Fidelity Advisor Emerging Asia Fund Class C (FERCX) N-CSRS Certified semi-annual shareholder report (management investment company)

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-3855

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

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

Eric D. Roiter, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	December 31
Date of reporting period:	June 30, 2006

Item 1. Reports to Stockholders

(Fidelity Investment logo)(registered trademark)
Fidelity® Advisor

Emerging Markets Income
Fund - Class A, Class T, Class B
and Class C

Semiannual Report

June 30, 2006

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message	<Click Here>	Ned Johnson's message to shareholders.
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.
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 www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

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

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

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

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

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

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Although many securities markets made gains in early 2006, inflation concerns led to mixed results through the year's mid-point. Financial markets are always unpredictable. There are, however, a number of time-tested principles that can put the historical odds in your favor.

One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).

A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual 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 (January 1, 2006 to June 30, 2006).

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.

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.

Semiannual Report

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.

	Beginning Account Value January 1, 2006	Ending Account Value June 30, 2006	Expenses Paid During Period* January 1, 2006 to June 30, 2006
Class A
Actual	$ 1,000.00	$ 1,014.20	$ 5.49
Hypothetical A	$ 1,000.00	$ 1,019.34	$ 5.51
Class T
Actual	$ 1,000.00	$ 1,013.80	$ 5.99
Hypothetical A	$ 1,000.00	$ 1,018.84	$ 6.01
Class B
Actual	$ 1,000.00	$ 1,010.40	$ 9.22
Hypothetical A	$ 1,000.00	$ 1,015.62	$ 9.25
Class C
Actual	$ 1,000.00	$ 1,009.90	$ 9.72
Hypothetical A	$ 1,000.00	$ 1,015.12	$ 9.74
Institutional Class
Actual	$ 1,000.00	$ 1,015.20	$ 4.75
Hypothetical A	$ 1,000.00	$ 1,020.08	$ 4.76

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

	Annualized Expense Ratio
Class A	1.10%
Class T	1.20%
Class B	1.85%
Class C	1.95%
Institutional Class	.95%

Semiannual Report

Investment Changes

Top Five Countries as of June 30, 2006
(excluding cash equivalents)	% of fund's net assets	% of fund's net assets 6 months ago
Brazil	15.2	18.2
Russia	11.4	5.9
Philippines	9.4	6.2
Mexico	8.0	8.4
Venezuela	7.3	6.7

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

Top Five Holdings as of June 30, 2006
(by issuer, excluding cash equivalents)	% of fund's net assets	% of fund's net assets 6 months ago
Brazilian Federative Republic	14.8	17.6
Russian Federation	10.1	4.0
Philippine Republic	9.4	6.2
United Mexican States	8.0	8.1
Venezuelan Republic	7.0	6.7
	49.3

Asset Allocation (% of fund's net assets)
As of June 30, 2006		As of December 31, 2005
	Corporate Bonds 17.6%		Corporate Bonds 13.1%
	Government Obligations 76.9%		Government Obligations 76.2%
	Stocks 0.2%		Stocks 0.3%
	Other Investments 0.3%		Other Investments 0.3%
	Short-Term Investments and Net Other Assets 5.0%		Short-Term Investments and Net Other Assets 10.1%

