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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-3855

Fidelity Advisor Series VIII
(Exact name of registrant as specified in charter)

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

Scott C. Goebel, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

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

Date of fiscal year end:	October 31

Date of reporting period:	October 31, 2011

Item 1. Reports to Stockholders

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Diversified International
Fund - Class A, Class T, Class B
and Class C

Annual Report

October 31, 2011

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Chairman's Message	(Click Here)	The Chairman's message to shareholders.
Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fund performance and strategy.
Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

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

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

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

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

Annual Report

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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_James_C_Curvey)

Dear Shareholder:

Global equity markets began the fourth quarter on a strong note, sharply reversing course in October amid strong corporate earnings, better-than-expected economic news and the promise of a resolution to the sovereign debt crisis in Europe. The mini rally followed a third quarter marked by a significant downturn in July and August, which heightened investor anxiety and set off a wave of volatility that hampered most major asset classes through the end of September. Financial markets are difficult to predict, of course, but you can help put the odds in your favor by following these time-tested investment principles.

One of the basic tenets is to invest according to your time horizon. For long-term investors, riding out the markets' inevitable ups and downs has proven much more effective than making decisions based on short-term developments. If your goal is approaching, you can also benefit from patience and restraint, rather than attempting to time the market. No matter your time horizon, missing only a few of the markets' best days can significantly diminish returns. Patience also affords the benefits of compounding - earning interest on additional income or reinvested dividends and capital gains. While staying the course doesn't eliminate risk, it can considerably lessen the negative impact of short-term downturns.

Asset allocation is another principle to manage risk. As you spread your portfolio among the asset classes, be sure to consider your time horizon, risk tolerance and investment objectives. Younger investors may be better served by emphasizing equities, which historically have been the best-performing asset class over time. Investors who are nearing a specific goal, such as retirement or sending a child to college, may choose to favor bonds and other investments that have tended to be more stable. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. After deciding on a suitable allocation strategy, make sure your portfolio is adequately diversified, with exposure to stocks of small-, mid- and large-cap companies in a range of sectors, for example. And today, more than ever, geographic diversification should be taken into account.

Lastly, investing a certain amount of money on a regular basis - a principle known as dollar-cost averaging - can help lower the average cost of your purchases, while also giving you the discipline to avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to learn more by visiting us on the Internet, dropping by one of our Investor Centers or calling us by phone. It is our privilege to provide the resources you need to choose investments that are right for you.

Sincerely,

(The acting chairman's signature appears here.)

James C. Curvey
Acting Chairman

Annual Report

Performance: The Bottom Line

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

Average Annual Total Returns

Periods ended October 31, 2011	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	-10.60%	-4.87%	5.15%
Class T (incl. 3.50% sales charge)	-8.66%	-4.65%	5.13%
Class B (incl. contingent deferred sales charge)^A	-10.55%	-4.79%	5.13%
Class C (incl. contingent deferred sales charge) ^B	-6.76%	-4.45%	4.97%

^AClass B shares' contingent deferred sales charges included in the past one year, past five years, and past ten years total return figures are 5%, 2%, and 0%, respectively.

^BClass C shares' contingent deferred sales charges included in the past one year, past five years, and past ten years total return figures are 1%, 0%, and 0%, respectively.

Annual Report

$10,000 Over Past 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Diversified International Fund - Class A on October 31, 2001, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the MSCI® EAFE® (Europe, Australasia, Far East) Index performed over the same period.

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Annual Report

Management's Discussion of Fund Performance

Market Recap: International equities were rocked by a number of headline events during the year ending October 31, 2011. Stocks posted a solid advance for the first half of the period, despite concern about the sovereign debt crisis in Europe, a devastating earthquake and tsunami in Japan, and political upheaval in the Middle East and North Africa. Sentiment turned decidedly negative in the second half, however, as fresh worries about Europe, inflation in China and a dimmed outlook for global growth caused foreign markets to suffer declines that intensified in August and September. October brought with it yet another dramatic swing, as eurozone policymakers appeared near a resolution to the debt debacle and buyers stormed back onto the scene in search of bargains. Still, those gains - along with favorable currency fluctuations overall - weren't enough to offset prior losses, and the MSCI® ACWI® (All Country World Index) ex USA Index finished the period down 4.56%. Within the MSCI index, Europe and emerging markets suffered the biggest declines, with many countries in these areas sustaining steep losses. By contrast, Japan showed resilience in the wake of its natural disasters, falling only 2%. Australia (+4%), Switzerland (+3%), the U.K. (+2%) and Canada, which produced a nominal return, were among the few major benchmark components to break into positive territory.

Comments from William Bower, Portfolio Manager of Fidelity Advisor® Diversified International Fund: For the year, the fund's Class A, Class T, Class B and Class C shares returned -5.15%, -5.35%, -5.89% and -5.83%, respectively (excluding sales charges), underperforming the -3.97% return of the MSCI® EAFE®(Europe, Australasia, Far East) Index. Fund performance versus the index was held back by security selection in energy, positioning in consumer staples, stock selection in financials and an underweighting in pharmaceuticals. Geographically, fund performance was curtailed by stock selection in the Asia-Pacific ex Japan region, China and Canada. Individual detractors included U.K.-based Lloyds Banking Group; out-of-benchmark positions in Canadian energy companies Niko Resources and Petrobank Energy & Resources; an underweighting in Swiss drug company Roche Holding - no longer held; Danish beer company Carlsberg; and Italy's Fiat Industrial. On the plus side, the fund benefited from an underweighting in the utilities sector, positioning in consumer discretionary and security selection in technology hardware/equipment. Regionally, positioning in continental Europe helped, as did stock picks in Japan. Top contributors included Japan Tobacco, U.K.-listed Royal Dutch Shell, an out-of-index position in Japanese online retailer Start Today, a lack of exposure to Tokyo Electric Power and a non-benchmark stake in technology giant Apple.

Annual Report

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

Annual Report

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2011 to October 31, 2011).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

Annual Report

	Annualized Expense Ratio	Beginning Account Value May 1, 2011	Ending Account Value October 31, 2011	Expenses Paid During Period* May 1, 2011 to October 31, 2011
Class A	1.30%
Actual		$ 1,000.00	$ 836.30	$ 6.02
Hypothetical ^A		$ 1,000.00	$ 1,018.65	$ 6.61
Class T	1.55%
Actual		$ 1,000.00	$ 835.40	$ 7.17
Hypothetical ^A		$ 1,000.00	$ 1,017.39	$ 7.88
Class B	2.08%
Actual		$ 1,000.00	$ 832.90	$ 9.61
Hypothetical ^A		$ 1,000.00	$ 1,014.72	$ 10.56
Class C	2.05%
Actual		$ 1,000.00	$ 833.30	$ 9.47
Hypothetical ^A		$ 1,000.00	$ 1,014.87	$ 10.41
Institutional Class	.99%
Actual		$ 1,000.00	$ 837.70	$ 4.59
Hypothetical ^A		$ 1,000.00	$ 1,020.21	$ 5.04

^A 5% return per year before expenses

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

Annual Report

Investment Changes (Unaudited)

Top Five Stocks as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Royal Dutch Shell PLC Class B (United Kingdom, Oil, Gas & Consumable Fuels)	4.3	3.4
BHP Billiton Ltd. sponsored ADR (Australia, Metals & Mining)	2.1	2.0
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals)	1.9	1.8
GlaxoSmithKline PLC (United Kingdom, Pharmaceuticals)	1.7	1.2
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services)	1.7	1.2
	11.7
Top Five Market Sectors as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Consumer Discretionary	16.4	16.1
Financials	15.7	20.6
Energy	11.6	11.6
Consumer Staples	10.6	7.1
Materials	10.1	10.5
Top Five Countries as of October 31, 2011
(excluding cash equivalents)	% of fund's net assets	% of fund's net assets 6 months ago
United Kingdom	18.2	17.0
Japan	14.5	13.8
Germany	8.4	7.9
France	7.0	6.0
Canada	5.7	5.0

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

Asset Allocation (% of fund's net assets)
As of October 31, 2011		As of April 30, 2011
	Stocks 97.7%		Stocks 99.5%
	Other Investments 0.0%*		Other Investments 0.0%*
	Short-Term Investments and Net Other Assets 2.3%		Short-Term Investments and Net Other Assets 0.5%

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* Amount represents less than 0.1%.

Annual Report

Investments October 31, 2011

Showing Percentage of Net Assets

Common Stocks - 96.2%
	Shares		Value (000s)
Australia - 3.7%
BHP Billiton Ltd. sponsored ADR (d)	665,600		$ 51,970
Fortescue Metals Group Ltd.	552,575		2,776
Iluka Resources Ltd.	215,410		3,581
Newcrest Mining Ltd.	714,443		25,252
QBE Insurance Group Ltd.	276,266		4,253
WorleyParsons Ltd.	49,933		1,449
TOTAL AUSTRALIA			89,281
Bailiwick of Guernsey - 1.2%
Amdocs Ltd. (a)	176,500		5,299
Ashmore Global Opportunities Ltd. (United Kingdom)	80,098		889
Resolution Ltd.	5,147,282		22,764
TOTAL BAILIWICK OF GUERNSEY			28,952
Bailiwick of Jersey - 2.0%
Experian PLC	1,380,600		17,995
Randgold Resources Ltd. sponsored ADR	90,400		9,905
Shire PLC	271,800		8,532
WPP PLC	1,160,845		12,018
TOTAL BAILIWICK OF JERSEY			48,450
Belgium - 1.0%
Anheuser-Busch InBev SA NV	427,346		23,702
Bermuda - 1.2%
Assured Guaranty Ltd.	290,700		3,704
Clear Media Ltd. (a)	11,132,000		4,245
CNPC (Hong Kong) Ltd.	1,736,000		2,432
Huabao International Holdings Ltd.	4,119,000		2,617
Li & Fung Ltd.	4,706,000		9,069
Noble Group Ltd.	6,197,000		7,564
TOTAL BERMUDA			29,631
Brazil - 2.1%
Anhanguera Educacional Participacoes SA	193,600		2,847
Banco Bradesco SA (PN) sponsored ADR	340,000		6,188
Droga Raia SA	41,000		581
Drogasil SA	462,600		2,909
Estacio Participacoes SA	210,300		2,454
Itau Unibanco Banco Multiplo SA sponsored ADR	658,800		12,596
Kroton Educacional SA unit (a)	128,700		1,439
Qualicorp SA	333,000		3,045
Souza Cruz Industria Comerico	497,800		6,105
Common Stocks - continued
	Shares		Value (000s)
Brazil - continued
T4F Entretenimento SA	212,800		$ 1,487
Telefonica Brasil SA sponsored ADR (a)	252,635		7,331
Tractebel Energia SA	181,600		2,908
TOTAL BRAZIL			49,890
British Virgin Islands - 0.4%
Arcos Dorados Holdings, Inc.	177,300		4,149
Camelot Information Systems, Inc. ADR (a)(d)	225,500		735
Mail.ru Group Ltd. GDR (Reg. S)	105,400		3,631
TOTAL BRITISH VIRGIN ISLANDS			8,515
Canada - 5.7%
Barrick Gold Corp.	95,000		4,690
Canadian Natural Resources Ltd.	503,500		17,759
Fairfax Financial Holdings Ltd. (sub. vtg.)	18,000		7,524
Goldcorp, Inc.	183,000		8,904
InterOil Corp. (a)(d)	26,200		1,245
Ivanhoe Mines Ltd. (a)	313,760		6,421
Niko Resources Ltd.	218,400		12,013
Open Text Corp. (a)	137,900		8,440
Osisko Mining Corp. (a)	281,100		3,389
Painted Pony Petroleum Ltd. (a)(e)	170,900		2,090
Painted Pony Petroleum Ltd. Class A (a)	900,000		11,006
Penn West Petroleum Ltd.	73,300		1,310
Petrobank Energy & Resources Ltd.	528,300		4,754
Petrominerales Ltd. (d)	313,514		8,271
Potash Corp. of Saskatchewan, Inc.	260,000		12,306
Suncor Energy, Inc.	256,900		8,182
Talisman Energy, Inc.	660,700		9,372
Tourmaline Oil Corp. (a)	150,000		4,987
Tourmaline Oil Corp. (a)(e)	32,900		1,094
Uranium One, Inc.	1,093,500		3,291
Valeant Pharmaceuticals International, Inc. (Canada)	75,000		2,961
TOTAL CANADA			140,009
Cayman Islands - 0.8%
China Automation Group Ltd.	565,000		196
China ZhengTong Auto Services Holdings Ltd.	2,608,000		2,824
Haitian International Holdings Ltd.	2,822,000		2,507
Hengan International Group Co. Ltd.	914,500		7,927
HiSoft Technology International Ltd. ADR (a)(d)	178,100		2,205
Common Stocks - continued
	Shares		Value (000s)
Cayman Islands - continued
NVC Lighting Holdings Ltd.	4,004,000		$ 1,739
Sands China Ltd. (a)	468,000		1,406
TOTAL CAYMAN ISLANDS			18,804
China - 1.0%
Baidu.com, Inc. sponsored ADR (a)	131,300		18,406
Changsha Zoomlion Heavy Industry Science & Technology Development Co. Ltd. (H Shares)	2,303,640		3,333
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	2,108,000		2,191
SINA Corp. (a)	15,000		1,219
TOTAL CHINA			25,149
Curacao - 0.6%
Schlumberger Ltd.	202,200		14,856
Denmark - 2.6%
Carlsberg A/S Series B	147,600		10,047
Novo Nordisk A/S Series B	424,708		45,097
William Demant Holding A/S (a)	106,535		8,500
TOTAL DENMARK			63,644
Finland - 0.1%
Nokian Tyres PLC	46,300		1,701
France - 7.0%
Alstom SA	293,834		11,020
Arkema SA	33,900		2,319
Atos Origin SA	35,000		1,696
AXA SA	484,000		7,884
BNP Paribas SA	429,300		19,516
Bureau Veritas SA	47,700		3,711
Danone	257,800		17,946
Essilor International SA	173,646		12,592
JC Decaux SA (a)	87,700		2,350
LVMH Moet Hennessy - Louis Vuitton	175,327		29,177
PPR SA	196,700		30,733
Publicis Groupe SA	125,000		6,061
Sanofi-aventis	348,286		24,920
TOTAL FRANCE			169,925
Germany - 6.9%
adidas AG	147,700		10,457
Allianz AG	79,246		8,906
BASF AG	219,303		16,143
Common Stocks - continued
	Shares		Value (000s)
Germany - continued
Bayer AG	184,652		$ 11,830
Bayerische Motoren Werke AG (BMW)	60,177		4,918
Deutsche Boerse AG	93,200		5,159
ElringKlinger AG	81,300		2,254
Fresenius Medical Care AG & Co. KGaA	266,200		19,394
Fresenius SE	194,400		19,185
Infineon Technologies AG	269,600		2,436
Kabel Deutschland Holding AG (a)	88,700		5,065
Linde AG	117,847		18,747
SAP AG	272,836		16,500
Siemens AG	260,351		27,294
TOTAL GERMANY			168,288
Hong Kong - 1.1%
AIA Group Ltd.	2,631,000		8,045
China Mobile (Hong Kong) Ltd. sponsored ADR	133,400		6,345
China Resources Enterprise Ltd.	326,000		1,191
Henderson Land Development Co. Ltd.	998,325		5,457
Swire Pacific Ltd. (A Shares)	537,000		6,205
TOTAL HONG KONG			27,243
India - 2.2%
Axis Bank Ltd.	154,359		3,648
Bajaj Auto Ltd.	77,063		2,726
Bharti Airtel Ltd.	875,793		7,014
Cummins India Ltd.	60,573		494
Dr. Reddy's Laboratories Ltd.	15,851		537
HDFC Bank Ltd.	1,241,884		12,385
Housing Development Finance Corp. Ltd.	640,065		9,008
Infrastructure Development Finance Co. Ltd.	1,296,940		3,501
ITC Ltd.	504,101		2,199
Lupin Ltd.	49,561		477
Mahindra & Mahindra Financial Services Ltd.	231,785		3,187
Shriram Transport Finance Co. Ltd.	243,922		3,054
State Bank of India	121,560		4,728
Wipro Ltd.	140,264		1,052
TOTAL INDIA			54,010
Ireland - 0.3%
Accenture PLC Class A	84,700		5,104
Elan Corp. PLC sponsored ADR (a)	252,900		3,032
TOTAL IRELAND			8,136
Common Stocks - continued
	Shares		Value (000s)
Italy - 1.8%
ENI SpA	89,400		$ 1,976
Fiat Industrial SpA (a)	2,202,500		19,218
Prada SpA	701,200		3,466
Saipem SpA	428,501		19,213
TOTAL ITALY			43,873
Japan - 14.5%
ABC-Mart, Inc.	124,400		4,872
Aozora Bank Ltd.	1,485,000		3,755
Calbee, Inc. (d)	112,000		5,106
Cosmos Pharmaceutical Corp.	151,100		7,009
Denso Corp.	185,900		5,718
Dentsu, Inc.	224,700		6,767
Don Quijote Co. Ltd.	154,600		5,664
Fanuc Corp.	81,900		13,244
Hitachi Ltd.	4,450,000		23,847
Honda Motor Co. Ltd. sponsored ADR	746,006		22,306
Hoya Corp.	244,500		5,342
Itochu Corp.	1,259,800		12,462
Japan Retail Fund Investment Corp.	358		554
Japan Tobacco, Inc.	6,256		31,273
JSR Corp.	349,200		6,667
KDDI Corp.	2,618		19,180
Keyence Corp.	63,800		16,221
Mitsubishi Corp.	301,600		6,204
Mitsubishi UFJ Financial Group, Inc.	1,783,800		7,753
Mitsui & Co. Ltd.	334,700		4,885
Nitori Holdings Co. Ltd.	45,400		4,342
NTT DoCoMo, Inc.	6,081		10,801
ORIX Corp.	374,570		32,695
OSAKA Titanium technologies Co. Ltd.	11,600		639
Rakuten, Inc.	21,801		23,902
Seven & i Holdings Co., Ltd.	392,600		10,478
Shimadzu Corp.	172,000		1,464
SHIMANO, Inc.	103,800		5,132
SMC Corp.	78,600		12,227
SOFTBANK CORP.	454,800		14,763
Start Today Co. Ltd.	791,600		16,748
Sumitomo Mitsui Financial Group, Inc.	93,900		2,625
Yahoo! Japan Corp.	25,684		8,250
TOTAL JAPAN			352,895
Common Stocks - continued
	Shares		Value (000s)
Korea (South) - 1.9%
Amorepacific Corp.	9,101		$ 10,262
LG Household & Health Care Ltd.	5,491		2,471
Orion Corp.	23,346		12,478
Samsung Electronics Co. Ltd.	19,473		16,701
Shinhan Financial Group Co. Ltd.	134,470		5,337
TOTAL KOREA (SOUTH)			47,249
Luxembourg - 0.3%
Samsonite International SA	2,545,800		4,142
Ternium SA sponsored ADR	141,900		3,482
TOTAL LUXEMBOURG			7,624
Mexico - 0.9%
America Movil SAB de CV Series L sponsored ADR	305,200		7,758
Grupo Televisa SA de CV (CPO) sponsored ADR	230,100		4,908
Wal-Mart de Mexico SA de CV Series V	3,523,000		9,101
TOTAL MEXICO			21,767
Netherlands - 2.8%
AEGON NV (a)	2,658,300		12,679
ASML Holding NV (Netherlands)	133,500		5,601
Gemalto NV	141,225		6,444
ING Groep NV sponsored ADR (a)(d)	1,888,600		16,318
Koninklijke KPN NV	1,077,782		14,164
Koninklijke Philips Electronics NV (depositary receipt) (NY Reg.)	392,500		8,184
Unilever NV (Certificaten Van Aandelen) (Bearer) unit	73,400		2,534
Yandex NV	45,000		1,238
TOTAL NETHERLANDS			67,162
Norway - 1.6%
DnB NOR ASA	891,599		10,401
Storebrand ASA (A Shares)	600,000		3,700
Telenor ASA	1,365,000		24,370
TOTAL NORWAY			38,471
Qatar - 0.2%
Commercial Bank of Qatar GDR (Reg. S)	1,100,000		5,045
Russia - 0.3%
Sberbank of Russia sponsored ADR	320,000		3,440
Uralkali JSC GDR (Reg. S)	90,000		3,906
TOTAL RUSSIA			7,346
Common Stocks - continued
	Shares		Value (000s)
South Africa - 0.8%
AngloGold Ashanti Ltd. sponsored ADR	208,200		$ 9,413
Foschini Ltd.	165,400		2,087
Naspers Ltd. Class N	84,300		4,036
Shoprite Holdings Ltd.	265,100		3,885
Tiger Brands Ltd.	37,200		1,072
TOTAL SOUTH AFRICA			20,493
Spain - 2.6%
Banco Bilbao Vizcaya Argentaria SA	673,090		6,059
Banco Santander SA (Spain) sponsored ADR (d)	1,295,000		11,085
Grifols SA ADR (a)	938,900		6,018
Inditex SA	322,785		29,375
Prosegur Compania de Seguridad SA (Reg.)	176,100		8,786
Repsol YPF SA	95,491		2,894
TOTAL SPAIN			64,217
Sweden - 0.4%
H&M Hennes & Mauritz AB (B Shares)	125,563		4,158
Swedbank AB (A Shares)	414,600		5,841
TOTAL SWEDEN			9,999
Switzerland - 3.8%
Clariant AG (Reg.) (a)	474,195		5,185
Kuehne & Nagel International AG	149,610		18,634
Nestle SA	564,038		32,716
Noble Corp.	71,700		2,577
Partners Group Holding	5,000		937
Transocean Ltd. (United States)	163,000		9,315
UBS AG (a)	1,184,990		14,980
Zurich Financial Services AG	39,749		9,231
TOTAL SWITZERLAND			93,575
Taiwan - 1.0%
HTC Corp.	392,800		8,828
Taiwan Fertilizer Co. Ltd.	368,000		948
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	1,015,300		12,813
Unified-President Enterprises Corp.	696,420		958
TOTAL TAIWAN			23,547
United Kingdom - 18.2%
3Legs Resources PLC	645,100		1,401
Anglo American PLC (United Kingdom)	328,300		12,109
BG Group PLC	1,116,992		24,367
Common Stocks - continued
	Shares		Value (000s)
United Kingdom - continued
British American Tobacco PLC sponsored ADR	182,100		$ 16,799
Burberry Group PLC	582,600		12,564
Capita Group PLC	277,600		3,243
Carphone Warehouse Group PLC	1,801,600		10,170
Filtrona PLC	658,900		4,208
GlaxoSmithKline PLC	1,832,500		41,133
HSBC Holdings PLC sponsored ADR	831,900		36,321
Imperial Tobacco Group PLC	205,191		7,504
Inchcape PLC	1,639,100		8,601
Intertek Group PLC	241,700		7,988
ITV PLC	4,848,100		4,994
Lloyds Banking Group PLC (a)	21,916,100		11,335
Misys PLC	1,534,750		7,202
Next PLC	313,300		12,878
Ocado Group PLC (a)(d)	1,074,000		1,618
Pearson PLC	996,300		18,306
Pz Cussons PLC Class L	137,000		811
Reckitt Benckiser Group PLC	631,700		32,488
Rolls-Royce Group PLC	1,800,600		20,342
Rolls-Royce Group PLC Class C	124,241,400		200
Royal Dutch Shell PLC Class B	2,943,612		105,633
SuperGroup PLC (a)	155,800		1,563
Vodafone Group PLC sponsored ADR	1,447,300		40,293
TOTAL UNITED KINGDOM			444,071
United States of America - 5.2%
Apple, Inc. (a)	63,500		25,704
CF Industries Holdings, Inc.	45,500		7,383
Citigroup, Inc.	488,880		15,444
Cognizant Technology Solutions Corp. Class A (a)	66,700		4,852
Facebook, Inc. Class B (f)	131,847		3,296
Green Mountain Coffee Roasters, Inc. (a)	26,900		1,749
Nabors Industries Ltd. (a)	153,200		2,808
Newmont Mining Corp.	125,000		8,354
Noble Energy, Inc.	75,600		6,754
Polycom, Inc. (a)	275,000		4,546
PriceSmart, Inc.	4,200		319
SanDisk Corp. (a)	194,000		9,830
Schweitzer-Mauduit International, Inc.	156,300		10,991
The Mosaic Co.	108,300		6,342
Unisys Corp. (a)	239,998		6,238
Common Stocks - continued
	Shares		Value (000s)
United States of America - continued
Virgin Media, Inc.	87,600		$ 2,136
Wells Fargo & Co.	399,100		10,341
TOTAL UNITED STATES OF AMERICA			127,087
TOTAL COMMON STOCKS (Cost $2,192,838)		2,344,607
Nonconvertible Preferred Stocks - 1.5%

Germany - 1.5%
ProSiebenSat.1 Media AG	347,500		7,454
Volkswagen AG	169,700		29,779
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $22,794)		37,233

Master Notes - 0.0%
	Principal Amount (000s)
Canada - 0.0%
OZ Optics Ltd. 5% 11/5/14 (f) (Cost $15)	$ 14	14

Money Market Funds - 4.6%
	Shares
Fidelity Cash Central Fund, 0.12% (b)	47,652,773		47,653
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	65,392,682		65,393
TOTAL MONEY MARKET FUNDS (Cost $113,046)		113,046
TOTAL INVESTMENT PORTFOLIO - 102.3% (Cost $2,328,693)		2,494,900
NET OTHER ASSETS (LIABILITIES) - (2.3)%		(56,326)
NET ASSETS - 100%		$ 2,438,574

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,184,000 or 0.1% of net assets.

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $3,310,000 or 0.1% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Facebook, Inc. Class B	3/31/11	$ 3,296
OZ Optics Ltd. 5% 11/5/14	11/5/10	$ 15

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 74
Fidelity Securities Lending Cash Central Fund	2,043
Total	$ 2,117

Other Information

The following is a summary of the inputs used, as of October 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
United Kingdom	$ 444,071	$ 267,664	$ 176,407	$ -
Japan	352,895	22,306	330,589	-
Germany	205,521	142,333	63,188	-
France	169,925	145,005	24,920	-
Canada	140,009	140,009	-	-
United States of America	127,087	123,791	-	3,296
Switzerland	93,575	78,595	14,980	-
Australia	89,281	51,970	37,311	-
Netherlands	67,162	46,348	20,814	-
Other	692,314	406,381	285,933	-
Master Notes	14	-	-	14
Money Market Funds	113,046	113,046	-	-
Total Investments in Securities:	$ 2,494,900	$ 1,537,448	$ 954,142	$ 3,310

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

(Amounts in thousands)
Investments in Securities:
Beginning Balance	$ 24
Total Realized Gain (Loss)	(56)
Total Unrealized Gain (Loss)	54
Cost of Purchases	3,321
Proceeds of Sales	(33)
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 3,310
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2011	$ -

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Income Tax Information

At October 31, 2011, the Fund had a capital loss carryforward of approximately $3,034,664,000 all of which will expire in fiscal 2017. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)	October 31, 2011

Assets
Investment in securities, at value (including securities loaned of $59,345) - See accompanying schedule: Unaffiliated issuers (cost $2,215,647)	$ 2,381,854
Fidelity Central Funds (cost $113,046)	113,046
Total Investments (cost $2,328,693)		$ 2,494,900
Foreign currency held at value (cost $264)		264
Receivable for investments sold Regular delivery		22,969
Delayed delivery		5
Receivable for fund shares sold		1,425
Dividends receivable		4,326
Interest receivable		1
Distributions receivable from Fidelity Central Funds		31
Prepaid expenses		9
Other receivables		271
Total assets		2,524,201

Liabilities
Payable for investments purchased	$ 8,231
Payable for fund shares redeemed	6,721
Accrued management fee	1,404
Distribution and service plan fees payable	669
Other affiliated payables	640
Other payables and accrued expenses	2,569
Collateral on securities loaned, at value	65,393
Total liabilities		85,627

Net Assets		$ 2,438,574
Net Assets consist of:
Paid in capital		$ 5,303,272
Undistributed net investment income		26,393
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(3,054,924)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		163,833
Net Assets		$ 2,438,574

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

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)	October 31, 2011

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($915,719 ÷ 62,674 shares)		$ 14.61

Maximum offering price per share (100/94.25 of $14.61)		$ 15.50
Class T: Net Asset Value and redemption price per share ($404,046 ÷ 27,940 shares)		$ 14.46

Maximum offering price per share (100/96.50 of $14.46)		$ 14.98
Class B: Net Asset Value and offering price per share ($93,512 ÷ 6,722 shares)^A		$ 13.91

Class C: Net Asset Value and offering price per share ($301,931 ÷ 21,640 shares)^A		$ 13.95


Institutional Class: Net Asset Value, offering price and redemption price per share ($723,366 ÷ 48,648 shares)		$ 14.87

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

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

Annual Report

Statement of Operations

Amounts in thousands	Year ended October 31, 2011

Investment Income
Dividends		$ 76,910
Special dividends		12,968
Interest		2
Income from Fidelity Central Funds		2,117
Income before foreign taxes withheld		91,997
Less foreign taxes withheld		(5,673)
Total income		86,324

Expenses
Management fee	$ 22,912
Transfer agent fees	8,313
Distribution and service plan fees	10,560
Accounting and security lending fees	1,390
Custodian fees and expenses	554
Independent trustees' compensation	18
Registration fees	120
Audit	113
Legal	14
Interest	1
Miscellaneous	25
Total expenses before reductions	44,020
Expense reductions	(701)	43,319
Net investment income (loss)		43,005
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	251,964
Foreign currency transactions	(496)
Total net realized gain (loss)		251,468
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $228)	(391,817)
Assets and liabilities in foreign currencies	(295)
Total change in net unrealized appreciation (depreciation)		(392,112)
Net gain (loss)		(140,644)
Net increase (decrease) in net assets resulting from operations		$ (97,639)

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

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands	Year ended October 31, 2011	Year ended October 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 43,005	$ 38,199
Net realized gain (loss)	251,468	465,302
Change in net unrealized appreciation (depreciation)	(392,112)	(92,787)
Net increase (decrease) in net assets resulting from operations	(97,639)	410,714
Distributions to shareholders from net investment income	(45,397)	(59,773)
Distributions to shareholders from net realized gain	(8,026)	(3,252)
Total distributions	(53,423)	(63,025)
Share transactions - net increase (decrease)	(1,225,390)	(1,259,295)
Redemption fees	65	104
Total increase (decrease) in net assets	(1,376,387)	(911,502)

Net Assets
Beginning of period	3,814,961	4,726,463
End of period (including undistributed net investment income of $26,393 and undistributed net investment income of $32,132, respectively)	$ 2,438,574	$ 3,814,961

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

Annual Report

Financial Highlights - Class A

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 15.63	$ 14.25	$ 12.57	$ 26.62	$ 23.42
Income from Investment Operations
Net investment income (loss)^C	.22^F	.14	.17	.36	.31
Net realized and unrealized gain (loss)	(1.01)	1.44	1.96	(11.15)	4.69
Total from investment operations	(.79)	1.58	2.13	(10.79)	5.00
Distributions from net investment income	(.20)	(.19)	(.45)	(.24)	(.23)
Distributions from net realized gain	(.03)	(.01)	-	(3.02)	(1.57)
Total distributions	(.23)	(.20)	(.45)	(3.26)	(1.80)
Redemption fees added to paid in capital^C,H	-	-	-	-	-
Net asset value, end of period	$ 14.61	$ 15.63	$ 14.25	$ 12.57	$ 26.62
Total Return^A,B	(5.15)%	11.17%	18.16%	(45.95)%	22.76%
Ratios to Average Net Assets^D,G
Expenses before reductions	1.31%	1.32%	1.34%	1.26%	1.25%
Expenses net of fee waivers, if any	1.31%	1.32%	1.34%	1.26%	1.25%
Expenses net of all reductions	1.29%	1.30%	1.31%	1.22%	1.21%
Net investment income (loss)	1.38%^F	.95%	1.43%	1.80%	1.26%
Supplemental Data
Net assets, end of period (in millions)	$ 916	$ 1,302	$ 1,662	$ 2,004	$ 5,774
Portfolio turnover rate^E	48%	59%	92%	88%	105%

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

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

^C Calculated based on average shares outstanding during the period.

^D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F Investment income per share reflects a special dividend which amounted to $.06 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .98%.

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

^H Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights - Class T

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 15.47	$ 14.11	$ 12.42	$ 26.30	$ 23.17
Income from Investment Operations
Net investment income (loss)^C	.18^F	.10	.14	.31	.25
Net realized and unrealized gain (loss)	(.99)	1.43	1.94	(11.01)	4.63
Total from investment operations	(.81)	1.53	2.08	(10.70)	4.88
Distributions from net investment income	(.16)	(.16)	(.39)	(.16)	(.18)
Distributions from net realized gain	(.03)	(.01)	-	(3.02)	(1.57)
Total distributions	(.20)^I	(.17)	(.39)	(3.18)	(1.75)
Redemption fees added to paid in capital^C,H	-	-	-	-	-
Net asset value, end of period	$ 14.46	$ 15.47	$ 14.11	$ 12.42	$ 26.30
Total Return^A,B	(5.35)%	10.88%	17.84%	(46.04)%	22.43%
Ratios to Average Net Assets^D,G
Expenses before reductions	1.55%	1.55%	1.58%	1.49%	1.47%
Expenses net of fee waivers, if any	1.55%	1.55%	1.58%	1.49%	1.47%
Expenses net of all reductions	1.53%	1.53%	1.55%	1.44%	1.43%
Net investment income (loss)	1.14%^F	.71%	1.19%	1.57%	1.04%
Supplemental Data
Net assets, end of period (in millions)	$ 404	$ 621	$ 832	$ 1,110	$ 3,569
Portfolio turnover rate^E	48%	59%	92%	88%	105%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H Amount represents less than $.01 per share.

^I Total distributions of $.20 per share is comprised of distributions from net investment income of $.164 and distributions from net realized gain of $.034 per share.

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

Annual Report

Financial Highlights - Class B

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 14.91	$ 13.61	$ 11.95	$ 25.44	$ 22.46
Income from Investment Operations
Net investment income (loss)^C	.09^F	.02	.08	.18	.10
Net realized and unrealized gain (loss)	(.96)	1.38	1.88	(10.62)	4.50
Total from investment operations	(.87)	1.40	1.96	(10.44)	4.60
Distributions from net investment income	(.10)	(.09)	(.30)	(.03)	(.05)
Distributions from net realized gain	(.03)	(.01)	-	(3.02)	(1.57)
Total distributions	(.13)	(.10)	(.30)	(3.05)	(1.62)
Redemption fees added to paid in capital^C,H	-	-	-	-	-
Net asset value, end of period	$ 13.91	$ 14.91	$ 13.61	$ 11.95	$ 25.44
Total Return^A,B	(5.89)%	10.34%	17.25%	(46.39)%	21.73%
Ratios to Average Net Assets^D,G
Expenses before reductions	2.08%	2.09%	2.10%	2.08%	2.08%
Expenses net of fee waivers, if any	2.08%	2.09%	2.10%	2.08%	2.08%
Expenses net of all reductions	2.06%	2.07%	2.07%	2.04%	2.04%
Net investment income (loss)	.61%^F	.18%	.67%	.97%	.42%
Supplemental Data
Net assets, end of period (in millions)	$ 94	$ 157	$ 191	$ 221	$ 559
Portfolio turnover rate^E	48%	59%	92%	88%	105%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights - Class C

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 14.95	$ 13.65	$ 11.98	$ 25.50	$ 22.53
Income from Investment Operations
Net investment income (loss)^C	.10^F	.03	.08	.20	.12
Net realized and unrealized gain (loss)	(.96)	1.38	1.89	(10.64)	4.50
Total from investment operations	(.86)	1.41	1.97	(10.44)	4.62
Distributions from net investment income	(.11)	(.10)	(.30)	(.06)	(.08)
Distributions from net realized gain	(.03)	(.01)	-	(3.02)	(1.57)
Total distributions	(.14)	(.11)	(.30)	(3.08)	(1.65)
Redemption fees added to paid in capital^C,H	-	-	-	-	-
Net asset value, end of period	$ 13.95	$ 14.95	$ 13.65	$ 11.98	$ 25.50
Total Return^A,B	(5.83)%	10.32%	17.24%	(46.33)%	21.81%
Ratios to Average Net Assets^D,G
Expenses before reductions	2.05%	2.06%	2.09%	2.01%	2.00%
Expenses net of fee waivers, if any	2.05%	2.06%	2.09%	2.01%	2.00%
Expenses net of all reductions	2.03%	2.04%	2.06%	1.97%	1.96%
Net investment income (loss)	.64%^F	.21%	.68%	1.04%	.51%
Supplemental Data
Net assets, end of period (in millions)	$ 302	$ 419	$ 502	$ 618	$ 1,673
Portfolio turnover rate^E	48%	59%	92%	88%	105%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights - Institutional Class

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 15.90	$ 14.48	$ 12.81	$ 27.06	$ 23.78
Income from Investment Operations
Net investment income (loss)^B	.28^E	.19	.21	.41	.38
Net realized and unrealized gain (loss)	(1.03)	1.47	1.98	(11.34)	4.76
Total from investment operations	(.75)	1.66	2.19	(10.93)	5.14
Distributions from net investment income	(.25)	(.23)	(.52)	(.30)	(.29)
Distributions from net realized gain	(.03)	(.01)	-	(3.02)	(1.57)
Total distributions	(.28)	(.24)	(.52)	(3.32)	(1.86)
Redemption fees added to paid in capital^B,G	-	-	-	-	-
Net asset value, end of period	$ 14.87	$ 15.90	$ 14.48	$ 12.81	$ 27.06
Total Return^A	(4.85)%	11.55%	18.45%	(45.79)%	23.07%
Ratios to Average Net Assets^C,F
Expenses before reductions	.99%	.99%	1.07%	.99%	.98%
Expenses net of fee waivers, if any	.99%	.99%	1.07%	.99%	.98%
Expenses net of all reductions	.97%	.97%	1.04%	.94%	.94%
Net investment income (loss)	1.70%^E	1.28%	1.70%	2.07%	1.53%
Supplemental Data
Net assets, end of period (in millions)	$ 723	$ 1,316	$ 1,540	$ 2,235	$ 5,266
Portfolio turnover rate^D	48%	59%	92%	88%	105%

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

^B Calculated based on average shares outstanding during the period.

^C Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^E Investment income per share reflects a special dividend which amounted to $.06 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.30%.

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

^G Amount represents less than $.01 per share.

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

Annual Report

Notes to Financial Statements

For the period ended October 31, 2011

(Amounts in thousands except percentages)

1. Organization.

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

The Fund offers Class A, Class T, Class C and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments by existing shareholders. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm are available on the SEC web site or upon request.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of October 31, 2011, as well as a roll forward of Level 3 securities, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:

Annual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

(ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For master notes, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

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

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

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 376,198
Gross unrealized depreciation	(230,250)
Net unrealized appreciation (depreciation) on securities and other investments	$ 145,948

Tax Cost	$ 2,348,952

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 26,452
Capital loss carryforward	$ (3,034,664)
Net unrealized appreciation (depreciation)	$ 145,969

Under the recently enacted Regulated Investment Company Modernization Act of 2010 (the Act), the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years, which generally expire after eight years from when they are incurred. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. The Fund's first fiscal year end subject to the Act will be October 31, 2012.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax character of distributions paid was as follows:

	October 31, 2011	October 31, 2010
Ordinary Income	$ 53,423	$ 63,025

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days are subject to a redemption fee equal to 1.00% of the net asset value of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.

New Accounting Pronouncement. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update changes the wording used to describe the requirements in GAAP for measuring fair value and for disclosing information about fair value measurements. The update is effective during interim and annual periods beginning after December 15, 2011. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.

4. Operating Policies.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

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

Annual Report

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,545,645 and $2,749,361, respectively.

6. Fees and Other Transactions with Affiliates.

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

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 2,863	$ 48
Class T	.25%	.25%	2,660	15
Class B	.75%	.25%	1,285	965
Class C	.75%	.25%	3,752	153
			$ 10,560	$ 1,181

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares, and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

6. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

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

	Retained by FDC
Class A	$ 120
Class T	32
Class B*	208
Class C*	15
	$ 375

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

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 shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

	Amount	% of Average Net Assets
Class A	$ 3,204	.28
Class T	1,482	.28
Class B	388	.30
Class C	1,004	.27
Institutional Class	2,235	.21
	$ 8,313

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

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $14 for the period.

Annual Report

6. Fees and Other Transactions with Affiliates - 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 funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 9,674	.33%	$ 1

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $10 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

8. Security Lending - continued

payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $2,043, including eighty-eight dollars from securities loaned to FCM.

9. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $700 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $1.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2011	2010
From net investment income
Class A	$ 15,976	$ 21,908
Class T	6,296	9,175
Class B	993	1,280
Class C	2,886	3,424
Institutional Class	19,246	23,986
Total	$ 45,397	$ 59,773
From net realized gain
Class A	$ 2,738	$ 1,135
Class T	1,311	581
Class B	343	138
Class C	927	360
Institutional Class	2,707	1,038
Total	$ 8,026	$ 3,252

Annual Report

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2011	2010	2011	2010
Class A
Shares sold	9,002	11,857	$ 142,807	$ 171,401
Reinvestment of distributions	1,034	1,361	16,424	20,356
Shares redeemed	(30,677)	(46,493)	(486,880)	(670,244)
Net increase (decrease)	(20,641)	(33,275)	$ (327,649)	$ (478,487)
Class T
Shares sold	2,789	5,521	$ 43,918	$ 79,294
Reinvestment of distributions	447	636	7,039	9,432
Shares redeemed	(15,458)	(24,938)	(243,511)	(355,762)
Net increase (decrease)	(12,222)	(18,781)	$ (192,554)	$ (267,036)
Class B
Shares sold	58	579	$ 888	$ 8,025
Reinvestment of distributions	75	88	1,145	1,270
Shares redeemed	(3,940)	(4,186)	(60,055)	(57,671)
Net increase (decrease)	(3,807)	(3,519)	$ (58,022)	$ (48,376)
Class C
Shares sold	1,225	1,779	$ 18,824	$ 24,719
Reinvestment of distributions	191	201	2,917	2,898
Shares redeemed	(7,773)	(10,773)	(118,247)	(148,900)
Net increase (decrease)	(6,357)	(8,793)	$ (96,506)	$ (121,283)
Institutional Class
Shares sold	10,009	22,171	$ 160,916	$ 322,782
Reinvestment of distributions	1,047	1,330	16,863	20,174
Shares redeemed	(45,174)	(47,045)	(728,438)	(687,069)
Net increase (decrease)	(34,118)	(23,544)	$ (550,659)	$ (344,113)

12. Other.

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

Annual Report

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Advisor Diversified International Fund (a fund of Fidelity Advisor Series VIII) at October 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Advisor Diversified International Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 12, 2011

Annual Report

Trustees and Officers

The Trustees, Members of the Advisory Board, and executive officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for James C. Curvey, each of the Trustees oversees 226 funds advised by FMR or an affiliate. Mr. Curvey oversees 429 funds advised by FMR or an affiliate.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Members hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

Experience, Skills, Attributes, and Qualifications of the Fund's Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Annual Report

Trustees and Officers - continued

Board Structure and Oversight Function. James C. Curvey is an interested person (as defined in the 1940 Act) and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's equity and high income funds and another Board oversees Fidelity's investment-grade bond, money market, and asset allocation funds. The asset allocation funds may invest in Fidelity funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. In addition, the Independent Trustees have worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. For example, a working group comprised of Independent Trustees and FMR has worked and continues to work to review the Fidelity funds' valuation-related activities, reporting and risk management. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of FMR's risk management program for the Fidelity funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Fund's Trustees."

Annual Report

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

Interested Trustees*:

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

Name, Age; Principal Occupations and Other Relevant Experience⁺
James C. Curvey (76)
	Year of Election or Appointment: 2007 Mr. Curvey is Trustee and Acting Chairman of the Board of Trustees of certain Trusts. Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of Fidelity Investments Money Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.
Ronald P. O'Hanley (54)
	Year of Election or Appointment: 2011 Mr. O'Hanley is Director of FMR Co., Inc. (2010-present), Director of Fidelity Investments Money Management, Inc. (2010-present), Director of Fidelity Research & Analysis Company (2010-present), President of Fidelity Asset Management and Corporate Services and a member of Fidelity's Executive Committee (2010-present). Previously, Mr. O'Hanley served as President and Chief Executive Officer of BNY Mellon Asset Management (2007-2010). Mr. O'Hanley also served as Vice Chairman of Bank New York Mellon Corp. and a member of that firm's Executive Committee. Prior to the 2007 merger of The Bank of New York and Mellon Financial Corporation, he was Vice Chairman of Mellon Financial Corporation and President and Chief Executive Officer of Mellon Asset Management. He joined Mellon in February 1997. Mr. O'Hanley currently serves as Chairman of the Boston Public Library Foundation Board of Directors and sits on the Board of Directors of Beth Israel Deaconess Medical Center, the Board of Trustees of the Marine Biological Laboratory and the Advisory Board of the Maxwell School of Citizenship and Public Administration at Syracuse University. Mr. O'Hanley also chairs the Council on Asset Management for the Financial Services Roundtable and is a member of the Board of Directors of Institutional Investor's U.S. Institute.

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

⁺ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for the fund.

Annual Report

Independent Trustees:

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

Name, Age; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (63)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Mr. Dirks is a member of the Independent Directors Council (IDC) Governing Council (2010-Present) and Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (58)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's, Inc. (restaurant and entertainment complexes, 2010-present), The Hillman Companies, Inc. (hardware wholesalers, 2010-present), and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-Present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for the Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (67)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is also a member of the Board of Directors of the Philharmonic Center for the Arts in Naples, Florida (1999-present); a member of the Board of Trustees of Fairfield University (2005-present); and a member of the Council on Foreign Relations (1994-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (67)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Robert W. Selander (61)
	Year of Election or Appointment: 2011 Previously, Mr. Selander served as a Member of the Advisory Board of Fidelity's Equity and High Income Funds (2011), Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.
Cornelia M. Small (67)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (72)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Vice Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of Univar (global distributor of commodity and specialty chemicals, 2010-present), a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (62)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (61)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), as a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Trustees and Officers - continued

Advisory Board Members and Executive Officers:

Correspondence intended for each executive officer, Edward C. Johnson 3d, and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (81)
	Year of Election or Appointment: 2011 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC, and also serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as a Trustee and Chairman of the Board of certain Fidelity Trusts, Chairman and a Director of FMR, Chairman and a Director of FMR Co., Inc., and President of FMR LLC (2006-2007).
Peter S. Lynch (67)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (42)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as President and Treasurer (2010-present) and Assistant Treasurer (2009-present) of other Fidelity funds and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008).
Bruce T. Herring (46)
	Year of Election or Appointment: 2006 Vice President of certain Equity Funds. Mr. Herring also serves as Chief Investment Officer and Director of Fidelity Management & Research (U.K.) Inc. (2010-present) and Group Chief Investments Officer of FMR. Previously, Mr. Herring served as Vice President (2005-2006) and Senior Vice President (2006-2007) of Fidelity Management & Research Company, Vice President of FMR Co., Inc. (2001-2007) and as a portfolio manager for Fidelity U.S. Equity Funds.
Brian B. Hogan (47)
	Year of Election or Appointment: 2009 Vice President of Equity and High Income Funds. Mr. Hogan also serves as President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.
Scott C. Goebel (43)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as Secretary of Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); Secretary and CLO of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); employed by FMR LLC or an affiliate (2001-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (42)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Holly C. Laurent (57)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent also serves as AML Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present) and is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (53)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (64)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (50)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009).
Joseph F. Zambello (54)
	Year of Election or Appointment: 2011 Deputy Treasurer of the Fidelity funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
Adrien E. Deberghes (44)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes also serves as Vice President and Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II (2011-present), Assistant Treasurer of other Fidelity funds (2010-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (42)
	Year of Election or Appointment: 2010 Assistant Treasurer of Fidelity's Equity and High Income Funds. Ms. Dorsey also serves as Deputy Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
John R. Hebble (53)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President (2011-present), Treasurer, and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present), President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Gary W. Ryan (53)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).
Jonathan Davis (43)
	Year of Election or Appointment: 2010 Assistant Treasurer of the Fidelity funds. Mr. Davis is also Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).

Annual Report

Distributions (Unaudited)

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

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

	Pay Date	Income	Taxes
Class A	12/06/10	$0.205	$0.0303
Class A	12/31/10	$0.058	$0.0000
Class T	12/06/10	$0.170	$0.0303
Class T	12/31/10	$0.058	$0.0000
Class B	12/06/10	$0.106	$0.0303
Class B	12/31/10	$0.058	$0.0000
Class C	12/06/10	$0.113	$0.0303
Class C	12/31/10	$0.058	$0.0000

The fund will notify shareholders in January 2012 of amounts for use in preparing 2011 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Diversified International Fund

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

The Board meets regularly and considers at each of its meetings factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to the Fidelity funds.

At its July 2011 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; (iv) the extent to which economies of scale would be realized as the fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts is in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts is fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, is aware that shareholders in the fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, managed by Fidelity.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Nature, Extent, and Quality of Services Provided. The Board considered the staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the backgrounds of the fund's investment personnel and the fund's investment objective and discipline. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.

Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' investment staff, including its size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board also noted that FMR has devoted increased resources to non-U.S. offices. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities which allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and enhancers. The Board also believes that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools which permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in their deliberations, the Board considered the Investment Advisers' trading capabilities and resources which are an integral part of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the investment adviser's supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers, with 35 new branches opening since 2010.

Annual Report

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including (i) continuing to dedicate additional resources to investment research and support of the senior management team that oversees asset management; (ii) rationalizing product lines through the mergers of six funds into other funds; (iii) continuing to migrate the Freedom Funds to dedicated lower cost underlying funds; (iv) obtaining shareholder approval to broaden the investment strategies for Fidelity Consumer Finance Portfolio, Fidelity Emerging Asia Fund, and Fidelity Environment and Alternative Energy Portfolio; (v) contractually agreeing to reduce the management fees and impose other expense limitations on Spartan 500 Index Fund and U.S. Bond Index Fund in connection with launching new institutional classes of these funds; (vi) changing the name, primary and supplemental benchmarks, and investment policies of Fidelity Global Strategies Fund to support the fund's flexible investment mandate and global orientation; and (vii) reducing the transfer agency account fee rates on certain accounts.

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance for each class, as well as the fund's relative investment performance for each class measured over multiple periods against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed appropriate by Fidelity and reviewed by the Board. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2010, the cumulative total returns of Institutional Class (Class I) and Class B of the fund, the cumulative total returns of a broad-based securities market index ("benchmark"), and a range of cumulative total returns of a peer group of mutual funds identified by Morningstar, Inc. as having an investment style similar to that of the fund based on underlying portfolio holdings. The returns of Institutional Class (Class I) and Class B show the performance of the highest and lowest performing classes, respectively (based on five-year performance). The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten numbers noted below each chart correspond to the percentile box and represent the percentage of funds in the peer group whose performance was equal to or lower than that of the class indicated.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Advisor Diversified International Fund

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The Board reviewed the fund's relative investment performance against its peer group and noted that the performance of Institutional Class (Class I) of the fund was in the second quartile for the one-year period, the third quartile for the three-year period, and the fourth quartile for the five-year period. The Board also noted that the investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the one-year total return of Institutional Class (Class I) compared favorably to its benchmark. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.

Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable management fee characteristics. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.

Annual Report

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 16% means that 84% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked, is also included in the chart and considered by the Board.

Fidelity Advisor Diversified International Fund

aaa66

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2010.

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

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

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board noted that the total expense ratio of each of Class A, Class B, Class C, and Institutional Class ranked below its competitive median for 2010 and the total expense ratio of Class T ranked above its competitive median for 2010. The Board considered that various factors, including 12b-1 fees, positive or negative performance adjustments, and relatively higher other expenses in the case of small fund size, can affect total expense ratios. The Board noted that the total expense ratio of Class T was above the competitive median primarily because of higher 12b-1 fees on Class T. Class T has a higher 12b-1 fee, but a lower front-end sales charge, than traditionally priced front-end sales charge classes. The Board noted that the fund offers multiple classes, each of which has a different sales load and 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expense ratios of the classes vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of FMR and its affiliates, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients. In March 2010, the Board created an ad hoc joint committee with the board of other Fidelity funds (the Committee) to review and compare Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable, although Class T was above the median of the universe presented for comparison, in light of the services that the fund and its shareholders receive and the other factors considered, including the findings of the Committee.

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

Annual Report

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

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of Fidelity's methodologies used in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive in the circumstances.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions. The Board also noted that in 2009, it and the board of other Fidelity funds created an ad hoc committee (the Economies of Scale Committee) to analyze whether FMR attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

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

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that any potential economies of scale are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including (i) fund performance trends, actions to be taken by FMR to improve certain funds' overall performance, and Fidelity's long-term strategies for certain funds; (ii) portfolio manager changes that have occurred during the past year and length of portfolio manager tenure for different categories of funds over time; (iii) Fidelity's compensation structure for portfolio managers and other key personnel and strategies for attracting and retaining non-investment personnel; (iv) the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (v) historical trends in Fidelity's realization of fall-out benefits; (vi) Fidelity's group fee structures and the rationale for the individual fee rates of certain funds; (vii) fund profitability methodology and the impact of certain factors on fund profitability results; (viii) trends regarding industry use of performance fee structures and Fidelity's compliance practices with respect to performance adjustment calculations; (ix) the fee structures in place for certain other Fidelity clients; and (x) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends, and actions that might be taken by FMR to reduce total expense ratios for certain funds and classes.

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

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

FIL Investment Advisors

FIL Investments (Japan) Limited

FIL Investment Advisors (U.K.) Ltd.

Fidelity Management & Research
Company (Hong Kong) Limited

Fidelity Management & Research
Company (Japan) Inc.

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

State Street Bank and Trust Company

Quincy, MA

ADIF-UANN-1211
1.784735.108

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(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Diversified International
Fund - Institutional Class

Annual Report

October 31, 2011

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Chairman's Message	(Click Here)	The Chairman's message to shareholders.
Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fund performance and strategy.
Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

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

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

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

Annual Report

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_James_C_Curvey)

Dear Shareholder:

Sincerely,

(The acting chairman's signature appears here.)

James C. Curvey
Acting Chairman

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended October 31, 2011	Past 1 year	Past 5 years	Past 10 years
Institutional Class	-4.85%	-3.45%	6.10%

$10,000 Over Past 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Diversified International Fund - Institutional Class on October 31, 2001. The chart shows how the value of your investment would have changed, and also shows how the MSCI ®EAFE® (Europe, Australia, Far East) Index performed over the same period.

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Annual Report

Management's Discussion of Fund Performance

Comments from William Bower, Portfolio Manager of Fidelity Advisor® Diversified International Fund: For the year, the fund's Institutional Class shares returned -4.85%, underperforming the -3.97% return of the MSCI® EAFE®(Europe, Australasia, Far East) Index. Fund performance versus the index was held back by security selection in energy, positioning in consumer staples, stock selection in financials and an underweighting in pharmaceuticals. Geographically, fund performance was curtailed by stock selection in the Asia-Pacific ex Japan region, China and Canada. Individual detractors included U.K.-based Lloyds Banking Group; out-of-benchmark positions in Canadian energy companies Niko Resources and Petrobank Energy & Resources; an underweighting in Swiss drug company Roche Holding - no longer held; Danish beer company Carlsberg; and Italy's Fiat Industrial. On the plus side, the fund benefited from an underweighting in the utilities sector, positioning in consumer discretionary and security selection in technology hardware/equipment. Regionally, positioning in continental Europe helped, as did stock picks in Japan. Top contributors included Japan Tobacco, U.K.-listed Royal Dutch Shell, an out-of-index position in Japanese online retailer Start Today, a lack of exposure to Tokyo Electric Power and a non-benchmark stake in technology giant Apple.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2011 to October 31, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value May 1, 2011	Ending Account Value October 31, 2011	Expenses Paid During Period* May 1, 2011 to October 31, 2011
Class A	1.30%
Actual		$ 1,000.00	$ 836.30	$ 6.02
Hypothetical ^A		$ 1,000.00	$ 1,018.65	$ 6.61
Class T	1.55%
Actual		$ 1,000.00	$ 835.40	$ 7.17
Hypothetical ^A		$ 1,000.00	$ 1,017.39	$ 7.88
Class B	2.08%
Actual		$ 1,000.00	$ 832.90	$ 9.61
Hypothetical ^A		$ 1,000.00	$ 1,014.72	$ 10.56
Class C	2.05%
Actual		$ 1,000.00	$ 833.30	$ 9.47
Hypothetical ^A		$ 1,000.00	$ 1,014.87	$ 10.41
Institutional Class	.99%
Actual		$ 1,000.00	$ 837.70	$ 4.59
Hypothetical ^A		$ 1,000.00	$ 1,020.21	$ 5.04

^A 5% return per year before expenses

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

Annual Report

Investment Changes (Unaudited)

Top Five Stocks as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Royal Dutch Shell PLC Class B (United Kingdom, Oil, Gas & Consumable Fuels)	4.3	3.4
BHP Billiton Ltd. sponsored ADR (Australia, Metals & Mining)	2.1	2.0
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals)	1.9	1.8
GlaxoSmithKline PLC (United Kingdom, Pharmaceuticals)	1.7	1.2
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services)	1.7	1.2
	11.7
Top Five Market Sectors as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Consumer Discretionary	16.4	16.1
Financials	15.7	20.6
Energy	11.6	11.6
Consumer Staples	10.6	7.1
Materials	10.1	10.5
Top Five Countries as of October 31, 2011
(excluding cash equivalents)	% of fund's net assets	% of fund's net assets 6 months ago
United Kingdom	18.2	17.0
Japan	14.5	13.8
Germany	8.4	7.9
France	7.0	6.0
Canada	5.7	5.0

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

Asset Allocation (% of fund's net assets)
As of October 31, 2011		As of April 30, 2011
	Stocks 97.7%		Stocks 99.5%
	Other Investments 0.0%*		Other Investments 0.0%*
	Short-Term Investments and Net Other Assets 2.3%		Short-Term Investments and Net Other Assets 0.5%

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* Amount represents less than 0.1%.

Annual Report

Investments October 31, 2011

Showing Percentage of Net Assets

Common Stocks - 96.2%
	Shares		Value (000s)
Australia - 3.7%
BHP Billiton Ltd. sponsored ADR (d)	665,600		$ 51,970
Fortescue Metals Group Ltd.	552,575		2,776
Iluka Resources Ltd.	215,410		3,581
Newcrest Mining Ltd.	714,443		25,252
QBE Insurance Group Ltd.	276,266		4,253
WorleyParsons Ltd.	49,933		1,449
TOTAL AUSTRALIA			89,281
Bailiwick of Guernsey - 1.2%
Amdocs Ltd. (a)	176,500		5,299
Ashmore Global Opportunities Ltd. (United Kingdom)	80,098		889
Resolution Ltd.	5,147,282		22,764
TOTAL BAILIWICK OF GUERNSEY			28,952
Bailiwick of Jersey - 2.0%
Experian PLC	1,380,600		17,995
Randgold Resources Ltd. sponsored ADR	90,400		9,905
Shire PLC	271,800		8,532
WPP PLC	1,160,845		12,018
TOTAL BAILIWICK OF JERSEY			48,450
Belgium - 1.0%
Anheuser-Busch InBev SA NV	427,346		23,702
Bermuda - 1.2%
Assured Guaranty Ltd.	290,700		3,704
Clear Media Ltd. (a)	11,132,000		4,245
CNPC (Hong Kong) Ltd.	1,736,000		2,432
Huabao International Holdings Ltd.	4,119,000		2,617
Li & Fung Ltd.	4,706,000		9,069
Noble Group Ltd.	6,197,000		7,564
TOTAL BERMUDA			29,631
Brazil - 2.1%
Anhanguera Educacional Participacoes SA	193,600		2,847
Banco Bradesco SA (PN) sponsored ADR	340,000		6,188
Droga Raia SA	41,000		581
Drogasil SA	462,600		2,909
Estacio Participacoes SA	210,300		2,454
Itau Unibanco Banco Multiplo SA sponsored ADR	658,800		12,596
Kroton Educacional SA unit (a)	128,700		1,439
Qualicorp SA	333,000		3,045
Souza Cruz Industria Comerico	497,800		6,105
Common Stocks - continued
	Shares		Value (000s)
Brazil - continued
T4F Entretenimento SA	212,800		$ 1,487
Telefonica Brasil SA sponsored ADR (a)	252,635		7,331
Tractebel Energia SA	181,600		2,908
TOTAL BRAZIL			49,890
British Virgin Islands - 0.4%
Arcos Dorados Holdings, Inc.	177,300		4,149
Camelot Information Systems, Inc. ADR (a)(d)	225,500		735
Mail.ru Group Ltd. GDR (Reg. S)	105,400		3,631
TOTAL BRITISH VIRGIN ISLANDS			8,515
Canada - 5.7%
Barrick Gold Corp.	95,000		4,690
Canadian Natural Resources Ltd.	503,500		17,759
Fairfax Financial Holdings Ltd. (sub. vtg.)	18,000		7,524
Goldcorp, Inc.	183,000		8,904
InterOil Corp. (a)(d)	26,200		1,245
Ivanhoe Mines Ltd. (a)	313,760		6,421
Niko Resources Ltd.	218,400		12,013
Open Text Corp. (a)	137,900		8,440
Osisko Mining Corp. (a)	281,100		3,389
Painted Pony Petroleum Ltd. (a)(e)	170,900		2,090
Painted Pony Petroleum Ltd. Class A (a)	900,000		11,006
Penn West Petroleum Ltd.	73,300		1,310
Petrobank Energy & Resources Ltd.	528,300		4,754
Petrominerales Ltd. (d)	313,514		8,271
Potash Corp. of Saskatchewan, Inc.	260,000		12,306
Suncor Energy, Inc.	256,900		8,182
Talisman Energy, Inc.	660,700		9,372
Tourmaline Oil Corp. (a)	150,000		4,987
Tourmaline Oil Corp. (a)(e)	32,900		1,094
Uranium One, Inc.	1,093,500		3,291
Valeant Pharmaceuticals International, Inc. (Canada)	75,000		2,961
TOTAL CANADA			140,009
Cayman Islands - 0.8%
China Automation Group Ltd.	565,000		196
China ZhengTong Auto Services Holdings Ltd.	2,608,000		2,824
Haitian International Holdings Ltd.	2,822,000		2,507
Hengan International Group Co. Ltd.	914,500		7,927
HiSoft Technology International Ltd. ADR (a)(d)	178,100		2,205
Common Stocks - continued
	Shares		Value (000s)
Cayman Islands - continued
NVC Lighting Holdings Ltd.	4,004,000		$ 1,739
Sands China Ltd. (a)	468,000		1,406
TOTAL CAYMAN ISLANDS			18,804
China - 1.0%
Baidu.com, Inc. sponsored ADR (a)	131,300		18,406
Changsha Zoomlion Heavy Industry Science & Technology Development Co. Ltd. (H Shares)	2,303,640		3,333
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	2,108,000		2,191
SINA Corp. (a)	15,000		1,219
TOTAL CHINA			25,149
Curacao - 0.6%
Schlumberger Ltd.	202,200		14,856
Denmark - 2.6%
Carlsberg A/S Series B	147,600		10,047
Novo Nordisk A/S Series B	424,708		45,097
William Demant Holding A/S (a)	106,535		8,500
TOTAL DENMARK			63,644
Finland - 0.1%
Nokian Tyres PLC	46,300		1,701
France - 7.0%
Alstom SA	293,834		11,020
Arkema SA	33,900		2,319
Atos Origin SA	35,000		1,696
AXA SA	484,000		7,884
BNP Paribas SA	429,300		19,516
Bureau Veritas SA	47,700		3,711
Danone	257,800		17,946
Essilor International SA	173,646		12,592
JC Decaux SA (a)	87,700		2,350
LVMH Moet Hennessy - Louis Vuitton	175,327		29,177
PPR SA	196,700		30,733
Publicis Groupe SA	125,000		6,061
Sanofi-aventis	348,286		24,920
TOTAL FRANCE			169,925
Germany - 6.9%
adidas AG	147,700		10,457
Allianz AG	79,246		8,906
BASF AG	219,303		16,143
Common Stocks - continued
	Shares		Value (000s)
Germany - continued
Bayer AG	184,652		$ 11,830
Bayerische Motoren Werke AG (BMW)	60,177		4,918
Deutsche Boerse AG	93,200		5,159
ElringKlinger AG	81,300		2,254
Fresenius Medical Care AG & Co. KGaA	266,200		19,394
Fresenius SE	194,400		19,185
Infineon Technologies AG	269,600		2,436
Kabel Deutschland Holding AG (a)	88,700		5,065
Linde AG	117,847		18,747
SAP AG	272,836		16,500
Siemens AG	260,351		27,294
TOTAL GERMANY			168,288
Hong Kong - 1.1%
AIA Group Ltd.	2,631,000		8,045
China Mobile (Hong Kong) Ltd. sponsored ADR	133,400		6,345
China Resources Enterprise Ltd.	326,000		1,191
Henderson Land Development Co. Ltd.	998,325		5,457
Swire Pacific Ltd. (A Shares)	537,000		6,205
TOTAL HONG KONG			27,243
India - 2.2%
Axis Bank Ltd.	154,359		3,648
Bajaj Auto Ltd.	77,063		2,726
Bharti Airtel Ltd.	875,793		7,014
Cummins India Ltd.	60,573		494
Dr. Reddy's Laboratories Ltd.	15,851		537
HDFC Bank Ltd.	1,241,884		12,385
Housing Development Finance Corp. Ltd.	640,065		9,008
Infrastructure Development Finance Co. Ltd.	1,296,940		3,501
ITC Ltd.	504,101		2,199
Lupin Ltd.	49,561		477
Mahindra & Mahindra Financial Services Ltd.	231,785		3,187
Shriram Transport Finance Co. Ltd.	243,922		3,054
State Bank of India	121,560		4,728
Wipro Ltd.	140,264		1,052
TOTAL INDIA			54,010
Ireland - 0.3%
Accenture PLC Class A	84,700		5,104
Elan Corp. PLC sponsored ADR (a)	252,900		3,032
TOTAL IRELAND			8,136
Common Stocks - continued
	Shares		Value (000s)
Italy - 1.8%
ENI SpA	89,400		$ 1,976
Fiat Industrial SpA (a)	2,202,500		19,218
Prada SpA	701,200		3,466
Saipem SpA	428,501		19,213
TOTAL ITALY			43,873
Japan - 14.5%
ABC-Mart, Inc.	124,400		4,872
Aozora Bank Ltd.	1,485,000		3,755
Calbee, Inc. (d)	112,000		5,106
Cosmos Pharmaceutical Corp.	151,100		7,009
Denso Corp.	185,900		5,718
Dentsu, Inc.	224,700		6,767
Don Quijote Co. Ltd.	154,600		5,664
Fanuc Corp.	81,900		13,244
Hitachi Ltd.	4,450,000		23,847
Honda Motor Co. Ltd. sponsored ADR	746,006		22,306
Hoya Corp.	244,500		5,342
Itochu Corp.	1,259,800		12,462
Japan Retail Fund Investment Corp.	358		554
Japan Tobacco, Inc.	6,256		31,273
JSR Corp.	349,200		6,667
KDDI Corp.	2,618		19,180
Keyence Corp.	63,800		16,221
Mitsubishi Corp.	301,600		6,204
Mitsubishi UFJ Financial Group, Inc.	1,783,800		7,753
Mitsui & Co. Ltd.	334,700		4,885
Nitori Holdings Co. Ltd.	45,400		4,342
NTT DoCoMo, Inc.	6,081		10,801
ORIX Corp.	374,570		32,695
OSAKA Titanium technologies Co. Ltd.	11,600		639
Rakuten, Inc.	21,801		23,902
Seven & i Holdings Co., Ltd.	392,600		10,478
Shimadzu Corp.	172,000		1,464
SHIMANO, Inc.	103,800		5,132
SMC Corp.	78,600		12,227
SOFTBANK CORP.	454,800		14,763
Start Today Co. Ltd.	791,600		16,748
Sumitomo Mitsui Financial Group, Inc.	93,900		2,625
Yahoo! Japan Corp.	25,684		8,250
TOTAL JAPAN			352,895
Common Stocks - continued
	Shares		Value (000s)
Korea (South) - 1.9%
Amorepacific Corp.	9,101		$ 10,262
LG Household & Health Care Ltd.	5,491		2,471
Orion Corp.	23,346		12,478
Samsung Electronics Co. Ltd.	19,473		16,701
Shinhan Financial Group Co. Ltd.	134,470		5,337
TOTAL KOREA (SOUTH)			47,249
Luxembourg - 0.3%
Samsonite International SA	2,545,800		4,142
Ternium SA sponsored ADR	141,900		3,482
TOTAL LUXEMBOURG			7,624
Mexico - 0.9%
America Movil SAB de CV Series L sponsored ADR	305,200		7,758
Grupo Televisa SA de CV (CPO) sponsored ADR	230,100		4,908
Wal-Mart de Mexico SA de CV Series V	3,523,000		9,101
TOTAL MEXICO			21,767
Netherlands - 2.8%
AEGON NV (a)	2,658,300		12,679
ASML Holding NV (Netherlands)	133,500		5,601
Gemalto NV	141,225		6,444
ING Groep NV sponsored ADR (a)(d)	1,888,600		16,318
Koninklijke KPN NV	1,077,782		14,164
Koninklijke Philips Electronics NV (depositary receipt) (NY Reg.)	392,500		8,184
Unilever NV (Certificaten Van Aandelen) (Bearer) unit	73,400		2,534
Yandex NV	45,000		1,238
TOTAL NETHERLANDS			67,162
Norway - 1.6%
DnB NOR ASA	891,599		10,401
Storebrand ASA (A Shares)	600,000		3,700
Telenor ASA	1,365,000		24,370
TOTAL NORWAY			38,471
Qatar - 0.2%
Commercial Bank of Qatar GDR (Reg. S)	1,100,000		5,045
Russia - 0.3%
Sberbank of Russia sponsored ADR	320,000		3,440
Uralkali JSC GDR (Reg. S)	90,000		3,906
TOTAL RUSSIA			7,346
Common Stocks - continued
	Shares		Value (000s)
South Africa - 0.8%
AngloGold Ashanti Ltd. sponsored ADR	208,200		$ 9,413
Foschini Ltd.	165,400		2,087
Naspers Ltd. Class N	84,300		4,036
Shoprite Holdings Ltd.	265,100		3,885
Tiger Brands Ltd.	37,200		1,072
TOTAL SOUTH AFRICA			20,493
Spain - 2.6%
Banco Bilbao Vizcaya Argentaria SA	673,090		6,059
Banco Santander SA (Spain) sponsored ADR (d)	1,295,000		11,085
Grifols SA ADR (a)	938,900		6,018
Inditex SA	322,785		29,375
Prosegur Compania de Seguridad SA (Reg.)	176,100		8,786
Repsol YPF SA	95,491		2,894
TOTAL SPAIN			64,217
Sweden - 0.4%
H&M Hennes & Mauritz AB (B Shares)	125,563		4,158
Swedbank AB (A Shares)	414,600		5,841
TOTAL SWEDEN			9,999
Switzerland - 3.8%
Clariant AG (Reg.) (a)	474,195		5,185
Kuehne & Nagel International AG	149,610		18,634
Nestle SA	564,038		32,716
Noble Corp.	71,700		2,577
Partners Group Holding	5,000		937
Transocean Ltd. (United States)	163,000		9,315
UBS AG (a)	1,184,990		14,980
Zurich Financial Services AG	39,749		9,231
TOTAL SWITZERLAND			93,575
Taiwan - 1.0%
HTC Corp.	392,800		8,828
Taiwan Fertilizer Co. Ltd.	368,000		948
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	1,015,300		12,813
Unified-President Enterprises Corp.	696,420		958
TOTAL TAIWAN			23,547
United Kingdom - 18.2%
3Legs Resources PLC	645,100		1,401
Anglo American PLC (United Kingdom)	328,300		12,109
BG Group PLC	1,116,992		24,367
Common Stocks - continued
	Shares		Value (000s)
United Kingdom - continued
British American Tobacco PLC sponsored ADR	182,100		$ 16,799
Burberry Group PLC	582,600		12,564
Capita Group PLC	277,600		3,243
Carphone Warehouse Group PLC	1,801,600		10,170
Filtrona PLC	658,900		4,208
GlaxoSmithKline PLC	1,832,500		41,133
HSBC Holdings PLC sponsored ADR	831,900		36,321
Imperial Tobacco Group PLC	205,191		7,504
Inchcape PLC	1,639,100		8,601
Intertek Group PLC	241,700		7,988
ITV PLC	4,848,100		4,994
Lloyds Banking Group PLC (a)	21,916,100		11,335
Misys PLC	1,534,750		7,202
Next PLC	313,300		12,878
Ocado Group PLC (a)(d)	1,074,000		1,618
Pearson PLC	996,300		18,306
Pz Cussons PLC Class L	137,000		811
Reckitt Benckiser Group PLC	631,700		32,488
Rolls-Royce Group PLC	1,800,600		20,342
Rolls-Royce Group PLC Class C	124,241,400		200
Royal Dutch Shell PLC Class B	2,943,612		105,633
SuperGroup PLC (a)	155,800		1,563
Vodafone Group PLC sponsored ADR	1,447,300		40,293
TOTAL UNITED KINGDOM			444,071
United States of America - 5.2%
Apple, Inc. (a)	63,500		25,704
CF Industries Holdings, Inc.	45,500		7,383
Citigroup, Inc.	488,880		15,444
Cognizant Technology Solutions Corp. Class A (a)	66,700		4,852
Facebook, Inc. Class B (f)	131,847		3,296
Green Mountain Coffee Roasters, Inc. (a)	26,900		1,749
Nabors Industries Ltd. (a)	153,200		2,808
Newmont Mining Corp.	125,000		8,354
Noble Energy, Inc.	75,600		6,754
Polycom, Inc. (a)	275,000		4,546
PriceSmart, Inc.	4,200		319
SanDisk Corp. (a)	194,000		9,830
Schweitzer-Mauduit International, Inc.	156,300		10,991
The Mosaic Co.	108,300		6,342
Unisys Corp. (a)	239,998		6,238
Common Stocks - continued
	Shares		Value (000s)
United States of America - continued
Virgin Media, Inc.	87,600		$ 2,136
Wells Fargo & Co.	399,100		10,341
TOTAL UNITED STATES OF AMERICA			127,087
TOTAL COMMON STOCKS (Cost $2,192,838)		2,344,607
Nonconvertible Preferred Stocks - 1.5%

Germany - 1.5%
ProSiebenSat.1 Media AG	347,500		7,454
Volkswagen AG	169,700		29,779
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $22,794)		37,233

Master Notes - 0.0%
	Principal Amount (000s)
Canada - 0.0%
OZ Optics Ltd. 5% 11/5/14 (f) (Cost $15)	$ 14	14

Money Market Funds - 4.6%
	Shares
Fidelity Cash Central Fund, 0.12% (b)	47,652,773		47,653
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	65,392,682		65,393
TOTAL MONEY MARKET FUNDS (Cost $113,046)		113,046
TOTAL INVESTMENT PORTFOLIO - 102.3% (Cost $2,328,693)		2,494,900
NET OTHER ASSETS (LIABILITIES) - (2.3)%		(56,326)
NET ASSETS - 100%		$ 2,438,574

Legend

(a) Non-income producing

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Facebook, Inc. Class B	3/31/11	$ 3,296
OZ Optics Ltd. 5% 11/5/14	11/5/10	$ 15

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 74
Fidelity Securities Lending Cash Central Fund	2,043
Total	$ 2,117

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
United Kingdom	$ 444,071	$ 267,664	$ 176,407	$ -
Japan	352,895	22,306	330,589	-
Germany	205,521	142,333	63,188	-
France	169,925	145,005	24,920	-
Canada	140,009	140,009	-	-
United States of America	127,087	123,791	-	3,296
Switzerland	93,575	78,595	14,980	-
Australia	89,281	51,970	37,311	-
Netherlands	67,162	46,348	20,814	-
Other	692,314	406,381	285,933	-
Master Notes	14	-	-	14
Money Market Funds	113,046	113,046	-	-
Total Investments in Securities:	$ 2,494,900	$ 1,537,448	$ 954,142	$ 3,310

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

(Amounts in thousands)
Investments in Securities:
Beginning Balance	$ 24
Total Realized Gain (Loss)	(56)
Total Unrealized Gain (Loss)	54
Cost of Purchases	3,321
Proceeds of Sales	(33)
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 3,310
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2011	$ -

Income Tax Information

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)	October 31, 2011

Assets
Investment in securities, at value (including securities loaned of $59,345) - See accompanying schedule: Unaffiliated issuers (cost $2,215,647)	$ 2,381,854
Fidelity Central Funds (cost $113,046)	113,046
Total Investments (cost $2,328,693)		$ 2,494,900
Foreign currency held at value (cost $264)		264
Receivable for investments sold Regular delivery		22,969
Delayed delivery		5
Receivable for fund shares sold		1,425
Dividends receivable		4,326
Interest receivable		1
Distributions receivable from Fidelity Central Funds		31
Prepaid expenses		9
Other receivables		271
Total assets		2,524,201

Liabilities
Payable for investments purchased	$ 8,231
Payable for fund shares redeemed	6,721
Accrued management fee	1,404
Distribution and service plan fees payable	669
Other affiliated payables	640
Other payables and accrued expenses	2,569
Collateral on securities loaned, at value	65,393
Total liabilities		85,627

Net Assets		$ 2,438,574
Net Assets consist of:
Paid in capital		$ 5,303,272
Undistributed net investment income		26,393
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(3,054,924)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		163,833
Net Assets		$ 2,438,574

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

Annual Report

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)	October 31, 2011

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($915,719 ÷ 62,674 shares)		$ 14.61

Maximum offering price per share (100/94.25 of $14.61)		$ 15.50
Class T: Net Asset Value and redemption price per share ($404,046 ÷ 27,940 shares)		$ 14.46

Maximum offering price per share (100/96.50 of $14.46)		$ 14.98
Class B: Net Asset Value and offering price per share ($93,512 ÷ 6,722 shares)^A		$ 13.91

Class C: Net Asset Value and offering price per share ($301,931 ÷ 21,640 shares)^A		$ 13.95


Institutional Class: Net Asset Value, offering price and redemption price per share ($723,366 ÷ 48,648 shares)		$ 14.87

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

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

Annual Report

Financial Statements - continued

Statement of Operations

Amounts in thousands	Year ended October 31, 2011

Investment Income
Dividends		$ 76,910
Special dividends		12,968
Interest		2
Income from Fidelity Central Funds		2,117
Income before foreign taxes withheld		91,997
Less foreign taxes withheld		(5,673)
Total income		86,324

Expenses
Management fee	$ 22,912
Transfer agent fees	8,313
Distribution and service plan fees	10,560
Accounting and security lending fees	1,390
Custodian fees and expenses	554
Independent trustees' compensation	18
Registration fees	120
Audit	113
Legal	14
Interest	1
Miscellaneous	25
Total expenses before reductions	44,020
Expense reductions	(701)	43,319
Net investment income (loss)		43,005
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	251,964
Foreign currency transactions	(496)
Total net realized gain (loss)		251,468
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $228)	(391,817)
Assets and liabilities in foreign currencies	(295)
Total change in net unrealized appreciation (depreciation)		(392,112)
Net gain (loss)		(140,644)
Net increase (decrease) in net assets resulting from operations		$ (97,639)

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

Annual Report

Statement of Changes in Net Assets

Amounts in thousands	Year ended October 31, 2011	Year ended October 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 43,005	$ 38,199
Net realized gain (loss)	251,468	465,302
Change in net unrealized appreciation (depreciation)	(392,112)	(92,787)
Net increase (decrease) in net assets resulting from operations	(97,639)	410,714
Distributions to shareholders from net investment income	(45,397)	(59,773)
Distributions to shareholders from net realized gain	(8,026)	(3,252)
Total distributions	(53,423)	(63,025)
Share transactions - net increase (decrease)	(1,225,390)	(1,259,295)
Redemption fees	65	104
Total increase (decrease) in net assets	(1,376,387)	(911,502)

Net Assets
Beginning of period	3,814,961	4,726,463
End of period (including undistributed net investment income of $26,393 and undistributed net investment income of $32,132, respectively)	$ 2,438,574	$ 3,814,961

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

Annual Report

Financial Highlights - Class A

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 15.63	$ 14.25	$ 12.57	$ 26.62	$ 23.42
Income from Investment Operations
Net investment income (loss)^C	.22^F	.14	.17	.36	.31
Net realized and unrealized gain (loss)	(1.01)	1.44	1.96	(11.15)	4.69
Total from investment operations	(.79)	1.58	2.13	(10.79)	5.00
Distributions from net investment income	(.20)	(.19)	(.45)	(.24)	(.23)
Distributions from net realized gain	(.03)	(.01)	-	(3.02)	(1.57)
Total distributions	(.23)	(.20)	(.45)	(3.26)	(1.80)
Redemption fees added to paid in capital^C,H	-	-	-	-	-
Net asset value, end of period	$ 14.61	$ 15.63	$ 14.25	$ 12.57	$ 26.62
Total Return^A,B	(5.15)%	11.17%	18.16%	(45.95)%	22.76%
Ratios to Average Net Assets^D,G
Expenses before reductions	1.31%	1.32%	1.34%	1.26%	1.25%
Expenses net of fee waivers, if any	1.31%	1.32%	1.34%	1.26%	1.25%
Expenses net of all reductions	1.29%	1.30%	1.31%	1.22%	1.21%
Net investment income (loss)	1.38%^F	.95%	1.43%	1.80%	1.26%
Supplemental Data
Net assets, end of period (in millions)	$ 916	$ 1,302	$ 1,662	$ 2,004	$ 5,774
Portfolio turnover rate^E	48%	59%	92%	88%	105%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights - Class T

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 15.47	$ 14.11	$ 12.42	$ 26.30	$ 23.17
Income from Investment Operations
Net investment income (loss)^C	.18^F	.10	.14	.31	.25
Net realized and unrealized gain (loss)	(.99)	1.43	1.94	(11.01)	4.63
Total from investment operations	(.81)	1.53	2.08	(10.70)	4.88
Distributions from net investment income	(.16)	(.16)	(.39)	(.16)	(.18)
Distributions from net realized gain	(.03)	(.01)	-	(3.02)	(1.57)
Total distributions	(.20)^I	(.17)	(.39)	(3.18)	(1.75)
Redemption fees added to paid in capital^C,H	-	-	-	-	-
Net asset value, end of period	$ 14.46	$ 15.47	$ 14.11	$ 12.42	$ 26.30
Total Return^A,B	(5.35)%	10.88%	17.84%	(46.04)%	22.43%
Ratios to Average Net Assets^D,G
Expenses before reductions	1.55%	1.55%	1.58%	1.49%	1.47%
Expenses net of fee waivers, if any	1.55%	1.55%	1.58%	1.49%	1.47%
Expenses net of all reductions	1.53%	1.53%	1.55%	1.44%	1.43%
Net investment income (loss)	1.14%^F	.71%	1.19%	1.57%	1.04%
Supplemental Data
Net assets, end of period (in millions)	$ 404	$ 621	$ 832	$ 1,110	$ 3,569
Portfolio turnover rate^E	48%	59%	92%	88%	105%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H Amount represents less than $.01 per share.

