 30.96% 52.42%
- CL C (INCL. CONTINGENT
DEFERRED SALES CHARGE)

MSCI EAFE 6.81% 14.11% 24.75%

International Funds Average 14.17% 24.75% n/a

CUMULATIVE TOTAL RETURNS show Class C's performance in percentage
terms over a set period - in this case, six months, one year or since
the fund started on December 17, 1998. 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 (EAFE) Index - a market
capitalization-weighted index that is designed to represent the
performance of developed stock markets outside the United States and
Canada. As of April 30, 2000, the index included over 1,000 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
six months average represents a peer group of 675 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 APRIL 30, 2000 PAST 1 YEAR LIFE OF FUND

FIDELITY ADV DIVERSIFIED INTL 31.96% 36.02%
- CL C

FIDELITY ADV DIVERSIFIED INTL 30.96% 36.02%
- CL C (INCL. CONTINGENT
DEFERRED SALES CHARGE)

MSCI EAFE 14.11% 17.52%

International Funds Average 24.75% n/a

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.

$10,000 OVER LIFE OF FUND
FA Diversified Intl -CL C MS EAFE (Net MA tax)
00733 MS001
1998/12/17 10000.00 10000.00
1998/12/31 10330.00 10355.15
1999/01/31 10390.00 10326.46
1999/02/28 10240.00 10082.24
1999/03/31 10850.00 10505.09
1999/04/30 11550.00 10932.44
1999/05/31 11130.00 10371.28
1999/06/30 11820.00 10777.42
1999/07/31 12130.00 11099.67
1999/08/31 12250.00 11142.07
1999/09/30 12420.00 11256.17
1999/10/31 12960.00 11679.62
1999/11/30 14230.00 12087.24
1999/12/31 16235.65 13173.88
2000/01/31 15150.57 12338.66
2000/02/29 16306.64 12672.91
2000/03/31 16276.22 13166.27
2000/04/28 15241.84 12475.30
IMATRL PRASUN SHR__CHT 20000430 20000522 144841 R00000000000020

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Diversified International Fund - Class C
on December 17, 1998, when the fund started. As the chart shows, by
April 30, 2000, the value of the investment would have grown to
$15,242 - a 52.42% 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 $12,475 - a
24.75% increase.

(checkmark)UNDERSTANDING
PERFORMANCE

FUND TALK: THE MANAGER'S OVERVIEW

MARKET RECAP

Resembling their counterparts in the
United States, the majority of major
international equity markets
travelled a similar path of
performance during the six-month
period ending April 30, 2000, with
several months of spectacular returns
spurred by high-flying technology
and telecommunications stocks
followed by profit taking and
valuation concerns in March and
April. Still, the majority of
international equity indexes closed
out the period with fairly strong
positive returns. The Morgan
Stanley Capital International
EAFE(Registered trademark) Index - which measures
the performance of stock markets in
Europe, Australasia and the Far
East - closed the six months
ending April 30, 2000, up 6.81%.
Of course, some countries
contributed more than others.
Japan, the equity market darling of
1999, so far has found the first year
of the new millennium a little more
daunting, with the Tokyo Stock
Exchange Index down 9.16%
year-to-date and up just 2.10% for
the six-month period. European
markets, as measured by the
Morgan Stanley Europe Index,
returned 8.43% during the past six
months on the strength of favorable
corporate earnings. In general,
emerging markets, which enjoyed a
strong comeback in 1999,
continued their momentum into
2000, highlighted by the six-month
13.87% gain posted by the Morgan
Stanley Emerging Market Free
Index.

(photograph of Greg Fraser)

An interview with Greg Fraser, Portfolio Manager of Fidelity Advisor
Diversified International Fund

Q. HOW DID THE FUND PERFORM, GREG?

A. For the six-month period that ended April 30, 2000, the fund's
Class A, Class T, Class B and Class C shares returned 18.04%, 17.92%,
17.69% and 17.61%, 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 - was up
6.81%. The fund also compares its performance against the Lipper Inc.
international funds average, which was up 14.17% during the past six
months. For the one-year period that ended April 30, 2000, the fund's
Class A, Class T, Class B and Class C shares returned 33.02%, 32.70%,
32.06% and 31.96%, respectively. The MSCI EAFE index returned 14.11%
during the same 12-month period, while the Lipper peer group average
was up 24.75%.

Q. WHAT FACTORS HELPED THE FUND OUTPERFORM BOTH THE EAFE INDEX AND THE
LIPPER PEER GROUP DURING THE SIX-MONTH PERIOD?

A. The reasons have changed very little from six months ago: strong
stock selection across a variety of industries and countries, and an
overweighting in the telecommunications and technology sectors. The
fund attempts to keep risk under control by closely monitoring both
country and industry weightings, so it isn't that surprising that
contributors should come from a variety of industries and countries.
Overall, though, technology and telecom were very large contributors.
The fund's holdings in both sectors performed especially well from
November to February. Then, beginning in March, or even a little
earlier in Japan, some of the most successful of these names had quite
large corrections. I had already begun eliminating some of the
smallest technology stocks in the fund but, nevertheless, the fund
still suffered some from this downdraft.

Q. COULD YOU HIGHLIGHT SOME OF THE MORE IMPORTANT CONTRIBUTORS?

A. Sure. Technology and telecommunications names dominated the list of
top performers for the period. Mobile equipment suppliers, such as
Ericsson and Nokia, were bid higher as the worldwide growth in mobile
telephony remained impressive. One of Canada's largest communications
companies, BCE, Inc., finalized a plan to spin off its interest in
Nortel Networks - a move that helped the stock perform well. NTT
DoCoMo, the leading mobile-phone provider in Japan and one that has
had wild success with a wireless data application called i-mode,
helped nicely. Finally, Oracle Japan, the distributor of Oracle's
software in that country, did extremely well as Japanese companies
raced to install the systems that would allow them to be more
competitive.

Q. WHICH STOCKS DISAPPOINTED?

A. The answer is somewhat dependent on what time frame you choose to
look at within the period. Certainly, as mentioned above, some
Japanese technology companies started to perform badly near the end of
the period, after tremendous gains in 1999. Names such as CSK Corp and
Kyocera come to mind. Meanwhile, Hikari Tsushin had a spectacular
decline, collapsing more than 90% as the company missed its earnings
and sales targets and was rocked by speculative rumors. The fund owned
neither CSK nor Hikari Tsushin at the end of the period. The
performance of energy companies such as Italy's Eni Spa and the U.K.'s
BP Amoco also was disappointing, especially given the strong price of
oil.

Q. HOW DID CURRENCY MOVEMENTS AFFECT THE FUND?

A. We hope that shareholders of this fund are aware that it generally
does not hedge foreign currency exposure. Hence, currency movements
will generally be reflected in the fund's share price, with weak
currencies hurting and strong currencies helping net asset value - or
NAV - performance. The euro, because of its weakness, did hold back
fund performance somewhat during the period. While I have been quite
cautious on the euro, I would now characterize my own views as
neutral, with a positive bias, because it has fallen rather sharply
versus the dollar.

Q. GREG, WHAT'S YOUR OUTLOOK FOR THE FUND?

A. Beginning in March and lasting through the end of the period,
technology stocks around the world experienced significantly higher
volatility and, in many cases, lower prices. Is the outperformance of
technology shares over for a while, or is this just one of many air
pockets that technology investors have experienced during the past
several years? I don't know, but it is prudent in this environment to
trim smaller technology company weightings and focus on the companies
with the strongest existing fundamentals - not just the strongest
potential stories. Also, I will continue to watch the proliferation of
telecommunications companies, evaluating the impact of customer demand
and price competition. Shareholders should not be surprised if my
weightings in these companies fall moderately in the future.

(checkmark)FUND FACTS

GOAL: capital growth by
investing primarily in foreign
equity securities that are
selected mainly through
quantitative analysis
supported by fundamental
analysis

START DATE: December 17,
1998

SIZE: as of April 30, 2000,
more than $204 million

MANAGER: Greg Fraser,
since inception; joined Fidelity
in 1986

GREG FRASER DISCUSSES THE
FUND'S MISSION:

"I view the mission of the Fidelity
Advisor Diversified International
Fund as providing competitive
returns relative to both its
top-performing peer funds and
relevant indexes in most market
climates, with reasonable risk
levels. Let's focus on a few key
points.

"Some funds `swing for the fences'
and take very concentrated sector
and country bets. This is great
when the fund manager is right,
but very painful when the fund
manager misses. This fund's goal
is to provide solid returns over the
long term. The fund is neither a
growth fund nor a value fund.
Rather, it is driven by both. I've
tried to create a process that is
not a one-trick pony. So, over time,
the fund's holdings will vary in
terms of market capitalization
and growth/value characteristics
as the fund responds to changes
in the markets. An investment
that involves huge returns
interspersed with huge losses is
not a ride that most people
have the stomach to endure. So I
try to temper the fund's volatility
by having a broad number of
securities spread across a lot of
countries and industries. In this
manner, while the risks of foreign
investing can't be eliminated, they
can be managed."

INVESTMENT CHANGES

<TABLE>
<CAPTION>
<S> <C> <C>
TOP FIVE STOCKS BY ISSUER AS
OF APRIL 30, 2000

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

NTT DoCoMo, Inc. (Japan, 2.2 0.2
Cellular)

Nokia AB (Finland, 2.2 2.0
Communications Equipment)

Nippon Telegraph & Telephone 2.0 0.7
Corp. (Japan, Telephone
Services)

Vodafone AirTouch PLC (United 2.0 2.4
Kingdom, Cellular)

TotalFinaElf SA (France, Oil 2.0 1.2
and Gas)

10.4 6.5

TOP FIVE MARKET SECTORS AS OF
APRIL 30, 2000

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

Utilities 17.3 12.3

Technology 13.5 13.6

Finance 12.0 15.3

Energy 7.9 6.4

Industrial Machinery & 6.7 4.8
Equipment

TOP FIVE COUNTRIES AS OF
APRIL 30, 2000

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

Japan 21.4 25.4

United Kingdom 10.3 10.9

France 8.0 7.7

Switzerland 7.7 6.5

Germany 7.2 5.8

</TABLE>

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

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

AS OF APRIL 30, 2000 AS OF OCTOBER 31, 1999

Stocks and Investment Stocks and Investment
Companies 91.7% Companies 89.2%

Bonds 0.3% Bonds 0.1%

Short-Term Investments and Short-Term Investments and
Net Other Assets 8.0% Net Other Assets 10.7%

Row: 1, Col: 1, Value: 91.7 Row: 1, Col: 1, Value: 89.2
Row: 1, Col: 2, Value: 0.0 Row: 1, Col: 2, Value: 0.0
Row: 1, Col: 3, Value: 0.0 Row: 1, Col: 3, Value: 0.0
Row: 1, Col: 4, Value: 0.3 Row: 1, Col: 4, Value: 0.1
Row: 1, Col: 5, Value: 0.0 Row: 1, Col: 5, Value: 0.0
Row: 1, Col: 6, Value: 0.0 Row: 1, Col: 6, Value: 0.0
Row: 1, Col: 7, Value: 0.0 Row: 1, Col: 7, Value: 0.0
Row: 1, Col: 8, Value: 8.0 Row: 1, Col: 8, Value: 10.7

</TABLE>

INVESTMENTS APRIL 30, 2000 (UNAUDITED)

Showing Percentage of Net Assets

COMMON STOCKS - 88.7%

SHARES VALUE (NOTE 1)

AUSTRALIA - 2.4%

AAPT Ltd. (a) 126,300 $ 505,207

Australian Stock Exchange 22,900 169,830
Ltd.

BMCMedia.com Ltd. (a) 125,000 147,447

Broken Hill Proprietary Co. 19,100 205,670
Ltd.

Cable & Wireless Optus Ltd. 283,700 916,136
(a)

Commonwealth Bank of Australia 38,100 580,241

ISIS Communications Ltd. (a) 200,000 100,439

John Fairfax Holdings Ltd. 50,000 144,528

Keycorp Ltd. (a) 2,500 12,774

Macquarie Bank Ltd. 7,100 97,847

News Corp. Ltd. sponsored ADR 28,000 1,232,000
(preferred ltd. vtg.)

Pioneer International Ltd. 25,000 70,074

Securenet Ltd. (a) 22,000 65,519

WMC Ltd. 153,400 636,899

4,884,611

AUSTRIA - 0.2%

Mayr Melnhof Karton AG 3,400 160,772

RHI AG 5,700 135,077

RHI AG New 2,571 60,692

356,541

BELGIUM - 0.6%

Dexia (strip VVPR) (a) 512 23

Lernout & Hauspie Speech 5,700 551,475
Products NV (a)

Telinfo SA 5,400 610,307

Telinfo SA (strip VVPR) 33 0

1,161,805

BERMUDA - 0.2%

Ace Ltd. 7,000 167,563

Global Crossing Ltd. (a) 4,000 126,000

Knightsbridge Tankers Ltd. 5,000 93,125

RenaissanceRe Holdings Ltd. 3,000 110,250

496,938

BRAZIL - 0.3%

Tele Norte Leste 655 11,667
Participacoes SA ADR

Telebras sponsored ADR (pfd 5,600 661,850
holder)

673,517

CANADA - 4.0%

Alberta Energy Co. Ltd. 10,800 341,694

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

CANADA - CONTINUED

Anderson Exploration Ltd. (a) 15,000 $ 240,073

BCE, Inc. 18,000 2,084,684

CAE, Inc. 6,000 56,321

Canada Occidental Petroleum 6,000 137,763
Ltd.

Canadian Hunter Exploration 5,000 94,712
Ltd. (a)(d)

Canadian Natural Resources 19,100 509,488
Ltd. (a)

Canadian Pacific Ltd. 6,500 151,219

Celestica, Inc. (sub. vtg.) 9,800 528,782
(a)

Delano Technology Corp. 1,000 10,938

Fletcher Challenge Canada 27,800 322,907
Ltd.

Gulf Canada Resources Ltd. (a) 117,500 484,029

Harrowston, Inc. Class A (a) 35,000 112,270

Magna International, Inc. 18,000 837,520
Class A

Marsulex, Inc. (a) 5,000 11,311

Mitel Corp. (a) 9,000 225,486

Noranda, Inc. 1,800 17,079

Onex Corp. 5,000 150,257

Pancanadian Petroleum Ltd. 9,000 172,002

Penn West Petroleum Ltd. (a) 4,000 101,972

Petro-Canada 6,000 101,094

Rio Alto Exploration Ltd. (a) 12,000 210,697

SR Telecom, Inc. (a) 9,000 59,562

Sun Life Financial Services 17,000 202,627
Canada, Inc.

Suncor Energy, Inc. 7,700 328,893

TimberWest Forest Corp. unit 35,100 246,515

Toronto Dominion Bank 17,200 397,825

8,137,720

DENMARK - 1.5%

Falck AS 4,500 623,604

GN Store Nordic AS 9,000 730,742

Novo-Nordisk AS (B Shares) 6,600 886,414

Sydbank AS 135 4,286

Tele Danmark AS (B Shares) 10,700 783,854

TK Development AS 1,500 34,248

3,063,148

FINLAND - 3.6%

Aldata Solutions Oyj (a) 39,200 287,617

F-Secure Oyj (a) 3,500 44,661

Helsinki Telephone Corp. 2,300 182,172
Class E

KCI Konecranes 3,815 126,917

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

FINLAND - CONTINUED

Metsa Tissue PLC 21,400 $ 187,248

Metsa-Serla Oyj Class B Free 14,000 119,054
Shares

Metso Oyj sponsored ADR 23,700 315,506

Nokia AB sponsored ADR 78,400 4,459,000

Nokian Tyres Ltd. 2,500 82,031

Novo Group Oyj 2,100 22,662

Perlos Oyj 4,400 163,423

Sampo Insurance Co. Ltd. 23,408 887,545

Sanoma-WSOY Oyj 1,800 115,663

Teleste Oyj 8,000 211,092

UPM-Kymmene Corp. 8,775 227,942

7,432,533

FRANCE - 7.8%

Aventis SA 32,300 1,816,875

AXA SA de CV 10,500 1,560,904

Banque Nationale de Paris 3,400 275,495
(BNP)

Carbone Lorraine Group 6,100 266,873

Christian Dior SA 5,000 1,191,721

CNP Assurances 21,700 634,098

Compagnie de St. Gobain 1,000 136,809

Compagnie Generale 3,000 141,503
d'Industrie et de
Participations (CGIP)

Compagnie Generale de 3,679 42,538
Geophysique SA sponsored ADR
(a)

Credit Commercial de France 1,400 199,954

Elf Aquitaine SA sponsored ADR 5,400 481,950

Eramet SA 4,900 233,354

Eurafrance (Societe) 1,030 450,621

Eurotunnel SA unit (a) 30,000 31,172

France Telecom SA sponsored 6,700 1,064,881
ADR

Havas Advertising SA 200 100,077

Isis SA 2,100 114,843

L'Oreal SA 100 67,994

Louis Vuitton Moet Hennessy 700 294,508
(LVMH)

Penauille Polyservices SA 47 28,466

Prosodie SA 300 71,093

Rhodia SA 24,700 459,261

Sagem SA 350 436,402

SPIR Communication SA 1,100 96,049

SR Teleperformance SA 137 36,462

Television Francaise 1 SA 225 154,422

TotalFinaElf SA:

Class B 13,100 1,981,375

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

FRANCE - CONTINUED

TotalFinaElf SA: - continued

sponsored ADR 27,100 $ 2,049,438

Union Assurances Federales SA 2,400 317,185
(d)

Vivendi SA 12,000 1,189,989

15,926,312

GERMANY - 6.8%

Allianz AG (Reg.) 4,491 1,732,703

Altana AG 3,800 275,349

Axel Springer Verlag 350 350,908

BASF AG 18,000 788,969

Bayer AG 26,500 1,106,951

Buderus AG 7,800 135,006

Celanese AG 9,700 191,055

Deutsche Bank AG 3,500 235,747

Deutsche Telekom AG 20,000 1,301,368

DIS Deutscher Industrie 5,500 691,791
Service AG

Epcos AG 1,600 226,040

Fresenius Medical Care AG 13,300 326,681
sponsored ADR

Heidelberger Druckmaschinen AG 12,600 686,759

Metallgesellschaft AG 28,300 439,014

MobilCom AG 700 85,494

Muehlbauer Holding AG & Co. 1,000 63,346

NorCom Information Technology 1,000 77,656
AG (a)

Schering AG 3,010 426,609

SGL Carbon AG (a) 6,000 464,785

Siemens AG 10,200 1,515,377

Stinnes AG 14,400 308,435

Suess MicroTec AG (a) 2,000 79,114

T-Online International AG 5,400 204,256

Techem AG (a) 19,800 550,244

United Internet AG (a) 3,400 876,997

Veba AG 12,600 633,932

Winkler & Dunnebier AG 3,800 67,538

13,842,124

GRAND CAYMAN ISLANDS - 0.0%

SUNDAY Communications Ltd. ADR 10,000 70,000

HONG KONG - 0.7%

China Telecom Ltd. (a) 94,000 689,431

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

HONG KONG - CONTINUED

China Telecom Ltd. sponsored 3,500 $ 513,406
ADR (a)

Hutchison Whampoa Ltd. 19,000 276,861

1,479,698

IRELAND - 0.6%

Anglo-Irish Bank Corp. PLC 72,200 159,271

Elan Corp. PLC sponsored ADR 11,400 488,775
(a)

Independent Newspapers PLC 38,700 309,698

Ryanair Holdings PLC 7,200 293,400
sponsored ADR (a)

1,251,144

ISRAEL - 0.6%

Advanced Vision Technology 3,000 53,183
Ltd.

BATM Advanced Communications 800 55,926
Ltd.

Bezeq Israeli 14,500 76,961
Telecommunication Corp. Ltd.

Internet Gold 9,300 106,950

Metalink Ltd. 1,000 28,563

Teva Pharmaceutical 18,600 818,400
Industries Ltd. ADR

1,139,983

ITALY - 2.3%

Assicurazioni Generali Spa 5,644 160,551

Ducati Motor Holding Spa 152,500 403,089

Eni Spa sponsored ADR 42,900 2,230,800

Industrie Natuzzi Spa ADR 2,500 27,500

Luxottica Group Spa sponsored 5,000 119,375
ADR

Pirelli Spa 50,000 121,086

SAES Getters Spa sponsored ADR 8,000 48,000

San Paolo Imi Spa 10,000 140,728

Telecom Italia Mobile Spa 50,500 483,527

Telecom Italia Spa 54,100 772,954

Tiscali Spa (a) 5,100 272,535

4,780,145

JAPAN - 21.4%

Advantest Corp. 2,000 457,000

Anritsu Corp. 20,000 222,119

Bank of Tokyo-Mitsubishi Ltd. 18,900 244,519
ADR

Canon, Inc. ADR 3,000 139,313

DDI Corp. 120 1,375,994

Fanuc Ltd. 2,900 303,569

Fuji Coca-Cola Bottling Co. 9,000 85,306
Ltd.

Fuji Heavy Industries Ltd. 58,000 442,482

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

JAPAN - CONTINUED

Fuji Photo Film Co. Ltd. 7,000 $ 287,000

Fujisawa Pharmaceutical Co. 9,000 337,063
Ltd.

Fujitsu Ltd. 36,000 1,018,679

Furukawa Electric Co. Ltd. 212,000 2,938,672

Hokkaido Coca-Cola Bottling 10,000 114,666
Co. Ltd.

Honda Motor Co. Ltd. 6,700 592,950
sponsored ADR

Hoya Corp. 8,000 813,760

InterQ, Inc. (a) 1,000 203,440

Ito-Yokado Co. Ltd. 8,000 583,688

JAFCO Co. Ltd. 1,000 175,698

Japan Telecom Co. Ltd. 6 305,160

Kao Corp. 14,000 425,929

KDD Corp. 5,700 659,922

Koa Denko Co. Ltd. 9,000 261,328

Kyocera Corp. sponsored ADR 10,900 1,810,081

Mabuchi Motor Co. Ltd. 1,000 110,043

Marubeni Corp. 88,000 254,707

Matsushita Communication 3,000 469,946
Industrial Co. Ltd.

Matsushita Electric 5,000 1,332,500
Industrial Co. Ltd. ADR

Mitsubishi Electric Corp. 90,000 768,171

Murata Manufacturing Co. Ltd. 4,000 776,771

NEC Corp. 57,000 1,549,658

Nichicon Corp. 20,000 536,342

Nikko Securities Co. Ltd. 9,000 106,112

Nintendo Co. Ltd. 2,000 332,902

Nippon Electric Glass Co. 4,000 71,463
Ltd.

Nippon System Development Co. 5,380 512,926
Ltd.

Nippon Telegraph & Telephone 65,000 4,139,688
Corp. sponsored ADR

Nippon Television Network 60 44,775
Corp.

Nippon Television Network 60 44,387
Corp. (a)

Nitto Denko Corp. 6,000 235,251

Nomura Securities Co. Ltd. 37,000 930,645

NTT DoCoMo, Inc. 135 4,506,646

Omron Corp. 47,000 1,277,788

Oracle Corp. Japan 100 80,451

ORIX Corp. 5,560 792,817

Pioneer Corp. 36,000 982,060

Ricoh Co. Ltd. 10,000 210,838

Rohm Co. Ltd. 2,700 903,828

Sanyo Electric Co. Ltd. 245,000 1,633,484

Secom Co. Ltd. 3,000 251,341

Sharp Corp. 36,000 694,100

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

JAPAN - CONTINUED

Shikoku Coca-Cola Bottling 4,000 $ 44,757
Co. Ltd.

Softbank Corp. 600 147,586

Softbank Corp. New 1,200 295,173

Sony Corp. sponsored ADR 2,400 541,500

Square Co. Ltd. 2,650 194,817

Sumitomo Corp. 24,000 268,541

Takeda Chemical Industries 21,000 1,380,710
Ltd.

Teikoku Hormone Manufacturing 7,000 49,196
Co. Ltd.

THK Co. Ltd. 3,900 164,093

Tokyo Broadcasting System, 2,000 86,924
Inc.

Tokyo Electron Ltd. 2,000 325,689

Tokyo Seimitsu Co. Ltd. 3,600 376,179

Toshiba Corp. 20,000 193,823

Toyoda Automatic Loom Works 32,000 633,253
Ltd.

Toyota Motor Corp. 29,000 1,449,094

Trans Cosmos, Inc. 1,400 278,343

43,777,656

KOREA (SOUTH) - 0.8%

Korea Data System 7,000 56,770

Korea Thrunet Co. Ltd. Class A 5,000 129,375

Samsung Electronics Co. Ltd. 5,400 1,459,788

1,645,933

LUXEMBOURG - 0.4%

Audiofina 2,900 358,154

Espirito Santo Financial 19,300 347,400
Holding SA ADR

Quilmes Industrial SA 11,000 104,500
sponsored ADR

810,054

MARSHALL ISLANDS - 0.0%

Teekay Shipping Corp. 3,000 98,438

MEXICO - 0.5%

Elamex SA de CV (a) 9,000 33,750

Grupo Radio Centro SA de CV 10,000 140,000
sponsored ADR

Industrias Penoles SA 34,000 70,189

Telefonos de Mexico SA de CV 10,300 605,769
Series L sponsored ADR

Wal-Mart de Mexico SA de CV 108,000 230,998
Series C (a)

1,080,706

NETHERLANDS - 5.5%

ABN AMRO Holding NV 46,400 957,897

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

NETHERLANDS - CONTINUED

Akzo Nobel NV 19,800 $ 812,643

Buhrmann NV 12,800 330,747

Core Laboratories NV (a) 3,300 93,638

De Telegraaf Holding NV 23,500 652,211
(Certificaten Van Aandelen)

Fugro NV 5,400 253,474

Heineken Holding NV (A Shares) 25,600 864,492

ICT Automatisering NV 1,000 40,423

IHC Caland NV 2,000 81,119

ING Groep NV (Certificaten 35,742 1,955,274
Van Aandelen)

Jomed NV 15,416 470,820

Koninklijke Ahold NV 8,000 187,030

Koninklijke Boskalis 5,000 89,550
Westminster NV

Koninklijke KPN NV 6,200 626,412

Koninklijke Philips 43,179 1,931,174
Electronics NV

Petroplus International NV 21,000 220,115

Rodamco Asia NV (a) 5,000 53,092

STMicroelectronics NV (NY 2,700 512,156
Shares)

Trader.com NV (A Shares) (a) 5,000 83,398

Unilever NV (NY Shares) 7,200 328,050

United Pan-Europe 3,300 120,402
Communications NV (a)

Van Melle NV (Certificaten 3,649 92,460
Van Aandelen)

Vendex KBB NV 19,300 298,167

Vopak NV (a) 3,000 75,058

Wegener NV 6,000 92,694

11,222,496

NEW ZEALAND - 0.7%

Contact Energy Ltd. 170,000 194,783

Fletcher Challenge Ltd.:

Building Division 180,400 170,789

Energy Division 76,300 175,957

Forestry Division (a) 771,600 280,959

Paper Division 81,600 91,515

Sky City Ltd. 25,000 76,345

Telecom Corp. of New Zealand 124,900 527,559
Ltd.

1,517,907

NORWAY - 0.8%

A-pressen ASA (A Shares) (a) 3,000 50,329

DNB Holding ASA 17,900 62,862

NetCom ASA (a) 2,100 83,379

Norsk Hydro AS 11,400 417,564

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

NORWAY - CONTINUED

ProSafe ASA (a) 18,500 $ 244,152

Schibsted AS (B Shares) 25,300 526,308

Sparebanken NOR primary 11,400 202,726
shares certificates

Tandberg ASA (a) 3,000 45,967

VISMA ASA (a) 6,000 36,237

1,669,524

PANAMA - 0.3%

Banco Latin Americano de 18,200 449,313
Exporaciones SA (BLADEX)
Series E

Carnival Corp. 5,000 124,375

573,688

PERU - 0.1%

Compania de Minas 7,100 122,475
Buenaventura SA Class B
sponsored ADR

POLAND - 0.0%

Agora SA unit (a) 4,000 91,000

PORTUGAL - 0.2%

Electricidade de Portugal SA 7,500 133,300

Portugal Telecom SA 21,000 234,853

Telecel Comunicacoes Pessoais 1,500 23,789
SA

391,942

RUSSIA - 0.1%

Lukoil Oil Co. sponsored ADR 3,000 178,500

SINGAPORE - 0.3%

Flextronics International 7,500 526,875
Ltd. (a)

Times Publishing Ltd. 37,000 93,232

620,107

SOUTH AFRICA - 0.4%

Anglo American Platinum Corp. 10,200 246,362
Ltd.