Semiannual Report

Investments June 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 17.6%
		Principal Amount (c)		Value (Note 1)
Argentina - 0.5%
Telecom Personal SA 9.25% 12/22/10 (e)		$ 1,100,000		$ 1,089,000
Bahamas (Nassau) - 0.5%
Odebrecht Overseas Ltd. 11.5% 2/25/09 (e)		975,000		1,074,938
Brazil - 0.4%
Braskem SA 11.75% 1/22/14 (e)		505,000		568,125
Globo Comunicacoes e Participacoes SA (Reg. S) 7.375% 10/20/11 (d)		326,526		326,118
TOTAL BRAZIL				894,243
Cayman Islands - 0.3%
CSN Islands VIII Corp. 9.75% 12/16/13 (e)		625,000		665,625
Egypt - 0.1%
Telecom Egypt SAE 10.7% 2/4/10 (f)	EGP	1,823,100		312,984
Germany - 3.4%
Citigroup Global Markets Deutschland AG 9.25% 4/19/14 (e)		1,035,000		1,071,225
Dresdner Bank AG 10.375% 8/17/09 (e)		855,000		911,601
Gazstream SA 5.625% 7/22/13 (e)		4,790,816		4,647,091
Kyivstar GSM 7.75% 4/27/12 (Issued by Dresdner Bank AG for Kyivstar GSM) (e)		895,000		868,150
TOTAL GERMANY				7,498,067
Indonesia - 0.0%
APP International Finance (Mauritius) Ltd.:
0% 7/5/01 (a)(e)		1,235,000		30,875
0% 7/5/01 (a) (Reg. S)		445,000		11,125
TOTAL INDONESIA				42,000
Korea (South) - 0.5%
Hanarotelecom, Inc. 7% 2/1/12 (e)		1,065,000		1,006,425
Luxembourg - 1.5%
Millicom International Cellular SA 10% 12/1/13		1,015,000		1,126,650
Mobile Telesystems Finance SA:
(Reg. S) 8.375% 10/14/10		660,000		659,208
8.375% 10/14/10 (e)		495,000		494,406
Norilsk Nickel Finance Luxembourg SA 7.125% 9/30/09		810,000		805,950
RSHB Capital SA 7.175% 5/16/13 (e)		270,000		267,300
TOTAL LUXEMBOURG				3,353,514
Nonconvertible Bonds - continued
		Principal Amount (c)		Value (Note 1)
Malaysia - 2.8%
Petroliam Nasional BHD (Petronas) 7.625% 10/15/26 (Reg. S)		$ 955,000		$ 1,081,153
Petronas Capital Ltd.:
7% 5/22/12		3,540,000		3,708,214
7.875% 5/22/22 (Reg. S)		1,305,000		1,491,179
TOTAL MALAYSIA				6,280,546
Netherlands - 0.6%
PT Indosat International Finance Co. BV 7.125% 6/22/12 (e)		1,370,000		1,318,625
Russia - 1.3%
Mobile Telesystems Finance SA 9.75% 1/30/08 (Reg. S)		1,690,000		1,742,897
OAO Gazprom 9.625% 3/1/13		990,000		1,136,025
TOTAL RUSSIA				2,878,922
Tunisia - 0.2%
Banque Centrale de Tunisie 7.375% 4/25/12		445,000		465,025
United Kingdom - 0.4%
Credit Suisse First Boston International 8% 11/6/15 (e)		1,045,000		980,962
United States of America - 4.8%
Pemex Project Funding Master Trust:
5.8706% 12/3/12 (e)(f)		590,000		587,640
7.375% 12/15/14		1,500,000		1,548,000
7.75% 9/28/49		3,090,000		3,024,492
7.875% 2/1/09 (f)		1,040,000		1,079,000
8.625% 2/1/22		1,900,000		2,137,500
9.125% 10/13/10		2,110,000		2,318,363
TOTAL UNITED STATES OF AMERICA				10,694,995
Venezuela - 0.3%
Petrozuata Finance, Inc.:
7.63% 4/1/09 (e)		150,881		149,750
8.22% 4/1/17 (e)		465,000		441,750
TOTAL VENEZUELA				591,500
TOTAL NONCONVERTIBLE BONDS (Cost $41,407,078)			39,147,371
Government Obligations - 76.9%
		Principal Amount (c)		Value (Note 1)
Argentina - 1.9%
Argentine Republic:
discount (with partial capitalization through 12/31/13) 8.28% 12/31/33		$ 997,451		$ 887,731
par 1.33% 12/31/38 (f)		3,220,000		1,159,200
4.889% 8/3/12 (f)		2,336,250		2,163,821