^I Total distributions of $.20 per share is comprised of distributions from net investment income of $.164 and distributions from net realized gain of $.034 per share.

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

Annual Report

Financial Highlights - Class B

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 14.91	$ 13.61	$ 11.95	$ 25.44	$ 22.46
Income from Investment Operations
Net investment income (loss)^C	.09^F	.02	.08	.18	.10
Net realized and unrealized gain (loss)	(.96)	1.38	1.88	(10.62)	4.50
Total from investment operations	(.87)	1.40	1.96	(10.44)	4.60
Distributions from net investment income	(.10)	(.09)	(.30)	(.03)	(.05)
Distributions from net realized gain	(.03)	(.01)	-	(3.02)	(1.57)
Total distributions	(.13)	(.10)	(.30)	(3.05)	(1.62)
Redemption fees added to paid in capital^C,H	-	-	-	-	-
Net asset value, end of period	$ 13.91	$ 14.91	$ 13.61	$ 11.95	$ 25.44
Total Return^A,B	(5.89)%	10.34%	17.25%	(46.39)%	21.73%
Ratios to Average Net Assets^D,G
Expenses before reductions	2.08%	2.09%	2.10%	2.08%	2.08%
Expenses net of fee waivers, if any	2.08%	2.09%	2.10%	2.08%	2.08%
Expenses net of all reductions	2.06%	2.07%	2.07%	2.04%	2.04%
Net investment income (loss)	.61%^F	.18%	.67%	.97%	.42%
Supplemental Data
Net assets, end of period (in millions)	$ 94	$ 157	$ 191	$ 221	$ 559
Portfolio turnover rate^E	48%	59%	92%	88%	105%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights - Class C

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 14.95	$ 13.65	$ 11.98	$ 25.50	$ 22.53
Income from Investment Operations
Net investment income (loss)^C	.10^F	.03	.08	.20	.12
Net realized and unrealized gain (loss)	(.96)	1.38	1.89	(10.64)	4.50
Total from investment operations	(.86)	1.41	1.97	(10.44)	4.62
Distributions from net investment income	(.11)	(.10)	(.30)	(.06)	(.08)
Distributions from net realized gain	(.03)	(.01)	-	(3.02)	(1.57)
Total distributions	(.14)	(.11)	(.30)	(3.08)	(1.65)
Redemption fees added to paid in capital^C,H	-	-	-	-	-
Net asset value, end of period	$ 13.95	$ 14.95	$ 13.65	$ 11.98	$ 25.50
Total Return^A,B	(5.83)%	10.32%	17.24%	(46.33)%	21.81%
Ratios to Average Net Assets^D,G
Expenses before reductions	2.05%	2.06%	2.09%	2.01%	2.00%
Expenses net of fee waivers, if any	2.05%	2.06%	2.09%	2.01%	2.00%
Expenses net of all reductions	2.03%	2.04%	2.06%	1.97%	1.96%
Net investment income (loss)	.64%^F	.21%	.68%	1.04%	.51%
Supplemental Data
Net assets, end of period (in millions)	$ 302	$ 419	$ 502	$ 618	$ 1,673
Portfolio turnover rate^E	48%	59%	92%	88%	105%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights - Institutional Class

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 15.90	$ 14.48	$ 12.81	$ 27.06	$ 23.78
Income from Investment Operations
Net investment income (loss)^B	.28^E	.19	.21	.41	.38
Net realized and unrealized gain (loss)	(1.03)	1.47	1.98	(11.34)	4.76
Total from investment operations	(.75)	1.66	2.19	(10.93)	5.14
Distributions from net investment income	(.25)	(.23)	(.52)	(.30)	(.29)
Distributions from net realized gain	(.03)	(.01)	-	(3.02)	(1.57)
Total distributions	(.28)	(.24)	(.52)	(3.32)	(1.86)
Redemption fees added to paid in capital^B,G	-	-	-	-	-
Net asset value, end of period	$ 14.87	$ 15.90	$ 14.48	$ 12.81	$ 27.06
Total Return^A	(4.85)%	11.55%	18.45%	(45.79)%	23.07%
Ratios to Average Net Assets^C,F
Expenses before reductions	.99%	.99%	1.07%	.99%	.98%
Expenses net of fee waivers, if any	.99%	.99%	1.07%	.99%	.98%
Expenses net of all reductions	.97%	.97%	1.04%	.94%	.94%
Net investment income (loss)	1.70%^E	1.28%	1.70%	2.07%	1.53%
Supplemental Data
Net assets, end of period (in millions)	$ 723	$ 1,316	$ 1,540	$ 2,235	$ 5,266
Portfolio turnover rate^D	48%	59%	92%	88%	105%

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

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

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

Annual Report

Notes to Financial Statements

For the period ended October 31, 2011

(Amounts in thousands except percentages)

1. Organization.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

Annual Report

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Security Valuation - continued

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Annual Report

3. Significant Accounting Policies - continued

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 376,198
Gross unrealized depreciation	(230,250)
Net unrealized appreciation (depreciation) on securities and other investments	$ 145,948

Tax Cost	$ 2,348,952

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 26,452
Capital loss carryforward	$ (3,034,664)
Net unrealized appreciation (depreciation)	$ 145,969

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax character of distributions paid was as follows:

	October 31, 2011	October 31, 2010
Ordinary Income	$ 53,423	$ 63,025

4. Operating Policies.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,545,645 and $2,749,361, respectively.

6. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 2,863	$ 48
Class T	.25%	.25%	2,660	15
Class B	.75%	.25%	1,285	965
Class C	.75%	.25%	3,752	153
			$ 10,560	$ 1,181

Annual Report

6. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

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

	Retained by FDC
Class A	$ 120
Class T	32
Class B*	208
Class C*	15
	$ 375

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

	Amount	% of Average Net Assets
Class A	$ 3,204	.28
Class T	1,482	.28
Class B	388	.30
Class C	1,004	.27
Institutional Class	2,235	.21
	$ 8,313

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

6. Fees and Other Transactions with Affiliates - continued

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 9,674	.33%	$ 1

7. Committed Line of Credit.

8. Security Lending.

Annual Report

8. Security Lending - continued

9. Expense Reductions.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2011	2010
From net investment income
Class A	$ 15,976	$ 21,908
Class T	6,296	9,175
Class B	993	1,280
Class C	2,886	3,424
Institutional Class	19,246	23,986
Total	$ 45,397	$ 59,773
From net realized gain
Class A	$ 2,738	$ 1,135
Class T	1,311	581
Class B	343	138
Class C	927	360
Institutional Class	2,707	1,038
Total	$ 8,026	$ 3,252

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2011	2010	2011	2010
Class A
Shares sold	9,002	11,857	$ 142,807	$ 171,401
Reinvestment of distributions	1,034	1,361	16,424	20,356
Shares redeemed	(30,677)	(46,493)	(486,880)	(670,244)
Net increase (decrease)	(20,641)	(33,275)	$ (327,649)	$ (478,487)
Class T
Shares sold	2,789	5,521	$ 43,918	$ 79,294
Reinvestment of distributions	447	636	7,039	9,432
Shares redeemed	(15,458)	(24,938)	(243,511)	(355,762)
Net increase (decrease)	(12,222)	(18,781)	$ (192,554)	$ (267,036)
Class B
Shares sold	58	579	$ 888	$ 8,025
Reinvestment of distributions	75	88	1,145	1,270
Shares redeemed	(3,940)	(4,186)	(60,055)	(57,671)
Net increase (decrease)	(3,807)	(3,519)	$ (58,022)	$ (48,376)
Class C
Shares sold	1,225	1,779	$ 18,824	$ 24,719
Reinvestment of distributions	191	201	2,917	2,898
Shares redeemed	(7,773)	(10,773)	(118,247)	(148,900)
Net increase (decrease)	(6,357)	(8,793)	$ (96,506)	$ (121,283)
Institutional Class
Shares sold	10,009	22,171	$ 160,916	$ 322,782
Reinvestment of distributions	1,047	1,330	16,863	20,174
Shares redeemed	(45,174)	(47,045)	(728,438)	(687,069)
Net increase (decrease)	(34,118)	(23,544)	$ (550,659)	$ (344,113)

12. Other.

Annual Report

Report of Independent Registered Public Accounting Firm

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

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 12, 2011

Annual Report

Trustees and Officers

Annual Report

Trustees and Officers - continued

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

Interested Trustees*:

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

Name, Age; Principal Occupations and Other Relevant Experience⁺
James C. Curvey (76)
	Year of Election or Appointment: 2007 Mr. Curvey is Trustee and Acting Chairman of the Board of Trustees of certain Trusts. Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of Fidelity Investments Money Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.
Ronald P. O'Hanley (54)
	Year of Election or Appointment: 2011 Mr. O'Hanley is Director of FMR Co., Inc. (2010-present), Director of Fidelity Investments Money Management, Inc. (2010-present), Director of Fidelity Research & Analysis Company (2010-present), President of Fidelity Asset Management and Corporate Services and a member of Fidelity's Executive Committee (2010-present). Previously, Mr. O'Hanley served as President and Chief Executive Officer of BNY Mellon Asset Management (2007-2010). Mr. O'Hanley also served as Vice Chairman of Bank New York Mellon Corp. and a member of that firm's Executive Committee. Prior to the 2007 merger of The Bank of New York and Mellon Financial Corporation, he was Vice Chairman of Mellon Financial Corporation and President and Chief Executive Officer of Mellon Asset Management. He joined Mellon in February 1997. Mr. O'Hanley currently serves as Chairman of the Boston Public Library Foundation Board of Directors and sits on the Board of Directors of Beth Israel Deaconess Medical Center, the Board of Trustees of the Marine Biological Laboratory and the Advisory Board of the Maxwell School of Citizenship and Public Administration at Syracuse University. Mr. O'Hanley also chairs the Council on Asset Management for the Financial Services Roundtable and is a member of the Board of Directors of Institutional Investor's U.S. Institute.

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

Annual Report

Trustees and Officers - continued

Independent Trustees:

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

Name, Age; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (63)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Mr. Dirks is a member of the Independent Directors Council (IDC) Governing Council (2010-Present) and Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (58)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's, Inc. (restaurant and entertainment complexes, 2010-present), The Hillman Companies, Inc. (hardware wholesalers, 2010-present), and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-Present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for the Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (67)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is also a member of the Board of Directors of the Philharmonic Center for the Arts in Naples, Florida (1999-present); a member of the Board of Trustees of Fairfield University (2005-present); and a member of the Council on Foreign Relations (1994-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (67)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Robert W. Selander (61)
	Year of Election or Appointment: 2011 Previously, Mr. Selander served as a Member of the Advisory Board of Fidelity's Equity and High Income Funds (2011), Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.
Cornelia M. Small (67)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (72)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Vice Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of Univar (global distributor of commodity and specialty chemicals, 2010-present), a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (62)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (61)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), as a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Advisory Board Members and Executive Officers:

Correspondence intended for each executive officer, Edward C. Johnson 3d, and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (81)
	Year of Election or Appointment: 2011 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC, and also serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as a Trustee and Chairman of the Board of certain Fidelity Trusts, Chairman and a Director of FMR, Chairman and a Director of FMR Co., Inc., and President of FMR LLC (2006-2007).
Peter S. Lynch (67)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (42)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as President and Treasurer (2010-present) and Assistant Treasurer (2009-present) of other Fidelity funds and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008).
Bruce T. Herring (46)
	Year of Election or Appointment: 2006 Vice President of certain Equity Funds. Mr. Herring also serves as Chief Investment Officer and Director of Fidelity Management & Research (U.K.) Inc. (2010-present) and Group Chief Investments Officer of FMR. Previously, Mr. Herring served as Vice President (2005-2006) and Senior Vice President (2006-2007) of Fidelity Management & Research Company, Vice President of FMR Co., Inc. (2001-2007) and as a portfolio manager for Fidelity U.S. Equity Funds.
Brian B. Hogan (47)
	Year of Election or Appointment: 2009 Vice President of Equity and High Income Funds. Mr. Hogan also serves as President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.
Scott C. Goebel (43)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as Secretary of Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); Secretary and CLO of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); employed by FMR LLC or an affiliate (2001-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (42)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Holly C. Laurent (57)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent also serves as AML Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present) and is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (53)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (64)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (50)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009).
Joseph F. Zambello (54)
	Year of Election or Appointment: 2011 Deputy Treasurer of the Fidelity funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
Adrien E. Deberghes (44)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes also serves as Vice President and Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II (2011-present), Assistant Treasurer of other Fidelity funds (2010-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (42)
	Year of Election or Appointment: 2010 Assistant Treasurer of Fidelity's Equity and High Income Funds. Ms. Dorsey also serves as Deputy Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
John R. Hebble (53)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President (2011-present), Treasurer, and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present), President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Gary W. Ryan (53)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).
Jonathan Davis (43)
	Year of Election or Appointment: 2010 Assistant Treasurer of the Fidelity funds. Mr. Davis is also Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).

Annual Report

Distributions (Unaudited)

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

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

	Pay Date	Income	Taxes
Class I	12/06/10	$0.252	$0.0303
Class I	12/31/10	$0.058	$0.0000

The fund will notify shareholders in January 2012 of amounts for use in preparing 2011 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Diversified International Fund

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Fidelity Advisor Diversified International Fund

aaa93

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Advisor Diversified International Fund

aaa95

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2010.

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

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that any potential economies of scale are being appropriately shared between fund shareholders and Fidelity.

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

FIL Investment Advisors

FIL Investments (Japan) Limited

FIL Investment Advisors (U.K.) Ltd.

Fidelity Management & Research
Company (Hong Kong) Limited

Fidelity Management & Research
Company (Japan) Inc.

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

State Street Bank and Trust Company

Quincy, MA

ADIFI-UANN-1211
1.784736.108

aaa68

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Emerging Asia
Fund - Class A, Class T, Class B
and Class C

Annual Report

October 31, 2011

aaa38

Chairman's Message	(Click Here)	The Chairman's message to shareholders.
Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fund performance and strategy.
Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to financial statements.
Report of Independent Registered Public Accounting Firm	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

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

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

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

Annual Report

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_James_C_Curvey)

Dear Shareholder:

Sincerely,

(The acting chairman's signature appears here.)

James C. Curvey
Acting Chairman

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended October 31, 2011	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	-12.76%	9.17%	15.44%
Class T (incl. 3.50% sales charge)	-10.93%	9.39%	15.41%
Class B (incl. contingent deferred sales charge) ^A	-12.49%	9.35%	15.52%
Class C (incl. contingent deferred sales charge) ^B	-8.97%	9.65%	15.27%

^AClass B shares' contingent deferred sales charges included in the past one year, past five years, and past ten years total return figures are 5%, 2%, and 0%, respectively.

^BClass C shares' contingent deferred sales charge included in the past one year, past five years, and past ten years total return figures are 1%, 0%, and 0%, respectively.

Annual Report

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Emerging Asia Fund - Class A on October 31, 2001, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the MSCI® AC (All Country) Asia ex Japan Index performed over the same period.

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Annual Report

Management's Discussion of Fund Performance

Market Recap: Stocks in emerging Asia lost ground during the 12-month period ending October 31, 2011, weighed down in part by double-digit losses in China and India. Share prices in those two countries struggled against the head wind of a tighter monetary environment, as government officials attempted to tame inflationary pressures without triggering abrupt slowdowns in their rapidly expanding economies. In China's case, inflation cooled a bit toward period end after hitting a three-year peak in July, but food prices continued to expand at a double-digit pace. For the year, the MSCI® AC (All Country) Asia ex Japan Index returned -6.74%. China, with an average benchmark allocation of 18%, finished the period with a roughly -17% return, while India, representing about 10% of the index, returned -20%. The three other major country constituents fared considerably better. Hong Kong, with a 17% weighting, modestly lagged the benchmark, at about -8%. Taiwan checked in with a 16% weighting and a return of -2%. South Korea, the largest benchmark constituent, at 20%, finished in the black, gaining about 7%, bolstered in part by stellar showings from its automakers.

Comments from Colin Chickles, Portfolio Manager of Fidelity Advisor® Emerging Asia Fund: During the year, the fund's Class A, Class T, Class B and Class C shares returned -7.44%, -7.70%, -8.16% and -8.10%, respectively (excluding sales charges), lagging the MSCI index. Stock selection in consumer staples, energy, the banking segment of financials, and telecommunication services hurt the fund's relative results. Geographically, stock picking in India and Hong Kong were negatives. China-based Chaoda Modern Agriculture, the fund's largest relative detractor, was hampered by suspicion the company was overstating the size of its land holdings. Other important detractors included Chinese energy producer PetroChina, which I sold by period end, and an underweighting in wireless carrier and benchmark component China Mobile. Conversely, positioning in materials, information technology and consumer discretionary added value. Geographically, my picks in Taiwan and South Korea bolstered performance. Hong Kong utility Power Assets Holdings was the fund's top relative contributor. The company was able to raise its rates and expand its customer base. Underweighting and ultimately selling two poorly performing benchmark components, Bank of China (Hong Kong) and China Life Insurance, also helped.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2011 to October 31, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

	Annualized Expense Ratio	Beginning Account Value May 1, 2011	Ending Account Value October 31, 2011	Expenses Paid During Period* May 1, 2011 to October 31, 2011
Class A	1.37%
Actual		$ 1,000.00	$ 833.10	$ 6.33
Hypothetical^A		$ 1,000.00	$ 1,018.30	$ 6.97
Class T	1.67%
Actual		$ 1,000.00	$ 832.00	$ 7.71
Hypothetical^A		$ 1,000.00	$ 1,016.79	$ 8.49
Class B	2.15%
Actual		$ 1,000.00	$ 829.80	$ 9.92
Hypothetical^A		$ 1,000.00	$ 1,014.37	$ 10.92
Class C	2.11%
Actual		$ 1,000.00	$ 829.90	$ 9.73
Hypothetical^A		$ 1,000.00	$ 1,014.57	$ 10.71
Institutional Class	1.09%
Actual		$ 1,000.00	$ 834.50	$ 5.04
Hypothetical^A		$ 1,000.00	$ 1,019.71	$ 5.55

^A 5% return per year before expenses

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

Annual Report

Investment Changes (Unaudited)

Top Ten Stocks as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Samsung Electronics Co. Ltd.	5.7	4.1
Taiwan Semiconductor Manufacturing Co. Ltd.	3.9	3.3
China Mobile (Hong Kong) Ltd.	3.3	0.0
CNOOC Ltd.	2.6	1.9
POSCO	2.5	0.0
Sun Hung Kai Properties Ltd.	2.4	0.0
China Construction Bank Corp. (H Shares)	2.3	2.1
Power Assets Holdings Ltd.	1.9	1.4
Industrial & Commercial Bank of China Ltd. (H Shares)	1.8	2.7
Housing Development Finance Corp. Ltd.	1.5	0.0
	27.9
Top Five Market Sectors as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	29.3	30.6
Information Technology	17.3	16.9
Consumer Discretionary	10.3	8.5
Industrials	10.3	11.6
Materials	8.6	10.4

Asset Allocation (% of fund's net assets)
As of October 31, 2011		As of April 30, 2011
	Stocks 98.7%		Stocks 97.9%
	Short-Term Investments and Net Other Assets 1.3%		Short-Term Investments and Net Other Assets 2.1%

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Annual Report

Investments October 31, 2011

Showing Percentage of Net Assets

Common Stocks - 98.7%
	Shares		Value
Australia - 0.2%
Origin Energy Ltd.	44,256		$ 666,976
Bailiwick of Jersey - 0.1%
WNS Holdings Ltd. sponsored ADR (a)	13,200		159,720
Bermuda - 1.5%
Cheung Kong Infrastructure Holdings Ltd.	153,000		819,578
China Oil & Gas Group Ltd. (a)	880,000		59,051
China Yurun Food Group Ltd.	489,000		848,757
CNPC (Hong Kong) Ltd.	266,000		372,608
First Pacific Co. Ltd.	798,000		831,362
Jardine Matheson Holdings Ltd.	16,400		826,537
Man Wah Holdings Ltd.	216,000		120,275
Noble Group Ltd.	1,044,000		1,274,266
PAX Global Technology Ltd.	413,000		87,038
Skyworth Digital Holdings Ltd.	1,172,000		619,303
TOTAL BERMUDA			5,858,775
Cayman Islands - 3.3%
AirMedia Group, Inc. ADR (a)	44,700		121,584
Belle International Holdings Ltd.	1,032,000		2,023,986
Biostime International Holdings Ltd.	298,000		531,418
Changyou.com Ltd. (A Shares) ADR (a)	9,100		239,603
Chaoda Modern Agriculture (Holdings) Ltd.	3,564,000		504,634
China Resources Land Ltd.	930,000		1,361,237
China Shanshui Cement Group Ltd.	619,000		474,139
Haitian International Holdings Ltd.	561,000		498,446
Hidili Industry International Development Ltd.	962,000		402,909
International Taifeng Holdings Ltd.	1,210,000		565,501
Maoye International Holdings Ltd. (a)	2,629,000		722,228
New Oriental Education & Technology Group, Inc. sponsored ADR (a)	8,200		243,048
Qihoo 360 Technology Co. Ltd. ADR	6,200		125,302
Sands China Ltd. (a)	768,400		2,309,186
Shenguan Holdings Group Ltd.	694,000		372,855
Spreadtrum Communications, Inc. ADR	41,500		1,102,655
Springland International Holdings Ltd.	423,000		286,578
Yingde Gases Group Co. Ltd.	186,000		198,357
Youyuan International Holdings Ltd. (a)	1,946,000		606,321
TOTAL CAYMAN ISLANDS			12,689,987
China - 11.7%
51job, Inc. sponsored ADR (a)	6,900		318,642
Baidu.com, Inc. sponsored ADR (a)	18,300		2,565,294
Common Stocks - continued
	Shares		Value
China - continued
Changsha Zoomlion Heavy Industry Science & Technology Development Co. Ltd. (H Shares)	556,600		$ 805,280
China Coal Energy Co. Ltd. (H Shares)	1,697,000		2,113,662
China Communications Construction Co. Ltd. (H Shares)	1,899,000		1,432,333
China Communications Services Corp. Ltd. (H Shares)	2,608,000		1,202,773
China Construction Bank Corp. (H Shares)	11,845,000		8,702,939
China Eastern Airlines Corp. Ltd. (H Shares) (a)	682,000		268,327
China Metal Recycling (Holdings) Ltd.	996,000		1,066,414
China Minsheng Banking Corp. Ltd. (H Shares)	2,599,500		2,117,602
China National Building Materials Co. Ltd. (H Shares)	832,000		1,065,714
China Pacific Insurance Group Co. Ltd. (H Shares)	461,200		1,415,280
China Petroleum & Chemical Corp. (H Shares)	4,188,000		3,960,719
China Southern Airlines Ltd. (H Shares) (a)	1,652,000		921,916
Comba Telecom Systems Holdings Ltd.	445,500		376,162
Focus Media Holding Ltd. ADR (a)	26,300		714,834
Great Wall Motor Co. Ltd. (H Shares)	1,488,250		2,020,913
Harbin Power Equipment Co. Ltd. (H Shares)	1,742,000		1,755,479
Industrial & Commercial Bank of China Ltd. (H Shares)	11,307,000		7,060,806
PICC Property & Casualty Co. Ltd. (H Shares)	1,228,000		1,703,002
Shanghai Jin Jiang International Hotel Co. Ltd. (H Shares)	1,304,000		167,682
Sinopec Shanghai Petrochemical Co. Ltd. (H Shares)	1,750,000		642,511
Tianneng Power International Ltd.	278,000		130,197
Yanzhou Coal Mining Co. Ltd. (H Shares)	594,000		1,470,324
Zhongpin, Inc. (a)(d)	31,900		294,437
Zijin Mining Group Co. Ltd. (H Shares)	1,882,000		801,035
TOTAL CHINA			45,094,277
Hong Kong - 18.2%
AIA Group Ltd.	1,851,400		5,661,098
BYD Electronic International Co. Ltd. (a)	547,500		195,320
Cathay Pacific Airways Ltd.	678,000		1,230,687
China Insurance International Holdings Co. Ltd. (a)	331,200		718,227
China Merchant Holdings International Co. Ltd.	438,000		1,351,549
China Mobile (Hong Kong) Ltd.	1,327,500		12,617,014
China Overseas Land & Investment Ltd.	1,382,000		2,557,239
China Unicom (Hong Kong) Ltd.	1,442,000		2,899,308
Citic Pacific Ltd.	827,000		1,494,613
CNOOC Ltd.	5,356,500		10,125,712
Dah Chong Hong Holdings Ltd.	552,000		670,369
Galaxy Entertainment Group Ltd. (a)	448,000		906,006
Giordano International Ltd.	382,000		288,137
Guangdong Investment Ltd.	3,212,000		1,933,578
Common Stocks - continued
	Shares		Value
Hong Kong - continued
Hang Lung Group Ltd.	210,000		$ 1,276,272
Hysan Development Co. Ltd.	309,332		1,079,438
Lenovo Group Ltd.	3,080,000		2,070,698
MTR Corp. Ltd.	546,000		1,762,476
New World Development Co. Ltd.	1,390,000		1,464,301
New World Development Co. Ltd. rights 11/22/11 (a)	695,000		237,070
PCCW Ltd.	6,349,000		2,537,180
Power Assets Holdings Ltd.	962,000		7,310,055
Singamas Container Holdings Ltd.	238,000		55,127
Sinotruk Hong Kong Ltd.	732,000		430,457
Sun Hung Kai Properties Ltd.	672,000		9,252,619
TOTAL HONG KONG			70,124,550
India - 8.1%
Apollo Tyres Ltd.	455,823		534,564
Axis Bank Ltd.	116,300		2,748,710
Bank of Baroda	86,080		1,357,275
Canara Bank	105,069		1,002,097
Deccan Chronicle Holdings Ltd. (a)	244,971		259,088
Dena Bank	129,933		213,976
Gateway Distriparks Ltd.	112,674		342,861
Grasim Industries Ltd.	22,927		1,217,566
HCL Infosystems Ltd.	255,318		339,081
Hindalco Industries Ltd.	448,779		1,240,638
Hindustan Petroleum Corp. Ltd.	186,895		1,264,979
Housing Development Finance Corp. Ltd.	415,220		5,843,320
ICSA (India) Ltd.	186,602		218,908
Indian Oil Corp. Ltd.	195,971		1,158,592
Indian Overseas Bank	356,535		747,194
Jubilant Industries Ltd.	5,873		22,460
Jubilant Life Sciences Ltd.	47,794		191,285
Page Industries Ltd.	3,278		170,589
Piramal Healthcare Ltd.	63,145		465,616
Ramky Infrastructure Ltd.	73,635		355,621
Sintex Industries Ltd.	172,960		415,884
SREI Infrastructure Finance Ltd.	476,053		347,449
State Bank of India	64,363		2,503,438
Tata Consultancy Services Ltd.	211,584		4,813,070
Tata Motors Ltd. Class A	361,005		789,108
Tata Steel Ltd.	98,638		971,329
Welspun Gujarat Stahl Rohren Ltd.	114,288		250,297
Common Stocks - continued
	Shares		Value
India - continued
Yes Bank Ltd.	219,750		$ 1,408,216
Zee Learn Ltd. (a)	35,117		13,743
TOTAL INDIA			31,206,954
Indonesia - 3.3%
PT Astra International Tbk	501,500		3,866,942
PT Bank Rakyat Indonesia Tbk	6,154,000		4,626,865
PT BISI International Tbk	376,500		42,870
PT Global Mediacom Tbk	4,988,500		447,848
PT Gudang Garam Tbk	228,500		1,499,845
PT Tower Bersama Infrastructure Tbk	2,425,000		564,378
PT Unilever Indonesia Tbk	593,000		1,042,475
PT Sampoerna Agro Tbk	1,120,000		378,888
TOTAL INDONESIA			12,470,111
Korea (South) - 25.6%
BS Financial Group, Inc. (a)	241,470		2,647,712
Cheil Worldwide, Inc.	127,230		2,075,500
Chong Kun Dang Pharmaceutical Corp.	29,390		567,891
CJ CheilJedang Corp.	7,555		2,077,143
CJ Corp.	20,054		1,431,393
Daewoo Shipbuilding & Marine Engineering Co. Ltd.	118,780		2,909,978
DGB Financial Group Co. Ltd. (a)	72,680		901,455
Dongbu Insurance Co. Ltd.	27,020		1,133,282
Doosan Co. Ltd.	10,290		1,296,309
Hana Financial Group, Inc.	130,810		4,655,544
Hankook Tire Co. Ltd.	31,010		1,233,120
Hynix Semiconductor, Inc.	143,970		2,902,693
Hyundai Department Store Co. Ltd.	7,557		1,079,448
Hyundai Fire & Marine Insurance Co. Ltd.	15,060		434,448
Hyundai Heavy Industries Co. Ltd.	19,620		5,222,203
Hyundai Mobis	15,997		4,561,125
Hyundai Motor Co.	13,659		2,740,503
ICD Co. Ltd. (a)	3,854		174,758
Industrial Bank of Korea	218,960		2,863,849
KB Financial Group, Inc.	94,250		3,637,799
Kia Motors Corp.	67,930		4,338,873
Korea Electric Power Corp. (a)	89,840		2,004,233
Kyeryong Construction Industrial Co. Ltd.	11,900		156,370
LG International Corp.	14,202		624,699
Lotte Samkang Co. Ltd.	1,310		390,467
Lotte Shopping Co. Ltd.	4,924		1,760,645
Common Stocks - continued
	Shares		Value
Korea (South) - continued
MegaStudy Co. Ltd.	9,331		$ 1,028,162
Nong Shim Co. Ltd.	1,085		211,820
Orion Corp.	1,094		584,725
POSCO	27,963		9,652,712
Samsung Electronics Co. Ltd.	25,385		21,771,442
Samsung Fire & Marine Insurance Co. Ltd.	14,179		3,003,707
Samsung Heavy Industries Ltd.	76,000		2,309,986
Shinsegae Co. Ltd.	4,161		1,042,586
SK Chemicals Co. Ltd.	10,569		673,630
SK Telecom Co. Ltd.	22,496		2,984,294
Sungwoo Hitech Co. Ltd.	61,923		1,018,387
Tong Yang Life Insurance Co. Ltd.	31,410		375,018
TOTAL KOREA (SOUTH)			98,477,909
Malaysia - 0.6%
AirAsia Bhd	528,900		664,677
Genting Malaysia Bhd	970,100		1,206,774
Glomac Bhd	1,104,800		304,531
TOTAL MALAYSIA			2,175,982
Mauritius - 0.3%
Golden Agri-Resources Ltd.	2,381,000		1,218,453
Papua New Guinea - 0.1%
Oil Search Ltd.	31,658		215,998
Philippines - 1.0%
Banco de Oro Universal Bank	539,000		711,756
Globe Telecom, Inc.	40,310		859,430
Manila Water Co., Inc.	2,617,700		1,191,120
Universal Robina Corp.	1,100,000		1,212,619
TOTAL PHILIPPINES			3,974,925
Singapore - 5.8%
Avago Technologies Ltd.	32,400		1,094,148
City Developments Ltd.	245,000		2,112,037
DBS Group Holdings Ltd.	327,000		3,192,916
First Resources Ltd.	898,000		1,005,051
Keppel Corp. Ltd.	559,600		4,187,734
Mapletree Logistics Trust (REIT)	708,000		480,663
Sakari Resources Ltd.	359,000		670,363
SembCorp Industries Ltd.	408,000		1,344,659
United Overseas Bank Ltd.	351,000		4,758,746
UOL Group Ltd.	201,000		710,328
Common Stocks - continued
	Shares		Value
Singapore - continued
Wilmar International Ltd.	521,000		$ 2,248,781
Yanlord Land Group Ltd.	611,000		495,644
TOTAL SINGAPORE			22,301,070
Taiwan - 10.8%
Asia Cement Corp.	1,468,300		1,768,647
ASUSTeK Computer, Inc.	254,000		1,765,855
Catcher Technology Co. Ltd.	172,000		958,299
Chicony Electronics Co. Ltd.	488,000		815,447
Compal Electronics, Inc.	1,839,000		1,687,796
E.Sun Financial Holdings Co. Ltd.	5,730,568		2,855,970
EVA Airways Corp.	1,791,900		1,296,267
Far East Department Stores Co. Ltd.	29,340		44,858
Formosa Plastics Corp.	1,768,000		5,199,850
HIWIN Technologies Corp.	74,000		668,980
Hon Hai Precision Industry Co. Ltd. (Foxconn)	682,900		1,872,087
Insyde Software Corp.	98,195		434,651
King Slide Works Co. Ltd.	102,850		441,697
Quanta Computer, Inc.	1,122,000		2,207,916
Taichung Commercial Bank Co. Ltd.	23,640		7,955
Taishin Financial Holdings Co. Ltd.	8,855,572		3,749,609
Taiwan Semiconductor Manufacturing Co. Ltd.	6,132,393		14,943,885
Wistron Corp.	659,100		762,776
TOTAL TAIWAN			41,482,545
Thailand - 6.5%
Advanced Info Service PCL (For. Reg.)	486,500		2,043,941
Asian Property Development PCL (For. Reg.)	3,613,080		528,091
Bangkok Life Assurance PCL NVDR	234,500		325,422
Banpu PCL (For. Reg.)	183,900		3,733,241
Big C Supercenter PCL unit	81,900		292,520
Bumrungrad Hospital PCL (For. Reg.)	266,700		341,299
C.P. Seven Eleven PCL (For. Reg.)	616,300		932,535
Charoen Pokphand Foods PCL (For. Reg.)	1,618,800		1,576,499
Glow Energy PCL (For. Reg.)	342,300		589,571
Indorama Ventures PCL (For. Reg.)	611,700		704,027
LPN Development PCL (For. Reg.)	1,772,400		576,313
PTT Global Chemical PCL (For. Reg.) (a)	691,767		1,458,734
PTT PCL (For. Reg.)	249,300		2,455,946
Siam Cement PCL:
(For. Reg.)	165,200		1,980,679
NVDR unit	142,500		1,448,241
Common Stocks - continued
	Shares		Value
Thailand - continued
Siam Commercial Bank PCL (For. Reg.)	798,600		$ 3,020,941
Siam Makro PCL (For. Reg.)	155,700		1,042,622
Supalai PCL (For. Reg.)	1,471,800		592,289
Thai Union Frozen Products PCL (For. Reg.)	207,100		353,371
Total Access Communication PCL	263,900		622,126
Total Access Communication PCL unit	153,800		368,029
TOTAL THAILAND			24,986,437
United Kingdom - 0.5%
HSBC Holdings PLC (Hong Kong)	229,678		2,006,315
United States of America - 1.1%
China Natural Gas, Inc. (a)(d)	13,300		25,536
Citigroup, Inc.	22,500		710,775
Cognizant Technology Solutions Corp. Class A (a)	34,100		2,480,775
Freeport-McMoRan Copper & Gold, Inc.	22,700		913,902
SORL Auto Parts, Inc. (a)(d)	45,900		151,929
TOTAL UNITED STATES OF AMERICA			4,282,917
TOTAL COMMON STOCKS (Cost $361,396,820)		379,393,901
Money Market Funds - 0.7%

Fidelity Cash Central Fund, 0.12% (b)	2,556,517		2,556,517
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	225,344		225,344
TOTAL MONEY MARKET FUNDS (Cost $2,781,861)		2,781,861
TOTAL INVESTMENT PORTFOLIO - 99.4% (Cost $364,178,681)			382,175,762
NET OTHER ASSETS (LIABILITIES) - 0.6%			2,280,372
NET ASSETS - 100%		$ 384,456,134

Legend

(a) Non-income producing

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 10,600
Fidelity Securities Lending Cash Central Fund	145,253
Total	$ 155,853

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Korea (South)	$ 98,477,909	$ -	$ 98,477,909	$ -
Hong Kong	70,124,550	-	70,124,550	-
China	45,094,277	3,893,207	41,201,070	-
Taiwan	41,482,545	-	41,482,545	-
India	31,206,954	-	31,206,954	-
Thailand	24,986,437	-	24,986,437	-
Singapore	22,301,070	1,094,148	21,206,922	-
Cayman Islands	12,689,987	1,832,192	10,353,161	504,634
Indonesia	12,470,111	-	12,470,111	-
United States of America	4,282,917	4,257,381	-	25,536
Other	16,277,144	4,134,645	12,142,499	-
Money Market Funds	2,781,861	2,781,861	-	-
Total Investments in Securities:	$ 382,175,762	$ 17,993,434	$ 363,652,158	$ 530,170

Transfers from Level 1 to Level 2 during the period were $141,198,608.

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:
Beginning Balance	$ 10,299
Total Realized Gain (Loss)	(11,263)
Total Unrealized Gain (Loss)	(2,286,410)
Cost of Purchases	1,288,476
Proceeds of Sales	(223,951)
Amortization/Accretion	-
Transfers in to Level 3	1,763,318
Transfers out of Level 3	(10,299)
Ending Balance	$ 530,170
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2011	$ (2,286,410)

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

	October 31, 2011

Assets
Investment in securities, at value (including securities loaned of $209,936) - See accompanying schedule: Unaffiliated issuers (cost $361,396,820)	$ 379,393,901
Fidelity Central Funds (cost $2,781,861)	2,781,861
Total Investments (cost $364,178,681)		$ 382,175,762
Foreign currency held at value (cost $6,831)		6,869
Receivable for investments sold		4,425,612
Receivable for fund shares sold		711,103
Dividends receivable		104,140
Distributions receivable from Fidelity Central Funds		17,984
Prepaid expenses		1,780
Other receivables		237,778
Total assets		387,681,028

Liabilities
Payable for investments purchased	$ 1,830,082
Payable for fund shares redeemed	613,822
Accrued management fee	215,526
Distribution and service plan fees payable	136,040
Other affiliated payables	101,526
Other payables and accrued expenses	102,554
Collateral on securities loaned, at value	225,344
Total liabilities		3,224,894

Net Assets		$ 384,456,134
Net Assets consist of:
Paid in capital		$ 348,582,194
Undistributed net investment income		2,634,151
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		15,257,786
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		17,982,003
Net Assets		$ 384,456,134

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

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

	October 31, 2011

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($179,346,257 ÷ 6,247,951 shares)		$ 28.70

Maximum offering price per share (100/94.25 of $28.70)		$ 30.45
Class T: Net Asset Value and redemption price per share ($55,452,066 ÷ 1,981,697 shares)		$ 27.98

Maximum offering price per share (100/96.50 of $27.98)		$ 28.99
Class B: Net Asset Value and offering price per share ($20,831,248 ÷ 782,511 shares)^A		$ 26.62

Class C: Net Asset Value and offering price per share ($78,939,036 ÷ 2,985,046 shares)^A		$ 26.44

Institutional Class: Net Asset Value, offering price and redemption price per share ($49,887,527 ÷ 1,691,928 shares)		$ 29.49

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

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

Annual Report

Statement of Operations

	Year ended October 31, 2011

Investment Income
Dividends		$ 12,014,525
Interest		26,248
Income from Fidelity Central Funds		155,853
Income before foreign taxes withheld		12,196,626
Less foreign taxes withheld		(1,403,506)
Total income		10,793,120

Expenses
Management fee	$ 3,092,651
Transfer agent fees	1,132,034
Distribution and service plan fees	1,987,080
Accounting and security lending fees	227,018
Custodian fees and expenses	341,127
Independent trustees' compensation	2,414
Registration fees	97,161
Audit	98,208
Legal	1,737
Interest	1,400
Miscellaneous	3,877
Total expenses before reductions	6,984,707
Expense reductions	(169,580)	6,815,127
Net investment income (loss)		3,977,993
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	23,310,033
Foreign currency transactions	(79,566)
Futures contracts	(459,204)
Total net realized gain (loss)		22,771,263
Change in net unrealized appreciation (depreciation) on: Investment securities	(61,642,252)
Assets and liabilities in foreign currencies	(27,904)
Total change in net unrealized appreciation (depreciation)		(61,670,156)
Net gain (loss)		(38,898,893)
Net increase (decrease) in net assets resulting from operations		$ (34,920,900)

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

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Year ended October 31, 2011	Year ended October 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 3,977,993	$ 2,119,167
Net realized gain (loss)	22,771,263	58,114,163
Change in net unrealized appreciation (depreciation)	(61,670,156)	23,767,257
Net increase (decrease) in net assets resulting from operations	(34,920,900)	84,000,587
Distributions to shareholders from net investment income	(1,974,190)	(971,544)
Distributions to shareholders from net realized gain	(23,691,402)	(2,532,430)
Total distributions	(25,665,592)	(3,503,974)
Share transactions - net increase (decrease)	32,289,855	46,082,399
Redemption fees	135,689	86,566
Total increase (decrease) in net assets	(28,160,948)	126,665,578

Net Assets
Beginning of period	412,617,082	285,951,504
End of period (including undistributed net investment income of $2,634,151 and undistributed net investment income of $1,972,932, respectively)	$ 384,456,134	$ 412,617,082

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

Annual Report

Financial Highlights - Class A

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 32.97	$ 25.96	$ 15.74	$ 37.55	$ 22.48
Income from Investment Operations
Net investment income (loss)^C	.35	.25	.19	.19	.24
Net realized and unrealized gain (loss)	(2.62)	7.09	10.07	(18.72)	16.64
Total from investment operations	(2.27)	7.34	10.26	(18.53)	16.88
Distributions from net investment income	(.20)	(.12)	(.05)	(.23)	(.15)
Distributions from net realized gain	(1.81)	(.22)	-	(3.06)	(1.68)
Total distributions	(2.01)	(.34)	(.05)	(3.29)	(1.83)
Redemption fees added to paid in capital^C	.01	.01	.01	.01	.02
Net asset value, end of period	$ 28.70	$ 32.97	$ 25.96	$ 15.74	$ 37.55
Total Return^{A, B}	(7.44)%	28.53%	65.43%	(53.66)%	80.43%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	1.39%	1.44%	1.54%	1.50%	1.47%
Expenses net of fee waivers, if any	1.39%	1.44%	1.50%	1.50%	1.47%
Expenses net of all reductions	1.35%	1.40%	1.41%	1.41%	1.40%
Net investment income (loss)	1.12%	.86%	.94%	.73%	.88%
Supplemental Data
Net assets, end of period (000 omitted)	$ 179,346	$ 189,255	$ 131,564	$ 71,722	$ 152,630
Portfolio turnover rate^E	119%	138%	91%	92%^G	66%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G The portfolio turnover rate does not include the assets acquired in the merger.

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

Annual Report

Financial Highlights - Class T

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 32.20	$ 25.40	$ 15.43	$ 36.88	$ 22.13
Income from Investment Operations
Net investment income (loss)^C	.25	.15	.14	.12	.16
Net realized and unrealized gain (loss)	(2.55)	6.94	9.86	(18.38)	16.37
Total from investment operations	(2.30)	7.09	10.00	(18.26)	16.53
Distributions from net investment income	(.12)	(.08)	(.04)	(.14)	(.12)
Distributions from net realized gain	(1.81)	(.22)	-	(3.06)	(1.68)
Total distributions	(1.93)	(.30)	(.04)	(3.20)	(1.80)
Redemption fees added to paid in capital^C	.01	.01	.01	.01	.02
Net asset value, end of period	$ 27.98	$ 32.20	$ 25.40	$ 15.43	$ 36.88
Total Return^{A, B}	(7.70)%	28.13%	65.06%	(53.79)%	79.98%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	1.70%	1.74%	1.84%	1.80%	1.79%
Expenses net of fee waivers, if any	1.69%	1.74%	1.75%	1.75%	1.75%
Expenses net of all reductions	1.65%	1.70%	1.66%	1.66%	1.67%
Net investment income (loss)	.82%	.55%	.69%	.48%	.61%
Supplemental Data
Net assets, end of period (000 omitted)	$ 55,452	$ 61,620	$ 45,259	$ 25,205	$ 64,813
Portfolio turnover rate^E	119%	138%	91%	92%^G	66%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G The portfolio turnover rate does not include the assets acquired in the merger.

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

Annual Report

Financial Highlights - Class B

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 30.72	$ 24.29	$ 14.82	$ 35.55	$ 21.42
Income from Investment Operations
Net investment income (loss)^C	.10	.02	.04	(.01)	.03
Net realized and unrealized gain (loss)	(2.44)	6.61	9.45	(17.68)	15.79
Total from investment operations	(2.34)	6.63	9.49	(17.69)	15.82
Distributions from net investment income	-	-	(.03)	-	(.03)
Distributions from net realized gain	(1.77)	(.21)	-	(3.05)	(1.68)
Total distributions	(1.77)	(.21)	(.03)	(3.05)	(1.71)
Redemption fees added to paid in capital^C	.01	.01	.01	.01	.02
Net asset value, end of period	$ 26.62	$ 30.72	$ 24.29	$ 14.82	$ 35.55
Total Return^{A, B}	(8.16)%	27.48%	64.23%	(54.01)%	79.01%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	2.19%	2.24%	2.32%	2.29%	2.28%
Expenses net of fee waivers, if any	2.18%	2.24%	2.25%	2.25%	2.25%
Expenses net of all reductions	2.15%	2.20%	2.16%	2.16%	2.17%
Net investment income (loss)	.32%	.06%	.19%	(.02)%	.11%
Supplemental Data
Net assets, end of period (000 omitted)	$ 20,831	$ 29,611	$ 25,750	$ 17,040	$ 40,775
Portfolio turnover rate^E	119%	138%	91%	92%^G	66%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G The portfolio turnover rate does not include the assets acquired in the merger.

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

Annual Report

Financial Highlights - Class C

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 30.58	$ 24.19	$ 14.76	$ 35.48	$ 21.39
Income from Investment Operations
Net investment income (loss)^C	.11	.03	.04	-^H	.04
Net realized and unrealized gain (loss)	(2.41)	6.59	9.41	(17.63)	15.76
Total from investment operations	(2.30)	6.62	9.45	(17.63)	15.80
Distributions from net investment income	(.04)	(.02)	(.03)	(.04)	(.05)
Distributions from net realized gain	(1.81)	(.22)	-	(3.06)	(1.68)
Total distributions	(1.85)	(.24)	(.03)	(3.10)	(1.73)
Redemption fees added to paid in capital^C	.01	.01	.01	.01	.02
Net asset value, end of period	$ 26.44	$ 30.58	$ 24.19	$ 14.76	$ 35.48
Total Return^{A, B}	(8.10)%	27.58%	64.21%	(54.02)%	79.05%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	2.13%	2.17%	2.28%	2.25%	2.21%
Expenses net of fee waivers, if any	2.13%	2.17%	2.25%	2.25%	2.21%
Expenses net of all reductions	2.10%	2.13%	2.16%	2.16%	2.13%
Net investment income (loss)	.37%	.12%	.19%	(.02)%	.14%
Supplemental Data
Net assets, end of period (000 omitted)	$ 78,939	$ 87,089	$ 59,491	$ 30,577	$ 82,070
Portfolio turnover rate^E	119%	138%	91%	92%^G	66%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G The portfolio turnover rate does not include the assets acquired in the merger.

^H Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights - Institutional Class

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 33.80	$ 26.58	$ 16.07	$ 38.25	$ 22.84
Income from Investment Operations
Net investment income (loss)^B	.46	.34	.26	.27	.34
Net realized and unrealized gain (loss)	(2.69)	7.26	10.29	(19.09)	16.92
Total from investment operations	(2.23)	7.60	10.55	(18.82)	17.26
Distributions from net investment income	(.29)	(.17)	(.05)	(.31)	(.19)
Distributions from net realized gain	(1.81)	(.22)	-	(3.06)	(1.68)
Total distributions	(2.09)^G	(.39)	(.05)	(3.37)	(1.87)
Redemption fees added to paid in capital^B	.01	.01	.01	.01	.02
Net asset value, end of period	$ 29.49	$ 33.80	$ 26.58	$ 16.07	$ 38.25
Total Return^A	(7.13)%	28.87%	65.94%	(53.53)%	80.97%
Ratios to Average Net Assets^{C, E}
Expenses before reductions	1.10%	1.14%	1.25%	1.20%	1.16%
Expenses net of fee waivers, if any	1.10%	1.14%	1.25%	1.20%	1.16%
Expenses net of all reductions	1.06%	1.10%	1.16%	1.11%	1.08%
Net investment income (loss)	1.41%	1.16%	1.18%	1.03%	1.20%
Supplemental Data
Net assets, end of period (000 omitted)	$ 49,888	$ 45,042	$ 23,888	$ 5,933	$ 16,300
Portfolio turnover rate^D	119%	138%	91%	92%^F	66%

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

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

^F The portfolio turnover rate does not include the assets acquired in the merger.

^G Total distributions of $2.09 per share is comprised of distributions from net investment income of $.288 and distributions from net realized gain of $1.805 per share.

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

Annual Report

Notes to Financial Statements

For the period ended October 31, 2011

1. Organization.

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 offers Class A, Class T, Class C, and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments by existing shareholders. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Annual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company, including distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. As of October 31, 2011, the Fund did not have any unrecognized tax benefits in the financial statements. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund received a final ruling from the Authority for Advance Ruling in India regarding the applicability of taxes imposed by the country on realized capital gains under the US/India tax treaty. The ruling entitled the Fund to a refund of capital gains taxes paid in prior years and exempts the Fund from taxes on future realized gains. The India Central Board of Direct Taxation may challenge the ruling at any time which could result in the reversal of some or all of the benefits recorded by the Fund.

Distributions are declared and 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 GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 47,310,211
Gross unrealized depreciation	(30,715,528)
Net unrealized appreciation (depreciation) on securities and other investments	$ 16,594,683

Tax Cost	$ 365,581,079

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 2,634,151
Undistributed long-term capital gain	$ 16,660,184
Net unrealized appreciation (depreciation)	$ 16,579,605

The tax character of distributions paid was as follows:

	October 31, 2011	October 31, 2010
Ordinary Income	$ 3,521,543	$ 3,503,974
Long-term Capital Gains	22,144,049	-
Total	$ 25,665,592	$ 3,503,974

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days are subject to a redemption fee equal to 1.50% of the net asset value of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund used derivative instruments (derivatives), including futures contracts in order to meet its investment objectives. The strategy is to use derivatives to increase returns, to gain exposure to certain types of assets and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risks:

Equity Risk

Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to sell the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market and fluctuations in currency values.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent payments(variation margin) are made or received by a fund depending on the

Annual Report

4. Derivative Instruments - continued

Futures Contracts - continued

daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is included in the Statement of Operations.

The underlying face amount at value of open futures contracts at period end, if any, is shown in the Schedule of Investments under the caption "Futures Contracts." This amount reflects each contract's exposure to the underlying instrument at period end. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

Certain risks arise upon entering into futures contracts, including the risk that an illiquid market limits the ability to close out a futures contract prior to settlement date.

During the period the Fund recognized net realized gain (loss) of $(459,204) related to its investment in futures contracts. This amount is included in the Statement of Operations.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $523,035,766 and $506,770,221, respectively.

6. Fees and Other Transactions with Affiliates.

Annual Report

Notes to Financial Statements - continued

6. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services.

For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 508,104	$ 14,268
Class T	.25%	.25%	315,598	367
Class B	.75%	.25%	260,552	195,658
Class C	.75%	.25%	902,826	205,445
			$ 1,987,080	$ 415,738

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

	Retained by FDC
Class A	$ 130,443
Class T	20,319
Class B*	42,404
Class C*	14,316
	$ 207,482

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

Annual Report

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

For the period, transfer agent fees for each class were as follows:

	Amount	% of Average Net Assets
Class A	$ 514,416	.25
Class T	196,848	.31
Class B	78,963	.30
Class C	223,172	.25
Institutional Class	118,635	.22
	$ 1,132,034

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 6,580,526	.40%	$ 1,400

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,351 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

Annual Report

Notes to Financial Statements - continued

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $145,253. During the period, there were no securities loaned to FCM.

9. Expense Reductions.

FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser
Class T	1.75%-1.90%*	3,344
Class B	2.25%-2.40%*	1,308
		$ 4,652

* Expense limitation in effect at period end.

Annual Report

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2011	2010
From net investment income
Class A	$ 1,195,236	$ 615,994
Class T	238,089	138,177
Class C	129,641	55,860
Institutional Class	411,224	161,513
Total	$ 1,974,190	$ 971,544
From net realized gain
Class A	$ 10,575,420	$ 1,138,813
Class T	3,522,540	399,983
Class B	1,697,909	223,532
Class C	5,318,244	558,596
Institutional Class	2,577,289	211,506
Total	$ 23,691,402	$ 2,532,430

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2011	2010	2011	2010
Class A
Shares sold	2,202,556	2,066,420	$ 71,049,522	$ 59,859,672
Reinvestment of distributions	309,654	54,021	9,819,123	1,525,557
Shares redeemed	(2,005,332)	(1,447,315)	(62,867,653)	(40,817,600)
Net increase (decrease)	506,878	673,126	$ 18,000,992	$ 20,567,629
Class T
Shares sold	487,526	516,790	$ 15,326,473	$ 14,594,570
Reinvestment of distributions	118,542	18,968	3,673,606	524,658
Shares redeemed	(538,208)	(403,834)	(16,492,902)	(11,178,425)
Net increase (decrease)	67,860	131,924	$ 2,507,177	$ 3,940,803
Class B
Shares sold	65,556	202,362	$ 2,016,841	$ 5,365,940
Reinvestment of distributions	44,891	6,691	1,329,672	177,369
Shares redeemed	(291,995)	(305,292)	(8,641,379)	(8,111,865)
Net increase (decrease)	(181,548)	(96,239)	$ (5,294,866)	$ (2,568,556)
Class C
Shares sold	976,733	996,034	$ 29,282,683	$ 27,112,281
Reinvestment of distributions	152,906	18,926	4,496,965	499,282
Shares redeemed	(992,268)	(626,174)	(28,874,366)	(16,404,984)
Net increase (decrease)	137,371	388,786	$ 4,905,282	$ 11,206,579

Annual Report

Notes to Financial Statements - continued

11. Share Transactions - continued

	Shares		Dollars
Years ended October 31,	2011	2010	2011	2010
Institutional Class
Shares sold	1,196,148	836,632	$ 38,645,718	$ 24,478,070
Reinvestment of distributions	57,110	9,083	1,854,949	262,322
Shares redeemed	(893,992)	(411,905)	(28,329,397)	(11,804,448)
Net increase (decrease)	359,266	433,810	$ 12,171,270	$ 12,935,944

12. Other.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Advisor Series VIII and the Shareholders of Fidelity Advisor Emerging Asia Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Advisor Emerging Asia Fund (a fund of Fidelity Advisor Series VIII) at October 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Advisor Emerging Asia Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 12, 2011

Annual Report

Trustees and Officers

Annual Report

Trustees and Officers - continued

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

Interested Trustees*:

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

Name, Age; Principal Occupations and Other Relevant Experience⁺
James C. Curvey (76)
	Year of Election or Appointment: 2007 Mr. Curvey is Trustee and Acting Chairman of the Board of Trustees of certain Trusts. Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of Fidelity Investments Money Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.
Ronald P. O'Hanley (54)
	Year of Election or Appointment: 2011 Mr. O'Hanley is Director of FMR Co., Inc. (2010-present), Director of Fidelity Investments Money Management, Inc. (2010-present), Director of Fidelity Research & Analysis Company (2010-present), President of Fidelity Asset Management and Corporate Services and a member of Fidelity's Executive Committee (2010-present). Previously, Mr. O'Hanley served as President and Chief Executive Officer of BNY Mellon Asset Management (2007-2010). Mr. O'Hanley also served as Vice Chairman of Bank New York Mellon Corp. and a member of that firm's Executive Committee. Prior to the 2007 merger of The Bank of New York and Mellon Financial Corporation, he was Vice Chairman of Mellon Financial Corporation and President and Chief Executive Officer of Mellon Asset Management. He joined Mellon in February 1997. Mr. O'Hanley currently serves as Chairman of the Boston Public Library Foundation Board of Directors and sits on the Board of Directors of Beth Israel Deaconess Medical Center, the Board of Trustees of the Marine Biological Laboratory and the Advisory Board of the Maxwell School of Citizenship and Public Administration at Syracuse University. Mr. O'Hanley also chairs the Council on Asset Management for the Financial Services Roundtable and is a member of the Board of Directors of Institutional Investor's U.S. Institute.

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

Annual Report

Trustees and Officers - continued

Independent Trustees:

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

Name, Age; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (63)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Mr. Dirks is a member of the Independent Directors Council (IDC) Governing Council (2010-Present) and Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (58)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's, Inc. (restaurant and entertainment complexes, 2010-present), The Hillman Companies, Inc. (hardware wholesalers, 2010-present), and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-Present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for the Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (67)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is also a member of the Board of Directors of the Philharmonic Center for the Arts in Naples, Florida (1999-present); a member of the Board of Trustees of Fairfield University (2005-present); and a member of the Council on Foreign Relations (1994-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (67)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Robert W. Selander (61)
	Year of Election or Appointment: 2011 Previously, Mr. Selander served as a Member of the Advisory Board of Fidelity's Equity and High Income Funds (2011), Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.
Cornelia M. Small (67)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (72)
	Year of Election or Appointment: 2002 Mr. Stavropoulos is Vice Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of Univar (global distributor of commodity and specialty chemicals, 2010-present), a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (62)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (61)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), as a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Advisory Board Members and Executive Officers:

Correspondence intended for each executive officer, Edward C. Johnson 3d, and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (81)
	Year of Election or Appointment: 2011 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC, and also serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as a Trustee and Chairman of the Board of certain Fidelity Trusts, Chairman and a Director of FMR, Chairman and a Director of FMR Co., Inc., and President of FMR LLC (2006-2007).
Peter S. Lynch (67)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (42)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as President and Treasurer (2010-present) and Assistant Treasurer (2009-present) of other Fidelity funds and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008).
Bruce T. Herring (46)
	Year of Election or Appointment: 2006 Vice President of certain Equity Funds. Mr. Herring also serves as Chief Investment Officer and Director of Fidelity Management & Research (U.K.) Inc. (2010-present) and Group Chief Investments Officer of FMR. Previously, Mr. Herring served as Vice President (2005-2006) and Senior Vice President (2006-2007) of Fidelity Management & Research Company, Vice President of FMR Co., Inc. (2001-2007) and as a portfolio manager for Fidelity U.S. Equity Funds.
Brian B. Hogan (47)
	Year of Election or Appointment: 2009 Vice President of Equity and High Income Funds. Mr. Hogan also serves as President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.
Thomas C. Hense (47)
	Year of Election or Appointment: 2008 or 2010 Vice President of Fidelity's High Income (2008), Small Cap (2008), and Value (2010) Funds. Previously, Mr. Hense served as a portfolio manager for Fidelity's Institutional Money Management Group (Pyramis) (2003-2008).
Scott C. Goebel (43)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as Secretary of Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); Secretary and CLO of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); employed by FMR LLC or an affiliate (2001-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (42)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Holly C. Laurent (57)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent also serves as AML Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present) and is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (53)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (64)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (50)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009).
Joseph F. Zambello (54)
	Year of Election or Appointment: 2011 Deputy Treasurer of the Fidelity funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
Adrien E. Deberghes (44)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes also serves as Vice President and Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II (2011-present), Assistant Treasurer of other Fidelity funds (2010-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (42)
	Year of Election or Appointment: 2010 Assistant Treasurer of Fidelity's Equity and High Income Funds. Ms. Dorsey also serves as Deputy Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
John R. Hebble (53)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President (2011-present), Treasurer, and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present), President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Gary W. Ryan (53)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).
Jonathan Davis (43)
	Year of Election or Appointment: 2010 Assistant Treasurer of the Fidelity funds. Mr. Davis is also Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).

Annual Report

Distributions (Unaudited)

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

	Pay Date	Record Date	Dividends	Capital Gains
Class A	12/05/11	12/02/11	$.307	$1.23
Class T	12/05/11	12/02/11	$.203	$1.23
Class B	12/05/11	12/02/11	$-	$1.23
Class C	12/05/11	12/02/11	$.061	$1.23

The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2011, $23,110,235 or, if subsequently determined to be different, the net capital gain of such year.

Class A designates 66%, Class T designates 84%, Class B designates 100%, and Class C designates 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

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

	Pay Date	Income	Taxes
Class A	12/06/10	$.385	$.0606
Class T	12/06/10	$.303	$.0606
Class B	12/06/10	$.150	$.0606
Class C	12/06/10	$.225	$.0606

The fund will notify shareholders in January 2012 of amounts for use in preparing 2011 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Emerging Asia Fund

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Advisor Emerging Asia Fund

aaa119

The Board noted that the investment performance of Institutional Class (Class I) of the fund compared favorably to its benchmark for all the periods shown. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 7% means that 93% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked, is also included in the chart and considered by the Board.

Annual Report

Fidelity Advisor Emerging Asia Fund

aaa121

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2010.

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

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board noted that the total expense ratio of each class ranked below its competitive median for 2010. The Board considered that various factors, including 12b-1 fees, positive or negative performance adjustments, and relatively higher other expenses in the case of small fund size, can affect total expense ratios.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered, including the findings of the Committee.

Annual Report

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that any potential economies of scale are being appropriately shared between fund shareholders and Fidelity.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

FIL Investment Advisors

FIL Investment Advisors (U.K.) Limited

FIL Investments (Japan) Limited

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan), Inc.

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

Brown Brothers Harriman & Co.

Boston, MA

AEA-UANN-1211
1.784737.108

aaa68

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Emerging Asia
Fund - Institutional Class

Annual Report

October 31, 2011

aaa38

Chairman's Message	(Click Here)	The Chairman's message to shareholders.
Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fund performance and strategy.
Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to financial statements.
Report of Independent Registered Public Accounting Firm	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

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

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

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

Annual Report

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_James_C_Curvey)

Dear Shareholder:

Sincerely,

(The acting chairman's signature appears here.)

James C. Curvey
Acting Chairman

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended October 31, 2011	Past 1 year	Past 5 years	Past 10 years
Institutional Class	-7.13%	10.80%	16.42%

$10,000 Over 10 Years

aaa137 how the value of your investment would have changed, and also shows how the MSCI® AC (All Country) Asia ex Japan Index performed over the same period.

Annual Report

Management's Discussion of Fund Performance

Comments from Colin Chickles, Portfolio Manager of Fidelity Advisor® Emerging Asia Fund: During the year, the fund's Institutional Class shares returned -7.13%, modestly lagging the MSCI index. Stock selection in consumer staples, energy, the banking segment of financials, and telecommunication services hurt the fund's relative results. Geographically, stock picking in India and Hong Kong were negatives. China-based Chaoda Modern Agriculture, the fund's largest relative detractor, was hampered by suspicion the company was overstating the size of its land holdings. Other important detractors included Chinese energy producer PetroChina, which I sold by period end, and an underweighting in wireless carrier and benchmark component China Mobile. Conversely, positioning in materials, information technology and consumer discretionary added value. Geographically, my picks in Taiwan and South Korea bolstered performance. Hong Kong utility Power Assets Holdings was the fund's top relative contributor. The company was able to raise its rates and expand its customer base. Underweighting and ultimately selling two poorly performing benchmark components, Bank of China (Hong Kong) and China Life Insurance, also helped.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2011 to October 31, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value May 1, 2011	Ending Account Value October 31, 2011	Expenses Paid During Period* May 1, 2011 to October 31, 2011
Class A	1.37%
Actual		$ 1,000.00	$ 833.10	$ 6.33
Hypothetical^A		$ 1,000.00	$ 1,018.30	$ 6.97
Class T	1.67%
Actual		$ 1,000.00	$ 832.00	$ 7.71
Hypothetical^A		$ 1,000.00	$ 1,016.79	$ 8.49
Class B	2.15%
Actual		$ 1,000.00	$ 829.80	$ 9.92
Hypothetical^A		$ 1,000.00	$ 1,014.37	$ 10.92
Class C	2.11%
Actual		$ 1,000.00	$ 829.90	$ 9.73
Hypothetical^A		$ 1,000.00	$ 1,014.57	$ 10.71
Institutional Class	1.09%
Actual		$ 1,000.00	$ 834.50	$ 5.04
Hypothetical^A		$ 1,000.00	$ 1,019.71	$ 5.55

^A 5% return per year before expenses

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

Annual Report

Investment Changes (Unaudited)

Top Ten Stocks as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Samsung Electronics Co. Ltd.	5.7	4.1
Taiwan Semiconductor Manufacturing Co. Ltd.	3.9	3.3
China Mobile (Hong Kong) Ltd.	3.3	0.0
CNOOC Ltd.	2.6	1.9
POSCO	2.5	0.0
Sun Hung Kai Properties Ltd.	2.4	0.0
China Construction Bank Corp. (H Shares)	2.3	2.1
Power Assets Holdings Ltd.	1.9	1.4
Industrial & Commercial Bank of China Ltd. (H Shares)	1.8	2.7
Housing Development Finance Corp. Ltd.	1.5	0.0
	27.9
Top Five Market Sectors as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	29.3	30.6
Information Technology	17.3	16.9
Consumer Discretionary	10.3	8.5
Industrials	10.3	11.6
Materials	8.6	10.4

Asset Allocation (% of fund's net assets)
As of October 31, 2011		As of April 30, 2011
	Stocks 98.7%		Stocks 97.9%
	Short-Term Investments and Net Other Assets 1.3%		Short-Term Investments and Net Other Assets 2.1%

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Annual Report

Investments October 31, 2011

Showing Percentage of Net Assets

Common Stocks - 98.7%
	Shares		Value
Australia - 0.2%
Origin Energy Ltd.	44,256		$ 666,976
Bailiwick of Jersey - 0.1%
WNS Holdings Ltd. sponsored ADR (a)	13,200		159,720
Bermuda - 1.5%
Cheung Kong Infrastructure Holdings Ltd.	153,000		819,578
China Oil & Gas Group Ltd. (a)	880,000		59,051
China Yurun Food Group Ltd.	489,000		848,757
CNPC (Hong Kong) Ltd.	266,000		372,608
First Pacific Co. Ltd.	798,000		831,362
Jardine Matheson Holdings Ltd.	16,400		826,537
Man Wah Holdings Ltd.	216,000		120,275
Noble Group Ltd.	1,044,000		1,274,266
PAX Global Technology Ltd.	413,000		87,038
Skyworth Digital Holdings Ltd.	1,172,000		619,303
TOTAL BERMUDA			5,858,775
Cayman Islands - 3.3%
AirMedia Group, Inc. ADR (a)	44,700		121,584
Belle International Holdings Ltd.	1,032,000		2,023,986
Biostime International Holdings Ltd.	298,000		531,418
Changyou.com Ltd. (A Shares) ADR (a)	9,100		239,603
Chaoda Modern Agriculture (Holdings) Ltd.	3,564,000		504,634
China Resources Land Ltd.	930,000		1,361,237
China Shanshui Cement Group Ltd.	619,000		474,139
Haitian International Holdings Ltd.	561,000		498,446
Hidili Industry International Development Ltd.	962,000		402,909
International Taifeng Holdings Ltd.	1,210,000		565,501
Maoye International Holdings Ltd. (a)	2,629,000		722,228
New Oriental Education & Technology Group, Inc. sponsored ADR (a)	8,200		243,048
Qihoo 360 Technology Co. Ltd. ADR	6,200		125,302
Sands China Ltd. (a)	768,400		2,309,186
Shenguan Holdings Group Ltd.	694,000		372,855
Spreadtrum Communications, Inc. ADR	41,500		1,102,655
Springland International Holdings Ltd.	423,000		286,578
Yingde Gases Group Co. Ltd.	186,000		198,357
Youyuan International Holdings Ltd. (a)	1,946,000		606,321
TOTAL CAYMAN ISLANDS			12,689,987
China - 11.7%
51job, Inc. sponsored ADR (a)	6,900		318,642
Baidu.com, Inc. sponsored ADR (a)	18,300		2,565,294
Common Stocks - continued
	Shares		Value
China - continued
Changsha Zoomlion Heavy Industry Science & Technology Development Co. Ltd. (H Shares)	556,600		$ 805,280
China Coal Energy Co. Ltd. (H Shares)	1,697,000		2,113,662
China Communications Construction Co. Ltd. (H Shares)	1,899,000		1,432,333
China Communications Services Corp. Ltd. (H Shares)	2,608,000		1,202,773
China Construction Bank Corp. (H Shares)	11,845,000		8,702,939
China Eastern Airlines Corp. Ltd. (H Shares) (a)	682,000		268,327
China Metal Recycling (Holdings) Ltd.	996,000		1,066,414
China Minsheng Banking Corp. Ltd. (H Shares)	2,599,500		2,117,602
China National Building Materials Co. Ltd. (H Shares)	832,000		1,065,714
China Pacific Insurance Group Co. Ltd. (H Shares)	461,200		1,415,280
China Petroleum & Chemical Corp. (H Shares)	4,188,000		3,960,719
China Southern Airlines Ltd. (H Shares) (a)	1,652,000		921,916
Comba Telecom Systems Holdings Ltd.	445,500		376,162
Focus Media Holding Ltd. ADR (a)	26,300		714,834
Great Wall Motor Co. Ltd. (H Shares)	1,488,250		2,020,913
Harbin Power Equipment Co. Ltd. (H Shares)	1,742,000		1,755,479
Industrial & Commercial Bank of China Ltd. (H Shares)	11,307,000		7,060,806
PICC Property & Casualty Co. Ltd. (H Shares)	1,228,000		1,703,002
Shanghai Jin Jiang International Hotel Co. Ltd. (H Shares)	1,304,000		167,682
Sinopec Shanghai Petrochemical Co. Ltd. (H Shares)	1,750,000		642,511
Tianneng Power International Ltd.	278,000		130,197
Yanzhou Coal Mining Co. Ltd. (H Shares)	594,000		1,470,324
Zhongpin, Inc. (a)(d)	31,900		294,437
Zijin Mining Group Co. Ltd. (H Shares)	1,882,000		801,035
TOTAL CHINA			45,094,277
Hong Kong - 18.2%
AIA Group Ltd.	1,851,400		5,661,098
BYD Electronic International Co. Ltd. (a)	547,500		195,320
Cathay Pacific Airways Ltd.	678,000		1,230,687
China Insurance International Holdings Co. Ltd. (a)	331,200		718,227
China Merchant Holdings International Co. Ltd.	438,000		1,351,549
China Mobile (Hong Kong) Ltd.	1,327,500		12,617,014
China Overseas Land & Investment Ltd.	1,382,000		2,557,239
China Unicom (Hong Kong) Ltd.	1,442,000		2,899,308
Citic Pacific Ltd.	827,000		1,494,613
CNOOC Ltd.	5,356,500		10,125,712
Dah Chong Hong Holdings Ltd.	552,000		670,369
Galaxy Entertainment Group Ltd. (a)	448,000		906,006
Giordano International Ltd.	382,000		288,137
Guangdong Investment Ltd.	3,212,000		1,933,578
Common Stocks - continued
	Shares		Value
Hong Kong - continued
Hang Lung Group Ltd.	210,000		$ 1,276,272
Hysan Development Co. Ltd.	309,332		1,079,438
Lenovo Group Ltd.	3,080,000		2,070,698
MTR Corp. Ltd.	546,000		1,762,476
New World Development Co. Ltd.	1,390,000		1,464,301
New World Development Co. Ltd. rights 11/22/11 (a)	695,000		237,070
PCCW Ltd.	6,349,000		2,537,180
Power Assets Holdings Ltd.	962,000		7,310,055
Singamas Container Holdings Ltd.	238,000		55,127
Sinotruk Hong Kong Ltd.	732,000		430,457
Sun Hung Kai Properties Ltd.	672,000		9,252,619
TOTAL HONG KONG			70,124,550
India - 8.1%
Apollo Tyres Ltd.	455,823		534,564
Axis Bank Ltd.	116,300		2,748,710
Bank of Baroda	86,080		1,357,275
Canara Bank	105,069		1,002,097
Deccan Chronicle Holdings Ltd. (a)	244,971		259,088
Dena Bank	129,933		213,976
Gateway Distriparks Ltd.	112,674		342,861
Grasim Industries Ltd.	22,927		1,217,566
HCL Infosystems Ltd.	255,318		339,081
Hindalco Industries Ltd.	448,779		1,240,638
Hindustan Petroleum Corp. Ltd.	186,895		1,264,979
Housing Development Finance Corp. Ltd.	415,220		5,843,320
ICSA (India) Ltd.	186,602		218,908
Indian Oil Corp. Ltd.	195,971		1,158,592
Indian Overseas Bank	356,535		747,194
Jubilant Industries Ltd.	5,873		22,460
Jubilant Life Sciences Ltd.	47,794		191,285
Page Industries Ltd.	3,278		170,589
Piramal Healthcare Ltd.	63,145		465,616
Ramky Infrastructure Ltd.	73,635		355,621
Sintex Industries Ltd.	172,960		415,884
SREI Infrastructure Finance Ltd.	476,053		347,449
State Bank of India	64,363		2,503,438
Tata Consultancy Services Ltd.	211,584		4,813,070
Tata Motors Ltd. Class A	361,005		789,108
Tata Steel Ltd.	98,638		971,329
Welspun Gujarat Stahl Rohren Ltd.	114,288		250,297
Common Stocks - continued
	Shares		Value
India - continued
Yes Bank Ltd.	219,750		$ 1,408,216
Zee Learn Ltd. (a)	35,117		13,743
TOTAL INDIA			31,206,954
Indonesia - 3.3%
PT Astra International Tbk	501,500		3,866,942
PT Bank Rakyat Indonesia Tbk	6,154,000		4,626,865
PT BISI International Tbk	376,500		42,870
PT Global Mediacom Tbk	4,988,500		447,848
PT Gudang Garam Tbk	228,500		1,499,845
PT Tower Bersama Infrastructure Tbk	2,425,000		564,378
PT Unilever Indonesia Tbk	593,000		1,042,475
PT Sampoerna Agro Tbk	1,120,000		378,888
TOTAL INDONESIA			12,470,111
Korea (South) - 25.6%
BS Financial Group, Inc. (a)	241,470		2,647,712
Cheil Worldwide, Inc.	127,230		2,075,500
Chong Kun Dang Pharmaceutical Corp.	29,390		567,891
CJ CheilJedang Corp.	7,555		2,077,143
CJ Corp.	20,054		1,431,393
Daewoo Shipbuilding & Marine Engineering Co. Ltd.	118,780		2,909,978
DGB Financial Group Co. Ltd. (a)	72,680		901,455
Dongbu Insurance Co. Ltd.	27,020		1,133,282
Doosan Co. Ltd.	10,290		1,296,309
Hana Financial Group, Inc.	130,810		4,655,544
Hankook Tire Co. Ltd.	31,010		1,233,120
Hynix Semiconductor, Inc.	143,970		2,902,693
Hyundai Department Store Co. Ltd.	7,557		1,079,448
Hyundai Fire & Marine Insurance Co. Ltd.	15,060		434,448
Hyundai Heavy Industries Co. Ltd.	19,620		5,222,203
Hyundai Mobis	15,997		4,561,125
Hyundai Motor Co.	13,659		2,740,503
ICD Co. Ltd. (a)	3,854		174,758
Industrial Bank of Korea	218,960		2,863,849
KB Financial Group, Inc.	94,250		3,637,799
Kia Motors Corp.	67,930		4,338,873
Korea Electric Power Corp. (a)	89,840		2,004,233
Kyeryong Construction Industrial Co. Ltd.	11,900		156,370
LG International Corp.	14,202		624,699
Lotte Samkang Co. Ltd.	1,310		390,467
Lotte Shopping Co. Ltd.	4,924		1,760,645
Common Stocks - continued
	Shares		Value
Korea (South) - continued
MegaStudy Co. Ltd.	9,331		$ 1,028,162
Nong Shim Co. Ltd.	1,085		211,820
Orion Corp.	1,094		584,725
POSCO	27,963		9,652,712
Samsung Electronics Co. Ltd.	25,385		21,771,442
Samsung Fire & Marine Insurance Co. Ltd.	14,179		3,003,707
Samsung Heavy Industries Ltd.	76,000		2,309,986
Shinsegae Co. Ltd.	4,161		1,042,586
SK Chemicals Co. Ltd.	10,569		673,630
SK Telecom Co. Ltd.	22,496		2,984,294
Sungwoo Hitech Co. Ltd.	61,923		1,018,387
Tong Yang Life Insurance Co. Ltd.	31,410		375,018
TOTAL KOREA (SOUTH)			98,477,909
Malaysia - 0.6%
AirAsia Bhd	528,900		664,677
Genting Malaysia Bhd	970,100		1,206,774
Glomac Bhd	1,104,800		304,531
TOTAL MALAYSIA			2,175,982
Mauritius - 0.3%
Golden Agri-Resources Ltd.	2,381,000		1,218,453
Papua New Guinea - 0.1%
Oil Search Ltd.	31,658		215,998
Philippines - 1.0%
Banco de Oro Universal Bank	539,000		711,756
Globe Telecom, Inc.	40,310		859,430
Manila Water Co., Inc.	2,617,700		1,191,120
Universal Robina Corp.	1,100,000		1,212,619
TOTAL PHILIPPINES			3,974,925
Singapore - 5.8%
Avago Technologies Ltd.	32,400		1,094,148
City Developments Ltd.	245,000		2,112,037
DBS Group Holdings Ltd.	327,000		3,192,916
First Resources Ltd.	898,000		1,005,051
Keppel Corp. Ltd.	559,600		4,187,734
Mapletree Logistics Trust (REIT)	708,000		480,663
Sakari Resources Ltd.	359,000		670,363
SembCorp Industries Ltd.	408,000		1,344,659
United Overseas Bank Ltd.	351,000		4,758,746
UOL Group Ltd.	201,000		710,328
Common Stocks - continued
	Shares		Value
Singapore - continued
Wilmar International Ltd.	521,000		$ 2,248,781
Yanlord Land Group Ltd.	611,000		495,644
TOTAL SINGAPORE			22,301,070
Taiwan - 10.8%
Asia Cement Corp.	1,468,300		1,768,647
ASUSTeK Computer, Inc.	254,000		1,765,855
Catcher Technology Co. Ltd.	172,000		958,299
Chicony Electronics Co. Ltd.	488,000		815,447
Compal Electronics, Inc.	1,839,000		1,687,796
E.Sun Financial Holdings Co. Ltd.	5,730,568		2,855,970
EVA Airways Corp.	1,791,900		1,296,267
Far East Department Stores Co. Ltd.	29,340		44,858
Formosa Plastics Corp.	1,768,000		5,199,850
HIWIN Technologies Corp.	74,000		668,980
Hon Hai Precision Industry Co. Ltd. (Foxconn)	682,900		1,872,087
Insyde Software Corp.	98,195		434,651
King Slide Works Co. Ltd.	102,850		441,697
Quanta Computer, Inc.	1,122,000		2,207,916
Taichung Commercial Bank Co. Ltd.	23,640		7,955
Taishin Financial Holdings Co. Ltd.	8,855,572		3,749,609
Taiwan Semiconductor Manufacturing Co. Ltd.	6,132,393		14,943,885
Wistron Corp.	659,100		762,776
TOTAL TAIWAN			41,482,545
Thailand - 6.5%
Advanced Info Service PCL (For. Reg.)	486,500		2,043,941
Asian Property Development PCL (For. Reg.)	3,613,080		528,091
Bangkok Life Assurance PCL NVDR	234,500		325,422
Banpu PCL (For. Reg.)	183,900		3,733,241
Big C Supercenter PCL unit	81,900		292,520
Bumrungrad Hospital PCL (For. Reg.)	266,700		341,299
C.P. Seven Eleven PCL (For. Reg.)	616,300		932,535
Charoen Pokphand Foods PCL (For. Reg.)	1,618,800		1,576,499
Glow Energy PCL (For. Reg.)	342,300		589,571
Indorama Ventures PCL (For. Reg.)	611,700		704,027
LPN Development PCL (For. Reg.)	1,772,400		576,313
PTT Global Chemical PCL (For. Reg.) (a)	691,767		1,458,734
PTT PCL (For. Reg.)	249,300		2,455,946
Siam Cement PCL:
(For. Reg.)	165,200		1,980,679
NVDR unit	142,500		1,448,241
Common Stocks - continued
	Shares		Value
Thailand - continued
Siam Commercial Bank PCL (For. Reg.)	798,600		$ 3,020,941
Siam Makro PCL (For. Reg.)	155,700		1,042,622
Supalai PCL (For. Reg.)	1,471,800		592,289
Thai Union Frozen Products PCL (For. Reg.)	207,100		353,371
Total Access Communication PCL	263,900		622,126
Total Access Communication PCL unit	153,800		368,029
TOTAL THAILAND			24,986,437
United Kingdom - 0.5%
HSBC Holdings PLC (Hong Kong)	229,678		2,006,315
United States of America - 1.1%
China Natural Gas, Inc. (a)(d)	13,300		25,536
Citigroup, Inc.	22,500		710,775
Cognizant Technology Solutions Corp. Class A (a)	34,100		2,480,775
Freeport-McMoRan Copper & Gold, Inc.	22,700		913,902
SORL Auto Parts, Inc. (a)(d)	45,900		151,929
TOTAL UNITED STATES OF AMERICA			4,282,917
TOTAL COMMON STOCKS (Cost $361,396,820)		379,393,901
Money Market Funds - 0.7%

Fidelity Cash Central Fund, 0.12% (b)	2,556,517		2,556,517
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	225,344		225,344
TOTAL MONEY MARKET FUNDS (Cost $2,781,861)		2,781,861
TOTAL INVESTMENT PORTFOLIO - 99.4% (Cost $364,178,681)			382,175,762
NET OTHER ASSETS (LIABILITIES) - 0.6%			2,280,372
NET ASSETS - 100%		$ 384,456,134

Legend

(a) Non-income producing

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 10,600
Fidelity Securities Lending Cash Central Fund	145,253
Total	$ 155,853

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Korea (South)	$ 98,477,909	$ -	$ 98,477,909	$ -
Hong Kong	70,124,550	-	70,124,550	-
China	45,094,277	3,893,207	41,201,070	-
Taiwan	41,482,545	-	41,482,545	-
India	31,206,954	-	31,206,954	-
Thailand	24,986,437	-	24,986,437	-
Singapore	22,301,070	1,094,148	21,206,922	-
Cayman Islands	12,689,987	1,832,192	10,353,161	504,634
Indonesia	12,470,111	-	12,470,111	-
United States of America	4,282,917	4,257,381	-	25,536
Other	16,277,144	4,134,645	12,142,499	-
Money Market Funds	2,781,861	2,781,861	-	-
Total Investments in Securities:	$ 382,175,762	$ 17,993,434	$ 363,652,158	$ 530,170

Transfers from Level 1 to Level 2 during the period were $141,198,608.