Anglogold Ltd. 2,800 106,392

Dimension Data Holdings Ltd. 22,100 144,838
(a)

Gold Fields Ltd. 37,000 119,882

Impala Platinum Holdings Ltd. 7,200 227,982

845,456

SPAIN - 2.5%

Banco Santander Central 123,200 1,339,800
Hispano SA ADR

Endesa SA 12,500 271,840

Prosegur Comp Securidad SA 7,000 81,794

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

SPAIN - CONTINUED

Repsol SA sponsored ADR 59,600 $ 1,229,250

Telefonica SA sponsored ADR 33,000 2,186,250

5,108,934

SWEDEN - 4.1%

Arkivator AB 4,400 209,927

Artimplant AB (B Shares) (a) 13,000 199,467

Assi Doman AB (Free Shares) 3,000 49,727

Atle AB 14,500 254,961

Bure Investment AB 11,000 77,614

Elanders AB (B Shares) 3,000 96,094

Enea Data AB 2,100 371,371

Getinge Industrier AB (B 11,500 106,901
Shares)

Information Highway AB (a) 3,000 30,911

Investor AB (B Shares) 57,100 805,775

Kinnevik Investment AB (B 13,300 461,764
Shares)

Kungsleden AB 6,000 48,383

Modern Times Group AB (MTG) 2,500 123,477
(B Shares) (a)

Netcom AB (B Shares) (a) 5,700 406,650

Nocom AB (B Shares) (a) 2,800 50,175

Nordic Baltic Holding AB 33,000 208,819

Novestra AB (a) 2,600 171,804

Saab AB (B Shares) 11,100 90,751

Scandic Hotels AB 10,000 106,397

Securitas AB (B Shares) 7,700 200,072

Semcon AB 4,500 70,306

Sifo Group AB (B Shares) 4,000 51,519

SKF AB (B Shares) 8,900 191,381

Svenska Cellulosa AB (SCA) (B 15,300 291,305
Shares)

Svenska Handelsbanken AB (A 23,965 318,055
Shares)

Tele1 Europe Holding AB (a) 1,700 26,846

Telefonaktiebolaget LM 35,300 3,121,844
Ericsson sponsored ADR

Telelogic AB (a) 17,000 129,469

TV 4 AB (A Shares) 5,300 145,428

8,417,193

SWITZERLAND - 7.6%

ABB Ltd. (Reg.) 12,281 1,382,416

Adecco SA 487 400,876

Ascom Holding AG (Bearer) 144 490,052

Axantis Holding AG 150 82,461

Bank for International 39 188,307
Settlements (BIS)

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

SWITZERLAND - CONTINUED

Credit Suisse Group (Reg.) 5,608 $ 1,016,226

Disetronic Holding AG 58 335,718

Edipresse SA (Bearer) 1,443 700,934

Fantastic Corp. (a) 6,380 116,883

Gretag Imaging Holding AG 1,531 308,605
(Reg. D)

Holderbank Financiere Glarus 351 398,168
AG (Bearer)

Julius Baer Holding AG 50 175,393

Mikron Holding AG 372 269,424

Nestle SA (Reg.) 1,055 1,865,736

Novartis AG (Reg.) 917 1,285,080

Oerlikon-Buhrle Holding AG (a) 953 218,430

PubliGroupe SA 1,259 974,095

Richemont Compagnie Financier 444 1,082,234
Class A unit

Roche Holding AG 123 1,288,674
participation certificates

Sulzer Medica AG (Reg.) 1,335 290,454

Surveillance, Soc Gen Sgs (a) 196 305,573

The Swatch Group AG (Reg.) 5,294 1,198,002

UBS AG 4,487 1,102,826

15,476,567

TAIWAN - 0.2%

D-Link Corp. 30,000 88,250

GigaMedia Ltd. 2,000 48,000

Taiwan Semiconductor 30,000 193,169
Manufacturing Co. Ltd. (a)

329,419

UNITED KINGDOM - 10.3%

Aggreko PLC 34,000 175,755

Allied Domecq PLC 97,300 475,762

Allied Zurich PLC 38,600 382,278

Antofagasta Holdings PLC 19,300 118,431

AstraZeneca Group PLC 5,700 240,113
sponsored ADR

Autonomy Corp. PLC (a) 1,800 239,400

Avis Europe PLC 21,200 62,575

Barclays PLC 12,600 321,407

Bodycote International PLC 43,900 168,792

BP Amoco PLC sponsored ADR 37,700 1,922,700

British Energy PLC 87,000 231,114

British Telecommunications 3,600 658,800
PLC sponsored ADR

Cable & Wireless PLC ADR 3,100 153,063

Cambridge Antibody Technology 6,000 228,364
Group PLC (a)

Carlton Communications PLC 16,200 194,790

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

UNITED KINGDOM - CONTINUED

Centrica PLC 64,700 $ 229,166

Diageo PLC 62,200 501,981

Diageo PLC sponsored ADR 2,500 85,000

Dialog Semiconductor PLC 1,400 154,400

Energis PLC (a) 2,900 142,768

Glaxo Wellcome PLC sponsored 15,400 967,313
ADR

Guardian IT PLC 6,500 130,968

Hanson PLC 52,700 386,424

Hanson PLC sponsored ADR 7,000 255,938

House of Fraser PLC 40,000 26,720

HSBC Holdings PLC (Reg.) 49,600 567,300

Invensys PLC 35,100 167,673

Jazztel PLC sponsored ADR 1,300 67,600

Johnson Matthey PLC 38,700 495,693

Lloyds TSB Group PLC 21,100 205,851

Logica PLC 7,600 228,458

Nycomed Amersham PLC 39,200 299,005

Professional Staff PLC 20,000 100,000
sponsored ADR (a)

Provident Financial Group PLC 15,000 127,814

Reckitt Benckiser PLC 25,100 255,793

Rexam PLC 50,000 190,498

Ricardo PLC 10,000 63,111

Rio Tinto PLC (Reg.) 43,300 669,302

Royal & Sun Alliance 36,100 201,052
Insurance Group PLC

Royal Bank of Scotland Group 10,000 154,806
PLC

Shell Transport & Trading Co. 268,300 2,157,578
PLC (Reg.)

Smith & Nephew PLC 57,200 164,391

SmithKline Beecham PLC 16,000 1,100,000
sponsored ADR

South African Breweries PLC 41,900 308,542

SSL International PLC 23,000 233,142

Tesco PLC 50,000 170,108

Unilever PLC ADR 7,600 189,050

United News & Media PLC 19,600 248,765

United Utilities PLC 20,000 191,081

Vodafone AirTouch PLC 500,000 2,350,003

Vodafone AirTouch PLC 36,500 1,715,500
sponsored ADR

21,076,138

UNITED STATES OF AMERICA - 0.9%

Hollinger International, Inc. 17,600 222,200
Class A

Impsat Fiber Networks, Inc. 2,000 31,625

Orthofix International NV (a) 18,600 344,100

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

UNITED STATES OF AMERICA -
CONTINUED

Pharmacia Corp. 11,239 $ 561,248

SCM Microsystems, Inc. (a) 3,700 292,763

UnitedGlobalCom, Inc. (a) 5,500 292,189

1,744,125

TOTAL COMMON STOCKS 181,494,477
(Cost $171,701,968)

NONCONVERTIBLE PREFERRED
STOCKS - 0.4%

GERMANY - 0.4%

Marschollek Lautenschlaeger 900 479,427
und Partner AG

Prosieben Media AG (non-vtg.) 3,000 268,513

TOTAL NONCONVERTIBLE 747,940
PREFERRED STOCKS
(Cost $596,281)

INVESTMENT COMPANIES - 2.6%

ARGENTINA - 0.0%

Argentina Fund, Inc. 6,000 62,250

BRAZIL - 0.1%

Brazil Fund, Inc. 13,300 200,331

CANADA - 0.1%

Economic Investment Trust 2,582 153,441
Ltd.

United Corporations Ltd. 2,200 64,627

218,068

CHILE - 0.1%

Chile Fund, Inc. 15,000 143,438

Five Arrows Chile Investment 45,500 125,125
Trust Ltd.

268,563

CHINA - 0.0%

China Fund, Inc. 6,000 54,000

Jardine Fleming China Region 1,500 11,250
Fund, Inc.

65,250

EMERGING MARKETS - 0.4%

Asia Tigers Fund, Inc. 16,000 141,000

Central European Equity Fund, 8,100 121,500
Inc.

Emerging Markets 12,100 138,394
Infrastructure Fund, Inc.

Emerging Markets 8,000 123,500
Telecommunication Fund, Inc.

INVESTMENT COMPANIES -
CONTINUED

SHARES VALUE (NOTE 1)

EMERGING MARKETS - CONTINUED

Southern Africa Fund, Inc. 1,500 $ 19,875

Templeton Dragon Fund, Inc. 35,100 278,606

822,875

FRANCE - 0.1%

France Growth Fund, Inc. 15,300 210,375

HONG KONG - 0.1%

Asia Pacific Fund, Inc. 14,800 136,900

Greater China Fund, Inc. 4,500 35,438

172,338

INDIA - 0.4%

India Fund 26,700 382,144

India Growth Fund 8,000 99,500

Jardine Fleming India Fund, 11,000 126,500
Inc.

Morgan Stanley Dean Witter 7,000 84,875
India Investment Fund, Inc.
(a)

693,019

ITALY - 0.1%

Italy Fund, Inc. (The) 11,000 199,375

KOREA (SOUTH) - 0.1%

Korea Equity Fund (a) 2,000 7,125

Korea Fund, Inc. (The) (a) 17,600 218,900

Korean Investment Fund, Inc. 2,500 16,094
(a)

242,119

MEXICO - 0.3%

Mexico Fund, Inc. (The) 35,700 539,963

MULTI-NATIONAL - 0.7%

Blackrock North American 7,000 66,938
Government Income Trust,
Inc.

Dreyfus Strategic Governments 9,000 69,750
Income, Inc.

European Warrant Fund, Inc. 3,000 46,688

First Commonwealth Fund, Inc. 3,600 33,075

Latin America Equity Fund, 7,000 84,875
Inc. (a)

Latin American Discovery 3,000 30,750
Fund, Inc.

Latin American Investment 8,000 103,500
Fund, Inc.

MFS Government Markets Income 28,300 171,569
Trust

Morgan Stanley Dean Witter 2,500 21,250
Africa Investment Fund, Inc.

Morgan Stanley Dean Witter 30,500 324,063
Asia-Pacific Fund, Inc.

Strategic Global Income Fund, 21,800 216,638
Inc.

INVESTMENT COMPANIES -
CONTINUED

SHARES VALUE (NOTE 1)

MULTI-NATIONAL - CONTINUED

Templeton Global Governments 10,000 $ 55,625
Income Trust

Templeton Global Income Fund, 20,000 115,000
Inc.

1,339,721

PHILIPPINES - 0.0%

First Philippine Fund, Inc. 6,000 27,375

PORTUGAL - 0.0%

Portugal Fund, Inc. 6,100 75,106

SINGAPORE - 0.0%

Singapore Fund, Inc. (a) 5,000 36,250

SWITZERLAND - 0.1%

Swiss Helvetia Fund, Inc. 14,000 193,375

TOTAL INVESTMENT COMPANIES 5,366,353
(Cost $5,686,277)

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
CORPORATE BONDS - 0.3%

MOODY'S RATINGS (UNAUDITED) PRINCIPAL AMOUNT (C)

CONVERTIBLE BONDS - 0.2%

ISRAEL - 0.0%

Tecnomatix Tech Ltd. 5.25% - $ 129,000 118,680
8/15/04

UNITED STATES OF AMERICA - 0.2%

Nestle Holdings, Inc. 3% AAA 310,000 337,125
6/17/02

TOTAL CONVERTIBLE BONDS 455,805

NONCONVERTIBLE BONDS - 0.1%

FRANCE - 0.1%

Eurotunnel Finance Ltd. euro - EUR 120 155,311
0% 4/30/40 (e)

TOTAL CORPORATE BONDS 611,116
(Cost $632,076)

</TABLE>

CASH EQUIVALENTS - 9.4%

SHARES VALUE (NOTE 1)

Taxable Central Cash Fund, 19,333,007 $ 19,333,007
5.77% (b) (Cost $19,333,007)

TOTAL INVESTMENT PORTFOLIO - 207,552,893
101.4%
(Cost $197,949,609)

NET OTHER ASSETS - (1.4)% (2,935,755)

NET ASSETS - 100% $ 204,617,138

CURRENCY ABBREVIATIONS

EUR - European Monetary Unit

LEGEND

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at
period end.

(d) Security exempt from registration under Rule 144A of the
Securities Act of 1933. These securities may be resold in
transactions exempt from registration, normally to qualified
institutional buyers. At the period end, the value of these securities
amounted to $411,897 or 0.2% of net assets.

(e) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.

INCOME TAX INFORMATION

At April 30, 2000, the aggregate cost of investment securities for
income tax purposes was $200,318,147. Net unrealized appreciation
aggregated $7,234,746, of which $29,392,540 related to appreciated
investment securities and $22,157,794 related to depreciated
investment securities.

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2000 (UNAUDITED)

ASSETS

Investment in securities, at $ 207,552,893
value (cost $197,949,609) -
See accompanying schedule

Cash 59,655

Foreign currency held at 193,538
value (cost $193,538)

Receivable for investments 2,020,017
sold

Receivable for fund shares 1,698,964
sold

Dividends receivable 300,274

Interest receivable 105,654

Other receivables 10

TOTAL ASSETS 211,931,005

LIABILITIES

Payable for investments $ 2,675,121
purchased

Payable for fund shares 1,003,377
redeemed

Accrued management fee 119,028

Distribution fees payable 96,828

Other payables and accrued 151,913
expenses

Collateral on securities 3,267,600
loaned, at value

TOTAL LIABILITIES 7,313,867

NET ASSETS $ 204,617,138

Net Assets consist of:

Paid in capital $ 192,163,918

Distributions in excess of (282,653)
net investment income

Accumulated undistributed net 3,127,029
realized gain (loss) on
investments and foreign
currency transactions

Net unrealized appreciation 9,608,844
(depreciation) on
investments and assets and
liabilities in foreign
currencies

NET ASSETS $ 204,617,138

STATEMENT OF ASSETS AND LIABILITIES - CONTINUED
APRIL 30, 2000 (UNAUDITED)

CALCULATION OF MAXIMUM $15.17
OFFERING PRICE CLASS A: NET
ASSET VALUE and redemption
price per share
($20,379,852 (divided by)
1,343,481 shares)

Maximum offering price per $16.10
share (100/94.25 of $15.17)

CLASS T: NET ASSET VALUE and $15.12
redemption price per share
($109,269,079 (divided by)
7,225,700 shares)

Maximum offering price per $15.67
share (100/96.50 of $15.12)

CLASS B: NET ASSET VALUE and $15.03
offering price per share
($33,816,417 (divided by)
2,250,261 shares) A

CLASS C: NET ASSET VALUE and $15.03
offering price per share
($27,655,951 (divided by)
1,839,557 shares) A

INSTITUTIONAL CLASS: NET $15.22
ASSET VALUE, offering price
and redemption price per
share ($13,495,839 (divided
by) 886,665 shares)

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

STATEMENT OF OPERATIONS
SIX MONTHS ENDED APRIL 30,
2000 (UNAUDITED)

INVESTMENT INCOME $ 940,041
Dividends

Interest 369,895

Security lending 22,111

1,332,047

Less foreign taxes withheld (109,944)

TOTAL INCOME 1,222,103

EXPENSES

Management fee $ 477,269

Transfer agent fees 170,822

Distribution fees 395,696

Accounting and security 42,489
lending fees

Non-interested trustees' 161
compensation

Custodian fees and expenses 182,556

Registration fees 105,862

Audit 9,600

Legal 791

Miscellaneous 1,172

Total expenses before 1,386,418
reductions

Expense reductions (47,513) 1,338,905

NET INVESTMENT INCOME (LOSS) (116,802)

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

Investment securities 3,279,273

Foreign currency transactions (51,096) 3,228,177

Change in net unrealized
appreciation (depreciation)
on:

Investment securities 4,600,946

Assets and liabilities in 5,442 4,606,388
foreign currencies

NET GAIN (LOSS) 7,834,565

NET INCREASE (DECREASE) IN $ 7,717,763
NET ASSETS RESULTING FROM
OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS

SIX MONTHS ENDED APRIL 30, DECEMBER 17, 1998
2000 (UNAUDITED) (COMMENCEMENT OF OPERATIONS)
TO OCTOBER 31, 1999

INCREASE (DECREASE) IN NET
ASSETS

Operations Net investment $ (116,802) $ (59,944)
income (loss)

Net realized gain (loss) 3,228,177 1,099,878

Change in net unrealized 4,606,388 5,002,456
appreciation (depreciation)

NET INCREASE (DECREASE) IN 7,717,763 6,042,390
NET ASSETS RESULTING FROM
OPERATIONS

Distributions to shareholders (146,340) -
In excess of net investment
income

From net realized gain (1,060,809) -

TOTAL DISTRIBUTIONS (1,207,149) -

Share transactions - net 138,970,340 53,093,794
increase (decrease)

TOTAL INCREASE (DECREASE) 145,480,954 59,136,184
IN NET ASSETS

NET ASSETS

Beginning of period 59,136,184 -

End of period (including $ 204,617,138 $ 59,136,184
distributions in excess of
net investment income of
$282,653 and $8,798,
respectively)

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL HIGHLIGHTS - CLASS A

SIX MONTHS ENDED APRIL 30, 2000 YEAR ENDED OCTOBER 31,

(UNAUDITED) 1999 E

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 13.05 $ 10.00
period

Income from Investment
Operations

Net investment income D .02 .01

Net realized and unrealized 2.32 3.04
gain (loss)

Total from investment 2.34 3.05
operations

Less Distributions

In excess of net investment (.03) -
income

From net realized gain (.19) -

Total distributions (.22) -

Net asset value, end of period $ 15.17 $ 13.05

TOTAL RETURN B, C 18.04% 30.50%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 20,380 $ 3,841
(000 omitted)

Ratio of expenses to average 1.74% A 2.00% A, F
net assets

Ratio of expenses to average 1.67% A, G 1.97% A, G
net assets after expense
reductions

Ratio of net investment .23% A .05% A
income to average net assets

Portfolio turnover rate 98% A 78% A

</TABLE>

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 DECEMBER 17, 1998 (COMMENCEMENT OF OPERATIONS) TO
OCTOBER 31, 1999.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE FUND'S EXPENSES.

<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL HIGHLIGHTS - CLASS T

SIX MONTHS ENDED APRIL 30, 2000 YEAR ENDED OCTOBER 31,

(UNAUDITED) 1999 E

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 13.02 $ 10.00
period

Income from Investment
Operations

Net investment income (loss) D (.01) (.02)

Net realized and unrealized 2.33 3.04
gain (loss)

Total from investment 2.32 3.02
operations

Less Distributions

In excess of net investment (.03) -
income

From net realized gain (.19) -

Total distributions (.22) -

Net asset value, end of period $ 15.12 $ 13.02

TOTAL RETURN B, C 17.92% 30.20%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 109,269 $ 32,132
(000 omitted)

Ratio of expenses to average 2.05% A 2.25% A, F
net assets

Ratio of expenses to average 1.98% A, G 2.22% A, G
net assets after expense
reductions

Ratio of net investment (.08)% A (.20)% A
income (loss) to average net
assets

Portfolio turnover rate 98% A 78% A

</TABLE>

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 (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD DECEMBER 17, 1998 (COMMENCEMENT OF OPERATIONS) TO
OCTOBER 31, 1999.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE FUND'S EXPENSES.

<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL HIGHLIGHTS - CLASS B

SIX MONTHS ENDED APRIL 30, 2000 YEAR ENDED OCTOBER 31,

(UNAUDITED) 1999 E

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 12.96 $ 10.00
period

Income from Investment
Operations

Net investment income (loss) D (.05) (.07)

Net realized and unrealized 2.33 3.03
gain (loss)

Total from investment 2.28 2.96
operations

Less Distributions

In excess of net investment (.02) -
income

From net realized gain (.19) -

Total distributions (.21) -

Net asset value, end of period $ 15.03 $ 12.96

TOTAL RETURN B, C 17.69% 29.60%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 33,816 $ 10,839
(000 omitted)

Ratio of expenses to average 2.60% A 2.75% A, F
net assets

Ratio of expenses to average 2.52% A, G 2.72% A, G
net assets after expense
reductions

Ratio of net investment (.63)% A (.70)% A
income (loss) to average net
assets

Portfolio turnover rate 98% A 78% A

</TABLE>

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 DECEMBER 17, 1998 (COMMENCEMENT OF OPERATIONS) TO
OCTOBER 31, 1999.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE FUND'S EXPENSES.

<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL HIGHLIGHTS - CLASS C

SIX MONTHS ENDED APRIL 30, 2000 YEAR ENDED OCTOBER 31,

(UNAUDITED) 1999 E

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 12.96 $ 10.00
period

Income from Investment
Operations

Net investment income (loss) D (.04) (.07)

Net realized and unrealized 2.31 3.03
gain (loss)

Total from investment 2.27 2.96
operations

Less Distributions

In excess of net investment (.01) -
income

From net realized gain (.19) -

Total distributions (.20) -

Net asset value, end of period $ 15.03 $ 12.96

TOTAL RETURN B, C 17.61% 29.60%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 27,656 $ 8,142
(000 omitted)

Ratio of expenses to average 2.56% A 2.75% A, F
net assets

Ratio of expenses to average 2.49% A, G 2.72% A, G
net assets after expense
reductions

Ratio of net investment (.59)% A (.70)% A
income (loss) to average net
assets

Portfolio turnover rate 98% A 78% A

</TABLE>

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 DECEMBER 17, 1998 (COMMENCEMENT OF OPERATIONS) TO
OCTOBER 31, 1999.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE FUND'S EXPENSES.

<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL HIGHLIGHTS - INSTITUTIONAL CLASS

SIX MONTHS ENDED APRIL 30, 2000 YEAR ENDED OCTOBER 31,

(UNAUDITED) 1999 E

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 13.08 $ 10.00
period

Income from Investment
Operations

Net investment income D .04 .03

Net realized and unrealized 2.33 3.05
gain (loss)

Total from investment 2.37 3.08
operations

Less Distributions

In excess of net investment (.04) -
income

From net realized gain (.19) -

Total distributions (.23) -

Net asset value, end of period $ 15.22 $ 13.08

TOTAL RETURN B, C 18.23% 30.80%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 13,496 $ 4,182
(000 omitted)

Ratio of expenses to average 1.47% A 1.75% A, F
net assets

Ratio of expenses to average 1.40% A, G 1.72% A, G
net assets after expense
reductions

Ratio of net investment .50% A .30% A
income to average net assets

Portfolio turnover rate 98% A 78% A

</TABLE>

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

NOTES TO FINANCIAL STATEMENTS
For the period ended April 30, 2000 (Unaudited)

1. SIGNIFICANT ACCOUNTING POLICIES.

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

SECURITY VALUATION. Securities for which quotations are readily
available are valued using the official closing price or 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.

1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

FOREIGN CURRENCY TRANSLATION - CONTINUED

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

DISTRIBUTIONS TO SHAREHOLDERS. Distributions are recorded on the
ex-dividend date. Income dividends and capital gain distributions are
declared separately for each class.

Income and capital gain distributions are determined in accordance
with income tax regulations which may differ from generally accepted
accounting principles. These differences, which may result in
distribution reclassifications, are primarily due to differing
treatments for foreign currency transactions, passive foreign
investment companies (PFIC) and losses deferred due to wash sales. 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.

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.
Distributions in excess of net investment and accumulated
undistributed net realized gain (loss) on investments and foreign
currency transactions may include temporary book and tax basis
differences that 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.

TAXABLE CENTRAL CASH FUND. Pursuant to an Exemptive Order issued by
the Securities and Exchange Commission, the fund may invest in the
Taxable Central Cash Fund (the Cash Fund) managed by Fidelity
Investments Money Management, Inc., an affiliate of FMR. The Cash Fund
is an open-end money market fund available only to investment
companies and other accounts managed by FMR and its affiliates. The
Cash Fund seeks preservation of capital, liquidity, and current
income. Income distributions from the Cash Fund are declared daily and
paid monthly from net interest income. Income distributions earned by
the fund are recorded as interest income in the accompanying financial
statements.

3. PURCHASES AND SALES OF INVESTMENTS.

Purchases and sales of securities, other than short-term securities,
aggregated $185,661,905 and $58,125,486, respectively.

4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.

4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED

MANAGEMENT FEE - CONTINUED

effect during the period, FMR voluntarily implemented the above rates,
as they resulted in the same or a lower management fee. For the
period, the management fee was equivalent to an annualized rate of
.73% of average net assets.

SUB-ADVISER FEE. FMR, on behalf of the fund, entered into sub-advisory
agreements with Fidelity Management & Research (U.K.) Inc., Fidelity
Management & Research (Far East) Inc., and Fidelity International
Investment Advisors (FIIA), and Fidelity Investments Japan Limited
(FIJ). In addition, FIIA entered into a sub-advisory agreement with
its subsidiary, Fidelity International Investment Advisors (U.K.)
Limited (FIIA(U.K.)L). Under the sub-advisory arrangements, FMR may
receive investment advice and research services and may grant the
sub-advisers investment management authority to buy and sell
securities. FMR pays its sub-advisers either a portion of its
management fee or a fee based on costs incurred for these services.
FIIA pays FIIA(U.K.)L a fee based on costs incurred for either
service.

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 $ 12,068 $ 2,013

CLASS T 182,228 2,338

CLASS B 112,996 85,894

CLASS C 88,404 63,499

$ 395,696 $ 153,744

4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED

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

PAID TO FDC RETAINED BY FDC

CLASS A $ 67,063 $ 28,349

CLASS T 178,986 56,060

CLASS B 11,844 11,844 *

CLASS C 3,308 3,308 *

$ 261,201 $ 99,561

* WHEN CLASS B AND CLASS C SHARES ARE INITIALLY SOLD, FDC PAYS
COMMISSIONS FROM ITS OWN RESOURCES TO SECURITIES DEALERS,
BANKS, AND OTHER FINANCIAL INSTITUTIONS THROUGH WHICH THE SALES ARE
MADE.

TRANSFER AGENT FEES. Fidelity Investments Institutional Operations
Company, Inc., (FIIOC), an affiliate of FMR, is the transfer, dividend
disbursing and shareholder servicing agent for each class of the fund.
FIIOC receives account fees and asset-based fees that vary according
to the account size and type of account of the shareholders of the

4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED

TRANSFER AGENT FEES - CONTINUED

respective classes of the fund. FIIOC pays for typesetting, printing
and mailing of all shareholder reports, except proxy statements. For
the period, the following amounts were paid to FIIOC:

AMOUNT % OF AVERAGE NET ASSETS

CLASS A $ 10,069 .21 *

CLASS T 95,400 .27 *

CLASS B 33,638 .30 *

CLASS C 23,112 .27 *

INSTITUTIONAL CLASS 8,603 .20 *

$ 170,822

* ANNUALIZED

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 $3,226,375. The fund received cash collateral of
$3,267,600 which was invested in cash equivalents.

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 $46,402 under this arrangement.

In addition, through arrangements with the fund's custodian and each
class' transfer agent, 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 $768 under the custodian
arrangement, and each applicable class' expenses were reduced as
follows under the transfer agent arrangements:

TRANSFER AGENT CREDITS

CLASS A $ 221

CLASS T 122

$ 343

7. DISTRIBUTIONS TO SHAREHOLDERS.

Distributions to shareholders of each class were as follows:

<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED APRIL 30, YEAR ENDED OCTOBER 31,

2000 1999

IN EXCESS OF NET INVESTMENT
INCOME

Class A $ 10,548 $ -

Class T 95,234 -

Class B 19,524 -

Class C 7,401 -

Institutional Class 13,633 -

Total $ 146,340 $ -

FROM NET REALIZED GAIN

Class A $ 66,778 $ -

Class T 603,151 -

Class B 185,484 -

Class C 140,633 -

Institutional Class 64,763 -

Total $ 1,060,809 $ -

$ 1,207,149 $ -

</TABLE>

8. SHARE TRANSACTIONS.

Transactions for each class of shares for the periods are as follows:

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

SIX MONTHS ENDED APRIL 30, DECEMBER 17, 1998 SIX MONTHS ENDED APRIL 30,
(COMMENCEMENT OF OPERATIONS)
TO OCTOBER 31,

2000 1999 2000

CLASS A Shares sold 368,962 $ 21,382,101
1,349,604

Reinvestment of distributions 5,311 - 75,841

Shares redeemed (305,816) (74,580) (4,844,089)

Net increase (decrease) 1,049,099 294,382 $ 16,613,853

CLASS T Shares sold 6,229,565 2,744,736 $ 96,038,974

Reinvestment of distributions 47,918 - 682,358

Shares redeemed (1,519,750) (276,769) (23,613,420)

Net increase (decrease) 4,757,733 2,467,967 $ 73,107,912

CLASS B Shares sold 1,568,297 859,540 $ 24,145,719

Reinvestment of distributions 12,633 - 179,135

Shares redeemed (166,989) (23,220) (2,666,488)

Net increase (decrease) 1,413,941 836,320 $ 21,658,366

CLASS C Shares sold 1,516,270 639,584 $ 23,274,957

Reinvestment of distributions 8,634 - 122,521

Shares redeemed (313,629) (11,302) (4,773,474)

Net increase (decrease) 1,211,275 628,282 $ 18,624,004

INSTITUTIONAL CLASS Shares 583,113 333,162 $ 9,224,330
sold

Reinvestment of distributions 4,808 - 68,755

Shares redeemed (21,033) (13,385) (326,880)

Net increase (decrease) 566,888 319,777 $ 8,966,205

</TABLE>

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

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

1999

CLASS A Shares sold $ 4,258,738

Reinvestment of distributions -

Shares redeemed (934,331)

Net increase (decrease) $ 3,324,407

CLASS T Shares sold $ 32,469,727

Reinvestment of distributions -

Shares redeemed (3,437,679)

Net increase (decrease) $ 29,032,048

CLASS B Shares sold $ 10,054,769

Reinvestment of distributions -

Shares redeemed (281,680)

Net increase (decrease) $ 9,773,089

CLASS C Shares sold $ 7,402,250

Reinvestment of distributions -

Shares redeemed (138,947)

Net increase (decrease) $ 7,263,303

INSTITUTIONAL CLASS Shares $ 3,865,196
sold

Reinvestment of distributions -

Shares redeemed (164,249)

Net increase (decrease) $ 3,700,947

</TABLE>

INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA

INVESTMENT SUB-ADVISERS
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Far East) Inc.
Fidelity International
Investment Advisors
Fidelity Investments Japan Limited
Fidelity International Investment Advisors (U.K.) Limited

OFFICERS
Edward C. Johnson 3d, President
Robert C. Pozen, Senior Vice President
Robert A. Lawrence, Vice President
Greg Fraser, Vice President
Eric D. Roiter, Secretary
Robert A. Dwight, Treasurer
Matthew N. Karstetter, Deputy Treasurer
Maria F. Dwyer, Deputy Treasurer
John H. Costello, Assistant Treasurer

* INDEPENDENT TRUSTEES

BOARD OF TRUSTEES
Ralph F. Cox *
Phyllis Burke Davis *
Robert M. Gates *
Edward C. Johnson 3d
Donald J. Kirk *
Peter S. Lynch
Ned C. Lautenbach *
Marvin L. Mann *
William O. McCoy *
Gerald C. McDonough *
Robert C. Pozen
Thomas R. Williams *

ADVISORY BOARD
J. Michael Cook
Abigail P. Johnson

GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA

TRANSFER AND SHAREHOLDER
SERVICING AGENTS
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

CUSTODIAN
State Street Bank and Trust Company
Quincy, MA

GROWTH FUNDS
Fidelity Advisor Latin America Fund
Fidelity Advisor Emerging Asia Fund
Fidelity Advisor Japan Fund
Fidelity Advisor Europe Capital Appreciation Fund
Fidelity Advisor International
Capital Appreciation Fund
Fidelity Advisor Overseas Fund
Fidelity Advisor Diversified International Fund
Fidelity Advisor Global Equity Fund
Fidelity Advisor TechnoQuant(registered trademark)
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

ADIF-SANN-0600 104098
1.720067.101

GROWTH AND INCOME FUNDS
Fidelity Advisor Growth & Income Fund
Fidelity Advisor Equity Income Fund
Fidelity Advisor Asset Allocation Fund
Fidelity Advisor Balanced Fund

MUNICIPAL FUNDS
Fidelity Advisor Municipal Income Fund
Fidelity Advisor Intermediate Municipal Income Fund

MONEY MARKET FUNDS
Prime Fund
Treasury Fund
Tax-Exempt Fund

(2_FIDELITY_LOGOS)(registered trademark)

FIDELITY(REGISTERED TRADEMARK) ADVISOR
EMERGING ASIA
FUND - CLASS A, CLASS T, CLASS B
AND CLASS C

SEMIANNUAL REPORT
APRIL 30, 2000

(2_FIDELITY_LOGOS)(registered trademark)

CONTENTS

PRESIDENT'S MESSAGE 3 Ned Johnson on investing
strategies.

PERFORMANCE 4 How the fund has done over
time.

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

INVESTMENT CHANGES 15 A summary of major shifts in
the fund's investments over
the past six months.

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

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

NOTES 30 Notes to the financial
statements.

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.

This report is printed on recycled paper using soy-based inks.

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,
Edward C. Johnson 3d

FIDELITY ADVISOR EMERGING ASIA 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 June 16,
1999. Class A shares bear a 0.25% 12b-1 fee that is reflected in
returns after June 16, 1999. Returns between March 25, 1994 and June
16, 1999 are those of Fidelity Advisor Emerging Asia Fund, Inc., the
Closed-End Fund. On June 15, 1999, the Closed-End Fund reorganized as
an open-end fund through a transfer of all its assets and liabilities
to Fidelity Advisor Emerging Asia Fund (the fund). Shareholders of the
Closed-End Fund received Class A shares of the fund in exchange for
their shares of the Closed-End Fund. If Class A shares' total
expenses, including its 0.25% 12b-1 fee had been reflected in the
Closed-End Fund's performance, Class A's returns, prior to June 16,
1999 may have been lower. If Fidelity had not reimbursed certain class
expenses, the total returns for the past one year, five years and life
of fund would have been lower.