TOTAL ARGENTINA				4,210,752
Brazil - 14.8%
Brazilian Federative Republic:
7.125% 1/20/37		1,150,000		1,085,025
7.875% 3/7/15		1,060,000		1,110,350
8% 1/15/18		2,795,000		2,954,315
8.25% 1/20/34		885,000		932,790
8.75% 2/4/25		3,570,000		3,909,150
8.875% 10/14/19		1,535,000		1,709,990
8.875% 4/15/24		1,675,000		1,859,250
10% 8/7/11		1,035,000		1,182,488
10.5% 7/14/14		1,495,000		1,799,233
11% 1/11/12		940,000		1,120,950
11% 8/17/40		4,300,000		5,336,300
12% 4/15/10		3,230,000		3,822,705
12.25% 3/6/30		1,310,000		1,912,600
12.75% 1/15/20		1,575,000		2,244,375
14.5% 10/15/09		1,650,000		2,048,475
TOTAL BRAZIL				33,027,996
Colombia - 1.9%
Colombian Republic:
6.97% 11/16/15 (f)		490,000		501,515
8.125% 5/21/24		285,000		289,275
8.25% 12/22/14		450,000		472,500
10% 1/23/12		820,000		926,600
10.75% 1/15/13		910,000		1,070,160
11.75% 2/25/20		788,000		1,040,160
TOTAL COLOMBIA				4,300,210
Dominican Republic - 1.4%
Dominican Republic:
9.04% 1/23/18 (e)		897,810		944,945
9.5% 9/27/11		2,150,118		2,279,125
TOTAL DOMINICAN REPUBLIC				3,224,070
Government Obligations - continued
		Principal Amount (c)		Value (Note 1)
Ecuador - 1.4%
Ecuador Republic:
9% 8/15/30 (Reg. S) (d)		$ 1,745,000		$ 1,679,563
9.375% 12/15/15 (e)		1,015,000		1,004,850
12% 11/15/12 (e)		102,000		104,448
12% 11/15/12 (Reg. S)		295,800		302,899
TOTAL ECUADOR				3,091,760
El Salvador - 0.3%
El Salvador Republic 8.5% 7/25/11 (Reg. S)		540,000		583,200
Indonesia - 1.4%
Indonesian Republic:
6.75% 3/10/14		665,000		655,025
7.5% 1/15/16 (e)		1,765,000		1,798,094
8.5% 10/12/35 (e)		610,000		654,225
TOTAL INDONESIA				3,107,344
Iraq - 1.0%
Republic of Iraq 5.8% 1/15/28 (e)		3,260,000		2,184,200
Ivory Coast - 0.4%
Ivory Coast:
Brady past due interest 2% 3/29/18 (Reg. S) (a)(f)		1,591,250		413,725
FLIRB 2.5% 3/29/18 (Reg. S) (a)(f)		2,105,000		547,300
TOTAL IVORY COAST				961,025
Lebanon - 2.4%
Lebanon, Republic of:
8.5669% 11/30/09 (e)(f)		1,550,000		1,621,688
8.5669% 11/30/09 (f)		580,000		606,825
10.125% 8/6/08		640,000		679,558
10.25% 10/6/09 (Reg. S)		980,000		1,068,200
11.625% 5/11/16 (Reg. S)		1,065,000		1,317,938
TOTAL LEBANON				5,294,209
Mexico - 8.0%
United Mexican States:
5.625% 1/15/17		1,190,000		1,105,510
5.875% 1/15/14		1,610,000		1,561,700
6.625% 3/3/15		1,134,000		1,145,340
6.75% 9/27/34		865,000		834,725
7.5% 4/8/33		1,710,000		1,816,875
8.125% 12/30/19		2,095,000		2,367,350
Government Obligations - continued
		Principal Amount (c)		Value (Note 1)
Mexico - continued
United Mexican States: - continued
8.3% 8/15/31		$ 3,690,000		$ 4,261,950
11.375% 9/15/16		1,149,000		1,562,640
11.5% 5/15/26		2,095,000		3,072,318
TOTAL MEXICO				17,728,408
Nigeria - 0.4%
Central Bank of Nigeria:
promissory note 5.092% 1/5/10		863,209		811,196
warrants 11/15/20 (g)		750		48,750
TOTAL NIGERIA				859,946
Pakistan - 0.4%
Islamic Republic of Pakistan:
6.75% 2/19/09		425,000		414,375
7.125% 3/31/16 (e)		485,000		448,625
TOTAL PAKISTAN				863,000
Panama - 1.4%
Panamanian Republic:
7.125% 1/29/26		655,000		632,075
7.25% 3/15/15		580,000		585,800
8.875% 9/30/27		825,000		936,375