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:
Beginning Balance	$ 10,299
Total Realized Gain (Loss)	(11,263)
Total Unrealized Gain (Loss)	(2,286,410)
Cost of Purchases	1,288,476
Proceeds of Sales	(223,951)
Amortization/Accretion	-
Transfers in to Level 3	1,763,318
Transfers out of Level 3	(10,299)
Ending Balance	$ 530,170
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2011	$ (2,286,410)

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

	October 31, 2011

Assets
Investment in securities, at value (including securities loaned of $209,936) - See accompanying schedule: Unaffiliated issuers (cost $361,396,820)	$ 379,393,901
Fidelity Central Funds (cost $2,781,861)	2,781,861
Total Investments (cost $364,178,681)		$ 382,175,762
Foreign currency held at value (cost $6,831)		6,869
Receivable for investments sold		4,425,612
Receivable for fund shares sold		711,103
Dividends receivable		104,140
Distributions receivable from Fidelity Central Funds		17,984
Prepaid expenses		1,780
Other receivables		237,778
Total assets		387,681,028

Liabilities
Payable for investments purchased	$ 1,830,082
Payable for fund shares redeemed	613,822
Accrued management fee	215,526
Distribution and service plan fees payable	136,040
Other affiliated payables	101,526
Other payables and accrued expenses	102,554
Collateral on securities loaned, at value	225,344
Total liabilities		3,224,894

Net Assets		$ 384,456,134
Net Assets consist of:
Paid in capital		$ 348,582,194
Undistributed net investment income		2,634,151
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		15,257,786
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		17,982,003
Net Assets		$ 384,456,134

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

Annual Report

Statement of Assets and Liabilities - continued

	October 31, 2011

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($179,346,257 ÷ 6,247,951 shares)		$ 28.70

Maximum offering price per share (100/94.25 of $28.70)		$ 30.45
Class T: Net Asset Value and redemption price per share ($55,452,066 ÷ 1,981,697 shares)		$ 27.98

Maximum offering price per share (100/96.50 of $27.98)		$ 28.99
Class B: Net Asset Value and offering price per share ($20,831,248 ÷ 782,511 shares)^A		$ 26.62

Class C: Net Asset Value and offering price per share ($78,939,036 ÷ 2,985,046 shares)^A		$ 26.44

Institutional Class: Net Asset Value, offering price and redemption price per share ($49,887,527 ÷ 1,691,928 shares)		$ 29.49

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

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

Annual Report

Financial Statements - continued

Statement of Operations

	Year ended October 31, 2011

Investment Income
Dividends		$ 12,014,525
Interest		26,248
Income from Fidelity Central Funds		155,853
Income before foreign taxes withheld		12,196,626
Less foreign taxes withheld		(1,403,506)
Total income		10,793,120

Expenses
Management fee	$ 3,092,651
Transfer agent fees	1,132,034
Distribution and service plan fees	1,987,080
Accounting and security lending fees	227,018
Custodian fees and expenses	341,127
Independent trustees' compensation	2,414
Registration fees	97,161
Audit	98,208
Legal	1,737
Interest	1,400
Miscellaneous	3,877
Total expenses before reductions	6,984,707
Expense reductions	(169,580)	6,815,127
Net investment income (loss)		3,977,993
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	23,310,033
Foreign currency transactions	(79,566)
Futures contracts	(459,204)
Total net realized gain (loss)		22,771,263
Change in net unrealized appreciation (depreciation) on: Investment securities	(61,642,252)
Assets and liabilities in foreign currencies	(27,904)
Total change in net unrealized appreciation (depreciation)		(61,670,156)
Net gain (loss)		(38,898,893)
Net increase (decrease) in net assets resulting from operations		$ (34,920,900)

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

Annual Report

Statement of Changes in Net Assets

	Year ended October 31, 2011	Year ended October 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 3,977,993	$ 2,119,167
Net realized gain (loss)	22,771,263	58,114,163
Change in net unrealized appreciation (depreciation)	(61,670,156)	23,767,257
Net increase (decrease) in net assets resulting from operations	(34,920,900)	84,000,587
Distributions to shareholders from net investment income	(1,974,190)	(971,544)
Distributions to shareholders from net realized gain	(23,691,402)	(2,532,430)
Total distributions	(25,665,592)	(3,503,974)
Share transactions - net increase (decrease)	32,289,855	46,082,399
Redemption fees	135,689	86,566
Total increase (decrease) in net assets	(28,160,948)	126,665,578

Net Assets
Beginning of period	412,617,082	285,951,504
End of period (including undistributed net investment income of $2,634,151 and undistributed net investment income of $1,972,932, respectively)	$ 384,456,134	$ 412,617,082

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

Annual Report

Financial Highlights - Class A

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 32.97	$ 25.96	$ 15.74	$ 37.55	$ 22.48
Income from Investment Operations
Net investment income (loss)^C	.35	.25	.19	.19	.24
Net realized and unrealized gain (loss)	(2.62)	7.09	10.07	(18.72)	16.64
Total from investment operations	(2.27)	7.34	10.26	(18.53)	16.88
Distributions from net investment income	(.20)	(.12)	(.05)	(.23)	(.15)
Distributions from net realized gain	(1.81)	(.22)	-	(3.06)	(1.68)
Total distributions	(2.01)	(.34)	(.05)	(3.29)	(1.83)
Redemption fees added to paid in capital^C	.01	.01	.01	.01	.02
Net asset value, end of period	$ 28.70	$ 32.97	$ 25.96	$ 15.74	$ 37.55
Total Return^{A, B}	(7.44)%	28.53%	65.43%	(53.66)%	80.43%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	1.39%	1.44%	1.54%	1.50%	1.47%
Expenses net of fee waivers, if any	1.39%	1.44%	1.50%	1.50%	1.47%
Expenses net of all reductions	1.35%	1.40%	1.41%	1.41%	1.40%
Net investment income (loss)	1.12%	.86%	.94%	.73%	.88%
Supplemental Data
Net assets, end of period (000 omitted)	$ 179,346	$ 189,255	$ 131,564	$ 71,722	$ 152,630
Portfolio turnover rate^E	119%	138%	91%	92%^G	66%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G The portfolio turnover rate does not include the assets acquired in the merger.

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

Annual Report

Financial Highlights - Class T

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 32.20	$ 25.40	$ 15.43	$ 36.88	$ 22.13
Income from Investment Operations
Net investment income (loss)^C	.25	.15	.14	.12	.16
Net realized and unrealized gain (loss)	(2.55)	6.94	9.86	(18.38)	16.37
Total from investment operations	(2.30)	7.09	10.00	(18.26)	16.53
Distributions from net investment income	(.12)	(.08)	(.04)	(.14)	(.12)
Distributions from net realized gain	(1.81)	(.22)	-	(3.06)	(1.68)
Total distributions	(1.93)	(.30)	(.04)	(3.20)	(1.80)
Redemption fees added to paid in capital^C	.01	.01	.01	.01	.02
Net asset value, end of period	$ 27.98	$ 32.20	$ 25.40	$ 15.43	$ 36.88
Total Return^{A, B}	(7.70)%	28.13%	65.06%	(53.79)%	79.98%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	1.70%	1.74%	1.84%	1.80%	1.79%
Expenses net of fee waivers, if any	1.69%	1.74%	1.75%	1.75%	1.75%
Expenses net of all reductions	1.65%	1.70%	1.66%	1.66%	1.67%
Net investment income (loss)	.82%	.55%	.69%	.48%	.61%
Supplemental Data
Net assets, end of period (000 omitted)	$ 55,452	$ 61,620	$ 45,259	$ 25,205	$ 64,813
Portfolio turnover rate^E	119%	138%	91%	92%^G	66%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G The portfolio turnover rate does not include the assets acquired in the merger.

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

Annual Report

Financial Highlights - Class B

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 30.72	$ 24.29	$ 14.82	$ 35.55	$ 21.42
Income from Investment Operations
Net investment income (loss)^C	.10	.02	.04	(.01)	.03
Net realized and unrealized gain (loss)	(2.44)	6.61	9.45	(17.68)	15.79
Total from investment operations	(2.34)	6.63	9.49	(17.69)	15.82
Distributions from net investment income	-	-	(.03)	-	(.03)
Distributions from net realized gain	(1.77)	(.21)	-	(3.05)	(1.68)
Total distributions	(1.77)	(.21)	(.03)	(3.05)	(1.71)
Redemption fees added to paid in capital^C	.01	.01	.01	.01	.02
Net asset value, end of period	$ 26.62	$ 30.72	$ 24.29	$ 14.82	$ 35.55
Total Return^{A, B}	(8.16)%	27.48%	64.23%	(54.01)%	79.01%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	2.19%	2.24%	2.32%	2.29%	2.28%
Expenses net of fee waivers, if any	2.18%	2.24%	2.25%	2.25%	2.25%
Expenses net of all reductions	2.15%	2.20%	2.16%	2.16%	2.17%
Net investment income (loss)	.32%	.06%	.19%	(.02)%	.11%
Supplemental Data
Net assets, end of period (000 omitted)	$ 20,831	$ 29,611	$ 25,750	$ 17,040	$ 40,775
Portfolio turnover rate^E	119%	138%	91%	92%^G	66%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G The portfolio turnover rate does not include the assets acquired in the merger.

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

Annual Report

Financial Highlights - Class C

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 30.58	$ 24.19	$ 14.76	$ 35.48	$ 21.39
Income from Investment Operations
Net investment income (loss)^C	.11	.03	.04	-^H	.04
Net realized and unrealized gain (loss)	(2.41)	6.59	9.41	(17.63)	15.76
Total from investment operations	(2.30)	6.62	9.45	(17.63)	15.80
Distributions from net investment income	(.04)	(.02)	(.03)	(.04)	(.05)
Distributions from net realized gain	(1.81)	(.22)	-	(3.06)	(1.68)
Total distributions	(1.85)	(.24)	(.03)	(3.10)	(1.73)
Redemption fees added to paid in capital^C	.01	.01	.01	.01	.02
Net asset value, end of period	$ 26.44	$ 30.58	$ 24.19	$ 14.76	$ 35.48
Total Return^{A, B}	(8.10)%	27.58%	64.21%	(54.02)%	79.05%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	2.13%	2.17%	2.28%	2.25%	2.21%
Expenses net of fee waivers, if any	2.13%	2.17%	2.25%	2.25%	2.21%
Expenses net of all reductions	2.10%	2.13%	2.16%	2.16%	2.13%
Net investment income (loss)	.37%	.12%	.19%	(.02)%	.14%
Supplemental Data
Net assets, end of period (000 omitted)	$ 78,939	$ 87,089	$ 59,491	$ 30,577	$ 82,070
Portfolio turnover rate^E	119%	138%	91%	92%^G	66%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G The portfolio turnover rate does not include the assets acquired in the merger.

^H Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights - Institutional Class

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 33.80	$ 26.58	$ 16.07	$ 38.25	$ 22.84
Income from Investment Operations
Net investment income (loss)^B	.46	.34	.26	.27	.34
Net realized and unrealized gain (loss)	(2.69)	7.26	10.29	(19.09)	16.92
Total from investment operations	(2.23)	7.60	10.55	(18.82)	17.26
Distributions from net investment income	(.29)	(.17)	(.05)	(.31)	(.19)
Distributions from net realized gain	(1.81)	(.22)	-	(3.06)	(1.68)
Total distributions	(2.09)^G	(.39)	(.05)	(3.37)	(1.87)
Redemption fees added to paid in capital^B	.01	.01	.01	.01	.02
Net asset value, end of period	$ 29.49	$ 33.80	$ 26.58	$ 16.07	$ 38.25
Total Return^A	(7.13)%	28.87%	65.94%	(53.53)%	80.97%
Ratios to Average Net Assets^{C, E}
Expenses before reductions	1.10%	1.14%	1.25%	1.20%	1.16%
Expenses net of fee waivers, if any	1.10%	1.14%	1.25%	1.20%	1.16%
Expenses net of all reductions	1.06%	1.10%	1.16%	1.11%	1.08%
Net investment income (loss)	1.41%	1.16%	1.18%	1.03%	1.20%
Supplemental Data
Net assets, end of period (000 omitted)	$ 49,888	$ 45,042	$ 23,888	$ 5,933	$ 16,300
Portfolio turnover rate^D	119%	138%	91%	92%^F	66%

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

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F The portfolio turnover rate does not include the assets acquired in the merger.

^G Total distributions of $2.09 per share is comprised of distributions from net investment income of $.288 and distributions from net realized gain of $1.805 per share.

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

Annual Report

Notes to Financial Statements

For the period ended October 31, 2011

1. Organization.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Annual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

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

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 47,310,211
Gross unrealized depreciation	(30,715,528)
Net unrealized appreciation (depreciation) on securities and other investments	$ 16,594,683

Tax Cost	$ 365,581,079

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 2,634,151
Undistributed long-term capital gain	$ 16,660,184
Net unrealized appreciation (depreciation)	$ 16,579,605

The tax character of distributions paid was as follows:

	October 31, 2011	October 31, 2010
Ordinary Income	$ 3,521,543	$ 3,503,974
Long-term Capital Gains	22,144,049	-
Total	$ 25,665,592	$ 3,503,974

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

4. Derivative Instruments.

The Fund's use of derivatives increased or decreased its exposure to the following risks:

Equity Risk

Annual Report

4. Derivative Instruments - continued

Futures Contracts - continued

Certain risks arise upon entering into futures contracts, including the risk that an illiquid market limits the ability to close out a futures contract prior to settlement date.

During the period the Fund recognized net realized gain (loss) of $(459,204) related to its investment in futures contracts. This amount is included in the Statement of Operations.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $523,035,766 and $506,770,221, respectively.

6. Fees and Other Transactions with Affiliates.

Annual Report

Notes to Financial Statements - continued

6. Fees and Other Transactions with Affiliates - continued

For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 508,104	$ 14,268
Class T	.25%	.25%	315,598	367
Class B	.75%	.25%	260,552	195,658
Class C	.75%	.25%	902,826	205,445
			$ 1,987,080	$ 415,738

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

	Retained by FDC
Class A	$ 130,443
Class T	20,319
Class B*	42,404
Class C*	14,316
	$ 207,482

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

Annual Report

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

For the period, transfer agent fees for each class were as follows:

	Amount	% of Average Net Assets
Class A	$ 514,416	.25
Class T	196,848	.31
Class B	78,963	.30
Class C	223,172	.25
Institutional Class	118,635	.22
	$ 1,132,034

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 6,580,526	.40%	$ 1,400

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,351 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

Annual Report

Notes to Financial Statements - continued

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $145,253. During the period, there were no securities loaned to FCM.

9. Expense Reductions.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser
Class T	1.75%-1.90%*	3,344
Class B	2.25%-2.40%*	1,308
		$ 4,652

* Expense limitation in effect at period end.

Annual Report

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2011	2010
From net investment income
Class A	$ 1,195,236	$ 615,994
Class T	238,089	138,177
Class C	129,641	55,860
Institutional Class	411,224	161,513
Total	$ 1,974,190	$ 971,544
From net realized gain
Class A	$ 10,575,420	$ 1,138,813
Class T	3,522,540	399,983
Class B	1,697,909	223,532
Class C	5,318,244	558,596
Institutional Class	2,577,289	211,506
Total	$ 23,691,402	$ 2,532,430

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2011	2010	2011	2010
Class A
Shares sold	2,202,556	2,066,420	$ 71,049,522	$ 59,859,672
Reinvestment of distributions	309,654	54,021	9,819,123	1,525,557
Shares redeemed	(2,005,332)	(1,447,315)	(62,867,653)	(40,817,600)
Net increase (decrease)	506,878	673,126	$ 18,000,992	$ 20,567,629
Class T
Shares sold	487,526	516,790	$ 15,326,473	$ 14,594,570
Reinvestment of distributions	118,542	18,968	3,673,606	524,658
Shares redeemed	(538,208)	(403,834)	(16,492,902)	(11,178,425)
Net increase (decrease)	67,860	131,924	$ 2,507,177	$ 3,940,803
Class B
Shares sold	65,556	202,362	$ 2,016,841	$ 5,365,940
Reinvestment of distributions	44,891	6,691	1,329,672	177,369
Shares redeemed	(291,995)	(305,292)	(8,641,379)	(8,111,865)
Net increase (decrease)	(181,548)	(96,239)	$ (5,294,866)	$ (2,568,556)
Class C
Shares sold	976,733	996,034	$ 29,282,683	$ 27,112,281
Reinvestment of distributions	152,906	18,926	4,496,965	499,282
Shares redeemed	(992,268)	(626,174)	(28,874,366)	(16,404,984)
Net increase (decrease)	137,371	388,786	$ 4,905,282	$ 11,206,579

Annual Report

Notes to Financial Statements - continued

11. Share Transactions - continued

	Shares		Dollars
Years ended October 31,	2011	2010	2011	2010
Institutional Class
Shares sold	1,196,148	836,632	$ 38,645,718	$ 24,478,070
Reinvestment of distributions	57,110	9,083	1,854,949	262,322
Shares redeemed	(893,992)	(411,905)	(28,329,397)	(11,804,448)
Net increase (decrease)	359,266	433,810	$ 12,171,270	$ 12,935,944

12. Other.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Advisor Series VIII and the Shareholders of Fidelity Advisor Emerging Asia Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Advisor Emerging Asia Fund (a fund of Fidelity Advisor Series VIII) at October 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Advisor Emerging Asia Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 12, 2011

Annual Report

Trustees and Officers

Annual Report

Trustees and Officers - continued

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

Interested Trustees*:

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

Name, Age; Principal Occupations and Other Relevant Experience⁺
James C. Curvey (76)
	Year of Election or Appointment: 2007 Mr. Curvey is Trustee and Acting Chairman of the Board of Trustees of certain Trusts. Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of Fidelity Investments Money Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.
Ronald P. O'Hanley (54)
	Year of Election or Appointment: 2011 Mr. O'Hanley is Director of FMR Co., Inc. (2010-present), Director of Fidelity Investments Money Management, Inc. (2010-present), Director of Fidelity Research & Analysis Company (2010-present), President of Fidelity Asset Management and Corporate Services and a member of Fidelity's Executive Committee (2010-present). Previously, Mr. O'Hanley served as President and Chief Executive Officer of BNY Mellon Asset Management (2007-2010). Mr. O'Hanley also served as Vice Chairman of Bank New York Mellon Corp. and a member of that firm's Executive Committee. Prior to the 2007 merger of The Bank of New York and Mellon Financial Corporation, he was Vice Chairman of Mellon Financial Corporation and President and Chief Executive Officer of Mellon Asset Management. He joined Mellon in February 1997. Mr. O'Hanley currently serves as Chairman of the Boston Public Library Foundation Board of Directors and sits on the Board of Directors of Beth Israel Deaconess Medical Center, the Board of Trustees of the Marine Biological Laboratory and the Advisory Board of the Maxwell School of Citizenship and Public Administration at Syracuse University. Mr. O'Hanley also chairs the Council on Asset Management for the Financial Services Roundtable and is a member of the Board of Directors of Institutional Investor's U.S. Institute.

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

Annual Report

Trustees and Officers - continued

Independent Trustees:

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

Name, Age; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (63)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Mr. Dirks is a member of the Independent Directors Council (IDC) Governing Council (2010-Present) and Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (58)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's, Inc. (restaurant and entertainment complexes, 2010-present), The Hillman Companies, Inc. (hardware wholesalers, 2010-present), and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-Present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for the Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (67)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is also a member of the Board of Directors of the Philharmonic Center for the Arts in Naples, Florida (1999-present); a member of the Board of Trustees of Fairfield University (2005-present); and a member of the Council on Foreign Relations (1994-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (67)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Robert W. Selander (61)
	Year of Election or Appointment: 2011 Previously, Mr. Selander served as a Member of the Advisory Board of Fidelity's Equity and High Income Funds (2011), Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.
Cornelia M. Small (67)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (72)
	Year of Election or Appointment: 2002 Mr. Stavropoulos is Vice Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of Univar (global distributor of commodity and specialty chemicals, 2010-present), a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (62)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (61)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), as a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Advisory Board Members and Executive Officers:

Correspondence intended for each executive officer, Edward C. Johnson 3d, and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (81)
	Year of Election or Appointment: 2011 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC, and also serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as a Trustee and Chairman of the Board of certain Fidelity Trusts, Chairman and a Director of FMR, Chairman and a Director of FMR Co., Inc., and President of FMR LLC (2006-2007).
Peter S. Lynch (67)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (42)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as President and Treasurer (2010-present) and Assistant Treasurer (2009-present) of other Fidelity funds and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008).
Bruce T. Herring (46)
	Year of Election or Appointment: 2006 Vice President of certain Equity Funds. Mr. Herring also serves as Chief Investment Officer and Director of Fidelity Management & Research (U.K.) Inc. (2010-present) and Group Chief Investments Officer of FMR. Previously, Mr. Herring served as Vice President (2005-2006) and Senior Vice President (2006-2007) of Fidelity Management & Research Company, Vice President of FMR Co., Inc. (2001-2007) and as a portfolio manager for Fidelity U.S. Equity Funds.
Brian B. Hogan (47)
	Year of Election or Appointment: 2009 Vice President of Equity and High Income Funds. Mr. Hogan also serves as President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.
Thomas C. Hense (47)
	Year of Election or Appointment: 2008 or 2010 Vice President of Fidelity's High Income (2008), Small Cap (2008), and Value (2010) Funds. Previously, Mr. Hense served as a portfolio manager for Fidelity's Institutional Money Management Group (Pyramis) (2003-2008).
Scott C. Goebel (43)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as Secretary of Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); Secretary and CLO of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); employed by FMR LLC or an affiliate (2001-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (42)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Holly C. Laurent (57)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent also serves as AML Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present) and is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (53)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (64)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (50)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009).
Joseph F. Zambello (54)
	Year of Election or Appointment: 2011 Deputy Treasurer of the Fidelity funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
Adrien E. Deberghes (44)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes also serves as Vice President and Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II (2011-present), Assistant Treasurer of other Fidelity funds (2010-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (42)
	Year of Election or Appointment: 2010 Assistant Treasurer of Fidelity's Equity and High Income Funds. Ms. Dorsey also serves as Deputy Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
John R. Hebble (53)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President (2011-present), Treasurer, and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present), President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Gary W. Ryan (53)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).
Jonathan Davis (43)
	Year of Election or Appointment: 2010 Assistant Treasurer of the Fidelity funds. Mr. Davis is also Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).

Annual Report

Distributions (Unaudited)

	Pay Date	Record Date	Dividends	Capital Gains
Institutional Class	12/05/11	12/02/11	$.416	$1.23

The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2011, $23,110,235, or, if subsequently determined to be different, the net capital gain of such year.

Institutional Class designates 55% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $.469 and $.0606 for the dividend paid 12/06/10.

The fund will notify shareholders in January 2012 of amounts for use in preparing 2011 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Emerging Asia Fund

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Advisor Emerging Asia Fund

aaa145

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 7% means that 93% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked, is also included in the chart and considered by the Board.

Annual Report

Fidelity Advisor Emerging Asia Fund

aaa147

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2010.

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

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that any potential economies of scale are being appropriately shared between fund shareholders and Fidelity.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

FIL Investment Advisors

FIL Investment Advisors (U.K.) Limited

FIL Investments (Japan) Limited

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan), Inc.

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

Brown Brothers Harriman & Co.

Boston, MA

AEAI-UANN-1211
1.784738.108

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(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Emerging Markets
Fund - Class A, Class T, Class B
and Class C

Annual Report

October 31, 2011

aaa38

Chairman's Message	(Click Here)	The Chairman's message to shareholders.
Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fund performance and strategy.
Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

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

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

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

Annual Report

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_James_C_Curvey)

Dear Shareholder:

Sincerely,

(The acting chairman's signature appears here.)

James C. Curvey
Acting Chairman

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended October 31, 2011	Past 1 year	Past 5 years	Life of fund ^A
Class A (incl. 5.75% sales charge)	-17.71%	1.31%	10.02%
Class T (incl. 3.50% sales charge)	-15.93%	1.55%	10.08%
Class B (incl. contingent deferred sales charge) ^B	-17.66%	1.39%	10.11%
Class C (incl. contingent deferred sales charge) ^C	-14.20%	1.77%	10.06%

^AFrom March 29, 2004.

^B Class B shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 5%, 2%, and 0%, respectively.

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

Annual Report

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Emerging Markets Fund - Class A on March 29, 2004, when the fund started, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the MSCI® Emerging Markets Index performed over the same period.

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Annual Report

Management's Discussion of Fund Performance

Market Recap: Emerging-markets stocks concluded the 12-month period ending October 31, 2011, on a strong note, reversing direction in October amid hope for a resolution to the sovereign debt crisis in Europe. The brief rally, on top of a robust first half of the period, could only partially offset the negative impact of a five-month downturn that began in May and intensified in August and September, as investors began to flee riskier securities due to the debt debacle, concern the U.S. economy may contract and worry about a significant slowdown in China. For the year, the MSCI® Emerging Markets Index declined 7.44%, hampered in part by global currency fluctuation. The index gained roughly 13% in October, after falling 9% in August and about 15% in September. For the full year, returns across the individual country components of the emerging-markets index were decidedly negative. Several of the largest countries in the index struggled, especially India (-20%), China (-17%) and Brazil (-12%), as did Turkey (-34%). Conversely, South Korea had the strongest result, gaining about 7%, while another sizable index component, Russia, returned roughly 1%. Smaller constituents Indonesia (+5%) and Malaysia (+4%) also finished in positive territory. A trio of countries had negative returns but outpaced the index: Mexico (-1%), Taiwan (-2%) and South Africa (-3%).

Comments from Robert von Rekowsky, Portfolio Manager of Fidelity Advisor® Emerging Markets Fund: During the year, the fund's Class A, Class T, Class B and Class C shares returned -12.69%, -12.89%, -13.33%, and -13.33%, respectively (excluding sales charges), well behind the MSCI index. Relative performance was hurt the most by stock selection in energy, consumer staples and financials, followed by positioning in industrials and information technology. Geographically, security selection in China, India and South Africa weighed on the fund's results. Untimely ownership of wireless carrier and benchmark component China Mobile made it the fund's largest individual detractor. Similarly, underweighting Russian energy firm Gazprom when its stock was advancing early in the period dampened performance. Other key detractors were pork producer China Yurun Food Group - which I sold - and Turkish bank Turkiye Garanti Bankasi. Conversely, my picks in materials and positioning in the automobiles/components segment of consumer discretionary added value. Geographically, stock picking in Brazil and South Korea helped. Russian natural gas producer NOVATEK acquired additional acreage and added new customers, which bolstered its stock. Performance also benefited from Thai wireless carrier Advanced Info Service, as well as Korean automakers Kia Motors and Hyundai Motor.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2011 to October 31, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

	Annualized Expense Ratio	Beginning Account Value May 1, 2011	Ending Account Value October 31, 2011	Expenses Paid During Period* May 1, 2011 to October 31, 2011
Class A	1.51%
Actual		$ 1,000.00	$ 796.70	$ 6.84
Hypothetical^A		$ 1,000.00	$ 1,017.59	$ 7.68
Class T	1.76%
Actual		$ 1,000.00	$ 795.90	$ 7.97
Hypothetical^A		$ 1,000.00	$ 1,016.33	$ 8.94
Class B	2.26%
Actual		$ 1,000.00	$ 793.90	$ 10.22
Hypothetical^A		$ 1,000.00	$ 1,013.81	$ 11.47
Class C	2.26%
Actual		$ 1,000.00	$ 794.00	$ 10.22
Hypothetical^A		$ 1,000.00	$ 1,013.81	$ 11.47
Institutional Class	1.18%
Actual		$ 1,000.00	$ 798.10	$ 5.35
Hypothetical^A		$ 1,000.00	$ 1,019.26	$ 6.01

^A 5% return per year before expenses

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

Annual Report

Investment Changes (Unaudited)

Top Five Stocks as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment)	4.3	2.5
Petroleo Brasileiro SA - Petrobras (PN) (Brazil, Oil, Gas & Consumable Fuels)	2.4	2.1
China Mobile (Hong Kong) Ltd. (Hong Kong, Wireless Telecommunication Services)	2.4	0.0
Hyundai Motor Co. (Korea (South), Automobiles)	2.2	1.7
Banco Bradesco SA (PN) sponsored ADR (Brazil, Commercial Banks)	2.1	1.5
	13.4
Top Five Market Sectors as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	23.6	24.1
Energy	14.2	15.2
Information Technology	11.4	13.4
Materials	11.1	16.2
Consumer Discretionary	10.7	8.3
Top Five Countries as of October 31, 2011
(excluding cash equivalents)	% of fund's net assets	% of fund's net assets 6 months ago
Korea (South)	20.2	16.7
Brazil	15.1	14.4
China	8.5	8.7
Taiwan	6.7	10.6
Russia	5.8	8.9

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

Asset Allocation (% of fund's net assets)
As of October 31, 2011		As of April 30, 2011
	Stocks 98.2%		Stocks 97.9%
	Short-Term Investments and Net Other Assets 1.8%		Short-Term Investments and Net Other Assets 2.1%

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Annual Report

Investments October 31, 2011

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares		Value
Bailiwick of Jersey - 0.7%
Randgold Resources Ltd. sponsored ADR	35,600		$ 3,900,692
Bermuda - 1.5%
Cheung Kong Infrastructure Holdings Ltd.	512,000		2,742,639
CNPC (Hong Kong) Ltd.	1,758,000		2,462,576
Great Eagle Holdings Ltd.	553,062		1,228,314
NWS Holdings Ltd.	906,000		1,373,835
TOTAL BERMUDA			7,807,364
Brazil - 15.1%
Banco Bradesco SA (PN) sponsored ADR	596,890		10,863,398
Banco do Estado do Rio Grande do Sul SA	295,100		3,110,476
BR Malls Participacoes SA	276,000		2,981,481
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	186,705		6,295,693
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)	132,100		3,623,288
Companhia de Saneamento de Minas Gerais	44,200		829,844
Eletropaulo Metropolitana SA (PN-B)	169,600		3,041,975
Embraer SA sponsored ADR	79,900		2,222,818
Gol Linhas Aereas Inteligentes SA sponsored ADR (d)	291,000		2,333,820
Klabin SA (PN) (non-vtg.)	142,600		524,826
Localiza Rent A Car SA	60,100		908,220
Marcopolo SA (PN)	244,700		1,082,996
Mills Estruturas e Servicos de Engenharia SA	62,600		625,198
Multiplus SA	97,024		1,638,537
OGX Petroleo e Gas Participacoes SA (a)	627,700		5,190,624
Petroleo Brasileiro SA - Petrobras:
(PN) (non-vtg.)	113,200		1,405,441
(PN) sponsored ADR (d)	432,510		10,938,178
Qualicorp SA	99,000		905,136
Tegma Gestao Logistica	149,700		1,944,043
Telefonica Brasil SA sponsored ADR (a)	80,300		2,330,306
TIM Participacoes SA sponsored ADR	190,436		4,958,953
Ultrapar Participacoes SA	158,100		2,817,296
Vale SA (PN-A) sponsored ADR (d)	319,700		7,544,920
TOTAL BRAZIL			78,117,467
British Virgin Islands - 0.5%
Mail.ru Group Ltd.:
GDR (a)(e)	64,300		2,215,135
GDR (Reg. S)	5,900		203,255
TOTAL BRITISH VIRGIN ISLANDS			2,418,390
Common Stocks - continued
	Shares		Value
Canada - 1.7%
Eldorado Gold Corp.	200,285		$ 3,763,192
First Quantum Minerals Ltd.	136,900		2,871,625
Petrominerales Ltd.	79,100		2,086,904
TOTAL CANADA			8,721,721
Cayman Islands - 3.5%
Belle International Holdings Ltd.	988,000		1,937,692
Central China Real Estate Ltd.	2,170,836		490,203
China Shangshui Cement Group Ltd.	3,733,000		2,859,389
Country Garden Holdings Co. Ltd.	5,313,000		2,103,617
Eurasia Drilling Co. Ltd. GDR (Reg. S)	121,463		2,866,527
EVA Precision Industrial Holdings Ltd.	5,466,000		1,411,601
Haitian International Holdings Ltd.	1,095,000		972,902
Shenguan Holdings Group Ltd.	3,050,000		1,638,629
Silver Base Group Holdings Ltd.	1,500,000		1,597,484
SOHO China Ltd.	2,795,000		1,992,747
TOTAL CAYMAN ISLANDS			17,870,791
Chile - 1.0%
CFR Pharmaceuticals SA	9,020,934		2,135,786
Empresa Nacional de Telecomunicaciones SA (ENTEL)	157,908		3,126,254
TOTAL CHILE			5,262,040
China - 8.5%
Baidu.com, Inc. sponsored ADR (a)	19,515		2,735,613
China Communications Construction Co. Ltd. (H Shares)	3,568,000		2,691,187
China Communications Services Corp. Ltd. (H Shares)	4,928,000		2,272,725
China Construction Bank Corp. (H Shares)	10,290,000		7,560,426
China Minsheng Banking Corp. Ltd. (H Shares)	5,230,000		4,260,457
China National Building Materials Co. Ltd. (H Shares)	1,652,000		2,116,056
China Pacific Insurance Group Co. Ltd. (H Shares)	485,400		1,489,542
China Petroleum & Chemical Corp.:
(H Shares)	3,208,000		3,033,903
sponsored ADR (H Shares) (d)	21,600		2,039,040
China Southern Airlines Ltd. (H Shares) (a)	3,808,000		2,125,094
Great Wall Motor Co. Ltd. (H Shares)	1,607,500		2,182,844
Harbin Power Equipment Co. Ltd. (H Shares)	2,662,000		2,682,598
Industrial & Commercial Bank of China Ltd. (H Shares)	5,047,035		3,151,688
SINA Corp. (a)(d)	16,778		1,363,884
Sinopec Shanghai Petrochemical Co. Ltd. (H Shares)	3,946,000		1,448,771
Yantai Changyu Pioneer Wine Co. (B Shares)	227,939		2,564,539
TOTAL CHINA			43,718,367
Common Stocks - continued
	Shares		Value
Czech Republic - 1.7%
Ceske Energeticke Zavody AS	115,000		$ 4,863,391
Komercni Banka AS	11,405		2,199,640
Philip Morris CR A/S	2,291		1,504,301
TOTAL CZECH REPUBLIC			8,567,332
Egypt - 0.5%
Commercial International Bank Ltd. sponsored GDR	559,378		2,471,332
Georgia - 0.2%
Bank of Georgia GDR (Reg. S)	70,400		897,600
Hong Kong - 5.6%
China Insurance International Holdings Co. Ltd. (a)	1,157,800		2,510,759
China Mobile (Hong Kong) Ltd.	1,289,500		12,255,849
China Power International Development Ltd.	11,110,000		2,350,869
CNOOC Ltd.	4,280,000		8,090,740
CNOOC Ltd. sponsored ADR	10,100		1,904,961
Dah Chong Hong Holdings Ltd.	893,000		1,084,491
Lenovo Group Ltd.	912,000		613,142
TOTAL HONG KONG			28,810,811
Hungary - 0.1%
Magyar Telekom PLC	209,500		487,552
India - 4.2%
Bank of Baroda	208,283		3,284,122
Bharti Airtel Ltd.	406,724		3,257,339
Housing Development Finance Corp. Ltd.	375,185		5,279,914
Indian Overseas Bank	787,322		1,649,998
Jain Irrigation Systems Ltd.	59,911		152,656
Punjab National Bank	51,156		1,042,125
Tata Consultancy Services Ltd.	173,499		3,946,720
Tata Steel Ltd.	115,844		1,140,764
Ultratech Cement Ltd.	81,637		1,927,525
TOTAL INDIA			21,681,163
Indonesia - 5.3%
PT Astra International Tbk	763,500		5,887,159
PT Bank Negara Indonesia (Persero) Tbk	5,202,000		2,331,338
PT Bank Rakyat Indonesia Tbk	8,428,500		6,336,941
PT Bank Tabungan Negara Tbk	7,825,500		1,259,673
PT Bumi Serpong Damai Tbk	11,588,100		1,192,446
PT Ciputra Development Tbk	14,439,000		791,675
PT Gadjah Tunggal Tbk	2,713,500		829,783
PT Indofood Sukses Makmur Tbk	4,061,000		2,410,607
Common Stocks - continued
	Shares		Value
Indonesia - continued
PT Indosat Tbk	3,834,000		$ 2,296,282
PT Summarecon Agung Tbk	4,801,000		628,283
PT Tower Bersama Infrastructure Tbk	5,965,000		1,388,255
PT XL Axiata Tbk	3,921,000		2,192,975
TOTAL INDONESIA			27,545,417
Israel - 0.4%
Check Point Software Technologies Ltd. (a)	40,400		2,328,252
Kazakhstan - 0.5%
KazMunaiGas Exploration & Production JSC (Reg. S) GDR	153,077		2,599,247
Korea (South) - 20.2%
BS Financial Group, Inc. (a)	210,130		2,304,070
Cheil Worldwide, Inc.	121,220		1,977,459
CJ CheilJedang Corp.	2,806		771,471
CJ Corp.	43,637		3,114,675
Daum Communications Corp.	12,149		1,466,415
Doosan Co. Ltd.	24,160		3,043,618
GS Holdings Corp.	55,755		3,199,602
Hana Financial Group, Inc.	132,830		4,727,436
Hankook Tire Co. Ltd.	43,210		1,718,256
Hyundai Department Store Co. Ltd.	22,660		3,236,772
Hyundai Fire & Marine Insurance Co. Ltd.	54,490		1,571,917
Hyundai Heavy Industries Co. Ltd.	17,618		4,689,336
Hyundai Hysco Co. Ltd.	52,900		2,040,089
Hyundai Mobis	18,065		5,150,761
Hyundai Motor Co.	55,432		11,121,721
Industrial Bank of Korea	304,090		3,977,292
Kia Motors Corp.	79,490		5,077,242
Korea Zinc Co. Ltd.	5,268		1,538,334
KT&G Corp.	83,609		5,210,736
LG Chemical Ltd.	7		2,250
LIG Non-Life Insurance Co. Ltd.	59,440		1,260,591
Lotte Samkang Co. Ltd.	1,974		588,383
Nong Shim Co. Ltd.	11,079		2,162,906
Paradise Co. Ltd.	260,483		1,823,893
Samsung Card Co. Ltd.	59,651		2,226,967
Samsung Electronics Co. Ltd.	26,052		22,343,496
Shinhan Financial Group Co. Ltd.	154,002		6,112,112
SK Chemicals Co. Ltd.	30,120		1,919,741
TOTAL KOREA (SOUTH)			104,377,541
Common Stocks - continued
	Shares		Value
Luxembourg - 0.7%
Millicom International Cellular SA (depositary receipt)	32,960		$ 3,632,422
Malaysia - 0.7%
Axiata Group Bhd	2,258,100		3,569,053
Mauritius - 0.0%
Golden Agri-Resources Ltd.	3,000		1,535
Mexico - 0.3%
Embotelladoras Arca SAB de CC	351,800		1,669,182
Netherlands - 0.2%
Yandex NV	39,700		1,092,544
Nigeria - 0.4%
Guaranty Trust Bank PLC GDR (Reg. S)	422,095		1,941,637
Panama - 0.5%
Copa Holdings SA Class A	37,828		2,612,780
Peru - 0.7%
Compania de Minas Buenaventura SA sponsored ADR	94,898		3,884,175
Philippines - 0.2%
Globe Telecom, Inc.	46,070		982,236
Poland - 0.7%
Polska Grupa Energetyczna SA	301,400		1,857,452
TVN SA	401,443		1,606,832
TOTAL POLAND			3,464,284
Qatar - 0.1%
Commercial Bank of Qatar GDR (Reg. S)	68,433		313,857
Russia - 5.8%
Cherkizovo Group OJSC GDR (a)	71,794		1,001,269
Gazprom OAO sponsored ADR	285,368		3,313,122
Lukoil Oil Co. sponsored ADR	99,715		5,753,556
Mostotrest OAO (a)	97,100		558,156
NOVATEK OAO GDR	54,698		7,679,599
Rosneft Oil Co. OJSC GDR (Reg. S)	184,400		1,312,006
Sberbank of Russia (f)	2,331,200		6,325,780
TNK-BP Holding	108,300		296,311
Uralkali JSC GDR (Reg. S)	88,000		3,819,200
TOTAL RUSSIA			30,058,999
Singapore - 0.2%
Sakari Resources Ltd.	610,000		1,139,058
South Africa - 2.6%
African Bank Investments Ltd.	711,047		3,085,627
Common Stocks - continued
	Shares		Value
South Africa - continued
Foschini Ltd.	250,578		$ 3,161,786
Imperial Holdings Ltd.	137,851		2,040,938
Life Healthcare Group Holdings Ltd.	763,100		1,856,717
Mr Price Group Ltd.	193,100		1,858,907
Northam Platinum Ltd.	344,471		1,334,688
TOTAL SOUTH AFRICA			13,338,663
Taiwan - 6.7%
Catcher Technology Co. Ltd.	580,000		3,231,474
Chroma ATE, Inc.	593,208		1,183,577
Formosa Chemicals & Fibre Corp.	2,000		5,788
Formosa Plastics Corp.	1,488,000		4,376,345
Hotai Motor Co. Ltd.	63,000		274,075
HTC Corp.	178,202		4,004,832
Kinsus Interconnect Technology Corp.	434,000		1,498,950
Leofoo Development Co. Ltd. (a)	823,000		541,690
President Chain Store Corp.	457,000		2,541,257
SIMPLO Technology Co. Ltd.	195,500		1,150,355
Taishin Financial Holdings Co. Ltd.	9,405,059		3,982,272
Taiwan Cement Corp.	3,307,804		4,131,053
Taiwan Semiconductor Manufacturing Co. Ltd.	3,057,534		7,450,833
TOTAL TAIWAN			34,372,501
Thailand - 4.3%
Advanced Info Service PCL (For. Reg.)	1,202,700		5,052,926
Asian Property Development PCL (For. Reg.)	7,877,920		1,151,443
Bangkok Expressway PCL (For.Reg.)	173,300		91,499
Banpu PCL (For. Reg.)	65,650		1,332,720
Charoen Pokphand Foods PCL (For. Reg.)	1,219,000		1,187,146
Krung Thai Bank PCL (For. Reg.)	3,163,500		1,548,055
PTT Global Chemical PCL (For. Reg.) (a)	202,170		426,317
PTT PCL (For. Reg.)	330,600		3,256,862
Siam Cement PCL (For. Reg.)	212,200		2,544,190
Siam Commercial Bank PCL (For. Reg.)	1,412,200		5,342,065
Total Access Communication PCL (For. Reg.)	14,600		34,782
TOTAL THAILAND			21,968,005
Turkey - 1.5%
Aygaz A/S	257,580		1,407,167
Koc Holding AS	337,000		1,204,490
Common Stocks - continued
	Shares		Value
Turkey - continued
Tofas Turk Otomobil Fabrikasi AS	396,670		$ 1,534,411
Turkiye Garanti Bankasi AS	1,025,375		3,618,459
TOTAL TURKEY			7,764,527
United Kingdom - 0.7%
International Personal Finance PLC	259,640		1,144,930
Kazakhmys PLC	171,600		2,559,595
TOTAL UNITED KINGDOM			3,704,525
United States of America - 0.7%
Cognizant Technology Solutions Corp. Class A (a)	35,900		2,611,725
Freeport-McMoRan Copper & Gold, Inc.	25,000		1,006,500
TOTAL UNITED STATES OF AMERICA			3,618,225
TOTAL COMMON STOCKS (Cost $479,594,161)		506,711,287
Money Market Funds - 7.0%

Fidelity Cash Central Fund, 0.12% (b)	12,103,407		12,103,407
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	24,032,425		24,032,425
TOTAL MONEY MARKET FUNDS (Cost $36,135,832)		36,135,832
TOTAL INVESTMENT PORTFOLIO - 105.2% (Cost $515,729,993)			542,847,119
NET OTHER ASSETS (LIABILITIES) - (5.2)%			(26,752,906)
NET ASSETS - 100%		$ 516,094,213

Legend

(a) Non-income producing

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

(f) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 7,900
Fidelity Securities Lending Cash Central Fund	208,223
Total	$ 216,123

Other Information

The following is a summary of the inputs used, as of October 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Korea (South)	$ 104,377,541	$ -	$ 104,377,541	$ -
Brazil	78,117,467	78,117,467	-	-
China	43,718,367	6,138,537	37,579,830	-
Taiwan	34,372,501	-	34,372,501	-
Russia	30,058,999	30,058,999	-	-
Hong Kong	28,810,811	1,904,961	26,905,850	-
Indonesia	27,545,417	-	27,545,417	-
Thailand	21,968,005	-	21,968,005	-
India	21,681,163	-	21,681,163	-
Other	116,061,016	88,539,742	27,521,274	-
Money Market Funds	36,135,832	36,135,832	-	-
Total Investments in Securities:	$ 542,847,119	$ 240,895,538	$ 301,951,581	$ -

Transfers from Level 1 to Level 2 during the period were $175,991,065.

Income Tax Information

At October 31, 2011, the Fund had a capital loss carryforward of approximately $70,963,758 all of which will expire in fiscal 2017. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

	October 31, 2011

Assets
Investment in securities, at value (including securities loaned of $22,529,650) - See accompanying schedule: Unaffiliated issuers (cost $479,594,161)	$ 506,711,287
Fidelity Central Funds (cost $36,135,832)	36,135,832
Total Investments (cost $515,729,993)		$ 542,847,119
Cash		59,010
Foreign currency held at value (cost $120,091)		120,327
Receivable for investments sold		9,923,111
Receivable for fund shares sold		435,050
Dividends receivable		863,941
Distributions receivable from Fidelity Central Funds		3,383
Prepaid expenses		2,245
Other receivables		150,712
Total assets		554,404,898

Liabilities
Payable for investments purchased Regular delivery	$ 11,512,990
Delayed delivery	544,208
Payable for fund shares redeemed	1,476,075
Accrued management fee	331,950
Distribution and service plan fees payable	150,229
Other affiliated payables	144,341
Other payables and accrued expenses	118,467
Collateral on securities loaned, at value	24,032,425
Total liabilities		38,310,685

Net Assets		$ 516,094,213
Net Assets consist of:
Paid in capital		$ 564,650,323
Undistributed net investment income		2,180,940
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(77,792,055)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		27,055,005
Net Assets		$ 516,094,213

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

Annual Report

Statement of Assets and Liabilities - continued

	October 31, 2011

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($202,477,116 ÷ 9,874,684 shares)		$ 20.50

Maximum offering price per share (100/94.25 of $20.50)		$ 21.75
Class T: Net Asset Value and redemption price per share ($73,146,470 ÷ 3,580,925 shares)		$ 20.43

Maximum offering price per share (100/96.50 of $20.43)		$ 21.17
Class B: Net Asset Value and offering price per share ($21,303,616 ÷ 1,063,635 shares)^A		$ 20.03

Class C: Net Asset Value and offering price per share ($80,855,457 ÷ 4,042,960 shares)^A		$ 20.00


Institutional Class: Net Asset Value, offering price and redemption price per share ($138,311,554 ÷ 6,704,037 shares)		$ 20.63

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

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

Annual Report

Financial Statements - continued

Statement of Operations

	Year ended October 31, 2011

Investment Income
Dividends		$ 17,261,482
Interest		4,047
Income from Fidelity Central Funds		216,123
Income before foreign taxes withheld		17,481,652
Less foreign taxes withheld		(1,780,223)
Total income		15,701,429

Expenses
Management fee	$ 5,313,198
Transfer agent fees	1,881,504
Distribution and service plan fees	2,433,212
Accounting and security lending fees	329,547
Custodian fees and expenses	607,708
Independent trustees' compensation	3,689
Registration fees	99,322
Audit	76,331
Legal	2,750
Interest	759
Miscellaneous	6,064
Total expenses before reductions	10,754,084
Expense reductions	(424,291)	10,329,793
Net investment income (loss)		5,371,636
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	52,328,302
Foreign currency transactions	(1,019,132)
Total net realized gain (loss)		51,309,170
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $557,002)	(134,107,578)
Assets and liabilities in foreign currencies	(62,766)
Total change in net unrealized appreciation (depreciation)		(134,170,344)
Net gain (loss)		(82,861,174)
Net increase (decrease) in net assets resulting from operations		$ (77,489,538)

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

Annual Report

Statement of Changes in Net Assets

	Year ended October 31, 2011	Year ended October 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 5,371,636	$ 2,925,139
Net realized gain (loss)	51,309,170	51,525,426
Change in net unrealized appreciation (depreciation)	(134,170,344)	78,533,647
Net increase (decrease) in net assets resulting from operations	(77,489,538)	132,984,212
Distributions to shareholders from net investment income	(3,137,543)	(1,614,133)
Distributions to shareholders from net realized gain	(3,336,770)	(3,680,474)
Total distributions	(6,474,313)	(5,294,607)
Share transactions - net increase (decrease)	(114,129,705)	64,839,760
Redemption fees	141,338	140,252
Total increase (decrease) in net assets	(197,952,218)	192,669,617

Net Assets
Beginning of period	714,046,431	521,376,814
End of period (including undistributed net investment income of $2,180,940 and undistributed net investment income of $2,876,119, respectively)	$ 516,094,213	$ 714,046,431

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

Annual Report

Financial Highlights - Class A

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 23.71	$ 19.20	$ 12.59	$ 32.75	$ 19.22
Income from Investment Operations
Net investment income (loss) ^C	.21	.12	.10	.24	.09
Net realized and unrealized gain (loss)	(3.19)	4.59	6.64	(19.61)	13.46
Total from investment operations	(2.98)	4.71	6.74	(19.37)	13.55
Distributions from net investment income	(.11)	(.07)	(.14)	(.02)	(.03)
Distributions from net realized gain	(.13)	(.13)	-	(.79)	-
Total distributions	(.24)	(.20)	(.14)	(.81)	(.03)
Redemption fees added to paid in capital ^C	.01	- ^G	.01	.02	.01
Net asset value, end of period	$ 20.50	$ 23.71	$ 19.20	$ 12.59	$ 32.75
Total Return ^{A, B}	(12.69)%	24.69%	54.54%	(60.55)%	70.63%
Ratios to Average Net Assets ^{D, F}
Expenses before reductions	1.54%	1.56%	1.60%	1.59%	1.59%
Expenses net of fee waivers, if any	1.54%	1.56%	1.60%	1.59%	1.59%
Expenses net of all reductions	1.47%	1.50%	1.53%	1.53%	1.54%
Net investment income (loss)	.92%	.59%	.70%	.94%	.36%
Supplemental Data
Net assets, end of period (000 omitted)	$ 202,477	$ 286,970	$ 216,187	$ 122,911	$ 218,836
Portfolio turnover rate ^E	122%	86%	85%	61%	48%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights - Class T

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 23.61	$ 19.14	$ 12.49	$ 32.52	$ 19.10
Income from Investment Operations
Net investment income (loss) ^C	.15	.07	.07	.17	.03
Net realized and unrealized gain (loss)	(3.18)	4.57	6.64	(19.48)	13.38
Total from investment operations	(3.03)	4.64	6.71	(19.31)	13.41
Distributions from net investment income	(.04)	(.04)	(.07)	-	-
Distributions from net realized gain	(.13)	(.13)	-	(.74)	-
Total distributions	(.16) ^H	(.17)	(.07)	(.74)	-
Redemption fees added to paid in capital ^C	.01	- ^G	.01	.02	.01
Net asset value, end of period	$ 20.43	$ 23.61	$ 19.14	$ 12.49	$ 32.52
Total Return ^{A, B}	(12.89)%	24.38%	54.17%	(60.66)%	70.26%
Ratios to Average Net Assets ^{D, F}
Expenses before reductions	1.79%	1.81%	1.87%	1.84%	1.86%
Expenses net of fee waivers, if any	1.79%	1.81%	1.85%	1.84%	1.85%
Expenses net of all reductions	1.73%	1.76%	1.78%	1.79%	1.79%
Net investment income (loss)	.66%	.33%	.44%	.69%	.11%
Supplemental Data
Net assets, end of period (000 omitted)	$ 73,146	$ 104,417	$ 86,959	$ 47,300	$ 119,952
Portfolio turnover rate ^E	122%	86%	85%	61%	48%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

^H Total distributions of $.16 per share is comprised of distributions from net investment income of $.037 and distributions from net realized gain of $.125 per share.

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

Annual Report

Financial Highlights - Class B

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 23.14	$ 18.80	$ 12.26	$ 32.03	$ 18.91
Income from Investment Operations
Net investment income (loss) ^C	.04	(.03)	(.01)	.04	(.09)
Net realized and unrealized gain (loss)	(3.13)	4.49	6.55	(19.13)	13.20
Total from investment operations	(3.09)	4.46	6.54	(19.09)	13.11
Distributions from net investment income	(.01)	-	-	-	-
Distributions from net realized gain	(.03)	(.12)	-	(.70)	-
Total distributions	(.03) ^H	(.12)	-	(.70)	-
Redemption fees added to paid in capital ^C	.01	- ^G	- ^G	.02	.01
Net asset value, end of period	$ 20.03	$ 23.14	$ 18.80	$ 12.26	$ 32.03
Total Return ^{A, B}	(13.33)%	23.77%	53.34%	(60.83)%	69.38%
Ratios to Average Net Assets ^{D, F}
Expenses before reductions	2.29%	2.32%	2.36%	2.35%	2.37%
Expenses net of fee waivers, if any	2.29%	2.32%	2.35%	2.35%	2.35%
Expenses net of all reductions	2.22%	2.26%	2.28%	2.30%	2.29%
Net investment income (loss)	.16%	(.17)%	(.05)%	.18%	(.39)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 21,304	$ 31,159	$ 27,580	$ 17,307	$ 41,042
Portfolio turnover rate ^E	122%	86%	85%	61%	48%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

^H Total distributions of $.03 per share is comprised of distributions from net investment income of $.005 and distributions from net realized gain of $.025 per share.

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

Annual Report

Financial Highlights - Class C

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 23.13	$ 18.80	$ 12.26	$ 32.04	$ 18.91
Income from Investment Operations
Net investment income (loss) ^C	.04	(.03)	(.01)	.05	(.09)
Net realized and unrealized gain (loss)	(3.12)	4.49	6.54	(19.15)	13.21
Total from investment operations	(3.08)	4.46	6.53	(19.10)	13.12
Distributions from net investment income	(.01)	-	-	-	-
Distributions from net realized gain	(.05)	(.13)	-	(.70)	-
Total distributions	(.06)	(.13)	-	(.70)	-
Redemption fees added to paid in capital ^C	.01	- ^G	.01	.02	.01
Net asset value, end of period	$ 20.00	$ 23.13	$ 18.80	$ 12.26	$ 32.04
Total Return ^{A, B}	(13.33)%	23.80%	53.34%	(60.84)%	69.43%
Ratios to Average Net Assets ^{D, F}
Expenses before reductions	2.28%	2.30%	2.34%	2.34%	2.34%
Expenses net of fee waivers, if any	2.28%	2.30%	2.34%	2.34%	2.34%
Expenses net of all reductions	2.22%	2.24%	2.28%	2.29%	2.29%
Net investment income (loss)	.17%	(.15)%	(.05)%	.19%	(.39)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 80,855	$ 106,711	$ 83,939	$ 44,878	$ 104,885
Portfolio turnover rate ^E	122%	86%	85%	61%	48%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights - Institutional Class

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 23.87	$ 19.29	$ 12.71	$ 33.02	$ 19.34
Income from Investment Operations
Net investment income (loss) ^B	.29	.20	.15	.31	.18
Net realized and unrealized gain (loss)	(3.21)	4.62	6.65	(19.76)	13.55
Total from investment operations	(2.92)	4.82	6.80	(19.45)	13.73
Distributions from net investment income	(.20)	(.11)	(.23)	(.09)	(.06)
Distributions from net realized gain	(.13)	(.13)	-	(.79)	-
Total distributions	(.33)	(.24)	(.23)	(.88)	(.06)
Redemption fees added to paid in capital ^B	.01	- ^F	.01	.02	.01
Net asset value, end of period	$ 20.63	$ 23.87	$ 19.29	$ 12.71	$ 33.02
Total Return ^A	(12.41)%	25.15%	54.97%	(60.42)%	71.23%
Ratios to Average Net Assets ^{C, E}
Expenses before reductions	1.21%	1.22%	1.30%	1.27%	1.25%
Expenses net of fee waivers, if any	1.21%	1.22%	1.30%	1.27%	1.25%
Expenses net of all reductions	1.14%	1.17%	1.23%	1.21%	1.19%
Net investment income (loss)	1.25%	.93%	.99%	1.26%	.71%
Supplemental Data
Net assets, end of period (000 omitted)	$ 138,312	$ 184,789	$ 106,713	$ 47,557	$ 52,011
Portfolio turnover rate ^D	122%	86%	85%	61%	48%

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

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F Amount represents less than $.01 per share.

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

Annual Report

Notes to Financial Statements

For the period ended October 31, 2011

1. Organization.

Fidelity Advisor Emerging Markets 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 C and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments by existing shareholders. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

Annual Report

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of October 31, 2011, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon

Annual Report

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 60,308,189
Gross unrealized depreciation	(40,019,364)
Net unrealized appreciation (depreciation) on securities and other investments	$ 20,288,825

Tax Cost	$ 522,558,294

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 2,180,940
Capital loss carryforward	$ (70,963,758)
Net unrealized appreciation (depreciation)	$ 20,226,704

The tax character of distributions paid was as follows:

	October 31, 2011	October 31, 2010
Ordinary Income	$ 6,474,313	$ 5,294,607

Annual Report

4. Operating Policies.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $793,493,102 and $904,699,290, respectively.

6. Fees and Other Transactions with Affiliates.

Annual Report

Notes to Financial Statements - continued

6. Fees and Other Transactions with Affiliates - continued

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 670,844	$ 17,761
Class T	.25%	.25%	474,396	1,623
Class B	.75%	.25%	278,324	208,937
Class C	.75%	.25%	1,009,648	156,329
			$ 2,433,212	$ 384,650

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

	Retained by FDC
Class A	$ 99,047
Class T	22,366
Class B*	60,646
Class C*	11,255
	$ 193,314

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

Annual Report

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

For the period, transfer agent fees for each class were as follows:

	Amount	% of Average Net Assets
Class A	$ 820,854	.31
Class T	296,239	.31
Class B	85,544	.31
Class C	301,434	.30
Institutional Class	377,433	.23
	$ 1,881,504

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 3,769,842	.38%	$ 759

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2,094 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

Annual Report

Notes to Financial Statements - continued

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $208,223. During the period, there were no securities loaned to FCM.

9. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $424,116 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $175.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2011	2010
From net investment income
Class A	$ 1,359,820	$ 823,941
Class T	162,957	194,714
Class B	6,606	-
Class C	23,592	-
Institutional Class	1,584,568	595,478
Total	$ 3,137,543	$ 1,614,133

Annual Report

10. Distributions to Shareholders - continued

Years ended October 31,	2011	2010
From net realized gain
Class A	$ 1,530,131	$ 1,543,065
Class T	550,254	631,634
Class B	33,415	170,009
Class C	232,626	588,609
Institutional Class	990,344	747,157
Total	$ 3,336,770	$ 3,680,474

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2011	2010	2011	2010
Class A
Shares sold	2,979,791	4,968,910	$ 70,086,728	$ 104,602,234
Reinvestment of distributions	111,230	108,006	2,675,569	2,258,405
Shares redeemed	(5,317,665)	(4,235,043)	(123,086,641)	(87,859,971)
Net increase (decrease)	(2,226,644)	841,873	$ (50,324,344)	$ 19,000,668
Class T
Shares sold	883,154	1,526,646	$ 20,610,023	$ 32,084,382
Reinvestment of distributions	28,248	38,153	678,402	796,254
Shares redeemed	(1,752,649)	(1,685,925)	(40,710,223)	(34,798,827)
Net increase (decrease)	(841,247)	(121,126)	$ (19,421,798)	$ (1,918,191)
Class B
Shares sold	68,462	284,855	$ 1,586,905	$ 5,842,113
Reinvestment of distributions	1,377	7,131	32,616	146,541
Shares redeemed	(352,710)	(412,420)	(8,040,387)	(8,414,002)
Net increase (decrease)	(282,871)	(120,434)	$ (6,420,866)	$ (2,425,348)
Class C
Shares sold	956,543	1,416,872	$ 22,080,298	$ 29,287,955
Reinvestment of distributions	9,045	24,169	213,702	496,184
Shares redeemed	(1,536,376)	(1,291,795)	(34,998,720)	(26,390,410)
Net increase (decrease)	(570,788)	149,246	$ (12,704,720)	$ 3,393,729
Institutional Class
Shares sold	2,773,126	4,771,525	$ 64,258,215	$ 100,570,593
Reinvestment of distributions	73,837	25,873	1,781,181	542,822
Shares redeemed	(3,885,014)	(2,586,784)	(91,297,373)	(54,324,513)
Net increase (decrease)	(1,038,051)	2,210,614	$ (25,257,977)	$ 46,788,902

Annual Report

Notes to Financial Statements - continued

12. Other.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Advisor Series VIII and Shareholders of Fidelity Advisor Emerging Markets Fund:

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Emerging Markets Fund (the Fund), a fund of Fidelity Advisor Series VIII, including the schedule of investments, as of October 31, 2011, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2011, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Advisor Emerging Markets Fund as of October 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 14, 2011

Annual Report

Trustees and Officers

Annual Report

Trustees and Officers - continued

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

Interested Trustees*:

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

Name, Age; Principal Occupations and Other Relevant Experience⁺
James C. Curvey (76)
	Year of Election or Appointment: 2007 Mr. Curvey is Trustee and Acting Chairman of the Board of Trustees of certain Trusts. Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of Fidelity Investments Money Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.
Ronald P. O'Hanley (54)
	Year of Election or Appointment: 2011 Mr. O'Hanley is Director of FMR Co., Inc. (2010-present), Director of Fidelity Investments Money Management, Inc. (2010-present), Director of Fidelity Research & Analysis Company (2010-present), President of Fidelity Asset Management and Corporate Services and a member of Fidelity's Executive Committee (2010-present). Previously, Mr. O'Hanley served as President and Chief Executive Officer of BNY Mellon Asset Management (2007-2010). Mr. O'Hanley also served as Vice Chairman of Bank New York Mellon Corp. and a member of that firm's Executive Committee. Prior to the 2007 merger of The Bank of New York and Mellon Financial Corporation, he was Vice Chairman of Mellon Financial Corporation and President and Chief Executive Officer of Mellon Asset Management. He joined Mellon in February 1997. Mr. O'Hanley currently serves as Chairman of the Boston Public Library Foundation Board of Directors and sits on the Board of Directors of Beth Israel Deaconess Medical Center, the Board of Trustees of the Marine Biological Laboratory and the Advisory Board of the Maxwell School of Citizenship and Public Administration at Syracuse University. Mr. O'Hanley also chairs the Council on Asset Management for the Financial Services Roundtable and is a member of the Board of Directors of Institutional Investor's U.S. Institute.

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

Annual Report

Trustees and Officers - continued

Independent Trustees:

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

Name, Age; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (63)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Mr. Dirks is a member of the Independent Directors Council (IDC) Governing Council (2010-Present) and Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (58)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's, Inc. (restaurant and entertainment complexes, 2010-present), The Hillman Companies, Inc. (hardware wholesalers, 2010-present), and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-Present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for the Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (67)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is also a member of the Board of Directors of the Philharmonic Center for the Arts in Naples, Florida (1999-present); a member of the Board of Trustees of Fairfield University (2005-present); and a member of the Council on Foreign Relations (1994-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (67)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Robert W. Selander (61)
	Year of Election or Appointment: 2011 Previously, Mr. Selander served as a Member of the Advisory Board of Fidelity's Equity and High Income Funds (2011), Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.
Cornelia M. Small (67)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (72)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Vice Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of Univar (global distributor of commodity and specialty chemicals, 2010-present), a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (62)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (61)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), as a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Advisory Board Members and Executive Officers:

Correspondence intended for each executive officer, Edward C. Johnson 3d, and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (81)
	Year of Election or Appointment: 2011 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC, and also serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as a Trustee and Chairman of the Board of certain Fidelity Trusts, Chairman and a Director of FMR, Chairman and a Director of FMR Co., Inc., and President of FMR LLC (2006-2007).
Peter S. Lynch (67)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (42)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as President and Treasurer (2010-present) and Assistant Treasurer (2009-present) of other Fidelity funds and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008).
Bruce T. Herring (46)
	Year of Election or Appointment: 2006 Vice President of certain Equity Funds. Mr. Herring also serves as Chief Investment Officer and Director of Fidelity Management & Research (U.K.) Inc. (2010-present) and Group Chief Investments Officer of FMR. Previously, Mr. Herring served as Vice President (2005-2006) and Senior Vice President (2006-2007) of Fidelity Management & Research Company, Vice President of FMR Co., Inc. (2001-2007) and as a portfolio manager for Fidelity U.S. Equity Funds.
Brian B. Hogan (47)
	Year of Election or Appointment: 2009 Vice President of Equity and High Income Funds. Mr. Hogan also serves as President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.
Scott C. Goebel (43)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as Secretary of Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); Secretary and CLO of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); employed by FMR LLC or an affiliate (2001-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (42)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Holly C. Laurent (57)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent also serves as AML Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present) and is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (53)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (64)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (50)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009).
Joseph F. Zambello (54)
	Year of Election or Appointment: 2011 Deputy Treasurer of the Fidelity funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
Adrien E. Deberghes (44)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes also serves as Vice President and Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II (2011-present), Assistant Treasurer of other Fidelity funds (2010-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (42)
	Year of Election or Appointment: 2010 Assistant Treasurer of Fidelity's Equity and High Income Funds. Ms. Dorsey also serves as Deputy Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
John R. Hebble (53)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President (2011-present), Treasurer, and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present), President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Gary W. Ryan (53)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).
Jonathan Davis (43)
	Year of Election or Appointment: 2010 Assistant Treasurer of the Fidelity funds. Mr. Davis is also Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).

Annual Report

Distributions (Unaudited)

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

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

	Pay Date	Income	Taxes
Class A	12/06/10	$0.277	$0.0459
	12/31/10	0.005	0.0000
Class T	12/06/10	$0.203	$0.0459
	12/31/10	0.005	0.0000
Class B	12/06/10	$0.071	$0.0459
	12/31/10	0.005	0.0000
Class C	12/06/10	$0.096	$0.0459
	12/31/10	0.005	0.0000

The fund will notify shareholders in January 2012 of amounts for use in preparing 2011 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Emerging Markets Fund

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Fidelity Advisor Emerging Markets Fund

aaa171

The Board reviewed the fund's relative investment performance against its peer group and noted that the performance of Institutional Class (Class I) of the fund was in the third quartile for the one- and five- year periods and the fourth quartile for the three-year period. The Board also noted that the investment performance of the fund was lower than its benchmark for all the periods shown. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board discussed with FMR actions that have been taken by FMR to improve the fund's disappointing performance relative to its peer group and benchmark. The Board also reviewed the fund's performance since inception as well as performance in the current year. The Board will continue to closely monitor the performance of the fund in the coming year and discuss with FMR other appropriate actions to address the performance of the fund.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 13% means that 87% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked, is also included in the chart and considered by the Board.

Fidelity Advisor Emerging Markets Fund

aaa173

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2010.

Annual Report

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

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that any potential economies of scale are being appropriately shared between fund shareholders and Fidelity.

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

Fidelity Management & Research
(Hong Kong) Limited

FIL Investments (Japan) Limited

Fidelity Management & Research
(Japan) Inc.

FIL Investment Advisors (UK) Limited

FIL Investment Advisors

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

FAEM-UANN-1211
1.809005.107

aaa68

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Emerging Markets
Fund - Institutional Class

Annual Report

October 31, 2011 aaa38

Chairman's Message	(Click Here)	The Chairman's message to shareholders.
Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fund performance and strategy.
Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

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

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

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

Annual Report

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_James_C_Curvey)

Dear Shareholder:

Sincerely,

(The acting chairman's signature appears here.)

James C. Curvey
Acting Chairman

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended October 31, 2011	Past 1 year	Past 5 years	Life of fund^A
Institutional Class	-12.41%	2.86%	11.22%

^AFrom March 29, 2004.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Emerging Markets Fund - Institutional Class on March 29, 2004, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI® Emerging Markets Index performed over the same period.

aaa189

Annual Report

Management's Discussion of Fund Performance

Comments from Robert von Rekowsky, Portfolio Manager of Fidelity Advisor® Emerging Markets Fund: During the past year, the fund's Institutional Class shares returned -12.41%, well behind the MSCI index. Relative performance was hurt the most by stock selection in energy, consumer staples and financials, followed by positioning in industrials and information technology. Geographically, security selection in China, India and South Africa weighed on the fund's results. Untimely ownership of wireless carrier and benchmark component China Mobile made it the fund's largest individual detractor. Similarly, underweighting Russian energy firm Gazprom when its stock was advancing early in the period dampened performance. Other key detractors were pork producer China Yurun Food Group - which I sold - and Turkish bank Turkiye Garanti Bankasi. Conversely, my picks in materials and positioning in the automobiles/components segment of consumer discretionary added value. Geographically, stock picking in Brazil and South Korea helped. Russian natural gas producer NOVATEK acquired additional acreage and added new customers, which bolstered its stock. Performance also benefited from Thai wireless carrier Advanced Info Service, as well as Korean automakers Kia Motors and Hyundai Motor.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2011 to October 31, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

	Annualized Expense Ratio	Beginning Account Value May 1, 2011	Ending Account Value October 31, 2011	Expenses Paid During Period* May 1, 2011 to October 31, 2011
Class A	1.51%
Actual		$ 1,000.00	$ 796.70	$ 6.84
Hypothetical^A		$ 1,000.00	$ 1,017.59	$ 7.68
Class T	1.76%
Actual		$ 1,000.00	$ 795.90	$ 7.97
Hypothetical^A		$ 1,000.00	$ 1,016.33	$ 8.94
Class B	2.26%
Actual		$ 1,000.00	$ 793.90	$ 10.22
Hypothetical^A		$ 1,000.00	$ 1,013.81	$ 11.47
Class C	2.26%
Actual		$ 1,000.00	$ 794.00	$ 10.22
Hypothetical^A		$ 1,000.00	$ 1,013.81	$ 11.47
Institutional Class	1.18%
Actual		$ 1,000.00	$ 798.10	$ 5.35
Hypothetical^A		$ 1,000.00	$ 1,019.26	$ 6.01

^A 5% return per year before expenses

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

Annual Report

Investment Changes (Unaudited)

Top Five Stocks as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment)	4.3	2.5
Petroleo Brasileiro SA - Petrobras (PN) (Brazil, Oil, Gas & Consumable Fuels)	2.4	2.1
China Mobile (Hong Kong) Ltd. (Hong Kong, Wireless Telecommunication Services)	2.4	0.0
Hyundai Motor Co. (Korea (South), Automobiles)	2.2	1.7
Banco Bradesco SA (PN) sponsored ADR (Brazil, Commercial Banks)	2.1	1.5
	13.4
Top Five Market Sectors as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	23.6	24.1
Energy	14.2	15.2
Information Technology	11.4	13.4
Materials	11.1	16.2
Consumer Discretionary	10.7	8.3
Top Five Countries as of October 31, 2011
(excluding cash equivalents)	% of fund's net assets	% of fund's net assets 6 months ago
Korea (South)	20.2	16.7
Brazil	15.1	14.4
China	8.5	8.7
Taiwan	6.7	10.6
Russia	5.8	8.9

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

Asset Allocation (% of fund's net assets)
As of October 31, 2011		As of April 30, 2011
	Stocks 98.2%		Stocks 97.9%
	Short-Term Investments and Net Other Assets 1.8%		Short-Term Investments and Net Other Assets 2.1%

aaa195

Annual Report

Investments October 31, 2011

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares		Value
Bailiwick of Jersey - 0.7%
Randgold Resources Ltd. sponsored ADR	35,600		$ 3,900,692
Bermuda - 1.5%
Cheung Kong Infrastructure Holdings Ltd.	512,000		2,742,639
CNPC (Hong Kong) Ltd.	1,758,000		2,462,576
Great Eagle Holdings Ltd.	553,062		1,228,314
NWS Holdings Ltd.	906,000		1,373,835
TOTAL BERMUDA			7,807,364
Brazil - 15.1%
Banco Bradesco SA (PN) sponsored ADR	596,890		10,863,398
Banco do Estado do Rio Grande do Sul SA	295,100		3,110,476
BR Malls Participacoes SA	276,000		2,981,481
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	186,705		6,295,693
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)	132,100		3,623,288
Companhia de Saneamento de Minas Gerais	44,200		829,844
Eletropaulo Metropolitana SA (PN-B)	169,600		3,041,975
Embraer SA sponsored ADR	79,900		2,222,818
Gol Linhas Aereas Inteligentes SA sponsored ADR (d)	291,000		2,333,820
Klabin SA (PN) (non-vtg.)	142,600		524,826
Localiza Rent A Car SA	60,100		908,220
Marcopolo SA (PN)	244,700		1,082,996
Mills Estruturas e Servicos de Engenharia SA	62,600		625,198
Multiplus SA	97,024		1,638,537
OGX Petroleo e Gas Participacoes SA (a)	627,700		5,190,624
Petroleo Brasileiro SA - Petrobras:
(PN) (non-vtg.)	113,200		1,405,441
(PN) sponsored ADR (d)	432,510		10,938,178
Qualicorp SA	99,000		905,136
Tegma Gestao Logistica	149,700		1,944,043
Telefonica Brasil SA sponsored ADR (a)	80,300		2,330,306
TIM Participacoes SA sponsored ADR	190,436		4,958,953
Ultrapar Participacoes SA	158,100		2,817,296
Vale SA (PN-A) sponsored ADR (d)	319,700		7,544,920
TOTAL BRAZIL			78,117,467
British Virgin Islands - 0.5%
Mail.ru Group Ltd.:
GDR (a)(e)	64,300		2,215,135
GDR (Reg. S)	5,900		203,255
TOTAL BRITISH VIRGIN ISLANDS			2,418,390
Common Stocks - continued
	Shares		Value
Canada - 1.7%
Eldorado Gold Corp.	200,285		$ 3,763,192
First Quantum Minerals Ltd.	136,900		2,871,625
Petrominerales Ltd.	79,100		2,086,904
TOTAL CANADA			8,721,721
Cayman Islands - 3.5%
Belle International Holdings Ltd.	988,000		1,937,692
Central China Real Estate Ltd.	2,170,836		490,203
China Shangshui Cement Group Ltd.	3,733,000		2,859,389
Country Garden Holdings Co. Ltd.	5,313,000		2,103,617
Eurasia Drilling Co. Ltd. GDR (Reg. S)	121,463		2,866,527
EVA Precision Industrial Holdings Ltd.	5,466,000		1,411,601
Haitian International Holdings Ltd.	1,095,000		972,902
Shenguan Holdings Group Ltd.	3,050,000		1,638,629
Silver Base Group Holdings Ltd.	1,500,000		1,597,484
SOHO China Ltd.	2,795,000		1,992,747
TOTAL CAYMAN ISLANDS			17,870,791
Chile - 1.0%
CFR Pharmaceuticals SA	9,020,934		2,135,786
Empresa Nacional de Telecomunicaciones SA (ENTEL)	157,908		3,126,254
TOTAL CHILE			5,262,040
China - 8.5%
Baidu.com, Inc. sponsored ADR (a)	19,515		2,735,613
China Communications Construction Co. Ltd. (H Shares)	3,568,000		2,691,187
China Communications Services Corp. Ltd. (H Shares)	4,928,000		2,272,725
China Construction Bank Corp. (H Shares)	10,290,000		7,560,426
China Minsheng Banking Corp. Ltd. (H Shares)	5,230,000		4,260,457
China National Building Materials Co. Ltd. (H Shares)	1,652,000		2,116,056
China Pacific Insurance Group Co. Ltd. (H Shares)	485,400		1,489,542
China Petroleum & Chemical Corp.:
(H Shares)	3,208,000		3,033,903
sponsored ADR (H Shares) (d)	21,600		2,039,040
China Southern Airlines Ltd. (H Shares) (a)	3,808,000		2,125,094
Great Wall Motor Co. Ltd. (H Shares)	1,607,500		2,182,844
Harbin Power Equipment Co. Ltd. (H Shares)	2,662,000		2,682,598
Industrial & Commercial Bank of China Ltd. (H Shares)	5,047,035		3,151,688
SINA Corp. (a)(d)	16,778		1,363,884
Sinopec Shanghai Petrochemical Co. Ltd. (H Shares)	3,946,000		1,448,771
Yantai Changyu Pioneer Wine Co. (B Shares)	227,939		2,564,539
TOTAL CHINA			43,718,367
Common Stocks - continued
	Shares		Value
Czech Republic - 1.7%
Ceske Energeticke Zavody AS	115,000		$ 4,863,391
Komercni Banka AS	11,405		2,199,640
Philip Morris CR A/S	2,291		1,504,301
TOTAL CZECH REPUBLIC			8,567,332
Egypt - 0.5%
Commercial International Bank Ltd. sponsored GDR	559,378		2,471,332
Georgia - 0.2%
Bank of Georgia GDR (Reg. S)	70,400		897,600
Hong Kong - 5.6%
China Insurance International Holdings Co. Ltd. (a)	1,157,800		2,510,759
China Mobile (Hong Kong) Ltd.	1,289,500		12,255,849
China Power International Development Ltd.	11,110,000		2,350,869
CNOOC Ltd.	4,280,000		8,090,740
CNOOC Ltd. sponsored ADR	10,100		1,904,961
Dah Chong Hong Holdings Ltd.	893,000		1,084,491
Lenovo Group Ltd.	912,000		613,142
TOTAL HONG KONG			28,810,811
Hungary - 0.1%
Magyar Telekom PLC	209,500		487,552
India - 4.2%
Bank of Baroda	208,283		3,284,122
Bharti Airtel Ltd.	406,724		3,257,339
Housing Development Finance Corp. Ltd.	375,185		5,279,914
Indian Overseas Bank	787,322		1,649,998
Jain Irrigation Systems Ltd.	59,911		152,656
Punjab National Bank	51,156		1,042,125
Tata Consultancy Services Ltd.	173,499		3,946,720
Tata Steel Ltd.	115,844		1,140,764
Ultratech Cement Ltd.	81,637		1,927,525
TOTAL INDIA			21,681,163
Indonesia - 5.3%
PT Astra International Tbk	763,500		5,887,159
PT Bank Negara Indonesia (Persero) Tbk	5,202,000		2,331,338
PT Bank Rakyat Indonesia Tbk	8,428,500		6,336,941
PT Bank Tabungan Negara Tbk	7,825,500		1,259,673
PT Bumi Serpong Damai Tbk	11,588,100		1,192,446
PT Ciputra Development Tbk	14,439,000		791,675
PT Gadjah Tunggal Tbk	2,713,500		829,783
PT Indofood Sukses Makmur Tbk	4,061,000		2,410,607
Common Stocks - continued
	Shares		Value
Indonesia - continued
PT Indosat Tbk	3,834,000		$ 2,296,282
PT Summarecon Agung Tbk	4,801,000		628,283
PT Tower Bersama Infrastructure Tbk	5,965,000		1,388,255
PT XL Axiata Tbk	3,921,000		2,192,975
TOTAL INDONESIA			27,545,417
Israel - 0.4%
Check Point Software Technologies Ltd. (a)	40,400		2,328,252
Kazakhstan - 0.5%
KazMunaiGas Exploration & Production JSC (Reg. S) GDR	153,077		2,599,247
Korea (South) - 20.2%
BS Financial Group, Inc. (a)	210,130		2,304,070
Cheil Worldwide, Inc.	121,220		1,977,459
CJ CheilJedang Corp.	2,806		771,471
CJ Corp.	43,637		3,114,675
Daum Communications Corp.	12,149		1,466,415
Doosan Co. Ltd.	24,160		3,043,618
GS Holdings Corp.	55,755		3,199,602
Hana Financial Group, Inc.	132,830		4,727,436
Hankook Tire Co. Ltd.	43,210		1,718,256
Hyundai Department Store Co. Ltd.	22,660		3,236,772
Hyundai Fire & Marine Insurance Co. Ltd.	54,490		1,571,917
Hyundai Heavy Industries Co. Ltd.	17,618		4,689,336
Hyundai Hysco Co. Ltd.	52,900		2,040,089
Hyundai Mobis	18,065		5,150,761
Hyundai Motor Co.	55,432		11,121,721
Industrial Bank of Korea	304,090		3,977,292
Kia Motors Corp.	79,490		5,077,242
Korea Zinc Co. Ltd.	5,268		1,538,334
KT&G Corp.	83,609		5,210,736
LG Chemical Ltd.	7		2,250
LIG Non-Life Insurance Co. Ltd.	59,440		1,260,591
Lotte Samkang Co. Ltd.	1,974		588,383
Nong Shim Co. Ltd.	11,079		2,162,906
Paradise Co. Ltd.	260,483		1,823,893
Samsung Card Co. Ltd.	59,651		2,226,967
Samsung Electronics Co. Ltd.	26,052		22,343,496
Shinhan Financial Group Co. Ltd.	154,002		6,112,112
SK Chemicals Co. Ltd.	30,120		1,919,741
TOTAL KOREA (SOUTH)			104,377,541
Common Stocks - continued
	Shares		Value
Luxembourg - 0.7%
Millicom International Cellular SA (depositary receipt)	32,960		$ 3,632,422
Malaysia - 0.7%
Axiata Group Bhd	2,258,100		3,569,053
Mauritius - 0.0%
Golden Agri-Resources Ltd.	3,000		1,535
Mexico - 0.3%
Embotelladoras Arca SAB de CC	351,800		1,669,182
Netherlands - 0.2%
Yandex NV	39,700		1,092,544
Nigeria - 0.4%
Guaranty Trust Bank PLC GDR (Reg. S)	422,095		1,941,637
Panama - 0.5%
Copa Holdings SA Class A	37,828		2,612,780
Peru - 0.7%
Compania de Minas Buenaventura SA sponsored ADR	94,898		3,884,175
Philippines - 0.2%
Globe Telecom, Inc.	46,070		982,236
Poland - 0.7%
Polska Grupa Energetyczna SA	301,400		1,857,452
TVN SA	401,443		1,606,832
TOTAL POLAND			3,464,284
Qatar - 0.1%
Commercial Bank of Qatar GDR (Reg. S)	68,433		313,857
Russia - 5.8%
Cherkizovo Group OJSC GDR (a)	71,794		1,001,269
Gazprom OAO sponsored ADR	285,368		3,313,122
Lukoil Oil Co. sponsored ADR	99,715		5,753,556
Mostotrest OAO (a)	97,100		558,156
NOVATEK OAO GDR	54,698		7,679,599
Rosneft Oil Co. OJSC GDR (Reg. S)	184,400		1,312,006
Sberbank of Russia (f)	2,331,200		6,325,780
TNK-BP Holding	108,300		296,311
Uralkali JSC GDR (Reg. S)	88,000		3,819,200
TOTAL RUSSIA			30,058,999
Singapore - 0.2%
Sakari Resources Ltd.	610,000		1,139,058
South Africa - 2.6%
African Bank Investments Ltd.	711,047		3,085,627
Common Stocks - continued
	Shares		Value
South Africa - continued
Foschini Ltd.	250,578		$ 3,161,786
Imperial Holdings Ltd.	137,851		2,040,938
Life Healthcare Group Holdings Ltd.	763,100		1,856,717
Mr Price Group Ltd.	193,100		1,858,907
Northam Platinum Ltd.	344,471		1,334,688
TOTAL SOUTH AFRICA			13,338,663
Taiwan - 6.7%
Catcher Technology Co. Ltd.	580,000		3,231,474
Chroma ATE, Inc.	593,208		1,183,577
Formosa Chemicals & Fibre Corp.	2,000		5,788
Formosa Plastics Corp.	1,488,000		4,376,345
Hotai Motor Co. Ltd.	63,000		274,075
HTC Corp.	178,202		4,004,832
Kinsus Interconnect Technology Corp.	434,000		1,498,950
Leofoo Development Co. Ltd. (a)	823,000		541,690
President Chain Store Corp.	457,000		2,541,257
SIMPLO Technology Co. Ltd.	195,500		1,150,355
Taishin Financial Holdings Co. Ltd.	9,405,059		3,982,272
Taiwan Cement Corp.	3,307,804		4,131,053
Taiwan Semiconductor Manufacturing Co. Ltd.	3,057,534		7,450,833
TOTAL TAIWAN			34,372,501
Thailand - 4.3%
Advanced Info Service PCL (For. Reg.)	1,202,700		5,052,926
Asian Property Development PCL (For. Reg.)	7,877,920		1,151,443
Bangkok Expressway PCL (For.Reg.)	173,300		91,499
Banpu PCL (For. Reg.)	65,650		1,332,720
Charoen Pokphand Foods PCL (For. Reg.)	1,219,000		1,187,146
Krung Thai Bank PCL (For. Reg.)	3,163,500		1,548,055
PTT Global Chemical PCL (For. Reg.) (a)	202,170		426,317
PTT PCL (For. Reg.)	330,600		3,256,862
Siam Cement PCL (For. Reg.)	212,200		2,544,190
Siam Commercial Bank PCL (For. Reg.)	1,412,200		5,342,065
Total Access Communication PCL (For. Reg.)	14,600		34,782
TOTAL THAILAND			21,968,005
Turkey - 1.5%
Aygaz A/S	257,580		1,407,167
Koc Holding AS	337,000		1,204,490
Common Stocks - continued
	Shares		Value
Turkey - continued
Tofas Turk Otomobil Fabrikasi AS	396,670		$ 1,534,411
Turkiye Garanti Bankasi AS	1,025,375		3,618,459
TOTAL TURKEY			7,764,527
United Kingdom - 0.7%
International Personal Finance PLC	259,640		1,144,930
Kazakhmys PLC	171,600		2,559,595
TOTAL UNITED KINGDOM			3,704,525
United States of America - 0.7%
Cognizant Technology Solutions Corp. Class A (a)	35,900		2,611,725
Freeport-McMoRan Copper & Gold, Inc.	25,000		1,006,500
TOTAL UNITED STATES OF AMERICA			3,618,225
TOTAL COMMON STOCKS (Cost $479,594,161)		506,711,287
Money Market Funds - 7.0%

Fidelity Cash Central Fund, 0.12% (b)	12,103,407		12,103,407
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	24,032,425		24,032,425
TOTAL MONEY MARKET FUNDS (Cost $36,135,832)		36,135,832
TOTAL INVESTMENT PORTFOLIO - 105.2% (Cost $515,729,993)			542,847,119
NET OTHER ASSETS (LIABILITIES) - (5.2)%			(26,752,906)
NET ASSETS - 100%		$ 516,094,213

Legend

(a) Non-income producing

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

(f) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 7,900
Fidelity Securities Lending Cash Central Fund	208,223
Total	$ 216,123

Other Information

The following is a summary of the inputs used, as of October 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Korea (South)	$ 104,377,541	$ -	$ 104,377,541	$ -
Brazil	78,117,467	78,117,467	-	-
China	43,718,367	6,138,537	37,579,830	-
Taiwan	34,372,501	-	34,372,501	-
Russia	30,058,999	30,058,999	-	-
Hong Kong	28,810,811	1,904,961	26,905,850	-
Indonesia	27,545,417	-	27,545,417	-
Thailand	21,968,005	-	21,968,005	-
India	21,681,163	-	21,681,163	-
Other	116,061,016	88,539,742	27,521,274	-
Money Market Funds	36,135,832	36,135,832	-	-
Total Investments in Securities:	$ 542,847,119	$ 240,895,538	$ 301,951,581	$ -

Transfers from Level 1 to Level 2 during the period were $175,991,065.