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
CUMULATIVE TOTAL RETURNS

PERIODS ENDED APRIL 30, 2000 PAST 6 MONTHS PAST 1 YEAR PAST 5 YEARS LIFE OF FUND

FIDELITY ADV EMERGING ASIA - 9.73% 22.09% 27.64% 26.75%
CL A

FIDELITY ADV EMERGING ASIA - 3.42% 15.07% 20.30% 19.46%
CL A (INCL. 5.75% SALES
CHARGE)

MSCI AC Asia Free ex Japan 7.23% 16.70% -1.92% -2.75%

Pacific Region ex Japan Funds 13.76% 27.50% 12.90% n/a
Average

</TABLE>

CUMULATIVE TOTAL RETURNS show Class A's performance in percentage
terms over a set period - in this case, six months, one year, five
years or since the Closed-End Fund started on March 25, 1994. 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 International AC (All Country) Asia Free ex Japan Index - a
market capitalization-weighted index of over 500 stocks traded in 11
Asian markets, excluding Japan. To measure how Class A's performance
stacked up against its peers, you can compare it to the Pacific Region
ex Japan funds average, which reflects the performance of mutual funds
with similar objectives tracked by Lipper Inc. The past six months
average represents a peer group of 85 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 APRIL 30, 2000 PAST 1 YEAR PAST 5 YEARS LIFE OF FUND

FIDELITY ADV EMERGING ASIA - 22.09% 5.00% 3.96%
CL A

FIDELITY ADV EMERGING ASIA - 15.07% 3.77% 2.96%
CL A (INCL. 5.75% SALES
CHARGE)

MSCI AC Asia Free ex Japan 16.70% -0.39% -0.46%

Pacific Region ex Japan Funds 27.50% 2.01% n/a
Average

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.

$10,000 OVER LIFE OF FUND
FA Emerging Asia -CL A MS AC Asia Free ex Japan
00756 MS009
1994/03/25 9425.00 10000.00
1994/03/31 9170.99 9915.82
1994/04/30 9324.86 10211.39
1994/05/31 9772.08 10682.77
1994/06/30 9424.98 10323.55
1994/07/31 10079.12 10859.65
1994/08/31 10926.84 11725.79
1994/09/30 10733.26 11498.70
1994/10/31 10686.54 11678.48
1994/11/30 9892.23 10647.22
1994/12/31 9978.43 10349.28
1995/01/31 8821.32 9285.90
1995/02/28 9338.62 10061.44
1995/03/31 9501.97 10055.03
1995/04/30 9359.03 9915.82
1995/05/31 10134.98 11031.18
1995/06/30 10012.47 10844.53
1995/07/31 10005.66 11062.77
1995/08/31 9590.46 10552.55
1995/09/30 9706.17 10678.41
1995/10/31 9488.36 10494.86
1995/11/30 9290.97 10256.64
1995/12/31 9813.86 10763.81
1996/01/31 10586.12 11600.38
1996/02/29 10647.63 11727.04
1996/03/31 10784.31 11812.98
1996/04/30 11303.71 12238.50
1996/05/31 11283.21 12101.06
1996/06/30 11372.05 11920.95
1996/07/31 10586.12 11040.62
1996/08/31 10955.17 11374.11
1996/09/30 11119.19 11569.53
1996/10/31 10893.66 11350.16
1996/11/30 11611.25 11886.31
1996/12/31 11687.74 11845.13
1997/01/31 11849.39 12089.96
1997/02/28 11905.61 12193.32
1997/03/31 11287.14 11504.47
1997/04/30 11188.75 11332.51
1997/05/31 11849.39 11845.20
1997/06/30 12369.47 12278.71
1997/07/31 12580.31 12381.42
1997/08/31 10408.63 10185.63
1997/09/30 10415.66 10140.04
1997/10/31 8145.58 7885.64
1997/11/30 7836.34 7344.92
1997/12/31 7804.57 7070.83
1998/01/31 7478.17 6459.50
1998/02/28 8566.17 7829.15
1998/03/31 8457.37 7713.90
1998/04/30 7826.33 7037.80
1998/05/31 6803.61 5963.78
1998/06/30 6121.80 5294.44
1998/07/31 6056.52 5160.11
1998/08/31 5178.87 4417.08
1998/09/30 5809.91 4855.04
1998/10/31 6970.44 5910.46
1998/11/30 7456.41 6387.55
1998/12/31 7681.26 6520.35
1999/01/31 7550.70 6416.52
1999/02/28 7376.62 6291.59
1999/03/31 8152.00 7045.69
1999/04/30 9784.73 8333.39
1999/05/31 9716.54 8153.23
1999/06/30 11184.62 9427.70
1999/07/31 10879.98 9220.01
1999/08/31 11104.83 9448.00
1999/09/30 10473.79 8786.85
1999/10/31 10887.23 9069.65
1999/11/30 12040.51 9931.87
1999/12/31 13621.73 10736.78
2000/01/31 13396.88 10684.68
2000/02/29 13549.20 10461.01
2000/03/31 13599.97 10707.33
2000/04/28 11946.21 9725.13
IMATRL PRASUN SHR__CHT 20000430 20000518 152842 R00000000000077

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Emerging Asia Fund - Class A on March 25,
1994, when the Closed-End Fund started, and the current 5.75% sales
charge was paid. As the chart shows, by April 30, 2000, the value of
the investment would have grown to $11,946 - a 19.46% increase on the
initial investment. For comparison, look at how the Morgan Stanley
Capital International AC Asia Free ex Japan Index did over the same
period. With dividends reinvested, the same $10,000 would have been
$9,725 - a 2.75% decrease.

(checkmark)UNDERSTANDING
PERFORMANCE

FIDELITY ADVISOR EMERGING ASIA FUND - CLASS T
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 T shares took place on June 16,
1999. Class T shares bear a 0.50% 12b-1 fee that is reflected in
returns after June 16, 1999. Returns between March 25, 1994 and June
16, 1999 are those of Fidelity Advisor Emerging Asia, Inc., the
Closed-End Fund. On June 15, 1999, the Closed-End Fund reorganized as
an open-end fund through a transfer of all of its assets and
liabilities to the fund. Shareholders of the Closed-End Fund received
Class A shares of the fund in exchange for their shares of the
Closed-End Fund. If Class T shares total expenses, including its 0.50%
12b-1 fee, had been reflected in the Closed-End Fund's performance,
Class T's returns, prior to June 16, 1999 may have been lower. If
Fidelity had not reimbursed certain class expenses, the total returns
would have been lower.

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
CUMULATIVE TOTAL RETURNS

PERIODS ENDED APRIL 30, 2000 PAST 6 MONTHS PAST 1 YEAR PAST 5 YEARS LIFE OF FUND

FIDELITY ADV EMERGING ASIA - 9.59% 21.94% 27.49% 26.60%
CL T

FIDELITY ADV EMERGING ASIA - 5.76% 17.67% 23.03% 22.17%
CL T (INCL. 3.50% SALES
CHARGE)

MSCI AC Asia Free ex Japan 7.23% 16.70% -1.92% -2.75%

Pacific Region ex Japan Funds 13.76% 27.50% 12.90% n/a
Average

</TABLE>

CUMULATIVE TOTAL RETURNS show Class T's performance in percentage
terms over a set period - in this case, six months, one year, five
years or since the Closed-End Fund started on March 25, 1994. 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 AC (All Country) Asia Free ex Japan Index - a
market capitalization-weighted index of over 500 stocks traded in 11
Asian markets, excluding Japan. To measure how Class T's performance
stacked up against its peers, you can compare it to the Pacific Region
ex Japan funds average, which reflects the performance of mutual funds
with similar objectives tracked by Lipper Inc. The past six months
average represents a peer group of 85 mutual funds. These benchmarks
include reinvested dividends and capital gains, if any, and exclude
the effect of sales charges.

AVERAGE ANNUAL TOTAL RETURNS

PERIOD ENDED APRIL 30, 2000 PAST 1 YEAR PAST 5 YEARS LIFE OF FUND

FIDELITY ADV EMERGING ASIA - 21.94% 4.98% 3.94%
CL T

FIDELITY ADV EMERGING ASIA - 17.67% 4.23% 3.33%
CL T (INCL. 3.50% SALES
CHARGE)

MSCI AC Asia Free ex Japan 16.70% -0.39% -0.46%

Pacific Region ex Japan Funds 27.50% 2.01% n/a
Average

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.

$10,000 OVER LIFE OF FUND
FA Emerging Asia -CL T MS AC Asia Free ex Japan
00760 MS009
1994/03/25 9650.00 10000.00
1994/03/31 9389.93 9915.82
1994/04/30 9547.47 10211.39
1994/05/31 10005.36 10682.77
1994/06/30 9649.98 10323.55
1994/07/31 10319.74 10859.65
1994/08/31 11187.69 11725.79
1994/09/30 10989.50 11498.70
1994/10/31 10941.66 11678.48
1994/11/30 10128.38 10647.22
1994/12/31 10216.64 10349.28
1995/01/31 9031.90 9285.90
1995/02/28 9561.55 10061.44
1995/03/31 9728.81 10055.03
1995/04/30 9582.46 9915.82
1995/05/31 10376.93 11031.18
1995/06/30 10251.49 10844.53
1995/07/31 10244.52 11062.77
1995/08/31 9819.41 10552.55
1995/09/30 9937.88 10678.41
1995/10/31 9714.87 10494.86
1995/11/30 9512.77 10256.64
1995/12/31 10048.14 10763.81
1996/01/31 10838.84 11600.38
1996/02/29 10901.82 11727.04
1996/03/31 11041.76 11812.98
1996/04/30 11573.56 12238.50
1996/05/31 11552.57 12101.06
1996/06/30 11643.53 11920.95
1996/07/31 10838.84 11040.62
1996/08/31 11216.70 11374.11
1996/09/30 11384.63 11569.53
1996/10/31 11153.72 11350.16
1996/11/30 11888.44 11886.31
1996/12/31 11966.76 11845.13
1997/01/31 12132.27 12089.96
1997/02/28 12189.83 12193.32
1997/03/31 11556.60 11504.47
1997/04/30 11455.85 11332.51
1997/05/31 12132.27 11845.20
1997/06/30 12664.76 12278.71
1997/07/31 12880.64 12381.42
1997/08/31 10657.11 10185.63
1997/09/30 10664.31 10140.04
1997/10/31 8340.03 7885.64
1997/11/30 8023.41 7344.92
1997/12/31 7990.89 7070.83
1998/01/31 7656.69 6459.50
1998/02/28 8770.67 7829.15
1998/03/31 8659.27 7713.90
1998/04/30 8013.17 7037.80
1998/05/31 6966.03 5963.78
1998/06/30 6267.94 5294.44
1998/07/31 6201.11 5160.11
1998/08/31 5302.50 4417.08
1998/09/30 5948.61 4855.04
1998/10/31 7136.84 5910.46
1998/11/30 7634.42 6387.55
1998/12/31 7864.64 6520.35
1999/01/31 7730.96 6416.52
1999/02/28 7552.72 6291.59
1999/03/31 8346.61 7045.69
1999/04/30 10018.31 8333.39
1999/05/31 9948.50 8153.23
1999/06/30 11451.62 9427.70
1999/07/31 11139.71 9220.01
1999/08/31 11362.50 9448.00
1999/09/30 10723.83 8786.85
1999/10/31 11147.14 9069.65
1999/11/30 12320.52 9931.87
1999/12/31 13932.06 10736.78
2000/01/31 13709.27 10684.68
2000/02/29 13865.23 10461.01
2000/03/31 13909.79 10707.33
2000/04/28 12216.55 9725.13
IMATRL PRASUN SHR__CHT 20000430 20000522 125238 R00000000000077

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Emerging Asia Fund - Class T on March 25,
1994, when the Closed-End Fund started, and the current 3.50% sales
charge was paid. As the chart shows, by April 30, 2000, the value of
the investment would have grown to $12,217 - a 22.17% increase on the
initial investment. For comparison, look at how the Morgan Stanley
Capital International AC Asia Free ex Japan Index did over the same
period. With dividends reinvested, the same $10,000 would have been
$9,725 - a 2.75% decrease.

(checkmark)UNDERSTANDING
PERFORMANCE

FIDELITY ADVISOR EMERGING ASIA 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 June 16,
1999. Class B shares bear a 1.00% 12b-1 fee that is reflected in
returns after June 16, 1999. Returns between March 25, 1994 and June
16, 1999 are those of Fidelity Advisor Emerging Asia, Inc., the
Closed-End Fund. On June 15, 1999, the Closed-End Fund reorganized as
an open-end fund through a transfer of all of its assets and
liabilities to the fund. Shareholders of the Closed-End Fund received
Class A shares of the fund in exchange for their shares of the
Closed-End Fund. If Class B shares' total expenses, including its
1.00% 12b-1 fee had been reflected in the Closed-End Fund's
performance, Class B's returns, prior to June 16, 1999 may have been
lower. Class B shares' contingent deferred sales charges included in
the past six month, past one year, past 5 year and life of fund total
return figures are 5%, 5%, 2% and 0%, respectively. If Fidelity had
not reimbursed certain class expenses, the total returns would have
been lower.

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
CUMULATIVE TOTAL RETURNS

PERIODS ENDED APRIL 30, 2000 PAST 6 MONTHS PAST 1 YEAR PAST 5 YEARS LIFE OF FUND

FIDELITY ADV EMERGING ASIA - 9.21% 21.28% 26.79% 25.90%
CL B

FIDELITY ADV EMERGING ASIA - 4.21% 16.28% 24.79% 25.90%
CL B (INCL. CONTINGENT
DEFERRED SALES CHARGE)

MSCI AC Asia Free ex Japan 7.23% 16.70% -1.92% -2.75%

Pacific Region ex Japan Funds 13.76% 27.50% 12.90% n/a
Average

</TABLE>

CUMULATIVE TOTAL RETURNS show Class B's performance in percentage
terms over a set period - in this case, six months, one year, five
years or since the Closed-End Fund started on March 25, 1994. 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 AC (All Country) Asia Free ex Japan Index - a
market capitalization-weighted index of over 500 stocks traded in 11
Asian markets, excluding Japan. To measure how Class B's performance
stacked up against its peers, you can compare it to the Pacific Region
ex Japan funds average, which reflects the performance of mutual funds
with similar objectives tracked by Lipper Inc. The past six months
average represents a peer group of 85 mutual funds. These benchmarks
include reinvested dividends and capital gains, if any, and exclude
the effect of sales charges.

AVERAGE ANNUAL TOTAL RETURNS

PERIOD ENDED APRIL 30, 2000 PAST 1 YEAR PAST 5 YEARS LIFE OF FUND

FIDELITY ADV EMERGING ASIA - 21.28% 4.86% 3.85%
CL B

FIDELITY ADV EMERGING ASIA - 16.28% 4.53% 3.85%
CL B (INCL. CONTINGENT
DEFERRED SALES CHARGE)

MSCI AC Asia Free ex Japan 16.70% -0.39% -0.46%

Pacific Region ex Japan Funds 27.50% 2.01% n/a
Average

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.

$10,000 OVER LIFE OF FUND
FA Emerging Asia -CL B MS AC Asia Free ex Japan
00757 MS009
1994/03/25 10000.00 10000.00
1994/03/31 9730.50 9915.82
1994/04/30 9893.75 10211.39
1994/05/31 10368.25 10682.77
1994/06/30 9999.98 10323.55
1994/07/31 10694.03 10859.65
1994/08/31 11593.46 11725.79
1994/09/30 11388.08 11498.70
1994/10/31 11338.50 11678.48
1994/11/30 10495.73 10647.22
1994/12/31 10587.20 10349.28
1995/01/31 9359.49 9285.90
1995/02/28 9908.35 10061.44
1995/03/31 10081.67 10055.03
1995/04/30 9930.01 9915.82
1995/05/31 10753.30 11031.18
1995/06/30 10623.31 10844.53
1995/07/31 10616.08 11062.77
1995/08/31 10175.55 10552.55
1995/09/30 10298.32 10678.41
1995/10/31 10067.23 10494.86
1995/11/30 9857.79 10256.64
1995/12/31 10412.58 10763.81
1996/01/31 11231.96 11600.38
1996/02/29 11297.22 11727.04
1996/03/31 11442.24 11812.98
1996/04/30 11993.33 12238.50
1996/05/31 11971.57 12101.06
1996/06/30 12065.84 11920.95
1996/07/31 11231.96 11040.62
1996/08/31 11623.52 11374.11
1996/09/30 11797.55 11569.53
1996/10/31 11558.26 11350.16
1996/11/30 12319.62 11886.31
1996/12/31 12400.79 11845.13
1997/01/31 12572.30 12089.96
1997/02/28 12631.95 12193.32
1997/03/31 11975.75 11504.47
1997/04/30 11871.35 11332.51
1997/05/31 12572.30 11845.20
1997/06/30 13124.11 12278.71
1997/07/31 13347.81 12381.42
1997/08/31 11043.64 10185.63
1997/09/30 11051.09 10140.04
1997/10/31 8642.52 7885.64
1997/11/30 8314.42 7344.92
1997/12/31 8280.71 7070.83
1998/01/31 7934.40 6459.50
1998/02/28 9088.77 7829.15
1998/03/31 8973.34 7713.90
1998/04/30 8303.80 7037.80
1998/05/31 7218.69 5963.78
1998/06/30 6495.28 5294.44
1998/07/31 6426.02 5160.11
1998/08/31 5494.82 4417.08
1998/09/30 6164.36 4855.04
1998/10/31 7395.69 5910.46
1998/11/30 7911.31 6387.55
1998/12/31 8149.88 6520.35
1999/01/31 8011.36 6416.52
1999/02/28 7826.66 6291.59
1999/03/31 8649.34 7045.69
1999/04/30 10381.67 8333.39
1999/05/31 10309.33 8153.23
1999/06/30 11866.97 9427.70
1999/07/31 11528.35 9220.01
1999/08/31 11759.22 9448.00
1999/09/30 11097.38 8786.85
1999/10/31 11528.35 9069.65
1999/11/30 12736.60 9931.87
1999/12/31 14398.89 10736.78
2000/01/31 14160.32 10684.68
2000/02/29 14314.24 10461.01
2000/03/31 14352.72 10707.33
2000/04/28 12590.37 9725.13
IMATRL PRASUN SHR__CHT 20000430 20000522 125848 R00000000000077

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Emerging Asia Fund - Class B on March 25,
1994, when the Closed-End Fund started. As the chart shows, by April
30, 2000, the value of the investment, would have grown to $12,590 - a
25.90% increase on the initial investment. For comparison, look at how
the Morgan Stanley Capital International AC Asia Free ex Japan Index
did over the same period. With dividends reinvested, the same $10,000
would have been $9,725 - a 2.75% decrease.

(checkmark)UNDERSTANDING
PERFORMANCE

FIDELITY ADVISOR EMERGING ASIA 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 June 16,
1999. Class C shares bear a 1.00% 12b-1 fee that is reflected in
returns after June 16, 1999. Returns between March 25, 1994 and June
16, 1999 are those of Fidelity Advisor Emerging Asia, Inc., the
Closed-End Fund. On June 15, 1999, the Closed-End Fund reorganized as
an open-end fund through a transfer of all of its assets and
liabilities to the fund. Shareholders of the Closed-End Fund received
Class A shares of the fund in exchange for their shares of the
Closed-End Fund. If Class C shares' total expenses, including its
1.00% 12b-1 fee, had been reflected in the Closed-End Fund's
performance, Class C's returns, prior to June 16, 1999 may have been
lower. Class C shares' contingent deferred sales charges included in
the past six month, past one year, past 5 year and life of fund total
return figures are 1%, 1%, 0% and 0%, respectively. If Fidelity had
not reimbursed certain class expenses, the total returns would have
been lower.

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
CUMULATIVE TOTAL RETURNS

PERIODS ENDED APRIL 30, 2000 PAST 6 MONTHS PAST 1 YEAR PAST 5 YEARS LIFE OF FUND

FIDELITY ADV EMERGING ASIA - 9.29% 21.28% 26.79% 25.90%
CL C

FIDELITY ADV EMERGING ASIA - 8.29% 20.28% 26.79% 25.90%
CL C (INCL. CONTINGENT
DEFERRED SALES CHARGE)

MSCI AC Asia Free ex Japan 7.23% 16.70% -1.92% -2.75%

Pacific Region ex Japan Funds 13.76% 27.50% 12.90% n/a
Average

</TABLE>

CUMULATIVE TOTAL RETURNS show Class C's performance in percentage
terms over a set period - in this case, six months, one year, five
years or since the Closed-End Fund started on March 25, 1994. 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 AC (All Country) Asia Free ex Japan Index - a
market capitalization-weighted index of over 500 stocks traded in 11
Asian markets, excluding Japan. To measure how Class C's performance
stacked up against its peers, you can compare it to the Pacific Region
ex Japan funds average, which reflects the performance of mutual funds
with similar objectives tracked by Lipper Inc. The past six months
average represents a peer group of 85 mutual funds. These benchmarks
include reinvested dividends and capital gains, if any, and exclude
the effect of sales charges.

AVERAGE ANNUAL TOTAL RETURNS

PERIOD ENDED APRIL 30, 2000 PAST 1 YEAR PAST 5 YEARS LIFE OF FUND

FIDELITY ADV EMERGING ASIA - 21.28% 4.86% 3.85%
CL C

FIDELITY ADV EMERGING ASIA - 20.28% 4.86% 3.85%
CL C (INCL. CONTINGENT
DEFERRED SALES CHARGE)

MSCI AC Asia Free ex Japan 16.70% -0.39% -0.46%

Pacific Region ex Japan Funds 27.50% 2.01% n/a
Average

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.

$10,000 OVER LIFE OF FUND
FA Emerging Asia -CL C MS AC Asia Free ex Japan
00758 MS009
1994/03/25 10000.00 10000.00
1994/03/31 9730.50 9915.82
1994/04/30 9893.75 10211.39
1994/05/31 10368.25 10682.77
1994/06/30 9999.98 10323.55
1994/07/31 10694.03 10859.65
1994/08/31 11593.46 11725.79
1994/09/30 11388.08 11498.70
1994/10/31 11338.50 11678.48
1994/11/30 10495.73 10647.22
1994/12/31 10587.20 10349.28
1995/01/31 9359.49 9285.90
1995/02/28 9908.35 10061.44
1995/03/31 10081.67 10055.03
1995/04/30 9930.01 9915.82
1995/05/31 10753.30 11031.18
1995/06/30 10623.31 10844.53
1995/07/31 10616.08 11062.77
1995/08/31 10175.55 10552.55
1995/09/30 10298.32 10678.41
1995/10/31 10067.23 10494.86
1995/11/30 9857.79 10256.64
1995/12/31 10412.58 10763.81
1996/01/31 11231.96 11600.38
1996/02/29 11297.22 11727.04
1996/03/31 11442.24 11812.98
1996/04/30 11993.33 12238.50
1996/05/31 11971.57 12101.06
1996/06/30 12065.84 11920.95
1996/07/31 11231.96 11040.62
1996/08/31 11623.52 11374.11
1996/09/30 11797.55 11569.53
1996/10/31 11558.26 11350.16
1996/11/30 12319.62 11886.31
1996/12/31 12400.79 11845.13
1997/01/31 12572.30 12089.96
1997/02/28 12631.95 12193.32
1997/03/31 11975.75 11504.47
1997/04/30 11871.35 11332.51
1997/05/31 12572.30 11845.20
1997/06/30 13124.11 12278.71
1997/07/31 13347.81 12381.42
1997/08/31 11043.64 10185.63
1997/09/30 11051.09 10140.04
1997/10/31 8642.52 7885.64
1997/11/30 8314.42 7344.92
1997/12/31 8280.71 7070.83
1998/01/31 7934.40 6459.50
1998/02/28 9088.77 7829.15
1998/03/31 8973.34 7713.90
1998/04/30 8303.80 7037.80
1998/05/31 7218.69 5963.78
1998/06/30 6495.28 5294.44
1998/07/31 6426.02 5160.11
1998/08/31 5494.82 4417.08
1998/09/30 6164.36 4855.04
1998/10/31 7395.69 5910.46
1998/11/30 7911.31 6387.55
1998/12/31 8149.88 6520.35
1999/01/31 8011.36 6416.52
1999/02/28 7826.66 6291.59
1999/03/31 8649.34 7045.69
1999/04/30 10381.67 8333.39
1999/05/31 10309.33 8153.23
1999/06/30 11866.97 9427.70
1999/07/31 11528.35 9220.01
1999/08/31 11759.22 9448.00
1999/09/30 11089.69 8786.85
1999/10/31 11520.65 9069.65
1999/11/30 12728.90 9931.87
1999/12/31 14391.20 10736.78
2000/01/31 14152.63 10684.68
2000/02/29 14306.54 10461.01
2000/03/31 14345.02 10707.33
2000/04/28 12590.37 9725.13
IMATRL PRASUN SHR__CHT 20000430 20000522 130501 R00000000000077

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Emerging Asia Fund - Class C on March 25,
1994, when the Closed-End Fund started. As the chart shows, by April
30, 2000, the value of the investment, would have grown to $12,590 - a
25.90% increase on the initial investment. For comparison, look at how
the Morgan Stanley Capital International AC Asia Free ex Japan Index
did over the same period. With dividends reinvested, the same $10,000
would have been $9,725 - a 2.75% decrease.

(checkmark)UNDERSTANDING
PERFORMANCE

FUND TALK: THE MANAGER'S OVERVIEW

MARKET RECAP

Emerging Asian equity markets,
historically among the most
turbulent investment regions in the
world, proved to be one of the most
profitable choices for the
six-month period ending April 30,
2000. During this time, the Morgan
Stanley Capital International All
Country Asia Free ex-Japan Index
- a market
capitalization-weighted index of
over 500 stocks traded in 11 Asian
markets, excluding Japan -
returned 7.23%. At the period's
outset, many of these countries
shared an almost ideal investment
environment, characterized by
recovering economies, falling
interest rates and promises of
corporate restructuring. And, like
the more developed markets
around the world, Asian emerging
markets benefited from a seemingly
unquenchable desire for all things
technology and wireless. However,
just as they shared in the run-up of
these sectors, so too did Asian
markets tumble when tech and
telecom stocks corrected late in the
period. Turning to individual
contributors, Korea and Hong Kong
were two of the strongest
performers, as their economies were
among the fastest growers around
the world. Thailand surged early in
the period thanks to a flood of
exports to the U.S. and Europe, but
later fell on concerns about the
commitment of its corporate
restructuring plans. Taiwan, India
and Singapore all benefited from
their well-developed technology
industries. However, all also
struggled in March and April
thanks to volatile new economy
stocks and heightened inflation
fears in the U.S.

(photograph of Yosawadee Polcharoen)

NOTE TO SHAREHOLDERS: Yosawadee Polcharoen became Portfolio Manager of
Fidelity Advisor Emerging Asia Fund on December 29, 1999.

Q. YOSAWADEE, HOW DID THE FUND PERFORM?

A. During the six months that ended April 30, 2000, the fund's Class
A, Class T, Class B and Class C shares returned 9.73%, 9.59%, 9.21%
and 9.29%, respectively. This compares to the 7.23% return of the
Morgan Stanley Capital International (MSCI) All Country Asia Free
ex-Japan Index. Meanwhile, the Pacific region ex Japan funds average
tracked by Lipper Inc. returned 13.76%. On a 12 month basis, the
fund's Class A, Class T, Class B and Class C shares returned 22.09%,
21.94%, 21.28% and 21.28%, respectively, while the MSCI index and
Lipper average had respective returns of 16.70% and 27.50%.

Q. WHAT HELPED THE FUND PERFORM BETTER THAN ITS BENCHMARK INDEX?

A. The fund's performance benefited from its relatively large holdings
in the technology and telecommunications sectors, which performed
strongly during the past six months. The technology sector benefited
from stronger-than-expected global demand for personal computers, as
well as the continuing trend toward outsourcing from companies in the
U.S., Japan and Europe. Some stocks that performed well included
Taiwan Semiconductor, United Microelectronics of Taiwan, and Infosys
Technologies of India. The telecommunications sector also was a strong
performer during the past six months. This was especially true among
mobile phone operators, which experienced strong subscriber growth as
a result of domestic economic recovery, lower handset prices and
increased data traffic. Some of the fund's contributors in this area
included SK Telecom in South Korea and China Telecom in Hong Kong.

Q. WHY DID THE FUND UNDERPERFORM ITS PEERS?

A. In general, the fund's competitors held a greater proportion of
technology stocks than the fund, and technology was one of the primary
market drivers of the past six months. The fund was a bit more
diversified on average, thereby reducing its risk exposure.

Q. WERE THERE ANY DISAPPOINTMENTS DURING THE PERIOD?

A. Not owning enough of Hutchison Whampoa and Cheung Kong Holdings -
Hutchison Whampoa's parent company - in Hong Kong hurt the fund's
performance. These companies performed strongly following Hutchison's
unexpected sale of its Orange telecommunications business to
Mannesmann, which was in turn sold to Vodafone AirTouch. The fund's
performance also was hurt by its relatively small position in Wipro
Ltd. of India. This software company, which is the largest Indian
company in the benchmark index, performed strongly as it continued to
benefit from the outsourcing trend in the U.S.

Q. WHAT CHANGES HAVE YOU MADE TO THE PORTFOLIO OVER THE PAST FOUR
MONTHS?

A. I further increased the fund's exposure to telecommunications
companies, including SK Telecom in South Korea and China Telecom.
Exposure to electronics companies in Taiwan also was increased, as the
cyclical upturn in the sector is expected to continue. In turn, I
reduced the fund's exposure to non-telecommunications utilities across
the region, as the sector offers little growth prospects. I also
reduced the fund's exposure to Singapore, as valuations were generally
unattractive, especially among banks. Finally, the fund continued to
hold a relatively large exposure to selected cyclical stocks,
particularly among the steel and petrochemical sectors in South Korea,
Taiwan and India. These stocks could benefit from rising commodity
prices and increased demand.

Q. WHAT IS YOUR OUTLOOK FOR THE COMING MONTHS?

A. Over the short term, the market is likely to be vulnerable to U.S.
interest-rate rises and market movements. As such, the market is
likely to remain volatile. However, over the longer term, I believe
that the market should benefit from a strong recovery in domestic
markets, which is resulting in a significant growth in corporate
profits. Moreover, the declining level of problem loans in most
countries is expected to help restore health to the financial systems
in the region.

(checkmark)FUND FACTS

GOAL: to achieve long-term
capital appreciation through
investments in equity and
debt securities of Asian
emerging-market issuers

START DATE: March 25, 1994

SIZE: as of April 30, 2000,
more than $77 million

MANAGER: Yosawadee
Polcharoen, since December
1999; joined Fidelity in
1992

YOSAWADEE POLCHAROEN
ON HER INVESTMENT STYLE:

"I characterize myself as an
aggressive manager, in that I am
willing to have a relatively large
exposure to stocks or sectors I
feel strongly about. Conversely,
I'll hold a very small position in a
stock, even if it's a large
component of the benchmark
index, if I'm unexcited about the
company's growth prospects.

"As a growth investor, I look for
companies with earnings that far
exceed what's reflected by their
share prices. When valuing a com-
pany, I look at measures such as
cash flow, book value and
replacement value. Some
companies may not be attractive on
this criteria, but could still be in
the portfolio because of their
franchise value or monopoly
position, which should help them
emerge stronger over time. I'll sell
a stock when I believe its price has
outpaced the company's earning
potential.

"I generally focus on large- and
medium-sized companies, with a
limited exposure to smaller
companies. Large and medium
companies usually have longer
track records, while smaller
companies in the region are
generally illiquid and have high
business risks, therefore making
them less attractive.