9.625% 2/8/11		879,000		971,295
TOTAL PANAMA				3,125,545
Peru - 2.3%
Peruvian Republic:
7.35% 7/21/25		870,000		830,850
9.125% 2/21/12		1,125,000		1,245,938
9.875% 2/6/15		1,205,000		1,409,850
euro Brady past due interest 5% 3/7/17 (f)		1,738,000		1,677,170
TOTAL PERU				5,163,808
Philippines - 9.4%
Philippine Republic:
8.375% 2/15/11		2,105,000		2,191,831
8.875% 3/17/15		2,195,000		2,376,088
9% 2/15/13		6,140,000		6,608,175
9.375% 1/18/17		1,605,000		1,781,550
9.5% 2/2/30		2,865,000		3,276,844
Government Obligations - continued
		Principal Amount (c)		Value (Note 1)
Philippines - continued
Philippine Republic: - continued
9.875% 1/15/19		$ 2,425,000		$ 2,794,813
10.625% 3/16/25		1,635,000		2,027,400
TOTAL PHILIPPINES				21,056,701
Russia - 10.1%
Russian Federation:
5% 3/31/30 (Reg. S) (d)		14,305,000		15,234,820
11% 7/24/18 (Reg. S)		2,812,000		3,873,530
12.75% 6/24/28 (Reg. S)		2,034,000		3,432,375
TOTAL RUSSIA				22,540,725
Serbia & Montenegro - 0.2%
Republic of Serbia 3.75% 11/1/24 (d)(e)		635,000		528,638
South Africa - 1.1%
South African Republic:
7.375% 4/25/12		830,000		863,200
8.5% 6/23/17		315,000		358,706
9.125% 5/19/09		675,000		723,938
13% 8/31/10	ZAR	3,345,000		539,319
TOTAL SOUTH AFRICA				2,485,163
Turkey - 4.7%
Turkish Republic:
8% 2/14/34		540,000		508,275
11% 1/14/13		3,425,000		3,908,781
11.5% 1/23/12		1,360,000		1,555,500
11.75% 6/15/10		2,585,000		2,908,125
11.875% 1/15/30		1,155,000		1,576,575
TOTAL TURKEY				10,457,256
Ukraine - 1.8%
City of Kiev 8.75% 8/8/08		870,000		885,225
Ukraine Government:
(Reg. S) 6.875% 3/4/11		460,000		449,650
8.235% 8/5/09 (f)		2,450,000		2,566,375
TOTAL UKRAINE				3,901,250
Government Obligations - continued
		Principal Amount (c)		Value (Note 1)
United States of America - 2.1%
U.S. Treasury Bonds 4.5% 2/15/36		$ 2,000,000		$ 1,793,282
U.S. Treasury Notes 5.125% 5/15/16		3,000,000		2,996,484
TOTAL UNITED STATES OF AMERICA				4,789,766
Uruguay - 0.7%
Uruguay Republic:
7.25% 2/15/11		370,000		370,000
7.5% 3/15/15		735,000		709,275
9.25% 5/17/17		395,000		428,575
TOTAL URUGUAY				1,507,850
Venezuela - 7.0%
Venezuelan Republic:
oil recovery rights 4/15/20 (g)		21,255		722,670
5.375% 8/7/10		1,160,000		1,100,260
6.09% 4/20/11 (f)		2,280,000		2,274,300
7% 12/1/18 (Reg. S)		735,000		705,600
7.65% 4/21/25		1,115,000		1,109,425
8.5% 10/8/14		2,010,000		2,140,650
9.25% 9/15/27		2,610,000		3,073,275
9.375% 1/13/34		675,000		793,125
10.75% 9/19/13		1,205,000		1,431,540
13.625% 8/15/18		1,510,000		2,151,750
TOTAL VENEZUELA				15,502,595
Vietnam - 0.4%
Vietnamese Socialist Republic 6.875% 1/15/16 (e)		965,000		955,350
TOTAL GOVERNMENT OBLIGATIONS (Cost $168,577,111)			171,450,767
Common Stocks - 0.2%
		Shares
Bermuda - 0.2%
APP China Group Ltd. (h) (Cost $519,245)		11,376		455,040
Sovereign Loan Participations - 0.2%
		Principal Amount (c)		Value (Note 1)
Morocco - 0.2%
Moroccan Kingdom loan participation - JP Morgan 5.6825% 1/2/09 (f) (Cost $433,061)		$ 436,071		$ 435,526
Money Market Funds - 4.6%
		Shares
Fidelity Cash Central Fund, 5.11% (b) (Cost $10,202,844)		10,202,844		10,202,844