Income Tax Information

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

	October 31, 2011

Assets
Investment in securities, at value (including securities loaned of $22,529,650) - See accompanying schedule: Unaffiliated issuers (cost $479,594,161)	$ 506,711,287
Fidelity Central Funds (cost $36,135,832)	36,135,832
Total Investments (cost $515,729,993)		$ 542,847,119
Cash		59,010
Foreign currency held at value (cost $120,091)		120,327
Receivable for investments sold		9,923,111
Receivable for fund shares sold		435,050
Dividends receivable		863,941
Distributions receivable from Fidelity Central Funds		3,383
Prepaid expenses		2,245
Other receivables		150,712
Total assets		554,404,898

Liabilities
Payable for investments purchased Regular delivery	$ 11,512,990
Delayed delivery	544,208
Payable for fund shares redeemed	1,476,075
Accrued management fee	331,950
Distribution and service plan fees payable	150,229
Other affiliated payables	144,341
Other payables and accrued expenses	118,467
Collateral on securities loaned, at value	24,032,425
Total liabilities		38,310,685

Net Assets		$ 516,094,213
Net Assets consist of:
Paid in capital		$ 564,650,323
Undistributed net investment income		2,180,940
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(77,792,055)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		27,055,005
Net Assets		$ 516,094,213

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

Annual Report

Statement of Assets and Liabilities - continued

	October 31, 2011

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($202,477,116 ÷ 9,874,684 shares)		$ 20.50

Maximum offering price per share (100/94.25 of $20.50)		$ 21.75
Class T: Net Asset Value and redemption price per share ($73,146,470 ÷ 3,580,925 shares)		$ 20.43

Maximum offering price per share (100/96.50 of $20.43)		$ 21.17
Class B: Net Asset Value and offering price per share ($21,303,616 ÷ 1,063,635 shares)^A		$ 20.03

Class C: Net Asset Value and offering price per share ($80,855,457 ÷ 4,042,960 shares)^A		$ 20.00


Institutional Class: Net Asset Value, offering price and redemption price per share ($138,311,554 ÷ 6,704,037 shares)		$ 20.63

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

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

Annual Report

Financial Statements - continued

Statement of Operations

	Year ended October 31, 2011

Investment Income
Dividends		$ 17,261,482
Interest		4,047
Income from Fidelity Central Funds		216,123
Income before foreign taxes withheld		17,481,652
Less foreign taxes withheld		(1,780,223)
Total income		15,701,429

Expenses
Management fee	$ 5,313,198
Transfer agent fees	1,881,504
Distribution and service plan fees	2,433,212
Accounting and security lending fees	329,547
Custodian fees and expenses	607,708
Independent trustees' compensation	3,689
Registration fees	99,322
Audit	76,331
Legal	2,750
Interest	759
Miscellaneous	6,064
Total expenses before reductions	10,754,084
Expense reductions	(424,291)	10,329,793
Net investment income (loss)		5,371,636
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	52,328,302
Foreign currency transactions	(1,019,132)
Total net realized gain (loss)		51,309,170
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $557,002)	(134,107,578)
Assets and liabilities in foreign currencies	(62,766)
Total change in net unrealized appreciation (depreciation)		(134,170,344)
Net gain (loss)		(82,861,174)
Net increase (decrease) in net assets resulting from operations		$ (77,489,538)

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

Annual Report

Statement of Changes in Net Assets

	Year ended October 31, 2011	Year ended October 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 5,371,636	$ 2,925,139
Net realized gain (loss)	51,309,170	51,525,426
Change in net unrealized appreciation (depreciation)	(134,170,344)	78,533,647
Net increase (decrease) in net assets resulting from operations	(77,489,538)	132,984,212
Distributions to shareholders from net investment income	(3,137,543)	(1,614,133)
Distributions to shareholders from net realized gain	(3,336,770)	(3,680,474)
Total distributions	(6,474,313)	(5,294,607)
Share transactions - net increase (decrease)	(114,129,705)	64,839,760
Redemption fees	141,338	140,252
Total increase (decrease) in net assets	(197,952,218)	192,669,617

Net Assets
Beginning of period	714,046,431	521,376,814
End of period (including undistributed net investment income of $2,180,940 and undistributed net investment income of $2,876,119, respectively)	$ 516,094,213	$ 714,046,431

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

Annual Report

Financial Highlights - Class A

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 23.71	$ 19.20	$ 12.59	$ 32.75	$ 19.22
Income from Investment Operations
Net investment income (loss) ^C	.21	.12	.10	.24	.09
Net realized and unrealized gain (loss)	(3.19)	4.59	6.64	(19.61)	13.46
Total from investment operations	(2.98)	4.71	6.74	(19.37)	13.55
Distributions from net investment income	(.11)	(.07)	(.14)	(.02)	(.03)
Distributions from net realized gain	(.13)	(.13)	-	(.79)	-
Total distributions	(.24)	(.20)	(.14)	(.81)	(.03)
Redemption fees added to paid in capital ^C	.01	- ^G	.01	.02	.01
Net asset value, end of period	$ 20.50	$ 23.71	$ 19.20	$ 12.59	$ 32.75
Total Return ^{A, B}	(12.69)%	24.69%	54.54%	(60.55)%	70.63%
Ratios to Average Net Assets ^{D, F}
Expenses before reductions	1.54%	1.56%	1.60%	1.59%	1.59%
Expenses net of fee waivers, if any	1.54%	1.56%	1.60%	1.59%	1.59%
Expenses net of all reductions	1.47%	1.50%	1.53%	1.53%	1.54%
Net investment income (loss)	.92%	.59%	.70%	.94%	.36%
Supplemental Data
Net assets, end of period (000 omitted)	$ 202,477	$ 286,970	$ 216,187	$ 122,911	$ 218,836
Portfolio turnover rate ^E	122%	86%	85%	61%	48%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights - Class T

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 23.61	$ 19.14	$ 12.49	$ 32.52	$ 19.10
Income from Investment Operations
Net investment income (loss) ^C	.15	.07	.07	.17	.03
Net realized and unrealized gain (loss)	(3.18)	4.57	6.64	(19.48)	13.38
Total from investment operations	(3.03)	4.64	6.71	(19.31)	13.41
Distributions from net investment income	(.04)	(.04)	(.07)	-	-
Distributions from net realized gain	(.13)	(.13)	-	(.74)	-
Total distributions	(.16) ^H	(.17)	(.07)	(.74)	-
Redemption fees added to paid in capital ^C	.01	- ^G	.01	.02	.01
Net asset value, end of period	$ 20.43	$ 23.61	$ 19.14	$ 12.49	$ 32.52
Total Return ^{A, B}	(12.89)%	24.38%	54.17%	(60.66)%	70.26%
Ratios to Average Net Assets ^{D, F}
Expenses before reductions	1.79%	1.81%	1.87%	1.84%	1.86%
Expenses net of fee waivers, if any	1.79%	1.81%	1.85%	1.84%	1.85%
Expenses net of all reductions	1.73%	1.76%	1.78%	1.79%	1.79%
Net investment income (loss)	.66%	.33%	.44%	.69%	.11%
Supplemental Data
Net assets, end of period (000 omitted)	$ 73,146	$ 104,417	$ 86,959	$ 47,300	$ 119,952
Portfolio turnover rate ^E	122%	86%	85%	61%	48%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

^H Total distributions of $.16 per share is comprised of distributions from net investment income of $.037 and distributions from net realized gain of $.125 per share.

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

Annual Report

Financial Highlights - Class B

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 23.14	$ 18.80	$ 12.26	$ 32.03	$ 18.91
Income from Investment Operations
Net investment income (loss) ^C	.04	(.03)	(.01)	.04	(.09)
Net realized and unrealized gain (loss)	(3.13)	4.49	6.55	(19.13)	13.20
Total from investment operations	(3.09)	4.46	6.54	(19.09)	13.11
Distributions from net investment income	(.01)	-	-	-	-
Distributions from net realized gain	(.03)	(.12)	-	(.70)	-
Total distributions	(.03) ^H	(.12)	-	(.70)	-
Redemption fees added to paid in capital ^C	.01	- ^G	- ^G	.02	.01
Net asset value, end of period	$ 20.03	$ 23.14	$ 18.80	$ 12.26	$ 32.03
Total Return ^{A, B}	(13.33)%	23.77%	53.34%	(60.83)%	69.38%
Ratios to Average Net Assets ^{D, F}
Expenses before reductions	2.29%	2.32%	2.36%	2.35%	2.37%
Expenses net of fee waivers, if any	2.29%	2.32%	2.35%	2.35%	2.35%
Expenses net of all reductions	2.22%	2.26%	2.28%	2.30%	2.29%
Net investment income (loss)	.16%	(.17)%	(.05)%	.18%	(.39)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 21,304	$ 31,159	$ 27,580	$ 17,307	$ 41,042
Portfolio turnover rate ^E	122%	86%	85%	61%	48%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

^H Total distributions of $.03 per share is comprised of distributions from net investment income of $.005 and distributions from net realized gain of $.025 per share.

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

Annual Report

Financial Highlights - Class C

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 23.13	$ 18.80	$ 12.26	$ 32.04	$ 18.91
Income from Investment Operations
Net investment income (loss) ^C	.04	(.03)	(.01)	.05	(.09)
Net realized and unrealized gain (loss)	(3.12)	4.49	6.54	(19.15)	13.21
Total from investment operations	(3.08)	4.46	6.53	(19.10)	13.12
Distributions from net investment income	(.01)	-	-	-	-
Distributions from net realized gain	(.05)	(.13)	-	(.70)	-
Total distributions	(.06)	(.13)	-	(.70)	-
Redemption fees added to paid in capital ^C	.01	- ^G	.01	.02	.01
Net asset value, end of period	$ 20.00	$ 23.13	$ 18.80	$ 12.26	$ 32.04
Total Return ^{A, B}	(13.33)%	23.80%	53.34%	(60.84)%	69.43%
Ratios to Average Net Assets ^{D, F}
Expenses before reductions	2.28%	2.30%	2.34%	2.34%	2.34%
Expenses net of fee waivers, if any	2.28%	2.30%	2.34%	2.34%	2.34%
Expenses net of all reductions	2.22%	2.24%	2.28%	2.29%	2.29%
Net investment income (loss)	.17%	(.15)%	(.05)%	.19%	(.39)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 80,855	$ 106,711	$ 83,939	$ 44,878	$ 104,885
Portfolio turnover rate ^E	122%	86%	85%	61%	48%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights - Institutional Class

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 23.87	$ 19.29	$ 12.71	$ 33.02	$ 19.34
Income from Investment Operations
Net investment income (loss) ^B	.29	.20	.15	.31	.18
Net realized and unrealized gain (loss)	(3.21)	4.62	6.65	(19.76)	13.55
Total from investment operations	(2.92)	4.82	6.80	(19.45)	13.73
Distributions from net investment income	(.20)	(.11)	(.23)	(.09)	(.06)
Distributions from net realized gain	(.13)	(.13)	-	(.79)	-
Total distributions	(.33)	(.24)	(.23)	(.88)	(.06)
Redemption fees added to paid in capital ^B	.01	- ^F	.01	.02	.01
Net asset value, end of period	$ 20.63	$ 23.87	$ 19.29	$ 12.71	$ 33.02
Total Return ^A	(12.41)%	25.15%	54.97%	(60.42)%	71.23%
Ratios to Average Net Assets ^{C, E}
Expenses before reductions	1.21%	1.22%	1.30%	1.27%	1.25%
Expenses net of fee waivers, if any	1.21%	1.22%	1.30%	1.27%	1.25%
Expenses net of all reductions	1.14%	1.17%	1.23%	1.21%	1.19%
Net investment income (loss)	1.25%	.93%	.99%	1.26%	.71%
Supplemental Data
Net assets, end of period (000 omitted)	$ 138,312	$ 184,789	$ 106,713	$ 47,557	$ 52,011
Portfolio turnover rate ^D	122%	86%	85%	61%	48%

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

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F Amount represents less than $.01 per share.

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

Annual Report

Notes to Financial Statements

For the period ended October 31, 2011

1. Organization.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

Annual Report

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of October 31, 2011, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon

Annual Report

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 60,308,189
Gross unrealized depreciation	(40,019,364)
Net unrealized appreciation (depreciation) on securities and other investments	$ 20,288,825

Tax Cost	$ 522,558,294

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 2,180,940
Capital loss carryforward	$ (70,963,758)
Net unrealized appreciation (depreciation)	$ 20,226,704

The tax character of distributions paid was as follows:

	October 31, 2011	October 31, 2010
Ordinary Income	$ 6,474,313	$ 5,294,607

Annual Report

4. Operating Policies.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $793,493,102 and $904,699,290, respectively.

6. Fees and Other Transactions with Affiliates.

Annual Report

Notes to Financial Statements - continued

6. Fees and Other Transactions with Affiliates - continued

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 670,844	$ 17,761
Class T	.25%	.25%	474,396	1,623
Class B	.75%	.25%	278,324	208,937
Class C	.75%	.25%	1,009,648	156,329
			$ 2,433,212	$ 384,650

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

	Retained by FDC
Class A	$ 99,047
Class T	22,366
Class B*	60,646
Class C*	11,255
	$ 193,314

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

Annual Report

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

For the period, transfer agent fees for each class were as follows:

	Amount	% of Average Net Assets
Class A	$ 820,854	.31
Class T	296,239	.31
Class B	85,544	.31
Class C	301,434	.30
Institutional Class	377,433	.23
	$ 1,881,504

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 3,769,842	.38%	$ 759

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2,094 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

Annual Report

Notes to Financial Statements - continued

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $208,223. During the period, there were no securities loaned to FCM.

9. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $424,116 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $175.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2011	2010
From net investment income
Class A	$ 1,359,820	$ 823,941
Class T	162,957	194,714
Class B	6,606	-
Class C	23,592	-
Institutional Class	1,584,568	595,478
Total	$ 3,137,543	$ 1,614,133

Annual Report

10. Distributions to Shareholders - continued

Years ended October 31,	2011	2010
From net realized gain
Class A	$ 1,530,131	$ 1,543,065
Class T	550,254	631,634
Class B	33,415	170,009
Class C	232,626	588,609
Institutional Class	990,344	747,157
Total	$ 3,336,770	$ 3,680,474

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2011	2010	2011	2010
Class A
Shares sold	2,979,791	4,968,910	$ 70,086,728	$ 104,602,234
Reinvestment of distributions	111,230	108,006	2,675,569	2,258,405
Shares redeemed	(5,317,665)	(4,235,043)	(123,086,641)	(87,859,971)
Net increase (decrease)	(2,226,644)	841,873	$ (50,324,344)	$ 19,000,668
Class T
Shares sold	883,154	1,526,646	$ 20,610,023	$ 32,084,382
Reinvestment of distributions	28,248	38,153	678,402	796,254
Shares redeemed	(1,752,649)	(1,685,925)	(40,710,223)	(34,798,827)
Net increase (decrease)	(841,247)	(121,126)	$ (19,421,798)	$ (1,918,191)
Class B
Shares sold	68,462	284,855	$ 1,586,905	$ 5,842,113
Reinvestment of distributions	1,377	7,131	32,616	146,541
Shares redeemed	(352,710)	(412,420)	(8,040,387)	(8,414,002)
Net increase (decrease)	(282,871)	(120,434)	$ (6,420,866)	$ (2,425,348)
Class C
Shares sold	956,543	1,416,872	$ 22,080,298	$ 29,287,955
Reinvestment of distributions	9,045	24,169	213,702	496,184
Shares redeemed	(1,536,376)	(1,291,795)	(34,998,720)	(26,390,410)
Net increase (decrease)	(570,788)	149,246	$ (12,704,720)	$ 3,393,729
Institutional Class
Shares sold	2,773,126	4,771,525	$ 64,258,215	$ 100,570,593
Reinvestment of distributions	73,837	25,873	1,781,181	542,822
Shares redeemed	(3,885,014)	(2,586,784)	(91,297,373)	(54,324,513)
Net increase (decrease)	(1,038,051)	2,210,614	$ (25,257,977)	$ 46,788,902

Annual Report

Notes to Financial Statements - continued

12. Other.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Advisor Series VIII and Shareholders of Fidelity Advisor Emerging Markets Fund:

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 14, 2011

Annual Report

Trustees and Officers

Annual Report

Trustees and Officers - continued

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

Interested Trustees*:

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

Name, Age; Principal Occupations and Other Relevant Experience⁺
James C. Curvey (76)
	Year of Election or Appointment: 2007 Mr. Curvey is Trustee and Acting Chairman of the Board of Trustees of certain Trusts. Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of Fidelity Investments Money Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.
Ronald P. O'Hanley (54)
	Year of Election or Appointment: 2011 Mr. O'Hanley is Director of FMR Co., Inc. (2010-present), Director of Fidelity Investments Money Management, Inc. (2010-present), Director of Fidelity Research & Analysis Company (2010-present), President of Fidelity Asset Management and Corporate Services and a member of Fidelity's Executive Committee (2010-present). Previously, Mr. O'Hanley served as President and Chief Executive Officer of BNY Mellon Asset Management (2007-2010). Mr. O'Hanley also served as Vice Chairman of Bank New York Mellon Corp. and a member of that firm's Executive Committee. Prior to the 2007 merger of The Bank of New York and Mellon Financial Corporation, he was Vice Chairman of Mellon Financial Corporation and President and Chief Executive Officer of Mellon Asset Management. He joined Mellon in February 1997. Mr. O'Hanley currently serves as Chairman of the Boston Public Library Foundation Board of Directors and sits on the Board of Directors of Beth Israel Deaconess Medical Center, the Board of Trustees of the Marine Biological Laboratory and the Advisory Board of the Maxwell School of Citizenship and Public Administration at Syracuse University. Mr. O'Hanley also chairs the Council on Asset Management for the Financial Services Roundtable and is a member of the Board of Directors of Institutional Investor's U.S. Institute.

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

Annual Report

Trustees and Officers - continued

Independent Trustees:

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

Name, Age; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (63)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Mr. Dirks is a member of the Independent Directors Council (IDC) Governing Council (2010-Present) and Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (58)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's, Inc. (restaurant and entertainment complexes, 2010-present), The Hillman Companies, Inc. (hardware wholesalers, 2010-present), and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-Present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for the Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (67)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is also a member of the Board of Directors of the Philharmonic Center for the Arts in Naples, Florida (1999-present); a member of the Board of Trustees of Fairfield University (2005-present); and a member of the Council on Foreign Relations (1994-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (67)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Robert W. Selander (61)
	Year of Election or Appointment: 2011 Previously, Mr. Selander served as a Member of the Advisory Board of Fidelity's Equity and High Income Funds (2011), Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.
Cornelia M. Small (67)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (72)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Vice Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of Univar (global distributor of commodity and specialty chemicals, 2010-present), a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (62)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (61)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), as a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Advisory Board Members and Executive Officers:

Correspondence intended for each executive officer, Edward C. Johnson 3d, and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (81)
	Year of Election or Appointment: 2011 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC, and also serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as a Trustee and Chairman of the Board of certain Fidelity Trusts, Chairman and a Director of FMR, Chairman and a Director of FMR Co., Inc., and President of FMR LLC (2006-2007).
Peter S. Lynch (67)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (42)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as President and Treasurer (2010-present) and Assistant Treasurer (2009-present) of other Fidelity funds and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008).
Bruce T. Herring (46)
	Year of Election or Appointment: 2006 Vice President of certain Equity Funds. Mr. Herring also serves as Chief Investment Officer and Director of Fidelity Management & Research (U.K.) Inc. (2010-present) and Group Chief Investments Officer of FMR. Previously, Mr. Herring served as Vice President (2005-2006) and Senior Vice President (2006-2007) of Fidelity Management & Research Company, Vice President of FMR Co., Inc. (2001-2007) and as a portfolio manager for Fidelity U.S. Equity Funds.
Brian B. Hogan (47)
	Year of Election or Appointment: 2009 Vice President of Equity and High Income Funds. Mr. Hogan also serves as President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.
Scott C. Goebel (43)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as Secretary of Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); Secretary and CLO of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); employed by FMR LLC or an affiliate (2001-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (42)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Holly C. Laurent (57)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent also serves as AML Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present) and is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (53)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (64)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (50)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009).
Joseph F. Zambello (54)
	Year of Election or Appointment: 2011 Deputy Treasurer of the Fidelity funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
Adrien E. Deberghes (44)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes also serves as Vice President and Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II (2011-present), Assistant Treasurer of other Fidelity funds (2010-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (42)
	Year of Election or Appointment: 2010 Assistant Treasurer of Fidelity's Equity and High Income Funds. Ms. Dorsey also serves as Deputy Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
John R. Hebble (53)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President (2011-present), Treasurer, and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present), President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Gary W. Ryan (53)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).
Jonathan Davis (43)
	Year of Election or Appointment: 2010 Assistant Treasurer of the Fidelity funds. Mr. Davis is also Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).

Annual Report

Distributions (Unaudited)

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

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

	Pay Date	Income	Taxes
Institutional Class	12/06/10	$0.366	$0.0459
	12/31/10	0.005	0.0000

The fund will notify shareholders in January 2012 of amounts for use in preparing 2011 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Emerging Markets Fund

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Fidelity Advisor Emerging Markets Fund

aaa197

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 13% means that 87% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked, is also included in the chart and considered by the Board.

Fidelity Advisor Emerging Markets Fund

aaa199

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2010.

Annual Report

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

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that any potential economies of scale are being appropriately shared between fund shareholders and Fidelity.

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

Fidelity Management & Research
(Hong Kong) Limited

FIL Investments (Japan) Limited

Fidelity Management & Research
(Japan) Inc.

FIL Investment Advisors (UK) Limited

FIL Investment Advisors

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

FAEMI-UANN-1211
1.809006.107

aaa68

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Europe Capital Appreciation
Fund - Class A, Class T, Class B
and Class C

Annual Report

October 31, 2011

aaa38

Chairman's Message	(Click Here)	The Chairman's message to shareholders.
Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fund performance and strategy.
Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to financial statements.
Report of Independent Registered Public Accounting Firm	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

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

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

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

Annual Report

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_James_C_Curvey)

Dear Shareholder:

Sincerely,

(The acting chairman's signature appears here.)

James C. Curvey
Acting Chairman

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended October 31, 2011	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	-14.42%	-5.26%	4.43%
Class T (incl. 3.50% sales charge)	-12.56%	-5.04%	4.44%
Class B (incl. contingent deferred sales charge)^A	-14.37%	-5.13%	4.54%
Class C (incl. contingent deferred sales charge)^B	-10.81%	-4.84%	4.27%

^AClass B shares' contingent deferred sales charges included in the past one year, past five years, and past ten years total return figures are 5%, 2%, and 0%, respectively.

^BClass C shares' contingent deferred sales charges included in the past one year, past five years, and past ten years total return figures are 1%, 0%, and 0%, respectively.

Annual Report

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Europe Capital Appreciation Fund - Class A on October 31, 2001, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the MSCI® Europe Index performed over the same period.

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Annual Report

Management's Discussion of Fund Performance

Comments from Melissa Reilly, Portfolio Manager of Fidelity Advisor® Europe Capital Appreciation Fund: For the year, the fund's Class A, Class T, Class B and Class C shares declined 9.19%, 9.38%, 9.87% and 9.91%, respectively (excluding sales charges), while the MSCI® Europe Index fell 5.01%. Stock selection in financials, especially banks; positioning in the pharmaceuticals/biotechnology/life science group of health care; picks in energy and tech; a modest stake in cash and positioning in the food/beverage/tobacco area of consumer staples all hurt. Individual detractors included: Spain's Mediaset Espana Comunicacion, French banks Societe Generale and BNP Paribas, and British bank Lloyds Banking Group. Underweighting the U.K.'s GlaxoSmithKline and not owning Roche Holding, two pharmaceutical companies in the index, also hurt, as did an underweighting in Germany-based chemicals company and index component BASF. Picks across Europe hurt, led by the U.K. Aiding the fund were positioning in industrials; stock selection in automobiles/components; positioning in utilities; and picks in telecommunication services. The following positions were beneficial: German car manufacturer Volkswagen, U.K. software developer Autonomy, an out-of-index holding in Russian fertilizer company Uralkali, and an out-of-index position in Mead Johnson Nutrition, a U.S.-based manufacturer of infant formula. Holdings in Germany and the Bailiwick of Jersey also helped. Some of the holdings mentioned in this report were sold by period end.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2011 to October 31, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

	Annualized Expense Ratio	Beginning Account Value May 1, 2011	Ending Account Value October 31, 2011	Expenses Paid During Period* May 1, 2011 to October 31, 2011
Class A	1.45%
Actual		$ 1,000.00	$ 787.10	$ 6.53
Hypothetical^A		$ 1,000.00	$ 1,017.90	$ 7.38
Class T	1.70%
Actual		$ 1,000.00	$ 786.30	$ 7.65
Hypothetical^A		$ 1,000.00	$ 1,016.64	$ 8.64
Class B	2.20%
Actual		$ 1,000.00	$ 783.90	$ 9.89
Hypothetical^A		$ 1,000.00	$ 1,014.12	$ 11.17
Class C	2.20%
Actual		$ 1,000.00	$ 784.30	$ 9.89
Hypothetical^A		$ 1,000.00	$ 1,014.12	$ 11.17
Institutional Class	1.20%
Actual		$ 1,000.00	$ 788.20	$ 5.41
Hypothetical^A		$ 1,000.00	$ 1,019.16	$ 6.11

^A 5% return per year before expenses

^* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Top Five Stocks as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Royal Dutch Shell PLC Class A (United Kingdom) (United Kingdom, Oil, Gas & Consumable Fuels)	5.0	3.5
Nestle SA (Switzerland, Food Products)	3.8	0.0
Sanofi-aventis (France, Pharmaceuticals)	3.1	0.0
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services)	2.9	2.3
BG Group PLC (United Kingdom, Oil, Gas & Consumable Fuels)	2.3	1.9
	17.1
Top Five Market Sectors as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	22.4	19.9
Consumer Discretionary	16.6	20.0
Energy	11.8	12.7
Health Care	10.3	4.4
Consumer Staples	10.2	6.3
Top Five Countries as of October 31, 2011
(excluding cash equivalents)	% of fund's net assets	% of fund's net assets 6 months ago
United Kingdom	33.4	29.2
France	16.9	15.2
Germany	10.0	10.0
Switzerland	8.7	5.0
Italy	4.9	4.6

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

Asset Allocation (% of fund's net assets)
As of October 31, 2011		As of April 30, 2011
	Stocks 98.5%		Stocks 99.9%
	Short-Term Investments and Net Other Assets 1.5%		Short-Term Investments and Net Other Assets 0.1%

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Annual Report

Investments October 31, 2011

Showing Percentage of Net Assets

Common Stocks - 96.0%
	Shares		Value
Australia - 0.4%
Fortescue Metals Group Ltd.	13,182		$ 66,217
Bailiwick of Guernsey - 0.5%
Resolution Ltd.	18,400		81,375
Bailiwick of Jersey - 2.9%
Experian PLC	13,600		177,269
Randgold Resources Ltd. sponsored ADR	1,100		120,527
Shire PLC	6,890		216,287
TOTAL BAILIWICK OF JERSEY			514,083
Belgium - 0.0%
Anheuser-Busch InBev SA NV (strip VVPR) (a)	6,080		8
Bermuda - 0.3%
Lazard Ltd. Class A	2,100		57,414
British Virgin Islands - 0.6%
Mail.ru Group Ltd. GDR (Reg. S)	3,100		106,795
China - 0.6%
Baidu.com, Inc. sponsored ADR (a)	800		112,144
Denmark - 1.5%
Danske Bank A/S (a)	7,560		104,751
Novo Nordisk A/S Series B	1,637		173,822
TOTAL DENMARK			278,573
France - 16.9%
Alstom SA	4,175		156,578
Arkema SA	1,800		123,144
Atos Origin SA	2,454		118,931
BNP Paribas SA	5,469		248,627
Christian Dior SA	600		84,944
Compagnie Generale de Geophysique SA (a)	3,500		76,484
Danone	4,100		285,402
Edenred	4,200		119,154
GDF Suez	3,200		90,850
Iliad SA	1,257		147,132
JC Decaux SA (a)	4,700		125,956
LVMH Moet Hennessy - Louis Vuitton	1,201		199,863
PPR SA	1,600		249,988
Publicis Groupe SA	3,100		150,303
Safran SA	4,100		134,303
Common Stocks - continued
	Shares		Value
France - continued
Sanofi-aventis	7,830		$ 560,232
Unibail-Rodamco	800		159,979
TOTAL FRANCE			3,031,870
Germany - 7.5%
Allianz AG	1,894		212,860
BASF AG	2,588		190,502
Bayer AG	3,100		198,610
Deutsche Bank AG	2,500		103,386
E.ON AG	3,270		79,239
Fresenius Medical Care AG & Co. KGaA	1,800		131,141
HeidelbergCement AG	2,100		95,846
Kabel Deutschland Holding AG (a)	1,800		102,779
SAP AG	3,934		237,915
TOTAL GERMANY			1,352,278
Ireland - 0.3%
Elan Corp. PLC (a)	4,600		54,560
Italy - 4.9%
Amplifon SpA	10,600		50,991
ENI SpA	11,500		254,232
Fiat Industrial SpA (a)	15,400		134,373
Intesa Sanpaolo SpA	88,059		157,328
Prada SpA	36,300		179,447
Prysmian SpA	6,500		98,499
TOTAL ITALY			874,870
Netherlands - 3.2%
AEGON NV (a)	31,100		148,336
ING Groep NV (Certificaten Van Aandelen) (a)	27,600		237,973
Koninklijke Philips Electronics NV	5,400		112,426
Yandex NV	2,600		71,552
TOTAL NETHERLANDS			570,287
Norway - 1.8%
Aker Solutions ASA	9,100		105,831
Storebrand ASA (A Shares)	35,000		215,811
TOTAL NORWAY			321,642
Poland - 0.3%
Eurocash SA	7,700		61,738
Common Stocks - continued
	Shares		Value
Spain - 4.5%
Banco Bilbao Vizcaya Argentaria SA	29,292		$ 263,664
Banco Santander SA:
rights 10/31/11	24,586		4,253
(Spain)	16,511		139,767
Grifols SA (a)	4,700		87,711
Inditex SA	2,621		238,525
Mediaset Espana Comunicacion (d)	10,985		72,970
TOTAL SPAIN			806,890
Sweden - 2.9%
H&M Hennes & Mauritz AB (B Shares)	5,348		177,103
Swedbank AB (A Shares)	11,105		156,452
Telefonaktiebolaget LM Ericsson (B Shares)	18,703		194,888
TOTAL SWEDEN			528,443
Switzerland - 8.7%
Adecco SA (Reg.)	2,464		119,080
Bank Sarasin & Co. Ltd. Series B (Reg.)	2,190		83,602
Compagnie Financiere Richemont SA Series A	3,537		202,535
Nestle SA	11,909		690,751
Schindler Holding AG (participation certificate)	1,323		155,585
Transocean Ltd. (United States)	1,900		108,585
UBS AG (a)	16,324		206,365
TOTAL SWITZERLAND			1,566,503
United Kingdom - 33.4%
Aegis Group PLC	55,818		123,160
Aviva PLC	22,400		122,227
Barclays PLC	87,019		269,804
BG Group PLC	19,273		420,445
BHP Billiton PLC	7,346		231,365
British American Tobacco PLC (United Kingdom)	7,500		343,942
British Land Co. PLC	20,996		172,374
Carphone Warehouse Group PLC	69,750		393,724
Filtrona PLC	17,000		108,565
GlaxoSmithKline PLC	15,900		356,900
HSBC Holdings PLC sponsored ADR	7,662		334,523
Invensys PLC	14,400		52,221
Lloyds Banking Group PLC (a)	317,200		164,062
Meggitt PLC	21,900		135,455
Micro Focus International PLC	15,400		84,106
Misys PLC	13,802		64,769
Next PLC	3,700		152,091
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Rolls-Royce Group PLC	9,600		$ 108,457
Rolls-Royce Group PLC Class C	662,400		1,065
Royal Dutch Shell PLC Class A (United Kingdom)	25,217		893,466
Standard Chartered PLC (United Kingdom)	10,037		235,505
Tullow Oil PLC	5,200		117,328
Unilever PLC	9,600		321,854
Vodafone Group PLC	188,600		523,781
Xstrata PLC	15,200		255,569
TOTAL UNITED KINGDOM			5,986,758
United States of America - 4.8%
Apple, Inc. (a)	225		91,076
Beam, Inc.	1,100		54,373
Dunkin' Brands Group, Inc. (a)	100		2,911
Fluor Corp.	1,300		73,905
Halliburton Co.	2,100		78,456
Mead Johnson Nutrition Co. Class A	1,200		86,220
Morgan Stanley	6,400		112,896
Noble Energy, Inc.	1,000		89,340
Perrigo Co.	400		36,112
salesforce.com, Inc. (a)	500		66,585
The Mosaic Co.	1,500		87,840
Virgin Media, Inc.	3,300		80,454
TOTAL UNITED STATES OF AMERICA			860,168
TOTAL COMMON STOCKS (Cost $18,281,851)		17,232,616
Nonconvertible Preferred Stocks - 2.5%

Germany - 2.5%
ProSiebenSat.1 Media AG	10,000		214,505
Volkswagen AG	1,300		228,122
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $373,633)		442,627
Money Market Funds - 2.2%
	Shares		Value
Fidelity Cash Central Fund, 0.12% (b)	268,586		$ 268,586
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	120,000		120,000
TOTAL MONEY MARKET FUNDS (Cost $388,586)		388,586
TOTAL INVESTMENT PORTFOLIO - 100.7% (Cost $19,044,070)			18,063,829
NET OTHER ASSETS (LIABILITIES) - (0.7)%			(118,327)
NET ASSETS - 100%		$ 17,945,502

Legend

(a) Non-income producing

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 596
Fidelity Securities Lending Cash Central Fund	7,159
Total	$ 7,755

Other Information

The following is a summary of the inputs used, as of October 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
United Kingdom	$ 5,986,758	$ 2,759,357	$ 3,227,401	$ -
France	3,031,870	2,395,154	636,716	-
Germany	1,794,905	1,322,463	472,442	-
Switzerland	1,566,503	1,360,138	206,365	-
Italy	874,870	441,191	433,679	-
United States of America	860,168	860,168	-	-
Spain	806,890	403,459	403,431	-
Netherlands	570,287	71,552	498,735	-
Sweden	528,443	333,555	194,888	-
Other	1,654,549	1,143,663	510,886	-
Money Market Funds	388,586	388,586	-	-
Total Investments in Securities:	$ 18,063,829	$ 11,479,286	$ 6,584,543	$ -

Income Tax Information

At October 31, 2011, the Fund had a capital loss carryforward of approximately $17,533,353 of which $9,488,728 and $8,044,625 will expire in fiscal 2016 and 2017, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

	October 31, 2011
Assets
Investment in securities, at value (including securities loaned of $107,120) - See accompanying schedule: Unaffiliated issuers (cost $18,655,484)	$ 17,675,243
Fidelity Central Funds (cost $388,586)	388,586
Total Investments (cost $19,044,070)		$ 18,063,829
Foreign currency held at value (cost $817)		817
Receivable for investments sold		300,599
Receivable for fund shares sold		19,302
Dividends receivable		27,802
Distributions receivable from Fidelity Central Funds		107
Prepaid expenses		73
Receivable from investment adviser for expense reductions		4,018
Other receivables		3,450
Total assets		18,419,997

Liabilities
Payable for investments purchased	$ 239,325
Payable for fund shares redeemed	53,225
Accrued management fee	10,148
Distribution and service plan fees payable	6,867
Other affiliated payables	4,958
Other payables and accrued expenses	39,972
Collateral on securities loaned, at value	120,000
Total liabilities		474,495

Net Assets		$ 17,945,502
Net Assets consist of:
Paid in capital		$ 36,431,519
Undistributed net investment income		204,426
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(17,710,205)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(980,238)
Net Assets		$ 17,945,502

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

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

	October 31, 2011
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($8,024,582 ÷ 756,396 shares)		$ 10.61

Maximum offering price per share (100/94.25 of $10.61)		$ 11.26
Class T: Net Asset Value and redemption price per share ($5,964,841 ÷ 565,054 shares)		$ 10.56

Maximum offering price per share (100/96.50 of $10.56)		$ 10.94
Class B: Net Asset Value and offering price per share ($1,136,377 ÷ 111,093 shares)^A		$ 10.23

Class C: Net Asset Value and offering price per share ($2,524,192 ÷ 247,984 shares)^A		$ 10.18

Institutional Class: Net Asset Value, offering price and redemption price per share ($295,510 ÷ 27,292 shares)		$ 10.83

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

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

Annual Report

Statement of Operations

	Year ended October 31, 2011
Investment Income
Dividends		$ 625,108
Interest		2
Income from Fidelity Central Funds		7,755
Income before foreign taxes withheld		632,865
Less foreign taxes withheld		(65,854)
Total income		567,011

Expenses
Management fee	$ 155,084
Transfer agent fees	68,488
Distribution and service plan fees	105,807
Accounting and security lending fees	11,461
Custodian fees and expenses	38,245
Independent trustees' compensation	123
Registration fees	59,689
Audit	49,935
Legal	175
Miscellaneous	222
Total expenses before reductions	489,229
Expense reductions	(130,199)	359,030
Net investment income (loss)		207,981
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	1,828,147
Foreign currency transactions	(148)
Total net realized gain (loss)		1,827,999
Change in net unrealized appreciation (depreciation) on: Investment securities	(3,857,375)
Assets and liabilities in foreign currencies	(4,128)
Total change in net unrealized appreciation (depreciation)		(3,861,503)
Net gain (loss)		(2,033,504)
Net increase (decrease) in net assets resulting from operations		$ (1,825,523)

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

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Year ended October 31, 2011	Year ended October 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 207,981	$ 84,988
Net realized gain (loss)	1,827,999	322,052
Change in net unrealized appreciation (depreciation)	(3,861,503)	1,507,133
Net increase (decrease) in net assets resulting from operations	(1,825,523)	1,914,173
Distributions to shareholders from net investment income	(69,262)	(281,171)
Share transactions - net increase (decrease)	(3,369,781)	(4,178,483)
Redemption fees	300	436
Total increase (decrease) in net assets	(5,264,266)	(2,545,045)

Net Assets
Beginning of period	23,209,768	25,754,813
End of period (including undistributed net investment income of $204,426 and undistributed net investment income of $65,823, respectively)	$ 17,945,502	$ 23,209,768

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

Annual Report

Financial Highlights - Class A

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 11.74	$ 10.82	$ 8.98	$ 20.94	$ 17.49
Income from Investment Operations
Net investment income (loss)^C	.14	.06	.15	.25	.32
Net realized and unrealized gain (loss)	(1.21)	.99	1.99	(9.22)	4.48
Total from investment operations	(1.07)	1.05	2.14	(8.97)	4.80
Distributions from net investment income	(.06)	(.13)	(.30)	(.31)	(.12)
Distributions from net realized gain	-	-	-	(2.68)	(1.23)
Total distributions	(.06)	(.13)	(.30)	(2.99)	(1.35)
Redemption fees added to paid in capital^{C, G}	-	-	-	-	-
Net asset value, end of period	$ 10.61	$ 11.74	$ 10.82	$ 8.98	$ 20.94
Total Return^{A, B}	(9.19)%	9.74%	25.27%	(49.77)%	29.16%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	2.00%	2.05%	2.00%	1.63%	1.53%
Expenses net of fee waivers, if any	1.45%	1.50%	1.50%	1.50%	1.50%
Expenses net of all reductions	1.41%	1.43%	1.46%	1.46%	1.46%
Net investment income (loss)	1.18%	.61%	1.73%	1.65%	1.69%
Supplemental Data
Net assets, end of period (000 omitted)	$ 8,025	$ 10,276	$ 10,904	$ 10,286	$ 29,273
Portfolio turnover rate^E	118%	143%	109%	112%	173%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights - Class T

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 11.68	$ 10.78	$ 8.92	$ 20.75	$ 17.35
Income from Investment Operations
Net investment income (loss)^C	.11	.04	.13	.21	.27
Net realized and unrealized gain (loss)	(1.20)	.97	1.99	(9.17)	4.44
Total from investment operations	(1.09)	1.01	2.12	(8.96)	4.71
Distributions from net investment income	(.03)	(.11)	(.26)	(.19)	(.08)
Distributions from net realized gain	-	-	-	(2.68)	(1.23)
Total distributions	(.03)	(.11)	(.26)	(2.87)	(1.31)
Redemption fees added to paid in capital^{C, G}	-	-	-	-	-
Net asset value, end of period	$ 10.56	$ 11.68	$ 10.78	$ 8.92	$ 20.75
Total Return^{A, B}	(9.38)%	9.42%	24.99%	(49.91)%	28.86%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	2.27%	2.34%	2.28%	1.88%	1.80%
Expenses net of fee waivers, if any	1.70%	1.75%	1.75%	1.75%	1.75%
Expenses net of all reductions	1.66%	1.67%	1.71%	1.71%	1.71%
Net investment income (loss)	.93%	.36%	1.48%	1.40%	1.44%
Supplemental Data
Net assets, end of period (000 omitted)	$ 5,965	$ 7,496	$ 8,014	$ 7,866	$ 21,357
Portfolio turnover rate^E	118%	143%	109%	112%	173%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights - Class B

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 11.35	$ 10.48	$ 8.61	$ 20.16	$ 16.91
Income from Investment Operations
Net investment income (loss)^C	.05	(.01)	.08	.13	.17
Net realized and unrealized gain (loss)	(1.17)	.94	1.95	(8.86)	4.34
Total from investment operations	(1.12)	.93	2.03	(8.73)	4.51
Distributions from net investment income	-	(.06)	(.16)	(.14)	(.03)
Distributions from net realized gain	-	-	-	(2.68)	(1.23)
Total distributions	-	(.06)	(.16)	(2.82)	(1.26)
Redemption fees added to paid in capital^{C, G}	-	-	-	-	-
Net asset value, end of period	$ 10.23	$ 11.35	$ 10.48	$ 8.61	$ 20.16
Total Return^{A, B}	(9.87)%	8.87%	24.34%	(50.13)%	28.29%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	2.78%	2.82%	2.77%	2.39%	2.31%
Expenses net of fee waivers, if any	2.20%	2.25%	2.25%	2.25%	2.25%
Expenses net of all reductions	2.16%	2.18%	2.21%	2.21%	2.21%
Net investment income (loss)	.43%	(.14)%	.98%	.90%	.94%
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,136	$ 1,935	$ 2,490	$ 2,806	$ 11,206
Portfolio turnover rate^E	118%	143%	109%	112%	173%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights - Class C

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 11.30	$ 10.43	$ 8.58	$ 20.10	$ 16.89
Income from Investment Operations
Net investment income (loss)^C	.05	(.01)	.08	.13	.17
Net realized and unrealized gain (loss)	(1.17)	.94	1.94	(8.82)	4.32
Total from investment operations	(1.12)	.93	2.02	(8.69)	4.49
Distributions from net investment income	-	(.06)	(.17)	(.15)	(.05)
Distributions from net realized gain	-	-	-	(2.68)	(1.23)
Total distributions	-	(.06)	(.17)	(2.83)	(1.28)
Redemption fees added to paid in capital^{C, G}	-	-	-	-	-
Net asset value, end of period	$ 10.18	$ 11.30	$ 10.43	$ 8.58	$ 20.10
Total Return^{A, B}	(9.91)%	8.92%	24.29%	(50.11)%	28.21%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	2.75%	2.82%	2.77%	2.38%	2.26%
Expenses net of fee waivers, if any	2.20%	2.25%	2.25%	2.25%	2.25%
Expenses net of all reductions	2.16%	2.18%	2.21%	2.21%	2.21%
Net investment income (loss)	.43%	(.14)%	.98%	.90%	.94%
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,524	$ 3,166	$ 3,913	$ 4,522	$ 16,084
Portfolio turnover rate^E	118%	143%	109%	112%	173%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights - Institutional Class

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 11.98	$ 11.03	$ 9.13	$ 21.27	$ 17.72
Income from Investment Operations
Net investment income (loss)^B	.18	.09	.18	.30	.38
Net realized and unrealized gain (loss)	(1.24)	1.01	2.03	(9.38)	4.54
Total from investment operations	(1.06)	1.10	2.21	(9.08)	4.92
Distributions from net investment income	(.09)	(.15)	(.31)	(.38)	(.14)
Distributions from net realized gain	-	-	-	(2.68)	(1.23)
Total distributions	(.09)	(.15)	(.31)	(3.06)	(1.37)
Redemption fees added to paid in capital^{B, F}	-	-	-	-	-
Net asset value, end of period	$ 10.83	$ 11.98	$ 11.03	$ 9.13	$ 21.27
Total Return^A	(8.95)%	10.00%	25.57%	(49.63)%	29.57%
Ratios to Average Net Assets^{C, E}
Expenses before reductions	1.54%	1.80%	1.68%	1.27%	1.19%
Expenses net of fee waivers, if any	1.20%	1.25%	1.25%	1.25%	1.19%
Expenses net of all reductions	1.16%	1.17%	1.21%	1.21%	1.15%
Net investment income (loss)	1.43%	.86%	1.98%	1.90%	2.00%
Supplemental Data
Net assets, end of period (000 omitted)	$ 296	$ 336	$ 434	$ 378	$ 1,738
Portfolio turnover rate^D	118%	143%	109%	112%	173%

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

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F Amount represents less than $.01 per share.

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

Annual Report

Notes to Financial Statements

For the period ended October 31, 2011

1. Organization.

Fidelity Advisor Europe Capital Appreciation Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments by existing shareholders. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

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Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of October 31, 2011, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where

Annual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 1,281,793
Gross unrealized depreciation	(2,438,885)
Net unrealized appreciation (depreciation) on securities and other investments	$ (1,157,092)

Tax Cost	$ 19,220,921

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 204,425
Capital loss carryforward	$ (17,533,353)
Net unrealized appreciation (depreciation)	$ (1,157,089)

The tax character of distributions paid was as follows:

	October 31, 2011	October 31, 2010
Ordinary Income	$ 69,262	$ 281,171

Annual Report

Notes to Financial Statements - continued

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $25,544,845 and $28,913,333, respectively.

5. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 24,218	$ 193
Class T	.25%	.25%	35,140	87
Class B	.75%	.25%	15,777	11,875
Class C	.75%	.25%	30,672	2,428
			$ 105,807	$ 14,583

Annual Report

5. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

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

	Retained by FDC
Class A	$ 1,948
Class T	1,444
Class B*	3,721
Class C*	324
	$ 7,437

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

	Amount	% of Average Net Assets
Class A	$ 29,942	.31
Class T	23,106	.33
Class B	4,871	.31
Class C	9,467	.31
Institutional Class	1,102	.19
	$ 68,488

Annual Report

Notes to Financial Statements - continued

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $69 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $7,159. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Annual Report

8. Expense Reductions - continued

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser
Class A	1.45%	$ 52,842
Class T	1.70%	39,982
Class B	2.20%	9,136
Class C	2.20%	16,636
Institutional Class	1.20%	1,951
		$ 120,547

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2011	2010
From net investment income
Class A	$ 48,533	$ 132,405
Class T	17,367	105,744
Class B	-	13,563
Class C	-	22,327
Institutional Class	3,362	7,132
Total	$ 69,262	$ 281,171

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2011	2010	2011	2010
Class A
Shares sold	113,790	127,568	$ 1,369,180	$ 1,411,611
Reinvestment of distributions	3,553	10,457	42,460	119,629
Shares redeemed	(236,239)	(270,495)	(2,808,784)	(2,873,077)
Net increase (decrease)	(118,896)	(132,470)	$ (1,397,144)	$ (1,341,837)
Class T
Shares sold	87,655	285,617	$ 1,039,691	$ 3,265,728
Reinvestment of distributions	1,416	8,986	16,885	102,440
Shares redeemed	(165,637)	(396,557)	(1,980,913)	(4,398,721)
Net increase (decrease)	(76,566)	(101,954)	$ (924,337)	$ (1,030,553)

Annual Report

Notes to Financial Statements - continued

10. Share Transactions - continued

	Shares		Dollars
Years ended October 31,	2011	2010	2011	2010
Class B
Shares sold	1,700	16,071	$ 19,713	$ 167,235
Reinvestment of distributions	-	1,085	-	12,073
Shares redeemed	(61,103)	(84,324)	(715,010)	(867,232)
Net increase (decrease)	(59,403)	(67,168)	$ (695,297)	$ (687,924)
Class C
Shares sold	39,446	36,176	$ 455,073	$ 385,078
Reinvestment of distributions	-	1,719	-	19,047
Shares redeemed	(71,785)	(132,930)	(822,473)	(1,389,265)
Net increase (decrease)	(32,339)	(95,035)	$ (367,400)	$ (985,140)
Institutional Class
Shares sold	55,800	21,917	$ 702,293	$ 240,660
Reinvestment of distributions	124	430	1,508	5,009
Shares redeemed	(56,680)	(33,643)	(689,404)	(378,698)
Net increase (decrease)	(756)	(11,296)	$ 14,397	$ (133,029)

11. Other.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Advisor Series VIII and Shareholders of Fidelity Advisor Europe Capital Appreciation Fund:

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Europe Capital Appreciation Fund (the Fund), a fund of Fidelity Advisor Series VIII, including the schedule of investments, as of October 31, 2011, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Advisor Europe Capital Appreciation Fund as of October 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 12, 2011

Annual Report

Trustees and Officers

Annual Report

Trustees and Officers - continued

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

Interested Trustees*:

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

Name, Age; Principal Occupations and Other Relevant Experience⁺
James C. Curvey (76)
	Year of Election or Appointment: 2007 Mr. Curvey is Trustee and Acting Chairman of the Board of Trustees of certain Trusts. Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of Fidelity Investments Money Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.
Ronald P. O'Hanley (54)
	Year of Election or Appointment: 2011 Mr. O'Hanley is Director of FMR Co., Inc. (2010-present), Director of Fidelity Investments Money Management, Inc. (2010-present), Director of Fidelity Research & Analysis Company (2010-present), President of Fidelity Asset Management and Corporate Services and a member of Fidelity's Executive Committee (2010-present). Previously, Mr. O'Hanley served as President and Chief Executive Officer of BNY Mellon Asset Management (2007-2010). Mr. O'Hanley also served as Vice Chairman of Bank New York Mellon Corp. and a member of that firm's Executive Committee. Prior to the 2007 merger of The Bank of New York and Mellon Financial Corporation, he was Vice Chairman of Mellon Financial Corporation and President and Chief Executive Officer of Mellon Asset Management. He joined Mellon in February 1997. Mr. O'Hanley currently serves as Chairman of the Boston Public Library Foundation Board of Directors and sits on the Board of Directors of Beth Israel Deaconess Medical Center, the Board of Trustees of the Marine Biological Laboratory and the Advisory Board of the Maxwell School of Citizenship and Public Administration at Syracuse University. Mr. O'Hanley also chairs the Council on Asset Management for the Financial Services Roundtable and is a member of the Board of Directors of Institutional Investor's U.S. Institute.

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

Annual Report

Trustees and Officers - continued

Independent Trustees:

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

Name, Age; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (63)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Mr. Dirks is a member of the Independent Directors Council (IDC) Governing Council (2010-Present) and Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (58)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's, Inc. (restaurant and entertainment complexes, 2010-present), The Hillman Companies, Inc. (hardware wholesalers, 2010-present), and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-Present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for the Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (67)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is also a member of the Board of Directors of the Philharmonic Center for the Arts in Naples, Florida (1999-present); a member of the Board of Trustees of Fairfield University (2005-present); and a member of the Council on Foreign Relations (1994-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (67)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Robert W. Selander (61)
	Year of Election or Appointment: 2011 Previously, Mr. Selander served as a Member of the Advisory Board of Fidelity's Equity and High Income Funds (2011), Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.
Cornelia M. Small (67)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (72)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Vice Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of Univar (global distributor of commodity and specialty chemicals, 2010-present), a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (62)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (61)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), as a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Advisory Board Members and Executive Officers:

Correspondence intended for each executive officer, Edward C. Johnson 3d, and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (81)
	Year of Election or Appointment: 2011 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC, and also serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as a Trustee and Chairman of the Board of certain Fidelity Trusts, Chairman and a Director of FMR, Chairman and a Director of FMR Co., Inc., and President of FMR LLC (2006-2007).
Peter S. Lynch (67)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (42)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as President and Treasurer (2010-present) and Assistant Treasurer (2009-present) of other Fidelity funds and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008).
Bruce T. Herring (46)
	Year of Election or Appointment: 2006 Vice President of certain Equity Funds. Mr. Herring also serves as Chief Investment Officer and Director of Fidelity Management & Research (U.K.) Inc. (2010-present) and Group Chief Investments Officer of FMR. Previously, Mr. Herring served as Vice President (2005-2006) and Senior Vice President (2006-2007) of Fidelity Management & Research Company, Vice President of FMR Co., Inc. (2001-2007) and as a portfolio manager for Fidelity U.S. Equity Funds.
Brian B. Hogan (47)
	Year of Election or Appointment: 2009 Vice President of Equity and High Income Funds. Mr. Hogan also serves as President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.
Scott C. Goebel (43)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as Secretary of Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); Secretary and CLO of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); employed by FMR LLC or an affiliate (2001-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (42)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Holly C. Laurent (57)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent also serves as AML Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present) and is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (53)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (64)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (50)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009).
Joseph F. Zambello (54)
	Year of Election or Appointment: 2011 Deputy Treasurer of the Fidelity funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
Adrien E. Deberghes (44)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes also serves as Vice President and Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II (2011-present), Assistant Treasurer of other Fidelity funds (2010-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (42)
	Year of Election or Appointment: 2010 Assistant Treasurer of Fidelity's Equity and High Income Funds. Ms. Dorsey also serves as Deputy Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
John R. Hebble (53)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President (2011-present), Treasurer, and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present), President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Gary W. Ryan (53)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).
Jonathan Davis (43)
	Year of Election or Appointment: 2010 Assistant Treasurer of the Fidelity funds. Mr. Davis is also Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).

Annual Report

Distributions (Unaudited)

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

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

	Pay Date	Income	Taxes
Class A	12/06/10	$0.088	$0.0308
Class T	12/06/10	$0.058	$0.0308
Class B	12/06/10	$0.000	$0.0000
Class C	12/06/10	$0.000	$0.0000

The fund will notify shareholders in January 2012 of amounts for use in preparing 2011 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Europe Capital Appreciation Fund

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance for each class, as well as the fund's relative investment performance for each class measured over multiple periods against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed appropriate by Fidelity and reviewed by the Board. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2010, the cumulative total returns of Institutional Class (Class I) and Class C of the fund, the cumulative total returns of a broad-based securities market index ("benchmark"), and a range of cumulative total returns of a peer group of mutual funds identified by Morningstar, Inc. as having an investment style similar to that of the fund based on underlying portfolio holdings. The returns of Institutional Class (Class I) and Class C show the performance of the highest and lowest performing classes, respectively (based on five-year performance). The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten numbers noted below each chart correspond to the percentile box and represent the percentage of funds in the peer group whose performance was equal to or lower than that of the class indicated.

Annual Report

Advisor Europe Capital Appreciation Fund

aaa223

The Board reviewed the fund's relative investment performance against its peer group and noted that the performance of Institutional Class (Class I) of the fund was in the third quartile for all the periods shown. The Board also noted that the investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the one-year total return of Institutional Class (Class I) compared favorably to its benchmark. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board discussed with FMR actions that have been taken by FMR to improve the fund's disappointing performance relative to its peer group. The Board also reviewed the fund's performance since inception as well as performance in the current year. The Board will continue to closely monitor the performance of the fund in the coming year and discuss with FMR other appropriate actions to address the performance of the fund.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Advisor Europe Capital Appreciation Fund

aaa225

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2010.

Annual Report

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

The Board noted that the total expense ratio of each of Class A and Class B ranked below its competitive median for 2010, the total expense ratio of Class C ranked equal to its competitive median for 2010, and the total expense ratio of each of Class T and Institutional Class ranked above its competitive median for 2010. The Board considered that various factors, including 12b-1 fees, positive or negative performance adjustments, and relatively higher other expenses in the case of small fund size, can affect total expense ratios. The Board noted that the total expense ratio of Class T was above the competitive median primarily because of higher 12b-1 fees on Class T. Class T has a higher 12b-1 fee, but a lower front-end sales charge, than traditionally priced front-end sales charge classes. The Board noted that the fund offers multiple classes, each of which has a different sales load and 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expense ratios of the classes vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable, although in some cases above the median of the universe presented for comparison, in light of the services that the fund and its shareholders receive and the other factors considered, including the findings of the Committee.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that any potential economies of scale are being appropriately shared between fund shareholders and Fidelity.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

FIL Investment Advisors

FIL Investment Advisors (U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

State Street Bank and Trust Company

Quincy, MA

AEUR-UANN-1211
1.784739.108

aaa68

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Europe Capital Appreciation
Fund - Institutional Class

Annual Report

October 31, 2011

aaa38

Chairman's Message	(Click Here)	The Chairman's message to shareholders.
Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fund performance and strategy.
Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to financial statements.
Report of Independent Registered Public Accounting Firm	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

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

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

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

Annual Report

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_James_C_Curvey)

Dear Shareholder:

Sincerely,

(The acting chairman's signature appears here.)

James C. Curvey
Acting Chairman

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended October 31, 2011	Past 1 year	Past 5 years	Past 10 years
Institutional Class	-8.95%	-3.87%	5.32%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Europe Capital Appreciation Fund - Institutional Class on October 31, 2001. The chart shows how the value of your investment would have changed, and also shows how the MSCI® Europe Index performed over the same period.

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Annual Report

Management's Discussion of Fund Performance

Comments from Melissa Reilly, Portfolio Manager of Fidelity Advisor® Europe Capital Appreciation Fund: For the year, the fund's Institutional Class shares declined 8.95%, while the MSCI® Europe Index fell 5.01%. Stock selection in financials, especially banks; positioning in the pharmaceuticals/biotechnology/life science group of health care; picks in energy and tech; a modest stake in cash and positioning in the food/beverage/tobacco area of consumer staples all hurt. Individual detractors included: Spain's Mediaset Espana Comunicacion, French banks Societe Generale and BNP Paribas, and British bank Lloyds Banking Group. Underweighting the U.K.'s GlaxoSmithKline and not owning Roche Holding, two pharmaceutical companies in the index, also hurt, as did an underweighting in Germany-based chemicals company and index component BASF. Picks across Europe hurt, led by the U.K. Aiding the fund were positioning in industrials; stock selection in automobiles/components; positioning in utilities; and picks in telecommunication services. The following positions were beneficial: German car manufacturer Volkswagen, U.K. software developer Autonomy; an out-of-index holding in Russian fertilizer company Uralkali, and an out-of-index position in Mead Johnson Nutrition, a U.S.-based manufacturer of infant formula. Holdings in Germany and the Bailiwick of Jersey also helped. Some of the holdings mentioned in this report were sold by period end.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2011 to October 31, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value May 1, 2011	Ending Account Value October 31, 2011	Expenses Paid During Period* May 1, 2011 to October 31, 2011
Class A	1.45%
Actual		$ 1,000.00	$ 787.10	$ 6.53
Hypothetical^A		$ 1,000.00	$ 1,017.90	$ 7.38
Class T	1.70%
Actual		$ 1,000.00	$ 786.30	$ 7.65
Hypothetical^A		$ 1,000.00	$ 1,016.64	$ 8.64
Class B	2.20%
Actual		$ 1,000.00	$ 783.90	$ 9.89
Hypothetical^A		$ 1,000.00	$ 1,014.12	$ 11.17
Class C	2.20%
Actual		$ 1,000.00	$ 784.30	$ 9.89
Hypothetical^A		$ 1,000.00	$ 1,014.12	$ 11.17
Institutional Class	1.20%
Actual		$ 1,000.00	$ 788.20	$ 5.41
Hypothetical^A		$ 1,000.00	$ 1,019.16	$ 6.11

^A 5% return per year before expenses

^* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Top Five Stocks as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Royal Dutch Shell PLC Class A (United Kingdom) (United Kingdom, Oil, Gas & Consumable Fuels)	5.0	3.5
Nestle SA (Switzerland, Food Products)	3.8	0.0
Sanofi-aventis (France, Pharmaceuticals)	3.1	0.0
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services)	2.9	2.3
BG Group PLC (United Kingdom, Oil, Gas & Consumable Fuels)	2.3	1.9
	17.1
Top Five Market Sectors as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	22.4	19.9
Consumer Discretionary	16.6	20.0
Energy	11.8	12.7
Health Care	10.3	4.4
Consumer Staples	10.2	6.3
Top Five Countries as of October 31, 2011
(excluding cash equivalents)	% of fund's net assets	% of fund's net assets 6 months ago
United Kingdom	33.4	29.2
France	16.9	15.2
Germany	10.0	10.0
Switzerland	8.7	5.0
Italy	4.9	4.6

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

Asset Allocation (% of fund's net assets)
As of October 31, 2011		As of April 30, 2011
	Stocks 98.5%		Stocks 99.9%
	Short-Term Investments and Net Other Assets 1.5%		Short-Term Investments and Net Other Assets 0.1%

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Annual Report

Investments October 31, 2011

Showing Percentage of Net Assets

Common Stocks - 96.0%
	Shares		Value
Australia - 0.4%
Fortescue Metals Group Ltd.	13,182		$ 66,217
Bailiwick of Guernsey - 0.5%
Resolution Ltd.	18,400		81,375
Bailiwick of Jersey - 2.9%
Experian PLC	13,600		177,269
Randgold Resources Ltd. sponsored ADR	1,100		120,527
Shire PLC	6,890		216,287
TOTAL BAILIWICK OF JERSEY			514,083
Belgium - 0.0%
Anheuser-Busch InBev SA NV (strip VVPR) (a)	6,080		8
Bermuda - 0.3%
Lazard Ltd. Class A	2,100		57,414
British Virgin Islands - 0.6%
Mail.ru Group Ltd. GDR (Reg. S)	3,100		106,795
China - 0.6%
Baidu.com, Inc. sponsored ADR (a)	800		112,144
Denmark - 1.5%
Danske Bank A/S (a)	7,560		104,751
Novo Nordisk A/S Series B	1,637		173,822
TOTAL DENMARK			278,573
France - 16.9%
Alstom SA	4,175		156,578
Arkema SA	1,800		123,144
Atos Origin SA	2,454		118,931
BNP Paribas SA	5,469		248,627
Christian Dior SA	600		84,944
Compagnie Generale de Geophysique SA (a)	3,500		76,484
Danone	4,100		285,402
Edenred	4,200		119,154
GDF Suez	3,200		90,850
Iliad SA	1,257		147,132
JC Decaux SA (a)	4,700		125,956
LVMH Moet Hennessy - Louis Vuitton	1,201		199,863
PPR SA	1,600		249,988
Publicis Groupe SA	3,100		150,303
Safran SA	4,100		134,303
Common Stocks - continued
	Shares		Value
France - continued
Sanofi-aventis	7,830		$ 560,232
Unibail-Rodamco	800		159,979
TOTAL FRANCE			3,031,870
Germany - 7.5%
Allianz AG	1,894		212,860
BASF AG	2,588		190,502
Bayer AG	3,100		198,610
Deutsche Bank AG	2,500		103,386
E.ON AG	3,270		79,239
Fresenius Medical Care AG & Co. KGaA	1,800		131,141
HeidelbergCement AG	2,100		95,846
Kabel Deutschland Holding AG (a)	1,800		102,779
SAP AG	3,934		237,915
TOTAL GERMANY			1,352,278
Ireland - 0.3%
Elan Corp. PLC (a)	4,600		54,560
Italy - 4.9%
Amplifon SpA	10,600		50,991
ENI SpA	11,500		254,232
Fiat Industrial SpA (a)	15,400		134,373
Intesa Sanpaolo SpA	88,059		157,328
Prada SpA	36,300		179,447
Prysmian SpA	6,500		98,499
TOTAL ITALY			874,870
Netherlands - 3.2%
AEGON NV (a)	31,100		148,336
ING Groep NV (Certificaten Van Aandelen) (a)	27,600		237,973
Koninklijke Philips Electronics NV	5,400		112,426
Yandex NV	2,600		71,552
TOTAL NETHERLANDS			570,287
Norway - 1.8%
Aker Solutions ASA	9,100		105,831
Storebrand ASA (A Shares)	35,000		215,811
TOTAL NORWAY			321,642
Poland - 0.3%
Eurocash SA	7,700		61,738
Common Stocks - continued
	Shares		Value
Spain - 4.5%
Banco Bilbao Vizcaya Argentaria SA	29,292		$ 263,664
Banco Santander SA:
rights 10/31/11	24,586		4,253
(Spain)	16,511		139,767
Grifols SA (a)	4,700		87,711
Inditex SA	2,621		238,525
Mediaset Espana Comunicacion (d)	10,985		72,970
TOTAL SPAIN			806,890
Sweden - 2.9%
H&M Hennes & Mauritz AB (B Shares)	5,348		177,103
Swedbank AB (A Shares)	11,105		156,452
Telefonaktiebolaget LM Ericsson (B Shares)	18,703		194,888
TOTAL SWEDEN			528,443
Switzerland - 8.7%
Adecco SA (Reg.)	2,464		119,080
Bank Sarasin & Co. Ltd. Series B (Reg.)	2,190		83,602
Compagnie Financiere Richemont SA Series A	3,537		202,535
Nestle SA	11,909		690,751
Schindler Holding AG (participation certificate)	1,323		155,585
Transocean Ltd. (United States)	1,900		108,585
UBS AG (a)	16,324		206,365
TOTAL SWITZERLAND			1,566,503
United Kingdom - 33.4%
Aegis Group PLC	55,818		123,160
Aviva PLC	22,400		122,227
Barclays PLC	87,019		269,804
BG Group PLC	19,273		420,445
BHP Billiton PLC	7,346		231,365
British American Tobacco PLC (United Kingdom)	7,500		343,942
British Land Co. PLC	20,996		172,374
Carphone Warehouse Group PLC	69,750		393,724
Filtrona PLC	17,000		108,565
GlaxoSmithKline PLC	15,900		356,900
HSBC Holdings PLC sponsored ADR	7,662		334,523
Invensys PLC	14,400		52,221
Lloyds Banking Group PLC (a)	317,200		164,062
Meggitt PLC	21,900		135,455
Micro Focus International PLC	15,400		84,106
Misys PLC	13,802		64,769
Next PLC	3,700		152,091
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Rolls-Royce Group PLC	9,600		$ 108,457
Rolls-Royce Group PLC Class C	662,400		1,065
Royal Dutch Shell PLC Class A (United Kingdom)	25,217		893,466
Standard Chartered PLC (United Kingdom)	10,037		235,505
Tullow Oil PLC	5,200		117,328
Unilever PLC	9,600		321,854
Vodafone Group PLC	188,600		523,781
Xstrata PLC	15,200		255,569
TOTAL UNITED KINGDOM			5,986,758
United States of America - 4.8%
Apple, Inc. (a)	225		91,076
Beam, Inc.	1,100		54,373
Dunkin' Brands Group, Inc. (a)	100		2,911
Fluor Corp.	1,300		73,905
Halliburton Co.	2,100		78,456
Mead Johnson Nutrition Co. Class A	1,200		86,220
Morgan Stanley	6,400		112,896
Noble Energy, Inc.	1,000		89,340
Perrigo Co.	400		36,112
salesforce.com, Inc. (a)	500		66,585
The Mosaic Co.	1,500		87,840
Virgin Media, Inc.	3,300		80,454
TOTAL UNITED STATES OF AMERICA			860,168
TOTAL COMMON STOCKS (Cost $18,281,851)		17,232,616
Nonconvertible Preferred Stocks - 2.5%

Germany - 2.5%
ProSiebenSat.1 Media AG	10,000		214,505
Volkswagen AG	1,300		228,122
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $373,633)		442,627
Money Market Funds - 2.2%
	Shares		Value
Fidelity Cash Central Fund, 0.12% (b)	268,586		$ 268,586
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	120,000		120,000
TOTAL MONEY MARKET FUNDS (Cost $388,586)		388,586
TOTAL INVESTMENT PORTFOLIO - 100.7% (Cost $19,044,070)			18,063,829
NET OTHER ASSETS (LIABILITIES) - (0.7)%			(118,327)
NET ASSETS - 100%		$ 17,945,502

Legend

(a) Non-income producing

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 596
Fidelity Securities Lending Cash Central Fund	7,159
Total	$ 7,755

Other Information

The following is a summary of the inputs used, as of October 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
United Kingdom	$ 5,986,758	$ 2,759,357	$ 3,227,401	$ -
France	3,031,870	2,395,154	636,716	-
Germany	1,794,905	1,322,463	472,442	-
Switzerland	1,566,503	1,360,138	206,365	-
Italy	874,870	441,191	433,679	-
United States of America	860,168	860,168	-	-
Spain	806,890	403,459	403,431	-
Netherlands	570,287	71,552	498,735	-
Sweden	528,443	333,555	194,888	-
Other	1,654,549	1,143,663	510,886	-
Money Market Funds	388,586	388,586	-	-
Total Investments in Securities:	$ 18,063,829	$ 11,479,286	$ 6,584,543	$ -

Income Tax Information

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

	October 31, 2011
Assets
Investment in securities, at value (including securities loaned of $107,120) - See accompanying schedule: Unaffiliated issuers (cost $18,655,484)	$ 17,675,243
Fidelity Central Funds (cost $388,586)	388,586
Total Investments (cost $19,044,070)		$ 18,063,829
Foreign currency held at value (cost $817)		817
Receivable for investments sold		300,599
Receivable for fund shares sold		19,302
Dividends receivable		27,802
Distributions receivable from Fidelity Central Funds		107
Prepaid expenses		73
Receivable from investment adviser for expense reductions		4,018
Other receivables		3,450
Total assets		18,419,997

Liabilities
Payable for investments purchased	$ 239,325
Payable for fund shares redeemed	53,225
Accrued management fee	10,148
Distribution and service plan fees payable	6,867
Other affiliated payables	4,958
Other payables and accrued expenses	39,972
Collateral on securities loaned, at value	120,000
Total liabilities		474,495

Net Assets		$ 17,945,502
Net Assets consist of:
Paid in capital		$ 36,431,519
Undistributed net investment income		204,426
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(17,710,205)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(980,238)
Net Assets		$ 17,945,502

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

Annual Report

Statement of Assets and Liabilities - continued

	October 31, 2011
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($8,024,582 ÷ 756,396 shares)		$ 10.61

Maximum offering price per share (100/94.25 of $10.61)		$ 11.26
Class T: Net Asset Value and redemption price per share ($5,964,841 ÷ 565,054 shares)		$ 10.56

Maximum offering price per share (100/96.50 of $10.56)		$ 10.94
Class B: Net Asset Value and offering price per share ($1,136,377 ÷ 111,093 shares)^A		$ 10.23

Class C: Net Asset Value and offering price per share ($2,524,192 ÷ 247,984 shares)^A		$ 10.18

Institutional Class: Net Asset Value, offering price and redemption price per share ($295,510 ÷ 27,292 shares)		$ 10.83

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

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

Annual Report

Financial Statements - continued

Statement of Operations

	Year ended October 31, 2011
Investment Income
Dividends		$ 625,108
Interest		2
Income from Fidelity Central Funds		7,755
Income before foreign taxes withheld		632,865
Less foreign taxes withheld		(65,854)
Total income		567,011

Expenses
Management fee	$ 155,084
Transfer agent fees	68,488
Distribution and service plan fees	105,807
Accounting and security lending fees	11,461
Custodian fees and expenses	38,245
Independent trustees' compensation	123
Registration fees	59,689
Audit	49,935
Legal	175
Miscellaneous	222
Total expenses before reductions	489,229
Expense reductions	(130,199)	359,030
Net investment income (loss)		207,981
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	1,828,147
Foreign currency transactions	(148)
Total net realized gain (loss)		1,827,999
Change in net unrealized appreciation (depreciation) on: Investment securities	(3,857,375)
Assets and liabilities in foreign currencies	(4,128)
Total change in net unrealized appreciation (depreciation)		(3,861,503)
Net gain (loss)		(2,033,504)
Net increase (decrease) in net assets resulting from operations		$ (1,825,523)

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

Annual Report

Statement of Changes in Net Assets

	Year ended October 31, 2011	Year ended October 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 207,981	$ 84,988
Net realized gain (loss)	1,827,999	322,052
Change in net unrealized appreciation (depreciation)	(3,861,503)	1,507,133
Net increase (decrease) in net assets resulting from operations	(1,825,523)	1,914,173
Distributions to shareholders from net investment income	(69,262)	(281,171)
Share transactions - net increase (decrease)	(3,369,781)	(4,178,483)
Redemption fees	300	436
Total increase (decrease) in net assets	(5,264,266)	(2,545,045)

Net Assets
Beginning of period	23,209,768	25,754,813
End of period (including undistributed net investment income of $204,426 and undistributed net investment income of $65,823, respectively)	$ 17,945,502	$ 23,209,768

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

Annual Report

Financial Highlights - Class A

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 11.74	$ 10.82	$ 8.98	$ 20.94	$ 17.49
Income from Investment Operations
Net investment income (loss)^C	.14	.06	.15	.25	.32
Net realized and unrealized gain (loss)	(1.21)	.99	1.99	(9.22)	4.48
Total from investment operations	(1.07)	1.05	2.14	(8.97)	4.80
Distributions from net investment income	(.06)	(.13)	(.30)	(.31)	(.12)
Distributions from net realized gain	-	-	-	(2.68)	(1.23)
Total distributions	(.06)	(.13)	(.30)	(2.99)	(1.35)
Redemption fees added to paid in capital^{C, G}	-	-	-	-	-
Net asset value, end of period	$ 10.61	$ 11.74	$ 10.82	$ 8.98	$ 20.94
Total Return^{A, B}	(9.19)%	9.74%	25.27%	(49.77)%	29.16%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	2.00%	2.05%	2.00%	1.63%	1.53%
Expenses net of fee waivers, if any	1.45%	1.50%	1.50%	1.50%	1.50%
Expenses net of all reductions	1.41%	1.43%	1.46%	1.46%	1.46%
Net investment income (loss)	1.18%	.61%	1.73%	1.65%	1.69%
Supplemental Data
Net assets, end of period (000 omitted)	$ 8,025	$ 10,276	$ 10,904	$ 10,286	$ 29,273
Portfolio turnover rate^E	118%	143%	109%	112%	173%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights - Class T

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 11.68	$ 10.78	$ 8.92	$ 20.75	$ 17.35
Income from Investment Operations
Net investment income (loss)^C	.11	.04	.13	.21	.27
Net realized and unrealized gain (loss)	(1.20)	.97	1.99	(9.17)	4.44
Total from investment operations	(1.09)	1.01	2.12	(8.96)	4.71
Distributions from net investment income	(.03)	(.11)	(.26)	(.19)	(.08)
Distributions from net realized gain	-	-	-	(2.68)	(1.23)
Total distributions	(.03)	(.11)	(.26)	(2.87)	(1.31)
Redemption fees added to paid in capital^{C, G}	-	-	-	-	-
Net asset value, end of period	$ 10.56	$ 11.68	$ 10.78	$ 8.92	$ 20.75
Total Return^{A, B}	(9.38)%	9.42%	24.99%	(49.91)%	28.86%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	2.27%	2.34%	2.28%	1.88%	1.80%
Expenses net of fee waivers, if any	1.70%	1.75%	1.75%	1.75%	1.75%
Expenses net of all reductions	1.66%	1.67%	1.71%	1.71%	1.71%
Net investment income (loss)	.93%	.36%	1.48%	1.40%	1.44%
Supplemental Data
Net assets, end of period (000 omitted)	$ 5,965	$ 7,496	$ 8,014	$ 7,866	$ 21,357
Portfolio turnover rate^E	118%	143%	109%	112%	173%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights - Class B

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 11.35	$ 10.48	$ 8.61	$ 20.16	$ 16.91
Income from Investment Operations
Net investment income (loss)^C	.05	(.01)	.08	.13	.17
Net realized and unrealized gain (loss)	(1.17)	.94	1.95	(8.86)	4.34
Total from investment operations	(1.12)	.93	2.03	(8.73)	4.51
Distributions from net investment income	-	(.06)	(.16)	(.14)	(.03)
Distributions from net realized gain	-	-	-	(2.68)	(1.23)
Total distributions	-	(.06)	(.16)	(2.82)	(1.26)
Redemption fees added to paid in capital^{C, G}	-	-	-	-	-
Net asset value, end of period	$ 10.23	$ 11.35	$ 10.48	$ 8.61	$ 20.16
Total Return^{A, B}	(9.87)%	8.87%	24.34%	(50.13)%	28.29%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	2.78%	2.82%	2.77%	2.39%	2.31%
Expenses net of fee waivers, if any	2.20%	2.25%	2.25%	2.25%	2.25%
Expenses net of all reductions	2.16%	2.18%	2.21%	2.21%	2.21%
Net investment income (loss)	.43%	(.14)%	.98%	.90%	.94%
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,136	$ 1,935	$ 2,490	$ 2,806	$ 11,206
Portfolio turnover rate^E	118%	143%	109%	112%	173%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights - Class C

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 11.30	$ 10.43	$ 8.58	$ 20.10	$ 16.89
Income from Investment Operations
Net investment income (loss)^C	.05	(.01)	.08	.13	.17
Net realized and unrealized gain (loss)	(1.17)	.94	1.94	(8.82)	4.32
Total from investment operations	(1.12)	.93	2.02	(8.69)	4.49
Distributions from net investment income	-	(.06)	(.17)	(.15)	(.05)
Distributions from net realized gain	-	-	-	(2.68)	(1.23)
Total distributions	-	(.06)	(.17)	(2.83)	(1.28)
Redemption fees added to paid in capital^{C, G}	-	-	-	-	-
Net asset value, end of period	$ 10.18	$ 11.30	$ 10.43	$ 8.58	$ 20.10
Total Return^{A, B}	(9.91)%	8.92%	24.29%	(50.11)%	28.21%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	2.75%	2.82%	2.77%	2.38%	2.26%
Expenses net of fee waivers, if any	2.20%	2.25%	2.25%	2.25%	2.25%
Expenses net of all reductions	2.16%	2.18%	2.21%	2.21%	2.21%
Net investment income (loss)	.43%	(.14)%	.98%	.90%	.94%
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,524	$ 3,166	$ 3,913	$ 4,522	$ 16,084
Portfolio turnover rate^E	118%	143%	109%	112%	173%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights - Institutional Class

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 11.98	$ 11.03	$ 9.13	$ 21.27	$ 17.72
Income from Investment Operations
Net investment income (loss)^B	.18	.09	.18	.30	.38
Net realized and unrealized gain (loss)	(1.24)	1.01	2.03	(9.38)	4.54
Total from investment operations	(1.06)	1.10	2.21	(9.08)	4.92
Distributions from net investment income	(.09)	(.15)	(.31)	(.38)	(.14)
Distributions from net realized gain	-	-	-	(2.68)	(1.23)
Total distributions	(.09)	(.15)	(.31)	(3.06)	(1.37)
Redemption fees added to paid in capital^{B, F}	-	-	-	-	-
Net asset value, end of period	$ 10.83	$ 11.98	$ 11.03	$ 9.13	$ 21.27
Total Return^A	(8.95)%	10.00%	25.57%	(49.63)%	29.57%
Ratios to Average Net Assets^{C, E}
Expenses before reductions	1.54%	1.80%	1.68%	1.27%	1.19%
Expenses net of fee waivers, if any	1.20%	1.25%	1.25%	1.25%	1.19%
Expenses net of all reductions	1.16%	1.17%	1.21%	1.21%	1.15%
Net investment income (loss)	1.43%	.86%	1.98%	1.90%	2.00%
Supplemental Data
Net assets, end of period (000 omitted)	$ 296	$ 336	$ 434	$ 378	$ 1,738
Portfolio turnover rate^D	118%	143%	109%	112%	173%

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

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F Amount represents less than $.01 per share.