"Country allocation is derived by
bottom-up investment research.
As I find more attractive holdings
in a particular country, the fund's
investments there will grow. As a
result, changes in asset allocation
are not sudden but more gradual.
Rather than use macroeconomic
data, I rely on company visits to
develop a view on the prospects of
the various economies across the
region."

INVESTMENT CHANGES

<TABLE>
<CAPTION>
<S> <C> <C>
TOP TEN STOCKS AS OF APRIL
30, 2000

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

Hutchison Whampoa Ltd. 7.5 4.9

Samsung Electronics Co. Ltd. 6.3 4.1

China Telecom (Hong Kong) Ltd. 4.4 0.6

Taiwan Semiconductor 4.1 2.3
Manufacturing Co. Ltd.

United Microelectronics Corp. 2.8 1.2

Cheung Kong Holdings Ltd. 2.8 2.5

Cable & Wireless Hkt Ltd. 2.1 3.1

Infosys Technologies Ltd. 2.0 1.0

SK Telecom Co. Ltd. 1.9 0.4

DBS Group Holdings Ltd. 1.8 1.6

35.7 21.7

TOP FIVE MARKET SECTORS AS OF
APRIL 30, 2000

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

Technology 31.6 18.6

Utilities 18.2 14.0

Finance 13.8 19.0

Industrial Machinery & 9.7 6.1
Equipment

Construction & Real Estate 5.4 10.4

</TABLE>

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

AS OF APRIL 30, 2000 AS OF OCTOBER 31, 1999

Stocks 95.7% Stocks 94.7%

Short-Term Investments and Short-Term Investments and
Net Other Assets 4.3% Net Other Assets 5.3%

Row: 1, Col: 1, Value: 95.7 Row: 1, Col: 1, Value: 94.7
Row: 1, Col: 2, Value: 0.0 Row: 1, Col: 2, Value: 0.0
Row: 1, Col: 3, Value: 0.0 Row: 1, Col: 3, Value: 0.0
Row: 1, Col: 4, Value: 0.0 Row: 1, Col: 4, Value: 0.0
Row: 1, Col: 5, Value: 0.0 Row: 1, Col: 5, Value: 0.0
Row: 1, Col: 6, Value: 0.0 Row: 1, Col: 6, Value: 0.0
Row: 1, Col: 7, Value: 0.0 Row: 1, Col: 7, Value: 0.0
Row: 1, Col: 8, Value: 4.3 Row: 1, Col: 8, Value: 5.3

</TABLE>

INVESTMENTS APRIL 30, 2000 (UNAUDITED)

Showing Percentage of Net Assets

COMMON STOCKS - 95.4%

SHARES VALUE (NOTE 1)

HONG KONG - 27.1%

Asia Satellite 48,000 $ 150,056
Telecommunications Holdings
Ltd.

Bank of East Asia Ltd. 188,000 406,697

Cable & Wireless Hkt Ltd. 699,753 1,618,178

Cathay Pacific Airways Ltd. 592,000 1,067,851

Cheung Kong Holdings Ltd. 182,000 2,173,037

China Telecom Ltd. (a) 470,000 3,447,156

Citic Pacific Ltd. 213,000 976,249

Dah Sing Financial Holdings 54,395 212,996
Ltd.

Dao Heng Bank Group Ltd. 57,000 263,445

Giordano International Ltd. 220,000 360,119

Hang Seng Bank Ltd. 72,000 663,235

Hutchison Whampoa Ltd. 400,000 5,828,653

i-CABLE Communications Ltd. 385,800 169,643

Johnson Electric Holdings 25,000 201,403
Ltd.

Legend Holdings Ltd. 302,000 350,888

Li & Fung Ltd. 200,000 772,875

Pacific Century CyberWorks 180,000 335,084
Ltd.

Smartone Telecommunications 166,000 520,009
Holdings Ltd.

Sun Hung Kai Properties Ltd. 137,547 1,090,438

SUNDAY Communications Ltd. 42,000 8,951

Sunevision Holdings Ltd. 11,996 15,632

Television Broadcasts Ltd. 56,000 382,843

21,015,438

INDIA - 11.0%

Dr. Reddy's Laboratories Ltd. 12,700 375,326

Global Tele-Systems.com Ltd. 5,900 160,848

Gujarat Ambuja Cement Ltd. 26,000 119,070

HCL Technologies Ltd. (a) 9,800 350,241

Hindalco Industries Ltd. 9,800 158,282

Hindustan Lever Ltd. 11,305 620,260

Housing Development Finance 38,980 422,306
Corp. Ltd.

Hughes Software Systems Ltd. 3,400 229,938

ICICI Bank Ltd. sponsored ADR 22,200 382,950

ICICI Ltd. sponsored ADR 11,400 289,275

Infosys Technologies Ltd. 8,200 1,521,649

ITC Ltd. 20,200 263,780

Mahanagar Telephone Nigam 23,900 123,223
Ltd.

Pentamedia Graphics Ltd. 5,635 82,040

Pentamedia Graphics Ltd. New 21,565 313,965

Reliance Industries Ltd. 73,200 581,743

Satyam Infoway Ltd. sponsored 9,400 364,250
ADR

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

INDIA - CONTINUED

Sri Adhikari Brothers 4,400 $ 48,229
Television Network Ltd.

SSI Ltd. sponsored GDR (a) 8,500 74,375

State Bank of India 47,355 223,594

Videsh Sanchar Nigam Ltd. 8,500 258,992

VisualSoft Technologies Ltd. 2,000 314,330

Wipro Ltd. 12,000 915,643

Zee Telefilms Ltd. 21,700 352,967

8,547,276

INDONESIA - 1.1%

Astra International PT (a) 464,500 187,558

Gudang Garam PT Perusahaan 94,000 148,265

PT Indosat (Persero) Tbk 76,000 100,454

PT Telkomunikasi Indonesia (a) 554,000 241,174

Sampoerna, Hanjaya Mandala (a) 96,000 139,003

816,454

KOREA (SOUTH) - 14.3%

Dacom Corp. 1,270 184,249

Daou Technology, Inc. 6,800 98,040

Housing & Commercial Bank 19,150 327,867

Humax Co. Ltd. (a) 10,800 173,715

Hyundai Electronics 18,222 288,991
Industries Co. Ltd. (a)

Kookmin Bank 30,070 325,154

Korea Electric Power Corp. 46,330 1,356,815

Korea Telecom 9,700 662,546

Korea Thrunet Co. Ltd. Class A 3,600 93,150

Korealink Co. Ltd. (a) 1,900 104,438

Medidas Co. Ltd. 6,379 93,695

Pohang Iron & Steel Co. Ltd. 4,480 356,831

Samsung Electro-Mechanics Co. 7,300 496,643

Samsung Electronics Co. Ltd. 18,187 4,916,514

Samsung Securities Co. Ltd. 11,762 198,197

SK Telecom Co. Ltd. 5,410 1,438,117

11,114,962

MALAYSIA - 7.9%

AMMB Holdings BHD 59,000 223,579

Berjaya Sports Toto BHD 104,000 217,579

British American Tobacco BHD 18,000 139,737

Commerce Asset Holding BHD 194,000 546,263

Edaran Otomobil Nasional BHD 38,000 134,000
(EON)

Malakoff BHD 56,000 144,421

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

MALAYSIA - CONTINUED

Malayan Banking BHD 170,000 $ 706,842

Malaysian Resources Corp. BHD 175,000 162,105
(a)

New Straits Times Press BHD 64,000 213,895

Public Bank BHD (For. Reg.) 286,000 398,895

Star Publications BHD 61,000 221,526

TA Enterprise BHD 640,000 261,053

Tanjong PLC 56,000 154,737

Technology Resources 550,000 703,421
Industries BHD

Telekom Malaysia BHD 204,000 708,632

Tenaga Nasional BHD 262,000 868,737

United Engineers BHD (a) 113,000 291,421

6,096,843

PHILIPPINES - 1.1%

ABS CBN Broadcasting Corp. 247,000 293,157
unit

Bank of the Phillipene Island 64,000 143,393
(BPI)

Manila Electric Co. Class B 90,120 161,533

Philippine Long Distance 10,000 179,242
Telephone

San Miguel Corp. Class B 92,100 116,003

893,328

SINGAPORE - 10.1%

Chartered Semiconduct 60,000 516,847
Manufacturing Ltd.

City Developments Ltd. 86,000 390,565

Creative Technology Ltd. 18,000 437,738

Datacraft Asia Ltd. 47,000 352,500

DBS Group Holdings Ltd. 99,463 1,369,693

Natsteel Electronics Ltd. 62,000 356,050

Natsteel Ltd. 101,000 247,395

Oversea-Chinese Banking Corp. 121,604 833,734
Ltd.

Singapore Airlines Ltd. 87,000 902,373

Singapore Press Holdings Ltd. 55,298 1,082,305

Singapore Telecommunications 452,000 651,579
Ltd.

United Overseas Bank Ltd. 77,470 540,224

Venture Manufacturing 12,000 140,639
Singapore Ltd.

7,821,642

TAIWAN - 19.2%

Acer Peripherals, Inc. 97,222 401,980

Acer Sertek, Inc. 42,000 230,626

Acer, Inc. (a) 313,000 654,748

Advanced Semiconductor 182,000 582,971
Engineering, Inc. (a)

Advantech Co. Ltd. 40,000 324,236

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

TAIWAN - CONTINUED

Asustek Computer, Inc. 72,422 $ 802,453

Bank Sinopac 337,193 187,360

Cathay Life Insurance Co. 62,869 152,061
Ltd.

Compal Electronics, Inc. 73,587 188,808

D-Link Corp. 69,000 202,974

Far Eastern Silo & Shipping 249,000 149,750
Co. (a)

Far Eastern Textile Ltd. 347,470 533,783

Formosa Plastic 204,000 423,403

GigaMedia Ltd. 6,650 159,600

Hon Hai Precision Industries 14,600 401,500
Co. Ltd. GDR (a)(c)

Macronix International Co. 174,000 526,066
Ltd. (a)

Microelectronics Technology, 114,000 530,969
Inc. (a)

Nan Ya Plastics Corp. 319,300 683,581

Pacific Electric Wire & Cable 248,000 244,798
(a)

Phoenixtec Power Co. Ltd. 84,887 202,541

Polaris Securities Co. Ltd. 353,000 424,592

Siliconware Precision 84,348 191,606
Industries Co. Ltd.

Taishin International Bank 351,448 182,645

Taiwan Cement Corp. 167,000 134,277

Taiwan Semiconductor 488,980 3,148,523
Manufacturing Co. Ltd. (a)

United Microelectronics Corp. 651,000 2,202,272

Via Technologies, Inc. (a) 20,000 333,388

Winbond Electronics Corp. 22,000 685,300
sponsored GDR (a)(c)

14,886,811

THAILAND - 2.8%

Advanced Info Service PCL 32,400 379,425
(For. Reg.) (a)

Bangkok Bank Ltd. PCL (For. 109,500 185,447
Reg.) (a)

Shin Corporations PCL (For. 49,000 285,624
Reg.) (a)

Siam Cement PCL (For.Reg.) (a) 7,100 164,054

TelecomAsia Corp. PCL (a) 604,400 809,358

TelecomAsia Corp. PCL rights 190,863 138,699
4/30/08 (a)

Thai Farmers Bank PCL (For. 142,000 149,140
Reg.) (a)

Thai Petrochemical Industry 408,200 99,679
PCL (a)

2,211,426

UNITED KINGDOM - 0.6%

HSBC Holdings PLC (Hong Kong) 38,585 441,316
(Reg.)

UNITED STATES OF AMERICA - 0.2%

UTStarcom, Inc. 3,400 161,500

TOTAL COMMON STOCKS 74,006,996
(Cost $58,667,571)

PREFERRED STOCKS - 0.3%

SHARES VALUE (NOTE 1)

CONVERTIBLE PREFERRED STOCKS
- 0.2%

THAILAND - 0.2%

Siam Commercial Bank PLC 5.25% 238,100 $ 190,680

NONCONVERTIBLE PREFERRED
STOCKS - 0.1%

TAIWAN - 0.1%

Taishin International Bank 150,628 48,248

TOTAL PREFERRED STOCKS 238,928
(Cost $237,449)

CASH EQUIVALENTS - 4.3%

Taxable Central Cash Fund, 3,338,539 3,338,539
5.77% (b) (Cost $3,338,539)

TOTAL INVESTMENT PORTFOLIO - 77,584,463
100.0%
(Cost $62,243,559)

NET OTHER ASSETS - 0.0% (5,561)

NET ASSETS - 100% $ 77,578,902

LEGEND

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at
period end.

(c) Security exempt from registration under Rule 144A of the
Securities Act of 1933. These securities may be resold in
transactions exempt from registration, normally to qualified
institutional buyers. At the period end, the value of these securities
amounted to $1,086,800 or 1.4% of net assets.

INCOME TAX INFORMATION

At April 30, 2000, the aggregate cost of investment securities for
income tax purposes was $62,497,003. Net unrealized appreciation
aggregated $15,087,460, of which $21,884,551 related to appreciated
investment securities and $6,797,091 related to depreciated investment
securities.

At April 30, 2000, the fund had a capital loss carryforward of
approximately $9,407,000 all of which will expire on October 31, 2006.

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2000 (UNAUDITED)

ASSETS

Investment in securities, at $ 77,584,463
value (cost $62,243,559) -
See accompanying schedule

Foreign currency held at 1,500,783
value (cost $1,501,759)

Receivable for fund shares 195,243
sold

Dividends receivable 91,017

Interest receivable 9,576

TOTAL ASSETS 79,381,082

LIABILITIES

Payable to custodian bank $ 12,266

Payable for investments 732,991
purchased

Payable for fund shares 331,261
redeemed

Accrued management fee 43,865

Distribution fees payable 22,199

Other payables and accrued 659,598
expenses

TOTAL LIABILITIES 1,802,180

NET ASSETS $ 77,578,902

Net Assets consist of:

Paid in capital $ 65,143,196

Accumulated net investment (373,301)
loss

Accumulated undistributed net (2,530,813)
realized gain (loss) on
investments and foreign
currency transactions

Net unrealized appreciation 15,339,820
(depreciation) on
investments and assets and
liabilities in foreign
currencies

NET ASSETS $ 77,578,902

STATEMENT OF ASSETS AND LIABILITIES - CONTINUED
APRIL 30, 2000 (UNAUDITED)

CALCULATION OF MAXIMUM $16.47
OFFERING PRICE CLASS A: NET
ASSET VALUE and redemption
price per share
($51,685,679 (divided by)
3,139,104 shares)

Maximum offering price per $17.47
share (100/94.25 of $16.47)

CLASS T: NET ASSET VALUE and $16.45
redemption price per share
($10,643,641 (divided by)
647,220 shares)

Maximum offering price per $17.05
share (100/96.50 of $16.45)

CLASS B: NET ASSET VALUE and $16.36
offering price per share
($4,770,092 (divided by)
291,502 shares) A

CLASS C: NET ASSET VALUE and $16.36
offering price per share
($3,033,014 (divided by)
185,405 shares) A

INSTITUTIONAL CLASS: NET $16.51
ASSET VALUE, offering price
and redemption price per
share ($7,446,476 (divided
by) 450,940 shares)

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

STATEMENT OF OPERATIONS

SIX MONTHS ENDED APRIL 30,
2000 (UNAUDITED)

INVESTMENT INCOME $ 412,084
Dividends

Interest 72,954

485,038

Less foreign taxes withheld (38,949)

TOTAL INCOME 446,089

EXPENSES

Management fee $ 279,695

Transfer agent fees 89,332

Distribution fees 123,058

Accounting fees and expenses 30,042

Non-interested trustees' 18,116
compensation

Custodian fees and expenses 152,908

Registration fees 38,335

Audit 46,466

Interest 12,899

Total expenses before 790,851
reductions

Expense reductions (12,151) 778,700

NET INVESTMENT INCOME (LOSS) (332,611)

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

Investment securities (net 8,151,458
of foreign taxes of $970,986)

Foreign currency transactions 86,129 8,237,587

Change in net unrealized
appreciation (depreciation)
on:

Investment securities (2,362,011)

Assets and liabilities in (47,489) (2,409,500)
foreign currencies

NET GAIN (LOSS) 5,828,087

NET INCREASE (DECREASE) IN $ 5,495,476
NET ASSETS RESULTING FROM
OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS

SIX MONTHS ENDED APRIL 30, YEAR ENDED OCTOBER 31, 1999
2000 (UNAUDITED)

INCREASE (DECREASE) IN NET
ASSETS

Operations Net investment $ (332,611) $ (167,945)
income (loss)

Net realized gain (loss) 8,237,587 5,313,599

Change in net unrealized (2,409,500) 31,215,024
appreciation (depreciation)

NET INCREASE (DECREASE) IN 5,495,476 36,360,678
NET ASSETS RESULTING FROM
OPERATIONS

Share transactions - net (13,575,898) (17,308,082)
increase (decrease)

Redemption fees - 856,162

TOTAL INCREASE (DECREASE) (8,080,422) 19,908,758
IN NET ASSETS

NET ASSETS

Beginning of period 85,659,324 65,750,566

End of period (including $ 77,578,902 $ 85,659,324
accumulated net investment
loss of $373,301 and
$40,690, respectively)

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS - CLASS A
SIX MONTHS ENDED APRIL 30, 2000 YEARS ENDED OCTOBER 31, 1999

SELECTED PER-SHARE DATA (UNAUDITED) 1999 I 1998 1997 1996

Net asset value, beginning of $ 15.01 $ 9.61 $ 11.59 $ 15.94 $ 13.94
period

Income from Investment
Operations

Net investment income (loss) D (.07) (.03) .03 .01 .01

Net realized and unrealized 1.53 5.30 (1.73) (3.94) 2.05
gain (loss)

Total from investment 1.46 5.27 (1.70) (3.93) 2.06
operations

Less Distributions

From net investment income - - (.07) (.01) (.01)

In excess of net investment - - (.03) - (.05)
income

From net realized gain - - (.13) (.41) -

In excess of net realized gain - - (.06) - -

Total distributions - - (.29) (.42) (.06)

Redemption fees added to paid - .13 .01 H - G -
in capital

Net asset value, end of period $ 16.47 $ 15.01 $ 9.61 $ 11.59 $ 15.94

TOTAL RETURN B, C 9.73% 56.19% (14.43)% (25.23)% 14.81%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 51,686 $ 82,492 $ 65,751 $ 88,102 $ 134,614
(000 omitted)

Ratio of expenses to average 1.99% A 2.04% E 2.57% 1.72% 1.63%
net assets

Ratio of expenses to average 1.98% A, F 2.03% F 2.54% F 1.71% F 1.63%
net assets after expense
reductions

Ratio of net investment (.80)% A (.22)% .30% .03% .09%
income (loss) to average net
assets

Portfolio turnover rate 120% A 62% 42% 55% 63%

</TABLE>

<TABLE>
<CAPTION>
<S> <C>
FINANCIAL HIGHLIGHTS - CLASS A
YEARS ENDED OCTOBER 31, 1999

SELECTED PER-SHARE DATA 1995

Net asset value, beginning of $ 16.01
period

Income from Investment
Operations

Net investment income (loss) D .01

Net realized and unrealized (1.83)
gain (loss)

Total from investment (1.82)
operations

Less Distributions

From net investment income (.04)

In excess of net investment (.09)
income

From net realized gain (.10)

In excess of net realized gain (.02)

Total distributions (.25)

Redemption fees added to paid -
in capital

Net asset value, end of period $ 13.94

TOTAL RETURN B, C (11.21)% J

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 117,754
(000 omitted)

Ratio of expenses to average 1.68%
net assets

Ratio of expenses to average 1.68%
net assets after expense
reductions

Ratio of net investment .08%
income (loss) to average net
assets

Portfolio turnover rate 69%

</TABLE>

A ANNUALIZED
B TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES
CHARGE AND FOR PERIODS OF LESS THAN ONE YEAR ARE NOT
ANNUALIZED.
C THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN
EXPENSES NOT BEEN REDUCED DURING THE PERIOD.
D NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN
CALCULATED BASED ON AVERAGE SHARES OUTSTANDING DURING
THE PERIOD.
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 THE FUND INCURRED EXPENSES OF $.01 PER SHARE IN
CONNECTION WITH ITS TENDER OFFER WHICH WERE OFFSET BY
REDEMPTION FEES COLLECTED AS PART OF THE TENDER OFFER.
H THE FUND INCURRED EXPENSES OF $.005 PER SHARE IN
CONNECTION WITH ITS TENDER OFFER WHICH WERE OFFSET BY
REDEMPTION FEES COLLECTED AS PART OF THE TENDER OFFER.
I PRIOR TO JUNE 16, 1999, THE FUND OPERATED AS A
CLOSED-END MANAGEMENT COMPANY. SHARES OF THE FUND
EXISTING AT THE TIME OF ITS CONVERSION TO AN OPEN-ENDED
MANAGEMENT INVESTMENT COMPANY WERE EXCHANGED FOR
CLASS A SHARES.
J THE TOTAL RETURNS INCLUDE THE EFFECT OF A CORRECTION
TO DIVIDEND REINVESTMENT METHODOLOGY.

SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL
STATEMENTS.

<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL HIGHLIGHTS - CLASS T

SIX MONTHS ENDED APRIL 30, YEAR ENDED OCTOBER 31, 1999 E
2000 (UNAUDITED)

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 15.01 $ 14.44
period

Income from Investment
Operations

Net investment income (loss) D (.10) .13

Net realized and unrealized 1.54 .44
gain (loss)

Total from investment 1.44 .57
operations

Net asset value, end of period $ 16.45 $ 15.01

TOTAL RETURN B, C 9.59% 3.95%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 10,644 $ 1,405
(000 omitted)

Ratio of expenses to average 2.29% A, F 2.25% A, F
net assets

Ratio of expenses to average 2.27% A, G 2.25% A
net assets after expense
reductions

Ratio of net investment (1.10)% A 2.34% A
income (loss) to average net
assets

Portfolio turnover rate 120% A 62%

</TABLE>

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 (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD JUNE 16, 1999 (COMMENCEMENT OF SALE OF CLASS T
SHARES) TO OCTOBER 31, 1999.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.

<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL HIGHLIGHTS - CLASS B

SIX MONTHS ENDED APRIL 30, YEAR ENDED OCTOBER 31, 1999 E
2000 (UNAUDITED)

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 14.98 $ 14.44
period

Income from Investment
Operations

Net investment income (loss) D (.14) .08

Net realized and unrealized 1.52 .46
gain (loss)

Total from investment 1.38 .54
operations

Net asset value, end of period $ 16.36 $ 14.98

TOTAL RETURN B, C 9.21% 3.74%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 4,770 $ 977
(000 omitted)

Ratio of expenses to average 2.79% A, F 2.75% A, F
net assets

Ratio of expenses to average 2.77% A, G 2.75% A
net assets after expense
reductions

Ratio of net investment (1.60)% A 1.38% A
income (loss) to average net
assets

Portfolio turnover rate 120% A 62%

</TABLE>

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 JUNE 16, 1999 (COMMENCEMENT OF SALE OF CLASS B
SHARES) TO OCTOBER 31, 1999.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.

<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL HIGHLIGHTS - CLASS C

SIX MONTHS ENDED APRIL 30, YEAR ENDED OCTOBER 31, 1999 E
2000 (UNAUDITED)

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 14.97 $ 14.44
period

Income from Investment
Operations

Net investment income (loss) D (.14) .04

Net realized and unrealized 1.53 .49
gain (loss)

Total from investment 1.39 .53
operations

Net asset value, end of period $ 16.36 $ 14.97

TOTAL RETURN B, C 9.29% 3.67%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 3,033 $ 614
(000 omitted)

Ratio of expenses to average 2.79% A, F 2.75% A, F
net assets

Ratio of expenses to average 2.77% A, G 2.75% A
net assets after expense
reductions

Ratio of net investment (1.60)% A .75% A
income (loss) to average net
assets

Portfolio turnover rate 120% A 62%

</TABLE>

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 JUNE 16, 1999 (COMMENCEMENT OF SALE OF CLASS C
SHARES) TO OCTOBER 31, 1999.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.

<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL HIGHLIGHTS - INSTITUTIONAL CLASS

SIX MONTHS ENDED APRIL 30, YEAR ENDED OCTOBER 31, 1999 E
2000 (UNAUDITED)

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 15.03 $ 14.44
period

Income from Investment
Operations

Net investment income (loss) D (.05) .05

Net realized and unrealized 1.53 .54
gain (loss)

Total from investment 1.48 .59
operations

Net asset value, end of period $ 16.51 $ 15.03

TOTAL RETURN B, C 9.85% 4.09%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 7,446 $ 172
(000 omitted)

Ratio of expenses to average 1.76% A 1.75% A, G
net assets

Ratio of expenses to average 1.72% A, F 1.75% A
net assets after expense
reductions

Ratio of net investment (.54)% A .90% A
income (loss) to average net
assets

Portfolio turnover rate 120% A 62%

</TABLE>

A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS 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 JUNE 16, 1999 (COMMENCEMENT OF SALE OF INSTITUTIONAL
CLASS SHARES) TO OCTOBER 31, 1999.
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 FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.

NOTES TO FINANCIAL STATEMENTS
For the period ended April 30, 2000 (Unaudited)

1. SIGNIFICANT ACCOUNTING POLICIES.

Fidelity Advisor Emerging Asia 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's investments in emerging markets can be subject to social,
economic, regulatory, and political uncertainties and can be extremely
volatile. The financial statements have been prepared in conformity
with generally accepted accounting principles which require management
to make certain estimates and assumptions at the date of the financial
statements. The following summarizes the significant accounting
policies of the fund:

SECURITY VALUATION. Securities for which quotations are readily
available are valued using the official closing price or 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.

1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

FOREIGN CURRENCY TRANSLATION - CONTINUED

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, which includes accretion of
original issue discount, 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 foreign currency transactions, passive foreign
investment companies (PFIC), net operating losses, capital loss
carryforwards and losses deferred due to wash sales.

1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

DISTRIBUTIONS TO SHAREHOLDERS - CONTINUED

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.

2. OPERATING POLICIES - CONTINUED

INTERFUND LENDING PROGRAM. Pursuant to an Exemptive Order issued by
the SEC, the fund, along with other registered investment companies
having management contracts with FMR, may participate in an interfund
lending program. This program provides an alternative credit facility
allowing the fund to borrow from, or lend money to, other
participating funds.

3. PURCHASES AND SALES OF INVESTMENTS.

Purchases and sales of securities, other than short-term securities,
aggregated $44,109,469 and $56,813,068, respectively.

4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.

4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED

DISTRIBUTION AND SERVICE PLAN. In accordance with Rule 12b-1 of the
1940 Act, the Board of Trustees has 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
distribution and service 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 $ 76,906 $ 16,225

CLASS T 16,183 -

CLASS B 18,422 13,879

CLASS C 11,547 8,200

$ 123,058 $ 38,304

4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED

SALES LOAD - CONTINUED

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

PAID TO FDC RETAINED BY FDC

CLASS A $ 34,336 $ 18,841

CLASS T 18,797 5,336

CLASS B 24,443 24,443*

CLASS C 3,414 3,414*

$ 80,990 $ 52,034

* 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.

AMOUNT % OF AVERAGE NET ASSETS

CLASS A $ 64,926 .21 *

CLASS T 10,900 .34 *

CLASS B 6,575 .36 *

CLASS C 3,198 .28 *

INSTITUTIONAL CLASS 3,733 .24 *

$ 89,332

* ANNUALIZED

ACCOUNTING FEES. Fidelity Service Company, Inc. (FSC), an affiliate of
FMR, maintains the fund's accounting records. The fee is based on the
level of average net assets for the month plus out-of-pocket expenses.

5. INTERFUND LENDING PROGRAM.

The fund participated in the interfund lending program as a borrower.
The average daily loan balance during the period for which loans were
outstanding amounted to $8,702,600. The weighted average interest rate
was 5.34%. At period end there were no interfund loans outstanding.

6. EXPENSE REDUCTIONS.

FMR EXPENSE LIMITATIONS REIMBURSEMENT

CLASS T 2.25% 2,798

CLASS B 2.75% 2,179

CLASS C 2.75% 438

$ 5,415

FMR has also directed certain portfolio trades to brokers who paid a
portion of the fund's expenses. For the period, the fund's expenses
were reduced by $5,335 under this arrangement.

In addition, through an arrangement with each class' transfer agent,
credits realized as a result of uninvested cash balances were used to
reduce a portion of expenses. During the period, each applicable
class' expenses were reduced as follows under the transfer agent
arrangements:

TRANSFER AGENT CREDITS

CLASS A $ 914

INSTITUTIONAL CLASS 487

$ 1,401

7. BENEFICIAL INTEREST.

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

8. SHARE TRANSACTIONS.

Transactions for each class of shares for the periods are as follows:

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

SIX MONTHS ENDED APRIL 30, YEAR ENDED OCTOBER 31, SIX MONTHS ENDED APRIL 30,

2000 1999 2000

CLASS A Shares sold 88,023 $ 9,904,888
571,792

Shares redeemed (2,927,048) (1,435,809) (48,737,358)

Net increase (decrease) (2,355,256) (1,347,786) $ (38,832,470)

CLASS T A Shares sold 721,227 173,217 $ 13,196,662

Shares redeemed (167,647) (79,577) (2,938,716)

Net increase (decrease) 553,580 93,640 $ 10,257,946

CLASS B A Shares sold 306,497 82,132 $ 5,570,190

Shares redeemed (80,199) (16,928) (1,498,184)

Net increase (decrease) 226,298 65,204 $ 4,072,006

CLASS C A Shares sold 176,818 44,256 $ 3,202,274

Shares redeemed (32,425) (3,244) (600,587)

Net increase (decrease) 144,393 41,012 $ 2,601,687

INSTITUTIONAL CLASS A Shares 477,938 11,433 $ 9,009,126
sold

Shares redeemed (38,431) - (684,193)

Net increase (decrease) 439,507 11,433 $ 8,324,933

</TABLE>

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

YEAR ENDED OCTOBER 31,

1999

CLASS A Shares sold $ 1,327,477

Shares redeemed (21,783,079)

Net increase (decrease) $ (20,455,602)

CLASS T A Shares sold $ 2,566,076

Shares redeemed (1,175,670)

Net increase (decrease) $ 1,390,406

CLASS B A Shares sold $ 1,228,722

Shares redeemed (254,139)

Net increase (decrease) $ 974,583

CLASS C A Shares sold $ 662,150

Shares redeemed (46,879)

Net increase (decrease) $ 615,271

INSTITUTIONAL CLASS A Shares $ 167,260
sold

Shares redeemed -

Net increase (decrease) $ 167,260

</TABLE>

A FOR THE YEAR ENDED OCTOBER 31, 1999, AMOUNTS SHOWN ARE FOR THE
PERIOD JUNE 16, 1999 TO OCTOBER 31, 1999.

INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA

INVESTMENT SUB-ADVISERS
Fidelity Investments Japan Ltd.
Fidelity International
Investment Advisors
Fidelity International
Investment Advisors
(U.K.) Limited
Fidelity Management & Research
(Far East) Inc.
Fidelity Management & Research
(U.K.) Inc.