Purchased Options - 0.1%
Expiration Date/Strike Price		Underlying Face Amount
United States of America - 0.1%
Lehman Brothers Holdings, Inc. Call option on $6,410,000 notional amount of Argentine Republic par 1.33% 12/31/38 (Cost $166,660)	June 2007/ $32.75	$ 2,307,600	301,270

TOTAL INVESTMENT PORTFOLIO - 99.6% (Cost $221,305,999)		221,992,818
NET OTHER ASSETS - 0.4%		883,439
NET ASSETS - 100%	$ 222,876,257

Security Type Abbreviations
FLIRB	-	Front Loaded Interest Reduction Bonds
Currency Abbreviations
EGP	-	Egyptian pound
ZAR	-	South African rand

Legend

(a) Non-income producing - Issuer is in default

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

(c) Principal amount is stated in United States dollars unless otherwise noted.

(d) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $26,418,551 or 11.9% of net assets.

(f) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(g) Quantity represents share amount.

(h) Non-income producing.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 156,325

Other Information

The composition of credit quality ratings as a percentage of net assets is as follows (ratings are unaudited):

U.S.Government and U.S.Government Agency Obligations	2.1%
AAA,AA,A	3.1%
BBB	26.4%
BB	29.9%
B	28.1%
CCC,CC,C	1.4%
Not Rated	3.4%
Equities	0.5%
Other Investments	0.1%
Short-Term Investments and Net Other Assets	5.0%
	100.0%

We have used ratings from Moody's® Investors Services, Inc. Where Moody's ratings are not available, we have used S&P® ratings. Percentages are adjusted for the effect of futures contracts, if applicable.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	June 30, 2006 (Unaudited)
Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $211,103,155)	$ 211,789,974
Affiliated Central Funds (cost $10,202,844)	10,202,844
Total Investments (cost $221,305,999)		$ 221,992,818
Cash		81,642
Receivable for investments sold		1,185,088
Receivable for fund shares sold		643,061
Dividends receivable		30,852
Interest receivable		4,977,427
Prepaid expenses		363
Receivable from investment adviser for expense reductions		23,999
Other receivables		5,108
Total assets		228,940,358
Liabilities
Payable for investments purchased	$ 5,186,521
Payable for fund shares redeemed	411,356
Distributions payable	163,206
Accrued management fee	125,434
Distribution fees payable	66,606
Other affiliated payables	59,317
Other payables and accrued expenses	51,661
Total liabilities		6,064,101
Net Assets		$ 222,876,257
Net Assets consist of:
Paid in capital		$ 216,495,142
Undistributed net investment income		1,142,332
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		4,551,984
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		686,799
Net Assets		$ 222,876,257

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

Semiannual Report

Statement of Assets and Liabilities - continued

	June 30, 2006 (Unaudited)
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($51,826,694 ÷ 4,358,452 shares)		$ 11.89
Maximum offering price per share (100/95.25 of $11.89)		$ 12.48
Class T: Net Asset Value and redemption price per share ($106,848,885 ÷ 9,009,461 shares)		$ 11.86
Maximum offering price per share (100/96.50 of $11.86)		$ 12.29
Class B: Net Asset Value and offering price per share ($25,701,822 ÷ 2,145,886 shares) A		$ 11.98
Class C: Net Asset Value and offering price per share ($21,907,903 ÷ 1,834,519 shares) A		$ 11.94
Institutional Class: Net Asset Value, offering price and redemption price per share ($16,590,953 ÷ 1,411,257 shares)		$ 11.76

^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.