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

Annual Report

Notes to Financial Statements

For the period ended October 31, 2011

1. Organization.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of October 31, 2011, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:

Annual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 1,281,793
Gross unrealized depreciation	(2,438,885)
Net unrealized appreciation (depreciation) on securities and other investments	$ (1,157,092)

Tax Cost	$ 19,220,921

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 204,425
Capital loss carryforward	$ (17,533,353)
Net unrealized appreciation (depreciation)	$ (1,157,089)

The tax character of distributions paid was as follows:

	October 31, 2011	October 31, 2010
Ordinary Income	$ 69,262	$ 281,171

Annual Report

Notes to Financial Statements - continued

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $25,544,845 and $28,913,333, respectively.

5. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 24,218	$ 193
Class T	.25%	.25%	35,140	87
Class B	.75%	.25%	15,777	11,875
Class C	.75%	.25%	30,672	2,428
			$ 105,807	$ 14,583

Annual Report

5. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

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

	Retained by FDC
Class A	$ 1,948
Class T	1,444
Class B*	3,721
Class C*	324
	$ 7,437

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

	Amount	% of Average Net Assets
Class A	$ 29,942	.31
Class T	23,106	.33
Class B	4,871	.31
Class C	9,467	.31
Institutional Class	1,102	.19
	$ 68,488

Annual Report

Notes to Financial Statements - continued

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $69 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $7,159. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Annual Report

8. Expense Reductions - continued

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser
Class A	1.45%	$ 52,842
Class T	1.70%	39,982
Class B	2.20%	9,136
Class C	2.20%	16,636
Institutional Class	1.20%	1,951
		$ 120,547

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2011	2010
From net investment income
Class A	$ 48,533	$ 132,405
Class T	17,367	105,744
Class B	-	13,563
Class C	-	22,327
Institutional Class	3,362	7,132
Total	$ 69,262	$ 281,171

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2011	2010	2011	2010
Class A
Shares sold	113,790	127,568	$ 1,369,180	$ 1,411,611
Reinvestment of distributions	3,553	10,457	42,460	119,629
Shares redeemed	(236,239)	(270,495)	(2,808,784)	(2,873,077)
Net increase (decrease)	(118,896)	(132,470)	$ (1,397,144)	$ (1,341,837)
Class T
Shares sold	87,655	285,617	$ 1,039,691	$ 3,265,728
Reinvestment of distributions	1,416	8,986	16,885	102,440
Shares redeemed	(165,637)	(396,557)	(1,980,913)	(4,398,721)
Net increase (decrease)	(76,566)	(101,954)	$ (924,337)	$ (1,030,553)

Annual Report

Notes to Financial Statements - continued

10. Share Transactions - continued

	Shares		Dollars
Years ended October 31,	2011	2010	2011	2010
Class B
Shares sold	1,700	16,071	$ 19,713	$ 167,235
Reinvestment of distributions	-	1,085	-	12,073
Shares redeemed	(61,103)	(84,324)	(715,010)	(867,232)
Net increase (decrease)	(59,403)	(67,168)	$ (695,297)	$ (687,924)
Class C
Shares sold	39,446	36,176	$ 455,073	$ 385,078
Reinvestment of distributions	-	1,719	-	19,047
Shares redeemed	(71,785)	(132,930)	(822,473)	(1,389,265)
Net increase (decrease)	(32,339)	(95,035)	$ (367,400)	$ (985,140)
Institutional Class
Shares sold	55,800	21,917	$ 702,293	$ 240,660
Reinvestment of distributions	124	430	1,508	5,009
Shares redeemed	(56,680)	(33,643)	(689,404)	(378,698)
Net increase (decrease)	(756)	(11,296)	$ 14,397	$ (133,029)

11. Other.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Advisor Series VIII and Shareholders of Fidelity Advisor Europe Capital Appreciation Fund:

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 12, 2011

Annual Report

Trustees and Officers

Annual Report

Trustees and Officers - continued

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

Interested Trustees*:

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

Name, Age; Principal Occupations and Other Relevant Experience⁺
James C. Curvey (76)
	Year of Election or Appointment: 2007 Mr. Curvey is Trustee and Acting Chairman of the Board of Trustees of certain Trusts. Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of Fidelity Investments Money Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.
Ronald P. O'Hanley (54)
	Year of Election or Appointment: 2011 Mr. O'Hanley is Director of FMR Co., Inc. (2010-present), Director of Fidelity Investments Money Management, Inc. (2010-present), Director of Fidelity Research & Analysis Company (2010-present), President of Fidelity Asset Management and Corporate Services and a member of Fidelity's Executive Committee (2010-present). Previously, Mr. O'Hanley served as President and Chief Executive Officer of BNY Mellon Asset Management (2007-2010). Mr. O'Hanley also served as Vice Chairman of Bank New York Mellon Corp. and a member of that firm's Executive Committee. Prior to the 2007 merger of The Bank of New York and Mellon Financial Corporation, he was Vice Chairman of Mellon Financial Corporation and President and Chief Executive Officer of Mellon Asset Management. He joined Mellon in February 1997. Mr. O'Hanley currently serves as Chairman of the Boston Public Library Foundation Board of Directors and sits on the Board of Directors of Beth Israel Deaconess Medical Center, the Board of Trustees of the Marine Biological Laboratory and the Advisory Board of the Maxwell School of Citizenship and Public Administration at Syracuse University. Mr. O'Hanley also chairs the Council on Asset Management for the Financial Services Roundtable and is a member of the Board of Directors of Institutional Investor's U.S. Institute.

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

Annual Report

Trustees and Officers - continued

Independent Trustees:

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

Name, Age; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (63)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Mr. Dirks is a member of the Independent Directors Council (IDC) Governing Council (2010-Present) and Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (58)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's, Inc. (restaurant and entertainment complexes, 2010-present), The Hillman Companies, Inc. (hardware wholesalers, 2010-present), and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-Present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for the Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (67)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is also a member of the Board of Directors of the Philharmonic Center for the Arts in Naples, Florida (1999-present); a member of the Board of Trustees of Fairfield University (2005-present); and a member of the Council on Foreign Relations (1994-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (67)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Robert W. Selander (61)
	Year of Election or Appointment: 2011 Previously, Mr. Selander served as a Member of the Advisory Board of Fidelity's Equity and High Income Funds (2011), Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.
Cornelia M. Small (67)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (72)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Vice Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of Univar (global distributor of commodity and specialty chemicals, 2010-present), a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (62)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (61)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), as a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Advisory Board Members and Executive Officers:

Correspondence intended for each executive officer, Edward C. Johnson 3d, and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (81)
	Year of Election or Appointment: 2011 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC, and also serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as a Trustee and Chairman of the Board of certain Fidelity Trusts, Chairman and a Director of FMR, Chairman and a Director of FMR Co., Inc., and President of FMR LLC (2006-2007).
Peter S. Lynch (67)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (42)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as President and Treasurer (2010-present) and Assistant Treasurer (2009-present) of other Fidelity funds and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008).
Bruce T. Herring (46)
	Year of Election or Appointment: 2006 Vice President of certain Equity Funds. Mr. Herring also serves as Chief Investment Officer and Director of Fidelity Management & Research (U.K.) Inc. (2010-present) and Group Chief Investments Officer of FMR. Previously, Mr. Herring served as Vice President (2005-2006) and Senior Vice President (2006-2007) of Fidelity Management & Research Company, Vice President of FMR Co., Inc. (2001-2007) and as a portfolio manager for Fidelity U.S. Equity Funds.
Brian B. Hogan (47)
	Year of Election or Appointment: 2009 Vice President of Equity and High Income Funds. Mr. Hogan also serves as President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.
Scott C. Goebel (43)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as Secretary of Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); Secretary and CLO of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); employed by FMR LLC or an affiliate (2001-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (42)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Holly C. Laurent (57)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent also serves as AML Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present) and is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (53)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (64)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (50)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009).
Joseph F. Zambello (54)
	Year of Election or Appointment: 2011 Deputy Treasurer of the Fidelity funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
Adrien E. Deberghes (44)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes also serves as Vice President and Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II (2011-present), Assistant Treasurer of other Fidelity funds (2010-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (42)
	Year of Election or Appointment: 2010 Assistant Treasurer of Fidelity's Equity and High Income Funds. Ms. Dorsey also serves as Deputy Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
John R. Hebble (53)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President (2011-present), Treasurer, and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present), President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Gary W. Ryan (53)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).
Jonathan Davis (43)
	Year of Election or Appointment: 2010 Assistant Treasurer of the Fidelity funds. Mr. Davis is also Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).

Annual Report

Distributions (Unaudited)

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

	Pay Date	Income	Taxes
Class I	12/06/10	$0.118	$0.0308

The fund will notify shareholders in January 2012 of amounts for use in preparing 2011 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Europe Capital Appreciation Fund

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance for each class, as well as the fund's relative investment performance for each class measured over multiple periods against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed appropriate by Fidelity and reviewed by the Board. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2010, the cumulative total returns of Institutional Class (Class I) and Class C of the fund, the cumulative total returns of a broad-based securities market index ("benchmark"), and a range of cumulative total returns of a peer group of mutual funds identified by Morningstar, Inc. as having an investment style similar to that of the fund based on underlying portfolio holdings. The returns of Institutional Class (Class I) and Class C show the performance of the highest and lowest performing classes, respectively (based on five-year performance). The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten numbers noted below each chart correspond to the percentile box and represent the percentage of funds in the peer group whose performance was equal to or lower than that of the class indicated.

Annual Report

Advisor Europe Capital Appreciation Fund

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The Board reviewed the fund's relative investment performance against its peer group and noted that the performance of Institutional Class (Class I) of the fund was in the third quartile for all the periods shown. The Board also noted that the investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the one-year total return of Institutional Class (Class I) compared favorably to its benchmark. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board discussed with FMR actions that have been taken by FMR to improve the fund's disappointing performance relative to its peer group. The Board also reviewed the fund's performance since inception as well as performance in the current year. The Board will continue to closely monitor the performance of the fund in the coming year and discuss with FMR other appropriate actions to address the performance of the fund.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Advisor Europe Capital Appreciation Fund

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The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2010.

Annual Report

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

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable, although in some cases above the median of the universe presented for comparison, in light of the services that the fund and its shareholders receive and the other factors considered, including the findings of the Committee.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that any potential economies of scale are being appropriately shared between fund shareholders and Fidelity.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

FIL Investment Advisors

FIL Investment Advisors (U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

State Street Bank and Trust Company

Quincy, MA

AEURI-UANN-1211
1.784740.108

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(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Global Capital Appreciation
Fund - Class A, Class T, Class B
and Class C

Annual Report

October 31, 2011

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Chairman's Message	(Click Here)	The Chairman's message to shareholders.
Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fund performance and strategy.
Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to financial statements.
Report of Independent Registered Public Accounting Firm	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

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

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

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

Annual Report

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_James_C_Curvey)

Dear Shareholder:

Sincerely,

(The acting chairman's signature appears here.)

James C. Curvey
Acting Chairman

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended October 31, 2011	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	-20.65%	-3.88%	2.27%
Class T (incl. 3.50% sales charge)	-18.91%	-3.66%	2.26%
Class B (incl. contingent deferred sales charge)^A	-20.60%	-3.76%	2.36%
Class C (incl. contingent deferred sales charge)^B	-17.22%	-3.47%	2.11%

^AClass B shares' contingent deferred sales charges included in the past one year, past five years, and past ten years total return figures are 5%, 2%, and 0%, respectively.

^BClass C shares' contingent deferred sales charges included in the past one year, past five years, and past ten years total return figures are 1%, 0%, and 0%, respectively.

Annual Report

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Global Capital Appreciation Fund - Class A on October 31, 2001, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the MSCI® ACWI® (All Country World Index) Index performed over the same period.

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Annual Report

Management's Discussion of Fund Performance

Market Recap: Global equities were rocked by a number of headline events during the year ending October 31, 2011. Stocks posted a solid advance for the first half of the period, despite concern about sovereign debt in Europe, a devastating earthquake/tsunami in Japan, and political upheaval in the Middle East and North Africa. Sentiment turned decidedly negative in the second half, however, as fresh worries about Europe, inflation in China, gridlock over raising the debt ceiling in the U.S. - along with Standard & Poor's downgrade of the nation's long-term sovereign credit rating - and a dimmed outlook for global growth caused markets to suffer declines that intensified in August and September. October brought with it yet another dramatic swing, as better-than-expected U.S. economic data and prospects for a resolution to the European debt debacle prompted buyers to storm back onto the scene in search of bargains. Those gains - along with favorable currency fluctuations overall - helped lift the MSCI® ACWI® (All Country World Index) Index 0.75% for the year. Within the index, Europe and emerging markets declined the most, with many countries in these areas sustaining steep losses. By contrast, the U.S. (+8%), which dominates the index, delivered a positive result, as did Australia (+4%) and Switzerland (+3%). Japan showed resilience in the wake of its natural disasters, falling only 2%.

Comments from Thomas Allen, Portfolio Manager of Fidelity Advisor® Global Capital Appreciation Fund: During the year, the fund's Class A, Class T, Class B and Class C shares returned -15.81%, -15.97%, -16.42% and -16.38%, respectively (excluding sales charges), significantly lagging the MSCI index. Stock selection in health care curbed relative performance the most. Stock picking in information technology and financials, together with positioning in energy and consumer staples, also hurt. The largest detractor by a wide margin was Nanosphere, which executed poorly when rolling out its genomic and protein testing equipment. The fund also was hurt by Longtop Financial Technologies, a Chinese software firm, and Corning, a maker of glass panels for televisions and personal computers. Conversely, stock picking among retailers was a positive, along with overweighting software/services and having little exposure to banks. Geographically, stock selection in Japan contributed significantly. The fund's top-three relative contributors were Japan-based: eyewear retailer Megane Top, price comparison portal Kakaku.com and M3, a supplier of data for physicians. All of the stocks I've mentioned in this report, except for Corning, were not part of the index. Longtop was not held by the fund at period end.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2011 to October 31, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

	Annualized Expense Ratio	Beginning Account Value May 1, 2011	Ending Account Value October 31, 2011	Expenses Paid During Period* May 1, 2011 to October 31, 2011
Class A	1.45%
Actual		$ 1,000.00	$ 842.70	$ 6.73
Hypothetical^A		$ 1,000.00	$ 1,017.90	$ 7.38
Class T	1.70%
Actual		$ 1,000.00	$ 841.30	$ 7.89
Hypothetical^A		$ 1,000.00	$ 1,016.64	$ 8.64
Class B	2.20%
Actual		$ 1,000.00	$ 839.00	$ 10.20
Hypothetical^A		$ 1,000.00	$ 1,014.12	$ 11.17
Class C	2.20%
Actual		$ 1,000.00	$ 838.90	$ 10.20
Hypothetical^A		$ 1,000.00	$ 1,014.12	$ 11.17
Institutional Class	1.14%
Actual		$ 1,000.00	$ 843.20	$ 5.30
Hypothetical^A		$ 1,000.00	$ 1,019.46	$ 5.80

^A 5% return per year before expenses

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

Annual Report

Investment Changes (Unaudited)

Top Five Stocks as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Google, Inc. Class A (United States of America, Internet Software & Services)	4.6	3.5
Royal Dutch Shell PLC Class B sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels)	4.3	3.0
MasterCard, Inc. Class A (United States of America, IT Services)	3.9	0.6
Copa Holdings SA Class A (Panama, Airlines)	3.9	3.1
Kakaku.com, Inc. (Japan, Internet Software & Services)	3.7	1.5
	20.4
Top Five Market Sectors as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	32.3	30.8
Consumer Discretionary	18.2	16.1
Health Care	14.8	19.1
Energy	9.4	12.1
Financials	9.2	7.9
Top Five Countries as of October 31, 2011
(excluding cash equivalents)	% of fund's net assets	% of fund's net assets 6 months ago
United States of America	35.1	38.4
India	16.5	18.7
Japan	14.4	9.8
Canada	5.5	7.0
United Kingdom	5.4	4.2

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

Asset Allocation (% of fund's net assets)
As of October 31, 2011		As of April 30, 2011
	Stocks 98.0%		Stocks 98.2%
	Short-Term Investments and Net Other Assets 2.0%		Short-Term Investments and Net Other Assets 1.8%

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Annual Report

Investments October 31, 2011

Showing Percentage of Net Assets

Common Stocks - 98.0%
	Shares		Value
Australia - 1.2%
carsales.com Ltd. (d)	205,327		$ 1,061,541
Newcrest Mining Ltd.	6,393		225,962
TOTAL AUSTRALIA			1,287,503
Bailiwick of Jersey - 0.0%
Velti PLC (a)	3,750		31,575
Bermuda - 2.5%
CNPC (Hong Kong) Ltd.	74,000		103,658
Fairwood Holdings Ltd.	443,500		577,654
Invesco Ltd.	19,300		387,351
Luk Fook Holdings International Ltd.	275,000		1,179,035
Marvell Technology Group Ltd. (a)	20,700		289,593
TOTAL BERMUDA			2,537,291
Brazil - 0.9%
Amil Participacoes SA	7,700		77,888
Drogasil SA	100		629
Marisa Lojas SA	100		1,380
Porto Seguro SA	16,600		177,871
Tegma Gestao Logistica	20,600		267,517
Totvs SA	24,300		403,302
TOTAL BRAZIL			928,587
Canada - 5.5%
Barrick Gold Corp.	69,700		3,440,775
Bellhaven Copper & Gold, Inc. (a)	832,000		484,085
Canadian Natural Resources Ltd.	3,200		112,868
Carpathian Gold, Inc. (a)	2,543,500		1,097,161
Petrobank Energy & Resources Ltd.	16,400		147,573
Petrominerales Ltd.	1,044		27,544
Peyto Exploration & Development Corp.	100		2,182
PHX Energy Services Corp.	9,200		94,598
SunOpta, Inc. (a)	11,500		60,030
Talisman Energy, Inc.	12,500		177,309
TOTAL CANADA			5,644,125
Cayman Islands - 0.9%
Biostime International Holdings Ltd.	60,000		106,997
Daphne International Holdings Ltd.	190,000		198,504
Shenguan Holdings Group Ltd.	422,000		226,722
Common Stocks - continued
	Shares		Value
Cayman Islands - continued
Shenzhou International Group Holdings Ltd.	297,000		$ 382,070
SITC International Holdings Co. Ltd.	113,000		29,188
TOTAL CAYMAN ISLANDS			943,481
Denmark - 0.1%
Carlsberg A/S Series B	1,100		74,878
Finland - 0.0%
Nokian Tyres PLC	600		22,046
France - 1.8%
1000mercis	2,800		154,609
Edenred	9,600		272,352
Maisons France Confort	28,700		1,028,694
Ubisoft Entertainment SA (a)	62,564		377,845
TOTAL FRANCE			1,833,500
Hong Kong - 0.5%
AIA Group Ltd.	175,600		536,939
India - 16.5%
Cipla Ltd.	14,696		88,797
CRISIL Ltd.	12,790		230,989
eClerx	74,317		1,138,764
FDC Ltd.	609,912		1,149,698
Hawkins Cookers Ltd.	4,513		138,700
ICRA Ltd.	53,875		991,226
Indoco Remedies Ltd.	187,943		1,456,106
INFO Edge India Ltd.	175,086		2,442,109
Ipca Laboratories Ltd.	25,000		130,414
Jubilant Foodworks Ltd. (a)	175,042		2,884,601
Opto Circuits India Ltd.	575,876		2,959,175
Page Industries Ltd.	1,375		71,556
Prakash Industries Ltd.	83,027		78,935
Sobha Developers Ltd.	255,112		1,319,474
Sun TV Ltd.	350,124		1,869,166
TOTAL INDIA			16,949,710
Ireland - 0.6%
Trinity Biotech PLC sponsored ADR	58,441		599,605
Japan - 14.4%
CyberAgent, Inc.	141		475,275
DeNA Co. Ltd.	13,600		587,073
Kakaku.com, Inc.	95,400		3,777,846
Kenedix, Inc. (a)	18,158		2,692,254
Common Stocks - continued
	Shares		Value
Japan - continued
MEGANE TOP CO. LTD.	49,650		$ 579,876
Proto Corp.	70,200		2,383,941
So-net M3, Inc. (d)	708		3,202,287
Start Today Co. Ltd.	28,600		605,088
Tsutsumi Jewelry Co. Ltd.	22,000		512,715
TOTAL JAPAN			14,816,355
Korea (South) - 1.4%
MegaStudy Co. Ltd.	9,976		1,099,234
Orion Corp.	65		34,741
Woongjin Coway Co. Ltd.	9,810		336,683
TOTAL KOREA (SOUTH)			1,470,658
Luxembourg - 1.0%
GlobeOp Financial Services SA	221,802		1,016,601
Mexico - 0.4%
Genomma Lab Internacional SA de CV (a)	185,400		386,524
Netherlands - 0.2%
Randstad Holdings NV	4,947		176,460
Norway - 0.3%
Schibsted ASA (B Shares)	11,600		303,563
Panama - 3.9%
Copa Holdings SA Class A	58,302		4,026,919
Poland - 0.2%
Eurocash SA	26,800		214,879
Russia - 3.4%
Pharmstandard OJSC (a)	39,933		2,794,385
Vozrozhdenie Bank	26,600		695,049
TOTAL RUSSIA			3,489,434
Singapore - 0.1%
Breadtalk Group Ltd.	190,000		77,477
Sweden - 0.7%
EnergyO Solutions AB (a)	98,507		341,474
Swedol AB	82,700		380,548
TOTAL SWEDEN			722,022
Taiwan - 1.0%
HTC Corp.	47,700		1,071,988
United Kingdom - 5.4%
Ascent Resources PLC (a)	2,035,600		119,488
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Ashtead Group PLC	171,000		$ 426,528
ASOS PLC (a)	5,100		127,620
Royal Dutch Shell PLC Class B sponsored ADR	61,500		4,415,700
Royalblue Group PLC	16,300		426,496
TOTAL UNITED KINGDOM			5,515,832
United States of America - 35.1%
Advance Auto Parts, Inc.	23,400		1,522,638
Aegion Corp. (a)	18,000		266,220
Allscripts-Misys Healthcare Solutions, Inc. (a)	8,900		170,435
Apache Corp.	25,500		2,540,565
Apple, Inc. (a)	2,600		1,052,428
Applied Materials, Inc.	78,500		967,120
Brookdale Senior Living, Inc. (a)	5,000		82,900
CME Group, Inc.	1,000		275,560
Cognex Corp.	7,470		253,158
Computer Task Group, Inc. (a)	138,500		1,768,645
Con-way, Inc.	3,200		94,304
Corning, Inc.	248,000		3,543,920
Cymer, Inc. (a)	9,200		399,740
Discover Financial Services	41,300		973,028
eBay, Inc. (a)	95,900		3,052,497
EnerNOC, Inc. (a)	4,259		37,777
Entegris, Inc. (a)	43,000		385,280
Genomic Health, Inc. (a)	6,280		134,392
Google, Inc. Class A (a)	8,000		4,741,121
Hasbro, Inc.	7,300		277,838
Health Management Associates, Inc. Class A (a)	14,900		130,524
Impax Laboratories, Inc. (a)	10,800		204,228
Infinity Pharmaceuticals, Inc. (a)(d)	19,900		150,643
Intuit, Inc.	12,900		692,343
IPC The Hospitalist Co., Inc. (a)	4,700		197,071
MasterCard, Inc. Class A	11,600		4,027,984
McKesson Corp.	3,900		318,045
Nabors Industries Ltd. (a)	2,100		38,493
Nanosphere, Inc. (a)	435,370		657,409
NeuStar, Inc. Class A (a)	2,300		73,117
Noble Energy, Inc.	2,600		232,284
NVE Corp. (a)	2,421		133,203
Pioneer Natural Resources Co.	3,600		302,040
Polycom, Inc. (a)	15,500		256,215
QEP Resources, Inc.	40,600		1,443,330
Common Stocks - continued
	Shares		Value
United States of America - continued
RF Micro Devices, Inc. (a)	5,800		$ 42,572
Ross Stores, Inc.	3,900		342,147
Rovi Corp. (a)	18,200		901,628
rue21, Inc. (a)(d)	3,100		82,584
Smart Balance, Inc. (a)	166,500		1,090,575
Solera Holdings, Inc.	10,100		551,763
Synta Pharmaceuticals Corp. (a)(d)	51,067		188,948
TD Ameritrade Holding Corp.	5,500		92,290
The Walt Disney Co.	31,200		1,088,256
Thermo Fisher Scientific, Inc. (a)	2,400		120,648
Zoltek Companies, Inc. (a)	30,341		219,972
TOTAL UNITED STATES OF AMERICA			36,117,878
TOTAL COMMON STOCKS (Cost $107,957,434)		100,795,830
Money Market Funds - 2.5%

Fidelity Cash Central Fund, 0.12% (b)	355,467		355,467
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	2,144,666		2,144,666
TOTAL MONEY MARKET FUNDS (Cost $2,500,133)		2,500,133
TOTAL INVESTMENT PORTFOLIO - 100.5% (Cost $110,457,567)			103,295,963
NET OTHER ASSETS (LIABILITIES) - (0.5)%			(466,144)
NET ASSETS - 100%		$ 102,829,819

Legend

(a) Non-income producing

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 11,400
Fidelity Securities Lending Cash Central Fund	95,446
Total	$ 106,846

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Nanosphere, Inc.	$ 911,696	$ 8,709,271	$ 2,480,836	$ -	$ -

Other Information

The following is a summary of the inputs used, as of October 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
United States of America	$ 36,117,878	$ 36,117,878	$ -	$ -
India	16,949,710	-	16,949,710	-
Japan	14,816,355	-	14,816,355	-
Canada	5,644,125	5,644,125	-	-
United Kingdom	5,515,832	5,515,832	-	-
Panama	4,026,919	4,026,919	-	-
Russia	3,489,434	3,489,434	-	-
Bermuda	2,537,291	676,944	1,860,347	-
France	1,833,500	1,833,500	-	-
Other	9,864,786	4,476,740	5,388,046	-
Money Market Funds	2,500,133	2,500,133	-	-
Total Investments in Securities:	$ 103,295,963	$ 64,281,505	$ 39,014,458	$ -

Transfers from Level 1 to Level 2 during the period were $19,761,777.

Income Tax Information

At October 31, 2011, the Fund had a capital loss carryforward of approximately $24,751,307 of which $7,618,418, $3,018,401 and $14,114,488 will expire in fiscal 2016, 2017 and 2019, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

	October 31, 2011
Assets
Investment in securities, at value (including securities loaned of $2,034,944) - See accompanying schedule: Unaffiliated issuers (cost $107,957,434)	$ 100,795,830
Fidelity Central Funds (cost $2,500,133)	2,500,133
Total Investments (cost $110,457,567)		$ 103,295,963
Foreign currency held at value (cost $1,961,084)		1,873,033
Receivable for investments sold		612,177
Receivable for fund shares sold		78,958
Dividends receivable		80,889
Distributions receivable from Fidelity Central Funds		1,186
Prepaid expenses		694
Other receivables		70,973
Total assets		106,013,873

Liabilities
Payable for investments purchased	$ 744,747
Payable for fund shares redeemed	123,258
Accrued management fee	61,375
Distribution and service plan fees payable	28,510
Other affiliated payables	27,957
Other payables and accrued expenses	53,541
Collateral on securities loaned, at value	2,144,666
Total liabilities		3,184,054

Net Assets		$ 102,829,819
Net Assets consist of:
Paid in capital		$ 135,061,298
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(24,974,009)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(7,257,470)
Net Assets		$ 102,829,819

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

Annual Report

Statement of Assets and Liabilities - continued

	October 31, 2011
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($36,366,881 ÷ 3,800,369 shares)		$ 9.57

Maximum offering price per share (100/94.25 of $9.57)		$ 10.15
Class T: Net Asset Value and redemption price per share ($24,179,813 ÷ 2,598,107 shares)		$ 9.31

Maximum offering price per share (100/96.50 of $9.31)		$ 9.65
Class B: Net Asset Value and offering price per share ($1,926,183 ÷ 220,369 shares)^A		$ 8.74

Class C: Net Asset Value and offering price per share ($11,631,872 ÷ 1,332,713 shares)^A		$ 8.73

Institutional Class: Net Asset Value, offering price and redemption price per share ($28,725,070 ÷ 2,906,092 shares)		$ 9.88

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

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

Annual Report

Financial Statements - continued

Statement of Operations

	Year ended October 31, 2011
Investment Income
Dividends		$ 1,638,952
Interest		444
Income from Fidelity Central Funds (including $95,446 from security lending)		106,846
Income before foreign taxes withheld		1,746,242
Less foreign taxes withheld		(100,644)
Total income		1,645,598

Expenses
Management fee Basic fee	$ 979,879
Performance adjustment	(248)
Transfer agent fees	353,091
Distribution and service plan fees	423,841
Accounting and security lending fees	72,778
Custodian fees and expenses	124,801
Independent trustees' compensation	727
Registration fees	95,010
Audit	81,858
Legal	490
Interest	1,390
Miscellaneous	658
Total expenses before reductions	2,134,275
Expense reductions	(94,854)	2,039,421
Net investment income (loss)		(393,823)
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(8,975,815)
Other affiliated issuers	(4,697,382)
Foreign currency transactions	(142,811)
Total net realized gain (loss)		(13,816,008)
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $145,516)	(16,352,358)
Assets and liabilities in foreign currencies	(96,967)
Total change in net unrealized appreciation (depreciation)		(16,449,325)
Net gain (loss)		(30,265,333)
Net increase (decrease) in net assets resulting from operations		$ (30,659,156)

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

Annual Report

Statement of Changes in Net Assets

	Year ended October 31, 2011	Year ended October 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ (393,823)	$ (31,162)
Net realized gain (loss)	(13,816,008)	2,238,659
Change in net unrealized appreciation (depreciation)	(16,449,325)	7,407,825
Net increase (decrease) in net assets resulting from operations	(30,659,156)	9,615,322
Distributions to shareholders from net investment income	-	(45,039)
Distributions to shareholders from net realized gain	(352,610)	(205,342)
Total distributions	(352,610)	(250,381)
Share transactions - net increase (decrease)	56,562,275	43,722,613
Redemption fees	6,577	5,493
Total increase (decrease) in net assets	25,557,086	53,093,047

Net Assets
Beginning of period	77,272,733	24,179,686
End of period	$ 102,829,819	$ 77,272,733

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

Annual Report

Financial Highlights - Class A

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 11.41	$ 9.04	$ 6.88	$ 15.38	$ 14.83
Income from Investment Operations
Net investment income (loss) ^C	(.03)	.01	.04	.04	.01
Net realized and unrealized gain (loss)	(1.76)	2.47	2.13	(6.74)	2.69
Total from investment operations	(1.79)	2.48	2.17	(6.70)	2.70
Distributions from net investment income	-	(.03)	(.01)	-	-
Distributions from net realized gain	(.05)	(.08)	-	(1.80)	(2.15)
Total distributions	(.05)	(.11)	(.01)	(1.80)	(2.15)
Redemption fees added to paid in capital ^{C, G}	-	-	-	-	-
Net asset value, end of period	$ 9.57	$ 11.41	$ 9.04	$ 6.88	$ 15.38
Total Return ^{A, B}	(15.81)%	27.68%	31.68%	(48.99)%	20.55%
Ratios to Average Net Assets ^{D. F}
Expenses before reductions	1.51%	1.89%	2.22%	1.90%	1.81%
Expenses net of fee waivers, if any	1.45%	1.50%	1.50%	1.50%	1.50%
Expenses net of all reductions	1.43%	1.44%	1.43%	1.41%	1.45%
Net investment income (loss)	(.24)%	.13%	.53%	.38%	.06%
Supplemental Data
Net assets, end of period (000 omitted)	$ 36,367	$ 30,383	$ 6,997	$ 6,904	$ 14,000
Portfolio turnover rate ^E	140%	179%	258%	257%	102%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights - Class T

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 11.11	$ 8.82	$ 6.72	$ 15.05	$ 14.59
Income from Investment Operations
Net investment income (loss) ^C	(.05)	(.01)	.02	.01	(.03)
Net realized and unrealized gain (loss)	(1.72)	2.39	2.09	(6.59)	2.64
Total from investment operations	(1.77)	2.38	2.11	(6.58)	2.61
Distributions from net investment income	-	(.01)	(.01)	-	-
Distributions from net realized gain	(.03)	(.08)	-	(1.75)	(2.15)
Total distributions	(.03)	(.09)	(.01)	(1.75)	(2.15)
Redemption fees added to paid in capital ^{C, G}	-	-	-	-	-
Net asset value, end of period	$ 9.31	$ 11.11	$ 8.82	$ 6.72	$ 15.05
Total Return ^{A, B}	(15.97)%	27.20%	31.50%	(49.12)%	20.24%
Ratios to Average Net Assets ^{D, F}
Expenses before reductions	1.80%	2.32%	2.50%	2.17%	2.08%
Expenses net of fee waivers, if any	1.70%	1.75%	1.75%	1.75%	1.75%
Expenses net of all reductions	1.68%	1.70%	1.69%	1.66%	1.71%
Net investment income (loss)	(.49)%	(.13)%	.27%	.13%	(.19)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 24,180	$ 23,237	$ 10,494	$ 8,104	$ 22,039
Portfolio turnover rate ^E	140%	179%	258%	257%	102%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights - Class B

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 10.46	$ 8.31	$ 6.37	$ 14.34	$ 14.06
Income from Investment Operations
Net investment income (loss) ^C	(.10)	(.06)	(.02)	(.04)	(.09)
Net realized and unrealized gain (loss)	(1.62)	2.26	1.97	(6.25)	2.52
Total from investment operations	(1.72)	2.20	1.95	(6.29)	2.43
Distributions from net investment income	-	-	(.01)	-	-
Distributions from net realized gain	- ^G	(.05)	-	(1.68)	(2.15)
Total distributions	- ^G	(.05)	(.01)	(1.68)	(2.15)
Redemption fees added to paid in capital ^{C, G}	-	-	-	-	-
Net asset value, end of period	$ 8.74	$ 10.46	$ 8.31	$ 6.37	$ 14.34
Total Return ^{A, B}	(16.42)%	26.64%	30.62%	(49.33)%	19.65%
Ratios to Average Net Assets ^{D, F}
Expenses before reductions	2.32%	2.82%	2.98%	2.66%	2.57%
Expenses net of fee waivers, if any	2.20%	2.25%	2.25%	2.25%	2.25%
Expenses net of all reductions	2.18%	2.19%	2.18%	2.16%	2.20%
Net investment income (loss)	(.99)%	(.62)%	(.22)%	(.37)%	(.69)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,926	$ 2,731	$ 2,162	$ 1,918	$ 5,029
Portfolio turnover rate ^E	140%	179%	258%	257%	102%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights - Class C

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 10.46	$ 8.31	$ 6.37	$ 14.36	$ 14.08
Income from Investment Operations
Net investment income (loss) ^C	(.10)	(.06)	(.02)	(.04)	(.09)
Net realized and unrealized gain (loss)	(1.61)	2.27	1.97	(6.26)	2.52
Total from investment operations	(1.71)	2.21	1.95	(6.30)	2.43
Distributions from net investment income	-	-	(.01)	-	-
Distributions from net realized gain	(.02)	(.06)	-	(1.69)	(2.15)
Total distributions	(.02)	(.06)	(.01)	(1.69)	(2.15)
Redemption fees added to paid in capital ^{C, G}	-	-	-	-	-
Net asset value, end of period	$ 8.73	$ 10.46	$ 8.31	$ 6.37	$ 14.36
Total Return ^{A, B}	(16.38)%	26.68%	30.62%	(49.35)%	19.62%
Ratios to Average Net Assets ^{D, F}
Expenses before reductions	2.28%	2.77%	2.97%	2.63%	2.57%
Expenses net of fee waivers, if any	2.20%	2.25%	2.25%	2.25%	2.25%
Expenses net of all reductions	2.18%	2.20%	2.18%	2.16%	2.20%
Net investment income (loss)	(.99)%	(.63)%	(.22)%	(.37)%	(.69)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 11,632	$ 7,986	$ 3,378	$ 2,697	$ 5,352
Portfolio turnover rate ^E	140%	179%	258%	257%	102%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights - Institutional Class

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 11.76	$ 9.31	$ 7.07	$ 15.76	$ 15.11
Income from Investment Operations
Net investment income (loss) ^B	- ^F	.04	.06	.07	.05
Net realized and unrealized gain (loss)	(1.82)	2.54	2.20	(6.93)	2.75
Total from investment operations	(1.82)	2.58	2.26	(6.86)	2.80
Distributions from net investment income	-	(.05)	(.02)	-	-
Distributions from net realized gain	(.06)	(.08)	-	(1.83)	(2.15)
Total distributions	(.06)	(.13)	(.02)	(1.83)	(2.15)
Redemption fees added to paid in capital ^{B, F}	-	-	-	-	-
Net asset value, end of period	$ 9.88	$ 11.76	$ 9.31	$ 7.07	$ 15.76
Total Return ^A	(15.60)%	28.00%	32.03%	(48.89)%	20.88%
Ratios to Average Net Assets ^{C, E}
Expenses before reductions	1.18%	1.43%	1.88%	1.51%	1.43%
Expenses net of fee waivers, if any	1.17%	1.25%	1.25%	1.25%	1.25%
Expenses net of all reductions	1.15%	1.19%	1.18%	1.16%	1.20%
Net investment income (loss)	.04%	.38%	.78%	.63%	.31%
Supplemental Data
Net assets, end of period (000 omitted)	$ 28,725	$ 12,936	$ 1,148	$ 1,166	$ 2,476
Portfolio turnover rate ^D	140%	179%	258%	257%	102%

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

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F Amount represents less than $.01 per share.

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

Annual Report

Notes to Financial Statements

For the period ended October 31, 2011

1. Organization.

Fidelity Advisor Global Capital Appreciation Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments by existing shareholders. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

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Notes to Financial Statements - continued

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of October 31, 2011, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:

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3. Significant Accounting Policies - continued

Security Valuation - continued

Investments in open-end mutual funds,including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), net operating losses, capital loss carryforwards and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 8,771,282
Gross unrealized depreciation	(16,155,586)
Net unrealized appreciation (depreciation) on securities and other investments	$ (7,384,304)

Tax Cost	$ 110,680,267

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3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax-based components of distributable earnings as of period end were as follows:

Capital loss carryforward	$ (24,751,307)
Net unrealized appreciation (depreciation)	$ (7,480,170)

The tax character of distributions paid was as follows:

	October 31, 2011	October 31, 2010
Ordinary Income	$ 352,610	$ 250,381

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $247,660,432 and $182,112,533, respectively.

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Notes to Financial Statements - continued

5. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the Institutional Class of the Fund as compared to an appropriate benchmark index. For the period, the total annual management fee rate, including the performance adjustment, was .71% of the Fund's average net assets.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 110,510	$ 10,430
Class T	.25%	.25%	147,154	75
Class B	.75%	.25%	25,792	19,362
Class C	.75%	.25%	140,385	82,957
			$ 423,841	$ 112,824

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5. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

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

	Retained by FDC
Class A	$ 53,137
Class T	10,527
Class B*	4,390
Class C*	15,060
	$ 83,114

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

	Amount	% of Average Net Assets
Class A	$ 118,843	.27
Class T	88,343	.30
Class B	7,868	.31
Class C	41,153	.29
Institutional Class	96,884	.20
	$ 353,091

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Notes to Financial Statements - continued

5. Fees and Other Transactions with Affiliates - continued

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 9,837,692	.39%	$ 1,390

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $418 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

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7. Security Lending - continued

8. Expense Reductions.

FMR contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2012. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser
Class A	1.45%	$ 24,171
Class T	1.70%	27,895
Class B	2.20%	2,997
Class C	2.20%	10,305
		$ 65,368

In addition, FMR voluntarily agreed to reimburse a portion of its management fee. For the period, the amount of this reimbursement was $673.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2011	2010
From net investment income
Class A	$ -	$ 24,148
Class T	-	14,394
Institutional Class	-	6,497
Total	$ -	$ 45,039
From net realized gain
Class A	$ 149,904	$ 62,317
Class T	82,578	95,962
Class B	761	13,694
Class C	23,129	23,177
Institutional Class	96,238	10,192
Total	$ 352,610	$ 205,342

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Notes to Financial Statements - continued

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2011	2010	2011	2010
Class A
Shares sold	3,313,300	2,107,781	$ 38,257,984	$ 21,885,164
Reinvestment of distributions	11,121	8,588	130,500	82,276
Shares redeemed	(2,187,648)	(226,391)	(23,557,856)	(2,293,965)
Net increase (decrease)	1,136,773	1,889,978	$ 14,830,628	$ 19,673,475
Class T
Shares sold	1,500,646	1,253,117	$ 16,821,913	$ 13,010,370
Reinvestment of distributions	7,107	11,592	81,139	108,388
Shares redeemed	(1,001,188)	(363,578)	(10,370,670)	(3,522,646)
Net increase (decrease)	506,565	901,131	$ 6,532,382	$ 9,596,112
Class B
Shares sold	67,595	87,120	$ 715,061	$ 802,164
Reinvestment of distributions	70	1,450	677	12,817
Shares redeemed	(108,399)	(87,578)	(1,075,608)	(796,786)
Net increase (decrease)	(40,734)	992	$ (359,870)	$ 18,195
Class C
Shares sold	1,263,963	501,896	$ 13,329,175	$ 4,858,487
Reinvestment of distributions	1,981	2,379	21,056	21,027
Shares redeemed	(696,642)	(147,177)	(6,685,064)	(1,345,064)
Net increase (decrease)	569,302	357,098	$ 6,665,167	$ 3,534,450
Institutional Class
Shares sold	6,587,351	986,043	$ 79,174,965	$ 11,001,071
Reinvestment of distributions	6,022	415	72,484	4,092
Shares redeemed	(4,787,531)	(9,490)	(50,353,481)	(104,782)
Net increase (decrease)	1,805,842	976,968	$ 28,893,968	$ 10,900,381

11. Other.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Advisor Series VIII and the Shareholders of Fidelity Advisor Global Capital Appreciation Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Advisor Global Capital Appreciation Fund (a fund of Fidelity Advisor Series VIII) at October 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Advisor Global Capital Appreciation Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 15, 2011

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Trustees and Officers

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Trustees and Officers - continued

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

Interested Trustees*:

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

Name, Age; Principal Occupations and Other Relevant Experience⁺
James C. Curvey (76)
	Year of Election or Appointment: 2007 Mr. Curvey is Trustee and Acting Chairman of the Board of Trustees of certain Trusts. Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of Fidelity Investments Money Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.
Ronald P. O'Hanley (54)
	Year of Election or Appointment: 2011 Mr. O'Hanley is Director of FMR Co., Inc. (2010-present), Director of Fidelity Investments Money Management, Inc. (2010-present), Director of Fidelity Research & Analysis Company (2010-present), President of Fidelity Asset Management and Corporate Services and a member of Fidelity's Executive Committee (2010-present). Previously, Mr. O'Hanley served as President and Chief Executive Officer of BNY Mellon Asset Management (2007-2010). Mr. O'Hanley also served as Vice Chairman of Bank New York Mellon Corp. and a member of that firm's Executive Committee. Prior to the 2007 merger of The Bank of New York and Mellon Financial Corporation, he was Vice Chairman of Mellon Financial Corporation and President and Chief Executive Officer of Mellon Asset Management. He joined Mellon in February 1997. Mr. O'Hanley currently serves as Chairman of the Boston Public Library Foundation Board of Directors and sits on the Board of Directors of Beth Israel Deaconess Medical Center, the Board of Trustees of the Marine Biological Laboratory and the Advisory Board of the Maxwell School of Citizenship and Public Administration at Syracuse University. Mr. O'Hanley also chairs the Council on Asset Management for the Financial Services Roundtable and is a member of the Board of Directors of Institutional Investor's U.S. Institute.

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

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Trustees and Officers - continued

Independent Trustees:

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

Name, Age; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (63)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Mr. Dirks is a member of the Independent Directors Council (IDC) Governing Council (2010-Present) and Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (58)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's, Inc. (restaurant and entertainment complexes, 2010-present), The Hillman Companies, Inc. (hardware wholesalers, 2010-present), and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-Present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for the Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (67)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is also a member of the Board of Directors of the Philharmonic Center for the Arts in Naples, Florida (1999-present); a member of the Board of Trustees of Fairfield University (2005-present); and a member of the Council on Foreign Relations (1994-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (67)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Robert W. Selander (61)
	Year of Election or Appointment: 2011 Previously, Mr. Selander served as a Member of the Advisory Board of Fidelity's Equity and High Income Funds (2011), Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.
Cornelia M. Small (67)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (72)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Vice Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of Univar (global distributor of commodity and specialty chemicals, 2010-present), a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (62)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (61)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), as a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Advisory Board Members and Executive Officers:

Correspondence intended for each executive officer, Edward C. Johnson 3d, and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (81)
	Year of Election or Appointment: 2011 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC, and also serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as a Trustee and Chairman of the Board of certain Fidelity Trusts, Chairman and a Director of FMR, Chairman and a Director of FMR Co., Inc., and President of FMR LLC (2006-2007).
Peter S. Lynch (67)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (42)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as President and Treasurer (2010-present) and Assistant Treasurer (2009-present) of other Fidelity funds and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008).
Bruce T. Herring (46)
	Year of Election or Appointment: 2006 Vice President of certain Equity Funds. Mr. Herring also serves as Chief Investment Officer and Director of Fidelity Management & Research (U.K.) Inc. (2010-present) and Group Chief Investments Officer of FMR. Previously, Mr. Herring served as Vice President (2005-2006) and Senior Vice President (2006-2007) of Fidelity Management & Research Company, Vice President of FMR Co., Inc. (2001-2007) and as a portfolio manager for Fidelity U.S. Equity Funds.
Brian B. Hogan (47)
	Year of Election or Appointment: 2009 Vice President of Equity and High Income Funds. Mr. Hogan also serves as President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.
Scott C. Goebel (43)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as Secretary of Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); Secretary and CLO of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); employed by FMR LLC or an affiliate (2001-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (42)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Holly C. Laurent (57)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent also serves as AML Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present) and is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (53)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (64)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (50)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009).
Joseph F. Zambello (54)
	Year of Election or Appointment: 2011 Deputy Treasurer of the Fidelity funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
Adrien E. Deberghes (44)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes also serves as Vice President and Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II (2011-present), Assistant Treasurer of other Fidelity funds (2010-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (42)
	Year of Election or Appointment: 2010 Assistant Treasurer of Fidelity's Equity and High Income Funds. Ms. Dorsey also serves as Deputy Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
John R. Hebble (53)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President (2011-present), Treasurer, and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present), President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Gary W. Ryan (53)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).
Jonathan Davis (43)
	Year of Election or Appointment: 2010 Assistant Treasurer of the Fidelity funds. Mr. Davis is also Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).

Annual Report

Distributions (Unaudited)

Class A designates 8%; Class T designates 10%; and Class C designates 15%; of the dividends distributed in respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

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

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

	Pay Date	Income	Taxes
Class A	12/06/2010	$0.038	$0.0108
	07/11/2011	$0.002	$0.0000
Class T	12/06/2010	$0.029	$0.0108
	07/11/2011	$0.002	$0.0000
Class B	12/06/2010	$0.000	$0.0000
	07/11/2011	$0.002	$0.0000
Class C	12/06/2010	$0.020	$0.0108
	07/11/2011	$0.002	$0.0000

The fund will notify shareholders in January 2012 of amounts for use in preparing 2011 income tax returns.

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Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Global Capital Appreciation Fund

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Fidelity Advisor Global Capital Appreciation Fund

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The Board reviewed the fund's relative investment performance against its peer group and noted that the performance of Institutional Class (Class I) of the fund was in the first quartile for the one- and three-year periods and the third quartile for the five-year period. The Board also noted that the investment performance of Institutional Class (Class I) of the fund compared favorably to its benchmark for the one- and three-year periods, although the fund's five-year cumulative total return was lower than its benchmark. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board also reviewed the fund's performance since inception as well as performance in the current year.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period exceeds, or is exceeded by, the record (over the same period) of a Board-approved performance adjustment index. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior performance for the fund's shareholders and helps to more closely align the interests of FMR and the fund's shareholders.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 16% means that 84% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked and the impact of the fund's performance adjustment, is also included in the chart and considered by the Board.

Annual Report

Fidelity Advisor Global Capital Appreciation Fund

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The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2010. The Board also noted the effect of the fund's positive performance adjustment on the fund's management fee ranking. The Board noted that the performance adjustment for each year represents calculations for performance periods that differ from the periods shown in the performance charts above.

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

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

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable, although in some cases above the median of the universe presented for comparison, in light of the services that the fund and its shareholders receive and the other factors considered, including the findings of the Committee.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that any potential economies of scale are being appropriately shared between fund shareholders and Fidelity.

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

FIL Investment Advisors

FIL Investments (Japan) Limited

FIL Investment Advisors (UK) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

State Street Bank and Trust Company

Quincy, MA

AGLO-UANN-1211
1.784744.108

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(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Global Capital Appreciation
Fund - Institutional Class

Annual Report

October 31, 2011

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Chairman's Message	(Click Here)	The Chairman's message to shareholders.
Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fund performance and strategy.
Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to financial statements.
Report of Independent Registered Public Accounting Firm	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

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

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

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

Annual Report

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_James_C_Curvey)

Dear Shareholder:

Sincerely,

(The acting chairman's signature appears here.)

James C. Curvey
Acting Chairman

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended October 31, 2011	Past 1 year	Past 5 years	Past 10 years
Institutional Class	-15.60%	-2.50%	3.17%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Global Capital Appreciation Fund - Institutional Class on October 31, 2001. The chart shows how the value of your investment would have changed, and also shows how the MSCI® ACWI® (All Country World Index) Index performed over the same period.

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Annual Report

Management's Discussion of Fund Performance

Comments from Thomas Allen, Portfolio Manager of Fidelity Advisor® Global Capital Appreciation Fund: During the year, the fund's Institutional Class shares returned -15.60%, significantly lagging the MSCI index. Stock selection in health care curbed relative performance the most. Stock picking in information technology and financials, together with positioning in energy and consumer staples, also hurt. The largest detractor by a wide margin was Nanosphere, which executed poorly when rolling out its genomic and protein testing equipment. The fund also was hurt by Longtop Financial Technologies, a Chinese software firm, and Corning, a maker of glass panels for televisions and personal computers. Conversely, stock picking among retailers was a positive, along with overweighting software/services and having little exposure to banks. Geographically, stock selection in Japan contributed significantly. The fund's top-three relative contributors were Japan-based: eyewear retailer Megane Top, price comparison portal Kakaku.com and M3, a supplier of data for physicians. All of the stocks I've mentioned in this report, except for Corning, were not part of the index. Longtop was not held by the fund at period end.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2011 to October 31, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value May 1, 2011	Ending Account Value October 31, 2011	Expenses Paid During Period* May 1, 2011 to October 31, 2011
Class A	1.45%
Actual		$ 1,000.00	$ 842.70	$ 6.73
Hypothetical^A		$ 1,000.00	$ 1,017.90	$ 7.38
Class T	1.70%
Actual		$ 1,000.00	$ 841.30	$ 7.89
Hypothetical^A		$ 1,000.00	$ 1,016.64	$ 8.64
Class B	2.20%
Actual		$ 1,000.00	$ 839.00	$ 10.20
Hypothetical^A		$ 1,000.00	$ 1,014.12	$ 11.17
Class C	2.20%
Actual		$ 1,000.00	$ 838.90	$ 10.20
Hypothetical^A		$ 1,000.00	$ 1,014.12	$ 11.17
Institutional Class	1.14%
Actual		$ 1,000.00	$ 843.20	$ 5.30
Hypothetical^A		$ 1,000.00	$ 1,019.46	$ 5.80

^A 5% return per year before expenses

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

Annual Report

Investment Changes (Unaudited)

Top Five Stocks as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Google, Inc. Class A (United States of America, Internet Software & Services)	4.6	3.5
Royal Dutch Shell PLC Class B sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels)	4.3	3.0
MasterCard, Inc. Class A (United States of America, IT Services)	3.9	0.6
Copa Holdings SA Class A (Panama, Airlines)	3.9	3.1
Kakaku.com, Inc. (Japan, Internet Software & Services)	3.7	1.5
	20.4
Top Five Market Sectors as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	32.3	30.8
Consumer Discretionary	18.2	16.1
Health Care	14.8	19.1
Energy	9.4	12.1
Financials	9.2	7.9
Top Five Countries as of October 31, 2011
(excluding cash equivalents)	% of fund's net assets	% of fund's net assets 6 months ago
United States of America	35.1	38.4
India	16.5	18.7
Japan	14.4	9.8
Canada	5.5	7.0
United Kingdom	5.4	4.2

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

Asset Allocation (% of fund's net assets)
As of October 31, 2011		As of April 30, 2011
	Stocks 98.0%		Stocks 98.2%
	Short-Term Investments and Net Other Assets 2.0%		Short-Term Investments and Net Other Assets 1.8%

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Annual Report

Investments October 31, 2011

Showing Percentage of Net Assets

Common Stocks - 98.0%
	Shares		Value
Australia - 1.2%
carsales.com Ltd. (d)	205,327		$ 1,061,541
Newcrest Mining Ltd.	6,393		225,962
TOTAL AUSTRALIA			1,287,503
Bailiwick of Jersey - 0.0%
Velti PLC (a)	3,750		31,575
Bermuda - 2.5%
CNPC (Hong Kong) Ltd.	74,000		103,658
Fairwood Holdings Ltd.	443,500		577,654
Invesco Ltd.	19,300		387,351
Luk Fook Holdings International Ltd.	275,000		1,179,035
Marvell Technology Group Ltd. (a)	20,700		289,593
TOTAL BERMUDA			2,537,291
Brazil - 0.9%
Amil Participacoes SA	7,700		77,888
Drogasil SA	100		629
Marisa Lojas SA	100		1,380
Porto Seguro SA	16,600		177,871
Tegma Gestao Logistica	20,600		267,517
Totvs SA	24,300		403,302
TOTAL BRAZIL			928,587
Canada - 5.5%
Barrick Gold Corp.	69,700		3,440,775
Bellhaven Copper & Gold, Inc. (a)	832,000		484,085
Canadian Natural Resources Ltd.	3,200		112,868
Carpathian Gold, Inc. (a)	2,543,500		1,097,161
Petrobank Energy & Resources Ltd.	16,400		147,573
Petrominerales Ltd.	1,044		27,544
Peyto Exploration & Development Corp.	100		2,182
PHX Energy Services Corp.	9,200		94,598
SunOpta, Inc. (a)	11,500		60,030
Talisman Energy, Inc.	12,500		177,309
TOTAL CANADA			5,644,125
Cayman Islands - 0.9%
Biostime International Holdings Ltd.	60,000		106,997
Daphne International Holdings Ltd.	190,000		198,504
Shenguan Holdings Group Ltd.	422,000		226,722
Common Stocks - continued
	Shares		Value
Cayman Islands - continued
Shenzhou International Group Holdings Ltd.	297,000		$ 382,070
SITC International Holdings Co. Ltd.	113,000		29,188
TOTAL CAYMAN ISLANDS			943,481
Denmark - 0.1%
Carlsberg A/S Series B	1,100		74,878
Finland - 0.0%
Nokian Tyres PLC	600		22,046
France - 1.8%
1000mercis	2,800		154,609
Edenred	9,600		272,352
Maisons France Confort	28,700		1,028,694
Ubisoft Entertainment SA (a)	62,564		377,845
TOTAL FRANCE			1,833,500
Hong Kong - 0.5%
AIA Group Ltd.	175,600		536,939
India - 16.5%
Cipla Ltd.	14,696		88,797
CRISIL Ltd.	12,790		230,989
eClerx	74,317		1,138,764
FDC Ltd.	609,912		1,149,698
Hawkins Cookers Ltd.	4,513		138,700
ICRA Ltd.	53,875		991,226
Indoco Remedies Ltd.	187,943		1,456,106
INFO Edge India Ltd.	175,086		2,442,109
Ipca Laboratories Ltd.	25,000		130,414
Jubilant Foodworks Ltd. (a)	175,042		2,884,601
Opto Circuits India Ltd.	575,876		2,959,175
Page Industries Ltd.	1,375		71,556
Prakash Industries Ltd.	83,027		78,935
Sobha Developers Ltd.	255,112		1,319,474
Sun TV Ltd.	350,124		1,869,166
TOTAL INDIA			16,949,710
Ireland - 0.6%
Trinity Biotech PLC sponsored ADR	58,441		599,605
Japan - 14.4%
CyberAgent, Inc.	141		475,275
DeNA Co. Ltd.	13,600		587,073
Kakaku.com, Inc.	95,400		3,777,846
Kenedix, Inc. (a)	18,158		2,692,254
Common Stocks - continued
	Shares		Value
Japan - continued
MEGANE TOP CO. LTD.	49,650		$ 579,876
Proto Corp.	70,200		2,383,941
So-net M3, Inc. (d)	708		3,202,287
Start Today Co. Ltd.	28,600		605,088
Tsutsumi Jewelry Co. Ltd.	22,000		512,715
TOTAL JAPAN			14,816,355
Korea (South) - 1.4%
MegaStudy Co. Ltd.	9,976		1,099,234
Orion Corp.	65		34,741
Woongjin Coway Co. Ltd.	9,810		336,683
TOTAL KOREA (SOUTH)			1,470,658
Luxembourg - 1.0%
GlobeOp Financial Services SA	221,802		1,016,601
Mexico - 0.4%
Genomma Lab Internacional SA de CV (a)	185,400		386,524
Netherlands - 0.2%
Randstad Holdings NV	4,947		176,460
Norway - 0.3%
Schibsted ASA (B Shares)	11,600		303,563
Panama - 3.9%
Copa Holdings SA Class A	58,302		4,026,919
Poland - 0.2%
Eurocash SA	26,800		214,879
Russia - 3.4%
Pharmstandard OJSC (a)	39,933		2,794,385
Vozrozhdenie Bank	26,600		695,049
TOTAL RUSSIA			3,489,434
Singapore - 0.1%
Breadtalk Group Ltd.	190,000		77,477
Sweden - 0.7%
EnergyO Solutions AB (a)	98,507		341,474
Swedol AB	82,700		380,548
TOTAL SWEDEN			722,022
Taiwan - 1.0%
HTC Corp.	47,700		1,071,988
United Kingdom - 5.4%
Ascent Resources PLC (a)	2,035,600		119,488
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Ashtead Group PLC	171,000		$ 426,528
ASOS PLC (a)	5,100		127,620
Royal Dutch Shell PLC Class B sponsored ADR	61,500		4,415,700
Royalblue Group PLC	16,300		426,496
TOTAL UNITED KINGDOM			5,515,832
United States of America - 35.1%
Advance Auto Parts, Inc.	23,400		1,522,638
Aegion Corp. (a)	18,000		266,220
Allscripts-Misys Healthcare Solutions, Inc. (a)	8,900		170,435
Apache Corp.	25,500		2,540,565
Apple, Inc. (a)	2,600		1,052,428
Applied Materials, Inc.	78,500		967,120
Brookdale Senior Living, Inc. (a)	5,000		82,900
CME Group, Inc.	1,000		275,560
Cognex Corp.	7,470		253,158
Computer Task Group, Inc. (a)	138,500		1,768,645
Con-way, Inc.	3,200		94,304
Corning, Inc.	248,000		3,543,920
Cymer, Inc. (a)	9,200		399,740
Discover Financial Services	41,300		973,028
eBay, Inc. (a)	95,900		3,052,497
EnerNOC, Inc. (a)	4,259		37,777
Entegris, Inc. (a)	43,000		385,280
Genomic Health, Inc. (a)	6,280		134,392
Google, Inc. Class A (a)	8,000		4,741,121
Hasbro, Inc.	7,300		277,838
Health Management Associates, Inc. Class A (a)	14,900		130,524
Impax Laboratories, Inc. (a)	10,800		204,228
Infinity Pharmaceuticals, Inc. (a)(d)	19,900		150,643
Intuit, Inc.	12,900		692,343
IPC The Hospitalist Co., Inc. (a)	4,700		197,071
MasterCard, Inc. Class A	11,600		4,027,984
McKesson Corp.	3,900		318,045
Nabors Industries Ltd. (a)	2,100		38,493
Nanosphere, Inc. (a)	435,370		657,409
NeuStar, Inc. Class A (a)	2,300		73,117
Noble Energy, Inc.	2,600		232,284
NVE Corp. (a)	2,421		133,203
Pioneer Natural Resources Co.	3,600		302,040
Polycom, Inc. (a)	15,500		256,215
QEP Resources, Inc.	40,600		1,443,330
Common Stocks - continued
	Shares		Value
United States of America - continued
RF Micro Devices, Inc. (a)	5,800		$ 42,572
Ross Stores, Inc.	3,900		342,147
Rovi Corp. (a)	18,200		901,628
rue21, Inc. (a)(d)	3,100		82,584
Smart Balance, Inc. (a)	166,500		1,090,575
Solera Holdings, Inc.	10,100		551,763
Synta Pharmaceuticals Corp. (a)(d)	51,067		188,948
TD Ameritrade Holding Corp.	5,500		92,290
The Walt Disney Co.	31,200		1,088,256
Thermo Fisher Scientific, Inc. (a)	2,400		120,648
Zoltek Companies, Inc. (a)	30,341		219,972
TOTAL UNITED STATES OF AMERICA			36,117,878
TOTAL COMMON STOCKS (Cost $107,957,434)		100,795,830
Money Market Funds - 2.5%

Fidelity Cash Central Fund, 0.12% (b)	355,467		355,467
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	2,144,666		2,144,666
TOTAL MONEY MARKET FUNDS (Cost $2,500,133)		2,500,133
TOTAL INVESTMENT PORTFOLIO - 100.5% (Cost $110,457,567)			103,295,963
NET OTHER ASSETS (LIABILITIES) - (0.5)%			(466,144)
NET ASSETS - 100%		$ 102,829,819

Legend

(a) Non-income producing

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 11,400
Fidelity Securities Lending Cash Central Fund	95,446
Total	$ 106,846

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Nanosphere, Inc.	$ 911,696	$ 8,709,271	$ 2,480,836	$ -	$ -

Other Information

The following is a summary of the inputs used, as of October 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
United States of America	$ 36,117,878	$ 36,117,878	$ -	$ -
India	16,949,710	-	16,949,710	-
Japan	14,816,355	-	14,816,355	-
Canada	5,644,125	5,644,125	-	-
United Kingdom	5,515,832	5,515,832	-	-
Panama	4,026,919	4,026,919	-	-
Russia	3,489,434	3,489,434	-	-
Bermuda	2,537,291	676,944	1,860,347	-
France	1,833,500	1,833,500	-	-
Other	9,864,786	4,476,740	5,388,046	-
Money Market Funds	2,500,133	2,500,133	-	-
Total Investments in Securities:	$ 103,295,963	$ 64,281,505	$ 39,014,458	$ -

Transfers from Level 1 to Level 2 during the period were $19,761,777.

Income Tax Information

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

	October 31, 2011
Assets
Investment in securities, at value (including securities loaned of $2,034,944) - See accompanying schedule: Unaffiliated issuers (cost $107,957,434)	$ 100,795,830
Fidelity Central Funds (cost $2,500,133)	2,500,133
Total Investments (cost $110,457,567)		$ 103,295,963
Foreign currency held at value (cost $1,961,084)		1,873,033
Receivable for investments sold		612,177
Receivable for fund shares sold		78,958
Dividends receivable		80,889
Distributions receivable from Fidelity Central Funds		1,186
Prepaid expenses		694
Other receivables		70,973
Total assets		106,013,873

Liabilities
Payable for investments purchased	$ 744,747
Payable for fund shares redeemed	123,258
Accrued management fee	61,375
Distribution and service plan fees payable	28,510
Other affiliated payables	27,957
Other payables and accrued expenses	53,541
Collateral on securities loaned, at value	2,144,666
Total liabilities		3,184,054

Net Assets		$ 102,829,819
Net Assets consist of:
Paid in capital		$ 135,061,298
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(24,974,009)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(7,257,470)
Net Assets		$ 102,829,819

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

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

	October 31, 2011
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($36,366,881 ÷ 3,800,369 shares)		$ 9.57

Maximum offering price per share (100/94.25 of $9.57)		$ 10.15
Class T: Net Asset Value and redemption price per share ($24,179,813 ÷ 2,598,107 shares)		$ 9.31

Maximum offering price per share (100/96.50 of $9.31)		$ 9.65
Class B: Net Asset Value and offering price per share ($1,926,183 ÷ 220,369 shares)^A		$ 8.74

Class C: Net Asset Value and offering price per share ($11,631,872 ÷ 1,332,713 shares)^A		$ 8.73

Institutional Class: Net Asset Value, offering price and redemption price per share ($28,725,070 ÷ 2,906,092 shares)		$ 9.88

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

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

Annual Report

Statement of Operations

	Year ended October 31, 2011
Investment Income
Dividends		$ 1,638,952
Interest		444
Income from Fidelity Central Funds (including $95,446 from security lending)		106,846
Income before foreign taxes withheld		1,746,242
Less foreign taxes withheld		(100,644)
Total income		1,645,598

Expenses
Management fee Basic fee	$ 979,879
Performance adjustment	(248)
Transfer agent fees	353,091
Distribution and service plan fees	423,841
Accounting and security lending fees	72,778
Custodian fees and expenses	124,801
Independent trustees' compensation	727
Registration fees	95,010
Audit	81,858
Legal	490
Interest	1,390
Miscellaneous	658
Total expenses before reductions	2,134,275
Expense reductions	(94,854)	2,039,421
Net investment income (loss)		(393,823)
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(8,975,815)
Other affiliated issuers	(4,697,382)
Foreign currency transactions	(142,811)
Total net realized gain (loss)		(13,816,008)
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $145,516)	(16,352,358)
Assets and liabilities in foreign currencies	(96,967)
Total change in net unrealized appreciation (depreciation)		(16,449,325)
Net gain (loss)		(30,265,333)
Net increase (decrease) in net assets resulting from operations		$ (30,659,156)

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

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Year ended October 31, 2011	Year ended October 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ (393,823)	$ (31,162)
Net realized gain (loss)	(13,816,008)	2,238,659
Change in net unrealized appreciation (depreciation)	(16,449,325)	7,407,825
Net increase (decrease) in net assets resulting from operations	(30,659,156)	9,615,322
Distributions to shareholders from net investment income	-	(45,039)
Distributions to shareholders from net realized gain	(352,610)	(205,342)
Total distributions	(352,610)	(250,381)
Share transactions - net increase (decrease)	56,562,275	43,722,613
Redemption fees	6,577	5,493
Total increase (decrease) in net assets	25,557,086	53,093,047

Net Assets
Beginning of period	77,272,733	24,179,686
End of period	$ 102,829,819	$ 77,272,733

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

Annual Report

Financial Highlights - Class A

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 11.41	$ 9.04	$ 6.88	$ 15.38	$ 14.83
Income from Investment Operations
Net investment income (loss) ^C	(.03)	.01	.04	.04	.01
Net realized and unrealized gain (loss)	(1.76)	2.47	2.13	(6.74)	2.69
Total from investment operations	(1.79)	2.48	2.17	(6.70)	2.70
Distributions from net investment income	-	(.03)	(.01)	-	-
Distributions from net realized gain	(.05)	(.08)	-	(1.80)	(2.15)
Total distributions	(.05)	(.11)	(.01)	(1.80)	(2.15)
Redemption fees added to paid in capital ^{C, G}	-	-	-	-	-
Net asset value, end of period	$ 9.57	$ 11.41	$ 9.04	$ 6.88	$ 15.38
Total Return ^{A, B}	(15.81)%	27.68%	31.68%	(48.99)%	20.55%
Ratios to Average Net Assets ^{D. F}
Expenses before reductions	1.51%	1.89%	2.22%	1.90%	1.81%
Expenses net of fee waivers, if any	1.45%	1.50%	1.50%	1.50%	1.50%
Expenses net of all reductions	1.43%	1.44%	1.43%	1.41%	1.45%
Net investment income (loss)	(.24)%	.13%	.53%	.38%	.06%
Supplemental Data
Net assets, end of period (000 omitted)	$ 36,367	$ 30,383	$ 6,997	$ 6,904	$ 14,000
Portfolio turnover rate ^E	140%	179%	258%	257%	102%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights - Class T

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 11.11	$ 8.82	$ 6.72	$ 15.05	$ 14.59
Income from Investment Operations
Net investment income (loss) ^C	(.05)	(.01)	.02	.01	(.03)
Net realized and unrealized gain (loss)	(1.72)	2.39	2.09	(6.59)	2.64
Total from investment operations	(1.77)	2.38	2.11	(6.58)	2.61
Distributions from net investment income	-	(.01)	(.01)	-	-
Distributions from net realized gain	(.03)	(.08)	-	(1.75)	(2.15)
Total distributions	(.03)	(.09)	(.01)	(1.75)	(2.15)
Redemption fees added to paid in capital ^{C, G}	-	-	-	-	-
Net asset value, end of period	$ 9.31	$ 11.11	$ 8.82	$ 6.72	$ 15.05
Total Return ^{A, B}	(15.97)%	27.20%	31.50%	(49.12)%	20.24%
Ratios to Average Net Assets ^{D, F}
Expenses before reductions	1.80%	2.32%	2.50%	2.17%	2.08%
Expenses net of fee waivers, if any	1.70%	1.75%	1.75%	1.75%	1.75%
Expenses net of all reductions	1.68%	1.70%	1.69%	1.66%	1.71%
Net investment income (loss)	(.49)%	(.13)%	.27%	.13%	(.19)%
Supplemental Data				��
Net assets, end of period (000 omitted)	$ 24,180	$ 23,237	$ 10,494	$ 8,104	$ 22,039
Portfolio turnover rate ^E	140%	179%	258%	257%	102%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights - Class B

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 10.46	$ 8.31	$ 6.37	$ 14.34	$ 14.06
Income from Investment Operations
Net investment income (loss) ^C	(.10)	(.06)	(.02)	(.04)	(.09)
Net realized and unrealized gain (loss)	(1.62)	2.26	1.97	(6.25)	2.52
Total from investment operations	(1.72)	2.20	1.95	(6.29)	2.43
Distributions from net investment income	-	-	(.01)	-	-
Distributions from net realized gain	- ^G	(.05)	-	(1.68)	(2.15)
Total distributions	- ^G	(.05)	(.01)	(1.68)	(2.15)
Redemption fees added to paid in capital ^{C, G}	-	-	-	-	-
Net asset value, end of period	$ 8.74	$ 10.46	$ 8.31	$ 6.37	$ 14.34
Total Return ^{A, B}	(16.42)%	26.64%	30.62%	(49.33)%	19.65%
Ratios to Average Net Assets ^{D, F}
Expenses before reductions	2.32%	2.82%	2.98%	2.66%	2.57%
Expenses net of fee waivers, if any	2.20%	2.25%	2.25%	2.25%	2.25%
Expenses net of all reductions	2.18%	2.19%	2.18%	2.16%	2.20%
Net investment income (loss)	(.99)%	(.62)%	(.22)%	(.37)%	(.69)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,926	$ 2,731	$ 2,162	$ 1,918	$ 5,029
Portfolio turnover rate ^E	140%	179%	258%	257%	102%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights - Class C

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 10.46	$ 8.31	$ 6.37	$ 14.36	$ 14.08
Income from Investment Operations
Net investment income (loss) ^C	(.10)	(.06)	(.02)	(.04)	(.09)
Net realized and unrealized gain (loss)	(1.61)	2.27	1.97	(6.26)	2.52
Total from investment operations	(1.71)	2.21	1.95	(6.30)	2.43
Distributions from net investment income	-	-	(.01)	-	-
Distributions from net realized gain	(.02)	(.06)	-	(1.69)	(2.15)
Total distributions	(.02)	(.06)	(.01)	(1.69)	(2.15)
Redemption fees added to paid in capital ^{C, G}	-	-	-	-	-
Net asset value, end of period	$ 8.73	$ 10.46	$ 8.31	$ 6.37	$ 14.36
Total Return ^{A, B}	(16.38)%	26.68%	30.62%	(49.35)%	19.62%
Ratios to Average Net Assets ^{D, F}
Expenses before reductions	2.28%	2.77%	2.97%	2.63%	2.57%
Expenses net of fee waivers, if any	2.20%	2.25%	2.25%	2.25%	2.25%
Expenses net of all reductions	2.18%	2.20%	2.18%	2.16%	2.20%
Net investment income (loss)	(.99)%	(.63)%	(.22)%	(.37)%	(.69)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 11,632	$ 7,986	$ 3,378	$ 2,697	$ 5,352
Portfolio turnover rate ^E	140%	179%	258%	257%	102%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights - Institutional Class

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 11.76	$ 9.31	$ 7.07	$ 15.76	$ 15.11
Income from Investment Operations
Net investment income (loss) ^B	- ^F	.04	.06	.07	.05
Net realized and unrealized gain (loss)	(1.82)	2.54	2.20	(6.93)	2.75
Total from investment operations	(1.82)	2.58	2.26	(6.86)	2.80
Distributions from net investment income	-	(.05)	(.02)	-	-
Distributions from net realized gain	(.06)	(.08)	-	(1.83)	(2.15)
Total distributions	(.06)	(.13)	(.02)	(1.83)	(2.15)
Redemption fees added to paid in capital ^{B, F}	-	-	-	-	-
Net asset value, end of period	$ 9.88	$ 11.76	$ 9.31	$ 7.07	$ 15.76
Total Return ^A	(15.60)%	28.00%	32.03%	(48.89)%	20.88%
Ratios to Average Net Assets ^{C, E}
Expenses before reductions	1.18%	1.43%	1.88%	1.51%	1.43%
Expenses net of fee waivers, if any	1.17%	1.25%	1.25%	1.25%	1.25%
Expenses net of all reductions	1.15%	1.19%	1.18%	1.16%	1.20%
Net investment income (loss)	.04%	.38%	.78%	.63%	.31%
Supplemental Data
Net assets, end of period (000 omitted)	$ 28,725	$ 12,936	$ 1,148	$ 1,166	$ 2,476
Portfolio turnover rate ^D	140%	179%	258%	257%	102%

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

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F Amount represents less than $.01 per share.

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

Annual Report

Notes to Financial Statements

For the period ended October 31, 2011

1. Organization.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of October 31, 2011, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:

Annual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Investments in open-end mutual funds,including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 8,771,282
Gross unrealized depreciation	(16,155,586)
Net unrealized appreciation (depreciation) on securities and other investments	$ (7,384,304)

Tax Cost	$ 110,680,267

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax-based components of distributable earnings as of period end were as follows:

Capital loss carryforward	$ (24,751,307)
Net unrealized appreciation (depreciation)	$ (7,480,170)

The tax character of distributions paid was as follows:

	October 31, 2011	October 31, 2010
Ordinary Income	$ 352,610	$ 250,381

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $247,660,432 and $182,112,533, respectively.