OFFICERS
Edward C. Johnson 3d, President
Robert C. Pozen, Senior Vice President
Robert H. Auld, Vice President
Eric D. Roiter, Secretary
Robert A. Dwight, Treasurer
Matthew N. Karstetter, Deputy Treasurer
Maria F. Dwyer, Deputy Treasurer
Gregory T. Merz, Assistant Secretary
John H. Costello, Assistant Treasurer

* INDEPENDENT TRUSTEES

ADVISORY BOARD
J. Michael Cook
Abigail P. Johnson

GENERAL DISTRIBUTOR
Fidelity Distributors Corp.
Boston, MA

TRANSFER AND SHAREHOLDER
SERVICING AGENTS
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

CUSTODIAN
Brown Brothers Harriman & Co.
Boston, MA

GROWTH FUNDS
Fidelity Advisor Latin America Fund
Fidelity Advisor Emerging Asia Fund
Fidelity Advisor Japan Fund
Fidelity Advisor Europe Capital Appreciation Fund
Fidelity Advisor International
Capital Appreciation Fund
Fidelity Advisor Overseas Fund
Fidelity Advisor Diversified International Fund
Fidelity Advisor Global Equity Fund
Fidelity Advisor TechnoQuant(registered trademark)
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

AEA-SANN-0600 104144
1.703637.102

GROWTH AND INCOME FUNDS
Fidelity Advisor Growth & Income Fund
Fidelity Advisor Equity Income Fund
Fidelity Advisor Asset Allocation Fund
Fidelity Advisor Balanced Fund

MUNICIPAL FUND
Fidelity Advisor Municipal Income Fund

MONEY MARKET FUNDS
Prime Fund
Treasury Fund
Tax-Exempt Fund

(2_FIDELITY_LOGOS)(registered trademark)

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

SEMIANNUAL REPORT
APRIL 30, 2000

(2_FIDELITY_LOGOS)(registered trademark)

CONTENTS

PRESIDENT'S MESSAGE 3 Ned Johnson on investing
strategies.

PERFORMANCE 4 How the fund has done over
time.

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

INVESTMENT CHANGES 15 A summary of major shifts in
the fund's investments over
the past six months.

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

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

NOTES 30 Notes to the financial
statements.

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.

This report is printed on recycled paper using soy-based inks.

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,
Edward C. Johnson 3d

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

CUMULATIVE TOTAL RETURNS

PERIODS ENDED APRIL 30, 2000 PAST 6 MONTHS PAST 1 YEAR LIFE OF FUND

FIDELITY ADV EUROPE CAP APP - 12.61% 16.01% 18.91%
CL A

FIDELITY ADV EUROPE CAP APP - 6.13% 9.34% 12.07%
CL A (INCL. 5.75% SALES
CHARGE)

MSCI Europe 8.43% 10.23% 15.80%

European Region Funds Average 21.51% 25.29% n/a

CUMULATIVE TOTAL RETURNS show Class A's performance in percentage
terms over a set period - in this case, six months, one year or since
the fund started on December 17, 1998. 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 International
Europe Index - a market capitalization-weighted index that is designed
to represent the performance of developed stock markets in Europe. As
of April 30, 2000, the index included over 500 equity securities of
countries domiciled in 15 European countries. To measure how Class A's
performance stacked up against its peers, you can compare it to the
European region funds average, which reflects the performance of
mutual funds with similar objectives tracked by Lipper Inc. The past
six months average represents a peer group of 161 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 APRIL 30, 2000 PAST 1 YEAR LIFE OF FUND

FIDELITY ADV EUROPE CAP APP - 16.01% 13.48%
CL A

FIDELITY ADV EUROPE CAP APP - 9.34% 8.68%
CL A (INCL. 5.75% SALES
CHARGE)

MSCI Europe 10.23% 11.30%

European Region Funds Average 25.29% n/a

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.

$10,000 OVER LIFE OF FUND
FA Europe Cap App -CL A MS Europe (Net MA tax)
00736 MS002
1998/12/17 9425.00 10000.00
1998/12/31 9736.03 10412.53
1999/01/31 9811.43 10347.66
1999/02/28 9359.03 10087.21
1999/03/31 9377.88 10199.58
1999/04/30 9660.63 10505.36
1999/05/31 9264.78 10002.68
1999/06/30 9509.83 10173.42
1999/07/31 9660.63 10269.87
1999/08/31 9707.75 10376.27
1999/09/30 9585.23 10298.34
1999/10/31 9952.80 10679.38
1999/11/30 10376.93 10969.43
1999/12/31 11774.40 12095.66
2000/01/31 11141.27 11236.15
2000/02/29 12142.94 11824.36
2000/03/31 11963.40 12112.28
2000/04/28 11207.41 11579.83
IMATRL PRASUN SHR__CHT 20000430 20000522 095222 R00000000000020

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Europe Capital Appreciation Fund - Class
A on December 17, 1998, when the fund started, and the current 5.75%
sales charge was paid. As the chart shows, by April 30, 2000, the
value of the investment would have grown to $11,207 - a 12.07%
increase on the initial investment. For comparison, look at how the
MSCI Europe Index did over the same period. With dividends reinvested,
the same $10,000 would have grown to $11,580 - a 15.80% increase.

(checkmark)UNDERSTANDING
PERFORMANCE

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

CUMULATIVE TOTAL RETURNS

PERIODS ENDED APRIL 30, 2000 PAST 6 MONTHS PAST 1 YEAR LIFE OF FUND

FIDELITY ADV EUROPE CAP APP - 12.53% 15.83% 18.61%
CL T

FIDELITY ADV EUROPE CAP APP - 8.59% 11.77% 14.46%
CL T (INCL. 3.50% SALES
CHARGE)

MSCI Europe 8.43% 10.23% 15.80%

European Region Funds Average 21.51% 25.29% n/a

CUMULATIVE TOTAL RETURNS show Class T's performance in percentage
terms over a set period - in this case, six months, one year or since
the fund started on December 17, 1998. 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 Index - a market capitalization-weighted index that is designed
to represent the performance of developed stock markets in Europe. As
of April 30, 2000, the index included over 500 equity securities of
countries domiciled in 15 European countries. To measure how Class T's
performance stacked up against its peers, you can compare it to the
European region funds average, which reflects the performance of
mutual funds with similar objectives tracked by Lipper Inc. The past
six months average represents a peer group of 161 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 APRIL 30, 2000 PAST 1 YEAR LIFE OF FUND

FIDELITY ADV EUROPE CAP APP - 15.83% 13.27%
CL T

FIDELITY ADV EUROPE CAP APP - 11.77% 10.36%
CL T (INCL. 3.50% SALES
CHARGE)

MSCI Europe 10.23% 11.30%

European Region Funds Average 25.29% n/a

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.

$10,000 OVER LIFE OF FUND
FA Europe Cap App -CL T MS Europe (Net MA tax)
00740 MS002
1998/12/17 9650.00 10000.00
1998/12/31 9968.45 10412.53
1999/01/31 10045.65 10347.66
1999/02/28 9582.45 10087.21
1999/03/31 9592.10 10199.58
1999/04/30 9881.60 10505.36
1999/05/31 9485.95 10002.68
1999/06/30 9727.20 10173.42
1999/07/31 9881.60 10269.87
1999/08/31 9929.85 10376.27
1999/09/30 9804.40 10298.34
1999/10/31 10171.10 10679.38
1999/11/30 10595.70 10969.43
1999/12/31 12025.66 12095.66
2000/01/31 11387.64 11236.15
2000/02/29 12412.34 11824.36
2000/03/31 12219.00 12112.28
2000/04/28 11445.64 11579.83
IMATRL PRASUN SHR__CHT 20000430 20000522 100121 R00000000000020

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Europe Capital Appreciation Fund - Class
T on December 17, 1998, when the fund started, and the current 3.50%
sales charge was paid. As the chart shows, by April 30, 2000, the
value of the investment would have grown to $11,446 - a 14.46%
increase on the initial investment. For comparison, look at how the
MSCI Europe Index did over the same period. With dividends reinvested,
the same $10,000 would have grown to $11,580 - a 15.80% increase.

(checkmark)UNDERSTANDING
PERFORMANCE

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

CUMULATIVE TOTAL RETURNS

PERIODS ENDED APRIL 30, 2000 PAST 6 MONTHS PAST 1 YEAR LIFE OF FUND

FIDELITY ADV EUROPE CAP APP - 12.21% 15.18% 17.60%
CL B

FIDELITY ADV EUROPE CAP APP - 7.21% 10.18% 13.60%
CL B (INCL. CONTINGENT
DEFERRED SALES CHARGE)

MSCI Europe 8.43% 10.23% 15.80%

European Region Funds Average 21.51% 25.29% n/a

CUMULATIVE TOTAL RETURNS show Class B's performance in percentage
terms over a set period - in this case, six months, one year or since
the fund started on December 17, 1998. 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 Index - a market capitalization-weighted index that is designed
to represent the performance of developed stock markets in Europe. As
of April 30, 2000, the index included over 500 equity securities of
countries domiciled in 15 European countries. To measure how Class B's
performance stacked up against its peers, you can compare it to the
European region funds average, which reflects the performance of
mutual funds with similar objectives tracked by Lipper Inc. The past
six months average represents a peer group of 161 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 APRIL 30, 2000 PAST 1 YEAR LIFE OF FUND

FIDELITY ADV EUROPE CAP APP - 15.18% 12.56%
CL B

FIDELITY ADV EUROPE CAP APP - 10.18% 9.75%
CL B (INCL. CONTINGENT
DEFERRED SALES CHARGE)

MSCI Europe 10.23% 11.30%

European Region Funds Average 25.29% n/a

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.

$10,000 OVER LIFE OF FUND
FA Europe Cap App -CL B MS Europe (Net MA tax)
00737 MS002
1998/12/17 10000.00 10000.00
1998/12/31 10330.00 10412.53
1999/01/31 10390.00 10347.66
1999/02/28 9910.00 10087.21
1999/03/31 9920.00 10199.58
1999/04/30 10210.00 10505.36
1999/05/31 9800.00 10002.68
1999/06/30 10050.00 10173.42
1999/07/31 10200.00 10269.87
1999/08/31 10240.00 10376.27
1999/09/30 10110.00 10298.34
1999/10/31 10480.00 10679.38
1999/11/30 10920.00 10969.43
1999/12/31 12380.00 12095.66
2000/01/31 11720.00 11236.15
2000/02/29 12760.00 11824.36
2000/03/31 12560.00 12112.28
2000/04/28 11360.00 11579.83
IMATRL PRASUN SHR__CHT 20000430 20000522 095609 R00000000000020

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Europe Capital Appreciation Fund - Class
B on December 17, 1998, when the fund started. As the chart shows, by
April 30, 2000, the value of the investment, including the effect of
the applicable contingent deferred sales charge, would have grown to
$11,360 - a 13.60% increase on the initial investment. For comparison,
look at how the MSCI Europe Index did over the same period. With
dividends reinvested, the same $10,000 would have grown to $11,580 - a
15.80% increase.

(checkmark)UNDERSTANDING
PERFORMANCE

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

CUMULATIVE TOTAL RETURNS

PERIODS ENDED APRIL 30, 2000 PAST 6 MONTHS PAST 1 YEAR LIFE OF FUND

FIDELITY ADV EUROPE CAP APP - 12.20% 15.17% 17.70%
CL C

FIDELITY ADV EUROPE CAP APP - 11.20% 14.17% 17.70%
CL C (INCL. CONTINGENT
DEFERRED SALES CHARGE)

MSCI Europe 8.43% 10.23% 15.80%

European Region Funds Average 21.51% 25.29% n/a

CUMULATIVE TOTAL RETURNS show Class C's performance in percentage
terms over a set period - in this case, six months, one year or since
the fund started on December 17, 1998. 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 Index - a market capitalization-weighted index that is designed
to represent the performance of developed stock markets in Europe. As
of April 30, 2000, the index included over 500 equity securities of
countries domiciled in 15 European countries. To measure how Class C's
performance stacked up against its peers, you can compare it to the
European region funds average, which reflects the performance of
mutual funds with similar objectives tracked by Lipper Inc. The past
six months average represents a peer group of 161 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 APRIL 30, 2000 PAST 1 YEAR LIFE OF FUND

FIDELITY ADV EUROPE CAP APP - 15.17% 12.63%
CL C

FIDELITY ADV EUROPE CAP APP - 14.17% 12.63%
CL C (INCL. CONTINGENT
DEFERRED SALES CHARGE)

MSCI Europe 10.23% 11.30%

European Region Funds Average 25.29% n/a

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.

$10,000 OVER LIFE OF FUND
FA Europe Cap App -CL C MS Europe (Net MA tax)
00738 MS002
1998/12/17 10000.00 10000.00
1998/12/31 10330.00 10412.53
1999/01/31 10400.00 10347.66
1999/02/28 9910.00 10087.21
1999/03/31 9920.00 10199.58
1999/04/30 10220.00 10505.36
1999/05/31 9800.00 10002.68
1999/06/30 10050.00 10173.42
1999/07/31 10200.00 10269.87
1999/08/31 10240.00 10376.27
1999/09/30 10110.00 10298.34
1999/10/31 10490.00 10679.38
1999/11/30 10920.00 10969.43
1999/12/31 12390.00 12095.66
2000/01/31 11720.00 11236.15
2000/02/29 12770.00 11824.36
2000/03/31 12560.00 12112.28
2000/04/28 11770.00 11579.83
IMATRL PRASUN SHR__CHT 20000430 20000522 101241 R00000000000020

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Europe Capital Appreciation Fund - Class
C on December 17, 1998, when the fund started. As the chart shows, by
April 30, 2000, the value of the investment would have grown to
$11,770 - a 17.70% increase on the initial investment. For comparison,
look at how the MSCI Europe Index did over the same period. With
dividends reinvested, the same $10,000 would have grown to $11,580 - a
15.80% increase.

(checkmark)UNDERSTANDING
PERFORMANCE

FUND TALK: THE MANAGER'S OVERVIEW

MARKET RECAP

(photograph of Ian Hart)

NOTE TO SHAREHOLDERS: Ian Hart became Portfolio Manager of Fidelity
Advisor Europe Capital Appreciation Fund on April 1, 2000.

Q. HOW DID THE FUND PERFORM, IAN?

A. For the six-month period that ended April 30, 2000, the fund's
Class A, Class T, Class B and Class C shares returned 12.61%, 12.53%,
12.21% and 12.20%, respectively. By comparison, the Morgan Stanley
Capital International Europe (MSCI) Index posted a total return of
8.43% for the same period, while the European region funds average, as
tracked by Lipper Inc., returned 21.51%. For the 12 months that ended
April 30, 2000, the fund's Class A, Class T, Class B and Class C
shares returned 16.01%, 15.83%, 15.18% and 15.17%, respectively, while
the MSCI index had a total return of 10.23% and the Lipper average
returned 25.29%.

Q. WHAT WERE THE MAJOR FACTORS THAT INFLUENCED THE FUND'S PERFORMANCE?

A. There were three industry themes that drove fund performance:
technology, telecommunications and media. These were the growth
sectors that led overall market activity for most of the period,
responding to a global expansion of the Internet-based new economy.
The fund was properly positioned to take advantage of this trend, and
a number of the fund's large cap holdings in these three growth
sectors did extremely well. A slowly improving European economy also
helped create a few pockets of strong consumer demand, most notably in
mobile telephones and consumer electronics, which had a positive
effect on performance. Relative to the index, the portfolio was
underweighted in the finance sector, which had a net positive effect
on performance by limiting the fund's exposure to banks. This sector
has not performed well of late, based mainly on rising interest rates
and fears that the Internet will eat into bank profitability. The
portfolio also was underweighted in the slow-performing cyclical
sector, with the exception of oil stocks, where robust demand and
price increases combined to drive earnings and stock prices higher.
The fund lagged the Lipper average, which was more heavily invested in
some of the high-flying technology stocks that performed so well
during the period.

Q. YOU'VE JUST TAKEN OVER MANAGING THE FUND, IAN. CAN WE EXPECT TO SEE
ANY SIGNIFICANT CHANGES IN INVESTMENT STRATEGY OR STYLE?

A. I don't anticipate there will be much change in strategy or style
under my tenure as portfolio manager. I will focus on growth and on
bottom-up stock picking. I'll continue to work closely with my former
Fidelity analyst colleagues in London and search for strong,
well-managed companies that can produce attractive and sustainable
earnings growth.

Q. WHICH INDIVIDUAL POSITIONS HELPED PERFORMANCE THE MOST?

A. There were three names that showed particularly attractive rates of
growth in the booming mobile telephony market. Two of them - Ericsson
and Nokia - continued their world leadership positions with strong
earnings and stock appreciation. A third - Mannesmann, Germany's top
wireless service provider - also was a strong performer and was
acquired during the period by Vodafone AirTouch, which is one of the
fund's top five holdings. In the media sector, TF-1, France's No. 1
commercial television operation, had extraordinary growth in its
earnings and stock price, based mainly on capturing a market-leading
share of accelerating TV advertising expenditures in France's
rebounding economy.

Q. WERE THERE ANY HOLDINGS THAT DIDN'T PERFORM AS WELL AS YOU WOULD
HAVE LIKED?

A. Unilever, a British consumer goods company, which the fund sold
during the period, and Vendex, a Dutch apparel retailer, both showed
disappointing earnings in a retail environment constrained by margin
pressures. Royal Bank of Scotland, which had been a potential takeover
target, became a consolidator itself by acquiring National Westminster
Bank, and the market reacted negatively to the deal.

Q. WHAT'S YOUR OUTLOOK FOR THE NEXT SIX MONTHS, IAN?

A. Despite the market volatility that we began to see at the end of
the period, I remain positive in my outlook for the mid- to long-term.
Continued volatility may cast a shadow over that view in the short
term, which means that we will have to be even more focused on picking
stocks that meet their earnings projections. But on the whole, I'm
still bullish on the fundamental prospects for the European region.
Economic growth throughout most of the region continues to accelerate.
Corporate earnings are forecasted to show healthy gains. There also is
a continuing trend toward acquisitions and consolidation in certain
industry sectors, which is likely to have an ongoing positive effect.

(checkmark)FUND FACTS

GOAL: long-term capital
appreciation by investing
mainly in equity
securities of European issuers

START DATE: December 17,
1998

SIZE: as of April 30, 2000,
more than $34 million

MANAGER: Ian Hart, since
April 2000; international
equity analyst, 1997-2000;
European equity analyst,
1994-1997; joined Fidelity in
1994

IAN HART TALKS
ABOUT STOCK PICKING:

"Technology stocks have been
good investments over the past
several months, but one always has
to be very selective about what one
chooses to own. For example, take a
look at the strong performance of a
Nokia versus the anemic results of a
Motorola, two companies in
essentially the same business, and
it's easy to see how differently some
of these companies can perform.
Technology is the sort of industry
where one can find long-term
attractive earnings growth. And in
spite of the recent volatility in this
sector, it's still what I call a fertile
hunting ground for good stock
ideas. But one obviously needs to
be very selective because there
are some clear winners and losers
out there.

"Health care and, more specifically,
the pharmaceutical sector is another
example. Recently, the sector
experienced a bounce, a sort of
reverse image of the decline in
technology-related stocks. Yet I've
remained underweighted in that
sector because I don't think the
valuations for European
pharmaceutical companies are
that attractive for the growth that is
expected in earnings. British
pharmaceutical companies
SmithKline Beecham and Glaxo
Wellcome, which recently merged,
were selling for about 30-times
earnings for only 10% earnings
growth. When valuations aren't that
cheap and growth isn't that great,
one has to wonder what's going to
drive such stocks longer term."

INVESTMENT CHANGES

<TABLE>
<CAPTION>
<S> <C> <C>
TOP FIVE STOCKS BY ISSUER AS
OF APRIL 30, 2000

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

TotalFinaElf SA (France, Oil 5.4 3.8
& Gas)

Vodafone AirTouch PLC 5.1 4.1
(United Kingdom, Cellular)

Telefonaktiebolaget LM 3.3 1.5
Ericsson (Sweden,
Communications Equipment)

Nokia AB (Finland, 3.2 3.7
Communications Equipment)

Vivendi SA (France, Water) 2.8 1.7

19.8 14.8

TOP FIVE MARKET SECTORS AS OF
APRIL 30, 2000

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

Utilities 20.3 16.0

Finance 16.7 26.5

Technology 13.2 7.3

Energy 10.9 9.0

Health 7.8 8.5

TOP FIVE COUNTRIES AS OF
APRIL 30, 2000

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

United Kingdom 28.2 32.3

France 20.3 19.1

Germany 10.2 11.6

Netherlands 9.3 8.6

Switzerland 6.4 10.9

</TABLE>

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

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

AS OF APRIL 30, 2000 AS OF OCTOBER 31, 1999

Stocks 93.4% Stocks and Investment
Companies 97.1%

Short-Term Investments and Short-Term Investments and
Net Other Assets 6.6% Net Other Assets 2.9%

Row: 1, Col: 1, Value: 93.40000000000001 Row: 1, Col: 1, Value: 97.09999999999999
Row: 1, Col: 2, Value: 0.0 Row: 1, Col: 2, Value: 0.0
Row: 1, Col: 3, Value: 0.0 Row: 1, Col: 3, Value: 0.0
Row: 1, Col: 4, Value: 0.0 Row: 1, Col: 4, Value: 0.0
Row: 1, Col: 5, Value: 0.0 Row: 1, Col: 5, Value: 0.0
Row: 1, Col: 6, Value: 0.0 Row: 1, Col: 6, Value: 0.0
Row: 1, Col: 7, Value: 0.0 Row: 1, Col: 7, Value: 0.0
Row: 1, Col: 8, Value: 6.6 Row: 1, Col: 8, Value: 2.9

</TABLE>

INVESTMENTS APRIL 30, 2000 (UNAUDITED)

Showing Percentage of Net Assets

COMMON STOCKS - 93.2%

SHARES VALUE (NOTE 1)

DENMARK - 1.4%

Bang & Olufsen Holding AS 3,800 $ 126,198

Novo-Nordisk AS (B Shares) 2,762 370,951

497,149

FINLAND - 3.2%

Nokia AB 19,340 1,099,963

FRANCE - 20.3%

Access Commerce SA 900 53,320

Aventis SA 4,700 264,375

AXA SA de CV 4,165 619,158

Banque Nationale de Paris 2,368 191,874
(BNP)

Canal Plus SA 1,100 212,550

Castorama Dubois 1,778 388,934
Investissements SA

Clarins SA 1,800 178,826

France Telecom SA 5,100 791,157

Groupe Danone 470 103,026

ILOG SA sponsored ADR (a) 1,700 61,200

Lafarge SA 1,900 157,763

Pernod-Ricard 1,900 86,155

Remy Cointreau SA (a) 1,100 22,147

Rhodia SA 12,000 223,123

Royal Canin SA 1,400 131,559

Sanofi-Synthelabo SA 6,200 231,973

Societe Generale Class A 526 109,212

Suez Lyonnaise des Eaux 1,774 278,917

Television Francaise 1 SA 171 117,361

TotalFinaElf SA Class B 12,317 1,862,943

Vivendi SA 9,745 966,370

7,051,943

GERMANY - 10.0%

ACG AG 300 72,449

Allianz AG (Reg.) 1,314 506,963

BASF AG 5,600 245,457

Deutsche Telekom AG 13,164 856,561

Fresenius Medical Care AG 1 25
sponsored ADR

Karstadt Quelle AG 5,800 177,095

Munich Reinsurance AG (Reg.) 992 291,591

Primacom AG (a) 3,000 231,053

Siemens AG 4,100 609,122

Software AG (a) 1,700 196,782

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

GERMANY - CONTINUED

United Internet AG (a) 300 $ 77,382

Wella AG 10,255 224,233

3,488,713

IRELAND - 0.1%

Trintech Group PLC sponsored 1,500 40,500
ADR

ISRAEL - 0.4%

Orad Hi-Tech Systems Ltd. (a) 3,200 145,832

ITALY - 2.5%

Banca Intesa Spa 58,500 218,291

Telecom Italia Mobile Spa 36,800 352,352

Telecom Italia Spa 19,600 280,035

850,678

NETHERLANDS - 9.3%

Equant NV (a) 2,500 194,025

ING Groep NV (Certificaten 9,529 521,286
Van Aandelen)

Koninklijke Ahold NV 10,921 255,319

Koninklijke KPN NV 1,900 191,965

Koninklijke Philips 7,480 334,542
Electronics NV

Numico NV 3,800 141,658

Nutreco Holding NV 5,000 194,822

Royal Dutch Petroleum Co. 13,900 797,513
(Hague Registry)

STMicroelectronics NV 1,400 267,839

United Pan-Europe 2,600 94,862
Communications NV (a)

Vendex KBB NV 10,000 154,491

Versatel Telecom 2,400 96,468
International NV (a)

3,244,790

NORWAY - 1.4%

Norsk Hydro AS 5,000 183,142

Opticom ASA (a) 700 73,984

Tandberg ASA (a) 6,500 99,596

TANDBERG Television ASA (a) 12,900 116,864

473,586

SPAIN - 4.6%

Altadis SA 26,000 306,411

Banco Santander Central 32,160 336,211
Hispano SA

Cortefiel SA 8,200 173,394

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

SPAIN - CONTINUED

Sogecable SA (a) 3,100 $ 131,527

Telefonica SA (a) 28,303 631,505

1,579,048

SWEDEN - 3.8%

Elanders AB (B Shares) 5,800 185,781

Telefonaktiebolaget LM 13,000 1,149,688
Ericsson (B Shares)

1,335,469

SWITZERLAND - 6.4%

ABB Ltd. (Reg.) 3,334 375,293

Ascom Holding AG (Bearer) 25 85,079

Credit Suisse Group (Reg.) 1,933 350,279

Fantastic Corp. (a) 9,548 174,921

Gretag Imaging Holding AG 542 109,251
(Reg. D)

Kuoni Reisen Holding AG Class 16 69,529
B (Reg.)

Logitech International SA (a) 248 164,179

Nestle SA (Reg.) 160 282,955

Novartis AG (Reg.) 140 196,195

PubliGroupe SA 133 102,903

Roche Holding AG 30 314,311
participation certificates

2,224,895

UNITED KINGDOM - 28.2%

3i Group PLC 18,200 364,448

Abbey National PLC 15,200 172,731

Allied Zurich PLC 40,200 398,123

Amvescap PLC 15,700 226,461

AstraZeneca Group PLC 4,300 181,138

Barclays PLC 15,100 385,178

BP Amoco PLC 112,200 953,701

British Land Co. PLC 26,700 177,424

British Telecommunications PLC 19,700 360,510

Cable & Wireless PLC 33,000 544,952

Carlton Communications PLC 29,800 358,318

Diageo PLC 46,300 373,661

Energis PLC (a) 2,700 132,922

Filtronic PLC 3,500 94,064

Glaxo Wellcome PLC 8,800 276,375

HSBC Holdings PLC (Reg.) 19,700 225,319

Jazztel PLC sponsored ADR 1,200 62,400

Legal & General Group PLC 109,200 284,151

Lloyds TSB Group PLC 25,600 249,753

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

UNITED KINGDOM - CONTINUED

Marconi PLC 13,500 $ 168,093

Misys PLC 14,400 163,975

Prudential Corp. PLC 18,800 287,969

Reuters Group PLC 6,500 116,023

Royal Bank of Scotland Group 1,264 19,568
PLC

Scottish Media Group PLC 23,800 432,588

SmithKline Beecham PLC 28,400 390,500

SSL International PLC 26,900 272,674

Telewest Communications PLC 26,900 163,082
(a)

Vodafone AirTouch PLC 379,110 1,781,819

WPP Group PLC 11,400 183,120

9,801,040

UNITED STATES OF AMERICA - 1.6%

Bristol-Myers Squibb Co. 2,100 110,119

Eli Lilly & Co. 4,400 340,175

SCM Microsystems, Inc. (a) 1,100 91,086

541,380

TOTAL COMMON STOCKS 32,374,986
(Cost $29,753,071)

NONCONVERTIBLE PREFERRED
STOCKS - 0.2%

GERMANY - 0.2%

SAP AG (Cost $76,351) 130 76,840

CASH EQUIVALENTS - 8.1%

Taxable Central Cash Fund, 2,797,273 2,797,273
5.77% (b) (Cost $2,797,273)

TOTAL INVESTMENT PORTFOLIO - 35,249,099
101.5%
(Cost $32,626,695)

NET OTHER ASSETS - (1.5)% (514,561)

NET ASSETS - 100% $ 34,734,538

LEGEND

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at
period end.

INCOME TAX INFORMATION

At April 30, 2000, the aggregate cost of investment securities for
income tax purposes was $32,750,545. Net unrealized appreciation
aggregated $2,498,554, of which $4,446,341 related to appreciated
investment securities and $1,947,787 related to depreciated investment
securities.

At October 31, 1999, the fund had a capital loss carryforward of
approximately $697,000 all of which will expire on October 31, 2007.

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2000 (UNAUDITED)

ASSETS

Investment in securities, at $ 35,249,099
value (cost $32,626,695) -
See accompanying schedule

Foreign currency held at 172,706
value (cost $172,706)

Receivable for investments 677,012
sold

Receivable for fund shares 111,491
sold

Dividends receivable 28,943

Interest receivable 53,990

Other receivables 265

TOTAL ASSETS 36,293,506

LIABILITIES

Payable for investments $ 1,347,237
purchased

Payable for fund shares 145,797
redeemed

Accrued management fee 7,688

Distribution fees payable 18,799

Other payables and accrued 39,447
expenses

TOTAL LIABILITIES 1,558,968

NET ASSETS $ 34,734,538

Net Assets consist of:

Paid in capital $ 31,667,031

Distributions in excess of (191,736)
net investment income

Accumulated undistributed net 638,275
realized gain (loss) on
investments and foreign
currency transactions

Net unrealized appreciation 2,620,968
(depreciation) on
investments and assets and
liabilities in foreign
currencies

NET ASSETS $ 34,734,538

STATEMENT OF ASSETS AND LIABILITIES - CONTINUED
APRIL 30, 2000 (UNAUDITED)

CALCULATION OF MAXIMUM $11.86
OFFERING PRICE CLASS A: NET
ASSET VALUE and redemption
price per share
($4,258,449 (divided by)
359,044 shares)

Maximum offering price per $12.58
share (100/94.25 of $11.86)

CLASS T: NET ASSET VALUE and $11.84
redemption price per share
($15,191,257 (divided by)
1,283,159 shares)

Maximum offering price per $12.27
share (100/96.50 of $11.84)

CLASS B: NET ASSET VALUE and $11.76
offering price per share
($7,542,185 (divided by)
641,197 shares) A

CLASS C: NET ASSET VALUE and $11.77
offering price per share
($6,437,726 (divided by)
547,109 shares) A

INSTITUTIONAL CLASS: NET $11.88
ASSET VALUE, offering price
and redemption price per
share ($1,304,921 (divided
by) 109,841 shares)

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

STATEMENT OF OPERATIONS
SIX MONTHS ENDED APRIL 30,
2000 (UNAUDITED)

INVESTMENT INCOME $ 156,224
Dividends

Interest 14,247

170,471

Less foreign taxes withheld (14,654)

TOTAL INCOME 155,817

EXPENSES

Management fee $ 108,988

Transfer agent fees 44,361

Distribution fees 96,564

Accounting fees and expenses 30,114

Non-interested trustees' 41
compensation

Custodian fees and expenses 45,549

Registration fees 65,837

Audit 16,219

Legal 500

Miscellaneous 121

Total expenses before 408,294
reductions

Expense reductions (66,716) 341,578

NET INVESTMENT INCOME (LOSS) (185,761)

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

Investment securities 1,476,458

Foreign currency transactions 5,553 1,482,011

Change in net unrealized
appreciation (depreciation)
on:

Investment securities 1,015,241

Assets and liabilities in (1,281) 1,013,960
foreign currencies

NET GAIN (LOSS) 2,495,971

NET INCREASE (DECREASE) IN $ 2,310,210
NET ASSETS RESULTING FROM
OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS

SIX MONTHS ENDED APRIL 30, DECEMBER 17, 1998
2000 (UNAUDITED) (COMMENCEMENT OF OPERATIONS)
TO OCTOBER 31, 1999

INCREASE (DECREASE) IN NET
ASSETS

Operations Net investment $ (185,761) $ 25,819
income (loss)

Net realized gain (loss) 1,482,011 (845,281)

Change in net unrealized 1,013,960 1,607,008
appreciation (depreciation)

NET INCREASE (DECREASE) IN 2,310,210 787,546
NET ASSETS RESULTING FROM
OPERATIONS

Distributions to shareholders (24,254) -
From net investment income

In excess of net investment (5,976) -
income

TOTAL DISTRIBUTIONS (30,230) -

Share transactions - net 9,554,714 22,112,298
increase (decrease)

TOTAL INCREASE (DECREASE) 11,834,694 22,899,844
IN NET ASSETS

NET ASSETS

Beginning of period 22,899,844 -

End of period (including $ 34,734,538 $ 22,899,844
under (over) distribution
of net investment income of
$(191,736) and $24,274,
respectively)

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL HIGHLIGHTS - CLASS A

SIX MONTHS ENDED APRIL 30, 2000 YEAR ENDED OCTOBER 31,

(UNAUDITED) 1999 E

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 10.56 $ 10.00
period

Income from Investment
Operations

Net investment income (loss) D (.05) .05

Net realized and unrealized 1.38 .51
gain (loss)

Total from investment 1.33 .56
operations

Less Distributions From net (.02) -
investment income

In excess of net investment (.01) -
income

Total distributions (.03) -

Net asset value, end of period $ 11.86 $ 10.56

TOTAL RETURN B, C 12.61% 5.60%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 4,258 $ 2,060
(000 omitted)

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

Ratio of expenses to average 1.92% A, G 1.96% A, G
net assets after expense
reductions

Ratio of net investment (.86)% A .56% A
income (loss) to average net
assets

Portfolio turnover 229% A 164% A

</TABLE>

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 (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD DECEMBER 17, 1998 (COMMENCEMENT OF OPERATIONS) TO
OCTOBER 31, 1999.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.