Semiannual Report

Statement of Operations

	Six months ended June 30, 2006 (Unaudited)
Investment Income
Dividends		$ 181,731
Interest		7,224,446
Income from affiliated Central Funds		156,325
Total income		7,562,502
Expenses
Management fee	$ 755,212
Transfer agent fees	291,960
Distribution fees	394,901
Accounting fees and expenses	61,975
Independent trustees' compensation	424
Custodian fees and expenses	42,799
Registration fees	56,441
Audit	38,851
Legal	16,708
Miscellaneous	857
Total expenses before reductions	1,660,128
Expense reductions	(222,269)	1,437,859
Net investment income		6,124,643
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	5,077,098
Foreign currency transactions	(96,430)
Total net realized gain (loss)		4,980,668
Change in net unrealized appreciation (depreciation) on: Investment securities	(8,964,720)
Assets and liabilities in foreign currencies	20,258
Total change in net unrealized appreciation (depreciation)		(8,944,462)
Net gain (loss)		(3,963,794)
Net increase (decrease) in net assets resulting from operations		$ 2,160,849

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

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Six months ended June 30, 2006 (Unaudited)	Year ended December 31, 2005
Increase (Decrease) in Net Assets
Operations
Net investment income	$ 6,124,643	$ 10,747,566
Net realized gain (loss)	4,980,668	6,887,140
Change in net unrealized appreciation (depreciation)	(8,944,462)	1,612,496
Net increase (decrease) in net assets resulting from operations	2,160,849	19,247,202
Distributions to shareholders from net investment income	(5,875,689)	(11,113,855)
Distributions to shareholders from net realized gain	(1,157,881)	(9,174,599)
Total distributions	(7,033,570)	(20,288,454)
Share transactions - net increase (decrease)	21,478,882	33,854,076
Redemption fees	32,362	19,860
Total increase (decrease) in net assets	16,638,523	32,832,684
Net Assets
Beginning of period	206,237,734	173,405,050
End of period (including undistributed net investment income of $1,142,332 and undistributed net investment income of $893,378, respectively)	$ 222,876,257	$ 206,237,734

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

Semiannual Report

Financial Highlights - Class A

	Six months ended June 30, 2006	Years ended December 31,
	(Unaudited)	2005	2004	2003	2002	2001
Selected Per-Share Data
Net asset value, beginning of period	$ 12.11	$ 12.16	$ 11.70	$ 9.67	$ 9.37	$ 9.81
Income from Investment Operations
Net investment income E	.344	.727	.683	.802	.714 G	1.030 G
Net realized and unrealized gain (loss)	(.168)	.556	.707	2.064	.348 G	(.431) G
Total from investment operations	.176	1.283	1.390	2.866	1.062	.599
Distributions from net investment income	(.331)	(.744)	(.712)	(.836)	(.762)	(1.039)
Distributions from net realized gain	(.067)	(.590)	(.220)	-	-	-
Total distributions	(.398)	(1.334)	(.932)	(.836)	(.762)	(1.039)
Redemption fees added to paid in capital E	.002	.001	.002	-	-	-
Net asset value, end of period	$ 11.89	$ 12.11	$ 12.16	$ 11.70	$ 9.67	$ 9.37
Total Return B, C, D	1.42%	11.15%	12.44%	30.43%	11.80%	6.35%
Ratios to Average Net Assets F
Expenses before reductions	1.30% A	1.31%	1.34%	1.32%	1.36%	1.45%
Expenses net of fee waivers, if any	1.10% A	1.11%	1.34%	1.32%	1.36%	1.40%
Expenses net of all reductions	1.09% A	1.11%	1.34%	1.32%	1.35%	1.40%
Net investment income	5.68% A	6.04%	5.86%	7.31%	7.56% G	10.66% G
Supplemental Data
Net assets, end of period (000 omitted)	$ 51,827	$ 42,836	$ 28,854	$ 26,787	$ 13,920	$ 7,601
Portfolio turnover rate	134% A	202%	238%	260%	222%	271%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