Annual Report

Notes to Financial Statements - continued

5. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 110,510	$ 10,430
Class T	.25%	.25%	147,154	75
Class B	.75%	.25%	25,792	19,362
Class C	.75%	.25%	140,385	82,957
			$ 423,841	$ 112,824

Annual Report

5. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

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

	Retained by FDC
Class A	$ 53,137
Class T	10,527
Class B*	4,390
Class C*	15,060
	$ 83,114

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

	Amount	% of Average Net Assets
Class A	$ 118,843	.27
Class T	88,343	.30
Class B	7,868	.31
Class C	41,153	.29
Institutional Class	96,884	.20
	$ 353,091

Annual Report

Notes to Financial Statements - continued

5. Fees and Other Transactions with Affiliates - continued

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 9,837,692	.39%	$ 1,390

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $418 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

Annual Report

7. Security Lending - continued

8. Expense Reductions.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser
Class A	1.45%	$ 24,171
Class T	1.70%	27,895
Class B	2.20%	2,997
Class C	2.20%	10,305
		$ 65,368

In addition, FMR voluntarily agreed to reimburse a portion of its management fee. For the period, the amount of this reimbursement was $673.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2011	2010
From net investment income
Class A	$ -	$ 24,148
Class T	-	14,394
Institutional Class	-	6,497
Total	$ -	$ 45,039
From net realized gain
Class A	$ 149,904	$ 62,317
Class T	82,578	95,962
Class B	761	13,694
Class C	23,129	23,177
Institutional Class	96,238	10,192
Total	$ 352,610	$ 205,342

Annual Report

Notes to Financial Statements - continued

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2011	2010	2011	2010
Class A
Shares sold	3,313,300	2,107,781	$ 38,257,984	$ 21,885,164
Reinvestment of distributions	11,121	8,588	130,500	82,276
Shares redeemed	(2,187,648)	(226,391)	(23,557,856)	(2,293,965)
Net increase (decrease)	1,136,773	1,889,978	$ 14,830,628	$ 19,673,475
Class T
Shares sold	1,500,646	1,253,117	$ 16,821,913	$ 13,010,370
Reinvestment of distributions	7,107	11,592	81,139	108,388
Shares redeemed	(1,001,188)	(363,578)	(10,370,670)	(3,522,646)
Net increase (decrease)	506,565	901,131	$ 6,532,382	$ 9,596,112
Class B
Shares sold	67,595	87,120	$ 715,061	$ 802,164
Reinvestment of distributions	70	1,450	677	12,817
Shares redeemed	(108,399)	(87,578)	(1,075,608)	(796,786)
Net increase (decrease)	(40,734)	992	$ (359,870)	$ 18,195
Class C
Shares sold	1,263,963	501,896	$ 13,329,175	$ 4,858,487
Reinvestment of distributions	1,981	2,379	21,056	21,027
Shares redeemed	(696,642)	(147,177)	(6,685,064)	(1,345,064)
Net increase (decrease)	569,302	357,098	$ 6,665,167	$ 3,534,450
Institutional Class
Shares sold	6,587,351	986,043	$ 79,174,965	$ 11,001,071
Reinvestment of distributions	6,022	415	72,484	4,092
Shares redeemed	(4,787,531)	(9,490)	(50,353,481)	(104,782)
Net increase (decrease)	1,805,842	976,968	$ 28,893,968	$ 10,900,381

11. Other.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Advisor Series VIII and the Shareholders of Fidelity Advisor Global Capital Appreciation Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Advisor Global Capital Appreciation Fund (a fund of Fidelity Advisor Series VIII) at October 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Advisor Global Capital Appreciation Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 15, 2011

Annual Report

Trustees and Officers

Annual Report

Trustees and Officers - continued

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

Interested Trustees*:

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

Name, Age; Principal Occupations and Other Relevant Experience⁺
James C. Curvey (76)
	Year of Election or Appointment: 2007 Mr. Curvey is Trustee and Acting Chairman of the Board of Trustees of certain Trusts. Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of Fidelity Investments Money Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.
Ronald P. O'Hanley (54)
	Year of Election or Appointment: 2011 Mr. O'Hanley is Director of FMR Co., Inc. (2010-present), Director of Fidelity Investments Money Management, Inc. (2010-present), Director of Fidelity Research & Analysis Company (2010-present), President of Fidelity Asset Management and Corporate Services and a member of Fidelity's Executive Committee (2010-present). Previously, Mr. O'Hanley served as President and Chief Executive Officer of BNY Mellon Asset Management (2007-2010). Mr. O'Hanley also served as Vice Chairman of Bank New York Mellon Corp. and a member of that firm's Executive Committee. Prior to the 2007 merger of The Bank of New York and Mellon Financial Corporation, he was Vice Chairman of Mellon Financial Corporation and President and Chief Executive Officer of Mellon Asset Management. He joined Mellon in February 1997. Mr. O'Hanley currently serves as Chairman of the Boston Public Library Foundation Board of Directors and sits on the Board of Directors of Beth Israel Deaconess Medical Center, the Board of Trustees of the Marine Biological Laboratory and the Advisory Board of the Maxwell School of Citizenship and Public Administration at Syracuse University. Mr. O'Hanley also chairs the Council on Asset Management for the Financial Services Roundtable and is a member of the Board of Directors of Institutional Investor's U.S. Institute.

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

Annual Report

Trustees and Officers - continued

Independent Trustees:

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

Name, Age; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (63)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Mr. Dirks is a member of the Independent Directors Council (IDC) Governing Council (2010-Present) and Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (58)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's, Inc. (restaurant and entertainment complexes, 2010-present), The Hillman Companies, Inc. (hardware wholesalers, 2010-present), and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-Present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for the Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (67)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is also a member of the Board of Directors of the Philharmonic Center for the Arts in Naples, Florida (1999-present); a member of the Board of Trustees of Fairfield University (2005-present); and a member of the Council on Foreign Relations (1994-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (67)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Robert W. Selander (61)
	Year of Election or Appointment: 2011 Previously, Mr. Selander served as a Member of the Advisory Board of Fidelity's Equity and High Income Funds (2011), Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.
Cornelia M. Small (67)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (72)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Vice Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of Univar (global distributor of commodity and specialty chemicals, 2010-present), a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (62)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (61)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), as a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Advisory Board Members and Executive Officers:

Correspondence intended for each executive officer, Edward C. Johnson 3d, and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (81)
	Year of Election or Appointment: 2011 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC, and also serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as a Trustee and Chairman of the Board of certain Fidelity Trusts, Chairman and a Director of FMR, Chairman and a Director of FMR Co., Inc., and President of FMR LLC (2006-2007).
Peter S. Lynch (67)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (42)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as President and Treasurer (2010-present) and Assistant Treasurer (2009-present) of other Fidelity funds and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008).
Bruce T. Herring (46)
	Year of Election or Appointment: 2006 Vice President of certain Equity Funds. Mr. Herring also serves as Chief Investment Officer and Director of Fidelity Management & Research (U.K.) Inc. (2010-present) and Group Chief Investments Officer of FMR. Previously, Mr. Herring served as Vice President (2005-2006) and Senior Vice President (2006-2007) of Fidelity Management & Research Company, Vice President of FMR Co., Inc. (2001-2007) and as a portfolio manager for Fidelity U.S. Equity Funds.
Brian B. Hogan (47)
	Year of Election or Appointment: 2009 Vice President of Equity and High Income Funds. Mr. Hogan also serves as President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.
Scott C. Goebel (43)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as Secretary of Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); Secretary and CLO of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); employed by FMR LLC or an affiliate (2001-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (42)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Holly C. Laurent (57)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent also serves as AML Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present) and is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (53)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (64)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (50)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009).
Joseph F. Zambello (54)
	Year of Election or Appointment: 2011 Deputy Treasurer of the Fidelity funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
Adrien E. Deberghes (44)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes also serves as Vice President and Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II (2011-present), Assistant Treasurer of other Fidelity funds (2010-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (42)
	Year of Election or Appointment: 2010 Assistant Treasurer of Fidelity's Equity and High Income Funds. Ms. Dorsey also serves as Deputy Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
John R. Hebble (53)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President (2011-present), Treasurer, and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present), President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Gary W. Ryan (53)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).
Jonathan Davis (43)
	Year of Election or Appointment: 2010 Assistant Treasurer of the Fidelity funds. Mr. Davis is also Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).

Annual Report

Distributions (Unaudited)

Institutional Class designates 7% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

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

	Pay Date	Income	Taxes
Institutional Class	12/06/2010	$0.046	$0.0108
	07/11/2011	$0.002	$0.0000

The fund will notify shareholders in January 2012 of amounts for use in preparing 2011 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Global Capital Appreciation Fund

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Fidelity Advisor Global Capital Appreciation Fund

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Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 16% means that 84% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked and the impact of the fund's performance adjustment, is also included in the chart and considered by the Board.

Annual Report

Fidelity Advisor Global Capital Appreciation Fund

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

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

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable, although in some cases above the median of the universe presented for comparison, in light of the services that the fund and its shareholders receive and the other factors considered, including the findings of the Committee.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that any potential economies of scale are being appropriately shared between fund shareholders and Fidelity.

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

FIL Investment Advisors

FIL Investments (Japan) Limited

FIL Investment Advisors (UK) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

State Street Bank and Trust Company

Quincy, MA

AGLOI-UANN-1211
1.784745.108

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(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
International
Capital Appreciation
Fund - Class A, Class T, Class B
and Class C

Annual Report

October 31, 2011

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Chairman's Message	(Click Here)	The Chairman's message to shareholders.
Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fund performance and strategy.
Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

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

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

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

Annual Report

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_James_C_Curvey)

Dear Shareholder:

Sincerely,

(The acting chairman's signature appears here.)

James C. Curvey
Acting Chairman

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended October 31, 2011	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	-9.75%	-2.75%	4.85%
Class T (incl. 3.50% sales charge)	-7.85%	-2.53%	4.85%
Class B (incl. contingent deferred sales charge) ^A	-9.69%	-2.57%	4.88%
Class C (incl. contingent deferred sales charge)^B	-6.00%	-2.33%	4.70%

^A Class B shares' contingent deferred sales charges included in the past one year, past five years, and past ten years total return figures are 5%, 2%, and 0%, respectively.

^BClass C shares' contingent deferred sales charges included in the past one year, past five years, and past ten years total return figures are 1%, 0%, and 0%, respectively.

Annual Report

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® International Capital Appreciation Fund - Class A on October 31, 2001, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the MSCI® ACWI® (All Country World Index) ex USA Index performed over the same period.

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Annual Report

Management's Discussion of Fund Performance

Comments from Sammy Simnegar, Portfolio Manager of Fidelity Advisor® International Capital Appreciation Fund: For the year, the fund's Class A, Class T, Class B and Class C shares returned -4.25%, -4.51%, -4.99% and -5.07%, respectively (excluding sales charges), straddling the MSCI index. Stock picking in consumer discretionary and materials aided relative performance, as did underweighting utilities. Geographically, out-of-benchmark exposure to the United States and positioning in Indonesia, Brazil and Russia helped. The fund's top contributor, Canadian junior silver miner Aurcana, was lifted by surging silver prices and sold. Other notable contributors included two Indonesian holdings, retailer Mitra Adiperkasa and tobacco firm Gudang Garam. Conversely, positioning in health care detracted, as did stock selection in financials and underweighted telecommunication services exposure. Geographically, positioning in India, China and the United Kingdom hurt the fund. Swiss food and beverage maker Nestle - the fund's largest holding at period end - was its largest relative detractor, mainly due to untimely ownership. Other key detractors were India-based Jain Irrigation Systems and Vedanta Resources, a U.K. metals and mining firm. Aurcana, Mitra Adiperkasa and Jain Irrigation Systems were non-index holdings. I sold Jain and Vedanta by period end.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2011 to October 31, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

	Annualized Expense Ratio	Beginning Account Value May 1, 2011	Ending Account Value October 31, 2011	Expenses Paid During Period* May 1, 2011 to October 31, 2011
Class A	1.45%
Actual		$ 1,000.00	$ 846.60	$ 6.75
Hypothetical^A		$ 1,000.00	$ 1,017.90	$ 7.38
Class T	1.70%
Actual		$ 1,000.00	$ 845.30	$ 7.91
Hypothetical^A		$ 1,000.00	$ 1,016.64	$ 8.64
Class B	2.20%
Actual		$ 1,000.00	$ 842.60	$ 10.22
Hypothetical^A		$ 1,000.00	$ 1,014.12	$ 11.17
Class C	2.20%
Actual		$ 1,000.00	$ 842.20	$ 10.22
Hypothetical^A		$ 1,000.00	$ 1,014.12	$ 11.17
Institutional Class	1.20%
Actual		$ 1,000.00	$ 847.20	$ 5.59
Hypothetical^A		$ 1,000.00	$ 1,019.16	$ 6.11

^A 5% return per year before expenses

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

Annual Report

Investment Changes (Unaudited)

Top Five Stocks as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Nestle SA (Switzerland, Food Products)	2.3	0.0
Royal Dutch Shell PLC Class B (United Kingdom, Oil, Gas & Consumable Fuels)	2.0	1.9
British American Tobacco PLC (United Kingdom) (United Kingdom, Tobacco)	1.8	1.0
BHP Billiton PLC ADR (United Kingdom, Metals & Mining)	1.7	2.0
Unilever PLC (United Kingdom, Food Products)	1.2	0.0
	9.0
Top Five Market Sectors as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Consumer Discretionary	22.0	23.8
Consumer Staples	21.5	10.2
Financials	16.3	20.2
Materials	10.9	12.6
Industrials	9.9	11.4
Top Five Countries as of October 31, 2011
(excluding cash equivalents)	% of fund's net assets	% of fund's net assets 6 months ago
United States of America	15.8	9.5
United Kingdom	14.7	14.6
France	7.9	7.3
Japan	7.7	14.4
Switzerland	5.7	4.2

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

Asset Allocation (% of fund's net assets)
As of October 31, 2011		As of April 30, 2011
	Stocks 97.9%		Stocks 98.8%
	Short-Term Investments and Net Other Assets 2.1%		Short-Term Investments and Net Other Assets 1.2%

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Annual Report

Investments October 31, 2011

Showing Percentage of Net Assets

Common Stocks - 96.1%
	Shares		Value
Australia - 1.0%
Atlas Iron Ltd.	184,307		$ 597,835
Fortescue Metals Group Ltd.	135,133		678,816
TOTAL AUSTRALIA			1,276,651
Belgium - 0.8%
Anheuser-Busch InBev SA NV	18,457		1,023,702
Bermuda - 1.0%
Credicorp Ltd. (NY Shares)	6,800		739,704
Petra Diamonds Ltd. (a)	324,062		599,330
TOTAL BERMUDA			1,339,034
Brazil - 4.8%
BR Malls Participacoes SA	63,900		690,278
Brasil Foods SA sponsored ADR (d)	37,600		791,480
Cia.Hering SA	30,500		681,152
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	25,400		856,488
Iguatemi Empresa de Shopping Centers SA	32,800		635,486
Itau Unibanco Banco Multiplo SA sponsored ADR	55,500		1,061,160
Multiplan Empreendimentos Imobiliarios SA	33,500		677,335
Souza Cruz Industria Comerico	57,500		705,189
TOTAL BRAZIL			6,098,568
Canada - 1.4%
First Quantum Minerals Ltd.	36,800		771,920
Potash Corp. of Saskatchewan, Inc.	20,400		965,513
TOTAL CANADA			1,737,433
Cayman Islands - 3.2%
Belle International Holdings Ltd.	391,000		766,840
China ZhengTong Auto Services Holdings Ltd.	563,000		609,624
Ctrip.com International Ltd. sponsored ADR (a)(d)	17,000		592,620
Hengdeli Holdings Ltd.	1,680,000		753,173
Intime Department Store Group Co. Ltd.	475,500		682,376
Maoye International Holdings Ltd. (a)	2,601,000		714,536
TOTAL CAYMAN ISLANDS			4,119,169
Chile - 0.5%
Banco Santander Chile sponsored ADR	8,200		669,776
China - 1.5%
Baidu.com, Inc. sponsored ADR (a)	4,600		644,828
Common Stocks - continued
	Shares		Value
China - continued
Golden Eagle Retail Group Ltd. (H Shares)	289,000		$ 726,310
SINA Corp. (a)(d)	7,300		593,417
TOTAL CHINA			1,964,555
Colombia - 0.5%
Grupo de Inversiones Surameric	39,200		688,626
Grupo de Inversiones Surameric rights 11/22/11 (a)	10,029		1,505
TOTAL COLOMBIA			690,131
Curacao - 0.5%
Schlumberger Ltd.	8,600		631,842
Denmark - 1.3%
Christian Hansen Holding AS	29,500		644,674
Novo Nordisk A/S Series B sponsored ADR	10,200		1,084,260
TOTAL DENMARK			1,728,934
Finland - 1.1%
Kone Oyj (B Shares)	13,200		729,603
Nokian Tyres PLC	19,314		709,646
TOTAL FINLAND			1,439,249
France - 7.9%
Air Liquide SA	7,500		973,055
Atos Origin SA	13,067		633,281
BNP Paribas SA	20,504		932,135
Casino Guichard Perrachon et Compagnie	7,595		713,888
Christian Dior SA	5,640		798,472
Danone	15,600		1,085,919
LVMH Moet Hennessy - Louis Vuitton	6,458		1,074,701
Pernod Ricard SA	8,600		803,354
PPR SA	5,000		781,212
Remy Cointreau SA	8,500		698,731
Schneider Electric SA	15,139		893,554
Technip SA	8,000		760,813
TOTAL FRANCE			10,149,115
Germany - 3.7%
BASF AG	16,791		1,235,979
Bayerische Motoren Werke AG (BMW)	11,706		956,768
SAP AG	18,929		1,144,763
Siemens AG sponsored ADR	13,100		1,375,107
TOTAL GERMANY			4,712,617
Common Stocks - continued
	Shares		Value
India - 4.2%
Bajaj Auto Ltd.	19,716		$ 697,347
Gitanjali Gems Ltd.	86,312		613,642
HDFC Bank Ltd.	75,199		749,956
Housing Development Finance Corp. Ltd.	61,226		861,623
ITC Ltd.	163,879		714,784
Jubilant Foodworks Ltd. (a)	35,699		588,301
Smithkline Beecham Consumer Healthcare Ltd.	12,522		599,522
Titan Industries Ltd.	132,926		590,311
TOTAL INDIA			5,415,486
Indonesia - 4.8%
PT Ace Hardware Indonesia Tbk	1,792,000		680,239
PT Astra International Tbk	104,000		801,918
PT Bank Mandiri (Persero) Tbk	959,500		765,377
PT Bank Rakyat Indonesia Tbk	991,000		745,080
PT Global Mediacom Tbk	6,703,000		601,769
PT Gudang Garam Tbk	104,000		682,643
PT Indofood Sukses Makmur Tbk	1,107,000		657,115
PT Mitra Adiperkasa Tbk	1,110,000		611,345
PT Modern Internasional Tbk	1,896,500		635,603
TOTAL INDONESIA			6,181,089
Israel - 1.0%
Check Point Software Technologies Ltd. (a)	10,100		582,063
Israel Chemicals Ltd.	57,000		685,887
TOTAL ISRAEL			1,267,950
Italy - 2.3%
Prada SpA	149,600		739,541
Saipem SpA	17,114		767,364
Salvatore Ferragamo Italia SpA (a)	44,300		717,902
Tod's SpA	6,983		698,691
TOTAL ITALY			2,923,498
Japan - 7.7%
Canon, Inc. sponsored ADR (d)	22,606		1,029,703
Fanuc Corp.	6,000		970,266
Japan Tobacco, Inc.	159		794,809
Kakaku.com, Inc.	15,800		625,681
Keyence Corp.	2,600		661,033
Komatsu Ltd.	36,700		907,517
Makita Corp.	17,900		668,356
Mitsubishi Corp.	44,600		917,404
Common Stocks - continued
	Shares		Value
Japan - continued
Nabtesco Corp.	33,300		$ 729,417
Rakuten, Inc.	593		650,151
Sysmex Corp.	17,800		585,162
THK Co. Ltd.	37,500		730,931
Unicharm Corp.	13,800		618,097
TOTAL JAPAN			9,888,527
Netherlands - 0.7%
ING Groep NV sponsored ADR (a)(d)	101,894		880,364
Nigeria - 1.0%
Guaranty Trust Bank PLC GDR (Reg. S)	152,931		703,483
Guinness Nigeria PLC	483,504		613,481
TOTAL NIGERIA			1,316,964
Norway - 0.6%
DnB NOR ASA	63,600		741,939
Portugal - 0.5%
Jeronimo Martins SGPS SA	39,200		678,111
Russia - 3.1%
Magnit OJSC:
rights 11/29/11 (a)	772		0
GDR (Reg. S)	31,795		812,362
NOVATEK OAO GDR	5,700		800,280
Sberbank of Russia	317,500		861,546
TNK-BP Holding	269,300		736,811
Uralkali JSC GDR (Reg. S)	17,500		759,500
TOTAL RUSSIA			3,970,499
South Africa - 1.1%
Mr Price Group Ltd.	71,400		687,343
Shoprite Holdings Ltd.	46,100		675,616
TOTAL SOUTH AFRICA			1,362,959
Spain - 0.6%
Inditex SA	9,120		829,968
Sweden - 1.4%
Atlas Copco AB (A Shares)	35,700		781,402
H&M Hennes & Mauritz AB (B Shares)	29,930		991,155
TOTAL SWEDEN			1,772,557
Switzerland - 5.7%
Compagnie Financiere Richemont SA Series A	17,844		1,021,778
Credit Suisse Group sponsored ADR (d)	30,300		877,791
Dufry AG (a)	6,000		645,433
Common Stocks - continued
	Shares		Value
Switzerland - continued
Nestle SA	51,760		$ 3,002,203
The Swatch Group AG (Bearer)	2,020		855,372
UBS AG (NY Shares) (a)	77,200		974,264
TOTAL SWITZERLAND			7,376,841
Thailand - 1.6%
C.P. Seven Eleven PCL (For. Reg.)	416,000		629,457
Kasikornbank PCL (For. Reg.)	180,700		730,477
Siam Makro PCL (For. Reg.)	96,900		648,877
TOTAL THAILAND			2,008,811
Turkey - 0.6%
Turkiye Garanti Bankasi AS	199,000		702,254
United Kingdom - 14.7%
Anglo American PLC (United Kingdom)	28,100		1,036,442
Antofagasta PLC	37,400		701,912
Barclays PLC sponsored ADR (d)	69,200		865,692
BG Group PLC	56,597		1,234,677
BHP Billiton PLC ADR	35,400		2,229,138
British American Tobacco PLC (United Kingdom)	50,000		2,292,944
Burberry Group PLC	36,200		780,688
Imperial Tobacco Group PLC	26,870		982,648
Reckitt Benckiser Group PLC	18,100		930,887
Royal Dutch Shell PLC Class B	70,744		2,538,637
SABMiller PLC	26,600		971,705
Standard Chartered PLC (United Kingdom)	49,496		1,161,356
The Weir Group PLC	23,100		712,897
Unilever PLC	44,700		1,498,631
Xstrata PLC	55,877		939,501
TOTAL UNITED KINGDOM			18,877,755
United States of America - 15.3%
Allergan, Inc.	7,500		630,900
Apple, Inc. (a)	1,580		639,552
Caterpillar, Inc.	6,700		632,882
Citigroup, Inc.	18,700		590,733
Citrix Systems, Inc. (a)	8,500		619,055
Coach, Inc.	10,200		663,714
Cummins, Inc.	6,600		656,238
EMC Corp. (a)	26,000		637,260
Freeport-McMoRan Copper & Gold, Inc.	15,260		614,368
Goldman Sachs Group, Inc.	5,500		602,525
Common Stocks - continued
	Shares		Value
United States of America - continued
Google, Inc. Class A (a)	1,100		$ 651,904
Halliburton Co.	16,200		605,232
Joy Global, Inc.	6,900		601,680
JPMorgan Chase & Co.	17,695		615,078
Las Vegas Sands Corp. (a)	14,440		677,958
Lorillard, Inc.	5,700		630,762
MasterCard, Inc. Class A	1,860		645,866
Mead Johnson Nutrition Co. Class A	8,300		596,355
Oracle Corp.	18,900		619,353
Philip Morris International, Inc.	18,700		1,306,569
Rackspace Hosting, Inc. (a)	15,917		658,805
salesforce.com, Inc. (a)	5,000		665,850
The Coca-Cola Co.	9,200		628,544
The Mosaic Co.	10,284		602,231
Tiffany & Co., Inc.	8,475		675,712
TJX Companies, Inc.	10,700		630,551
United Technologies Corp.	8,622		672,344
Visa, Inc. Class A	6,600		615,516
Wells Fargo & Co.	23,040		596,966
Yum! Brands, Inc.	12,400		664,268
TOTAL UNITED STATES OF AMERICA			19,648,771
TOTAL COMMON STOCKS (Cost $118,770,312)		123,425,119
Preferred Stocks - 1.8%

Convertible Preferred Stocks - 0.5%
United States of America - 0.5%
Citigroup, Inc. 7.50%	6,400		608,256
Nonconvertible Preferred Stocks - 1.3%
Germany - 0.7%
Volkswagen AG	5,400		947,584
Italy - 0.6%
Fiat Industrial SpA (a)	124,767		765,597
TOTAL NONCONVERTIBLE PREFERRED STOCKS			1,713,181
TOTAL PREFERRED STOCKS (Cost $2,334,730)		2,321,437
Money Market Funds - 2.8%
	Shares		Value
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c) (Cost $3,635,275)	3,635,275		$ 3,635,275
TOTAL INVESTMENT PORTFOLIO - 100.7% (Cost $124,740,317)			129,381,831
NET OTHER ASSETS (LIABILITIES) - (0.7)%			(908,855)
NET ASSETS - 100%		$ 128,472,976

Legend

(a) Non-income producing

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 1,013
Fidelity Securities Lending Cash Central Fund	56,613
Total	$ 57,626

Other Information

The following is a summary of the inputs used, as of October 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
United States of America	$ 20,257,027	$ 20,257,027	$ -	$ -
United Kingdom	18,877,755	12,547,543	6,330,212	-
France	10,149,115	10,149,115	-	-
Japan	9,888,527	1,029,703	8,858,824	-
Switzerland	7,376,841	7,376,841	-	-
Indonesia	6,181,089	-	6,181,089	-
Brazil	6,098,568	6,098,568	-	-
Germany	5,660,201	4,515,438	1,144,763	-
India	5,415,486	-	5,415,486	-
Other	35,841,947	26,538,878	9,303,069	-
Money Market Funds	3,635,275	3,635,275	-	-
Total Investments in Securities:	$ 129,381,831	$ 92,148,388	$ 37,233,443	$ -

Income Tax Information

At October 31, 2011, the Fund had a capital loss carryforward of approximately $106,313,982 of which $82,346,110 and $23,967,872 will expire in fiscal 2016 and 2017, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

	October 31, 2011
Assets
Investment in securities, at value (including securities loaned of $3,356,766) - See accompanying schedule: Unaffiliated issuers (cost $121,105,042)	$ 125,746,556
Fidelity Central Funds (cost $3,635,275)	3,635,275
Total Investments (cost $124,740,317)		$ 129,381,831
Foreign currency held at value (cost $579,009)		581,479
Receivable for investments sold		4,413,395
Receivable for fund shares sold		77,149
Dividends receivable		381,785
Distributions receivable from Fidelity Central Funds		655
Prepaid expenses		491
Receivable from investment adviser for expense reductions		23,612
Other receivables		301,715
Total assets		135,162,112

Liabilities
Payable to custodian bank	$ 689,424
Payable for investments purchased	1,873,920
Payable for fund shares redeemed	221,135
Accrued management fee	96,229
Distribution and service plan fees payable	50,392
Other affiliated payables	35,481
Other payables and accrued expenses	87,280
Collateral on securities loaned, at value	3,635,275
Total liabilities		6,689,136

Net Assets		$ 128,472,976
Net Assets consist of:
Paid in capital		$ 231,514,686
Undistributed net investment income		717,375
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(108,322,367)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		4,563,282
Net Assets		$ 128,472,976

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

Annual Report

Statement of Assets and Liabilities - continued

	October 31, 2011
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($40,363,509 ÷ 3,955,202 shares)		$ 10.21

Maximum offering price per share (100/94.25 of $10.21)		$ 10.83
Class T: Net Asset Value and redemption price per share ($59,914,188 ÷ 5,992,747 shares)		$ 10.00

Maximum offering price per share (100/96.50 of $10.00)		$ 10.36
Class B: Net Asset Value and offering price per share ($4,241,394 ÷ 458,113 shares)^A		$ 9.26

Class C: Net Asset Value and offering price per share ($19,618,816 ÷ 2,124,523 shares)^A		$ 9.23

Institutional Class: Net Asset Value, offering price and redemption price per share ($4,335,069 ÷ 398,828 shares)		$ 10.87

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

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

Annual Report

Financial Statements - continued

Statement of Operations

	Year ended October 31, 2011
Investment Income
Dividends		$ 2,945,449
Special dividends		381,278
Interest		12
Income from Fidelity Central Funds		57,626
Income before foreign taxes withheld		3,384,365
Less foreign taxes withheld		(220,492)
Total income		3,163,873

Expenses
Management fee Basic fee	$ 1,057,229
Performance adjustment	165,453
Transfer agent fees	445,253
Distribution and service plan fees	754,996
Accounting and security lending fees	78,197
Custodian fees and expenses	172,238
Independent trustees' compensation	835
Registration fees	63,175
Audit	78,417
Legal	682
Miscellaneous	1,411
Total expenses before reductions	2,817,886
Expense reductions	(384,303)	2,433,583
Net investment income (loss)		730,290
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	8,574,922
Foreign currency transactions	(163,435)
Total net realized gain (loss)		8,411,487
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $220,998)	(14,252,180)
Assets and liabilities in foreign currencies	(42,225)
Total change in net unrealized appreciation (depreciation)		(14,294,405)
Net gain (loss)		(5,882,918)
Net increase (decrease) in net assets resulting from operations		$ (5,152,628)

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

Annual Report

Statement of Changes in Net Assets

	Year ended October 31, 2011	Year ended October 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 730,290	$ 615,258
Net realized gain (loss)	8,411,487	13,450,085
Change in net unrealized appreciation (depreciation)	(14,294,405)	12,333,412
Net increase (decrease) in net assets resulting from operations	(5,152,628)	26,398,755
Distributions to shareholders from net investment income	(760,710)	(1,027,978)
Distributions to shareholders from net realized gain	(1,721,042)	(2,639,506)
Total distributions	(2,481,752)	(3,667,484)
Share transactions - net increase (decrease)	(24,900,583)	(21,653,630)
Redemption fees	3,558	4,947
Total increase (decrease) in net assets	(32,531,405)	1,082,588

Net Assets
Beginning of period	161,004,381	159,921,793
End of period (including undistributed net investment income of $717,375 and undistributed net investment income of $577,824, respectively)	$ 128,472,976	$ 161,004,381

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

Annual Report

Financial Highlights - Class A

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 10.85	$ 9.34	$ 6.39	$ 18.64	$ 17.79
Income from Investment Operations
Net investment income (loss)^C	.08^J	.06	.09	.11	.07
Net realized and unrealized gain (loss)	(.53)	1.69	2.88	(8.42)	3.81
Total from investment operations	(.45)	1.75	2.97	(8.31)	3.88
Distributions from net investment income	(.08)	(.08)	(.02)	(.05)	(.12)
Distributions from net realized gain	(.12)	(.16)	-	(3.89)	(2.90)
Total distributions	(.19)^I	(.24)	(.02)	(3.94)	(3.03)^H
Redemption fees added to paid in capital^{C, G}	-	-	-	-	-
Net asset value, end of period	$ 10.21	$ 10.85	$ 9.34	$ 6.39	$ 18.64
Total Return^{A, B}	(4.25)%	18.98%	46.61%	(55.70)%	24.76%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	1.64%	1.45%	1.27%	1.42%	1.47%
Expenses net of fee waivers, if any	1.45%	1.45%	1.27%	1.42%	1.47%
Expenses net of all reductions	1.38%	1.27%	1.15%	1.25%	1.39%
Net investment income (loss)	.74%^J	.66%	1.22%	.95%	.39%
Supplemental Data
Net assets, end of period (000 omitted)	$ 40,364	$ 49,058	$ 43,389	$ 35,517	$ 113,579
Portfolio turnover rate^E	254%	490%	414%	394%	146%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

^H Total distributions of $3.03 per share is comprised of distributions from net investment income of $.123 and distributions from net realized gain of $2.903 per share.

^I Total distributions of $.19 per share is comprised of distributions from net investment income of $.077 and distributions from net realized gain of $.116 per share.

^J Investment income per share reflects a special dividend which amounted to $.03 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .49%.

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

Annual Report

Financial Highlights - Class T

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 10.63	$ 9.16	$ 6.28	$ 18.38	$ 17.57
Income from Investment Operations
Net investment income (loss)^C	.05^J	.04	.07	.08	.03
Net realized and unrealized gain (loss)	(.52)	1.65	2.82	(8.28)	3.76
Total from investment operations	(.47)	1.69	2.89	(8.20)	3.79
Distributions from net investment income	(.05)	(.06)	(.01)	(.01)	(.07)
Distributions from net realized gain	(.12)	(.16)	-	(3.89)	(2.90)
Total distributions	(.16)^I	(.22)	(.01)	(3.90)	(2.98)^H
Redemption fees added to paid in capital^{C, G}	-	-	-	-	-
Net asset value, end of period	$ 10.00	$ 10.63	$ 9.16	$ 6.28	$ 18.38
Total Return^{A, B}	(4.51)%	18.65%	46.23%	(55.79)%	24.47%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	1.88%	1.69%	1.52%	1.65%	1.69%
Expenses net of fee waivers, if any	1.70%	1.69%	1.52%	1.65%	1.69%
Expenses net of all reductions	1.62%	1.51%	1.41%	1.48%	1.61%
Net investment income (loss)	.49%^J	.42%	.96%	.71%	.18%
Supplemental Data
Net assets, end of period (000 omitted)	$ 59,914	$ 74,056	$ 78,005	$ 57,603	$ 179,990
Portfolio turnover rate^E	254%	490%	414%	394%	146%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

^H Total distributions of $2.98 per share is comprised of distributions from net investment income of $0.74 and distributions from net realized gain of $2.903 per share.

^I Total distributions of $.16 per share is comprised of distributions from net investment income of $.047 and distributions from net realized gain of $.116 per share.

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

Annual Report

Financial Highlights - Class B

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 9.84	$ 8.51	$ 5.86	$ 17.36	$ 16.72
Income from Investment Operations
Net investment income (loss)^C	-^{G, I}	(.01)	.03	.02	(.06)
Net realized and unrealized gain (loss)	(.48)	1.53	2.63	(7.75)	3.57
Total from investment operations	(.48)	1.52	2.66	(7.73)	3.51
Distributions from net investment income	(.01)	(.03)	(.01)	-	-
Distributions from net realized gain	(.09)	(.16)	-	(3.77)	(2.87)
Total distributions	(.10)	(.19)	(.01)	(3.77)	(2.87)^H
Redemption fees added to paid in capital^{C, G}	-	-	-	-	-
Net asset value, end of period	$ 9.26	$ 9.84	$ 8.51	$ 5.86	$ 17.36
Total Return^{A, B}	(4.99)%	18.03%	45.50%	(56.02)%	23.85%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	2.39%	2.20%	2.02%	2.17%	2.24%
Expenses net of fee waivers, if any	2.20%	2.20%	2.02%	2.17%	2.24%
Expenses net of all reductions	2.13%	2.02%	1.90%	2.01%	2.17%
Net investment income (loss)	(.01)%^I	(.09)%	.47%	.19%	(.38)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 4,241	$ 8,737	$ 10,661	$ 10,356	$ 40,013
Portfolio turnover rate^E	254%	490%	414%	394%	146%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

^H Total distributions of $2.87 per share is comprised of distributions from net realized gain of $2.869 per share.

^I Investment income per share reflects a special dividend which amounted to $.03 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.26)%.

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

Annual Report

Financial Highlights - Class C

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 9.84	$ 8.51	$ 5.87	$ 17.42	$ 16.80
Income from Investment Operations
Net investment income (loss)^C	-^{G, J}	(.01)	.03	.02	(.05)
Net realized and unrealized gain (loss)	(.49)	1.53	2.62	(7.75)	3.57
Total from investment operations	(.49)	1.52	2.65	(7.73)	3.52
Distributions from net investment income	(.01)	(.04)	(.01)	-	-
Distributions from net realized gain	(.11)	(.16)	-	(3.82)	(2.90)
Total distributions	(.12)	(.19)^I	(.01)	(3.82)	(2.90)^H
Redemption fees added to paid in capital^{C, G}	-	-	-	-	-
Net asset value, end of period	$ 9.23	$ 9.84	$ 8.51	$ 5.87	$ 17.42
Total Return^{A, B}	(5.07)%	18.12%	45.26%	(55.95)%	23.85%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	2.39%	2.20%	2.02%	2.16%	2.19%
Expenses net of fee waivers, if any	2.20%	2.20%	2.02%	2.16%	2.19%
Expenses net of all reductions	2.13%	2.02%	1.90%	2.00%	2.12%
Net investment income (loss)	(.01)%^J	(.09)%	.47%	.20%	(.33)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 19,619	$ 24,809	$ 24,575	$ 20,973	$ 66,298
Portfolio turnover rate^E	254%	490%	414%	394%	146%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

^H Total distributions of $2.90 per share is comprised of distributions from net realized gain of $2.903 per share.

^I Total distributions of $.19 per share is comprised of distributions from net investment income of $.037 and distributions from net realized gain of $.155 per share.

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

Annual Report

Financial Highlights - Institutional Class

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 11.54	$ 9.91	$ 6.77	$ 19.49	$ 18.46
Income from Investment Operations
Net investment income (loss)^B	.12^I	.10	.11	.16	.13
Net realized and unrealized gain (loss)	(.57)	1.78	3.05	(8.88)	3.97
Total from investment operations	(.45)	1.88	3.16	(8.72)	4.10
Distributions from net investment income	(.11)	(.09)	(.02)	(.11)	(.17)
Distributions from net realized gain	(.12)	(.16)	-	(3.89)	(2.90)
Total distributions	(.22)^H	(.25)	(.02)	(4.00)	(3.07)^G
Redemption fees added to paid in capital^{B, F}	-	-	-	-	-
Net asset value, end of period	$ 10.87	$ 11.54	$ 9.91	$ 6.77	$ 19.49
Total Return^A	(4.01)%	19.22%	46.85%	(55.51)%	25.16%
Ratios to Average Net Assets^{C, E}
Expenses before reductions	1.35%	1.19%	1.00%	1.12%	1.14%
Expenses net of fee waivers, if any	1.20%	1.19%	1.00%	1.12%	1.14%
Expenses net of all reductions	1.12%	1.01%	.89%	.95%	1.07%
Net investment income (loss)	1.00%^I	.93%	1.48%	1.24%	.72%
Supplemental Data
Net assets, end of period (000 omitted)	$ 4,335	$ 4,345	$ 3,292	$ 3,620	$ 17,463
Portfolio turnover rate^D	254%	490%	414%	394%	146%

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

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F Amount represents less than $.01 per share.

^G Total distributions of $3.07 per share is comprised of distributions from net investment income of $.166 and distributions from net realized gain of $2.903 per share.

^H Total distributions of $.22 per share is comprised of distributions from net investment income of $.107 and distributions from net realized gain of $.116 per share.

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

Annual Report

Notes to Financial Statements

For the period ended October 31, 2011

1. Organization.

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 offers Class A, Class T, Class C and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments by existing shareholders. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

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Notes to Financial Statements - continued

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of October 31, 2011, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:

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3. Significant Accounting Policies - continued

Security Valuation - continued

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

gain distributions. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company, including distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. As of October 31, 2011, the Fund did not have any unrecognized tax benefits in the financial statements. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on realized short term capital gains on securities of certain issuers domiciled in India. An estimated deferred tax liability for net unrealized gains on these securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), equity debt classifications, capital loss carryforwards and losses deferred due to wash sales.

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3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 10,875,295
Gross unrealized depreciation	(8,278,250)
Net unrealized appreciation (depreciation) on securities and other investments	$ 2,597,045

Tax Cost	$ 126,784,786

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 759,509
Capital loss carryforward	$ (106,313,982)
Net unrealized appreciation (depreciation)	$ 2,539,767

The tax character of distributions paid was as follows:

	October 31, 2011	October 31, 2010
Ordinary Income	$ 2,481,752	$ 3,667,484

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Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

New Accounting Pronouncement - continued

fair value measurements. The update is effective during interim and annual periods beginning after December 15, 2011. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $376,777,146 and $404,931,434, respectively.

5. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 117,260	$ 2,502
Class T	.25%	.25%	341,924	1,369
Class B	.75%	.25%	63,609	47,871
Class C	.75%	.25%	232,203	11,399
			$ 754,996	$ 63,141

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5. Fees and Other Transactions with Affiliates - continued

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

	Retained by FDC
Class A	$ 8,284
Class T	4,163
Class B*	6,523
Class C*	784
	$ 19,754

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

	Amount	% of Average Net Assets
Class A	$ 141,944	.30
Class T	201,380	.29
Class B	19,272	.30
Class C	70,409	.30
Institutional Class	12,248	.26
	$ 445,253

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Notes to Financial Statements - continued

5. Fees and Other Transactions with Affiliates - continued

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $471 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $56,613. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses,

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8. Expense Reductions - continued

for example interest expense, including commitment fees, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser

Class A	1.45%	$ 86,969
Class T	1.70%	121,478
Class B	2.20%	11,948
Class C	2.20%	43,249
Institutional Class	1.20%	6,886
		$ 270,530

In addition, FMR voluntarily agreed to reimburse a portion of its management fee. For the period, the amount of this reimbursement was $6,986. Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $106,787 for the period.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2011	2010
From net investment income
Class A	$ 351,944	$ 383,536
Class T	323,075	471,584
Class B	9,663	36,781
Class C	29,995	106,805
Institutional Class	46,033	29,272
Total	$ 760,710	$ 1,027,978
From net realized gain
Class A	$ 529,480	$ 733,929
Class T	797,756	1,218,258
Class B	70,707	190,036
Class C	273,307	447,425
Institutional Class	49,792	49,858
Total	$ 1,721,042	$ 2,639,506

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Notes to Financial Statements - continued

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2011	2010	2011	2010
Class A
Shares sold	721,944	1,168,786	$ 7,956,982	$ 11,452,442
Reinvestment of distributions	72,790	106,693	801,552	1,040,260
Shares redeemed	(1,361,813)	(1,397,227)	(14,987,238)	(13,480,819)
Net increase (decrease)	(567,079)	(121,748)	$ (6,228,704)	$ (988,117)
Class T
Shares sold	879,812	1,177,459	$ 9,150,890	$ 11,400,103
Reinvestment of distributions	101,007	172,890	1,092,104	1,656,289
Shares redeemed	(1,955,605)	(2,898,040)	(20,943,089)	(27,789,326)
Net increase (decrease)	(974,786)	(1,547,691)	$ (10,700,095)	$ (14,732,934)
Class B
Shares sold	9,370	77,104	$ 93,679	$ 688,128
Reinvestment of distributions	7,318	23,836	73,635	212,377
Shares redeemed	(446,550)	(465,893)	(4,499,761)	(4,121,865)
Net increase (decrease)	(429,862)	(364,953)	$ (4,332,447)	$ (3,221,360)
Class C
Shares sold	194,812	282,999	$ 1,945,397	$ 2,536,029
Reinvestment of distributions	27,032	55,698	271,185	495,715
Shares redeemed	(619,329)	(703,110)	(6,101,194)	(6,197,225)
Net increase (decrease)	(397,485)	(364,413)	$ (3,884,612)	$ (3,165,481)
Institutional Class
Shares sold	167,207	151,567	$ 1,942,483	$ 1,532,760
Reinvestment of distributions	6,560	5,962	76,766	61,704
Shares redeemed	(151,382)	(113,282)	(1,773,974)	(1,140,202)
Net increase (decrease)	22,385	44,247	$ 245,275	$ 454,262

11. Other.

Annual Report

Report of Independent Registered Public Accounting Firm

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

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor International Capital Appreciation Fund (the Fund), a fund of Fidelity Advisor Series VIII, including the schedule of investments, as of October 31, 2011, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Advisor International Capital Appreciation Fund as of October 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 15, 2011

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Trustees and Officers

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Trustees and Officers - continued

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

Interested Trustees*:

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

Name, Age; Principal Occupations and Other Relevant Experience⁺
James C. Curvey (76)
	Year of Election or Appointment: 2007 Mr. Curvey is Trustee and Acting Chairman of the Board of Trustees of certain Trusts. Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of Fidelity Investments Money Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.
Ronald P. O'Hanley (54)
	Year of Election or Appointment: 2011 Mr. O'Hanley is Director of FMR Co., Inc. (2010-present), Director of Fidelity Investments Money Management, Inc. (2010-present), Director of Fidelity Research & Analysis Company (2010-present), President of Fidelity Asset Management and Corporate Services and a member of Fidelity's Executive Committee (2010-present). Previously, Mr. O'Hanley served as President and Chief Executive Officer of BNY Mellon Asset Management (2007-2010). Mr. O'Hanley also served as Vice Chairman of Bank New York Mellon Corp. and a member of that firm's Executive Committee. Prior to the 2007 merger of The Bank of New York and Mellon Financial Corporation, he was Vice Chairman of Mellon Financial Corporation and President and Chief Executive Officer of Mellon Asset Management. He joined Mellon in February 1997. Mr. O'Hanley currently serves as Chairman of the Boston Public Library Foundation Board of Directors and sits on the Board of Directors of Beth Israel Deaconess Medical Center, the Board of Trustees of the Marine Biological Laboratory and the Advisory Board of the Maxwell School of Citizenship and Public Administration at Syracuse University. Mr. O'Hanley also chairs the Council on Asset Management for the Financial Services Roundtable and is a member of the Board of Directors of Institutional Investor's U.S. Institute.

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

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Trustees and Officers - continued

Independent Trustees:

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

Name, Age; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (63)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Mr. Dirks is a member of the Independent Directors Council (IDC) Governing Council (2010-Present) and Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (58)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's, Inc. (restaurant and entertainment complexes, 2010-present), The Hillman Companies, Inc. (hardware wholesalers, 2010-present), and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-Present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for the Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (67)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is also a member of the Board of Directors of the Philharmonic Center for the Arts in Naples, Florida (1999-present); a member of the Board of Trustees of Fairfield University (2005-present); and a member of the Council on Foreign Relations (1994-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (67)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Robert W. Selander (61)
	Year of Election or Appointment: 2011 Previously, Mr. Selander served as a Member of the Advisory Board of Fidelity's Equity and High Income Funds (2011), Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.
Cornelia M. Small (67)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (72)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Vice Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of Univar (global distributor of commodity and specialty chemicals, 2010-present), a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (62)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (61)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), as a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Advisory Board Members and Executive Officers:

Correspondence intended for each executive officer, Edward C. Johnson 3d, and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (81)
	Year of Election or Appointment: 2011 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC, and also serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as a Trustee and Chairman of the Board of certain Fidelity Trusts, Chairman and a Director of FMR, Chairman and a Director of FMR Co., Inc., and President of FMR LLC (2006-2007).
Peter S. Lynch (67)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (42)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as President and Treasurer (2010-present) and Assistant Treasurer (2009-present) of other Fidelity funds and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008).
Bruce T. Herring (46)
	Year of Election or Appointment: 2006 Vice President of certain Equity Funds. Mr. Herring also serves as Chief Investment Officer and Director of Fidelity Management & Research (U.K.) Inc. (2010-present) and Group Chief Investments Officer of FMR. Previously, Mr. Herring served as Vice President (2005-2006) and Senior Vice President (2006-2007) of Fidelity Management & Research Company, Vice President of FMR Co., Inc. (2001-2007) and as a portfolio manager for Fidelity U.S. Equity Funds.
Brian B. Hogan (47)
	Year of Election or Appointment: 2009 Vice President of Equity and High Income Funds. Mr. Hogan also serves as President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.
Scott C. Goebel (43)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as Secretary of Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); Secretary and CLO of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); employed by FMR LLC or an affiliate (2001-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (42)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Holly C. Laurent (57)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent also serves as AML Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present) and is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (53)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (64)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (50)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009).
Joseph F. Zambello (54)
	Year of Election or Appointment: 2011 Deputy Treasurer of the Fidelity funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
Adrien E. Deberghes (44)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes also serves as Vice President and Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II (2011-present), Assistant Treasurer of other Fidelity funds (2010-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (42)
	Year of Election or Appointment: 2010 Assistant Treasurer of Fidelity's Equity and High Income Funds. Ms. Dorsey also serves as Deputy Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
John R. Hebble (53)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President (2011-present), Treasurer, and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present), President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Gary W. Ryan (53)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).
Jonathan Davis (43)
	Year of Election or Appointment: 2010 Assistant Treasurer of the Fidelity funds. Mr. Davis is also Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).

Annual Report

Distributions (Unaudited)

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

	Pay Date	Record Date	Dividends	Capital Gains
Class A	12/05/11	12/02/11	$0.085	$0.005
Class T	12/05/11	12/02/11	$0.056	$0.005
Class B	12/05/11	12/02/11	$-	$-
Class C	12/05/11	12/02/11	$0.005	$0.005

Class A designates 66% and 100%, Class T designates 78% and 100%, Class B designates 100% and 100%, and Class C designates 100% and 100% of the dividends distributed on December 3 and December 30, 2010 respectively during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

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

	Pay Date	Income	Taxes
Class A	12/06/10	$0.167	$0.0220
	12/31/10	$0.010	$0.0000
Class T	12/06/10	$0.143	$0.0220
	12/31/10	$0.010	$0.0000
Class B	12/06/10	$0.088	$0.0220
	12/31/10	$0.010	$0.0000
Class C	12/06/10	$0.108	$0.0220
	12/31/10	$0.010	$0.0000

The fund will notify shareholders in January 2012 of amounts for use in preparing 2011 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor International Capital Appreciation Fund

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance for each class, as well as the fund's relative investment performance for each class measured over multiple periods against (i) a broad-based securities market index, and (ii) a custom peer group of mutual funds deemed appropriate by Fidelity and reviewed by the Board. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2010, the cumulative total returns of Institutional Class (Class I) and Class B of the fund, the cumulative total returns of a broad-based securities market index ("benchmark"), and a range of cumulative total returns of a custom peer group of mutual funds defined by FMR based on categories assigned by Morningstar, Inc. The returns of Institutional Class (Class I) and Class B show the performance of the highest and lowest performing classes, respectively (based on five-year performance). The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten numbers noted below each chart correspond to the percentile box and represent the percentage of funds in the peer group whose performance was equal to or lower than that of the class indicated. The fund's custom peer group, defined by FMR, is a peer group that FMR believes provides a more meaningful performance comparison than the peer group assigned by Morningstar, Inc., which assigns mutual funds to categories based on their investment styles as measured by their underlying portfolio holdings.

Annual Report

Fidelity Advisor International Capital Appreciation Fund

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Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 16% means that 84% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked and the impact of the fund's performance adjustment, is also included in the chart and considered by the Board.

Annual Report

Fidelity Advisor International Capital Appreciation Fund

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The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2010. The Board also noted the effect of the fund's negative performance adjustment on the fund's management fee ranking. The Board noted that the performance adjustment for each year represents calculations for performance periods that differ from the periods shown in the performance charts above.

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

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

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable, although in some cases above the median of the universe presented for comparison, in light of the services that the fund and its shareholders receive and the other factors considered, including the findings of the Committee.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that any potential economies of scale are being appropriately shared between fund shareholders and Fidelity.

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

FIL Investment Advisors

FIL Investments (Japan) Limited

FIL Investment Advisors (UK) Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

Brown Brothers Harriman & Co.

Boston, MA

AICAP-UANN-1211
1.784754.108

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(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
International
Capital Appreciation
Fund - Institutional Class

Annual Report

October 31, 2011

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Chairman's Message	(Click Here)	The Chairman's message to shareholders.
Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fund performance and strategy.
Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

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

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

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

Annual Report

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_James_C_Curvey)

Dear Shareholder:

Sincerely,

(The acting chairman's signature appears here.)

James C. Curvey
Acting Chairman

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended October 31, 2011		Past 1 year	Past 5 years	Past 10 years
Institutional Class		-4.01%	-1.32%	5.79%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® International Capital Appreciation Fund - Institutional Class on October 31, 2001. The chart shows how the value of your investment would have changed, and also shows how the MSCI® ACWI® (All Country World Index) ex USA Index performed over the same period.

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Annual Report

Management's Discussion of Fund Performance

Comments from Sammy Simnegar, Portfolio Manager of Fidelity Advisor® International Capital Appreciation Fund: For the year, the fund's Institutional Class shares returned -4.01%, ahead of the MSCI index. Stock picking in consumer discretionary and materials aided relative performance, as did underweighting utilities. Geographically, out-of-benchmark exposure to the United States and positioning in Indonesia, Brazil and Russia helped. The fund's top contributor, Canadian junior silver miner Aurcana, was lifted by surging silver prices and sold. Other notable contributors included two Indonesian holdings, retailer Mitra Adiperkasa and tobacco firm Gudang Garam. Conversely, positioning in health care detracted, as did stock selection in financials and underweighted telecommunication services exposure. Geographically, positioning in India, China and the United Kingdom hurt the fund. Swiss food and beverage maker Nestle - the fund's largest holding at period end - was its largest relative detractor, mainly due to untimely ownership. Other key detractors were India-based Jain Irrigation Systems and Vedanta Resources, a U.K. metals and mining firm. Aurcana, Mitra Adiperkasa and Jain Irrigation Systems were non-index holdings. I sold Jain and Vedanta by period end.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2011 to October 31, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

	Annualized Expense Ratio	Beginning Account Value May 1, 2011	Ending Account Value October 31, 2011	Expenses Paid During Period* May 1, 2011 to October 31, 2011
Class A	1.45%
Actual		$ 1,000.00	$ 846.60	$ 6.75
Hypothetical^A		$ 1,000.00	$ 1,017.90	$ 7.38
Class T	1.70%
Actual		$ 1,000.00	$ 845.30	$ 7.91
Hypothetical^A		$ 1,000.00	$ 1,016.64	$ 8.64
Class B	2.20%
Actual		$ 1,000.00	$ 842.60	$ 10.22
Hypothetical^A		$ 1,000.00	$ 1,014.12	$ 11.17
Class C	2.20%
Actual		$ 1,000.00	$ 842.20	$ 10.22
Hypothetical^A		$ 1,000.00	$ 1,014.12	$ 11.17
Institutional Class	1.20%
Actual		$ 1,000.00	$ 847.20	$ 5.59
Hypothetical^A		$ 1,000.00	$ 1,019.16	$ 6.11

^A 5% return per year before expenses

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

Annual Report

Investment Changes (Unaudited)

Top Five Stocks as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Nestle SA (Switzerland, Food Products)	2.3	0.0
Royal Dutch Shell PLC Class B (United Kingdom, Oil, Gas & Consumable Fuels)	2.0	1.9
British American Tobacco PLC (United Kingdom) (United Kingdom, Tobacco)	1.8	1.0
BHP Billiton PLC ADR (United Kingdom, Metals & Mining)	1.7	2.0
Unilever PLC (United Kingdom, Food Products)	1.2	0.0
	9.0
Top Five Market Sectors as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Consumer Discretionary	22.0	23.8
Consumer Staples	21.5	10.2
Financials	16.3	20.2
Materials	10.9	12.6
Industrials	9.9	11.4
Top Five Countries as of October 31, 2011
(excluding cash equivalents)	% of fund's net assets	% of fund's net assets 6 months ago
United States of America	15.8	9.5
United Kingdom	14.7	14.6
France	7.9	7.3
Japan	7.7	14.4
Switzerland	5.7	4.2

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

Asset Allocation (% of fund's net assets)
As of October 31, 2011		As of April 30, 2011
	Stocks 97.9%		Stocks 98.8%
	Short-Term Investments and Net Other Assets 2.1%		Short-Term Investments and Net Other Assets 1.2%

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Annual Report

Investments October 31, 2011

Showing Percentage of Net Assets

Common Stocks - 96.1%
	Shares		Value
Australia - 1.0%
Atlas Iron Ltd.	184,307		$ 597,835
Fortescue Metals Group Ltd.	135,133		678,816
TOTAL AUSTRALIA			1,276,651
Belgium - 0.8%
Anheuser-Busch InBev SA NV	18,457		1,023,702
Bermuda - 1.0%
Credicorp Ltd. (NY Shares)	6,800		739,704
Petra Diamonds Ltd. (a)	324,062		599,330
TOTAL BERMUDA			1,339,034
Brazil - 4.8%
BR Malls Participacoes SA	63,900		690,278
Brasil Foods SA sponsored ADR (d)	37,600		791,480
Cia.Hering SA	30,500		681,152
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	25,400		856,488
Iguatemi Empresa de Shopping Centers SA	32,800		635,486
Itau Unibanco Banco Multiplo SA sponsored ADR	55,500		1,061,160
Multiplan Empreendimentos Imobiliarios SA	33,500		677,335
Souza Cruz Industria Comerico	57,500		705,189
TOTAL BRAZIL			6,098,568
Canada - 1.4%
First Quantum Minerals Ltd.	36,800		771,920
Potash Corp. of Saskatchewan, Inc.	20,400		965,513
TOTAL CANADA			1,737,433
Cayman Islands - 3.2%
Belle International Holdings Ltd.	391,000		766,840
China ZhengTong Auto Services Holdings Ltd.	563,000		609,624
Ctrip.com International Ltd. sponsored ADR (a)(d)	17,000		592,620
Hengdeli Holdings Ltd.	1,680,000		753,173
Intime Department Store Group Co. Ltd.	475,500		682,376
Maoye International Holdings Ltd. (a)	2,601,000		714,536
TOTAL CAYMAN ISLANDS			4,119,169
Chile - 0.5%
Banco Santander Chile sponsored ADR	8,200		669,776
China - 1.5%
Baidu.com, Inc. sponsored ADR (a)	4,600		644,828
Common Stocks - continued
	Shares		Value
China - continued
Golden Eagle Retail Group Ltd. (H Shares)	289,000		$ 726,310
SINA Corp. (a)(d)	7,300		593,417
TOTAL CHINA			1,964,555
Colombia - 0.5%
Grupo de Inversiones Surameric	39,200		688,626
Grupo de Inversiones Surameric rights 11/22/11 (a)	10,029		1,505
TOTAL COLOMBIA			690,131
Curacao - 0.5%
Schlumberger Ltd.	8,600		631,842
Denmark - 1.3%
Christian Hansen Holding AS	29,500		644,674
Novo Nordisk A/S Series B sponsored ADR	10,200		1,084,260
TOTAL DENMARK			1,728,934
Finland - 1.1%
Kone Oyj (B Shares)	13,200		729,603
Nokian Tyres PLC	19,314		709,646
TOTAL FINLAND			1,439,249
France - 7.9%
Air Liquide SA	7,500		973,055
Atos Origin SA	13,067		633,281
BNP Paribas SA	20,504		932,135
Casino Guichard Perrachon et Compagnie	7,595		713,888
Christian Dior SA	5,640		798,472
Danone	15,600		1,085,919
LVMH Moet Hennessy - Louis Vuitton	6,458		1,074,701
Pernod Ricard SA	8,600		803,354
PPR SA	5,000		781,212
Remy Cointreau SA	8,500		698,731
Schneider Electric SA	15,139		893,554
Technip SA	8,000		760,813
TOTAL FRANCE			10,149,115
Germany - 3.7%
BASF AG	16,791		1,235,979
Bayerische Motoren Werke AG (BMW)	11,706		956,768
SAP AG	18,929		1,144,763
Siemens AG sponsored ADR	13,100		1,375,107
TOTAL GERMANY			4,712,617
Common Stocks - continued
	Shares		Value
India - 4.2%
Bajaj Auto Ltd.	19,716		$ 697,347
Gitanjali Gems Ltd.	86,312		613,642
HDFC Bank Ltd.	75,199		749,956
Housing Development Finance Corp. Ltd.	61,226		861,623
ITC Ltd.	163,879		714,784
Jubilant Foodworks Ltd. (a)	35,699		588,301
Smithkline Beecham Consumer Healthcare Ltd.	12,522		599,522
Titan Industries Ltd.	132,926		590,311
TOTAL INDIA			5,415,486
Indonesia - 4.8%
PT Ace Hardware Indonesia Tbk	1,792,000		680,239
PT Astra International Tbk	104,000		801,918
PT Bank Mandiri (Persero) Tbk	959,500		765,377
PT Bank Rakyat Indonesia Tbk	991,000		745,080
PT Global Mediacom Tbk	6,703,000		601,769
PT Gudang Garam Tbk	104,000		682,643
PT Indofood Sukses Makmur Tbk	1,107,000		657,115
PT Mitra Adiperkasa Tbk	1,110,000		611,345
PT Modern Internasional Tbk	1,896,500		635,603
TOTAL INDONESIA			6,181,089
Israel - 1.0%
Check Point Software Technologies Ltd. (a)	10,100		582,063
Israel Chemicals Ltd.	57,000		685,887
TOTAL ISRAEL			1,267,950
Italy - 2.3%
Prada SpA	149,600		739,541
Saipem SpA	17,114		767,364
Salvatore Ferragamo Italia SpA (a)	44,300		717,902
Tod's SpA	6,983		698,691
TOTAL ITALY			2,923,498
Japan - 7.7%
Canon, Inc. sponsored ADR (d)	22,606		1,029,703
Fanuc Corp.	6,000		970,266
Japan Tobacco, Inc.	159		794,809
Kakaku.com, Inc.	15,800		625,681
Keyence Corp.	2,600		661,033
Komatsu Ltd.	36,700		907,517
Makita Corp.	17,900		668,356
Mitsubishi Corp.	44,600		917,404
Common Stocks - continued
	Shares		Value
Japan - continued
Nabtesco Corp.	33,300		$ 729,417
Rakuten, Inc.	593		650,151
Sysmex Corp.	17,800		585,162
THK Co. Ltd.	37,500		730,931
Unicharm Corp.	13,800		618,097
TOTAL JAPAN			9,888,527
Netherlands - 0.7%
ING Groep NV sponsored ADR (a)(d)	101,894		880,364
Nigeria - 1.0%
Guaranty Trust Bank PLC GDR (Reg. S)	152,931		703,483
Guinness Nigeria PLC	483,504		613,481
TOTAL NIGERIA			1,316,964
Norway - 0.6%
DnB NOR ASA	63,600		741,939
Portugal - 0.5%
Jeronimo Martins SGPS SA	39,200		678,111
Russia - 3.1%
Magnit OJSC:
rights 11/29/11 (a)	772		0
GDR (Reg. S)	31,795		812,362
NOVATEK OAO GDR	5,700		800,280
Sberbank of Russia	317,500		861,546
TNK-BP Holding	269,300		736,811
Uralkali JSC GDR (Reg. S)	17,500		759,500
TOTAL RUSSIA			3,970,499
South Africa - 1.1%
Mr Price Group Ltd.	71,400		687,343
Shoprite Holdings Ltd.	46,100		675,616
TOTAL SOUTH AFRICA			1,362,959
Spain - 0.6%
Inditex SA	9,120		829,968
Sweden - 1.4%
Atlas Copco AB (A Shares)	35,700		781,402
H&M Hennes & Mauritz AB (B Shares)	29,930		991,155
TOTAL SWEDEN			1,772,557
Switzerland - 5.7%
Compagnie Financiere Richemont SA Series A	17,844		1,021,778
Credit Suisse Group sponsored ADR (d)	30,300		877,791
Dufry AG (a)	6,000		645,433
Common Stocks - continued
	Shares		Value
Switzerland - continued
Nestle SA	51,760		$ 3,002,203
The Swatch Group AG (Bearer)	2,020		855,372
UBS AG (NY Shares) (a)	77,200		974,264
TOTAL SWITZERLAND			7,376,841
Thailand - 1.6%
C.P. Seven Eleven PCL (For. Reg.)	416,000		629,457
Kasikornbank PCL (For. Reg.)	180,700		730,477
Siam Makro PCL (For. Reg.)	96,900		648,877
TOTAL THAILAND			2,008,811
Turkey - 0.6%
Turkiye Garanti Bankasi AS	199,000		702,254
United Kingdom - 14.7%
Anglo American PLC (United Kingdom)	28,100		1,036,442
Antofagasta PLC	37,400		701,912
Barclays PLC sponsored ADR (d)	69,200		865,692
BG Group PLC	56,597		1,234,677
BHP Billiton PLC ADR	35,400		2,229,138
British American Tobacco PLC (United Kingdom)	50,000		2,292,944
Burberry Group PLC	36,200		780,688
Imperial Tobacco Group PLC	26,870		982,648
Reckitt Benckiser Group PLC	18,100		930,887
Royal Dutch Shell PLC Class B	70,744		2,538,637
SABMiller PLC	26,600		971,705
Standard Chartered PLC (United Kingdom)	49,496		1,161,356
The Weir Group PLC	23,100		712,897
Unilever PLC	44,700		1,498,631
Xstrata PLC	55,877		939,501
TOTAL UNITED KINGDOM			18,877,755
United States of America - 15.3%
Allergan, Inc.	7,500		630,900
Apple, Inc. (a)	1,580		639,552
Caterpillar, Inc.	6,700		632,882
Citigroup, Inc.	18,700		590,733
Citrix Systems, Inc. (a)	8,500		619,055
Coach, Inc.	10,200		663,714
Cummins, Inc.	6,600		656,238
EMC Corp. (a)	26,000		637,260
Freeport-McMoRan Copper & Gold, Inc.	15,260		614,368
Goldman Sachs Group, Inc.	5,500		602,525
Common Stocks - continued
	Shares		Value
United States of America - continued
Google, Inc. Class A (a)	1,100		$ 651,904
Halliburton Co.	16,200		605,232
Joy Global, Inc.	6,900		601,680
JPMorgan Chase & Co.	17,695		615,078
Las Vegas Sands Corp. (a)	14,440		677,958
Lorillard, Inc.	5,700		630,762
MasterCard, Inc. Class A	1,860		645,866
Mead Johnson Nutrition Co. Class A	8,300		596,355
Oracle Corp.	18,900		619,353
Philip Morris International, Inc.	18,700		1,306,569
Rackspace Hosting, Inc. (a)	15,917		658,805
salesforce.com, Inc. (a)	5,000		665,850
The Coca-Cola Co.	9,200		628,544
The Mosaic Co.	10,284		602,231
Tiffany & Co., Inc.	8,475		675,712
TJX Companies, Inc.	10,700		630,551
United Technologies Corp.	8,622		672,344
Visa, Inc. Class A	6,600		615,516
Wells Fargo & Co.	23,040		596,966
Yum! Brands, Inc.	12,400		664,268
TOTAL UNITED STATES OF AMERICA			19,648,771
TOTAL COMMON STOCKS (Cost $118,770,312)		123,425,119
Preferred Stocks - 1.8%

Convertible Preferred Stocks - 0.5%
United States of America - 0.5%
Citigroup, Inc. 7.50%	6,400		608,256
Nonconvertible Preferred Stocks - 1.3%
Germany - 0.7%
Volkswagen AG	5,400		947,584
Italy - 0.6%
Fiat Industrial SpA (a)	124,767		765,597
TOTAL NONCONVERTIBLE PREFERRED STOCKS			1,713,181
TOTAL PREFERRED STOCKS (Cost $2,334,730)		2,321,437
Money Market Funds - 2.8%
	Shares		Value
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c) (Cost $3,635,275)	3,635,275		$ 3,635,275
TOTAL INVESTMENT PORTFOLIO - 100.7% (Cost $124,740,317)			129,381,831
NET OTHER ASSETS (LIABILITIES) - (0.7)%			(908,855)
NET ASSETS - 100%		$ 128,472,976

Legend

(a) Non-income producing

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 1,013
Fidelity Securities Lending Cash Central Fund	56,613
Total	$ 57,626

Other Information

The following is a summary of the inputs used, as of October 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
United States of America	$ 20,257,027	$ 20,257,027	$ -	$ -
United Kingdom	18,877,755	12,547,543	6,330,212	-
France	10,149,115	10,149,115	-	-
Japan	9,888,527	1,029,703	8,858,824	-
Switzerland	7,376,841	7,376,841	-	-
Indonesia	6,181,089	-	6,181,089	-
Brazil	6,098,568	6,098,568	-	-
Germany	5,660,201	4,515,438	1,144,763	-
India	5,415,486	-	5,415,486	-
Other	35,841,947	26,538,878	9,303,069	-
Money Market Funds	3,635,275	3,635,275	-	-
Total Investments in Securities:	$ 129,381,831	$ 92,148,388	$ 37,233,443	$ -

Income Tax Information

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

	October 31, 2011
Assets
Investment in securities, at value (including securities loaned of $3,356,766) - See accompanying schedule: Unaffiliated issuers (cost $121,105,042)	$ 125,746,556
Fidelity Central Funds (cost $3,635,275)	3,635,275
Total Investments (cost $124,740,317)		$ 129,381,831
Foreign currency held at value (cost $579,009)		581,479
Receivable for investments sold		4,413,395
Receivable for fund shares sold		77,149
Dividends receivable		381,785
Distributions receivable from Fidelity Central Funds		655
Prepaid expenses		491
Receivable from investment adviser for expense reductions		23,612
Other receivables		301,715
Total assets		135,162,112

Liabilities
Payable to custodian bank	$ 689,424
Payable for investments purchased	1,873,920
Payable for fund shares redeemed	221,135
Accrued management fee	96,229
Distribution and service plan fees payable	50,392
Other affiliated payables	35,481
Other payables and accrued expenses	87,280
Collateral on securities loaned, at value	3,635,275
Total liabilities		6,689,136

Net Assets		$ 128,472,976
Net Assets consist of:
Paid in capital		$ 231,514,686
Undistributed net investment income		717,375
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(108,322,367)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		4,563,282
Net Assets		$ 128,472,976

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

Annual Report

Statement of Assets and Liabilities - continued

	October 31, 2011
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($40,363,509 ÷ 3,955,202 shares)		$ 10.21

Maximum offering price per share (100/94.25 of $10.21)		$ 10.83
Class T: Net Asset Value and redemption price per share ($59,914,188 ÷ 5,992,747 shares)		$ 10.00

Maximum offering price per share (100/96.50 of $10.00)		$ 10.36
Class B: Net Asset Value and offering price per share ($4,241,394 ÷ 458,113 shares)^A		$ 9.26

Class C: Net Asset Value and offering price per share ($19,618,816 ÷ 2,124,523 shares)^A		$ 9.23

Institutional Class: Net Asset Value, offering price and redemption price per share ($4,335,069 ÷ 398,828 shares)		$ 10.87

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

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

Annual Report

Financial Statements - continued

Statement of Operations

	Year ended October 31, 2011
Investment Income
Dividends		$ 2,945,449
Special dividends		381,278
Interest		12
Income from Fidelity Central Funds		57,626
Income before foreign taxes withheld		3,384,365
Less foreign taxes withheld		(220,492)
Total income		3,163,873

Expenses
Management fee Basic fee	$ 1,057,229
Performance adjustment	165,453
Transfer agent fees	445,253
Distribution and service plan fees	754,996
Accounting and security lending fees	78,197
Custodian fees and expenses	172,238
Independent trustees' compensation	835
Registration fees	63,175
Audit	78,417
Legal	682
Miscellaneous	1,411
Total expenses before reductions	2,817,886
Expense reductions	(384,303)	2,433,583
Net investment income (loss)		730,290
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	8,574,922
Foreign currency transactions	(163,435)
Total net realized gain (loss)		8,411,487
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $220,998)	(14,252,180)
Assets and liabilities in foreign currencies	(42,225)
Total change in net unrealized appreciation (depreciation)		(14,294,405)
Net gain (loss)		(5,882,918)
Net increase (decrease) in net assets resulting from operations		$ (5,152,628)

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

Annual Report

Statement of Changes in Net Assets

	Year ended October 31, 2011	Year ended October 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 730,290	$ 615,258
Net realized gain (loss)	8,411,487	13,450,085
Change in net unrealized appreciation (depreciation)	(14,294,405)	12,333,412
Net increase (decrease) in net assets resulting from operations	(5,152,628)	26,398,755
Distributions to shareholders from net investment income	(760,710)	(1,027,978)
Distributions to shareholders from net realized gain	(1,721,042)	(2,639,506)
Total distributions	(2,481,752)	(3,667,484)
Share transactions - net increase (decrease)	(24,900,583)	(21,653,630)
Redemption fees	3,558	4,947
Total increase (decrease) in net assets	(32,531,405)	1,082,588

Net Assets
Beginning of period	161,004,381	159,921,793
End of period (including undistributed net investment income of $717,375 and undistributed net investment income of $577,824, respectively)	$ 128,472,976	$ 161,004,381

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

Annual Report

Financial Highlights - Class A

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 10.85	$ 9.34	$ 6.39	$ 18.64	$ 17.79
Income from Investment Operations
Net investment income (loss)^C	.08^J	.06	.09	.11	.07
Net realized and unrealized gain (loss)	(.53)	1.69	2.88	(8.42)	3.81
Total from investment operations	(.45)	1.75	2.97	(8.31)	3.88
Distributions from net investment income	(.08)	(.08)	(.02)	(.05)	(.12)
Distributions from net realized gain	(.12)	(.16)	-	(3.89)	(2.90)
Total distributions	(.19)^I	(.24)	(.02)	(3.94)	(3.03)^H
Redemption fees added to paid in capital^{C, G}	-	-	-	-	-
Net asset value, end of period	$ 10.21	$ 10.85	$ 9.34	$ 6.39	$ 18.64
Total Return^{A, B}	(4.25)%	18.98%	46.61%	(55.70)%	24.76%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	1.64%	1.45%	1.27%	1.42%	1.47%
Expenses net of fee waivers, if any	1.45%	1.45%	1.27%	1.42%	1.47%
Expenses net of all reductions	1.38%	1.27%	1.15%	1.25%	1.39%
Net investment income (loss)	.74%^J	.66%	1.22%	.95%	.39%
Supplemental Data
Net assets, end of period (000 omitted)	$ 40,364	$ 49,058	$ 43,389	$ 35,517	$ 113,579
Portfolio turnover rate^E	254%	490%	414%	394%	146%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

^H Total distributions of $3.03 per share is comprised of distributions from net investment income of $.123 and distributions from net realized gain of $2.903 per share.

^I Total distributions of $.19 per share is comprised of distributions from net investment income of $.077 and distributions from net realized gain of $.116 per share.

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

Annual Report

Financial Highlights - Class T

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 10.63	$ 9.16	$ 6.28	$ 18.38	$ 17.57
Income from Investment Operations
Net investment income (loss)^C	.05^J	.04	.07	.08	.03
Net realized and unrealized gain (loss)	(.52)	1.65	2.82	(8.28)	3.76
Total from investment operations	(.47)	1.69	2.89	(8.20)	3.79
Distributions from net investment income	(.05)	(.06)	(.01)	(.01)	(.07)
Distributions from net realized gain	(.12)	(.16)	-	(3.89)	(2.90)
Total distributions	(.16)^I	(.22)	(.01)	(3.90)	(2.98)^H
Redemption fees added to paid in capital^{C, G}	-	-	-	-	-
Net asset value, end of period	$ 10.00	$ 10.63	$ 9.16	$ 6.28	$ 18.38
Total Return^{A, B}	(4.51)%	18.65%	46.23%	(55.79)%	24.47%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	1.88%	1.69%	1.52%	1.65%	1.69%
Expenses net of fee waivers, if any	1.70%	1.69%	1.52%	1.65%	1.69%
Expenses net of all reductions	1.62%	1.51%	1.41%	1.48%	1.61%
Net investment income (loss)	.49%^J	.42%	.96%	.71%	.18%
Supplemental Data
Net assets, end of period (000 omitted)	$ 59,914	$ 74,056	$ 78,005	$ 57,603	$ 179,990
Portfolio turnover rate^E	254%	490%	414%	394%	146%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

^H Total distributions of $2.98 per share is comprised of distributions from net investment income of $0.74 and distributions from net realized gain of $2.903 per share.

^I Total distributions of $.16 per share is comprised of distributions from net investment income of $.047 and distributions from net realized gain of $.116 per share.

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

Annual Report

Financial Highlights - Class B

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 9.84	$ 8.51	$ 5.86	$ 17.36	$ 16.72
Income from Investment Operations
Net investment income (loss)^C	-^{G, I}	(.01)	.03	.02	(.06)
Net realized and unrealized gain (loss)	(.48)	1.53	2.63	(7.75)	3.57
Total from investment operations	(.48)	1.52	2.66	(7.73)	3.51
Distributions from net investment income	(.01)	(.03)	(.01)	-	-
Distributions from net realized gain	(.09)	(.16)	-	(3.77)	(2.87)
Total distributions	(.10)	(.19)	(.01)	(3.77)	(2.87)^H
Redemption fees added to paid in capital^{C, G}	-	-	-	-	-
Net asset value, end of period	$ 9.26	$ 9.84	$ 8.51	$ 5.86	$ 17.36
Total Return^{A, B}	(4.99)%	18.03%	45.50%	(56.02)%	23.85%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	2.39%	2.20%	2.02%	2.17%	2.24%
Expenses net of fee waivers, if any	2.20%	2.20%	2.02%	2.17%	2.24%
Expenses net of all reductions	2.13%	2.02%	1.90%	2.01%	2.17%
Net investment income (loss)	(.01)%^I	(.09)%	.47%	.19%	(.38)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 4,241	$ 8,737	$ 10,661	$ 10,356	$ 40,013
Portfolio turnover rate^E	254%	490%	414%	394%	146%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

^H Total distributions of $2.87 per share is comprised of distributions from net realized gain of $2.869 per share.

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

Annual Report

Financial Highlights - Class C

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 9.84	$ 8.51	$ 5.87	$ 17.42	$ 16.80
Income from Investment Operations
Net investment income (loss)^C	-^{G, J}	(.01)	.03	.02	(.05)
Net realized and unrealized gain (loss)	(.49)	1.53	2.62	(7.75)	3.57
Total from investment operations	(.49)	1.52	2.65	(7.73)	3.52
Distributions from net investment income	(.01)	(.04)	(.01)	-	-
Distributions from net realized gain	(.11)	(.16)	-	(3.82)	(2.90)
Total distributions	(.12)	(.19)^I	(.01)	(3.82)	(2.90)^H
Redemption fees added to paid in capital^{C, G}	-	-	-	-	-
Net asset value, end of period	$ 9.23	$ 9.84	$ 8.51	$ 5.87	$ 17.42
Total Return^{A, B}	(5.07)%	18.12%	45.26%	(55.95)%	23.85%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	2.39%	2.20%	2.02%	2.16%	2.19%
Expenses net of fee waivers, if any	2.20%	2.20%	2.02%	2.16%	2.19%
Expenses net of all reductions	2.13%	2.02%	1.90%	2.00%	2.12%
Net investment income (loss)	(.01)%^J	(.09)%	.47%	.20%	(.33)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 19,619	$ 24,809	$ 24,575	$ 20,973	$ 66,298
Portfolio turnover rate^E	254%	490%	414%	394%	146%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

^H Total distributions of $2.90 per share is comprised of distributions from net realized gain of $2.903 per share.

^I Total distributions of $.19 per share is comprised of distributions from net investment income of $.037 and distributions from net realized gain of $.155 per share.

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

Annual Report

Financial Highlights - Institutional Class

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 11.54	$ 9.91	$ 6.77	$ 19.49	$ 18.46
Income from Investment Operations
Net investment income (loss)^B	.12^I	.10	.11	.16	.13
Net realized and unrealized gain (loss)	(.57)	1.78	3.05	(8.88)	3.97
Total from investment operations	(.45)	1.88	3.16	(8.72)	4.10
Distributions from net investment income	(.11)	(.09)	(.02)	(.11)	(.17)
Distributions from net realized gain	(.12)	(.16)	-	(3.89)	(2.90)
Total distributions	(.22)^H	(.25)	(.02)	(4.00)	(3.07)^G
Redemption fees added to paid in capital^{B, F}	-	-	-	-	-
Net asset value, end of period	$ 10.87	$ 11.54	$ 9.91	$ 6.77	$ 19.49
Total Return^A	(4.01)%	19.22%	46.85%	(55.51)%	25.16%
Ratios to Average Net Assets^{C, E}
Expenses before reductions	1.35%	1.19%	1.00%	1.12%	1.14%
Expenses net of fee waivers, if any	1.20%	1.19%	1.00%	1.12%	1.14%
Expenses net of all reductions	1.12%	1.01%	.89%	.95%	1.07%
Net investment income (loss)	1.00%^I	.93%	1.48%	1.24%	.72%
Supplemental Data
Net assets, end of period (000 omitted)	$ 4,335	$ 4,345	$ 3,292	$ 3,620	$ 17,463
Portfolio turnover rate^D	254%	490%	414%	394%	146%

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

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F Amount represents less than $.01 per share.

^G Total distributions of $3.07 per share is comprised of distributions from net investment income of $.166 and distributions from net realized gain of $2.903 per share.

^H Total distributions of $.22 per share is comprised of distributions from net investment income of $.107 and distributions from net realized gain of $.116 per share.

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

Annual Report

Notes to Financial Statements

For the period ended October 31, 2011

1. Organization.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of October 31, 2011, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:

Annual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company, including distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. As of October 31, 2011, the Fund did not have any unrecognized tax benefits in the financial statements. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on realized short term capital gains on securities of certain issuers domiciled in India. An estimated deferred tax liability for net unrealized gains on these securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 10,875,295
Gross unrealized depreciation	(8,278,250)
Net unrealized appreciation (depreciation) on securities and other investments	$ 2,597,045

Tax Cost	$ 126,784,786

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 759,509
Capital loss carryforward	$ (106,313,982)
Net unrealized appreciation (depreciation)	$ 2,539,767

The tax character of distributions paid was as follows:

	October 31, 2011	October 31, 2010
Ordinary Income	$ 2,481,752	$ 3,667,484

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

New Accounting Pronouncement - continued

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $376,777,146 and $404,931,434, respectively.

5. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 117,260	$ 2,502
Class T	.25%	.25%	341,924	1,369
Class B	.75%	.25%	63,609	47,871
Class C	.75%	.25%	232,203	11,399
			$ 754,996	$ 63,141

Annual Report

5. Fees and Other Transactions with Affiliates - continued

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

	Retained by FDC
Class A	$ 8,284
Class T	4,163
Class B*	6,523
Class C*	784
	$ 19,754

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

	Amount	% of Average Net Assets
Class A	$ 141,944	.30
Class T	201,380	.29
Class B	19,272	.30
Class C	70,409	.30
Institutional Class	12,248	.26
	$ 445,253

Annual Report

Notes to Financial Statements - continued

5. Fees and Other Transactions with Affiliates - continued

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $471 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $56,613. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses,

Annual Report

8. Expense Reductions - continued

for example interest expense, including commitment fees, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser

Class A	1.45%	$ 86,969
Class T	1.70%	121,478
Class B	2.20%	11,948
Class C	2.20%	43,249
Institutional Class	1.20%	6,886
		$ 270,530

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2011	2010
From net investment income
Class A	$ 351,944	$ 383,536
Class T	323,075	471,584
Class B	9,663	36,781
Class C	29,995	106,805
Institutional Class	46,033	29,272
Total	$ 760,710	$ 1,027,978
From net realized gain
Class A	$ 529,480	$ 733,929
Class T	797,756	1,218,258
Class B	70,707	190,036
Class C	273,307	447,425
Institutional Class	49,792	49,858
Total	$ 1,721,042	$ 2,639,506

Annual Report

Notes to Financial Statements - continued

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2011	2010	2011	2010
Class A
Shares sold	721,944	1,168,786	$ 7,956,982	$ 11,452,442
Reinvestment of distributions	72,790	106,693	801,552	1,040,260
Shares redeemed	(1,361,813)	(1,397,227)	(14,987,238)	(13,480,819)
Net increase (decrease)	(567,079)	(121,748)	$ (6,228,704)	$ (988,117)
Class T
Shares sold	879,812	1,177,459	$ 9,150,890	$ 11,400,103
Reinvestment of distributions	101,007	172,890	1,092,104	1,656,289
Shares redeemed	(1,955,605)	(2,898,040)	(20,943,089)	(27,789,326)
Net increase (decrease)	(974,786)	(1,547,691)	$ (10,700,095)	$ (14,732,934)
Class B
Shares sold	9,370	77,104	$ 93,679	$ 688,128
Reinvestment of distributions	7,318	23,836	73,635	212,377
Shares redeemed	(446,550)	(465,893)	(4,499,761)	(4,121,865)
Net increase (decrease)	(429,862)	(364,953)	$ (4,332,447)	$ (3,221,360)
Class C
Shares sold	194,812	282,999	$ 1,945,397	$ 2,536,029
Reinvestment of distributions	27,032	55,698	271,185	495,715
Shares redeemed	(619,329)	(703,110)	(6,101,194)	(6,197,225)
Net increase (decrease)	(397,485)	(364,413)	$ (3,884,612)	$ (3,165,481)
Institutional Class
Shares sold	167,207	151,567	$ 1,942,483	$ 1,532,760
Reinvestment of distributions	6,560	5,962	76,766	61,704
Shares redeemed	(151,382)	(113,282)	(1,773,974)	(1,140,202)
Net increase (decrease)	22,385	44,247	$ 245,275	$ 454,262

11. Other.

Annual Report

Report of Independent Registered Public Accounting Firm

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

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 15, 2011

Annual Report

Trustees and Officers

Annual Report

Trustees and Officers - continued

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

Interested Trustees*:

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

Name, Age; Principal Occupations and Other Relevant Experience⁺
James C. Curvey (76)
	Year of Election or Appointment: 2007 Mr. Curvey is Trustee and Acting Chairman of the Board of Trustees of certain Trusts. Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of Fidelity Investments Money Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.
Ronald P. O'Hanley (54)
	Year of Election or Appointment: 2011 Mr. O'Hanley is Director of FMR Co., Inc. (2010-present), Director of Fidelity Investments Money Management, Inc. (2010-present), Director of Fidelity Research & Analysis Company (2010-present), President of Fidelity Asset Management and Corporate Services and a member of Fidelity's Executive Committee (2010-present). Previously, Mr. O'Hanley served as President and Chief Executive Officer of BNY Mellon Asset Management (2007-2010). Mr. O'Hanley also served as Vice Chairman of Bank New York Mellon Corp. and a member of that firm's Executive Committee. Prior to the 2007 merger of The Bank of New York and Mellon Financial Corporation, he was Vice Chairman of Mellon Financial Corporation and President and Chief Executive Officer of Mellon Asset Management. He joined Mellon in February 1997. Mr. O'Hanley currently serves as Chairman of the Boston Public Library Foundation Board of Directors and sits on the Board of Directors of Beth Israel Deaconess Medical Center, the Board of Trustees of the Marine Biological Laboratory and the Advisory Board of the Maxwell School of Citizenship and Public Administration at Syracuse University. Mr. O'Hanley also chairs the Council on Asset Management for the Financial Services Roundtable and is a member of the Board of Directors of Institutional Investor's U.S. Institute.