<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL HIGHLIGHTS - CLASS T

SIX MONTHS ENDED APRIL 30, 2000 YEAR ENDED OCTOBER 31,

(UNAUDITED) 1999 E

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 10.54 $ 10.00
period

Income from Investment
Operations

Net investment income (loss) D (.07) .03

Net realized and unrealized 1.39 .51
gain (loss)

Total from investment 1.32 .54
operations

Less Distributions From net (.02) -
investment income

In excess of net investment (.00) H -
income

Total distributions (.02) -

Net asset value, end of period $ 11.84 $ 10.54

TOTAL RETURN B, C 12.53% 5.40%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 15,191 $ 12,343
(000 omitted)

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

Ratio of expenses to average 2.17% A, G 2.21% A, G
net assets after expense
reductions

Ratio of net investment (1.11)% A .31% A
income (loss) to average net
assets

Portfolio turnover 229% A 164% A

</TABLE>

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 (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD DECEMBER 17, 1998 (COMMENCEMENT OF OPERATIONS) TO
OCTOBER 31, 1999.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
H THE AMOUNT REPRESENTS LESS THAN $0.01 PER SHARE.

<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL HIGHLIGHTS - CLASS B

SIX MONTHS ENDED APRIL 30, 2000 YEAR ENDED OCTOBER 31,

(UNAUDITED) 1999 E

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 10.48 $ 10.00
period

Income from Investment
Operations

Net investment income (loss) D (.10) (.02)

Net realized and unrealized 1.38 .50
gain (loss)

Total from investment 1.28 .48
operations

Net asset value, end of period $ 11.76 $ 10.48

TOTAL RETURN B, C 12.21% 4.80%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 7,542 $ 3,765
(000 omitted)

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

Ratio of expenses to average 2.67% A, G 2.71% A, G
net assets after expense
reductions

Ratio of net investment (1.61)% A (.19)% A
income (loss) to average net
assets

Portfolio turnover 229% A 164% A

</TABLE>

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 DECEMBER 17, 1998 (COMMENCEMENT OF OPERATIONS) TO
OCTOBER 31, 1999.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.

<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL HIGHLIGHTS - CLASS C

SIX MONTHS ENDED APRIL 30, 2000 YEAR ENDED OCTOBER 31,

(UNAUDITED) 1999 E

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 10.49 $ 10.00
period

Income from Investment
Operations

Net investment income (loss) D (.10) (.02)

Net realized and unrealized 1.38 .51
gain (loss)

Total from investment 1.28 .49
operations

Net asset value, end of period $ 11.77 $ 10.49

TOTAL RETURN B, C 12.20% 4.90%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 6,438 $ 3,894
(000 omitted)

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

Ratio of expenses to average 2.67% A, G 2.71% A, G
net assets after expense
reductions

Ratio of net investment (1.61)% A (.19)% A
income (loss) to average net
assets

Portfolio turnover 229% A 164% A

</TABLE>

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 DECEMBER 17, 1998 (COMMENCEMENT OF OPERATIONS) TO
OCTOBER 31, 1999.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.

<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL HIGHLIGHTS - INSTITUTIONAL CLASS

SIX MONTHS ENDED APRIL 30, 2000 YEAR ENDED OCTOBER 31,

(UNAUDITED) 1999 E

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 10.58 $ 10.00
period

Income from Investment
Operations

Net investment income (loss) D (.04) .07

Net realized and unrealized 1.39 .51
gain (loss)

Total from investment 1.35 .58
operations

Less Distributions From net (.04) -
investment income

In excess of net investment (.01) -
income

Total distributions (.05) -

Net asset value, end of period $ 11.88 $ 10.58

TOTAL RETURN B, C 12.78% 5.80%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 1,305 $ 838
(000 omitted)

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

Ratio of expenses to average 1.67% A, G 1.71% A, G
net assets after expense
reductions

Ratio of net investment (.61)% A .81% A
income (loss) to average net
assets

Portfolio turnover 229% A 164% A

</TABLE>

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

NOTES TO FINANCIAL STATEMENTS
For the period ended April 30, 2000 (Unaudited)

1. SIGNIFICANT ACCOUNTING POLICIES.

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

1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

FOREIGN CURRENCY TRANSLATION - CONTINUED

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

DISTRIBUTIONS TO SHAREHOLDERS. Distributions are recorded on the
ex-dividend date. Income dividends and capital gain distributions are
declared separately for each class.

Income and capital gain distributions are determined in accordance
with income tax regulations which may differ from generally accepted
accounting principles. These differences, which may result in
distribution reclassifications, are primarily due to differing
treatments for foreign currency transactions, passive foreign
investment companies (PFIC) and losses deferred due to wash sales. 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.

1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

DISTRIBUTIONS TO SHAREHOLDERS - CONTINUED

transactions may include temporary book and tax basis differences that
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.

3. PURCHASES AND SALES OF INVESTMENTS.

Purchases and sales of securities, other than short-term securities,
aggregated $39,726,636 and $31,990,357, respectively.

4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.

SUB-ADVISER FEE. FMR, on behalf of the fund, entered into sub-advisory
agreements with Fidelity Management & Research (U.K.) Inc., Fidelity
Management & Research (Far East) Inc., and Fidelity International
Investment Advisors (FIIA). In addition, FIIA entered into a
sub-advisory agreement with its subsidiary, Fidelity International
Investment Advisors (U.K.) Limited (FIIA(U.K.)L). Under the
sub-advisory arrangements, FMR may receive investment advice and
research services and may grant the sub-advisers investment management
authority to buy and sell securities. FMR pays its sub-advisers either
a portion of its management fee or a fee based on costs incurred for
these services. FIIA pays FIIA(U.K.)L a fee based on costs incurred
for either service.

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.

4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED

DISTRIBUTION AND SERVICE PLAN - CONTINUED

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 $ 4,023 $ 594

CLASS T 35,718 908

CLASS B 29,810 22,743

CLASS C 27,013 18,495

$ 96,564 $ 42,740

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

PAID TO FDC RETAINED BY FDC

CLASS A $ 21,874 $ 13,223

CLASS T 24,937 7,528

CLASS B 7,876 7,876 *

CLASS C 2,166 2,166 *

$ 56,853 $ 30,793

* 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.

4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED

AMOUNT % OF AVERAGE NET ASSETS

CLASS A $ 4,452 .28 *

CLASS T 20,896 .30 *

CLASS B 10,857 .37 *

CLASS C 6,476 .24 *

INSTITUTIONAL CLASS 1,680 .29 *

$ 44,361

* ANNUALIZED

5. EXPENSE REDUCTIONS.

FMR EXPENSE LIMITATIONS REIMBURSEMENT

CLASS A 2.00% $ 5,466

CLASS T 2.25% 25,650

CLASS B 2.75% 13,125

CLASS C 2.75% 8,515

INSTITUTIONAL CLASS 1.75% 2,023

$ 54,779

FMR has also directed certain portfolio trades to brokers who paid a
portion of the fund's expenses. For the period, the fund's expenses
were reduced by $11,937 under this arrangement.

6. DISTRIBUTIONS TO SHAREHOLDERS.

Distributions to shareholders of each class were as follows:

SIX MONTHS ENDED APRIL 30,

2000

FROM NET INVESTMENT INCOME

Class A $ 4,869

Class T 16,077

Institutional Class 3,308

Total $ 24,254

IN EXCESS OF NET INVESTMENT
INCOME

Class A $ 1,200

Class T 3,961

Institutional Class 815

Total $ 5,976

$ 30,230

7. SHARE TRANSACTIONS.

Transactions for each class of shares for the periods are as follows:

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

SIX MONTHS ENDED APRIL 30, DECEMBER 17, 1998 SIX MONTHS ENDED APRIL 30,
(COMMENCEMENT OF OPERATIONS)
TO OCTOBER 31,

2000 1999 2000

CLASS A Shares sold 242,665 $ 2,577,701
206,233

Reinvestment of distributions 506 - 5,777

Shares redeemed (42,732) (47,628) (523,716)

Net increase (decrease) 164,007 195,037 $ 2,059,762

CLASS T Shares sold 554,079 1,472,795 $ 6,819,016

Reinvestment of distributions 1,710 - 19,487

Shares redeemed (443,596) (301,829) (5,270,112)

Net increase (decrease) 112,193 1,170,966 $ 1,568,391

CLASS B Shares sold 384,615 399,772 $ 4,740,258

Shares redeemed (102,481) (40,709) (1,336,112)

Net increase (decrease) 282,134 359,063 $ 3,404,146

CLASS C Shares sold 270,929 395,362 $ 3,375,173

Shares redeemed (95,175) (24,007) (1,215,868)

Net increase (decrease) 175,754 371,355 $ 2,159,305

INSTITUTIONAL CLASS Shares 40,453 375,401 $ 484,445
sold

Reinvestment of distributions 216 - 2,466

Shares redeemed (10,034) (296,195) (123,801)

Net increase (decrease) 30,635 79,206 $ 363,110

</TABLE>

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

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

1999

CLASS A Shares sold $ 2,460,326

Reinvestment of distributions -

Shares redeemed (483,630)

Net increase (decrease) $ 1,976,696

CLASS T Shares sold $ 14,972,579

Reinvestment of distributions -

Shares redeemed (3,050,024)

Net increase (decrease) $ 11,922,555

CLASS B Shares sold $ 4,048,052

Shares redeemed (414,433)

Net increase (decrease) $ 3,633,619

CLASS C Shares sold $ 4,017,324

Shares redeemed (243,373)

Net increase (decrease) $ 3,773,951

INSTITUTIONAL CLASS Shares $ 3,858,159
sold

Reinvestment of distributions -

Shares redeemed (3,052,682)

Net increase (decrease) $ 805,477

</TABLE>

INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA

INVESTMENT SUB-ADVISERS
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Far East) Inc.
Fidelity International
Investment Advisors
Fidelity International Investment Advisors (U.K.) Limited
Fidelity Investments Japan Ltd.

* INDEPENDENT TRUSTEES

ADVISORY BOARD
J. Michael Cook
Abigail P. Johnson

GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA

TRANSFER AND SHAREHOLDER
SERVICING AGENT
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

CUSTODIAN
State Street Bank and Trust Company
Quincy, MA

GROWTH FUNDS
Fidelity Advisor Latin America Fund
Fidelity Advisor Emerging Asia Fund
Fidelity Advisor Japan Fund
Fidelity Advisor Europe Capital Appreciation Fund
Fidelity Advisor International
Capital Appreciation Fund
Fidelity Advisor Overseas Fund
Fidelity Advisor Diversified International Fund
Fidelity Advisor Global Equity Fund
Fidelity Advisor TechnoQuantSM
Growth Fund
Fidelity Advisor Small Cap Fund
Fidelity Advisor Value Strategies Fund
Fidelity Advisor Mid Cap Fund
Fidelity Advisor Retirement Growth Fund
Fidelity Advisor Equity Growth Fund
Fidelity Advisor Large Cap Fund
Fidelity Advisor Dividend Growth Fund
Fidelity Advisor Growth
Opportunities Fund

AEUR-SANN-0600 103570
1.719687.101

GROWTH AND INCOME FUNDS
Fidelity Advisor Growth & Income Fund
Fidelity Advisor Equity Income Fund
Fidelity Advisor Asset Allocation Fund
Fidelity Advisor Balanced Fund

TAXABLE INCOME FUNDS
Fidelity Advisor Emerging Markets Income Fund
Fidelity Advisor High Income Fund
Fidelity Advisor High Yield Fund
Fidelity Advisor Strategic Income Fund
Fidelity Advisor Mortgage
Securities Fund
Fidelity Advisor Government Investment Fund
Fidelity Advisor Intermediate Bond Fund
Fidelity Advisor Short Fixed-Income Fund

MUNICIPAL FUNDS
Fidelity Advisor Municipal Income Fund
Fidelity Advisor Intermediate Municipal Income Fund

MONEY MARKET FUNDS
Prime Fund
Treasury Fund
Tax-Exempt Fund

(2_FIDELITY_LOGOS)(registered trademark)

FIDELITY(REGISTERED TRADEMARK) ADVISOR
GLOBAL EQUITY
FUND - CLASS A, CLASS T, CLASS B
AND CLASS C

SEMIANNUAL REPORT
APRIL 30, 2000

(2_FIDELITY_LOGOS)(registered trademark)

CONTENTS

PRESIDENT'S MESSAGE 3 Ned Johnson on investing
strategies.

PERFORMANCE 4 How the fund has done over
time.

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

INVESTMENT CHANGES 15 A summary of major shifts in
the fund's investments over
the past six months.

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

FINANCIAL STATEMENTS 30 Statements of assets and
liabilities, operations, and
changes in net assets, as
well as financial highlights.

NOTES 39 Notes to the financial
statements.

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.

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.

This report is printed on recycled paper using soy-based inks.

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,
Edward C. Johnson 3d

FIDELITY ADVISOR GLOBAL EQUITY FUND - CLASS A
PERFORMANCE: THE BOTTOM LINE

CUMULATIVE TOTAL RETURNS

PERIODS ENDED APRIL 30, 2000 PAST 6 MONTHS PAST 1 YEAR LIFE OF FUND

FIDELITY ADV GLOBAL EQUITY - 12.75% 21.62% 32.93%
CL A

FIDELITY ADV GLOBAL EQUITY - 6.26% 14.62% 25.28%
CL A (INCL. 5.75% SALES
CHARGE)

MSCI World 7.49% 12.29% 25.80%

Global Funds Average 16.44% 23.98% n/a

CUMULATIVE TOTAL RETURNS show Class A's performance in percentage
terms over a set period - in this case, six months, one year or since
the fund started on December 17, 1998. 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 International
World Index - a market capitalization-weighted index that is designed
to represent the performance of developed stock markets throughout the
world. As of April 30, 2000, the index included over 1,400 equity
securities of companies domiciled in 22 countries. To measure how
Class A's performance stacked up against its peers, you can compare it
to the global funds average, which reflects the performance of mutual
funds with similar objectives tracked by Lipper Inc. The past six
months average represents a peer group of 264 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 APRIL 30, 2000 PAST 1 YEAR LIFE OF FUND

FIDELITY ADV GLOBAL EQUITY - 21.62% 23.09%
CL A

FIDELITY ADV GLOBAL EQUITY - 14.62% 17.88%
CL A (INCL. 5.75% SALES
CHARGE)

MSCI World 12.29% 18.24%

Global Funds Average 23.98% n/a

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.

$10,000 OVER LIFE OF FUND
FA Global Equity -CL A MS World Index (Net)
00751 MS004
1998/12/17 9425.00 10000.00
1998/12/31 9839.70 10408.32
1999/01/31 10084.75 10634.72
1999/02/28 9717.18 10350.31
1999/03/31 10056.48 10779.74
1999/04/30 10301.53 11203.18
1999/05/31 9962.23 10792.30
1999/06/30 10556.00 11294.15
1999/07/31 10603.13 11258.75
1999/08/31 10593.70 11237.20
1999/09/30 10518.30 11126.71
1999/10/31 11112.08 11703.55
1999/11/30 11658.73 12031.29
1999/12/31 12788.25 13003.62
2000/01/31 12143.55 12257.46
2000/02/29 12778.63 12289.04
2000/03/31 13298.24 13136.92
2000/04/28 12528.45 12579.95
IMATRL PRASUN SHR__CHT 20000430 20000519 110358 R00000000000020

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Global Equity Fund - Class A on December
17, 1998, when the fund started, and the current 5.75% sales charge
was paid. As the chart shows, by April 30, 2000, the value of the
investment would have grown to $12,528 - a 25.28% increase on the
initial investment. For comparison, look at how the MSCI World Index
did over the same period. With dividends reinvested, the same $10,000
would have grown to $12,580 - a 25.80% increase.

(checkmark)UNDERSTANDING
PERFORMANCE

FIDELITY ADVISOR GLOBAL EQUITY FUND - CLASS T
PERFORMANCE: THE BOTTOM LINE

CUMULATIVE TOTAL RETURNS

PERIODS ENDED APRIL 30, 2000 PAST 6 MONTHS PAST 1 YEAR LIFE OF FUND

FIDELITY ADV GLOBAL EQUITY - 12.59% 21.35% 32.52%
CL T

FIDELITY ADV GLOBAL EQUITY - 8.65% 17.10% 27.88%
CL T (INCL. 3.50% SALES
CHARGE)

MSCI World 7.49% 12.29% 25.80%

Global Funds Average 16.44% 23.98% n/a

CUMULATIVE TOTAL RETURNS show Class T's performance in percentage
terms over a set period - in this case, six months, one year or since
the fund started on December 17, 1998. 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
World Index - a market capitalization-weighted index that is designed
to represent the performance of developed stock markets throughout the
world. As of April 30, 2000, the index included over 1,400 equity
securities of companies domiciled in 22 countries. To measure how
Class T's performance stacked up against its peers, you can compare it
to the global funds average, which reflects the performance of mutual
funds with similar objectives tracked by Lipper Inc. The past six
months average represents a peer group of 264 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 APRIL 30, 2000 PAST 1 YEAR LIFE OF FUND

FIDELITY ADV GLOBAL EQUITY - 21.35% 22.81%
CL T

FIDELITY ADV GLOBAL EQUITY - 17.10% 19.66%
CL T (INCL. 3.50% SALES
CHARGE)

MSCI World 12.29% 18.24%

Global Funds Average 23.98% n/a

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.

$10,000 OVER LIFE OF FUND
FA Global Equity -CL T MS World Index (Net)
00755 MS004
1998/12/17 9650.00 10000.00
1998/12/31 10074.60 10408.32
1999/01/31 10325.50 10634.72
1999/02/28 9939.50 10350.31
1999/03/31 10286.90 10779.74
1999/04/30 10537.80 11203.18
1999/05/31 10190.40 10792.30
1999/06/30 10798.35 11294.15
1999/07/31 10836.95 11258.75
1999/08/31 10827.30 11237.20
1999/09/30 10750.10 11126.71
1999/10/31 11358.05 11703.55
1999/11/30 11917.75 12031.29
1999/12/31 13053.40 13003.62
2000/01/31 12394.34 12257.46
2000/02/29 13043.56 12289.04
2000/03/31 13574.75 13136.92
2000/04/28 12787.81 12579.95
IMATRL PRASUN SHR__CHT 20000430 20000519 111100 R00000000000020

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Global Equity Fund - Class T on December
17, 1998, when the fund started, and the current 3.50% sales charge
was paid. As the chart shows, by April 30, 2000, the value of the
investment would have grown to $12,788 - a 27.88% increase on the
initial investment. For comparison, look at how the MSCI World Index
did over the same period. With dividends reinvested, the same $10,000
would have grown to $12,580 - a 25.80% increase.

(checkmark)UNDERSTANDING
PERFORMANCE

FIDELITY ADVISOR GLOBAL EQUITY FUND - CLASS B
PERFORMANCE: THE BOTTOM LINE

CUMULATIVE TOTAL RETURNS

PERIODS ENDED APRIL 30, 2000 PAST 6 MONTHS PAST 1 YEAR LIFE OF FUND

FIDELITY ADV GLOBAL EQUITY - 12.30% 20.65% 31.51%
CL B

FIDELITY ADV GLOBAL EQUITY - 7.30% 15.65% 27.51%
CL B (INCL. CONTINGENT
DEFERRED SALES CHARGE)

MSCI World 7.49% 12.29% 25.80%

Global Funds Average 16.44% 23.98% n/a

CUMULATIVE TOTAL RETURNS show Class B's performance in percentage
terms over a set period - in this case, six months, one year or since
the fund started on December 17, 1998. 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
World Index - a market capitalization-weighted index that is designed
to represent the performance of developed stock markets throughout the
world. As of April 30, 2000, the index included over 1,400 equity
securities of companies domiciled in 22 countries. To measure how
Class B's performance stacked up against its peers, you can compare it
to the global funds average, which reflects the performance of mutual
funds with similar objectives tracked by Lipper Inc. The past six
months average represents a peer group of 264 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 APRIL 30, 2000 PAST 1 YEAR LIFE OF FUND

FIDELITY ADV GLOBAL EQUITY - 20.65% 22.13%
CL B

FIDELITY ADV GLOBAL EQUITY - 15.65% 19.41%
CL B (INCL. CONTINGENT
DEFERRED SALES CHARGE)

MSCI World 12.29% 18.24%

Global Funds Average 23.98% n/a

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.

$10,000 OVER LIFE OF FUND
FA Global Equity -CL B MS World Index (Net)
00752 MS004
1998/12/17 10000.00 10000.00
1998/12/31 10440.00 10408.32
1999/01/31 10690.00 10634.72
1999/02/28 10290.00 10350.31
1999/03/31 10640.00 10779.74
1999/04/30 10900.00 11203.18
1999/05/31 10530.00 10792.30
1999/06/30 11150.00 11294.15
1999/07/31 11190.00 11258.75
1999/08/31 11180.00 11237.20
1999/09/30 11090.00 11126.71
1999/10/31 11710.00 11703.55
1999/11/30 12280.00 12031.29
1999/12/31 13456.22 13003.62
2000/01/31 12773.73 12257.46
2000/02/29 13425.66 12289.04
2000/03/31 13965.53 13136.92
2000/04/28 12751.00 12579.95
IMATRL PRASUN SHR__CHT 20000430 20000519 111545 R00000000000020

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Global Equity Fund - Class B on December
17, 1998, when the fund started. As the chart shows, by April 30,
2000, the value of the investment, including the effect of the
applicable contingent deferred sales charge, would have grown to
$12,751 - a 27.51% increase on the initial investment. For comparison,
look at how the MSCI World Index did over the same period. With
dividends reinvested, the same $10,000 would have grown to $12,580 - a
25.80% increase.

(checkmark)UNDERSTANDING
PERFORMANCE

FIDELITY ADVISOR GLOBAL EQUITY FUND - CLASS C
PERFORMANCE: THE BOTTOM LINE

CUMULATIVE TOTAL RETURNS

PERIODS ENDED APRIL 30, 2000 PAST 6 MONTHS PAST 1 YEAR LIFE OF FUND

FIDELITY ADV GLOBAL EQUITY - 12.39% 20.74% 31.61%
CL C

FIDELITY ADV GLOBAL EQUITY - 11.39% 19.74% 31.61%
CL C (INCL. CONTINGENT
DEFERRED SALES CHARGE)

MSCI World 7.49% 12.29% 25.80%

Global Funds Average 16.44% 23.98% n/a

CUMULATIVE TOTAL RETURNS show Class C's performance in percentage
terms over a set period - in this case, six months, one year or since
the fund started on December 17, 1998. 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
World Index - a market capitalization-weighted index that is designed
to represent the performance of developed stock markets throughout the
world. As of April 30, 2000, the index included over 1,400 equity
securities of companies domiciled in 22 countries. To measure how
Class C's performance stacked up against its peers, you can compare it
to the global funds average, which reflects the performance of mutual
funds with similar objectives tracked by Lipper Inc. The past six
months average represents a peer group of 264 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 APRIL 30, 2000 PAST 1 YEAR LIFE OF FUND

FIDELITY ADV GLOBAL EQUITY - 20.74% 22.20%
CL C

FIDELITY ADV GLOBAL EQUITY - 19.74% 22.20%
CL C (INCL. CONTINGENT
DEFERRED SALES CHARGE)

MSCI World 12.29% 18.24%

Global Funds Average 23.98% n/a

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.

$10,000 OVER LIFE OF FUND
FA Global Equity -CL C MS World Index (Net)
00753 MS004
1998/12/17 10000.00 10000.00
1998/12/31 10440.00 10408.32
1999/01/31 10690.00 10634.72
1999/02/28 10290.00 10350.31
1999/03/31 10640.00 10779.74
1999/04/30 10900.00 11203.18
1999/05/31 10530.00 10792.30
1999/06/30 11150.00 11294.15
1999/07/31 11190.00 11258.75
1999/08/31 11180.00 11237.20
1999/09/30 11090.00 11126.71
1999/10/31 11710.00 11703.55
1999/11/30 12290.00 12031.29
1999/12/31 13456.02 13003.62
2000/01/31 12773.54 12257.46
2000/02/29 13435.64 12289.04
2000/03/31 13975.51 13136.92
2000/04/28 13160.62 12579.95
IMATRL PRASUN SHR__CHT 20000430 20000519 112225 R00000000000020

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Global Equity Fund - Class C on December
17, 1998, when the fund started. As the chart shows, by April 30,
2000, the value of the investment would have grown to $13,161 - a
31.61% increase on the initial investment. For comparison, look at how
the MSCI World Index did over the same period. With dividends
reinvested, the same $10,000 would have grown to $12,580 - a 25.80%
increase.

(checkmark)UNDERSTANDING
PERFORMANCE

FUND TALK: THE MANAGER'S OVERVIEW

MARKET RECAP

(photograph of Richard Habermann)

An interview with Richard Habermann, Lead Portfolio Manager of
Fidelity Advisor Global Equity Fund

Q. HOW DID THE FUND PERFORM, DICK?

A. For the six months that ended April 30, 2000, the fund's Class A,
Class T, Class B and Class C shares returned 12.75%, 12.59%, 12.30%
and 12.39%, respectively. For the same period, the Morgan Stanley
Capital International MSCI World Index delivered a return of 7.49%,
while the global funds average, as measured by Lipper Inc., returned
16.44%. For the 12 months that ended April 30, 2000, the fund's Class
A, Class T, Class B and Class C shares returned 21.62%, 21.35%, 20.65%
and 20.74%, respectively. By comparison, the MSCI index and Lipper
average posted returns of 12.29% and 23.98%, respectively.

Q. WHAT WAS THE GLOBAL INVESTMENT CLIMATE LIKE DURING THE SIX-MONTH
PERIOD?

A. Strengthening worldwide economies and stronger earnings outlooks
helped global equity markets post positive returns during the past six
months. Much of the gains came by way of new economy, or the so-called
TMT stocks, representing companies from the fast-moving technology,
media and telecommunications sectors. Volatility was pervasive, as
tech-related sectors became increasingly correlated globally as the
period progressed. A sudden loss of confidence in the price levels of
TMT stocks sent investors in the U.S. fleeing for the exits during the
last six weeks of the period in search of stability elsewhere in the
market. The sharp sell-off in the NASDAQ created a domino effect for
tech-related stocks in the European, Japanese and Asian markets.

Q. WHY DID THE FUND OUTPERFORM ITS BENCHMARK, YET LAG ITS PEER GROUP?

A. Some good stock picks along with being in the right place at the
right time helped the fund beat the MSCI index. Having less exposure
to the U.S. overall than the index helped, as American investors sold
down many of the period's best tech stocks, erasing performance
achieved earlier in the period. Underweighting some of the period's
poorer performers, such as Microsoft, and overweighting those names
strong enough to overcome the decline, such as Juniper Networks and
Motorola, were crucial to our success in the U.S. In Europe, the fund
benefited the most from its exposure to Sweden's top names within the
technology, finance and services sectors. The fund's overweighting in
leading wireless operator Ericsson and insurance provider Skandia
Foersaekrings proved particularly beneficial. Having out-of-benchmark
positions in high-tech German issues, such as Software AG and Epcos,
as well as telecom and engineering concern Mannesmann - prior to its
acquisition by Vodafone AirTouch in February - further lifted
performance. Selected technology investments in Japan, most notably
fiber-optic cable manufacturer Furukawa Electric and global Internet
investment firm Softbank, helped widen our lead over the index.
Relative to the Lipper average, the fund struggled to keep pace with a
group that was generally much heavier in technology.

Q. WHAT ELSE INFLUENCED PERFORMANCE?

A. As the period wore on, I reduced the fund's overweighting in Japan
and further decreased its exposure to the U.S. equity market, which
helped. I added a small piece of emerging-markets exposure to the fund
with investments in Mexico, Brazil and South Korea - countries not
represented in the benchmark. I felt it prudent to expose the fund to
export-oriented economies that were poised to benefit from an
improving global picture. This move, which helped initially, ended up
hurting relative performance as the threat of higher interest rates in
the U.S. began to take hold in these regions. It's important to note
that I focused on only the more recognizable blue-chip names in these
countries.

Q. WHAT OTHER STOCKS HELPED? WHICH HURT?

A. Finnish-based Nokia benefited from strong growth related to its
dominant position in worldwide wireless handset sales. Other
contributors included U.S. firms Oracle and Warner-Lambert, French
broadcaster TF-1 and Spain's Telefonica. The fund no longer held TF-1
at the close of the period. Looking downward, U.S. financial software
service provider Intuit fell sharply on earnings disappointments.
Other tech stocks that fell prey to the market correction included
British telecom company Jazztel, data networking provider Equant, and
Tokyo Seimitsu, a semiconductor equipment manufacturer.

Q. WHAT'S YOUR OUTLOOK, DICK?

A. Growth is accelerating worldwide and pulling everything along with
it, including interest rates. Clearly, central bankers around the
world are trying to keep growth under control, as evidenced by the
70-plus rate increases they levied during this period. The potential
for further rate hikes in the U.S. remains a cloud over global equity
markets. Until this round of tightening is over, investors could
continue to migrate from tech to other areas of the market. The fund's
subportfolio managers are poised to respond quickly as changes occur
in the investment landscape.

(checkmark)FUND FACTS

GOAL: seeks long-term growth
of capital

START DATE: December 17,
1998

SIZE: as of April 30, 2000,
more than $26 million

MANAGER: Richard
Habermann, since inception;
joined Fidelity in 1968

DICK HABERMANN ON USING
DIVERSIFICATION TO MANAGE RISK:

"Unlike many of its competitors,
which run highly concentrated,
targeted portfolios with big sector
bets, the fund chooses a more
disciplined approach to investing.
Over the years at Fidelity, we found
that we could generate consistent
returns while minimizing the level
of risk involved. Admittedly,
risk-control and diversification
don't usually occupy the minds
of bullish investors.