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

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

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

^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 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 As a result of a revision to reflect accretion of market discount using the interest method, certain amounts for the year ended December 31, 2002 and December 31, 2001 have been reclassified from what was previously reported. The impact of this change was a decrease to net investment income (loss) of $.057 and $.070 per share with a corresponding increase to net realized and unrealized gain (loss) per share. The ratio of net investment income (loss) to average net assets decreased from 8.17% and 11.39% to 7.56% and 10.66%, respectively. The reclassification has no impact on the net assets of the fund.

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

Semiannual Report

Financial Highlights - Class T

	Six months ended June 30, 2006	Years ended December 31,
	(Unaudited)	2005	2004	2003	2002	2001
Selected Per-Share Data
Net asset value, beginning of period	$ 12.08	$ 12.14	$ 11.68	$ 9.66	$ 9.36	$ 9.80
Income from Investment Operations
Net investment income E	.337	.713	.670	.787	.706 G	1.024 G
Net realized and unrealized gain (loss)	(.167)	.549	.708	2.057	.346 G	(.435)G
Total from investment operations	.170	1.262	1.378	2.844	1.052	.589
Distributions from net investment income	(.325)	(.733)	(.700)	(.824)	(.752)	(1.029)
Distributions from net realized gain	(.067)	(.590)	(.220)	-	-	-
Total distributions	(.392)	(1.323)	(.920)	(.824)	(.752)	(1.029)
Redemption fees added to paid in capital E	.002	.001	.002	-	-	-
Net asset value, end of period	$ 11.86	$ 12.08	$ 12.14	$ 11.68	$ 9.66	$ 9.36
Total Return B, C, D	1.38%	10.98%	12.35%	30.22%	11.70%	6.25%
Ratios to Average Net Assets F
Expenses before reductions	1.38% A	1.40%	1.44%	1.43%	1.47%	1.53%
Expenses net of fee waivers, if any	1.20% A	1.21%	1.44%	1.43%	1.47%	1.50%
Expenses net of all reductions	1.19% A	1.21%	1.44%	1.43%	1.46%	1.50%
Net investment income	5.58% A	5.94%	5.76%	7.20%	7.46% G	10.56% G
Supplemental Data
Net assets, end of period (000 omitted)	$ 106,849	$ 95,102	$ 89,784	$ 82,811	$ 57,154	$ 46,740
Portfolio turnover rate	134% A	202%	238%	260%	222%	271%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

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

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

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

^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 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 As a result of a revision to reflect accretion of market discount using the interest method, certain amounts for the years ended December 31, 2002 and December 31, 2001 have been reclassified from what was previously reported. The impact of this change was a decrease to net investment income (loss) of $.057 and $.071 per share with a corresponding increase to net realized and unrealized gain (loss) per share. The ratio of net investment income (loss) to average net assets decreased from 8.06% and 11.29% to 7.46% and 10.56%, respectively. The reclassification has no impact on the net assets of the fund.