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

Annual Report

Trustees and Officers - continued

Independent Trustees:

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

Name, Age; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (63)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Mr. Dirks is a member of the Independent Directors Council (IDC) Governing Council (2010-Present) and Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (58)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's, Inc. (restaurant and entertainment complexes, 2010-present), The Hillman Companies, Inc. (hardware wholesalers, 2010-present), and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-Present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for the Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (67)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is also a member of the Board of Directors of the Philharmonic Center for the Arts in Naples, Florida (1999-present); a member of the Board of Trustees of Fairfield University (2005-present); and a member of the Council on Foreign Relations (1994-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (67)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Robert W. Selander (61)
	Year of Election or Appointment: 2011 Previously, Mr. Selander served as a Member of the Advisory Board of Fidelity's Equity and High Income Funds (2011), Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.
Cornelia M. Small (67)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (72)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Vice Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of Univar (global distributor of commodity and specialty chemicals, 2010-present), a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (62)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (61)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), as a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Advisory Board Members and Executive Officers:

Correspondence intended for each executive officer, Edward C. Johnson 3d, and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (81)
	Year of Election or Appointment: 2011 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC, and also serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as a Trustee and Chairman of the Board of certain Fidelity Trusts, Chairman and a Director of FMR, Chairman and a Director of FMR Co., Inc., and President of FMR LLC (2006-2007).
Peter S. Lynch (67)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (42)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as President and Treasurer (2010-present) and Assistant Treasurer (2009-present) of other Fidelity funds and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008).
Bruce T. Herring (46)
	Year of Election or Appointment: 2006 Vice President of certain Equity Funds. Mr. Herring also serves as Chief Investment Officer and Director of Fidelity Management & Research (U.K.) Inc. (2010-present) and Group Chief Investments Officer of FMR. Previously, Mr. Herring served as Vice President (2005-2006) and Senior Vice President (2006-2007) of Fidelity Management & Research Company, Vice President of FMR Co., Inc. (2001-2007) and as a portfolio manager for Fidelity U.S. Equity Funds.
Brian B. Hogan (47)
	Year of Election or Appointment: 2009 Vice President of Equity and High Income Funds. Mr. Hogan also serves as President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.
Scott C. Goebel (43)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as Secretary of Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); Secretary and CLO of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); employed by FMR LLC or an affiliate (2001-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (42)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Holly C. Laurent (57)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent also serves as AML Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present) and is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (53)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (64)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (50)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009).
Joseph F. Zambello (54)
	Year of Election or Appointment: 2011 Deputy Treasurer of the Fidelity funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
Adrien E. Deberghes (44)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes also serves as Vice President and Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II (2011-present), Assistant Treasurer of other Fidelity funds (2010-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (42)
	Year of Election or Appointment: 2010 Assistant Treasurer of Fidelity's Equity and High Income Funds. Ms. Dorsey also serves as Deputy Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
John R. Hebble (53)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President (2011-present), Treasurer, and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present), President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Gary W. Ryan (53)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).
Jonathan Davis (43)
	Year of Election or Appointment: 2010 Assistant Treasurer of the Fidelity funds. Mr. Davis is also Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).

Annual Report

Distributions (Unaudited)

	Pay Date	Record Date	Dividends	Capital Gains
Institutional Class	12/05/11	12/02/11	$0.115	$0.005

Institutional Class designates 58% and 100% of the dividend distributed on December 3 and December 30, 2010 respectively during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

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

	Pay Date	Income	Taxes
Institutional Class	12/6/10	$0.192	$0.0220
	12/31/10	$0.010	$0.0000

The fund will notify shareholders in January 2012 of amounts for use in preparing 2011 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor International Capital Appreciation Fund

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance for each class, as well as the fund's relative investment performance for each class measured over multiple periods against (i) a broad-based securities market index, and (ii) a custom peer group of mutual funds deemed appropriate by Fidelity and reviewed by the Board. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2010, the cumulative total returns of Institutional Class (Class I) and Class B of the fund, the cumulative total returns of a broad-based securities market index ("benchmark"), and a range of cumulative total returns of a custom peer group of mutual funds defined by FMR based on categories assigned by Morningstar, Inc. The returns of Institutional Class (Class I) and Class B show the performance of the highest and lowest performing classes, respectively (based on five-year performance). The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten numbers noted below each chart correspond to the percentile box and represent the percentage of funds in the peer group whose performance was equal to or lower than that of the class indicated. The fund's custom peer group, defined by FMR, is a peer group that FMR believes provides a more meaningful performance comparison than the peer group assigned by Morningstar, Inc., which assigns mutual funds to categories based on their investment styles as measured by their underlying portfolio holdings.

Annual Report

Fidelity Advisor International Capital Appreciation Fund

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Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 16% means that 84% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked and the impact of the fund's performance adjustment, is also included in the chart and considered by the Board.

Annual Report

Fidelity Advisor International Capital Appreciation Fund

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The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2010. The Board also noted the effect of the fund's negative performance adjustment on the fund's management fee ranking. The Board noted that the performance adjustment for each year represents calculations for performance periods that differ from the periods shown in the performance charts above.

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

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

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable, although in some cases above the median of the universe presented for comparison, in light of the services that the fund and its shareholders receive and the other factors considered, including the findings of the Committee.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that any potential economies of scale are being appropriately shared between fund shareholders and Fidelity.

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

FIL Investment Advisors

FIL Investments (Japan) Limited

FIL Investment Advisors (UK) Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

Brown Brothers Harriman & Co.

Boston, MA

AICAPI-UANN-1211
1.784755.108

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(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Overseas
Fund - Class A, Class T, Class B and Class C

Annual Report

October 31, 2011

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Chairman's Message	(Click Here)	The Chairman's message to shareholders.
Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fund performance and strategy.
Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

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

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

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

Annual Report

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_James_C_Curvey)

Dear Shareholder:

Sincerely,

(The acting chairman's signature appears here.)

James C. Curvey
Acting Chairman

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended October 31, 2011	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	-13.24%	-3.21%	4.04%
Class T (incl. 3.50% sales charge)	-11.38%	-2.92%	4.12%
Class B (incl. contingent deferred sales charge) ^A	-13.21%	-3.13%	4.07%
Class C (incl. contingent deferred sales charge) ^B	-9.58%	-2.79%	3.86%

^AClass B shares' contingent deferred sales charges included in the past one year, past five year, and past ten year total return figures are 5%, 2% and 0%, respectively.

^BClass C shares' contingent deferred sales charge included in the past one year, past five year, and past ten year total return figures are 1%, 0%, and 0%, respectively.

Annual Report

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Overseas Fund - Class A on October 31, 2001, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the MSCI® EAFE® (Europe, Australasia, Far East) Index performed over the same period.

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Annual Report

Management's Discussion of Fund Performance

Comments from Graeme Rockett, Portfolio Manager of Fidelity Advisor® Overseas Fund: For the 12 months ending October 31, 2011, the fund's Class A, Class T, Class B and Class C shares dropped 7.95%, 8.17%, 8.67% and 8.67%, respectively (excluding sales charges), underperforming the MSCI® EAFE® (Europe, Australasia, Far East) Index, which declined 3.97%. Versus the index, positioning in consumer staples, materials and energy detracted, as did stock picking in financials, health care and industrials. Conversely, picks in consumer durables and apparel, an underweighting in utilities and an overweighting in information technology helped. In geographic terms, stock picking in the U.K., Hong Kong, Australia and emerging markets hurt, but security selection in Germany and the U.S. (an out-of-benchmark region) contributed. Specific stocks that detracted included Alstom, a French producer of power-generation, emission-control and rail-transport equipment, and two non-index Chinese companies: apparel manufacturer and retailer Bosideng International Holding (which I sold during the period) and Internet gaming company Perfect World, domiciled in Grand Cayman. Three out-of-benchmark stocks helped the most: U.S.-based footwear company Deckers Outdoor; German high-end men's apparel manufacturer Hugo Boss; and Silver Base Group Holdings, a Chinese distributor of alcoholic beverages.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2011 to October 31, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

	Annualized Expense Ratio	Beginning Account Value May 1, 2011	Ending Account Value October 31, 2011	Expenses Paid During Period* May 1, 2011 to October 31, 2011
Class A	1.31%
Actual		$ 1,000.00	$ 805.70	$ 5.96
Hypothetical^A		$ 1,000.00	$ 1,018.60	$ 6.67
Class T	1.48%
Actual		$ 1,000.00	$ 804.50	$ 6.73
Hypothetical^A		$ 1,000.00	$ 1,017.74	$ 7.53
Class B	2.05%
Actual		$ 1,000.00	$ 802.30	$ 9.31
Hypothetical^A		$ 1,000.00	$ 1,014.87	$ 10.41
Class C	2.06%
Actual		$ 1,000.00	$ 802.20	$ 9.36
Hypothetical^A		$ 1,000.00	$ 1,014.82	$ 10.46
Institutional Class	.96%
Actual		$ 1,000.00	$ 806.80	$ 4.37
Hypothetical^A		$ 1,000.00	$ 1,020.37	$ 4.89

^A 5% return per year before expenses

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

Annual Report

Investment Changes (Unaudited)

Top Five Stocks as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
HSBC Holdings PLC (United Kingdom, Commercial Banks)	2.1	2.0
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals)	2.0	2.1
Volkswagen AG (Germany, Automobiles)	2.0	2.0
Rakuten, Inc. (Japan, Internet & Catalog Retail)	2.0	0.6
LVMH Moet Hennessy - Louis Vuitton (France, Textiles, Apparel & Luxury Goods)	1.8	2.9
	9.9
Top Five Market Sectors as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Consumer Discretionary	23.5	25.6
Financials	17.6	21.8
Materials	12.1	11.0
Information Technology	10.9	10.2
Industrials	8.7	10.6
Top Five Countries as of October 31, 2011
(excluding cash equivalents)	% of fund's net assets	% of fund's net assets 6 months ago
United Kingdom	18.5	17.6
Japan	15.6	14.6
France	12.6	11.7
Germany	11.6	13.7
Switzerland	7.6	6.1

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

Asset Allocation (% of fund's net assets)
As of October 31, 2011		As of April 30, 2011
	Stocks 98.1%		Stocks 99.9%
	Short-Term Investments and Net Other Assets 1.9%		Short-Term Investments and Net Other Assets 0.1%

bbb410

Annual Report

Investments October 31, 2011

Showing Percentage of Net Assets

Common Stocks - 96.1%
	Shares		Value (000s)
Australia - 2.8%
BHP Billiton Ltd.	211,768		$ 8,290
Fortescue Metals Group Ltd.	208,017		1,045
Macquarie Group Ltd.	82,615		2,127
Newcrest Mining Ltd.	172,572		6,100
Westfield Group unit	344,639		2,775
TOTAL AUSTRALIA			20,337
Bailiwick of Jersey - 0.4%
WPP PLC	310,041		3,210
Belgium - 0.3%
Ageas	410,900		830
Hamon & Compagnie International SA	60,300		1,520
TOTAL BELGIUM			2,350
Bermuda - 1.3%
Clear Media Ltd. (a)	1,278,000		487
Huabao International Holdings Ltd.	2,087,000		1,326
Li & Fung Ltd.	392,000		755
Oriental Watch Holdings Ltd.	6,012,000		3,469
Signet Jewelers Ltd.	82,600		3,561
TOTAL BERMUDA			9,598
Brazil - 0.1%
Drogasil SA	47,700		300
Marisa Lojas SA	36,200		500
TOTAL BRAZIL			800
British Virgin Islands - 0.4%
Gem Diamonds Ltd. (a)	261,700		934
Mail.ru Group Ltd.:
GDR (a)(e)	4,200		145
GDR (Reg. S)	63,100		2,174
TOTAL BRITISH VIRGIN ISLANDS			3,253
Canada - 1.6%
Barrick Gold Corp.	31,100		1,535
Kinross Gold Corp.	103,200		1,471
Potash Corp. of Saskatchewan, Inc.	89,900		4,255
Suncor Energy, Inc.	102,800		3,274
Yamana Gold, Inc.	97,300		1,452
TOTAL CANADA			11,987
Common Stocks - continued
	Shares		Value (000s)
Cayman Islands - 4.3%
Biostime International Holdings Ltd.	59,500		$ 106
E-Commerce China Dangdang, Inc. ADR (d)	38,000		265
Hengdeli Holdings Ltd.	25,890,000		11,607
Home Inns & Hotels Management, Inc. sponsored ADR (a)	32,200		1,100
Natural Beauty Bio-Technology Ltd.	6,200,000		943
Noah Holdings Ltd. sponsored ADR (d)	69,800		609
Perfect World Co. Ltd. sponsored ADR Class B (a)	280,900		3,655
Renren, Inc. ADR (d)	15,000		106
Shenguan Holdings Group Ltd.	2,022,000		1,086
Silver Base Group Holdings Ltd.	3,662,000		3,900
Tencent Holdings Ltd.	358,300		8,287
TOTAL CAYMAN ISLANDS			31,664
China - 0.4%
Baidu.com, Inc. sponsored ADR (a)	22,300		3,126
Denmark - 2.4%
Carlsberg A/S Series B	24,900		1,695
Danske Bank A/S (a)	51,111		708
Novo Nordisk A/S:
Series B	19,863		2,109
Series B sponsored ADR	120,700		12,830
TOTAL DENMARK			17,342
France - 12.6%
Accor SA	93,900		3,087
Alstom SA	345,231		12,947
Atos Origin SA	37,421		1,814
AXA SA	46,658		760
AXA SA sponsored ADR	89,200		1,441
BNP Paribas SA	82,622		3,756
Club Mediterranee SA (a)	53,000		1,006
Compagnie Generale de Geophysique SA (a)	96,000		2,098
Credit Agricole SA (d)	74,474		585
Danone	128,222		8,926
Gameloft (a)	201,700		1,125
GDF Suez	94,700		2,689
Iliad SA	18,000		2,107
Ingenico SA	60,657		2,401
Ipsos SA	63,360		2,081
Lafarge SA (Bearer)	44,500		1,815
Laurent-Perrier Group	3,300		340
LVMH Moet Hennessy - Louis Vuitton	81,400		13,546
Common Stocks - continued
	Shares		Value (000s)
France - continued
Pernod-Ricard SA	64,800		$ 6,053
PPR SA	7,200		1,125
Safran SA	86,100		2,820
Sanofi-aventis	34,620		2,477
Sanofi-aventis sponsored ADR	233,600		8,351
Societe Generale Series A	52,613		1,536
Total SA	94,200		4,916
Total SA sponsored ADR	19,400		1,015
Vivendi	65,063		1,463
TOTAL FRANCE			92,280
Germany - 9.6%
adidas AG	123,900		8,772
Allianz AG	46,552		5,232
Bayer AG	58,540		3,751
Bayerische Motoren Werke AG (BMW)	25,448		2,080
Commerzbank AG (a)	235,000		580
Deutsche Bank AG	72,900		3,015
Deutsche Boerse AG	62,469		3,458
Deutsche Post AG	145,871		2,223
E.ON AG	124,333		3,013
HeidelbergCement AG	72,400		3,304
Hugo Boss AG	44,400		3,885
K&S AG	23,400		1,489
Kabel Deutschland Holding AG (a)	61,600		3,517
Linde AG	13,429		2,136
Munich Re Group	13,555		1,828
Puma AG	25,923		8,359
SAP AG	122,957		7,436
SAP AG sponsored ADR (d)	96,600		5,831
Tom Tailor Holding AG (a)	33,100		517
TOTAL GERMANY			70,426
Greece - 0.2%
Folli Follie Group (a)	137,123		1,653
Hong Kong - 1.3%
AIA Group Ltd.	780,200		2,386
China Unicom (Hong Kong) Ltd. sponsored ADR (d)	116,500		2,343
Henderson Land Development Co. Ltd.	222,334		1,215
Hutchison Whampoa Ltd.	138,000		1,262
Television Broadcasts Ltd.	454,000		2,616
TOTAL HONG KONG			9,822
Common Stocks - continued
	Shares		Value (000s)
Ireland - 3.3%
CRH PLC	712,498		$ 12,863
Kingspan Group PLC (United Kingdom)	671,700		6,024
Paddy Power PLC (Ireland)	102,800		5,691
TOTAL IRELAND			24,578
Israel - 0.1%
Israel Chemicals Ltd.	64,100		771
Italy - 3.3%
Assicurazioni Generali SpA	97,900		1,765
ENI SpA	65,900		1,457
ENI SpA sponsored ADR (d)	22,300		982
Intesa Sanpaolo SpA	888,801		1,588
Saipem SpA	298,214		13,371
Sorin SpA (a)	1,916,000		4,012
UniCredit SpA	832,294		977
TOTAL ITALY			24,152
Japan - 15.6%
Aozora Bank Ltd.	918,000		2,321
Calbee, Inc.	26,800		1,222
Canon, Inc.	90,500		4,109
CyberAgent, Inc. (d)	371		1,251
Dai-ichi Mutual Life Insurance Co.	1,169		1,331
DeNA Co. Ltd.	37,700		1,627
Denso Corp.	53,900		1,658
eAccess Ltd. (d)	2,580		697
Fanuc Corp.	15,200		2,458
Fuji Media Holdings, Inc.	1,029		1,472
GREE, Inc.	53,600		1,730
Honda Motor Co. Ltd.	133,300		3,987
Japan Tobacco, Inc.	350		1,750
JFE Holdings, Inc.	72,700		1,384
Kakaku.com, Inc.	50,400		1,996
KDDI Corp.	1,175		8,608
Keyence Corp.	14,000		3,559
Mazda Motor Corp. (a)	667,000		1,402
Mitsubishi Corp.	271,700		5,589
Mitsubishi Estate Co. Ltd.	89,000		1,508
Mitsubishi UFJ Financial Group, Inc.	1,320,700		5,740
Mitsubishi UFJ Financial Group, Inc. sponsored ADR (d)	233,500		1,011
Mitsui & Co. Ltd.	377,600		5,512
MS&AD Insurance Group Holdings, Inc.	79,900		1,565
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
Murata Manufacturing Co. Ltd.	12,900		$ 721
NKSJ Holdings, Inc.	69,000		1,380
Nomura Holdings, Inc.	301,900		1,150
ORIX Corp.	36,650		3,199
Rakuten, Inc.	13,264		14,542
SOFTBANK CORP.	159,700		5,184
Sony Corp.	37,500		782
Start Today Co. Ltd.	175,700		3,717
Sumitomo Mitsui Financial Group, Inc.	149,600		4,182
Tokio Marine Holdings, Inc.	71,800		1,712
Tokyo Electron Ltd.	18,900		1,005
Toshiba Corp.	694,000		3,027
Toyota Motor Corp.	232,000		7,704
Toyota Motor Corp. sponsored ADR	17,600		1,174
Yahoo! Japan Corp.	5,164		1,659
TOTAL JAPAN			114,625
Korea (South) - 0.5%
Samsung Electronics Co. Ltd.	4,015		3,443
Luxembourg - 0.3%
ArcelorMittal SA Class A unit (d)	66,500		1,379
L'Occitane Ltd. (a)	519,500		1,145
TOTAL LUXEMBOURG			2,524
Netherlands - 1.7%
AEGON NV (a)	212,400		1,013
ASML Holding NV	31,300		1,312
Gemalto NV	23,756		1,084
ING Groep NV:
(Certificaten Van Aandelen) (a)	239,010		2,061
sponsored ADR (a)	79,100		683
Koninklijke Philips Electronics NV	202,806		4,222
Koninklijke Philips Electronics NV (depositary receipt) (NY Reg.)	98,500		2,054
TOTAL NETHERLANDS			12,429
Norway - 1.0%
Aker Solutions ASA	236,700		2,753
DnB NOR ASA	176,400		2,058
StatoilHydro ASA	12,300		312
StatoilHydro ASA sponsored ADR (d)	71,500		1,818
TOTAL NORWAY			6,941
Common Stocks - continued
	Shares		Value (000s)
Singapore - 0.2%
United Overseas Bank Ltd.	125,627		$ 1,703
South Africa - 0.2%
Impala Platinum Holdings Ltd.	48,200		1,114
Spain - 2.3%
Banco Bilbao Vizcaya Argentaria SA (d)	354,547		3,191
Banco Santander SA:
rights 10/31/11	659,888		114
(Spain)	659,888		5,586
(Spain) sponsored ADR (d)	17,600		151
EDP Renovaveis SA (a)	451,605		2,712
Iberdrola SA	232,500		1,692
NH Hoteles SA (a)	235,800		1,160
Telefonica SA (d)	102,662		2,182
TOTAL SPAIN			16,788
Sweden - 0.8%
Nordea Bank AB	218,400		1,998
Swedbank AB (A Shares)	59,512		838
Swedish Match Co.	85,800		2,969
TOTAL SWEDEN			5,805
Switzerland - 7.6%
Adecco SA (Reg.)	180,028		8,700
Compagnie Financiere Richemont SA Series A	196,788		11,268
Credit Suisse Group	50,181		1,448
Credit Suisse Group sponsored ADR (d)	37,100		1,075
Julius Baer Group Ltd.	42,050		1,598
Roche Holding AG (participation certificate)	40,853		6,736
Sika AG (Bearer)	1,180		2,322
Swiss Re Ltd.	27,990		1,538
Syngenta AG (Switzerland)	16,950		5,166
The Swatch Group AG (Bearer)	19,640		8,317
Transocean Ltd. (United States)	36,600		2,092
UBS AG (a)	207,798		2,627
UBS AG (NY Shares) (a)	68,377		863
Zurich Financial Services AG	8,097		1,880
TOTAL SWITZERLAND			55,630
Common Stocks - continued
	Shares		Value (000s)
Taiwan - 0.7%
Catcher Technology Co. Ltd.	112,000		$ 624
HTC Corp.	205,920		4,628
TOTAL TAIWAN			5,252
United Kingdom - 18.5%
Anglo American PLC:
ADR	89,346		1,639
(United Kingdom)	118,359		4,366
ARM Holdings PLC	135,900		1,275
Aviva PLC	334,000		1,822
Barclays PLC	1,334,884		4,139
Barclays PLC sponsored ADR	243,800		3,050
BG Group PLC	424,518		9,261
BHP Billiton PLC	192,986		6,078
BP PLC sponsored ADR	176,266		7,787
Diageo PLC	291,229		6,028
Dunelm Group PLC	126,400		1,012
Hays PLC	1,126,800		1,435
HSBC Holdings PLC:
(United Kingdom)	95,104		830
sponsored ADR	333,633		14,566
Imperial Tobacco Group PLC	274,076		10,023
Intertek Group PLC	85,300		2,819
Johnson Matthey PLC	58,354		1,763
Legal & General Group PLC	813,369		1,445
Lloyds Banking Group PLC (a)	4,767,999		2,466
Lloyds Banking Group PLC sponsored ADR (a)(d)	214,200		441
M&C Saatchi	887,505		1,698
Man Group PLC	825,945		1,991
Prudential PLC	125,264		1,294
Reckitt Benckiser Group PLC	133,000		6,840
Rio Tinto PLC	125,232		6,776
Rio Tinto PLC sponsored ADR	55,800		3,017
Rolls-Royce Group PLC	162,800		1,839
Rolls-Royce Group PLC Class C	11,233,200		18
Royal Bank of Scotland Group PLC (a)	1,512,600		584
Royal Dutch Shell PLC Class B	154,486		5,544
Standard Chartered PLC (United Kingdom)	131,807		3,093
Sthree PLC	190,600		874
Tesco PLC	116,900		755
Vodafone Group PLC	2,742,369		7,616
Vodafone Group PLC sponsored ADR	13,500		376
Common Stocks - continued
	Shares		Value (000s)
United Kingdom - continued
William Hill PLC	1,723,600		$ 5,987
Xstrata PLC	317,400		5,337
TOTAL UNITED KINGDOM			135,884
United States of America - 2.3%
Apple, Inc. (a)	15,600		6,315
Deckers Outdoor Corp. (a)	47,300		5,451
Google, Inc. Class A (a)	8,800		5,215
TOTAL UNITED STATES OF AMERICA			16,981
TOTAL COMMON STOCKS (Cost $734,788)		706,468
Nonconvertible Preferred Stocks - 2.0%

Germany - 2.0%
Volkswagen AG (Cost $11,213)	84,600		14,850
Money Market Funds - 1.9%

Fidelity Cash Central Fund, 0.12% (b)	703,907		704
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	13,432,705		13,433
TOTAL MONEY MARKET FUNDS (Cost $14,137)		14,137
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $760,138)			735,455
NET OTHER ASSETS (LIABILITIES) - 0.0%			190
NET ASSETS - 100%		$ 735,645

Legend

(a) Non-income producing

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 10
Fidelity Securities Lending Cash Central Fund	848
Total	$ 858

Other Information

The following is a summary of the inputs used, as of October 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
United Kingdom	$ 135,884	$ 91,432	$ 44,452	$ -
Japan	114,625	2,185	112,440	-
France	92,280	82,789	9,491	-
Germany	85,276	74,825	10,451	-
Switzerland	55,630	46,389	9,241	-
Cayman Islands	31,664	5,735	25,929	-
Ireland	24,578	11,715	12,863	-
Italy	24,152	22,695	1,457	-
Australia	20,337	-	20,337	-
Other	136,892	87,947	48,945	-
Money Market Funds	14,137	14,137	-	-
Total Investments in Securities:	$ 735,455	$ 439,849	$ 295,606	$ -

Income Tax Information

At October 31, 2011, the Fund had a capital loss carryforward of approximately $104,924,000 which will expire in fiscal 2017. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)	October 31, 2011
Assets
Investment in securities, at value (including securities loaned of $12,495) - See accompanying schedule: Unaffiliated issuers (cost $746,001)	$ 721,318
Fidelity Central Funds (cost $14,137)	14,137
Total Investments (cost $760,138)		$ 735,455
Foreign currency held at value (cost $11)		11
Receivable for investments sold		18,456
Receivable for fund shares sold		219
Dividends receivable		2,107
Distributions receivable from Fidelity Central Funds		13
Prepaid expenses		3
Other receivables		153
Total assets		756,417

Liabilities
Payable for investments purchased	$ 5,239
Payable for fund shares redeemed	1,376
Accrued management fee	311
Distribution and service plan fees payable	153
Other affiliated payables	172
Other payables and accrued expenses	88
Collateral on securities loaned, at value	13,433
Total liabilities		20,772

Net Assets		$ 735,645
Net Assets consist of:
Paid in capital		$ 871,136
Undistributed net investment income		9,657
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(120,523)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(24,625)
Net Assets		$ 735,645

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

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)	October 31, 2011

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($59,654 ÷ 3,698.9 shares)		$ 16.13

Maximum offering price per share (100/94.25 of $16.13)		$ 17.11
Class T: Net Asset Value and redemption price per share ($304,508 ÷ 18,452.5 shares)		$ 16.50

Maximum offering price per share (100/96.50 of $16.50)		$ 17.10
Class B: Net Asset Value and offering price per share ($4,166 ÷ 267.4 shares)^A		$ 15.58

Class C: Net Asset Value and offering price per share ($18,757 ÷ 1,188.3 shares)^A		$ 15.78

Institutional Class: Net Asset Value, offering price and redemption price per share ($348,560 ÷ 21,183.6 shares)		$ 16.45

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

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

Annual Report

Statement of Operations

Amounts in thousands	Year ended October 31, 2011
Investment Income
Dividends		$ 23,661
Income from Fidelity Central Funds		858
Income before foreign taxes withheld		24,519
Less foreign taxes withheld		(2,035)
Total income		22,484

Expenses
Management fee Basic fee	$ 7,177
Performance adjustment	(25)
Transfer agent fees	2,245
Distribution and service plan fees	2,245
Accounting and security lending fees	481
Custodian fees and expenses	197
Independent trustees' compensation	6
Registration fees	70
Audit	82
Legal	5
Interest	1
Miscellaneous	11
Total expenses before reductions	12,495
Expense reductions	(280)	12,215
Net investment income (loss)		10,269
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	139,396
Foreign currency transactions	(314)
Total net realized gain (loss)		139,082
Change in net unrealized appreciation (depreciation) on: Investment securities	(202,738)
Assets and liabilities in foreign currencies	(49)
Total change in net unrealized appreciation (depreciation)		(202,787)
Net gain (loss)		(63,705)
Net increase (decrease) in net assets resulting from operations		$ (53,436)

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

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands	Year ended October 31, 2011	Year ended October 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 10,269	$ 14,198
Net realized gain (loss)	139,082	73,737
Change in net unrealized appreciation (depreciation)	(202,787)	72,077
Net increase (decrease) in net assets resulting from operations	(53,436)	160,012
Distributions to shareholders from net investment income	(12,982)	(17,905)
Distributions to shareholders from net realized gain	(2,756)	(2,268)
Total distributions	(15,738)	(20,173)
Share transactions - net increase (decrease)	(342,819)	(188,997)
Redemption fees	20	22
Total increase (decrease) in net assets	(411,973)	(49,136)

Net Assets
Beginning of period	1,147,618	1,196,754
End of period (including undistributed net investment income of $9,657 and undistributed net investment income of $12,989, respectively)	$ 735,645	$ 1,147,618

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

Annual Report

Financial Highlights - Class A

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 17.77	$ 15.68	$ 13.56	$ 26.85	$ 21.67
Income from Investment Operations
Net investment income (loss) ^C	.16	.17	.24	.38	.31
Net realized and unrealized gain (loss)	(1.54)	2.16	2.12	(11.56)	6.16
Total from investment operations	(1.38)	2.33	2.36	(11.18)	6.47
Distributions from net investment income	(.21)	(.21)	(.24)	(.33)	(.23)
Distributions from net realized gain	(.05)	(.03)	-	(1.78)	(1.06)
Total distributions	(.26)	(.24)	(.24)	(2.11)	(1.29)
Redemption fees added to paid in capital ^{C, G}	-	-	-	-	-
Net asset value, end of period	$ 16.13	$ 17.77	$ 15.68	$ 13.56	$ 26.85
Total Return ^{A, B}	(7.95)%	14.99%	17.97%	(45.08)%	31.44%
Ratios to Average Net Assets ^{D, F}
Expenses before reductions	1.34%	1.36%	1.36%	1.35%	1.17%
Expenses net of fee waivers, if any	1.34%	1.36%	1.36%	1.35%	1.17%
Expenses net of all reductions	1.32%	1.33%	1.33%	1.32%	1.13%
Net investment income (loss)	.90%	1.04%	1.79%	1.83%	1.34%
Supplemental Data
Net assets, end of period (in millions)	$ 60	$ 70	$ 72	$ 73	$ 147
Portfolio turnover rate ^E	44%	53%	83%	79%	66%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights - Class T

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 18.18	$ 16.03	$ 13.84	$ 27.35	$ 22.05
Income from Investment Operations
Net investment income (loss) ^C	.13	.14	.22	.36	.28
Net realized and unrealized gain (loss)	(1.59)	2.23	2.17	(11.82)	6.27
Total from investment operations	(1.46)	2.37	2.39	(11.46)	6.55
Distributions from net investment income	(.17)	(.19)	(.20)	(.27)	(.19)
Distributions from net realized gain	(.05)	(.03)	-	(1.78)	(1.06)
Total distributions	(.22)	(.22)	(.20)	(2.05)	(1.25)
Redemption fees added to paid in capital ^{C, G}	-	-	-	-	-
Net asset value, end of period	$ 16.50	$ 18.18	$ 16.03	$ 13.84	$ 27.35
Total Return ^{A, B}	(8.17)%	14.88%	17.70%	(45.18)%	31.24%
Ratios to Average Net Assets ^{D, F}
Expenses before reductions	1.52%	1.53%	1.57%	1.51%	1.33%
Expenses net of fee waivers, if any	1.51%	1.53%	1.57%	1.51%	1.33%
Expenses net of all reductions	1.49%	1.50%	1.54%	1.48%	1.30%
Net investment income (loss)	.73%	.86%	1.58%	1.67%	1.17%
Supplemental Data
Net assets, end of period (in millions)	$ 305	$ 371	$ 367	$ 345	$ 710
Portfolio turnover rate ^E	44%	53%	83%	79%	66%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights - Class B

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 17.18	$ 15.16	$ 13.02	$ 25.79	$ 20.81
Income from Investment Operations
Net investment income (loss) ^C	.03	.04	.13	.22	.12
Net realized and unrealized gain (loss)	(1.51)	2.10	2.08	(11.14)	5.94
Total from investment operations	(1.48)	2.14	2.21	(10.92)	6.06
Distributions from net investment income	(.08)	(.09)	(.07)	(.07)	(.02)
Distributions from net realized gain	(.05)	(.03)	-	(1.78)	(1.06)
Total distributions	(.12) ^H	(.12)	(.07)	(1.85)	(1.08)
Redemption fees added to paid in capital ^{C, G}	-	-	-	-	-
Net asset value, end of period	$ 15.58	$ 17.18	$ 15.16	$ 13.02	$ 25.79
Total Return ^{A, B}	(8.67)%	14.15%	17.09%	(45.50)%	30.45%
Ratios to Average Net Assets ^{D, F}
Expenses before reductions	2.10%	2.11%	2.12%	2.10%	1.94%
Expenses net of fee waivers, if any	2.09%	2.11%	2.12%	2.10%	1.94%
Expenses net of all reductions	2.07%	2.09%	2.08%	2.08%	1.91%
Net investment income (loss)	.15%	.28%	1.04%	1.07%	.56%
Supplemental Data
Net assets, end of period (in millions)	$ 4	$ 7	$ 8	$ 10	$ 27
Portfolio turnover rate ^E	44%	53%	83%	79%	66%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

^H Total distributions of $.12 per share is comprised of distributions from net investment income of $.079 and distributions from net realized gain of $.045 per share.

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

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Financial Highlights - Class C

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 17.39	$ 15.36	$ 13.22	$ 26.22	$ 21.19
Income from Investment Operations
Net investment income (loss) ^C	.03	.05	.14	.22	.14
Net realized and unrealized gain (loss)	(1.52)	2.12	2.09	(11.31)	6.02
Total from investment operations	(1.49)	2.17	2.23	(11.09)	6.16
Distributions from net investment income	(.07)	(.11)	(.09)	(.13)	(.07)
Distributions from net realized gain	(.05)	(.03)	-	(1.78)	(1.06)
Total distributions	(.12)	(.14)	(.09)	(1.91)	(1.13)
Redemption fees added to paid in capital ^{C, G}	-	-	-	-	-
Net asset value, end of period	$ 15.78	$ 17.39	$ 15.36	$ 13.22	$ 26.22
Total Return ^{A, B}	(8.67)%	14.17%	17.06%	(45.50)%	30.48%
Ratios to Average Net Assets ^{D, F}
Expenses before reductions	2.09%	2.10%	2.11%	2.09%	1.91%
Expenses net of fee waivers, if any	2.09%	2.10%	2.11%	2.09%	1.91%
Expenses net of all reductions	2.07%	2.08%	2.08%	2.07%	1.87%
Net investment income (loss)	.15%	.29%	1.05%	1.08%	.60%
Supplemental Data
Net assets, end of period (in millions)	$ 19	$ 22	$ 23	$ 22	$ 46
Portfolio turnover rate ^E	44%	53%	83%	79%	66%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights - Institutional Class

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 18.10	$ 15.95	$ 13.83	$ 27.35	$ 22.06
Income from Investment Operations
Net investment income (loss) ^B	.23	.22	.29	.45	.40
Net realized and unrealized gain (loss)	(1.59)	2.23	2.14	(11.78)	6.26
Total from investment operations	(1.36)	2.45	2.43	(11.33)	6.66
Distributions from net investment income	(.24)	(.27)	(.31)	(.41)	(.31)
Distributions from net realized gain	(.05)	(.03)	-	(1.78)	(1.06)
Total distributions	(.29)	(.30)	(.31)	(2.19)	(1.37)
Redemption fees added to paid in capital ^{B, F}	-	-	-	-	-
Net asset value, end of period	$ 16.45	$ 18.10	$ 15.95	$ 13.83	$ 27.35
Total Return ^A	(7.70)%	15.49%	18.32%	(44.92)%	31.88%
Ratios to Average Net Assets ^{C, E}
Expenses before reductions	1.00%	1.01%	1.06%	1.01%	.84%
Expenses net of fee waivers, if any	.99%	1.01%	1.06%	1.01%	.84%
Expenses net of all reductions	.97%	.98%	1.02%	.98%	.81%
Net investment income (loss)	1.25%	1.39%	2.10%	2.17%	1.66%
Supplemental Data
Net assets, end of period (in millions)	$ 349	$ 678	$ 727	$ 551	$ 609
Portfolio turnover rate ^D	44%	53%	83%	79%	66%

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

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F Amount represents less than $.01 per share.

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

Annual Report

Notes to Financial Statements

For the period ended October 31, 2011

(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor Overseas Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments by existing shareholders. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

Annual Report

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of October 31, 2011, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Security Valuation - continued

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

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Notes to Financial Statements - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 84,441
Gross unrealized depreciation	(124,723)
Net unrealized appreciation (depreciation) on securities and other investments	$ (40,282)

Tax Cost	$ 775,737

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 9,657
Capital loss carryforward	$ (104,924)
Net unrealized appreciation (depreciation)	$ (40,224)

The tax character of distributions paid was as follows:

	October 31, 2011	October 31, 2010
Ordinary Income	$ 15,738	$ 20,173

Annual Report

3. Significant Accounting Policies - continued

New Accounting Pronouncement - continued

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $441,698 and $799,992, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the investment performance of the asset-weighted return of all classes as compared to an appropriate benchmark index. For the period, the total annual management fee rate, including the performance adjustment, was .71% of the Fund's average net assets.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

6. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan Fees - continued

selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 174	$ 2
Class T	.25%	.25%	1,795	21
Class B	.75%	.25%	56	43
Class C	.75%	.25%	220	9
			$ 2,245	$ 75

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

	Retained by FDC
Class A	$ 8
Class T	5
Class B*	8
Class C*	1
	$ 22

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

Annual Report

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

	Amount	% of Average Net Assets
Class A	$ 211	.30
Class T	803	.22
Class B	17	.30
Class C	66	.30
Institutional Class	1,148	.21
	$ 2,245

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 5,055	.43%	$ 1

7. Committed Line of Credit.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

7. Committed Line of Credit - continued

agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $3 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $848. During the period, there were no securities loaned to FCM.

9. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of its management fee. For the period, the amount of this reimbursement was $77.

Annual Report

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2011	2010
From net investment income
Class A	$ 829	$ 950
Class T	3,501	4,334
Class B	30	45
Class C	89	160
Institutional Class	8,533	12,416
Total	$ 12,982	$ 17,905
From net realized gain
Class A	$ 178	$ 134
Class T	911	684
Class B	17	15
Class C	57	44
Institutional Class	1,593	1,391
Total	$ 2,756	$ 2,268

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2011	2010	2011	2010
Class A
Shares sold	644	475	$ 11,749	$ 7,655
Reinvestment of distributions	51	61	919	1,012
Shares redeemed	(937)	(1,167)	(16,834)	(18,467)
Net increase (decrease)	(242)	(631)	$ (4,166)	$ (9,800)
Class T
Shares sold	3,310	4,009	$ 61,021	$ 65,721
Reinvestment of distributions	232	288	4,288	4,889
Shares redeemed	(5,489)	(6,821)	(101,187)	(111,516)
Net increase (decrease)	(1,947)	(2,524)	$ (35,878)	$ (40,906)
Class B
Shares sold	12	48	$ 219	$ 740
Reinvestment of distributions	2	3	41	54
Shares redeemed	(144)	(174)	(2,540)	(2,691)
Net increase (decrease)	(130)	(123)	$ (2,280)	$ (1,897)
Class C
Shares sold	165	120	$ 2,956	$ 1,913
Reinvestment of distributions	7	11	125	176
Shares redeemed	(271)	(337)	(4,750)	(5,265)
Net increase (decrease)	(99)	(206)	$ (1,669)	$ (3,176)

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

11. Share Transactions - continued

	Shares		Dollars
Years ended October 31,	2011	2010	2011	2010
Institutional Class
Shares sold	2,965	12,645	$ 53,805	$ 202,633
Reinvestment of distributions	544	818	9,988	13,738
Shares redeemed	(19,770)	(21,576)	(362,619)	(349,589)
Net increase (decrease)	(16,261)	(8,113)	$ (298,826)	$ (133,218)

12. Other.

At the end of the period, Strategic Advisers International II Fund was the owner of record of approximately 15% of the total outstanding shares of the fund.

Annual Report

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Advisor Overseas Fund (a fund of Fidelity Advisor Series VIII) at October 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Advisor Overseas Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 9, 2011

Annual Report

Trustees and Officers

Annual Report

Trustees and Officers - continued

Annual Report

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

Interested Trustees*:

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

Name, Age; Principal Occupations and Other Relevant Experience⁺
James C. Curvey (76)
	Year of Election or Appointment: 2007 Mr. Curvey is Trustee and Acting Chairman of the Board of Trustees of certain Trusts. Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of Fidelity Investments Money Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.
Ronald P. O'Hanley (54)
	Year of Election or Appointment: 2011 Mr. O'Hanley is Director of FMR Co., Inc. (2010-present), Director of Fidelity Investments Money Management, Inc. (2010-present), Director of Fidelity Research & Analysis Company (2010-present), President of Fidelity Asset Management and Corporate Services and a member of Fidelity's Executive Committee (2010-present). Previously, Mr. O'Hanley served as President and Chief Executive Officer of BNY Mellon Asset Management (2007-2010). Mr. O'Hanley also served as Vice Chairman of Bank New York Mellon Corp. and a member of that firm's Executive Committee. Prior to the 2007 merger of The Bank of New York and Mellon Financial Corporation, he was Vice Chairman of Mellon Financial Corporation and President and Chief Executive Officer of Mellon Asset Management. He joined Mellon in February 1997. Mr. O'Hanley currently serves as Chairman of the Boston Public Library Foundation Board of Directors and sits on the Board of Directors of Beth Israel Deaconess Medical Center, the Board of Trustees of the Marine Biological Laboratory and the Advisory Board of the Maxwell School of Citizenship and Public Administration at Syracuse University. Mr. O'Hanley also chairs the Council on Asset Management for the Financial Services Roundtable and is a member of the Board of Directors of Institutional Investor's U.S. Institute.

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

Annual Report

Independent Trustees:

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

Name, Age; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (63)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Mr. Dirks is a member of the Independent Directors Council (IDC) Governing Council (2010-Present) and Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (58)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's, Inc. (restaurant and entertainment complexes, 2010-present), The Hillman Companies, Inc. (hardware wholesalers, 2010-present), and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-Present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for the Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (67)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is also a member of the Board of Directors of the Philharmonic Center for the Arts in Naples, Florida (1999-present); a member of the Board of Trustees of Fairfield University (2005-present); and a member of the Council on Foreign Relations (1994-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (67)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Robert W. Selander (61)
	Year of Election or Appointment: 2011 Previously, Mr. Selander served as a Member of the Advisory Board of Fidelity's Equity and High Income Funds (2011), Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.
Cornelia M. Small (67)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (72)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Vice Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of Univar (global distributor of commodity and specialty chemicals, 2010-present), a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (62)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (61)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), as a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Trustees and Officers - continued

Advisory Board Members and Executive Officers:

Correspondence intended for each executive officer, Edward C. Johnson 3d, and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (81)
	Year of Election or Appointment: 2011 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC, and also serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as a Trustee and Chairman of the Board of certain Fidelity Trusts, Chairman and a Director of FMR, Chairman and a Director of FMR Co., Inc., and President of FMR LLC (2006-2007).
Peter S. Lynch (67)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (42)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as President and Treasurer (2010-present) and Assistant Treasurer (2009-present) of other Fidelity funds and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008).
Bruce T. Herring (46)
	Year of Election or Appointment: 2006 Vice President of certain Equity Funds. Mr. Herring also serves as Chief Investment Officer and Director of Fidelity Management & Research (U.K.) Inc. (2010-present) and Group Chief Investments Officer of FMR. Previously, Mr. Herring served as Vice President (2005-2006) and Senior Vice President (2006-2007) of Fidelity Management & Research Company, Vice President of FMR Co., Inc. (2001-2007) and as a portfolio manager for Fidelity U.S. Equity Funds.
Brian B. Hogan (47)
	Year of Election or Appointment: 2009 Vice President of Equity and High Income Funds. Mr. Hogan also serves as President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.
Christopher S. Bartel (39)
	Year of Election or Appointment: 2009 Vice President of Fidelity's Sector and Real Estate Equity Funds. Mr. Bartel also serves as Senior Vice President of Equity Research (2009-present). Previously, Mr. Bartel served as Managing Director of Research (2006-2009) and an analyst and portfolio manager (2000-2006).
Thomas C. Hense (47)
	Year of Election or Appointment: 2008 or 2010 Vice President of Fidelity's High Income (2008), Small Cap (2008), and Value (2010) Funds. Previously, Mr. Hense served as a portfolio manager for Fidelity's Institutional Money Management Group (Pyramis) (2003-2008).
Scott C. Goebel (43)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as Secretary of Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); Secretary and CLO of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); employed by FMR LLC or an affiliate (2001-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (42)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Holly C. Laurent (57)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent also serves as AML Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present) and is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (53)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (64)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (50)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009).
Joseph F. Zambello (54)
	Year of Election or Appointment: 2011 Deputy Treasurer of the Fidelity funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
Adrien E. Deberghes (44)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes also serves as Vice President and Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II (2011-present), Assistant Treasurer of other Fidelity funds (2010-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (42)
	Year of Election or Appointment: 2010 Assistant Treasurer of Fidelity's Equity and High Income Funds. Ms. Dorsey also serves as Deputy Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
John R. Hebble (53)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President (2011-present), Treasurer, and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present), President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Gary W. Ryan (53)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).
Jonathan Davis (43)
	Year of Election or Appointment: 2010 Assistant Treasurer of the Fidelity funds. Mr. Davis is also Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).

Annual Report

Distributions (Unaudited)

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

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

	Pay Date	Income	Taxes
Class A	12/06/2010	$0.273	$0.0185
Class T	12/06/2010	$0.236	$0.0185
Class B	12/06/2010	$0.142	$0.0185
Class C	12/06/2010	$0.133	$0.0185

The fund will notify shareholders in January 2012 of amounts for use in preparing 2011 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Overseas Fund

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Fidelity Advisor Overseas Fund

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The Board reviewed the fund's relative investment performance against its peer group and noted that the performance of Institutional Class (Class I) of the fund was in the first quartile for the one-year period and the second quartile for the three- and five-year periods. The Board also noted that the investment performance of Institutional Class (Class I) of the fund compared favorably to its benchmark for all the periods shown. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 16% means that 84% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked and the impact of the fund's performance adjustment, is also included in the chart and considered by the Board.

Annual Report

Fidelity Advisor Overseas Fund

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

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

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that any potential economies of scale are being appropriately shared between fund shareholders and Fidelity.

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

Fidelity Management & Research
(Hong Kong) Limited

FIL Investments (Japan) Limited

Fidelity Management & Research
(Japan) Inc.

FIL Investment Advisors (UK) Limited

FIL Investment Advisors

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Northern Trust Company

Chicago, IL

OS-UANN-1211
1.784767.108

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(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Overseas
Fund - Institutional Class

Annual Report

October 31, 2011

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Chairman's Message	(Click Here)	The Chairman's message to shareholders.
Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fund performance and strategy.
Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

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

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

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

Annual Report

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_James_C_Curvey)

Dear Shareholder:

Sincerely,

(The acting chairman's signature appears here.)

James C. Curvey
Acting Chairman

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended October 31, 2011		Past 1 year	Past 5 years	Past 10 years
Institutional Class		-7.70%	-1.73%	5.03%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Overseas Fund - Institutional Class on October 31, 2001. The chart shows how the value of your investment would have changed, and also shows how the MSCI® EAFE® Index (Europe, Australasia, Far East) performed over the same period.

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Annual Report

Management's Discussion of Fund Performance

Comments from Graeme Rockett, Portfolio Manager of Fidelity Advisor® Overseas Fund: For the 12 months ending October 31, 2011, the fund's Institutional Class shares dropped 7.70%, underperforming the MSCI® EAFE® (Europe, Australasia, Far East) Index, which declined 3.97%. Versus the index, positioning in consumer staples, materials and energy detracted, as did stock picking in financials, health care and industrials. Conversely, picks in consumer durables and apparel, an underweighting in utilities and an overweighting in information technology helped. In geographic terms, stock picking in the U.K., Hong Kong, Australia and emerging markets hurt, but security selection in Germany and the U.S. (an out-of-benchmark region) contributed. Specific stocks that detracted included Alstom, a French producer of power-generation, emission-control and rail-transport equipment, and two non-index Chinese companies: apparel manufacturer and retailer Bosideng International Holding (which I sold during the period) and Internet gaming company Perfect World, domiciled in Grand Cayman. Three out-of-benchmark stocks helped the most: U.S.-based footwear company Deckers Outdoor; German high-end men's apparel manufacturer Hugo Boss; and Silver Base Group Holdings, a Chinese distributor of alcoholic beverages.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2011 to October 31, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

	Annualized Expense Ratio	Beginning Account Value May 1, 2011	Ending Account Value October 31, 2011	Expenses Paid During Period* May 1, 2011 to October 31, 2011
Class A	1.31%
Actual		$ 1,000.00	$ 805.70	$ 5.96
Hypothetical^A		$ 1,000.00	$ 1,018.60	$ 6.67
Class T	1.48%
Actual		$ 1,000.00	$ 804.50	$ 6.73
Hypothetical^A		$ 1,000.00	$ 1,017.74	$ 7.53
Class B	2.05%
Actual		$ 1,000.00	$ 802.30	$ 9.31
Hypothetical^A		$ 1,000.00	$ 1,014.87	$ 10.41
Class C	2.06%
Actual		$ 1,000.00	$ 802.20	$ 9.36
Hypothetical^A		$ 1,000.00	$ 1,014.82	$ 10.46
Institutional Class	.96%
Actual		$ 1,000.00	$ 806.80	$ 4.37
Hypothetical^A		$ 1,000.00	$ 1,020.37	$ 4.89

^A 5% return per year before expenses

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

Annual Report

Investment Changes (Unaudited)

Top Five Stocks as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
HSBC Holdings PLC (United Kingdom, Commercial Banks)	2.1	2.0
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals)	2.0	2.1
Volkswagen AG (Germany, Automobiles)	2.0	2.0
Rakuten, Inc. (Japan, Internet & Catalog Retail)	2.0	0.6
LVMH Moet Hennessy - Louis Vuitton (France, Textiles, Apparel & Luxury Goods)	1.8	2.9
	9.9
Top Five Market Sectors as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Consumer Discretionary	23.5	25.6
Financials	17.6	21.8
Materials	12.1	11.0
Information Technology	10.9	10.2
Industrials	8.7	10.6
Top Five Countries as of October 31, 2011
(excluding cash equivalents)	% of fund's net assets	% of fund's net assets 6 months ago
United Kingdom	18.5	17.6
Japan	15.6	14.6
France	12.6	11.7
Germany	11.6	13.7
Switzerland	7.6	6.1

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

Asset Allocation (% of fund's net assets)
As of October 31, 2011		As of April 30, 2011
	Stocks 98.1%		Stocks 99.9%
	Short-Term Investments and Net Other Assets 1.9%		Short-Term Investments and Net Other Assets 0.1%

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Annual Report

Investments October 31, 2011

Showing Percentage of Net Assets

Common Stocks - 96.1%
	Shares		Value (000s)
Australia - 2.8%
BHP Billiton Ltd.	211,768		$ 8,290
Fortescue Metals Group Ltd.	208,017		1,045
Macquarie Group Ltd.	82,615		2,127
Newcrest Mining Ltd.	172,572		6,100
Westfield Group unit	344,639		2,775
TOTAL AUSTRALIA			20,337
Bailiwick of Jersey - 0.4%
WPP PLC	310,041		3,210
Belgium - 0.3%
Ageas	410,900		830
Hamon & Compagnie International SA	60,300		1,520
TOTAL BELGIUM			2,350
Bermuda - 1.3%
Clear Media Ltd. (a)	1,278,000		487
Huabao International Holdings Ltd.	2,087,000		1,326
Li & Fung Ltd.	392,000		755
Oriental Watch Holdings Ltd.	6,012,000		3,469
Signet Jewelers Ltd.	82,600		3,561
TOTAL BERMUDA			9,598
Brazil - 0.1%
Drogasil SA	47,700		300
Marisa Lojas SA	36,200		500
TOTAL BRAZIL			800
British Virgin Islands - 0.4%
Gem Diamonds Ltd. (a)	261,700		934
Mail.ru Group Ltd.:
GDR (a)(e)	4,200		145
GDR (Reg. S)	63,100		2,174
TOTAL BRITISH VIRGIN ISLANDS			3,253
Canada - 1.6%
Barrick Gold Corp.	31,100		1,535
Kinross Gold Corp.	103,200		1,471
Potash Corp. of Saskatchewan, Inc.	89,900		4,255
Suncor Energy, Inc.	102,800		3,274
Yamana Gold, Inc.	97,300		1,452
TOTAL CANADA			11,987
Common Stocks - continued
	Shares		Value (000s)
Cayman Islands - 4.3%
Biostime International Holdings Ltd.	59,500		$ 106
E-Commerce China Dangdang, Inc. ADR (d)	38,000		265
Hengdeli Holdings Ltd.	25,890,000		11,607
Home Inns & Hotels Management, Inc. sponsored ADR (a)	32,200		1,100
Natural Beauty Bio-Technology Ltd.	6,200,000		943
Noah Holdings Ltd. sponsored ADR (d)	69,800		609
Perfect World Co. Ltd. sponsored ADR Class B (a)	280,900		3,655
Renren, Inc. ADR (d)	15,000		106
Shenguan Holdings Group Ltd.	2,022,000		1,086
Silver Base Group Holdings Ltd.	3,662,000		3,900
Tencent Holdings Ltd.	358,300		8,287
TOTAL CAYMAN ISLANDS			31,664
China - 0.4%
Baidu.com, Inc. sponsored ADR (a)	22,300		3,126
Denmark - 2.4%
Carlsberg A/S Series B	24,900		1,695
Danske Bank A/S (a)	51,111		708
Novo Nordisk A/S:
Series B	19,863		2,109
Series B sponsored ADR	120,700		12,830
TOTAL DENMARK			17,342
France - 12.6%
Accor SA	93,900		3,087
Alstom SA	345,231		12,947
Atos Origin SA	37,421		1,814
AXA SA	46,658		760
AXA SA sponsored ADR	89,200		1,441
BNP Paribas SA	82,622		3,756
Club Mediterranee SA (a)	53,000		1,006
Compagnie Generale de Geophysique SA (a)	96,000		2,098
Credit Agricole SA (d)	74,474		585
Danone	128,222		8,926
Gameloft (a)	201,700		1,125
GDF Suez	94,700		2,689
Iliad SA	18,000		2,107
Ingenico SA	60,657		2,401
Ipsos SA	63,360		2,081
Lafarge SA (Bearer)	44,500		1,815
Laurent-Perrier Group	3,300		340
LVMH Moet Hennessy - Louis Vuitton	81,400		13,546
Common Stocks - continued
	Shares		Value (000s)
France - continued
Pernod-Ricard SA	64,800		$ 6,053
PPR SA	7,200		1,125
Safran SA	86,100		2,820
Sanofi-aventis	34,620		2,477
Sanofi-aventis sponsored ADR	233,600		8,351
Societe Generale Series A	52,613		1,536
Total SA	94,200		4,916
Total SA sponsored ADR	19,400		1,015
Vivendi	65,063		1,463
TOTAL FRANCE			92,280
Germany - 9.6%
adidas AG	123,900		8,772
Allianz AG	46,552		5,232
Bayer AG	58,540		3,751
Bayerische Motoren Werke AG (BMW)	25,448		2,080
Commerzbank AG (a)	235,000		580
Deutsche Bank AG	72,900		3,015
Deutsche Boerse AG	62,469		3,458
Deutsche Post AG	145,871		2,223
E.ON AG	124,333		3,013
HeidelbergCement AG	72,400		3,304
Hugo Boss AG	44,400		3,885
K&S AG	23,400		1,489
Kabel Deutschland Holding AG (a)	61,600		3,517
Linde AG	13,429		2,136
Munich Re Group	13,555		1,828
Puma AG	25,923		8,359
SAP AG	122,957		7,436
SAP AG sponsored ADR (d)	96,600		5,831
Tom Tailor Holding AG (a)	33,100		517
TOTAL GERMANY			70,426
Greece - 0.2%
Folli Follie Group (a)	137,123		1,653
Hong Kong - 1.3%
AIA Group Ltd.	780,200		2,386
China Unicom (Hong Kong) Ltd. sponsored ADR (d)	116,500		2,343
Henderson Land Development Co. Ltd.	222,334		1,215
Hutchison Whampoa Ltd.	138,000		1,262
Television Broadcasts Ltd.	454,000		2,616
TOTAL HONG KONG			9,822
Common Stocks - continued
	Shares		Value (000s)
Ireland - 3.3%
CRH PLC	712,498		$ 12,863
Kingspan Group PLC (United Kingdom)	671,700		6,024
Paddy Power PLC (Ireland)	102,800		5,691
TOTAL IRELAND			24,578
Israel - 0.1%
Israel Chemicals Ltd.	64,100		771
Italy - 3.3%
Assicurazioni Generali SpA	97,900		1,765
ENI SpA	65,900		1,457
ENI SpA sponsored ADR (d)	22,300		982
Intesa Sanpaolo SpA	888,801		1,588
Saipem SpA	298,214		13,371
Sorin SpA (a)	1,916,000		4,012
UniCredit SpA	832,294		977
TOTAL ITALY			24,152
Japan - 15.6%
Aozora Bank Ltd.	918,000		2,321
Calbee, Inc.	26,800		1,222
Canon, Inc.	90,500		4,109
CyberAgent, Inc. (d)	371		1,251
Dai-ichi Mutual Life Insurance Co.	1,169		1,331
DeNA Co. Ltd.	37,700		1,627
Denso Corp.	53,900		1,658
eAccess Ltd. (d)	2,580		697
Fanuc Corp.	15,200		2,458
Fuji Media Holdings, Inc.	1,029		1,472
GREE, Inc.	53,600		1,730
Honda Motor Co. Ltd.	133,300		3,987
Japan Tobacco, Inc.	350		1,750
JFE Holdings, Inc.	72,700		1,384
Kakaku.com, Inc.	50,400		1,996
KDDI Corp.	1,175		8,608
Keyence Corp.	14,000		3,559
Mazda Motor Corp. (a)	667,000		1,402
Mitsubishi Corp.	271,700		5,589
Mitsubishi Estate Co. Ltd.	89,000		1,508
Mitsubishi UFJ Financial Group, Inc.	1,320,700		5,740
Mitsubishi UFJ Financial Group, Inc. sponsored ADR (d)	233,500		1,011
Mitsui & Co. Ltd.	377,600		5,512
MS&AD Insurance Group Holdings, Inc.	79,900		1,565
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
Murata Manufacturing Co. Ltd.	12,900		$ 721
NKSJ Holdings, Inc.	69,000		1,380
Nomura Holdings, Inc.	301,900		1,150
ORIX Corp.	36,650		3,199
Rakuten, Inc.	13,264		14,542
SOFTBANK CORP.	159,700		5,184
Sony Corp.	37,500		782
Start Today Co. Ltd.	175,700		3,717
Sumitomo Mitsui Financial Group, Inc.	149,600		4,182
Tokio Marine Holdings, Inc.	71,800		1,712
Tokyo Electron Ltd.	18,900		1,005
Toshiba Corp.	694,000		3,027
Toyota Motor Corp.	232,000		7,704
Toyota Motor Corp. sponsored ADR	17,600		1,174
Yahoo! Japan Corp.	5,164		1,659
TOTAL JAPAN			114,625
Korea (South) - 0.5%
Samsung Electronics Co. Ltd.	4,015		3,443
Luxembourg - 0.3%
ArcelorMittal SA Class A unit (d)	66,500		1,379
L'Occitane Ltd. (a)	519,500		1,145
TOTAL LUXEMBOURG			2,524
Netherlands - 1.7%
AEGON NV (a)	212,400		1,013
ASML Holding NV	31,300		1,312
Gemalto NV	23,756		1,084
ING Groep NV:
(Certificaten Van Aandelen) (a)	239,010		2,061
sponsored ADR (a)	79,100		683
Koninklijke Philips Electronics NV	202,806		4,222
Koninklijke Philips Electronics NV (depositary receipt) (NY Reg.)	98,500		2,054
TOTAL NETHERLANDS			12,429
Norway - 1.0%
Aker Solutions ASA	236,700		2,753
DnB NOR ASA	176,400		2,058
StatoilHydro ASA	12,300		312
StatoilHydro ASA sponsored ADR (d)	71,500		1,818
TOTAL NORWAY			6,941
Common Stocks - continued
	Shares		Value (000s)
Singapore - 0.2%
United Overseas Bank Ltd.	125,627		$ 1,703
South Africa - 0.2%
Impala Platinum Holdings Ltd.	48,200		1,114
Spain - 2.3%
Banco Bilbao Vizcaya Argentaria SA (d)	354,547		3,191
Banco Santander SA:
rights 10/31/11	659,888		114
(Spain)	659,888		5,586
(Spain) sponsored ADR (d)	17,600		151
EDP Renovaveis SA (a)	451,605		2,712
Iberdrola SA	232,500		1,692
NH Hoteles SA (a)	235,800		1,160
Telefonica SA (d)	102,662		2,182
TOTAL SPAIN			16,788
Sweden - 0.8%
Nordea Bank AB	218,400		1,998
Swedbank AB (A Shares)	59,512		838
Swedish Match Co.	85,800		2,969
TOTAL SWEDEN			5,805
Switzerland - 7.6%
Adecco SA (Reg.)	180,028		8,700
Compagnie Financiere Richemont SA Series A	196,788		11,268
Credit Suisse Group	50,181		1,448
Credit Suisse Group sponsored ADR (d)	37,100		1,075
Julius Baer Group Ltd.	42,050		1,598
Roche Holding AG (participation certificate)	40,853		6,736
Sika AG (Bearer)	1,180		2,322
Swiss Re Ltd.	27,990		1,538
Syngenta AG (Switzerland)	16,950		5,166
The Swatch Group AG (Bearer)	19,640		8,317
Transocean Ltd. (United States)	36,600		2,092
UBS AG (a)	207,798		2,627
UBS AG (NY Shares) (a)	68,377		863
Zurich Financial Services AG	8,097		1,880
TOTAL SWITZERLAND			55,630
Common Stocks - continued
	Shares		Value (000s)
Taiwan - 0.7%
Catcher Technology Co. Ltd.	112,000		$ 624
HTC Corp.	205,920		4,628
TOTAL TAIWAN			5,252
United Kingdom - 18.5%
Anglo American PLC:
ADR	89,346		1,639
(United Kingdom)	118,359		4,366
ARM Holdings PLC	135,900		1,275
Aviva PLC	334,000		1,822
Barclays PLC	1,334,884		4,139
Barclays PLC sponsored ADR	243,800		3,050
BG Group PLC	424,518		9,261
BHP Billiton PLC	192,986		6,078
BP PLC sponsored ADR	176,266		7,787
Diageo PLC	291,229		6,028
Dunelm Group PLC	126,400		1,012
Hays PLC	1,126,800		1,435
HSBC Holdings PLC:
(United Kingdom)	95,104		830
sponsored ADR	333,633		14,566
Imperial Tobacco Group PLC	274,076		10,023
Intertek Group PLC	85,300		2,819
Johnson Matthey PLC	58,354		1,763
Legal & General Group PLC	813,369		1,445
Lloyds Banking Group PLC (a)	4,767,999		2,466
Lloyds Banking Group PLC sponsored ADR (a)(d)	214,200		441
M&C Saatchi	887,505		1,698
Man Group PLC	825,945		1,991
Prudential PLC	125,264		1,294
Reckitt Benckiser Group PLC	133,000		6,840
Rio Tinto PLC	125,232		6,776
Rio Tinto PLC sponsored ADR	55,800		3,017
Rolls-Royce Group PLC	162,800		1,839
Rolls-Royce Group PLC Class C	11,233,200		18
Royal Bank of Scotland Group PLC (a)	1,512,600		584
Royal Dutch Shell PLC Class B	154,486		5,544
Standard Chartered PLC (United Kingdom)	131,807		3,093
Sthree PLC	190,600		874
Tesco PLC	116,900		755
Vodafone Group PLC	2,742,369		7,616
Vodafone Group PLC sponsored ADR	13,500		376
Common Stocks - continued
	Shares		Value (000s)
United Kingdom - continued
William Hill PLC	1,723,600		$ 5,987
Xstrata PLC	317,400		5,337
TOTAL UNITED KINGDOM			135,884
United States of America - 2.3%
Apple, Inc. (a)	15,600		6,315
Deckers Outdoor Corp. (a)	47,300		5,451
Google, Inc. Class A (a)	8,800		5,215
TOTAL UNITED STATES OF AMERICA			16,981
TOTAL COMMON STOCKS (Cost $734,788)		706,468
Nonconvertible Preferred Stocks - 2.0%

Germany - 2.0%
Volkswagen AG (Cost $11,213)	84,600		14,850
Money Market Funds - 1.9%

Fidelity Cash Central Fund, 0.12% (b)	703,907		704
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	13,432,705		13,433
TOTAL MONEY MARKET FUNDS (Cost $14,137)		14,137
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $760,138)			735,455
NET OTHER ASSETS (LIABILITIES) - 0.0%			190
NET ASSETS - 100%		$ 735,645

Legend

(a) Non-income producing

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 10
Fidelity Securities Lending Cash Central Fund	848
Total	$ 858

Other Information

The following is a summary of the inputs used, as of October 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
United Kingdom	$ 135,884	$ 91,432	$ 44,452	$ -
Japan	114,625	2,185	112,440	-
France	92,280	82,789	9,491	-
Germany	85,276	74,825	10,451	-
Switzerland	55,630	46,389	9,241	-
Cayman Islands	31,664	5,735	25,929	-
Ireland	24,578	11,715	12,863	-
Italy	24,152	22,695	1,457	-
Australia	20,337	-	20,337	-
Other	136,892	87,947	48,945	-
Money Market Funds	14,137	14,137	-	-
Total Investments in Securities:	$ 735,455	$ 439,849	$ 295,606	$ -

Income Tax Information

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)	October 31, 2011
Assets
Investment in securities, at value (including securities loaned of $12,495) - See accompanying schedule: Unaffiliated issuers (cost $746,001)	$ 721,318
Fidelity Central Funds (cost $14,137)	14,137
Total Investments (cost $760,138)		$ 735,455
Foreign currency held at value (cost $11)		11
Receivable for investments sold		18,456
Receivable for fund shares sold		219
Dividends receivable		2,107
Distributions receivable from Fidelity Central Funds		13
Prepaid expenses		3
Other receivables		153
Total assets		756,417

Liabilities
Payable for investments purchased	$ 5,239
Payable for fund shares redeemed	1,376
Accrued management fee	311
Distribution and service plan fees payable	153
Other affiliated payables	172
Other payables and accrued expenses	88
Collateral on securities loaned, at value	13,433
Total liabilities		20,772

Net Assets		$ 735,645
Net Assets consist of:
Paid in capital		$ 871,136
Undistributed net investment income		9,657
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(120,523)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(24,625)
Net Assets		$ 735,645

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

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)	October 31, 2011

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($59,654 ÷ 3,698.9 shares)		$ 16.13

Maximum offering price per share (100/94.25 of $16.13)		$ 17.11
Class T: Net Asset Value and redemption price per share ($304,508 ÷ 18,452.5 shares)		$ 16.50

Maximum offering price per share (100/96.50 of $16.50)		$ 17.10
Class B: Net Asset Value and offering price per share ($4,166 ÷ 267.4 shares)^A		$ 15.58

Class C: Net Asset Value and offering price per share ($18,757 ÷ 1,188.3 shares)^A		$ 15.78

Institutional Class: Net Asset Value, offering price and redemption price per share ($348,560 ÷ 21,183.6 shares)		$ 16.45

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

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

Annual Report

Statement of Operations

Amounts in thousands	Year ended October 31, 2011
Investment Income
Dividends		$ 23,661
Income from Fidelity Central Funds		858
Income before foreign taxes withheld		24,519
Less foreign taxes withheld		(2,035)
Total income		22,484

Expenses
Management fee Basic fee	$ 7,177
Performance adjustment	(25)
Transfer agent fees	2,245
Distribution and service plan fees	2,245
Accounting and security lending fees	481
Custodian fees and expenses	197
Independent trustees' compensation	6
Registration fees	70
Audit	82
Legal	5
Interest	1
Miscellaneous	11
Total expenses before reductions	12,495
Expense reductions	(280)	12,215
Net investment income (loss)		10,269
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	139,396
Foreign currency transactions	(314)
Total net realized gain (loss)		139,082
Change in net unrealized appreciation (depreciation) on: Investment securities	(202,738)
Assets and liabilities in foreign currencies	(49)
Total change in net unrealized appreciation (depreciation)		(202,787)
Net gain (loss)		(63,705)
Net increase (decrease) in net assets resulting from operations		$ (53,436)

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

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands	Year ended October 31, 2011	Year ended October 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 10,269	$ 14,198
Net realized gain (loss)	139,082	73,737
Change in net unrealized appreciation (depreciation)	(202,787)	72,077
Net increase (decrease) in net assets resulting from operations	(53,436)	160,012
Distributions to shareholders from net investment income	(12,982)	(17,905)
Distributions to shareholders from net realized gain	(2,756)	(2,268)
Total distributions	(15,738)	(20,173)
Share transactions - net increase (decrease)	(342,819)	(188,997)
Redemption fees	20	22
Total increase (decrease) in net assets	(411,973)	(49,136)

Net Assets
Beginning of period	1,147,618	1,196,754
End of period (including undistributed net investment income of $9,657 and undistributed net investment income of $12,989, respectively)	$ 735,645	$ 1,147,618

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

Annual Report

Financial Highlights - Class A

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 17.77	$ 15.68	$ 13.56	$ 26.85	$ 21.67
Income from Investment Operations
Net investment income (loss) ^C	.16	.17	.24	.38	.31
Net realized and unrealized gain (loss)	(1.54)	2.16	2.12	(11.56)	6.16
Total from investment operations	(1.38)	2.33	2.36	(11.18)	6.47
Distributions from net investment income	(.21)	(.21)	(.24)	(.33)	(.23)
Distributions from net realized gain	(.05)	(.03)	-	(1.78)	(1.06)
Total distributions	(.26)	(.24)	(.24)	(2.11)	(1.29)
Redemption fees added to paid in capital ^{C, G}	-	-	-	-	-
Net asset value, end of period	$ 16.13	$ 17.77	$ 15.68	$ 13.56	$ 26.85
Total Return ^{A, B}	(7.95)%	14.99%	17.97%	(45.08)%	31.44%
Ratios to Average Net Assets ^{D, F}
Expenses before reductions	1.34%	1.36%	1.36%	1.35%	1.17%
Expenses net of fee waivers, if any	1.34%	1.36%	1.36%	1.35%	1.17%
Expenses net of all reductions	1.32%	1.33%	1.33%	1.32%	1.13%
Net investment income (loss)	.90%	1.04%	1.79%	1.83%	1.34%
Supplemental Data
Net assets, end of period (in millions)	$ 60	$ 70	$ 72	$ 73	$ 147
Portfolio turnover rate ^E	44%	53%	83%	79%	66%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights - Class T

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 18.18	$ 16.03	$ 13.84	$ 27.35	$ 22.05
Income from Investment Operations
Net investment income (loss) ^C	.13	.14	.22	.36	.28
Net realized and unrealized gain (loss)	(1.59)	2.23	2.17	(11.82)	6.27
Total from investment operations	(1.46)	2.37	2.39	(11.46)	6.55
Distributions from net investment income	(.17)	(.19)	(.20)	(.27)	(.19)
Distributions from net realized gain	(.05)	(.03)	-	(1.78)	(1.06)
Total distributions	(.22)	(.22)	(.20)	(2.05)	(1.25)
Redemption fees added to paid in capital ^{C, G}	-	-	-	-	-
Net asset value, end of period	$ 16.50	$ 18.18	$ 16.03	$ 13.84	$ 27.35
Total Return ^{A, B}	(8.17)%	14.88%	17.70%	(45.18)%	31.24%
Ratios to Average Net Assets ^{D, F}
Expenses before reductions	1.52%	1.53%	1.57%	1.51%	1.33%
Expenses net of fee waivers, if any	1.51%	1.53%	1.57%	1.51%	1.33%
Expenses net of all reductions	1.49%	1.50%	1.54%	1.48%	1.30%
Net investment income (loss)	.73%	.86%	1.58%	1.67%	1.17%
Supplemental Data
Net assets, end of period (in millions)	$ 305	$ 371	$ 367	$ 345	$ 710
Portfolio turnover rate ^E	44%	53%	83%	79%	66%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights - Class B

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 17.18	$ 15.16	$ 13.02	$ 25.79	$ 20.81
Income from Investment Operations
Net investment income (loss) ^C	.03	.04	.13	.22	.12
Net realized and unrealized gain (loss)	(1.51)	2.10	2.08	(11.14)	5.94
Total from investment operations	(1.48)	2.14	2.21	(10.92)	6.06
Distributions from net investment income	(.08)	(.09)	(.07)	(.07)	(.02)
Distributions from net realized gain	(.05)	(.03)	-	(1.78)	(1.06)
Total distributions	(.12) ^H	(.12)	(.07)	(1.85)	(1.08)
Redemption fees added to paid in capital ^{C, G}	-	-	-	-	-
Net asset value, end of period	$ 15.58	$ 17.18	$ 15.16	$ 13.02	$ 25.79
Total Return ^{A, B}	(8.67)%	14.15%	17.09%	(45.50)%	30.45%
Ratios to Average Net Assets ^{D, F}
Expenses before reductions	2.10%	2.11%	2.12%	2.10%	1.94%
Expenses net of fee waivers, if any	2.09%	2.11%	2.12%	2.10%	1.94%
Expenses net of all reductions	2.07%	2.09%	2.08%	2.08%	1.91%
Net investment income (loss)	.15%	.28%	1.04%	1.07%	.56%
Supplemental Data
Net assets, end of period (in millions)	$ 4	$ 7	$ 8	$ 10	$ 27
Portfolio turnover rate ^E	44%	53%	83%	79%	66%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

^H Total distributions of $.12 per share is comprised of distributions from net investment income of $.079 and distributions from net realized gain of $.045 per share.

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

Annual Report

Financial Highlights - Class C

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 17.39	$ 15.36	$ 13.22	$ 26.22	$ 21.19
Income from Investment Operations
Net investment income (loss) ^C	.03	.05	.14	.22	.14
Net realized and unrealized gain (loss)	(1.52)	2.12	2.09	(11.31)	6.02
Total from investment operations	(1.49)	2.17	2.23	(11.09)	6.16
Distributions from net investment income	(.07)	(.11)	(.09)	(.13)	(.07)
Distributions from net realized gain	(.05)	(.03)	-	(1.78)	(1.06)
Total distributions	(.12)	(.14)	(.09)	(1.91)	(1.13)
Redemption fees added to paid in capital ^{C, G}	-	-	-	-	-
Net asset value, end of period	$ 15.78	$ 17.39	$ 15.36	$ 13.22	$ 26.22
Total Return ^{A, B}	(8.67)%	14.17%	17.06%	(45.50)%	30.48%
Ratios to Average Net Assets ^{D, F}
Expenses before reductions	2.09%	2.10%	2.11%	2.09%	1.91%
Expenses net of fee waivers, if any	2.09%	2.10%	2.11%	2.09%	1.91%
Expenses net of all reductions	2.07%	2.08%	2.08%	2.07%	1.87%
Net investment income (loss)	.15%	.29%	1.05%	1.08%	.60%
Supplemental Data
Net assets, end of period (in millions)	$ 19	$ 22	$ 23	$ 22	$ 46
Portfolio turnover rate ^E	44%	53%	83%	79%	66%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights - Institutional Class

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 18.10	$ 15.95	$ 13.83	$ 27.35	$ 22.06
Income from Investment Operations
Net investment income (loss) ^B	.23	.22	.29	.45	.40
Net realized and unrealized gain (loss)	(1.59)	2.23	2.14	(11.78)	6.26
Total from investment operations	(1.36)	2.45	2.43	(11.33)	6.66
Distributions from net investment income	(.24)	(.27)	(.31)	(.41)	(.31)
Distributions from net realized gain	(.05)	(.03)	-	(1.78)	(1.06)
Total distributions	(.29)	(.30)	(.31)	(2.19)	(1.37)
Redemption fees added to paid in capital ^{B, F}	-	-	-	-	-
Net asset value, end of period	$ 16.45	$ 18.10	$ 15.95	$ 13.83	$ 27.35
Total Return ^A	(7.70)%	15.49%	18.32%	(44.92)%	31.88%
Ratios to Average Net Assets ^{C, E}
Expenses before reductions	1.00%	1.01%	1.06%	1.01%	.84%
Expenses net of fee waivers, if any	.99%	1.01%	1.06%	1.01%	.84%
Expenses net of all reductions	.97%	.98%	1.02%	.98%	.81%
Net investment income (loss)	1.25%	1.39%	2.10%	2.17%	1.66%
Supplemental Data
Net assets, end of period (in millions)	$ 349	$ 678	$ 727	$ 551	$ 609
Portfolio turnover rate ^D	44%	53%	83%	79%	66%

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

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F Amount represents less than $.01 per share.

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

Annual Report

Notes to Financial Statements

For the period ended October 31, 2011

(Amounts in thousands except percentages)

1. Organization.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

Annual Report

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of October 31, 2011, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Security Valuation - continued

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Annual Report

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 84,441
Gross unrealized depreciation	(124,723)
Net unrealized appreciation (depreciation) on securities and other investments	$ (40,282)

Tax Cost	$ 775,737

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 9,657
Capital loss carryforward	$ (104,924)
Net unrealized appreciation (depreciation)	$ (40,224)

The tax character of distributions paid was as follows:

	October 31, 2011	October 31, 2010
Ordinary Income	$ 15,738	$ 20,173

Annual Report

3. Significant Accounting Policies - continued

New Accounting Pronouncement - continued

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $441,698 and $799,992, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the investment performance of the asset-weighted return of all classes as compared to an appropriate benchmark index. For the period, the total annual management fee rate, including the performance adjustment, was .71% of the Fund's average net assets.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

6. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan Fees - continued

selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 174	$ 2
Class T	.25%	.25%	1,795	21
Class B	.75%	.25%	56	43
Class C	.75%	.25%	220	9
			$ 2,245	$ 75

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

	Retained by FDC
Class A	$ 8
Class T	5
Class B*	8
Class C*	1
	$ 22

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

Annual Report

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

	Amount	% of Average Net Assets
Class A	$ 211	.30
Class T	803	.22
Class B	17	.30
Class C	66	.30
Institutional Class	1,148	.21
	$ 2,245

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 5,055	.43%	$ 1

7. Committed Line of Credit.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

7. Committed Line of Credit - continued

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $848. During the period, there were no securities loaned to FCM.

9. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of its management fee. For the period, the amount of this reimbursement was $77.