"As much as some people don't like to
admit it, international investing
can be a risky business. We try to
manage this risk by taking a
multi-layered investment approach.
The fund's regional subportfolio
managers take great care
formulating risk/return strategies
for the fund's underlying
investments, as do I by way of
selecting the fund's ongoing asset
allocation. By building a discipline
at several levels - namely security,
sector and region - with a
multi-manager framework, we
offer investors a different
approach not found in many funds.

"A lot of resources are called upon
to manage this fund. Fidelity
leverages its global research
network of hundreds of investment
professionals in the Boston, London,
Tokyo and Hong Kong offices. We
also benefit from the decades of
experience we have investing
beyond our borders."

INVESTMENT CHANGES

<TABLE>
<CAPTION>
<S> <C> <C>
TOP FIVE STOCKS BY ISSUER AS
OF APRIL 30, 2000

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

Vodafone AirTouch PLC 2.4 2.8
(United Kingdom, Cellular)

Nokia AB (Finland, 1.9 1.2
Communications Equipment)

General Electric Co. (United 1.9 2.1
States of America,
Electrical Equipment)

Cisco Systems, Inc. (United 1.6 1.6
States of America,
Communications Equipment)

Telefonaktiebolaget LM 1.5 0.9
Ericsson (Sweden,
Communications Equipment)

9.3 8.6

TOP FIVE MARKET SECTORS AS OF
APRIL 30, 2000

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

Technology 23.3 16.0

Finance 15.1 16.8

Utilities 14.4 13.3

Health 6.9 8.0

Energy 6.2 6.3

TOP FIVE COUNTRIES AS OF
APRIL 30, 2000

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

United States of America 41.5 47.5

Japan 13.3 15.9

United Kingdom 9.5 8.6

France 5.2 5.7

Germany 3.7 3.7

</TABLE>

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

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

AS OF APRIL 30, 2000 AS OF OCTOBER 31, 1999

Stocks 95.5% Stocks 95.2%

Short-Term Investments and Short-Term Investments and
Net Other Assets 4.5% Net Other Assets 4.8%

Row: 1, Col: 1, Value: 95.5 Row: 1, Col: 1, Value: 95.2
Row: 1, Col: 2, Value: 0.0 Row: 1, Col: 2, Value: 0.0
Row: 1, Col: 3, Value: 0.0 Row: 1, Col: 3, Value: 0.0
Row: 1, Col: 4, Value: 0.0 Row: 1, Col: 4, Value: 0.0
Row: 1, Col: 5, Value: 0.0 Row: 1, Col: 5, Value: 0.0
Row: 1, Col: 6, Value: 0.0 Row: 1, Col: 6, Value: 0.0
Row: 1, Col: 7, Value: 0.0 Row: 1, Col: 7, Value: 0.0
Row: 1, Col: 8, Value: 4.5 Row: 1, Col: 8, Value: 4.8

</TABLE>

INVESTMENTS APRIL 30, 2000 (UNAUDITED)

Showing Percentage of Net Assets

COMMON STOCKS - 94.3%

SHARES VALUE (NOTE 1)

AUSTRALIA - 0.8%

Austar United Communications 700 $ 2,677
Ltd. (a)

Australia & New Zealand 1,200 8,297
Banking Group Ltd.

Brambles Industries Ltd. 300 8,444

Broken Hill Proprietary Co. 3,126 33,661
Ltd.

Cable & Wireless Optus Ltd. 8,900 28,740
(a)

CI Technologies Group Ltd. 1,000 3,968

John Fairfax Holdings Ltd. 2,800 8,094

National Australia Bank Ltd. 1,300 17,809

News Corp. Ltd. 4,691 59,569

Publishing & Broadcasting 2,200 17,086
Ltd.

Telstra Corp. Ltd. 6,100 26,146

Westpac Banking Corp. 300 1,915

216,406

BRAZIL - 0.6%

Telesp Celular Participacoes 3,300 145,613
SA ADR

CANADA - 2.3%

Bank of Nova Scotia 1,480 33,732

Barrick Gold Corp. 1,050 17,656

BCE, Inc. 550 63,699

Biovail Corp. (a) 580 27,672

Bombardier, Inc. Class B 970 26,071

C-Mac Industries, Inc. (a) 1,030 52,168

Celestica, Inc. (sub. vtg.) 520 28,058
(a)

Cognos, Inc. (a) 340 13,088

JDS Uniphase Canada Ltd. (a) 920 95,212

Nortel Networks Corp. 750 84,785

Onex Corp. 920 27,647

Rogers Cantel Mobile 550 17,197
Communications, Inc. Class B
(restricted vtg.) (a)

Royal Bank of Canada 420 19,826

Seagram Co. Ltd. 340 17,875

Sears Canada, Inc. 540 13,128

Shaw Communications, Inc. 1,260 29,483
Class B

Toronto Dominion Bank 940 21,742

589,039

DENMARK - 0.6%

ISS AS (a) 2,058 130,159

Novo-Nordisk AS (B Shares) 260 34,919

Sydbank AS 85 2,698

167,776

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

FINLAND - 2.4%

Nokia AB 8,920 $ 507,325

Sampo Insurance Co. Ltd. 1,978 74,998

UPM-Kymmene Corp. 1,465 38,055

620,378

FRANCE - 5.2%

Aventis SA 3,930 221,063

Banque Nationale de Paris 1,314 106,471
(BNP)

Bouygues SA 170 108,772

Christian Dior SA 215 51,244

Louis Vuitton Moet Hennessy 262 110,230
(LVMH)

Sanofi-Synthelabo SA 2,431 90,956

Schneider SA 1,091 71,596

Societe Generale Class A 433 89,903

Suez Lyonnaise des Eaux 243 38,206
(France)

TotalFinaElf SA Class B 2,281 345,001

Vivendi SA 1,138 112,851

1,346,293

GERMANY - 3.1%

BASF AG 1,500 65,747

Deutsche Bank AG 1,400 94,299

Deutsche Telekom AG 1,740 113,219

Epcos AG 400 56,510

Hannover Rueckversicherungs AG 130 8,235

Munich Reinsurance AG (Reg.) 472 138,741

Schering AG 710 100,629

SGL Carbon AG (a) 460 35,634

Software AG (a) 700 81,028

Stinnes AG 1,300 27,845

United Internet AG (a) 100 25,794

Veba AG 1,100 55,343

803,024

GRAND CAYMAN ISLANDS - 0.0%

Xl Capital Ltd. 240 11,430

HONG KONG - 1.2%

Cable & Wireless Hkt Ltd. 10,072 23,292

Cheung Kong Holdings Ltd. 4,000 47,759

China Telecom (Hong Kong) 10,000 73,344
Ltd. (a)

Hang Seng Bank Ltd. 2,100 19,344

Hutchison Whampoa Ltd. 6,000 87,430

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

HONG KONG - CONTINUED

i-CABLE Communications Ltd. 4,000 $ 1,759

Johnson Electric Holdings 2,000 16,112
Ltd.

Li & Fung Ltd. 2,000 7,729

Smartone Telecommunications 1,000 3,133
Holdings Ltd.

Sun Hung Kai Properties Ltd. 2,000 15,855

Sunevision Holdings Ltd. 14 18

Television Broadcasts Ltd. 2,000 13,673

309,448

IRELAND - 0.4%

Bank of Ireland, Inc. 6,388 43,085

CRH PLC 4,087 65,524

108,609

ITALY - 1.1%

Banca Nazionale del Lavoro 10,000 32,557
(BNL)

Eni Spa 7,680 38,136

Finmeccanica Spa (a) 32,314 50,570

Mediolanum Spa 3,500 58,117

San Paolo Imi Spa 3,044 42,838

Telecom Italia Mobile Spa 8,300 79,471

301,689

JAPAN - 13.3%

Aeon Credit Service Ltd. 200 13,575

Ajinomoto Co., Inc. 1,000 11,420

Anritsu Corp. 3,000 33,318

Asahi Chemical Industry Co. 3,000 17,255
Ltd. (a)

Asahi Glass Co. Ltd. 2,000 17,533

Bank of Tokyo-Mitsubishi Ltd. 2,000 25,781

Bridgestone Corp. 1,000 21,685

Casio Computer Co. Ltd. 2,000 22,009

Dai Nippon Printing Co. Ltd. 1,000 16,950

Dai-Ichi Kangyo Bank Ltd. 2,000 16,571

Daito Trust Construction Co. 1,600 25,153

Daiwa Securities Group, Inc. 2,000 30,516

DDI Corp. 3 34,400

FamilyMart Co. Ltd. 500 18,310

Fancl Corp. 100 14,546

Fanuc Ltd. 300 31,404

Fuji Bank Ltd. 4,000 33,290

Fujitsu Ltd. 3,000 84,890

Fujitsu Support & Service, 100 14,796
Inc. (FSAS)

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

JAPAN - CONTINUED

Fujitsu Support & Service, 100 $ 14,796
Inc. (FSAS) New

Furukawa Electric Co. Ltd. 10,000 138,617

Hitachi Ltd. 1,000 12,281

Hoya Corp. 1,000 101,720

Ines Corp. 1,000 15,711

Ito En Ltd. 300 29,684

Ito-Yokado Co. Ltd. 1,000 72,961

Japan Telecom Co. Ltd. 1 50,860

Japan Tobacco, Inc. 1 7,352

Kaneka Corp. 2,000 25,707

Kao Corp. 1,000 30,424

Kawasumi Laboratories, Inc. 1,000 8,877

KDD Corp. 100 11,578

Kirin Beverage Corp. 1,000 19,789

Konami Co. Ltd. New 300 17,505

Kuraray Co. Ltd. 1,000 8,212

Kyocera Corp. 500 83,031

Matsushita Electric 2,000 53,300
Industrial Co. Ltd.

Minolta Co. Ltd. 4,000 14,056

Mitsubishi Electric Corp. 3,000 25,606

Mitsubishi Trust & Banking 1,000 8,387
Corp.

Mitsui Mining & Smelting Co. 1,000 5,761
Ltd.

Mitsumi Electric Co. Ltd. 1,000 41,243

NEC Corp. 2,000 54,374

Nichicon Corp. 2,000 53,634

Nidec Copal Corp. 1,000 16,090

Nidec Corp. 200 13,871

Nidec Corp. New 100 6,935

Nikko Securities Co. Ltd. 2,000 23,581

Nintendo Co. Ltd. 200 33,290

Nippon Computer Systems Corp. 1,000 19,327

Nippon Sheet Glass Co. Ltd. 6,000 53,264

Nippon System Development Co. 120 11,441
Ltd.

Nippon Telegraph & Telephone 10 123,913
Corp.

Nippon Zeon Co. Ltd. 1,000 6,196

Nitto Denko Corp. 1,000 39,208

Nomura Securities Co. Ltd. 3,000 75,458

NTT DoCoMo, Inc. 1 33,383

Oki Electric Industry Co. 4,000 28,112
Ltd. (a)

Omron Corp. 2,000 54,374

Oriental Land Co. Ltd. 100 10,607

ORIX Corp. 340 48,482

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

JAPAN - CONTINUED

Pioneer Corp. 2,000 $ 54,559

Ricoh Co. Ltd. 2,000 42,168

Rohm Co. Ltd. 200 66,950

Ryohin Keikaku Co. Ltd. 200 37,082

Sakura Bank Ltd. 6,000 42,057

Sanden Corp. 1,000 5,299

Sanyo Electric Co. Ltd. 2,000 13,335

Senshukai Co. Ltd. 1,000 10,311

Shin-Etsu Chemical Co. Ltd. 1,000 52,802

Shiseido Co. Ltd. 1,000 12,632

SMC Corp. 200 39,763

Softbank Corp. 100 24,598

Softbank Corp. New 200 49,195

Sony Corp. 1,000 112,813

Sony Corp. New 400 45,125

Square Co. Ltd. 300 22,055

Sumitomo Bank Ltd. 1,000 12,493

Sumitomo Heavy Industries 2,000 4,513
Ltd.

Sumitomo Trust & Banking Ltd. 2,000 14,611

Takeda Chemical Industries 1,000 65,748
Ltd.

Terumo Corp. 1,000 30,239

The Suruga Bank Ltd. 4,000 68,430

THK Co. Ltd. 700 29,453

Tokai Corp. 2,000 22,009

Tokyo Seimitsu Co. Ltd. 1,500 156,741

Toppan Forms Co. Ltd. 500 10,403

Toyoda Gosei Co. Ltd. 1,000 57,795

Toyota Motor Corp. 5,000 249,844

Union Tool Co. 100 13,557

Ushio, Inc. 1,000 23,349

World Co. Ltd. 100 7,509

World Co. Ltd. New 50 3,754

Yamanouchi Pharmaceutical Co. 1,000 52,802
Ltd.

Yamato Transport Co. Ltd. 1,000 24,968

Yoshitomi Pharmaceutical 1,000 14,056
Industries Ltd.

3,479,418

KOREA (SOUTH) - 0.3%

SK Telecom Co. Ltd. ADR 2,600 83,363

MEXICO - 2.7%

Banacci SA de CV Series O (a) 15,900 57,526

Grupo Financiero Bancomer SA 98,900 44,096
de CV Series A (a)

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

MEXICO - CONTINUED

Grupo Televisa SA de CV 3,820 $ 242,331
sponsored ADR (a)

Telefonos de Mexico SA de CV 3,290 193,493
Series L sponsored ADR

TV Azteca SA de CV sponsored 8,070 88,770
ADR

Wal-Mart de Mexico SA de CV 31,300 72,442
Series V (a)

698,658

NETHERLANDS - 1.9%

Buhrmann NV 1,300 33,591

Equant NV (a) 1,120 86,923

Fortis Amev NV 2,700 68,069

ING Groep NV (Certificaten 2,400 131,293
Van Aandelen)

Koninklijke Ahold NV 996 23,285

Libertel NV (a) 1,900 33,423

United Pan-Europe 2,630 95,956
Communications NV (a)

Vendex KBB NV 1,900 29,353

501,893

PORTUGAL - 0.3%

Banco Pinto & Sotto Mayor SA 1,553 32,683

Telecel Comunicacoes Pessoais 2,532 40,156
SA

72,839

SINGAPORE - 0.3%

Chartered Semiconductor 100 8,738
Manufacturing Ltd. ADR

City Developments Ltd. 1,000 4,541

Datacraft Asia Ltd. 2,000 15,000

Flextronics International 200 14,050
Ltd. (a)

Oversea-Chinese Banking Corp. 1,050 7,199
Ltd.

Singapore Press Holdings Ltd. 400 7,829

Singapore Telecommunications 8,000 11,532
Ltd.

United Overseas Bank Ltd. 1,056 7,364

76,253

SPAIN - 1.4%

Altadis SA 9,590 113,019

Telefonica SA (a) 9,521 212,435

Union Electrica Fenosa SA 2,100 40,329

365,783

SWEDEN - 3.2%

Assa Abloy AB:

rights 6/30/00 (a) 7,062 0

(B Shares) 7,062 143,948

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

SWEDEN - CONTINUED

Electrolux AB 2,600 $ 44,116

Skandia Foersaekrings AB 4,250 204,199

Svenska Handelsbanken AB (A 3,723 49,410
Shares)

Telefonaktiebolaget LM 4,447 393,282
Ericsson (B Shares)

834,955

SWITZERLAND - 2.2%

ABB Ltd. (Switzerland) (Reg.) 546 61,461

Credit Suisse Group (Reg.) 509 92,236

Julius Baer Holding AG 27 94,712

Kuoni Reisen Holding AG Class 15 65,183
B (Reg.)

Nestle SA (Reg.) 43 76,044

Novartis AG (Reg.) 68 95,295

Richemont Compagnie Financier 16 38,999
Class A unit

Roche Holding AG 5 52,385
participation certificates

576,315

UNITED KINGDOM - 9.5%

3i Group PLC 5,000 100,123

Alliance & Leicester PLC 3,700 36,586

Allied Zurich PLC 15,800 156,476

AstraZeneca Group PLC (Sweden) 1,672 70,129

Bank of Scotland 3,900 34,504

Barclays PLC 3,500 89,280

BBA Group PLC 9,200 56,454

BP Amoco PLC 30,500 259,250

British Telecommunications PLC 10,800 197,640

Compass Group PLC 3,200 45,288

Computacenter PLC 3,500 55,188

Energis PLC (a) 700 34,461

Gallaher Group PLC 5,300 26,142

HSBC Holdings PLC:

(United Kingdom) (Reg.) 4,900 56,044

(Hong Kong) (Reg.) 1,400 16,013

Jazztel PLC (a) 700 34,772

Lloyds TSB Group PLC 4,800 46,829

Misys PLC 4,100 46,687

National Grid Group PLC 7,200 59,002

Shell Transport & Trading Co. 33,000 265,375
PLC (Reg.)

SmithKline Beecham PLC 7,300 100,375

Vodafone AirTouch PLC 121,054 568,923

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

UNITED KINGDOM - CONTINUED

Vodafone AirTouch PLC 950 $ 44,650
sponsored ADR

WPP Group PLC 4,400 70,678

2,470,869

UNITED STATES OF AMERICA -
41.5%

Abbott Laboratories 1,580 60,731

Adaptec, Inc. (a) 110 2,970

Adobe Systems, Inc. 310 37,491

Adolph Coors Co. Class B 170 8,670

AES Corp. (a) 990 89,038

AFLAC, Inc. 470 22,942

AK Steel Holding Corp. 700 7,744

Alcoa, Inc. 390 25,301

Alliant Techsystems, Inc. (a) 70 4,874

Alteon Websystems, Inc. 50 3,400

Altera Corp. (a) 490 50,103

AMBAC Financial Group, Inc. 750 36,000

Amerada Hess Corp. 1,090 69,351

America Online, Inc. (a) 890 53,233

American Express Co. 360 54,023

American Home Products Corp. 270 15,171

American International Group, 1,242 136,232
Inc.

American Standard Companies, 170 6,970
Inc. (a)

AMFM, Inc. (a) 1,010 67,039

Amgen, Inc. (a) 1,340 75,040

AMR Corp. 220 7,494

Analog Devices, Inc. (a) 790 60,682

Anheuser-Busch Companies, 1,160 81,853
Inc.

Applied Materials, Inc. (a) 190 19,344

Applied Micro Circuits Corp. 100 12,888
(a)

Arthur J. Gallagher & Co. 170 6,333

AsiaInfo Holdings, Inc. 200 8,700

Associates First Capital 2,130 47,259
Corp. Class A

AT&T Corp. 3,820 178,346

AT&T Corp. - Liberty Media 1,990 99,376
Group Class A (a)

Atlantic Coast Airlines 260 7,768
Holdings, Inc. (a)

Avery Dennison Corp. 270 17,719

Avon Products, Inc. 1,300 53,950

Baker Hughes, Inc. 730 23,223

Bank of America Corp. 1,380 67,620

Bank of New York Co., Inc. 1,330 54,613

Baxter International, Inc. 280 18,235

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

UNITED STATES OF AMERICA -
CONTINUED

BEA Systems, Inc. (a) 610 $ 29,433

Bed Bath & Beyond, Inc. (a) 340 12,474

BellSouth Corp. 2,570 125,127

Bethlehem Steel Corp. (a) 2,350 12,631

BJ's Wholesale Club, Inc. (a) 200 7,088

BMC Software, Inc. (a) 320 14,980

Boeing Co. 2,180 86,519

Bristol-Myers Squibb Co. 2,770 145,252

Broadcom Corp. Class A (a) 240 41,370

Brocade Communications 40 4,960
Systems, Inc.

Calpine Corp. (a) 360 32,940

Cardinal Health, Inc. 230 12,664

Caterpillar, Inc. 490 19,324

CBS Corp. (a) 1,190 69,913

CDW Computer Centers, Inc. (a) 100 10,400

Centex Corp. 280 6,755

Charles Schwab Corp. 670 29,815

Chase Manhattan Corp. 1,050 75,666

Chevron Corp. 1,060 90,233

CIGNA Corp. 910 72,573

Cisco Systems, Inc. (a) 6,180 428,448

Citigroup, Inc. 3,125 185,742

Clear Channel Communications, 240 17,280
Inc. (a)

Clorox Co. 130 4,778

CMGI, Inc. (a) 40 2,850

CNF Transportation, Inc. 120 3,353

Coca-Cola Enterprises, Inc. 640 13,640

Comcast Corp. Class A 940 37,659
(special) (a)

Comerica, Inc. 60 2,543

Compaq Computer Corp. 1,560 45,630

Computer Associates 490 27,348
International, Inc.

Computer Sciences Corp. (a) 210 17,128

Comverse Technology, Inc. (a) 420 37,459

Conoco, Inc. Class B 1,810 45,024

Consolidated Stores Corp. (a) 440 5,473

Cooper Cameron Corp. (a) 340 25,500

COR Therapeutics, Inc. (a) 140 10,666

Cordant Technologies, Inc. 190 10,759

Corning, Inc. 290 57,275

Costco Wholesale Corp. (a) 420 22,706

Covad Communications Group, 310 8,603
Inc. (a)

Cox Communications, Inc. 130 5,566
Class A (a)

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

UNITED STATES OF AMERICA -
CONTINUED

Cree Research, Inc. (a) 190 $ 27,645

Dallas Semiconductor Corp. 320 13,740

Dell Computer Corp. (a) 1,600 80,200

Ditech Communications Corp. 70 6,003

DoubleClick, Inc. (a) 310 23,521

Dow Chemical Co. 280 31,640

DST Systems, Inc. (a) 300 22,256

Dynegy, Inc. Class A 410 26,829

E Tek Dynamics, Inc. (a) 20 4,095

E.I. du Pont de Nemours and 940 44,591
Co.

EchoStar Communications Corp. 230 14,648
Class A (a)

Edwards Lifesciences Corp. (a) 38 570

Electronics for Imaging, Inc. 500 26,125
(a)

Eli Lilly & Co. 1,190 92,002

EMC Corp. (a) 1,500 208,406

Emerson Electric Co. 420 23,048

Emulex Corp. (a) 50 2,269

Exodus Communications, Inc. 230 20,341
(a)

Exxon Mobil Corp. 3,792 294,591

Fannie Mae 1,390 83,834

Financial Security Assurance 110 8,119
Holdings Ltd.

First Data Corp. 590 28,726

Firstar Corp. 2,540 63,183

Fluor Corp. 340 11,411

Freddie Mac 1,860 85,444

Frontier Oil Corp. (a) 910 5,801

Gap, Inc. 340 12,495

Gartner Group, Inc. Class A 400 5,400

Gateway, Inc. (a) 100 5,525

Genentech, Inc. 60 7,020

General Dynamics Corp. 770 45,045

General Electric Co. 3,140 493,765

General Motors Corp. 560 52,430

Gillette Co. 600 22,200

Golden West Financial Corp. 410 13,991

H&R Block, Inc. 120 5,018

Halliburton Co. 1,630 72,026

Hartford Life, Inc. Class A 290 14,283

Healtheon/Web Maryland Corp. 130 2,738
(a)

Hertz Corp. Class A 260 8,109

Hewlett-Packard Co. 690 93,150

Home Depot, Inc. 2,850 159,778

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

UNITED STATES OF AMERICA -
CONTINUED

Honeywell International, Inc. 250 $ 14,000

Household International, Inc. 360 15,030

Immunex Corp. (a) 230 9,056

Ingersoll-Rand Co. 390 18,306

Intel Corp. 2,770 351,271

Internap Network Services 70 2,695
Corp.

International Business 350 39,069
Machines Corp.

Intuit, Inc. (a) 1,090 39,172

Jabil Circuit, Inc. (a) 260 10,644

JDS Uniphase Corp. (a) 400 41,475

Johnson & Johnson 880 72,600

Juniper Networks, Inc. 240 51,045

Kana Communications, Inc. 199 8,470

Keebler Foods Co. 390 12,261

KEMET Corp. (a) 60 4,470

Kimberly-Clark Corp. 640 37,160

Kinder Morgan, Inc. 1,050 31,828

KLA-Tencor Corp. (a) 160 11,980

Linear Technology Corp. 410 23,421

Lowe's Companies, Inc. 1,100 54,450

LSI Logic Corp. (a) 550 34,375

Lucent Technologies, Inc. 2,720 169,150

Lycos, Inc. (a) 240 11,160

Lyondell Chemical Co. 2,210 40,609

Marsh & McLennan Companies, 510 50,267
Inc.

MBIA, Inc. 790 39,056

McDonald's Corp. 2,530 96,456

MCI WorldCom, Inc. (a) 1,155 52,480

McLeodUSA, Inc. Class A (a) 2,760 69,000

MediaOne Group, Inc. (a) 810 61,256

Mellon Financial Corp. 450 14,456

Merck & Co., Inc. 770 53,515

Mercury Interactive Corp. (a) 110 9,900

Meredith Corp. 150 4,172

Micron Technology, Inc. (a) 290 40,383

Microsoft Corp. (a) 2,630 183,443

Millennium Pharmaceuticals, 100 7,938
Inc. (a)

Minnesota Mining & 360 31,140
Manufacturing Co.

Morgan Stanley Dean Witter & 950 72,913
Co.

Motorola, Inc. 1,660 197,644

Nabisco Holdings Corp. Class A 440 16,528

National Semiconductor Corp. 270 16,403
(a)

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

UNITED STATES OF AMERICA -
CONTINUED

Navistar International Corp. 660 $ 23,100
(a)

Network Appliance, Inc. (a) 240 17,745

Nextel Communications, Inc. 1,060 116,004
Class A (a)

NEXTLINK Communications, Inc. 120 10,118
Class A (a)

Northern Trust Corp. 180 11,543

Ogden Corp. 550 5,397

Oracle Corp. (a) 1,590 127,101

Outback Steakhouse, Inc. (a) 370 12,118

Parker-Hannifin Corp. 270 12,555

Philip Morris Companies, Inc. 5,350 117,031

Phone.com, Inc. 80 6,720

Pitney Bowes, Inc. 530 21,664

PMC-Sierra, Inc. (a) 250 47,969

Praxair, Inc. 130 5,777

Procter & Gamble Co. 680 40,545

Providian Financial Corp. 120 10,568

Proxicom, Inc. 120 4,103

PSINet, Inc. (a) 170 3,942

QLogic Corp. (a) 60 6,019

Quaker Oats Co. 690 44,979

QUALCOMM, Inc. (a) 320 34,700

Qwest Communications 540 23,423
International, Inc. (a)

Reader's Digest Association, 270 8,640
Inc. Class A (non-vtg.)

Redback Networks, Inc. 60 4,763

Reliastar Financial Corp. 130 5,598

Rohm & Haas Co. 610 21,731

Safeway, Inc. (a) 360 15,885

SanDisk Corp. (a) 170 15,576

Sanmina Corp. (a) 570 34,236

Santa Fe Snyder Corp. (a) 1,500 13,781

SBA Communications Corp. 430 17,469

SBC Communications, Inc. 2,903 127,188

Schering-Plough Corp. 1,840 74,175

Scientific-Atlanta, Inc. 100 6,506

Sealed Air Corp. (a) 340 18,913

Shaw Industries, Inc. 440 6,958

Siebel Systems, Inc. (a) 210 25,804

Smith International, Inc. (a) 340 25,840

Software.com, Inc. 120 9,705

Sprint Corp. - PCS Group 1,400 77,000
Series 1 (a)

SPX Corp. (a) 190 20,876

Staples, Inc. (a) 750 14,297

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

UNITED STATES OF AMERICA -
CONTINUED

Stillwater Mining Co. (a) 640 $ 17,920

Sun Microsystems, Inc. (a) 1,130 103,889

Sunoco, Inc. 620 18,794

Sycamore Networks, Inc. 40 3,140

Target Corp. 780 51,919

TCF Financial Corp. 590 13,791

Terayon Communication 70 6,510
Systems, Inc. (a)

Texas Instruments, Inc. 1,410 229,654

Textron, Inc. 320 19,820

The Chubb Corp. 560 35,630

The Limited, Inc. 130 5,874

The New York Times Co. Class A 330 13,592

Time Warner, Inc. 1,350 121,416

U.S. WEST, Inc. 290 20,644

Union Carbide Corp. 1,130 66,670

Union Pacific Corp. 210 8,846

United Technologies Corp. 1,380 85,819

UnitedHealth Group, Inc. 130 8,669

UnumProvident Corp. 540 9,180

USX - Marathon Group 350 8,159

USX - U.S. Steel Group 1,370 34,336

Vastar Resources, Inc. 310 24,994

VERITAS Software Corp. (a) 350 37,543

Viacom, Inc. Class B 410 22,294
(non-vtg.) (a)

Vignette Corp. (a) 270 13,011

Vitesse Semiconductor Corp. 430 29,267
(a)

VoiceStream Wireless Corp. (a) 421 41,679

Waddell & Reed Financial, 300 7,988
Inc. Class A

Wal-Mart Stores, Inc. 2,830 156,711

Walgreen Co. 1,290 36,281

Walt Disney Co. 3,430 148,562

Warner-Lambert Co. 2,010 228,763

Wells Fargo & Co. 1,300 53,381

10,822,739

TOTAL COMMON STOCKS 24,602,790
(Cost $22,955,742)

NONCONVERTIBLE PREFERRED
STOCKS - 1.2%

SHARES VALUE (NOTE 1)

GERMANY - 0.6%

Hugo Boss AG 427 $ 67,330

Wella AG 3,520 89,833

157,163

ITALY - 0.6%

Telecom Italia Spa Risp 23,700 148,725

TOTAL NONCONVERTIBLE 305,888
PREFERRED STOCKS
(Cost $305,976)

NONCONVERTIBLE BONDS - 0.0%

MOODY'S RATINGS (UNAUDITED) PRINCIPAL AMOUNT

UNITED KINGDOM - 0.0%

British Aerospace PLC 7.45% - GBP 433 652
11/30/03 (Cost $433)

CASH EQUIVALENTS - 4.5%

Taxable Central Cash Fund, 1,182,014 1,182,014
5.77% (b) (Cost $1,182,014)

TOTAL INVESTMENT PORTFOLIO - 26,091,344
100.0%
(Cost $24,444,165)

NET OTHER ASSETS - 0.0% 3,677

NET ASSETS - 100% $ 26,095,021

CURRENCY ABBREVIATIONS

GBP - British pound

LEGEND

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at
period end.

INCOME TAX INFORMATION

At April 30, 2000, the aggregate cost of investment securities for
income tax purposes was $24,542,907. Net unrealized appreciation
aggregated $1,548,437, of which $3,425,107 related to appreciated
investment securities and $1,876,670 related to depreciated investment
securities.