Annual Report

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2011	2010
From net investment income
Class A	$ 829	$ 950
Class T	3,501	4,334
Class B	30	45
Class C	89	160
Institutional Class	8,533	12,416
Total	$ 12,982	$ 17,905
From net realized gain
Class A	$ 178	$ 134
Class T	911	684
Class B	17	15
Class C	57	44
Institutional Class	1,593	1,391
Total	$ 2,756	$ 2,268

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2011	2010	2011	2010
Class A
Shares sold	644	475	$ 11,749	$ 7,655
Reinvestment of distributions	51	61	919	1,012
Shares redeemed	(937)	(1,167)	(16,834)	(18,467)
Net increase (decrease)	(242)	(631)	$ (4,166)	$ (9,800)
Class T
Shares sold	3,310	4,009	$ 61,021	$ 65,721
Reinvestment of distributions	232	288	4,288	4,889
Shares redeemed	(5,489)	(6,821)	(101,187)	(111,516)
Net increase (decrease)	(1,947)	(2,524)	$ (35,878)	$ (40,906)
Class B
Shares sold	12	48	$ 219	$ 740
Reinvestment of distributions	2	3	41	54
Shares redeemed	(144)	(174)	(2,540)	(2,691)
Net increase (decrease)	(130)	(123)	$ (2,280)	$ (1,897)
Class C
Shares sold	165	120	$ 2,956	$ 1,913
Reinvestment of distributions	7	11	125	176
Shares redeemed	(271)	(337)	(4,750)	(5,265)
Net increase (decrease)	(99)	(206)	$ (1,669)	$ (3,176)

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

11. Share Transactions - continued

	Shares		Dollars
Years ended October 31,	2011	2010	2011	2010
Institutional Class
Shares sold	2,965	12,645	$ 53,805	$ 202,633
Reinvestment of distributions	544	818	9,988	13,738
Shares redeemed	(19,770)	(21,576)	(362,619)	(349,589)
Net increase (decrease)	(16,261)	(8,113)	$ (298,826)	$ (133,218)

12. Other.

At the end of the period, Strategic Advisers International II Fund was the owner of record of approximately 15% of the total outstanding shares of the fund.

Annual Report

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Advisor Overseas Fund (a fund of Fidelity Advisor Series VIII) at October 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Advisor Overseas Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 9, 2011

Annual Report

Trustees and Officers

Annual Report

Trustees and Officers - continued

Annual Report

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

Interested Trustees*:

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

Name, Age; Principal Occupations and Other Relevant Experience⁺
James C. Curvey (76)
	Year of Election or Appointment: 2007 Mr. Curvey is Trustee and Acting Chairman of the Board of Trustees of certain Trusts. Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of Fidelity Investments Money Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.
Ronald P. O'Hanley (54)
	Year of Election or Appointment: 2011 Mr. O'Hanley is Director of FMR Co., Inc. (2010-present), Director of Fidelity Investments Money Management, Inc. (2010-present), Director of Fidelity Research & Analysis Company (2010-present), President of Fidelity Asset Management and Corporate Services and a member of Fidelity's Executive Committee (2010-present). Previously, Mr. O'Hanley served as President and Chief Executive Officer of BNY Mellon Asset Management (2007-2010). Mr. O'Hanley also served as Vice Chairman of Bank New York Mellon Corp. and a member of that firm's Executive Committee. Prior to the 2007 merger of The Bank of New York and Mellon Financial Corporation, he was Vice Chairman of Mellon Financial Corporation and President and Chief Executive Officer of Mellon Asset Management. He joined Mellon in February 1997. Mr. O'Hanley currently serves as Chairman of the Boston Public Library Foundation Board of Directors and sits on the Board of Directors of Beth Israel Deaconess Medical Center, the Board of Trustees of the Marine Biological Laboratory and the Advisory Board of the Maxwell School of Citizenship and Public Administration at Syracuse University. Mr. O'Hanley also chairs the Council on Asset Management for the Financial Services Roundtable and is a member of the Board of Directors of Institutional Investor's U.S. Institute.

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

Annual Report

Independent Trustees:

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

Name, Age; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (63)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Mr. Dirks is a member of the Independent Directors Council (IDC) Governing Council (2010-Present) and Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (58)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's, Inc. (restaurant and entertainment complexes, 2010-present), The Hillman Companies, Inc. (hardware wholesalers, 2010-present), and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-Present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for the Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (67)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is also a member of the Board of Directors of the Philharmonic Center for the Arts in Naples, Florida (1999-present); a member of the Board of Trustees of Fairfield University (2005-present); and a member of the Council on Foreign Relations (1994-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (67)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Robert W. Selander (61)
	Year of Election or Appointment: 2011 Previously, Mr. Selander served as a Member of the Advisory Board of Fidelity's Equity and High Income Funds (2011), Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.
Cornelia M. Small (67)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (72)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Vice Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of Univar (global distributor of commodity and specialty chemicals, 2010-present), a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (62)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (61)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), as a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Trustees and Officers - continued

Advisory Board Members and Executive Officers:

Correspondence intended for each executive officer, Edward C. Johnson 3d, and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (81)
	Year of Election or Appointment: 2011 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC, and also serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as a Trustee and Chairman of the Board of certain Fidelity Trusts, Chairman and a Director of FMR, Chairman and a Director of FMR Co., Inc., and President of FMR LLC (2006-2007).
Peter S. Lynch (67)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (42)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as President and Treasurer (2010-present) and Assistant Treasurer (2009-present) of other Fidelity funds and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008).
Bruce T. Herring (46)
	Year of Election or Appointment: 2006 Vice President of certain Equity Funds. Mr. Herring also serves as Chief Investment Officer and Director of Fidelity Management & Research (U.K.) Inc. (2010-present) and Group Chief Investments Officer of FMR. Previously, Mr. Herring served as Vice President (2005-2006) and Senior Vice President (2006-2007) of Fidelity Management & Research Company, Vice President of FMR Co., Inc. (2001-2007) and as a portfolio manager for Fidelity U.S. Equity Funds.
Brian B. Hogan (47)
	Year of Election or Appointment: 2009 Vice President of Equity and High Income Funds. Mr. Hogan also serves as President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.
Christopher S. Bartel (39)
	Year of Election or Appointment: 2009 Vice President of Fidelity's Sector and Real Estate Equity Funds. Mr. Bartel also serves as Senior Vice President of Equity Research (2009-present). Previously, Mr. Bartel served as Managing Director of Research (2006-2009) and an analyst and portfolio manager (2000-2006).
Thomas C. Hense (47)
	Year of Election or Appointment: 2008 or 2010 Vice President of Fidelity's High Income (2008), Small Cap (2008), and Value (2010) Funds. Previously, Mr. Hense served as a portfolio manager for Fidelity's Institutional Money Management Group (Pyramis) (2003-2008).
Scott C. Goebel (43)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as Secretary of Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); Secretary and CLO of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); employed by FMR LLC or an affiliate (2001-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (42)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Holly C. Laurent (57)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent also serves as AML Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present) and is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (53)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (64)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (50)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009).
Joseph F. Zambello (54)
	Year of Election or Appointment: 2011 Deputy Treasurer of the Fidelity funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
Adrien E. Deberghes (44)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes also serves as Vice President and Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II (2011-present), Assistant Treasurer of other Fidelity funds (2010-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (42)
	Year of Election or Appointment: 2010 Assistant Treasurer of Fidelity's Equity and High Income Funds. Ms. Dorsey also serves as Deputy Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
John R. Hebble (53)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President (2011-present), Treasurer, and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present), President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Gary W. Ryan (53)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).
Jonathan Davis (43)
	Year of Election or Appointment: 2010 Assistant Treasurer of the Fidelity funds. Mr. Davis is also Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).

Annual Report

Distributions (Unaudited)

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

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

	Pay Date	Income	Taxes
Institutional Class	12/06/2010	$0.305	$0.0185

The fund will notify shareholders in January 2012 of amounts for use in preparing 2011 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Overseas Fund

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Fidelity Advisor Overseas Fund

bbb438

The Board reviewed the fund's relative investment performance against its peer group and noted that the performance of Institutional Class (Class I) of the fund was in the first quartile for the one-year period and the second quartile for the three- and five-year periods. The Board also noted that the investment performance of Institutional Class (Class I) of the fund compared favorably to its benchmark for all the periods shown. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 16% means that 84% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked and the impact of the fund's performance adjustment, is also included in the chart and considered by the Board.

Annual Report

Fidelity Advisor Overseas Fund

bbb440

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

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

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that any potential economies of scale are being appropriately shared between fund shareholders and Fidelity.

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

Fidelity Management & Research
(Hong Kong) Limited

FIL Investments (Japan) Limited

Fidelity Management & Research (Japan) Inc.

FIL Investment Advisors (UK) Limited

FIL Investment Advisors

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Northern Trust Company

Chicago, IL

OSI-UANN-1211
1.784768.108

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(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Value Leaders
Fund - Class A, Class T, Class B
and Class C

Annual Report

October 31, 2011

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Chairman's Message	(Click Here)	The Chairman's message to shareholders.
Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fund performance and strategy.
Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

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

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

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

Annual Report

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_James_C_Curvey)

Dear Shareholder:

Sincerely,

(The acting chairman's signature appears here.)

James C. Curvey
Acting Chairman

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended October 31, 2011	Past 1 year	Past 5 years	Life of fund^A
Class A (incl. 5.75% sales charge)	-6.13%	-6.26%	1.42%
Class T (incl. 3.50% sales charge)	-4.12%	-6.05%	1.45%
Class B (incl. contingent deferred sales charge)^B	-6.07%	-6.20%	1.49%
Class C (incl. contingent deferred sales charge)^C	-2.16%	-5.87%	1.36%

^AFrom June 17, 2003.

^BClass B shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 5%, 2%, and 0%, respectively.

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

Annual Report

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Value Leaders Fund - Class A on June 17, 2003, when the fund started, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the Russell 1000® Value Index performed over the same period.

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Annual Report

Management's Discussion of Fund Performance

Market Recap: U.S. stocks overcame a sharp summer drop to post a solid gain for the 12 months ending October 31, 2011. Bullishness pervaded the market during the first half of the period, only to be squelched by extreme volatility in the summer, as debate over the U.S. debt ceiling, Standard & Poor's subsequent downgrade of the country's long-term sovereign credit rating and deepening debt woes in Europe led to the worst calendar-quarter finish for the S&P 500® Index in almost three years. However, news of a possible solution to the eurozone debt crisis, along with better-than-expected U.S. economic data and strong corporate earnings, helped fuel an October rally that pushed the broad-based index up roughly 11% - its highest monthly return since December 1991. With that boost, the S&P 500® finished the year up 8.09%, while the blue-chip Dow Jones Industrial Average^SM added 10.39% and the technology-heavy Nasdaq Composite® Index gained 8.10%. Among sectors within the S&P 500®, only financials (-6%) posted a decline for the year, while energy (+19%) and utilities (+15%) fared best. Small and mid-sized stocks also rose, with the Russell 2000® and Russell Midcap® indexes adding 6.71% and 7.85%, respectively. The lengthy financial crisis in Europe continued to hamper foreign developed-markets equities, with the MSCI® EAFE® (Europe, Australasia, Far East) Index falling 3.97%.

Comments from Michael Chren, Portfolio Manager of Fidelity Advisor® Value Leaders Fund: For the year, the fund's Class A, Class T, Class B and Class C shares declined 0.40%, 0.64%, 1.14% and 1.18%, respectively (excluding sales charges), compared with a gain of 6.16% for the Russell 1000® Value Index. Two out-of-index European stocks, France-based telecom equipment manufacturer Alcatel-Lucent and Swiss specialty chemicals maker Clariant, accounted for much of the fund's disappointing performance and were the fund's two biggest individual detractors. The fund's overweighting and weak security selection in diversified financials was costly, with our stakes in Citigroup and Goldman Sachs Group hurting performance. Poor positioning in information technology, materials and utilities also dampened results. On the positive side, positioning in consumer staples provided the biggest boost to relative performance, including the portfolio's top individual contributor, Mexican brewer Grupo Modelo. Investments in the consumer discretionary sector yielded mixed results, but we received a contribution from Swiss navigation products manufacturer Garmin. Good positioning in industrials and energy also helped.

Annual Report

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2011 to October 31, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

	Annualized Expense Ratio	Beginning Account Value May 1, 2011	Ending Account Value October 31, 2011	Expenses Paid During Period* May 1, 2011 to October 31, 2011
Class A	1.29%
Actual		$ 1,000.00	$ 845.50	$ 6.00
Hypothetical^A		$ 1,000.00	$ 1,018.70	$ 6.56
Class T	1.55%
Actual		$ 1,000.00	$ 844.10	$ 7.20
Hypothetical^A		$ 1,000.00	$ 1,017.39	$ 7.88
Class B	2.04%
Actual		$ 1,000.00	$ 841.70	$ 9.47
Hypothetical^A		$ 1,000.00	$ 1,014.92	$ 10.36
Class C	2.04%
Actual		$ 1,000.00	$ 842.00	$ 9.47
Hypothetical^A		$ 1,000.00	$ 1,014.92	$ 10.36
Institutional Class	.97%
Actual		$ 1,000.00	$ 846.50	$ 4.51
Hypothetical^A		$ 1,000.00	$ 1,020.32	$ 4.94

^A 5% return per year before expenses

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

Annual Report

Investment Changes (Unaudited)

Top Ten Stocks as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Garmin Ltd.	5.0	3.4
Grupo Modelo SAB de CV Series C	5.0	3.8
Citigroup, Inc.	4.7	3.3
Pfizer, Inc.	4.2	4.8
Alcatel-Lucent SA sponsored ADR	3.9	3.0
Johnson & Johnson	3.8	2.1
Merck & Co., Inc.	3.3	2.8
Procter & Gamble Co.	3.3	0.4
General Electric Co.	3.3	3.4
Chevron Corp.	3.0	3.0
	39.5
Top Five Market Sectors as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	22.9	24.3
Health Care	14.8	15.7
Consumer Staples	11.8	9.3
Energy	11.4	11.7
Consumer Discretionary	11.1	9.1

Asset Allocation (% of fund's net assets)
As of October 31, 2011*			As of April 30, 2011**
	Stocks 95.0%			Stocks 98.7%
	Short-Term Investments and Net Other Assets 5.0%			Short-Term Investments and Net Other Assets 1.3%
* Foreign investments		24.6%	** Foreign investments		24.8%

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Annual Report

Investments October 31, 2011

Showing Percentage of Net Assets

Common Stocks - 95.0%
	Shares		Value
CONSUMER DISCRETIONARY - 11.1%
Automobiles - 0.6%
Honda Motor Co. Ltd.	5,500		$ 164,492
Household Durables - 5.7%
D.R. Horton, Inc.	18,638		207,441
Garmin Ltd. (d)	42,730		1,469,477
			1,676,918
Media - 1.8%
Time Warner, Inc.	6,964		243,670
Washington Post Co. Class B (d)	856		291,177
			534,847
Multiline Retail - 2.4%
JCPenney Co., Inc. (d)	19,706		632,168
Target Corp.	1,296		70,956
			703,124
Specialty Retail - 0.6%
American Eagle Outfitters, Inc.	13,004		170,743
TOTAL CONSUMER DISCRETIONARY			3,250,124
CONSUMER STAPLES - 11.8%
Beverages - 5.0%
Grupo Modelo SAB de CV Series C	231,200		1,466,507
Food & Staples Retailing - 0.7%
CVS Caremark Corp.	2,110		76,593
Wal-Mart Stores, Inc.	2,447		138,794
			215,387
Food Products - 2.1%
Kraft Foods, Inc. Class A	17,114		602,071
Household Products - 3.3%
Procter & Gamble Co.	14,913		954,283
Tobacco - 0.7%
Lorillard, Inc.	1,738		192,327
TOTAL CONSUMER STAPLES			3,430,575
ENERGY - 11.4%
Energy Equipment & Services - 1.9%
Transocean Ltd. (United States)	5,661		323,526
Weatherford International Ltd. (a)	15,864		245,892
			569,418
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - 9.5%
Alpha Natural Resources, Inc. (a)	6,500		$ 156,260
Anadarko Petroleum Corp.	2,344		184,004
Apache Corp.	1,300		129,519
BP PLC sponsored ADR	4,620		204,112
Chevron Corp.	8,300		871,915
Marathon Petroleum Corp.	18,305		657,150
Occidental Petroleum Corp.	5,980		555,781
			2,758,741
TOTAL ENERGY			3,328,159
FINANCIALS - 22.9%
Capital Markets - 3.6%
Bank of New York Mellon Corp.	10,500		223,440
E*TRADE Financial Corp. (a)	34,690		376,387
Goldman Sachs Group, Inc.	2,004		219,538
Morgan Stanley	6,899		121,698
State Street Corp.	2,800		113,092
			1,054,155
Commercial Banks - 6.4%
Aozora Bank Ltd.	217,000		548,652
KeyCorp	43,700		308,522
Sumitomo Mitsui Financial Group, Inc.	3,700		103,434
U.S. Bancorp	10,370		265,368
Wells Fargo & Co.	24,826		643,242
			1,869,218
Diversified Financial Services - 6.9%
Bank of America Corp.	19,055		130,146
Citigroup, Inc.	42,922		1,355,906
JPMorgan Chase & Co.	15,176		527,518
			2,013,570
Insurance - 5.1%
Assurant, Inc.	1,900		73,226
Berkshire Hathaway, Inc. Class B (a)	1,289		100,362
MetLife, Inc.	17,568		617,691
RenaissanceRe Holdings Ltd.	1,597		108,788
The Chubb Corp.	3,600		241,380
XL Group PLC Class A	14,939		324,774
			1,466,221
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - 0.7%
Weyerhaeuser Co.	11,500		$ 206,770
Thrifts & Mortgage Finance - 0.2%
Radian Group, Inc.	26,100		61,335
TOTAL FINANCIALS			6,671,269
HEALTH CARE - 14.8%
Health Care Equipment & Supplies - 0.5%
CareFusion Corp. (a)	6,200		158,720
Pharmaceuticals - 14.3%
Bristol-Myers Squibb Co.	3,200		101,088
Eli Lilly & Co.	6,274		233,142
Johnson & Johnson	17,111		1,101,777
Merck & Co., Inc.	28,141		970,865
Pfizer, Inc.	63,725		1,227,344
Sanofi-aventis sponsored ADR	14,625		522,844
			4,157,060
TOTAL HEALTH CARE			4,315,780
INDUSTRIALS - 5.6%
Aerospace & Defense - 1.7%
United Technologies Corp.	6,500		506,870
Construction & Engineering - 0.6%
Jacobs Engineering Group, Inc. (a)	4,300		166,840
Industrial Conglomerates - 3.3%
General Electric Co.	56,680		947,123
TOTAL INDUSTRIALS			1,620,833
INFORMATION TECHNOLOGY - 11.0%
Communications Equipment - 7.0%
Alcatel-Lucent SA sponsored ADR (a)(d)	415,582		1,138,695
Cisco Systems, Inc.	10,937		202,663
Comverse Technology, Inc. (a)	103,700		714,493
			2,055,851
Electronic Equipment & Components - 1.0%
Corning, Inc.	19,954		285,143
Office Electronics - 0.7%
Xerox Corp.	23,649		193,449
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - 1.8%
Advanced Micro Devices, Inc. (a)	91,438		$ 533,084
Software - 0.5%
Microsoft Corp.	5,172		137,730
TOTAL INFORMATION TECHNOLOGY			3,205,257
MATERIALS - 3.1%
Chemicals - 2.0%
Clariant AG (Reg.) (a)	54,378		594,561
Metals & Mining - 1.1%
Newmont Mining Corp.	4,678		312,631
TOTAL MATERIALS			907,192
TELECOMMUNICATION SERVICES - 0.5%
Diversified Telecommunication Services - 0.5%
CenturyLink, Inc.	3,745		132,049
UTILITIES - 2.8%
Electric Utilities - 2.8%
Exelon Corp.	4,668		207,213
FirstEnergy Corp.	5,904		265,444
NextEra Energy, Inc.	6,296		355,094
			827,751
TOTAL COMMON STOCKS (Cost $30,821,769)		27,688,989
Money Market Funds - 16.1%
	Shares		Value
Fidelity Cash Central Fund, 0.12% (b)	1,336,268		$ 1,336,268
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	3,353,649		3,353,649
TOTAL MONEY MARKET FUNDS (Cost $4,689,917)		4,689,917
TOTAL INVESTMENT PORTFOLIO - 111.1% (Cost $35,511,686)			32,378,906
NET OTHER ASSETS (LIABILITIES) - (11.1)%			(3,232,267)
NET ASSETS - 100%		$ 29,146,639

Legend

(a) Non-income producing

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 857
Fidelity Securities Lending Cash Central Fund	39,854
Total	$ 40,711

Other Information

The following is a summary of the inputs used, as of October 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 3,250,124	$ 3,085,632	$ 164,492	$ -
Consumer Staples	3,430,575	3,430,575	-	-
Energy	3,328,159	3,328,159	-	-
Financials	6,671,269	6,019,183	652,086	-
Health Care	4,315,780	4,315,780	-	-
Industrials	1,620,833	1,620,833	-	-
Information Technology	3,205,257	3,205,257	-	-
Materials	907,192	907,192	-	-
Telecommunication Services	132,049	132,049	-	-
Utilities	827,751	827,751	-	-
Money Market Funds	4,689,917	4,689,917	-	-
Total Investments in Securities:	$ 32,378,906	$ 31,562,328	$ 816,578	$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	75.4%
Switzerland	8.9%
France	5.7%
Mexico	5.0%
Japan	2.8%
Ireland	1.1%
Others (Individually Less Than 1%)	1.1%
	100.0%

Income Tax Information

At October 31, 2011, the Fund had a capital loss carryforward of approximately $34,183,216 of which $19,194,347, $14,819,668 and $169,201 will expire in fiscal 2016, 2017 and 2019, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

	October 31, 2011

Assets
Investment in securities, at value (including securities loaned of $3,144,683) - See accompanying schedule: Unaffiliated issuers (cost $30,821,769)	$ 27,688,989
Fidelity Central Funds (cost $4,689,917)	4,689,917
Total Investments (cost $35,511,686)		$ 32,378,906
Receivable for investments sold		576,276
Receivable for fund shares sold		8,850
Dividends receivable		23,755
Distributions receivable from Fidelity Central Funds		2,695
Prepaid expenses		93
Other receivables		2,526
Total assets		32,993,101

Liabilities
Payable to custodian bank	$ 33,843
Payable for investments purchased	353,119
Payable for fund shares redeemed	36,147
Accrued management fee	7,561
Distribution and service plan fees payable	10,491
Other affiliated payables	8,226
Other payables and accrued expenses	43,426
Collateral on securities loaned, at value	3,353,649
Total liabilities		3,846,462

Net Assets		$ 29,146,639
Net Assets consist of:
Paid in capital		$ 67,015,415
Undistributed net investment income		188,125
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(34,924,325)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(3,132,576)
Net Assets		$ 29,146,639

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

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

	October 31, 2011

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($15,483,920 ÷ 1,555,207 shares)		$ 9.96

Maximum offering price per share (100/94.25 of $9.96)		$ 10.57
Class T: Net Asset Value and redemption price per share ($8,253,986 ÷ 828,804 shares)		$ 9.96

Maximum offering price per share (100/96.50 of $9.96)		$ 10.32
Class B: Net Asset Value and offering price per share ($1,110,133 ÷ 112,827 shares)^A		$ 9.84

Class C: Net Asset Value and offering price per share ($3,775,217 ÷ 387,126 shares)^A		$ 9.75

Institutional Class: Net Asset Value, offering price and redemption price per share ($523,383 ÷ 52,149 shares)		$ 10.04

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

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

Annual Report

Statement of Operations

	Year ended October 31, 2011

Investment Income
Dividends		$ 794,507
Income from Fidelity Central Funds		40,711
Total income		835,218

Expenses
Management fee Basic fee	$ 217,492
Performance adjustment	(115,773)
Transfer agent fees	117,048
Distribution and service plan fees	164,455
Accounting and security lending fees	15,700
Custodian fees and expenses	40,526
Independent trustees' compensation	223
Registration fees	60,933
Audit	49,062
Legal	298
Miscellaneous	498
Total expenses before reductions	550,462
Expense reductions	(5,676)	544,786
Net investment income (loss)		290,432
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	726,208
Foreign currency transactions	(6,005)
Total net realized gain (loss)		720,203
Change in net unrealized appreciation (depreciation) on: Investment securities	(343,367)
Assets and liabilities in foreign currencies	(19)
Total change in net unrealized appreciation (depreciation)		(343,386)
Net gain (loss)		376,817
Net increase (decrease) in net assets resulting from operations		$ 667,249

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

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Year ended October 31, 2011	Year ended October 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 290,432	$ 331,551
Net realized gain (loss)	720,203	3,334,586
Change in net unrealized appreciation (depreciation)	(343,386)	1,707,613
Net increase (decrease) in net assets resulting from operations	667,249	5,373,750
Distributions to shareholders from net investment income	(358,603)	(478,174)
Distributions to shareholders from net realized gain	(41,497)	(30,375)
Total distributions	(400,100)	(508,549)
Share transactions - net increase (decrease)	(15,871,835)	(17,770,134)
Total increase (decrease) in net assets	(15,604,686)	(12,904,933)

Net Assets
Beginning of period	44,751,325	57,656,258
End of period (including undistributed net investment income of $188,125 and undistributed net investment income of $270,130, respectively)	$ 29,146,639	$ 44,751,325

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

Annual Report

Financial Highlights - Class A

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 10.12	$ 9.30	$ 8.63	$ 16.40	$ 15.08
Income from Investment Operations
Net investment income (loss)^C	.10	.07^F	.09	.16	.13
Net realized and unrealized gain (loss)	(.14)^G	.85	.75	(7.09)	1.99
Total from investment operations	(.04)	.92	.84	(6.93)	2.12
Distributions from net investment income	(.11)	(.09)	(.17)	(.12)	(.09)
Distributions from net realized gain	(.01)	(.01)	-	(.72)	(.71)
Total distributions	(.12)	(.10)	(.17)	(.84)^I	(.80)
Net asset value, end of period	$ 9.96	$ 10.12	$ 9.30	$ 8.63	$ 16.40
Total Return^{A, B}	(.40)%	9.91%	10.13%	(44.43)%	14.64%
Ratios to Average Net Assets^{D, H}
Expenses before reductions	1.24%	1.22%	1.25%	1.26%	1.28%
Expenses net of fee waivers, if any	1.24%	1.22%	1.25%	1.25%	1.25%
Expenses net of all reductions	1.23%	1.21%	1.25%	1.25%	1.24%
Net investment income (loss)	.91%	.75%^F	1.10%	1.21%	.85%
Supplemental Data
Net assets, end of period (000 omitted)	$ 15,484	$ 25,431	$ 28,585	$ 34,864	$ 67,434
Portfolio turnover rate^E	161%	51%	56%	74%	76%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .57%.

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

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

^I Total distributions of $.839 per share is comprised of distributions from net investment income of $.117 and distributions from net realized gain of $.722 per share.

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

Annual Report

Financial Highlights - Class T

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 10.08	$ 9.27	$ 8.58	$ 16.30	$ 14.99
Income from Investment Operations
Net investment income (loss)^C	.07	.05^F	.07	.13	.09
Net realized and unrealized gain (loss)	(.13)^G	.84	.75	(7.06)	1.97
Total from investment operations	(.06)	.89	.82	(6.93)	2.06
Distributions from net investment income	(.05)	(.07)	(.13)	(.07)	(.04)
Distributions from net realized gain	(.01)	(.01)	-	(.72)	(.71)
Total distributions	(.06)	(.08)	(.13)	(.79)^I	(.75)
Net asset value, end of period	$ 9.96	$ 10.08	$ 9.27	$ 8.58	$ 16.30
Total Return^{A, B}	(.64)%	9.62%	9.90%	(44.57)%	14.31%
Ratios to Average Net Assets^{D, H}
Expenses before reductions	1.49%	1.45%	1.50%	1.49%	1.53%
Expenses net of fee waivers, if any	1.49%	1.45%	1.50%	1.49%	1.50%
Expenses net of all reductions	1.48%	1.45%	1.49%	1.49%	1.49%
Net investment income (loss)	.67%	.52%^F	.85%	.97%	.60%
Supplemental Data
Net assets, end of period (000 omitted)	$ 8,254	$ 12,735	$ 20,652	$ 22,720	$ 50,998
Portfolio turnover rate^E	161%	51%	56%	74%	76%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^I Total distributions of $.790 per share is comprised of distributions from net investment income of $.068 and distributions from net realized gain of $.722 per share.

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

Annual Report

Financial Highlights - Class B

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 9.99	$ 9.18	$ 8.47	$ 16.07	$ 14.81
Income from Investment Operations
Net investment income (loss)^C	.02	-^{F, I}	.03	.06	.01
Net realized and unrealized gain (loss)	(.13)^G	.84	.74	(6.96)	1.95
Total from investment operations	(.11)	.84	.77	(6.90)	1.96
Distributions from net investment income	(.03)	(.02)	(.06)	-	-
Distributions from net realized gain	(.01)	(.01)	-	(.70)	(.70)
Total distributions	(.04)	(.03)	(.06)	(.70)^J	(.70)
Net asset value, end of period	$ 9.84	$ 9.99	$ 9.18	$ 8.47	$ 16.07
Total Return^{A, B}	(1.14)%	9.11%	9.19%	(44.80)%	13.74%
Ratios to Average Net Assets^{D, H}
Expenses before reductions	1.99%	1.97%	2.00%	2.03%	2.10%
Expenses net of fee waivers, if any	1.99%	1.97%	2.00%	2.00%	2.00%
Expenses net of all reductions	1.98%	1.97%	2.00%	2.00%	1.99%
Net investment income (loss)	.16%	(.01)%^F	.35%	.45%	.10%
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,110	$ 1,605	$ 1,989	$ 2,615	$ 6,734
Portfolio turnover rate^E	161%	51%	56%	74%	76%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^I Amount represents less than $.01 per share.

^J Total distributions of $.698 per share is comprised of distributions from net investment income of $.000 and distributions from net realized gain of $.698 per share.

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

Annual Report

Financial Highlights - Class C

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 9.92	$ 9.11	$ 8.44	$ 16.04	$ 14.80
Income from Investment Operations
Net investment income (loss)^C	.02	-^{G, J}	.03	.06	.02
Net realized and unrealized gain (loss)	(.13)^H	.83	.73	(6.95)	1.93
Total from investment operations	(.11)	.83	.76	(6.89)	1.95
Distributions from net investment income	(.05)	(.02)	(.09)	-	-
Distributions from net realized gain	(.01)	(.01)	-	(.71)	(.71)
Total distributions	(.06)	(.02)^L	(.09)	(.71)^K	(.71)
Net asset value, end of period	$ 9.75	$ 9.92	$ 9.11	$ 8.44	$ 16.04
Total Return^{A, B}	(1.18)%	9.12%	9.28%	(44.84)%	13.69%
Ratios to Average Net Assets^{D, I}
Expenses before reductions	2.00%	1.97%	2.01%	2.03%	2.09%
Expenses net of fee waivers, if any	2.00%	1.97%	2.00%	2.00%	2.00%
Expenses net of all reductions	1.98%	1.97%	2.00%	2.00%	1.99%
Net investment income (loss)	.16%	-%^{F, G}	.35%	.45%	.10%
Supplemental Data
Net assets, end of period (000 omitted)	$ 3,775	$ 4,139	$ 4,088	$ 5,358	$ 9,718
Portfolio turnover rate^E	161%	51%	56%	74%	76%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F Amount represents less than .01%.

^G Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.19)%.

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

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

^J Amount represents less than $.01 per share.

^K Total distributions of $.712 per share is comprised of distributions from net investment income of $.000 and distributions from net realized gain of $.712 per share.

^L Total distributions of $.02 per share is comprised of distributions from net investment income of $.015 and distributions from net realized gain of $.005 per share.

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

Annual Report

Financial Highlights - Institutional Class

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 10.19	$ 9.35	$ 8.70	$ 16.51	$ 15.17
Income from Investment Operations
Net investment income (loss)^B	.14	.10^E	.11	.20	.17
Net realized and unrealized gain (loss)	(.15)^F	.86	.74	(7.13)	1.99
Total from investment operations	(.01)	.96	.85	(6.93)	2.16
Distributions from net investment income	(.13)	(.11)	(.20)	(.15)	(.11)
Distributions from net realized gain	(.01)	(.01)	-	(.72)	(.71)
Total distributions	(.14)	(.12)	(.20)	(.88)^H	(.82)
Net asset value, end of period	$ 10.04	$ 10.19	$ 9.35	$ 8.70	$ 16.51
Total Return^A	(.11)%	10.28%	10.26%	(44.24)%	14.89%
Ratios to Average Net Assets^{C, G}
Expenses before reductions	.89%	.98%	1.00%	.98%	1.00%
Expenses net of fee waivers, if any	.89%	.98%	1.00%	.98%	1.00%
Expenses net of all reductions	.88%	.97%	1.00%	.97%	.99%
Net investment income (loss)	1.27%	.99%^E	1.35%	1.48%	1.10%
Supplemental Data
Net assets, end of period (000 omitted)	$ 523	$ 841	$ 2,341	$ 2,021	$ 6,833
Portfolio turnover rate^D	161%	51%	56%	74%	76%

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

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^E Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .81%.

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

^H Total distributions of $.876 per share is comprised of distributions from net investment income of $.154 and distributions from net realized gain of $.722 per share.

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

Annual Report

Notes to Financial Statements

For the period ended October 31, 2011

1. Organization.

Fidelity Advisor Value Leaders 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 C, and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments by existing shareholders. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of October 31, 2011, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:

Annual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Book-tax differences are primarily due to foreign currency transactions, partnerships, capital loss carryforwards and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 1,174,106
Gross unrealized depreciation	(5,053,448)
Net unrealized appreciation (depreciation) on securities and other investments	$ (3,879,342)

Tax Cost	$ 36,258,248

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 193,579
Capital loss carryforward	$ (34,183,216)
Net unrealized appreciation (depreciation)	$ (3,879,138)

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax character of distributions paid was as follows:

	October 31, 2011	October 31, 2010
Ordinary Income	$ 400,100	$ 508,549

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $62,096,856 and $79,559,621, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to

Annual Report

Notes to Financial Statements - continued

5. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

the management fee is based on the relative investment performance of the Institutional Class of the Fund as compared to an appropriate benchmark index. For the period, the total annual management fee rate, including the performance adjustment, was .26% of the Fund's average net assets.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 55,528	$ 469
Class T	.25%	.25%	51,912	169
Class B	.75%	.25%	14,139	10,617
Class C	.75%	.25%	42,876	4,588
			$ 164,455	$ 15,843

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

	Retained by FDC
Class A	$ 2,650
Class T	1,933
Class B*	2,785
Class C*	320
	$ 7,688

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

Annual Report

5. Fees and Other Transactions with Affiliates - continued

	Amount	% of Average Net Assets
Class A	$ 67,075	.30
Class T	31,177	.30
Class B	4,266	.30
Class C	13,029	.30
Institutional Class	1,501	.20
	$ 117,048

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $125 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

Annual Report

Notes to Financial Statements - continued

7. Security Lending - continued

receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $39,854. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2011	2010
From net investment income
Class A	$ 274,577	$ 284,681
Class T	50,441	160,619
Class B	4,151	4,372
Class C	18,471	6,593
Institutional Class	10,963	21,909
Total	$ 358,603	$ 478,174
From net realized gain
Class A	$ 24,299	$ 15,305
Class T	10,732	10,853
Class B	1,537	1,041
Class C	4,105	2,198
Institutional Class	824	978
Total	$ 41,497	$ 30,375

Annual Report

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2011	2010	2011	2010
Class A
Shares sold	334,576	402,871	$ 3,612,152	$ 4,034,369
Reinvestment of distributions	28,074	29,667	288,043	290,443
Shares redeemed	(1,320,166)	(994,975)	(14,109,969)	(9,899,783)
Net increase (decrease)	(957,516)	(562,437)	$ (10,209,774)	$ (5,574,971)
Class T
Shares sold	157,819	129,419	$ 1,706,564	$ 1,299,211
Reinvestment of distributions	5,816	17,388	59,851	169,877
Shares redeemed	(597,712)	(1,112,927)	(6,300,709)	(11,167,229)
Net increase (decrease)	(434,077)	(966,120)	$ (4,534,294)	$ (9,698,141)
Class B
Shares sold	248	21,226	$ 2,692	$ 215,795
Reinvestment of distributions	507	524	5,175	5,094
Shares redeemed	(48,512)	(77,825)	(509,116)	(763,138)
Net increase (decrease)	(47,757)	(56,075)	$ (501,249)	$ (542,249)
Class C
Shares sold	69,631	78,869	$ 733,867	$ 774,653
Reinvestment of distributions	2,055	834	20,799	8,059
Shares redeemed	(101,679)	(111,299)	(1,050,311)	(1,100,227)
Net increase (decrease)	(29,993)	(31,596)	$ (295,645)	$ (317,515)
Institutional Class
Shares sold	74,917	25,211	$ 747,771	$ 254,312
Reinvestment of distributions	1,083	2,223	11,162	21,848
Shares redeemed	(106,405)	(195,256)	(1,089,806)	(1,913,418)
Net increase (decrease)	(30,405)	(167,822)	$ (330,873)	$ (1,637,258)

11. Other.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Advisor Series VIII and the Shareholders of Fidelity Advisor Value Leaders Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Advisor Value Leaders Fund (a fund of Fidelity Advisor Series VIII) at October 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Advisor Value Leaders Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 9, 2011

Annual Report

Trustees and Officers

Annual Report

Trustees and Officers - continued

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

Interested Trustees*:

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

Name, Age; Principal Occupations and Other Relevant Experience⁺
James C. Curvey (76)
	Year of Election or Appointment: 2007 Mr. Curvey is Trustee and Acting Chairman of the Board of Trustees of certain Trusts. Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of Fidelity Investments Money Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.
Ronald P. O'Hanley (54)
	Year of Election or Appointment: 2011 Mr. O'Hanley is Director of FMR Co., Inc. (2010-present), Director of Fidelity Investments Money Management, Inc. (2010-present), Director of Fidelity Research & Analysis Company (2010-present), President of Fidelity Asset Management and Corporate Services and a member of Fidelity's Executive Committee (2010-present). Previously, Mr. O'Hanley served as President and Chief Executive Officer of BNY Mellon Asset Management (2007-2010). Mr. O'Hanley also served as Vice Chairman of Bank New York Mellon Corp. and a member of that firm's Executive Committee. Prior to the 2007 merger of The Bank of New York and Mellon Financial Corporation, he was Vice Chairman of Mellon Financial Corporation and President and Chief Executive Officer of Mellon Asset Management. He joined Mellon in February 1997. Mr. O'Hanley currently serves as Chairman of the Boston Public Library Foundation Board of Directors and sits on the Board of Directors of Beth Israel Deaconess Medical Center, the Board of Trustees of the Marine Biological Laboratory and the Advisory Board of the Maxwell School of Citizenship and Public Administration at Syracuse University. Mr. O'Hanley also chairs the Council on Asset Management for the Financial Services Roundtable and is a member of the Board of Directors of Institutional Investor's U.S. Institute.

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

Annual Report

Trustees and Officers - continued

Independent Trustees:

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

Name, Age; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (63)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Mr. Dirks is a member of the Independent Directors Council (IDC) Governing Council (2010-Present) and Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (58)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's, Inc. (restaurant and entertainment complexes, 2010-present), The Hillman Companies, Inc. (hardware wholesalers, 2010-present), and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-Present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for the Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (67)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is also a member of the Board of Directors of the Philharmonic Center for the Arts in Naples, Florida (1999-present); a member of the Board of Trustees of Fairfield University (2005-present); and a member of the Council on Foreign Relations (1994-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (67)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Robert W. Selander (61)
	Year of Election or Appointment: 2011 Previously, Mr. Selander served as a Member of the Advisory Board of Fidelity's Equity and High Income Funds (2011), Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.
Cornelia M. Small (67)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (72)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Vice Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of Univar (global distributor of commodity and specialty chemicals, 2010-present), a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (62)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (61)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), as a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Advisory Board Members and Executive Officers:

Correspondence intended for each executive officer, Edward C. Johnson 3d, and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (81)
	Year of Election or Appointment: 2011 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC, and also serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as a Trustee and Chairman of the Board of certain Fidelity Trusts, Chairman and a Director of FMR, Chairman and a Director of FMR Co., Inc., and President of FMR LLC (2006-2007).
Peter S. Lynch (67)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (42)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as President and Treasurer (2010-present) and Assistant Treasurer (2009-present) of other Fidelity funds and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008).
Brian B. Hogan (47)
	Year of Election or Appointment: 2009 Vice President of Equity and High Income Funds. Mr. Hogan also serves as President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.
Thomas C. Hense (47)
	Year of Election or Appointment: 2008 or 2010 Vice President of Fidelity's High Income (2008), Small Cap (2008), and Value (2010) Funds. Previously, Mr. Hense served as a portfolio manager for Fidelity's Institutional Money Management Group (Pyramis) (2003-2008).
Scott C. Goebel (43)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as Secretary of Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); Secretary and CLO of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); employed by FMR LLC or an affiliate (2001-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (42)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Holly C. Laurent (57)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent also serves as AML Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present) and is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (53)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (64)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (50)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009).
Joseph F. Zambello (54)
	Year of Election or Appointment: 2011 Deputy Treasurer of the Fidelity funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
Adrien E. Deberghes (44)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes also serves as Vice President and Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II (2011-present), Assistant Treasurer of other Fidelity funds (2010-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (42)
	Year of Election or Appointment: 2010 Assistant Treasurer of Fidelity's Equity and High Income Funds. Ms. Dorsey also serves as Deputy Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
John R. Hebble (53)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President (2011-present), Treasurer, and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present), President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Gary W. Ryan (53)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).
Jonathan Davis (43)
	Year of Election or Appointment: 2010 Assistant Treasurer of the Fidelity funds. Mr. Davis is also Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).

Annual Report

Distributions (Unaudited)

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

	Pay Date	Record Date	Dividends	Capital Gains
Class A	12/05/11	12/02/11	$0.116	$0.004
Class T	12/05/11	12/02/11	$0.088	$0.004
Class B	12/05/11	12/02/11	$0.031	$0.004
Class C	12/05/11	12/02/11	$0.048	$0.004

Class A, Class T, Class B and Class C designate 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

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

The fund will notify shareholders in January 2012 of amounts for use in preparing 2011 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Value Leaders Fund

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance for each class, as well as the fund's relative investment performance for each class measured over multiple periods against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed appropriate by Fidelity and reviewed by the Board. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2010, the cumulative total returns of Institutional Class (Class I) and Class C of the fund, the cumulative total returns of a broad-based securities market index ("benchmark"), and a range of cumulative total returns of a peer group of mutual funds identified by Morningstar, Inc. as having an investment style similar to that of the fund based on underlying portfolio holdings. The returns of Institutional Class (Class I) and Class C show the performance of the highest and lowest performing classes, respectively (based on five-year performance). The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten numbers noted below each chart correspond to the percentile box and represent the percentage of funds in the peer group whose performance was equal to or lower than that of the class indicated.

Annual Report

Fidelity Advisor Value Leaders Fund

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The Board reviewed the fund's relative investment performance against its peer group and noted that the performance of Institutional Class (Class I) of the fund was in the fourth quartile for all the periods shown. The Board also noted that the investment performance of the fund was lower than its benchmark for all the periods shown. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board discussed with FMR actions that have been taken by FMR to improve the fund's disappointing performance relative to its peer group and benchmark. The Board also reviewed the fund's performance since inception as well as performance in the current year. The Board will continue to closely monitor the performance of the fund in the coming year and discuss with FMR other appropriate actions to address the performance of the fund.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 10% means that 90% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked and the impact of the fund's performance adjustment, is also included in the chart and considered by the Board.

Annual Report

Fidelity Advisor Value Leaders Fund

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The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2010. The Board also noted the effect of the fund's negative performance adjustment on the fund's management fee ranking. The Board noted that the performance adjustment for each year represents calculations for performance periods that differ from the periods shown in the performance charts above.

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

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

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that any potential economies of scale are being appropriately shared between fund shareholders and Fidelity.

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

Brown Brothers Harriman & Company

Boston, MA

AVLF-UANN-1211
1.793576.108

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(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Value Leaders
Fund - Institutional Class

Annual Report

October 31, 2011

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Chairman's Message	(Click Here)	The Chairman's message to shareholders.
Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fund performance and strategy.
Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

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

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

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

Annual Report

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_James_C_Curvey)

Dear Shareholder:

Sincerely,

(The acting chairman's signature appears here.)

James C. Curvey
Acting Chairman

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended October 31, 2011	Past 1 year	Past 5 years	Life of fund^A
Institutional Class	-0.11%	-4.89%	2.40%

^AFrom June 17, 2003.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Value Leaders Fund - Institutional Class on June 17, 2003, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Russell 1000® Value Index performed over the same period.

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Annual Report

Management's Discussion of Fund Performance

Comments from Michael Chren, Portfolio Manager of Fidelity Advisor® Value Leaders Fund: For the year, the fund's Institutional Class declined 0.11%, compared with a gain of 6.16% for the Russell 1000® Value Index. Two out-of-index European stocks, France-based telecom equipment manufacturer Alcatel-Lucent and Swiss specialty chemicals maker Clariant, accounted for much of the fund's disappointing performance and were the fund's two biggest individual detractors. The fund's overweighting and weak security selection in diversified financials was costly, with our stakes in Citigroup and Goldman Sachs Group hurting performance. Poor positioning in information technology, materials and utilities also dampened results. On the positive side, positioning in consumer staples provided the biggest boost to relative performance, including the portfolio's top individual contributor, Mexican brewer Grupo Modelo. Investments in the consumer discretionary sector yielded mixed results, but we received a contribution from Swiss navigation products manufacturer Garmin. Good positioning in industrials and energy also helped.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2011 to October 31, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

	Annualized Expense Ratio	Beginning Account Value May 1, 2011	Ending Account Value October 31, 2011	Expenses Paid During Period* May 1, 2011 to October 31, 2011
Class A	1.29%
Actual		$ 1,000.00	$ 845.50	$ 6.00
Hypothetical^A		$ 1,000.00	$ 1,018.70	$ 6.56
Class T	1.55%
Actual		$ 1,000.00	$ 844.10	$ 7.20
Hypothetical^A		$ 1,000.00	$ 1,017.39	$ 7.88
Class B	2.04%
Actual		$ 1,000.00	$ 841.70	$ 9.47
Hypothetical^A		$ 1,000.00	$ 1,014.92	$ 10.36
Class C	2.04%
Actual		$ 1,000.00	$ 842.00	$ 9.47
Hypothetical^A		$ 1,000.00	$ 1,014.92	$ 10.36
Institutional Class	.97%
Actual		$ 1,000.00	$ 846.50	$ 4.51
Hypothetical^A		$ 1,000.00	$ 1,020.32	$ 4.94

^A 5% return per year before expenses

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

Annual Report

Investment Changes (Unaudited)

Top Ten Stocks as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Garmin Ltd.	5.0	3.4
Grupo Modelo SAB de CV Series C	5.0	3.8
Citigroup, Inc.	4.7	3.3
Pfizer, Inc.	4.2	4.8
Alcatel-Lucent SA sponsored ADR	3.9	3.0
Johnson & Johnson	3.8	2.1
Merck & Co., Inc.	3.3	2.8
Procter & Gamble Co.	3.3	0.4
General Electric Co.	3.3	3.4
Chevron Corp.	3.0	3.0
	39.5
Top Five Market Sectors as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	22.9	24.3
Health Care	14.8	15.7
Consumer Staples	11.8	9.3
Energy	11.4	11.7
Consumer Discretionary	11.1	9.1

Asset Allocation (% of fund's net assets)
As of October 31, 2011*			As of April 30, 2011**
	Stocks 95.0%			Stocks 98.7%
	Short-Term Investments and Net Other Assets 5.0%			Short-Term Investments and Net Other Assets 1.3%
* Foreign investments		24.6%	** Foreign investments		24.8%

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Annual Report

Investments October 31, 2011

Showing Percentage of Net Assets

Common Stocks - 95.0%
	Shares		Value
CONSUMER DISCRETIONARY - 11.1%
Automobiles - 0.6%
Honda Motor Co. Ltd.	5,500		$ 164,492
Household Durables - 5.7%
D.R. Horton, Inc.	18,638		207,441
Garmin Ltd. (d)	42,730		1,469,477
			1,676,918
Media - 1.8%
Time Warner, Inc.	6,964		243,670
Washington Post Co. Class B (d)	856		291,177
			534,847
Multiline Retail - 2.4%
JCPenney Co., Inc. (d)	19,706		632,168
Target Corp.	1,296		70,956
			703,124
Specialty Retail - 0.6%
American Eagle Outfitters, Inc.	13,004		170,743
TOTAL CONSUMER DISCRETIONARY			3,250,124
CONSUMER STAPLES - 11.8%
Beverages - 5.0%
Grupo Modelo SAB de CV Series C	231,200		1,466,507
Food & Staples Retailing - 0.7%
CVS Caremark Corp.	2,110		76,593
Wal-Mart Stores, Inc.	2,447		138,794
			215,387
Food Products - 2.1%
Kraft Foods, Inc. Class A	17,114		602,071
Household Products - 3.3%
Procter & Gamble Co.	14,913		954,283
Tobacco - 0.7%
Lorillard, Inc.	1,738		192,327
TOTAL CONSUMER STAPLES			3,430,575
ENERGY - 11.4%
Energy Equipment & Services - 1.9%
Transocean Ltd. (United States)	5,661		323,526
Weatherford International Ltd. (a)	15,864		245,892
			569,418
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - 9.5%
Alpha Natural Resources, Inc. (a)	6,500		$ 156,260
Anadarko Petroleum Corp.	2,344		184,004
Apache Corp.	1,300		129,519
BP PLC sponsored ADR	4,620		204,112
Chevron Corp.	8,300		871,915
Marathon Petroleum Corp.	18,305		657,150
Occidental Petroleum Corp.	5,980		555,781
			2,758,741
TOTAL ENERGY			3,328,159
FINANCIALS - 22.9%
Capital Markets - 3.6%
Bank of New York Mellon Corp.	10,500		223,440
E*TRADE Financial Corp. (a)	34,690		376,387
Goldman Sachs Group, Inc.	2,004		219,538
Morgan Stanley	6,899		121,698
State Street Corp.	2,800		113,092
			1,054,155
Commercial Banks - 6.4%
Aozora Bank Ltd.	217,000		548,652
KeyCorp	43,700		308,522
Sumitomo Mitsui Financial Group, Inc.	3,700		103,434
U.S. Bancorp	10,370		265,368
Wells Fargo & Co.	24,826		643,242
			1,869,218
Diversified Financial Services - 6.9%
Bank of America Corp.	19,055		130,146
Citigroup, Inc.	42,922		1,355,906
JPMorgan Chase & Co.	15,176		527,518
			2,013,570
Insurance - 5.1%
Assurant, Inc.	1,900		73,226
Berkshire Hathaway, Inc. Class B (a)	1,289		100,362
MetLife, Inc.	17,568		617,691
RenaissanceRe Holdings Ltd.	1,597		108,788
The Chubb Corp.	3,600		241,380
XL Group PLC Class A	14,939		324,774
			1,466,221
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - 0.7%
Weyerhaeuser Co.	11,500		$ 206,770
Thrifts & Mortgage Finance - 0.2%
Radian Group, Inc.	26,100		61,335
TOTAL FINANCIALS			6,671,269
HEALTH CARE - 14.8%
Health Care Equipment & Supplies - 0.5%
CareFusion Corp. (a)	6,200		158,720
Pharmaceuticals - 14.3%
Bristol-Myers Squibb Co.	3,200		101,088
Eli Lilly & Co.	6,274		233,142
Johnson & Johnson	17,111		1,101,777
Merck & Co., Inc.	28,141		970,865
Pfizer, Inc.	63,725		1,227,344
Sanofi-aventis sponsored ADR	14,625		522,844
			4,157,060
TOTAL HEALTH CARE			4,315,780
INDUSTRIALS - 5.6%
Aerospace & Defense - 1.7%
United Technologies Corp.	6,500		506,870
Construction & Engineering - 0.6%
Jacobs Engineering Group, Inc. (a)	4,300		166,840
Industrial Conglomerates - 3.3%
General Electric Co.	56,680		947,123
TOTAL INDUSTRIALS			1,620,833
INFORMATION TECHNOLOGY - 11.0%
Communications Equipment - 7.0%
Alcatel-Lucent SA sponsored ADR (a)(d)	415,582		1,138,695
Cisco Systems, Inc.	10,937		202,663
Comverse Technology, Inc. (a)	103,700		714,493
			2,055,851
Electronic Equipment & Components - 1.0%
Corning, Inc.	19,954		285,143
Office Electronics - 0.7%
Xerox Corp.	23,649		193,449
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - 1.8%
Advanced Micro Devices, Inc. (a)	91,438		$ 533,084
Software - 0.5%
Microsoft Corp.	5,172		137,730
TOTAL INFORMATION TECHNOLOGY			3,205,257
MATERIALS - 3.1%
Chemicals - 2.0%
Clariant AG (Reg.) (a)	54,378		594,561
Metals & Mining - 1.1%
Newmont Mining Corp.	4,678		312,631
TOTAL MATERIALS			907,192
TELECOMMUNICATION SERVICES - 0.5%
Diversified Telecommunication Services - 0.5%
CenturyLink, Inc.	3,745		132,049
UTILITIES - 2.8%
Electric Utilities - 2.8%
Exelon Corp.	4,668		207,213
FirstEnergy Corp.	5,904		265,444
NextEra Energy, Inc.	6,296		355,094
			827,751
TOTAL COMMON STOCKS (Cost $30,821,769)		27,688,989
Money Market Funds - 16.1%
	Shares		Value
Fidelity Cash Central Fund, 0.12% (b)	1,336,268		$ 1,336,268
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	3,353,649		3,353,649
TOTAL MONEY MARKET FUNDS (Cost $4,689,917)		4,689,917
TOTAL INVESTMENT PORTFOLIO - 111.1% (Cost $35,511,686)			32,378,906
NET OTHER ASSETS (LIABILITIES) - (11.1)%			(3,232,267)
NET ASSETS - 100%		$ 29,146,639

Legend

(a) Non-income producing

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 857
Fidelity Securities Lending Cash Central Fund	39,854
Total	$ 40,711

Other Information

The following is a summary of the inputs used, as of October 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 3,250,124	$ 3,085,632	$ 164,492	$ -
Consumer Staples	3,430,575	3,430,575	-	-
Energy	3,328,159	3,328,159	-	-
Financials	6,671,269	6,019,183	652,086	-
Health Care	4,315,780	4,315,780	-	-
Industrials	1,620,833	1,620,833	-	-
Information Technology	3,205,257	3,205,257	-	-
Materials	907,192	907,192	-	-
Telecommunication Services	132,049	132,049	-	-
Utilities	827,751	827,751	-	-
Money Market Funds	4,689,917	4,689,917	-	-
Total Investments in Securities:	$ 32,378,906	$ 31,562,328	$ 816,578	$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	75.4%
Switzerland	8.9%
France	5.7%
Mexico	5.0%
Japan	2.8%
Ireland	1.1%
Others (Individually Less Than 1%)	1.1%
	100.0%

Income Tax Information

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

	October 31, 2011

Assets
Investment in securities, at value (including securities loaned of $3,144,683) - See accompanying schedule: Unaffiliated issuers (cost $30,821,769)	$ 27,688,989
Fidelity Central Funds (cost $4,689,917)	4,689,917
Total Investments (cost $35,511,686)		$ 32,378,906
Receivable for investments sold		576,276
Receivable for fund shares sold		8,850
Dividends receivable		23,755
Distributions receivable from Fidelity Central Funds		2,695
Prepaid expenses		93
Other receivables		2,526
Total assets		32,993,101

Liabilities
Payable to custodian bank	$ 33,843
Payable for investments purchased	353,119
Payable for fund shares redeemed	36,147
Accrued management fee	7,561
Distribution and service plan fees payable	10,491
Other affiliated payables	8,226
Other payables and accrued expenses	43,426
Collateral on securities loaned, at value	3,353,649
Total liabilities		3,846,462

Net Assets		$ 29,146,639
Net Assets consist of:
Paid in capital		$ 67,015,415
Undistributed net investment income		188,125
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(34,924,325)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(3,132,576)
Net Assets		$ 29,146,639

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

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

	October 31, 2011

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($15,483,920 ÷ 1,555,207 shares)		$ 9.96

Maximum offering price per share (100/94.25 of $9.96)		$ 10.57
Class T: Net Asset Value and redemption price per share ($8,253,986 ÷ 828,804 shares)		$ 9.96

Maximum offering price per share (100/96.50 of $9.96)		$ 10.32
Class B: Net Asset Value and offering price per share ($1,110,133 ÷ 112,827 shares)^A		$ 9.84

Class C: Net Asset Value and offering price per share ($3,775,217 ÷ 387,126 shares)^A		$ 9.75

Institutional Class: Net Asset Value, offering price and redemption price per share ($523,383 ÷ 52,149 shares)		$ 10.04

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

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

Annual Report

Statement of Operations

	Year ended October 31, 2011

Investment Income
Dividends		$ 794,507
Income from Fidelity Central Funds		40,711
Total income		835,218

Expenses
Management fee Basic fee	$ 217,492
Performance adjustment	(115,773)
Transfer agent fees	117,048
Distribution and service plan fees	164,455
Accounting and security lending fees	15,700
Custodian fees and expenses	40,526
Independent trustees' compensation	223
Registration fees	60,933
Audit	49,062
Legal	298
Miscellaneous	498
Total expenses before reductions	550,462
Expense reductions	(5,676)	544,786
Net investment income (loss)		290,432
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	726,208
Foreign currency transactions	(6,005)
Total net realized gain (loss)		720,203
Change in net unrealized appreciation (depreciation) on: Investment securities	(343,367)
Assets and liabilities in foreign currencies	(19)
Total change in net unrealized appreciation (depreciation)		(343,386)
Net gain (loss)		376,817
Net increase (decrease) in net assets resulting from operations		$ 667,249

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

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Year ended October 31, 2011	Year ended October 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 290,432	$ 331,551
Net realized gain (loss)	720,203	3,334,586
Change in net unrealized appreciation (depreciation)	(343,386)	1,707,613
Net increase (decrease) in net assets resulting from operations	667,249	5,373,750
Distributions to shareholders from net investment income	(358,603)	(478,174)
Distributions to shareholders from net realized gain	(41,497)	(30,375)
Total distributions	(400,100)	(508,549)
Share transactions - net increase (decrease)	(15,871,835)	(17,770,134)
Total increase (decrease) in net assets	(15,604,686)	(12,904,933)

Net Assets
Beginning of period	44,751,325	57,656,258
End of period (including undistributed net investment income of $188,125 and undistributed net investment income of $270,130, respectively)	$ 29,146,639	$ 44,751,325

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

Annual Report

Financial Highlights - Class A

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 10.12	$ 9.30	$ 8.63	$ 16.40	$ 15.08
Income from Investment Operations
Net investment income (loss)^C	.10	.07^F	.09	.16	.13
Net realized and unrealized gain (loss)	(.14)^G	.85	.75	(7.09)	1.99
Total from investment operations	(.04)	.92	.84	(6.93)	2.12
Distributions from net investment income	(.11)	(.09)	(.17)	(.12)	(.09)
Distributions from net realized gain	(.01)	(.01)	-	(.72)	(.71)
Total distributions	(.12)	(.10)	(.17)	(.84)^I	(.80)
Net asset value, end of period	$ 9.96	$ 10.12	$ 9.30	$ 8.63	$ 16.40
Total Return^{A, B}	(.40)%	9.91%	10.13%	(44.43)%	14.64%
Ratios to Average Net Assets^{D, H}
Expenses before reductions	1.24%	1.22%	1.25%	1.26%	1.28%
Expenses net of fee waivers, if any	1.24%	1.22%	1.25%	1.25%	1.25%
Expenses net of all reductions	1.23%	1.21%	1.25%	1.25%	1.24%
Net investment income (loss)	.91%	.75%^F	1.10%	1.21%	.85%
Supplemental Data
Net assets, end of period (000 omitted)	$ 15,484	$ 25,431	$ 28,585	$ 34,864	$ 67,434
Portfolio turnover rate^E	161%	51%	56%	74%	76%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^I Total distributions of $.839 per share is comprised of distributions from net investment income of $.117 and distributions from net realized gain of $.722 per share.

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

Annual Report

Financial Highlights - Class T

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 10.08	$ 9.27	$ 8.58	$ 16.30	$ 14.99
Income from Investment Operations
Net investment income (loss)^C	.07	.05^F	.07	.13	.09
Net realized and unrealized gain (loss)	(.13)^G	.84	.75	(7.06)	1.97
Total from investment operations	(.06)	.89	.82	(6.93)	2.06
Distributions from net investment income	(.05)	(.07)	(.13)	(.07)	(.04)
Distributions from net realized gain	(.01)	(.01)	-	(.72)	(.71)
Total distributions	(.06)	(.08)	(.13)	(.79)^I	(.75)
Net asset value, end of period	$ 9.96	$ 10.08	$ 9.27	$ 8.58	$ 16.30
Total Return^{A, B}	(.64)%	9.62%	9.90%	(44.57)%	14.31%
Ratios to Average Net Assets^{D, H}
Expenses before reductions	1.49%	1.45%	1.50%	1.49%	1.53%
Expenses net of fee waivers, if any	1.49%	1.45%	1.50%	1.49%	1.50%
Expenses net of all reductions	1.48%	1.45%	1.49%	1.49%	1.49%
Net investment income (loss)	.67%	.52%^F	.85%	.97%	.60%
Supplemental Data
Net assets, end of period (000 omitted)	$ 8,254	$ 12,735	$ 20,652	$ 22,720	$ 50,998
Portfolio turnover rate^E	161%	51%	56%	74%	76%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^I Total distributions of $.790 per share is comprised of distributions from net investment income of $.068 and distributions from net realized gain of $.722 per share.

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

Annual Report

Financial Highlights - Class B

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 9.99	$ 9.18	$ 8.47	$ 16.07	$ 14.81
Income from Investment Operations
Net investment income (loss)^C	.02	-^{F, I}	.03	.06	.01
Net realized and unrealized gain (loss)	(.13)^G	.84	.74	(6.96)	1.95
Total from investment operations	(.11)	.84	.77	(6.90)	1.96
Distributions from net investment income	(.03)	(.02)	(.06)	-	-
Distributions from net realized gain	(.01)	(.01)	-	(.70)	(.70)
Total distributions	(.04)	(.03)	(.06)	(.70)^J	(.70)
Net asset value, end of period	$ 9.84	$ 9.99	$ 9.18	$ 8.47	$ 16.07
Total Return^{A, B}	(1.14)%	9.11%	9.19%	(44.80)%	13.74%
Ratios to Average Net Assets^{D, H}
Expenses before reductions	1.99%	1.97%	2.00%	2.03%	2.10%
Expenses net of fee waivers, if any	1.99%	1.97%	2.00%	2.00%	2.00%
Expenses net of all reductions	1.98%	1.97%	2.00%	2.00%	1.99%
Net investment income (loss)	.16%	(.01)%^F	.35%	.45%	.10%
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,110	$ 1,605	$ 1,989	$ 2,615	$ 6,734
Portfolio turnover rate^E	161%	51%	56%	74%	76%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^I Amount represents less than $.01 per share.

^J Total distributions of $.698 per share is comprised of distributions from net investment income of $.000 and distributions from net realized gain of $.698 per share.

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

Annual Report

Financial Highlights - Class C

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 9.92	$ 9.11	$ 8.44	$ 16.04	$ 14.80
Income from Investment Operations
Net investment income (loss)^C	.02	-^{G, J}	.03	.06	.02
Net realized and unrealized gain (loss)	(.13)^H	.83	.73	(6.95)	1.93
Total from investment operations	(.11)	.83	.76	(6.89)	1.95
Distributions from net investment income	(.05)	(.02)	(.09)	-	-
Distributions from net realized gain	(.01)	(.01)	-	(.71)	(.71)
Total distributions	(.06)	(.02)^L	(.09)	(.71)^K	(.71)
Net asset value, end of period	$ 9.75	$ 9.92	$ 9.11	$ 8.44	$ 16.04
Total Return^{A, B}	(1.18)%	9.12%	9.28%	(44.84)%	13.69%
Ratios to Average Net Assets^{D, I}
Expenses before reductions	2.00%	1.97%	2.01%	2.03%	2.09%
Expenses net of fee waivers, if any	2.00%	1.97%	2.00%	2.00%	2.00%
Expenses net of all reductions	1.98%	1.97%	2.00%	2.00%	1.99%
Net investment income (loss)	.16%	-%^{F, G}	.35%	.45%	.10%
Supplemental Data
Net assets, end of period (000 omitted)	$ 3,775	$ 4,139	$ 4,088	$ 5,358	$ 9,718
Portfolio turnover rate^E	161%	51%	56%	74%	76%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F Amount represents less than .01%.

^J Amount represents less than $.01 per share.

^K Total distributions of $.712 per share is comprised of distributions from net investment income of $.000 and distributions from net realized gain of $.712 per share.

^L Total distributions of $.02 per share is comprised of distributions from net investment income of $.015 and distributions from net realized gain of $.005 per share.

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

Annual Report

Financial Highlights - Institutional Class

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 10.19	$ 9.35	$ 8.70	$ 16.51	$ 15.17
Income from Investment Operations
Net investment income (loss)^B	.14	.10^E	.11	.20	.17
Net realized and unrealized gain (loss)	(.15)^F	.86	.74	(7.13)	1.99
Total from investment operations	(.01)	.96	.85	(6.93)	2.16
Distributions from net investment income	(.13)	(.11)	(.20)	(.15)	(.11)
Distributions from net realized gain	(.01)	(.01)	-	(.72)	(.71)
Total distributions	(.14)	(.12)	(.20)	(.88)^H	(.82)
Net asset value, end of period	$ 10.04	$ 10.19	$ 9.35	$ 8.70	$ 16.51
Total Return^A	(.11)%	10.28%	10.26%	(44.24)%	14.89%
Ratios to Average Net Assets^{C, G}
Expenses before reductions	.89%	.98%	1.00%	.98%	1.00%
Expenses net of fee waivers, if any	.89%	.98%	1.00%	.98%	1.00%
Expenses net of all reductions	.88%	.97%	1.00%	.97%	.99%
Net investment income (loss)	1.27%	.99%^E	1.35%	1.48%	1.10%
Supplemental Data
Net assets, end of period (000 omitted)	$ 523	$ 841	$ 2,341	$ 2,021	$ 6,833
Portfolio turnover rate^D	161%	51%	56%	74%	76%

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

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H Total distributions of $.876 per share is comprised of distributions from net investment income of $.154 and distributions from net realized gain of $.722 per share.

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

Annual Report

Notes to Financial Statements

For the period ended October 31, 2011

1. Organization.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of October 31, 2011, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:

Annual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Book-tax differences are primarily due to foreign currency transactions, partnerships, capital loss carryforwards and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 1,174,106
Gross unrealized depreciation	(5,053,448)
Net unrealized appreciation (depreciation) on securities and other investments	$ (3,879,342)

Tax Cost	$ 36,258,248

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 193,579
Capital loss carryforward	$ (34,183,216)
Net unrealized appreciation (depreciation)	$ (3,879,138)

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax character of distributions paid was as follows:

	October 31, 2011	October 31, 2010
Ordinary Income	$ 400,100	$ 508,549

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $62,096,856 and $79,559,621, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to

Annual Report

Notes to Financial Statements - continued

5. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 55,528	$ 469
Class T	.25%	.25%	51,912	169
Class B	.75%	.25%	14,139	10,617
Class C	.75%	.25%	42,876	4,588
			$ 164,455	$ 15,843

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

	Retained by FDC
Class A	$ 2,650
Class T	1,933
Class B*	2,785
Class C*	320
	$ 7,688

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

Annual Report

5. Fees and Other Transactions with Affiliates - continued

	Amount	% of Average Net Assets
Class A	$ 67,075	.30
Class T	31,177	.30
Class B	4,266	.30
Class C	13,029	.30
Institutional Class	1,501	.20
	$ 117,048

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $125 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

Annual Report

Notes to Financial Statements - continued

7. Security Lending - continued

8. Expense Reductions.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2011	2010
From net investment income
Class A	$ 274,577	$ 284,681
Class T	50,441	160,619
Class B	4,151	4,372
Class C	18,471	6,593
Institutional Class	10,963	21,909
Total	$ 358,603	$ 478,174
From net realized gain
Class A	$ 24,299	$ 15,305
Class T	10,732	10,853
Class B	1,537	1,041
Class C	4,105	2,198
Institutional Class	824	978
Total	$ 41,497	$ 30,375

Annual Report

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2011	2010	2011	2010
Class A
Shares sold	334,576	402,871	$ 3,612,152	$ 4,034,369
Reinvestment of distributions	28,074	29,667	288,043	290,443
Shares redeemed	(1,320,166)	(994,975)	(14,109,969)	(9,899,783)
Net increase (decrease)	(957,516)	(562,437)	$ (10,209,774)	$ (5,574,971)
Class T
Shares sold	157,819	129,419	$ 1,706,564	$ 1,299,211
Reinvestment of distributions	5,816	17,388	59,851	169,877
Shares redeemed	(597,712)	(1,112,927)	(6,300,709)	(11,167,229)
Net increase (decrease)	(434,077)	(966,120)	$ (4,534,294)	$ (9,698,141)
Class B
Shares sold	248	21,226	$ 2,692	$ 215,795
Reinvestment of distributions	507	524	5,175	5,094
Shares redeemed	(48,512)	(77,825)	(509,116)	(763,138)
Net increase (decrease)	(47,757)	(56,075)	$ (501,249)	$ (542,249)
Class C
Shares sold	69,631	78,869	$ 733,867	$ 774,653
Reinvestment of distributions	2,055	834	20,799	8,059
Shares redeemed	(101,679)	(111,299)	(1,050,311)	(1,100,227)
Net increase (decrease)	(29,993)	(31,596)	$ (295,645)	$ (317,515)
Institutional Class
Shares sold	74,917	25,211	$ 747,771	$ 254,312
Reinvestment of distributions	1,083	2,223	11,162	21,848
Shares redeemed	(106,405)	(195,256)	(1,089,806)	(1,913,418)
Net increase (decrease)	(30,405)	(167,822)	$ (330,873)	$ (1,637,258)

11. Other.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Advisor Series VIII and the Shareholders of Fidelity Advisor Value Leaders Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Advisor Value Leaders Fund (a fund of Fidelity Advisor Series VIII) at October 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Advisor Value Leaders Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 9, 2011

Annual Report

Trustees and Officers

Annual Report

Trustees and Officers - continued

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

Interested Trustees*:

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

Name, Age; Principal Occupations and Other Relevant Experience⁺
James C. Curvey (76)
	Year of Election or Appointment: 2007 Mr. Curvey is Trustee and Acting Chairman of the Board of Trustees of certain Trusts. Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of Fidelity Investments Money Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.
Ronald P. O'Hanley (54)
	Year of Election or Appointment: 2011 Mr. O'Hanley is Director of FMR Co., Inc. (2010-present), Director of Fidelity Investments Money Management, Inc. (2010-present), Director of Fidelity Research & Analysis Company (2010-present), President of Fidelity Asset Management and Corporate Services and a member of Fidelity's Executive Committee (2010-present). Previously, Mr. O'Hanley served as President and Chief Executive Officer of BNY Mellon Asset Management (2007-2010). Mr. O'Hanley also served as Vice Chairman of Bank New York Mellon Corp. and a member of that firm's Executive Committee. Prior to the 2007 merger of The Bank of New York and Mellon Financial Corporation, he was Vice Chairman of Mellon Financial Corporation and President and Chief Executive Officer of Mellon Asset Management. He joined Mellon in February 1997. Mr. O'Hanley currently serves as Chairman of the Boston Public Library Foundation Board of Directors and sits on the Board of Directors of Beth Israel Deaconess Medical Center, the Board of Trustees of the Marine Biological Laboratory and the Advisory Board of the Maxwell School of Citizenship and Public Administration at Syracuse University. Mr. O'Hanley also chairs the Council on Asset Management for the Financial Services Roundtable and is a member of the Board of Directors of Institutional Investor's U.S. Institute.

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

Annual Report

Trustees and Officers - continued

Independent Trustees:

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

Name, Age; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (63)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Mr. Dirks is a member of the Independent Directors Council (IDC) Governing Council (2010-Present) and Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (58)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's, Inc. (restaurant and entertainment complexes, 2010-present), The Hillman Companies, Inc. (hardware wholesalers, 2010-present), and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-Present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for the Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (67)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is also a member of the Board of Directors of the Philharmonic Center for the Arts in Naples, Florida (1999-present); a member of the Board of Trustees of Fairfield University (2005-present); and a member of the Council on Foreign Relations (1994-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (67)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Robert W. Selander (61)
	Year of Election or Appointment: 2011 Previously, Mr. Selander served as a Member of the Advisory Board of Fidelity's Equity and High Income Funds (2011), Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.
Cornelia M. Small (67)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (72)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Vice Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of Univar (global distributor of commodity and specialty chemicals, 2010-present), a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (62)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (61)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), as a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Advisory Board Members and Executive Officers:

Correspondence intended for each executive officer, Edward C. Johnson 3d, and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (81)
	Year of Election or Appointment: 2011 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC, and also serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as a Trustee and Chairman of the Board of certain Fidelity Trusts, Chairman and a Director of FMR, Chairman and a Director of FMR Co., Inc., and President of FMR LLC (2006-2007).
Peter S. Lynch (67)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (42)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as President and Treasurer (2010-present) and Assistant Treasurer (2009-present) of other Fidelity funds and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008).
Brian B. Hogan (47)
	Year of Election or Appointment: 2009 Vice President of Equity and High Income Funds. Mr. Hogan also serves as President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.
Thomas C. Hense (47)
	Year of Election or Appointment: 2008 or 2010 Vice President of Fidelity's High Income (2008), Small Cap (2008), and Value (2010) Funds. Previously, Mr. Hense served as a portfolio manager for Fidelity's Institutional Money Management Group (Pyramis) (2003-2008).
Scott C. Goebel (43)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as Secretary of Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); Secretary and CLO of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); employed by FMR LLC or an affiliate (2001-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (42)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Holly C. Laurent (57)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent also serves as AML Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present) and is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (53)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (64)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (50)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009).
Joseph F. Zambello (54)
	Year of Election or Appointment: 2011 Deputy Treasurer of the Fidelity funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
Adrien E. Deberghes (44)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes also serves as Vice President and Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II (2011-present), Assistant Treasurer of other Fidelity funds (2010-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (42)
	Year of Election or Appointment: 2010 Assistant Treasurer of Fidelity's Equity and High Income Funds. Ms. Dorsey also serves as Deputy Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
John R. Hebble (53)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President (2011-present), Treasurer, and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present), President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Gary W. Ryan (53)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).
Jonathan Davis (43)
	Year of Election or Appointment: 2010 Assistant Treasurer of the Fidelity funds. Mr. Davis is also Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).

Annual Report

Distributions (Unaudited)

	Pay Date	Record Date	Dividends	Capital Gains
Institutional Class	12/05/11	12/02/11	$0.158	$0.004

Institutional Class designates 100% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund will notify shareholders in January 2012 of amounts for use in preparing 2011 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Value Leaders Fund

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance for each class, as well as the fund's relative investment performance for each class measured over multiple periods against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed appropriate by Fidelity and reviewed by the Board. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2010, the cumulative total returns of Institutional Class (Class I) and Class C of the fund, the cumulative total returns of a broad-based securities market index ("benchmark"), and a range of cumulative total returns of a peer group of mutual funds identified by Morningstar, Inc. as having an investment style similar to that of the fund based on underlying portfolio holdings. The returns of Institutional Class (Class I) and Class C show the performance of the highest and lowest performing classes, respectively (based on five-year performance). The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten numbers noted below each chart correspond to the percentile box and represent the percentage of funds in the peer group whose performance was equal to or lower than that of the class indicated.

Annual Report

Fidelity Advisor Value Leaders Fund

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Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 10% means that 90% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked and the impact of the fund's performance adjustment, is also included in the chart and considered by the Board.

Annual Report

Fidelity Advisor Value Leaders Fund

bbb492

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2010. The Board also noted the effect of the fund's negative performance adjustment on the fund's management fee ranking. The Board noted that the performance adjustment for each year represents calculations for performance periods that differ from the periods shown in the performance charts above.

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

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

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that any potential economies of scale are being appropriately shared between fund shareholders and Fidelity.

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

Fidelity Management & Research
(Japan) Inc.

Fidelity Management & Research
(Hong Kong) Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

Brown Brothers Harriman & Company

Boston, MA

AVLFI-UANN-1211
1.793580.108

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Item 2. Code of Ethics

As of the end of the period, October 31, 2011, Fidelity Advisor Series VIII (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert

The Board of Trustees of the trust has determined that Joseph Mauriello is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Mauriello is independent for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services

Fees and Services

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") in each of the last two fiscal years for services rendered to Fidelity Advisor Emerging Markets Fund, Fidelity Advisor Europe Capital Appreciation Fund, and Fidelity Advisor International Capital Appreciation Fund (the "Funds"):

Services Billed by Deloitte Entities

October 31, 2011 Fees^A

	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Advisor Emerging Markets Fund	$39,000	$-	$6,800	$300
Fidelity Advisor Europe Capital Appreciation Fund	$39,000	$-	$5,700	$300
Fidelity Advisor International Capital Appreciation Fund	$49,000	$-	$6,800	$300

October 31, 2010 Fees^A

	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Advisor Emerging Markets Fund	$38,000	$-	$6,600	$-
Fidelity Advisor Europe Capital Appreciation Fund	$38,000	$-	$5,600	$-
Fidelity Advisor International Capital Appreciation Fund	$48,000	$-	$6,600	$-

^AAmounts may reflect rounding.

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to Fidelity Advisor Diversified International Fund, Fidelity Advisor Emerging Asia Fund, Fidelity Advisor Global Capital Appreciation Fund, Fidelity Advisor Overseas Fund, and Fidelity Advisor Value Leaders Fund (the "Funds"):

Services Billed by PwC

October 31, 2011 Fees^A

	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Advisor Diversified International Fund	$59,000	$-	$15,500	$3,300
Fidelity Advisor Emerging Asia Fund	$64,000	$-	$5,100	$1,900
Fidelity Advisor Global Capital Appreciation Fund	$48,000	$-	$5,100	$1,700
Fidelity Advisor Overseas Fund	$63,000	$-	$10,000	$2,200
Fidelity Advisor Value Leaders Fund	$43,000	$-	$4,300	$1,700

October 31, 2010 Fees^A

	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Advisor Diversified International Fund	$59,000	$-	$33,700	$3,600
Fidelity Advisor Emerging Asia Fund	$60,000	$-	$4,900	$1,800
Fidelity Advisor Global Capital Appreciation Fund	$44,000	$-	$4,900	$1,700
Fidelity Advisor Overseas Fund	$61,000	$-	$9,800	$2,200
Fidelity Advisor Value Leaders Fund	$42,000	$-	$4,100	$1,700

^AAmounts may reflect rounding.

The following table presents fees billed by PwC and Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Funds and that are rendered on behalf of Fidelity Management & Research Company ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Funds ("Fund Service Providers"):

Services Billed by Deloitte Entities

	October 31, 2011^A	October 31, 2010^A
Audit-Related Fees	$440,000	$720,000
Tax Fees	$-	$-
All Other Fees	$430,000	$790,000

^A Amounts may reflect rounding.

Services Billed by PwC

	October 31, 2011^A	October 31, 2010^A
Audit-Related Fees	$3,835,000	$2,150,000
Tax Fees	$-	$-
All Other Fees	$-	$510,000

^A Amounts may reflect rounding.

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

* * *

The aggregate non-audit fees billed by PwC and Deloitte Entities for services rendered to the Funds, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Funds are as follows:

Billed By	October 31, 2011^A	October 31, 2010^A
PwC	$5,885,000	$5,270,000
Deloitte Entities	$980,000	$1,620,000

^A Amounts may reflect rounding.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC and Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of PwC and Deloitte Entities in their audits of the Funds, taking into account representations from PwC and Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding their independence from the Funds and their related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund Service Providers.

Audit Committee Pre-Approval Policies and Procedures

The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee on a periodic basis.

Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Funds' last two fiscal years relating to services provided to (i) the Funds or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Funds.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) Not applicable.

(b) Not applicable

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.

Item 11. Controls and Procedures

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

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

Item 12. Exhibits

(a)	(1)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.
(a)	(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)	(3)	Not applicable.
(b)		Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

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

Fidelity Advisor Series VIII

By:	/s/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer

Date:	December 28, 2011

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

By:	/s/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer

Date:	December 28, 2011

By:	/s/Christine Reynolds
	Christine Reynolds
	Chief Financial Officer

Date:	December 28, 2011

Fidelity Advisor Emerging Asia Fund Class C (FERCX) N-CSRCertified annual shareholder report (management investment company)

Contents

Performance: The Bottom Line

Management's Discussion of Fund Performance

Shareholder Expense Example

Investment Changes (Unaudited)

Investments October 31, 2011

Statement of Assets and Liabilities

Statement of Assets and Liabilities - continued

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights - Class A

Financial Highlights - Class T

Financial Highlights - Class B

Financial Highlights - Class C

Financial Highlights - Institutional Class

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Board Approval of Investment Advisory Contracts and Management Fees

Contents

Performance: The Bottom Line

Management's Discussion of Fund Performance

Shareholder Expense Example

Investment Changes (Unaudited)

Investments October 31, 2011

Statement of Assets and Liabilities

Statement of Assets and Liabilities - continued

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights - Class A

Financial Highlights - Class T

Financial Highlights - Class B

Financial Highlights - Class C

Financial Highlights - Institutional Class

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Board Approval of Investment Advisory Contracts and Management Fees

Contents

Performance: The Bottom Line

Management's Discussion of Fund Performance

Shareholder Expense Example

Investment Changes (Unaudited)

Investments October 31, 2011

Statement of Assets and Liabilities

Statement of Assets and Liabilities - continued

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights - Class A

Financial Highlights - Class T

Financial Highlights - Class B

Financial Highlights - Class C

Financial Highlights - Institutional Class

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Board Approval of Investment Advisory Contracts and Management Fees

Contents

Performance: The Bottom Line

Management's Discussion of Fund Performance

Shareholder Expense Example

Investment Changes (Unaudited)

Investments October 31, 2011

Statement of Assets and Liabilities

Statement of Assets and Liabilities - continued

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights - Class A

Financial Highlights - Class T

Financial Highlights - Class B

Financial Highlights - Class C

Financial Highlights - Institutional Class

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Board Approval of Investment Advisory Contracts and Management Fees

Contents

Performance: The Bottom Line

Management's Discussion of Fund Performance