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2000 (UNAUDITED)

ASSETS

Investment in securities, at $ 26,091,344
value (cost $24,444,165) -
See accompanying schedule

Foreign currency held at 11
value (cost $11)

Receivable for investments 71,673
sold

Receivable for fund shares 134,226
sold

Dividends receivable 31,771

Interest receivable 5,893

TOTAL ASSETS 26,334,918

LIABILITIES

Payable for investments $ 173,859
purchased

Payable for fund shares 12,931
redeemed

Accrued management fee 3,557

Distribution fees payable 11,385

Other payables and accrued 38,165
expenses

TOTAL LIABILITIES 239,897

NET ASSETS $ 26,095,021

Net Assets consist of:

Paid in capital $ 24,097,764

Accumulated net investment (96,541)
loss

Accumulated undistributed net 447,565
realized gain loss on
investments and foreign
currency transactions

Net unrealized appreciation 1,646,233
(depreciation) on
investments and assets and
liabilities in foreign
currencies

NET ASSETS $ 26,095,021

STATEMENT OF ASSETS AND LIABILITIES - CONTINUED
APRIL 30, 2000 (UNAUDITED)

CALCULATION OF MAXIMUM $13.02
OFFERING PRICE CLASS A: NET
ASSET VALUE and redemption
price per share
($10,568,044 (divided by)
811,622 shares)

Maximum offering price per $13.81
share (100/94.25 of $13.02)

CLASS T: NET ASSET VALUE and $13.00
redemption price per share
($5,507,982 (divided by)
423,678 shares)

Maximum offering price per $13.47
share (100/96.50 of $13.00)

CLASS B: NET ASSET VALUE and $12.91
offering price per share
($4,298,797 (divided by)
332,937 shares) A

CLASS C: NET ASSET VALUE and $12.92
offering price per share
($4,373,490 (divided by)
338,512 shares) A

INSTITUTIONAL CLASS: NET $13.05
ASSET VALUE, offering price
and redemption price per
share ($1,346,708 (divided
by) 103,222 shares)

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

STATEMENT OF OPERATIONS
SIX MONTHS ENDED APRIL 30,
2000 (UNAUDITED)

INVESTMENT INCOME $ 88,009
Dividends

Interest 23,723

111,732

Less foreign taxes withheld (6,055)

TOTAL INCOME 105,677

EXPENSES

Management fee $ 58,399

Transfer agent fees 21,592

Distribution fees 49,416

Accounting fees and expenses 30,024

Non-interested trustees' 20
compensation

Custodian fees and expenses 36,629

Registration fees 63,921

Audit 9,356

Legal 143

Miscellaneous 36

Total expenses before 269,536
reductions

Expense reductions (85,864) 183,672

NET INVESTMENT INCOME (LOSS) (77,995)

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

Investment securities 505,098

Foreign currency transactions 1,832 506,930

Change in net unrealized
appreciation (depreciation)
on:

Investment securities 555,339

Assets and liabilities in (596) 554,743
foreign currencies

NET GAIN (LOSS) 1,061,673

NET INCREASE (DECREASE) IN $ 983,678
NET ASSETS RESULTING FROM
OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS

SIX MONTHS ENDED APRIL 30, DECEMBER 17, 1998
2000 (UNAUDITED) (COMMENCEMENT OF
OPERATIONS) TO OCTOBER 31,
1999

INCREASE (DECREASE) IN NET
ASSETS

Operations Net investment $ (77,995) $ (55,754)
income (loss)

Net realized gain (loss) 506,930 218,581

Change in net unrealized 554,743 1,091,490
appreciation (depreciation)

NET INCREASE (DECREASE) IN 983,678 1,254,317
NET ASSETS RESULTING FROM
OPERATIONS

Distributions to shareholders (238,504) -
from net realized gains

Share transactions - net 14,192,707 9,902,823
increase (decrease)

TOTAL INCREASE (DECREASE) 14,937,881 11,157,140
IN NET ASSETS

NET ASSETS

Beginning of period 11,157,140 -

End of period (including $ 26,095,021 $ 11,157,140
accumulated net investment
loss of $96,541 and $18,546,
respectively)

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL HIGHLIGHTS - CLASS A

SIX MONTHS ENDED APRIL 30, OCTOBER 31, 1999 E
2000 (UNAUDITED)

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 11.79 $ 10.00
period

Income from Investment
Operations

Net investment income (loss) D (.04) (.04)

Net realized and unrealized 1.53 1.83
gain (loss)

Total from investment 1.49 1.79
operations

Less Distributions

From net realized gain (.26) -

Net asset value, end of period $ 13.02 $ 11.79

TOTAL RETURN B, C 12.75% 17.90%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 10,568 $ 1,853
(000 omitted)

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

Ratio of expenses to average 1.97% A, G 1.99% A, G
net assets after expense
reductions

Ratio of net investment (.63)% A (.47)% A
income (loss) to average net
assets

Portfolio turnover 72% A 69% A

</TABLE>

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 (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD DECEMBER 17, 1998 (COMMENCEMENT OF OPERATIONS) TO
OCTOBER 31, 1999.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.

<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL HIGHLIGHTS - CLASS T

SIX MONTHS ENDED APRIL 30, OCTOBER 31, 1999 E
2000 (UNAUDITED)

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 11.77 $ 10.00
period

Income from Investment
Operations

Net investment income (loss) D (.06) (.07)

Net realized and unrealized 1.53 1.84
gain (loss)

Total from investment 1.47 1.77
operations

Less Distributions

From net realized gain (.24) -

Net asset value, end of period $ 13.00 $ 11.77

TOTAL RETURN B, C 12.59% 17.70%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 5,508 $ 3,204
(000 omitted)

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

Ratio of expenses to average 2.22% A, G 2.24% A, G
net assets after expense
reductions

Ratio of net investment (.88)% A (.72)% A
income (loss) to average net
assets

Portfolio turnover 72% A 69% A

</TABLE>

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 (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD DECEMBER 17, 1998 (COMMENCEMENT OF OPERATIONS) TO
OCTOBER 31, 1999.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.

<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL HIGHLIGHTS - CLASS B

SIX MONTHS ENDED APRIL 30, OCTOBER 31, 1999 E
2000 (UNAUDITED)

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 11.71 $ 10.00
period

Income from Investment
Operations

Net investment income (loss) D (.09) (.12)

Net realized and unrealized 1.52 1.83
gain (loss)

Total from investment 1.43 1.71
operations

Less Distributions

From net realized gain (.23) -

Net asset value, end of period $ 12.91 $ 11.71

TOTAL RETURN B, C 12.30% 17.10%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 4,299 $ 2,268
(000 omitted)

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

Ratio of expenses to average 2.72% A, G 2.74% A, G
net assets after expense
reductions

Ratio of net investment (1.38)% A (1.22)% A
income (loss) to average net
assets

Portfolio turnover 72% A 69% A

</TABLE>

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 DECEMBER 17, 1998 (COMMENCEMENT OF OPERATIONS) TO
OCTOBER 31, 1999.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.

<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL HIGHLIGHTS - CLASS C

SIX MONTHS ENDED APRIL 30, OCTOBER 31, 1999 E
2000 (UNAUDITED)

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 11.71 $ 10.00
period

Income from Investment
Operations

Net investment income (loss) D (.09) (.12)

Net realized and unrealized 1.53 1.83
gain (loss)

Total from investment 1.44 1.71
operations

Less Distributions

From net realized gain (.23) -

Net asset value, end of period $ 12.92 $ 11.71

TOTAL RETURN B, C 12.39% 17.10%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 4,373 $ 2,649
(000 omitted)

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

Ratio of expenses to average 2.72% A, G 2.74% A, G
net assets after expense
reductions

Ratio of net investment (1.38)% A (1.22)% A
income (loss) to average net
assets

Portfolio turnover 72% A 69% A

</TABLE>

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 DECEMBER 17, 1998 (COMMENCEMENT OF OPERATIONS) TO
OCTOBER 31, 1999.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.

<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL HIGHLIGHTS - INSTITUTIONAL CLASS

SIX MONTHS ENDED APRIL 30, OCTOBER 31, 1999 E
2000 (UNAUDITED)

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 11.81 $ 10.00
period

Income from Investment
Operations

Net investment income (loss) D (.02) (.02)

Net realized and unrealized 1.54 1.83
gain (loss)

Total from investment 1.52 1.81
operations

Less Distributions

From net realized gain (.28) -

Net asset value, end of period $ 13.05 $ 11.81

TOTAL RETURN B, C 12.99% 18.10%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 1,347 $ 1,182
(000 omitted)

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

Ratio of expenses to average 1.72% A, G 1.74% A, G
net assets after expense
reductions

Ratio of net investment (.38)% A (.22)% A
income (loss) to average net
assets

Portfolio turnover 72% A 69% A

</TABLE>

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

NOTES TO FINANCIAL STATEMENTS
For the period ended April 30, 2000 (Unaudited)

1. SIGNIFICANT ACCOUNTING POLICIES.

Fidelity Advisor Global Equity 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.

SECURITY VALUATION. Securities for which quotations are readily
available are valued using the official closing price or 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 is normally 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 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.

1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

FOREIGN CURRENCY TRANSLATION - CONTINUED

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 funds
are 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 foreign currency transactions, passive foreign
investment companies (PFIC) 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.

1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

DISTRIBUTIONS TO SHAREHOLDERS - CONTINUED

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.

JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission (the SEC), the fund, along with
other affiliated entities of FMR, may transfer uninvested cash
balances into one or more joint trading accounts. These balances are
invested in one or more repurchase agreements for U.S. Treasury or
Federal Agency obligations.

3. PURCHASES AND SALES OF INVESTMENTS.

Purchases and sales of securities, other than short-term securities,
aggregated $18,682,485 and $5,462,709, respectively.

4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.

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.

4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED

DISTRIBUTION AND SERVICE PLAN - CONTINUED

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 $ 4,418 $ 1,585

CLASS T 11,172 3,233

CLASS B 16,116 12,087

CLASS C 17,710 10,244

$ 49,416 $ 27,149

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

PAID TO FDC RETAINED BY FDC

CLASS A $ 11,911 $ 8,382

CLASS T 12,106 8,802

CLASS B 902 902 *

CLASS C 163 163 *

$ 25,082 $ 18,249

* 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.

4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED

AMOUNT % OF AVERAGE NET ASSETS

CLASS A $ 2,944 .17 *

CLASS T 6,796 .31 *

CLASS B 5,686 .36 *

CLASS C 4,808 .28 *

INSTITUTIONAL CLASS 1,358 .21 *

$ 21,592

* ANNUALIZED

ACCOUNTING FEES. Fidelity Service Company, Inc. maintains the fund's
accounting records. The fee is based on the level of average net
assets for the month plus out-of-pocket expenses.

5. EXPENSE REDUCTIONS.

FMR EXPENSE LIMITATIONS REIMBURSEMENT

CLASS A 2.00% $ 16,240

CLASS T 2.25% 24,017

CLASS B 2.75% 18,248

CLASS C 2.75% 18,611

INSTITUTIONAL CLASS 1.75% 6,425

$ 83,541

FMR has also directed certain portfolio trades to brokers who paid a
portion of the fund's expenses. For the period, the fund's expenses
were reduced by $2,323 under this arrangement.

6. BENEFICIAL INTEREST.

At the end of the period, FMR and its affiliates were record owners of
approximately 25% of the total outstanding shares of the fund. In
addition, 1 unaffiliated shareholder was record owner of more than 29%
of the total outstanding shares of the fund.

7. DISTRIBUTIONS TO SHAREHOLDERS.

Distributions to shareholders of each class were as follows:

SIX MONTHS ENDED DECEMBER 17, 1998
APRIL 30, (COMMENCEMENT OF OPERATIONS)
2000 TO OCTOBER 31,
1999

FROM NET REALIZED GAIN

Class A $ 42,316 $ -

Class T 66,024 -

Class B 48,844 -

Class C 53,185 -

Institutional Class 28,135 -

Total $ 238,504 $ -

8. SHARE TRANSACTIONS.

Transactions for each class of shares for the periods are as follows:

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

SIX MONTHS ENDED APRIL 30, DECEMBER 17, 1998 SIX MONTHS
(COMMENCEMENT OF OPERATIONS) ENDED
TO OCTOBER 31, APRIL 30,

2000 1999 2000

CLASS A Shares sold 204,600 $ 9,102,900
670,065

Reinvestment of distributions 3,410 - 42,316

Shares redeemed (19,052) (47,401) (245,244)

Net increase (decrease) 654,423 157,199 $ 8,899,972

CLASS T Shares sold 234,062 308,848 $ 3,080,197

Reinvestment of distributions 5,110 - 63,362

Shares redeemed (87,822) (36,520) (1,151,286)

Net increase (decrease) 151,350 272,328 $ 1,992,273

CLASS B Shares sold 151,286 195,520 $ 1,968,051

Reinvestment of distributions 3,807 - 46,976

Shares redeemed (15,889) (1,787) (205,392)

Net increase (decrease) 139,204 193,733 $ 1,809,635

CLASS C Shares sold 114,159 227,333 $ 1,476,413

Reinvestment of distributions 3,366 - 41,574

Shares redeemed (5,150) (1,196) (66,726)

Net increase (decrease) 112,375 226,137 $ 1,451,261

INSTITUTIONAL CLASS Shares 967 100,058 $ 12,355
sold

Reinvestment of distributions 2,256 - 28,016

Shares redeemed (59) - (805)

Net increase (decrease) 3,164 100,058 $ 39,566

</TABLE>

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

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

1999

CLASS A Shares sold $ 2,159,660

Reinvestment of distributions -

Shares redeemed (538,542)

Net increase (decrease) $ 1,621,118

CLASS T Shares sold $ 3,281,859

Reinvestment of distributions -

Shares redeemed (399,799)

Net increase (decrease) $ 2,882,060

CLASS B Shares sold $ 2,047,118

Reinvestment of distributions -

Shares redeemed (19,401)

Net increase (decrease) $ 2,027,717

CLASS C Shares sold $ 2,384,524

Reinvestment of distributions -

Shares redeemed (13,207)

Net increase (decrease) $ 2,371,317

INSTITUTIONAL CLASS Shares $ 1,000,611
sold

Reinvestment of distributions -

Shares redeemed -

Net increase (decrease) $ 1,000,611

</TABLE>

INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA

INVESTMENT SUB-ADVISERS
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Far East) Inc.
Fidelity International
Investment Advisors
Fidelity International Investments Advisors (U.K.) Limited
Fidelity Investments Japan Ltd.

OFFICERS
Edward C. Johnson 3d, President
Robert C. Pozen, Senior Vice President
Robert A. Lawrence, Vice President
Richard C. Habermann, Vice President
Eric D. Roiter, Secretary
Robert A. Dwight, Treasurer
Matthew N. Karstetter, Deputy Treasurer
Maria F. Dwyer, Deputy Treasurer
John H. Costello, Assistant Treasurer

* INDEPENDENT TRUSTEES

ADVISORY BOARD
J. Michael Cook
Abigail P. Johnson

GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA

TRANSFER AND SHAREHOLDER
SERVICING AGENTS
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

CUSTODIAN
State Street Bank and Trust Company
Quincy, MA

GROWTH FUNDS
Fidelity Advisor Latin America Fund
Fidelity Advisor Emerging Asia Fund
Fidelity Advisor Japan Fund
Fidelity Advisor Europe Capital Appreciation Fund
Fidelity Advisor International
Capital Appreciation Fund
Fidelity Advisor Overseas Fund
Fidelity Advisor Diversified International Fund
Fidelity Advisor Global Equity Fund
Fidelity Advisor TechnoQuant (registered trademark)
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

AGLO-SANN-0600 103574
1.719689.101

GROWTH AND INCOME FUNDS
Fidelity Advisor Growth & Income Fund
Fidelity Advisor Equity Income Fund
Fidelity Advisor Asset Allocation Fund
Fidelity Advisor Balanced Fund

MUNICIPAL FUNDS
Fidelity Advisor Municipal Income Fund
Fidelity Advisor Intermediate Municipal Income Fund

MONEY MARKET FUNDS
Prime Fund
Treasury Fund
Tax-Exempt Fund

(2_FIDELITY_LOGOS)(registered trademark)

FIDELITY(REGISTERED TRADEMARK) ADVISOR
JAPAN
FUND - INSTITUTIONAL CLASS

SEMIANNUAL REPORT
APRIL 30, 2000

(2_FIDELITY_LOGOS)(registered trademark)

CONTENTS

PRESIDENT'S MESSAGE 3 Ned Johnson on investing
strategies.

PERFORMANCE 4 How the fund has done over
time.

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

INVESTMENT CHANGES 9 A summary of major shifts in
the fund's investments over
the past six months.

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

FINANCIAL STATEMENTS 16 Statements of assets and
liabilities, operations, and
changes in net assets, as
well as financial highlights.

NOTES 25 Notes to the financial
statements.

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.

This report is printed on recycled paper using soy-based inks.

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,
Edward C. Johnson 3d

FIDELITY ADVISOR JAPAN FUND - INSTITUTIONAL CLASS
PERFORMANCE: THE BOTTOM LINE

CUMULATIVE TOTAL RETURNS

PERIODS ENDED APRIL 30, 2000 PAST 6 MONTHS PAST 1 YEAR LIFE OF FUND

FIDELITY ADV JAPAN - INST CL 10.81% 76.43% 111.54%

TOPIX 2.10% 37.05% 63.59%

Japanese Funds Average 5.46% 52.96% n/a

CUMULATIVE TOTAL RETURNS show Institutional Class' performance in
percentage terms over a set period - in this case, six months, one
year or since the fund started on December 17, 1998. 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 Tokyo Stock
Exchange Index (TOPIX) - a market capitalization-weighted index of
over 1,400 stocks traded in the Japanese market. To measure how
Institutional Class' performance stacked up against its peers, you can
compare it to the Japanese funds average, which reflects the
performance of mutual funds with similar objectives tracked by Lipper
Inc. The past six months average represents a peer group of 48 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 APRIL 30, 2000 PAST 1 YEAR LIFE OF FUND

FIDELITY ADV JAPAN - INST CL 76.43% 72.79%

TOPIX 37.05% 43.23%

Japanese Funds Average 52.96% n/a

AVERAGE ANNUAL TOTAL RETURNS take Institutional Class shares'
cumulative return and show you what would have happened if
Institutional Class shares had performed at a constant rate each year.

$10,000 OVER LIFE OF FUND
FA Japan -CL I TOPIX
00744 TK001
1998/12/17 10000.00 10000.00
1998/12/31 10290.00 10238.23
1999/01/31 10150.00 10289.31
1999/02/28 10010.00 10044.32
1999/03/31 11310.00 11394.22
1999/04/30 11990.00 11936.61
1999/05/31 11500.00 11401.97
1999/06/30 13350.00 12483.01
1999/07/31 15060.00 13756.39
1999/08/31 16400.00 14193.44
1999/09/30 17690.00 15124.67
1999/10/31 19090.00 16022.57
1999/11/30 21690.00 17184.50
1999/12/31 24387.82 18008.15
2000/01/31 22557.21 17031.27
2000/02/29 23675.92 16762.53
2000/03/31 23289.46 17826.50
2000/04/28 21153.74 16359.34
IMATRL PRASUN SHR__CHT 20000430 20000518 135324 R00000000000020

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Japan Fund - Institutional Class on
December 17, 1998, when the fund started. As the chart shows, by April
30, 2000, the value of the investment would have grown to $21,154 - a
111.54% increase on the initial investment. For comparison, look at
how the Tokyo Stock Exchange Index (TOPIX) did over the same period.
With dividends reinvested, the same $10,000 would have grown to
$16,359 - a 63.59% increase.

(checkmark)UNDERSTANDING
PERFORMANCE

FUND TALK: THE MANAGER'S OVERVIEW

MARKET RECAP

(photograph of Brenda Reed)

An interview with Brenda Reed, Portfolio Manager of Fidelity Advisor
Japan Fund

Q. HOW DID THE FUND PERFORM, BRENDA?

A. The fund managed to finish well ahead of its benchmarks in an
increasingly volatile market environment. For the six months that
ended April 30, 2000, the fund's Institutional Class shares returned
10.81%, beating the Tokyo Stock Exchange Index (TOPIX) and the
Japanese funds average tracked by Lipper Inc., which had respective
returns of 2.10% and 5.46%. For the 12 months that ended April 30,
2000, the fund's Institutional Class shares returned 76.43%. By
comparison, the index and the average returned 37.05% and 52.96%,
respectively.

Q. WHY DID THE FUND BEAT THE INDEX AND ITS PEER GROUP DURING THE
SIX-MONTH PERIOD?

Q. WITHIN TECHNOLOGY AND TELECOMMUNICATIONS, WHERE DID YOU CONCENTRATE
THE FUND'S INVESTMENTS?

Q. WHAT STOCKS DID WELL FOR THE FUND?

Q. WHAT STOCKS WERE DISAPPOINTING?

Q. WHAT'S YOUR OUTLOOK, BRENDA?

(checkmark)FUND FACTS

GOAL: long-term growth of
capital by investing mainly in
equity securities of Japanese
issuers

START DATE: December 17, 1998

SIZE: as of April 30, 2000,
more than $150 million

MANAGER: Brenda Reed,
since 1998; joined Fidelity in
1992

BRENDA REED ON JAPAN'S
ZERO INTEREST-RATE POLICY:

NOTE TO SHAREHOLDERS: Effective
June 16, 2000, William Kennedy will
become Portfolio Manager of Fidelity
Advisor Japan Fund.

INVESTMENT CHANGES

<TABLE>
<CAPTION>
<S> <C> <C>
TOP TEN STOCKS BY ISSUER AS
OF APRIL 30, 2000

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

NTT DoCoMo, Inc. 8.2 5.8

Toyota Motor Corp. 4.2 2.4

Furukawa Electric Co. Ltd. 3.0 1.2

Sony Corp. 2.8 1.5

Rohm Co. Ltd. 2.7 1.5

Takeda Chemical Industries Ltd. 2.6 2.4

The Suruga Bank Ltd. 2.5 0.1

Kyocera Corp. 2.4 2.0

Softbank Corp. 2.3 2.4

Murata Manufacturing Co. Ltd. 2.1 0.0

32.8 19.3

TOP FIVE MARKET SECTORS AS OF
APRIL 30, 2000

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

Technology 23.5 24.7

Utilities 12.4 14.6

Durables 12.3 12.1

Industrial Machinery & 9.7 5.8
Equipment

Finance 9.1 12.3

</TABLE>

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

AS OF APRIL 30, 2000 AS OF OCTOBER 31, 1999

Stocks 95.2% Stocks 94.9%

Short-Term Investments and Short-Term Investments and
Net Other Assets 4.8% Net Other Assets 5.1%

</TABLE>

INVESTMENTS APRIL 30, 2000 (UNAUDITED)

Showing Percentage of Net Assets

COMMON STOCKS - 95.2%

SHARES VALUE (NOTE 1)

BASIC INDUSTRIES - 5.6%

CHEMICALS & PLASTICS - 5.1%

Asahi Chemical Industry Co. 191,000 $ 1,098,594
Ltd. (a)

Hitachi Chemical Co. Ltd. 37,000 944,331

Kaneka Corp. 112,000 1,439,615

Mitsubishi Chemical Corp. 234,000 936,952

Nippon Zeon Co. Ltd. 181,000 1,121,417

Nissan Chemical Industries 129,000 694,267
Co. Ltd.

Shin-Etsu Chemical Co. Ltd. 28,000 1,478,454

7,713,630

PAPER & FOREST PRODUCTS - 0.5%

Nippon Paper Industries Co. 121,000 765,341
Ltd.

TOTAL BASIC INDUSTRIES 8,478,971

CONSTRUCTION & REAL ESTATE -
2.0%

BUILDING MATERIALS - 1.1%

Nippon Sheet Glass Co. Ltd. 180,000 1,597,929

CONSTRUCTION - 0.5%

Daito Trust Construction Co. 51,200 804,883

REAL ESTATE - 0.4%

Mitsubishi Estate Co. Ltd. 52,000 584,243

TOTAL CONSTRUCTION & REAL 2,987,055
ESTATE

DURABLES - 12.3%

AUTOS, TIRES, & ACCESSORIES -
7.2%

Honda Motor Co. Ltd. (a) 36,000 1,593,000

Tokai Corp. 75,000 825,319

Toyoda Gosei Co. Ltd. 35,000 2,022,841

Toyota Motor Corp. 126,000 6,296,063

10,737,223

CONSUMER ELECTRONICS - 5.1%

Matsushita Electric 59,000 1,572,350
Industrial Co. Ltd.

Pioneer Corp. 33,000 900,222

Sharp Corp. 50,000 964,028

Sony Corp. 16,600 1,872,687

Sony Corp. (New) 21,500 2,425,469

7,734,756

TOTAL DURABLES 18,471,979

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

FINANCE - 9.1%

BANKS - 5.8%

Bank of Tokyo-Mitsubishi Ltd. 80,000 $ 1,031,256

Dai-Ichi Kangyo Bank Ltd. 251,000 2,079,674

Fuji Bank Ltd. 100,000 832,254

Sakura Bank Ltd. 155,000 1,086,462

The Suruga Bank Ltd. 218,000 3,729,425

8,759,071

SECURITIES INDUSTRY - 3.3%

Daiwa Securities Group, Inc. 154,000 2,349,732

Nikko Securities Co. Ltd. 72,000 848,900

Nomura Securities Co. Ltd. 67,000 1,685,223

4,883,855

TOTAL FINANCE 13,642,926

HEALTH - 8.4%

DRUGS & PHARMACEUTICALS - 7.2%

Fujisawa Pharmaceutical Co. 71,000 2,659,053
Ltd.

Sankyo Co. Ltd. 26,000 572,221

Takeda Chemical Industries 59,000 3,879,138
Ltd.

Yamanouchi Pharmaceutical Co. 49,000 2,587,294
Ltd.

Yoshitomi Pharmaceutical 80,000 1,124,468
Industries Ltd.

10,822,174

MEDICAL EQUIPMENT & SUPPLIES
- 1.2%

Hoya Corp. 17,000 1,729,240

TOTAL HEALTH 12,551,414

INDUSTRIAL MACHINERY &
EQUIPMENT - 9.7%

ELECTRICAL EQUIPMENT - 7.7%

Furukawa Electric Co. Ltd. 325,000 4,505,040

Mitsubishi Electric Corp. 105,000 896,199

Murata Manufacturing Co. Ltd. 16,000 3,107,083

Omron Corp. 112,000 3,044,942

11,553,264

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

INDUSTRIAL MACHINERY &
EQUIPMENT - CONTINUED

INDUSTRIAL MACHINERY &
EQUIPMENT - 2.0%

SMC Corp. 7,500 $ 1,491,123

THK Co. Ltd. 36,600 1,539,948

3,031,071

TOTAL INDUSTRIAL MACHINERY & 14,584,335
EQUIPMENT

MEDIA & LEISURE - 4.1%

BROADCASTING - 2.6%

Fuji Television Network, Inc. 98 1,631,219

Tokyo Broadcasting System, 53,000 2,303,495
Inc.

3,934,714

LEISURE DURABLES & TOYS - 0.8%

Nintendo Co. Ltd. 7,600 1,265,027

PUBLISHING - 0.4%

Kadokawa Shoten Publishing 3,500 566,395
Co. Ltd.

RESTAURANTS - 0.3%

Saizeriya Co. Ltd. 5,200 403,921

TOTAL MEDIA & LEISURE 6,170,057

NONDURABLES - 1.7%

BEVERAGES - 0.5%

Kirin Beverage Corp. 34,000 672,832

FOODS - 0.6%

Ajinomoto Co., Inc. 84,000 959,312

HOUSEHOLD PRODUCTS - 0.6%

Lion Corp. 26,000 106,991

Shiseido Co. Ltd. 61,000 770,538

877,529

TOTAL NONDURABLES 2,509,673

RETAIL & WHOLESALE - 2.3%

APPAREL STORES - 0.8%

World Co. Ltd. 11,600 871,019

World Co. Ltd. New 4,750 356,667

1,227,686

GENERAL MERCHANDISE STORES -
1.1%

Seven Eleven Japan Co. Ltd. 13,000 1,598,853

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

RETAIL & WHOLESALE - CONTINUED

RETAIL & WHOLESALE,
MISCELLANEOUS - 0.4%

Don Quijote Co. Ltd. 3,400 $ 575,365

TOTAL RETAIL & WHOLESALE 3,401,904

SERVICES - 2.8%

ADVERTISING - 1.1%

Asatsu-DK, Inc. 38,900 1,604,346

SERVICES - 1.7%

Nippon System Development Co. 15,600 1,487,294
Ltd.

Secom Co. Ltd. 9,000 754,023

Shinki Co. Ltd. 14,500 344,600

2,585,917

TOTAL SERVICES 4,190,263

TECHNOLOGY - 23.5%

COMMUNICATIONS EQUIPMENT - 0.7%

NEC Corp. 38,000 1,033,105

COMPUTER SERVICES & SOFTWARE
- 5.2%

Capcom Co. Ltd. 4,350 160,903

Fujitsu Ltd. 100,000 2,829,665

Hitachi Information Systems 41,000 1,588,589
Co. Ltd.

KOEI Co. Ltd. 3,180 114,097

Konami Co. Ltd. 1,000 61,032

Konami Co. Ltd. New 7,500 437,627

Net One Systems Co. Ltd. 24 818,938

Oracle Corp. Japan 500 402,256

Square Co. Ltd. 6,100 448,446

Trend Micro, Inc. (a) 6,000 898,835

7,760,388

COMPUTERS & OFFICE EQUIPMENT
- 5.6%

Canon, Inc. 43,000 1,996,812

Oki Electric Industry Co. 151,000 1,061,217
Ltd. (a)

Ricoh Co. Ltd. 88,000 1,855,373

Softbank Corp. 3,900 959,312

Softbank Corp. New 10,400 2,558,165

8,430,879

ELECTRONIC INSTRUMENTS - 0.7%

Tokyo Seimitsu Co. Ltd. 10,700 1,118,088

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

TECHNOLOGY - CONTINUED

ELECTRONICS - 10.5%

Hirose Electric Co. Ltd. 8,300 $ 1,002,386

Hosiden Corp. 19,000 885,519

Kyocera Corp. 21,900 3,636,769

Mitsumi Electric Co. Ltd. 20,000 824,857

Nichicon Corp. 73,000 1,957,648

Nidec Corp. 7,000 485,482

Nidec Corp. New 6,700 464,675

Nitto Denko Corp. 42,000 1,646,754

Rohm Co. Ltd. 11,900 3,983,540

Toko, Inc. 96,000 798,964

15,686,594

PHOTOGRAPHIC EQUIPMENT - 0.8%

Fuji Photo Film Co. Ltd. 16,000 656,000

Konica Corp. (a) 122,000 587,775

1,243,775

TOTAL TECHNOLOGY 35,272,829

TRANSPORTATION - 1.3%

AIR TRANSPORTATION - 0.7%

Nippon Express Co. Ltd. 164,000 1,034,289

RAILROADS - 0.6%

West Japan Railway Co. 268 921,916

TOTAL TRANSPORTATION 1,956,205

UTILITIES - 12.4%

CELLULAR - 8.3%

Hikari Tsushin, Inc. 1,400 201,960

NTT DoCoMo, Inc. 367 12,251,434

12,453,394

TELEPHONE SERVICES - 4.1%

DDI Corp. 166 1,903,458

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

UTILITIES - CONTINUED

TELEPHONE SERVICES - CONTINUED

KDD Corp. 14,500 $ 1,678,750

Nippon Telegraph & Telephone 210 2,602,182
Corp.

6,184,390

TOTAL UTILITIES 18,637,784

TOTAL COMMON STOCKS 142,855,395
(Cost $116,264,608)

CASH EQUIVALENTS - 6.5%

Taxable Central Cash Fund, 9,774,828 9,774,828
5.77% (b) (Cost $9,774,828)

TOTAL INVESTMENT PORTFOLIO - 152,630,223
101.7%
(Cost $126,039,436)

NET OTHER ASSETS - (1.7)% (2,529,708)

NET ASSETS - 100% $ 150,100,515

LEGEND

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at
period end.

INCOME TAX INFORMATION

At April 30, 2000, the aggregate cost of investment securities for
income tax purposes was $127,632,091. Net unrealized appreciation
aggregated $24,998,132, of which $31,408,078 related to appreciated
investment securities and $6,409,946 related to depreciated investment
securities.