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

Semiannual Report

Financial Highlights - Class B

	Six months ended June 30, 2006	Years ended December 31,
	(Unaudited)	2005	2004	2003	2002	2001
Selected Per-Share Data
Net asset value, beginning of period	$ 12.20	$ 12.24	$ 11.77	$ 9.73	$ 9.42	$ 9.85
Income from Investment Operations
Net investment income E	.301	.640	.595	.719	.646 G	.968 G
Net realized and unrealized gain (loss)	(.171)	.562	.712	2.071	.352 G	(.433) G
Total from investment operations	.130	1.202	1.307	2.790	.998	.535
Distributions from net investment income	(.285)	(.653)	(.619)	(.750)	(.688)	(.965)
Distributions from net realized gain	(.067)	(.590)	(.220)	-	-	-
Total distributions	(.352)	(1.243)	(.839)	(.750)	(.688)	(.965)
Redemption fees added to paid in capital E	.002	.001	.002	-	-	-
Net asset value, end of period	$ 11.98	$ 12.20	$ 12.24	$ 11.77	$ 9.73	$ 9.42
Total Return B, C, D	1.04%	10.34%	11.56%	29.34%	10.99%	5.62%
Ratios to Average Net Assets F
Expenses before reductions	2.13% A	2.12%	2.13%	2.09%	2.13%	2.22%
Expenses net of fee waivers, if any	1.85% A	1.86%	2.13%	2.09%	2.13%	2.15%
Expenses net of all reductions	1.83% A	1.86%	2.13%	2.09%	2.12%	2.15%
Net investment income	4.93% A	5.28%	5.07%	6.53%	6.79% G	9.91% G
Supplemental Data
Net assets, end of period (000 omitted)	$ 25,702	$ 27,303	$ 27,238	$ 30,088	$ 20,903	$ 15,736
Portfolio turnover rate	134% A	202%	238%	260%	222%	271%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

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

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

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

^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 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 As a result of a revision to reflect accretion of market discount using the interest method, certain amounts for the year ended December 31, 2002 and December 31, 2001 have been reclassified from what was previously reported. The impact of this change was a decrease to net investment income (loss) of $.057 and $.071 per share with a corresponding increase to net realized and unrealized gain (loss) per share. The ratio of net investment income (loss) to average net assets decreased from 7.39% and 10.64% to 6.79% and 9.91%, respectively. The reclassification has no impact on the net assets of the fund.

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

Semiannual Report

Financial Highlights - Class C

	Six months ended June 30, 2006	Years ended December 31,
	(Unaudited)	2005	2004	2003	2002	2001
Selected Per-Share Data
Net asset value, beginning of period	$ 12.16	$ 12.21	$ 11.74	$ 9.71	$ 9.40	$ 9.84
Income from Investment Operations
Net investment income E	.294	.627	.585	.709	.633 G	.954 G
Net realized and unrealized gain (loss)	(.170)	.553	.715	2.060	.355 G	(.438) G
Total from investment operations	.124	1.180	1.300	2.769	.988	.516
Distributions from net investment income	(.279)	(.641)	(.612)	(.739)	(.678)	(.956)
Distributions from net realized gain	(.067)	(.590)	(.220)	-	-	-
Total distributions	(.346)	(1.231)	(.832)	(.739)	(.678)	(.956)
Redemption fees added to paid in capital E	.002	.001	.002	-	-	-
Net asset value, end of period	$ 11.94	$ 12.16	$ 12.21	$ 11.74	$ 9.71	$ 9.40
Total Return B, C, D	.99%	10.17%	11.53%	29.18%	10.90%	5.43%
Ratios to Average Net Assets F
Expenses before reductions	2.15% A	2.16%	2.19%	2.19%	2.24%	2.32%
Expenses net of fee waivers, if any	1.95% A	1.96%	2.19%	2.19%	2.24%	2.25%
Expenses net of all reductions	1.94% A	1.96%	2.19%	2.19%	2.23%	2.25%
Net investment income	4.83% A	5.19%	5.01%	6.43%	6.69% G	9.81% G
Supplemental Data
Net assets, end of period (000 omitted)	$ 21,908	$ 18,863	$ 14,606	$ 12,516	$ 6,641	$ 3,411
Portfolio turnover rate	134% A	202%	238%	260%	222%	271%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

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

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

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

^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 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 As a result of a revision to reflect accretion of market discount using the interest method, certain amounts for the year ended December 31, 2002 and December 31, 2001 have been reclassified from what was previously reported. The impact of this change was a decrease to net investment income (loss) of $.057 and $.071 per share with a corresponding increase to net realized and unrealized gain (loss) per share. The ratio of net investment income (loss) to average net assets decreased from 7.29% and 10.54% to 6.69% and 9.81%, respectively. The reclassification has no impact on the net assets of the fund.

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

Semiannual Report

Financial Highlights - Institutional Class

	Six months ended June 30, 2006	Years ended December 31,
	(Unaudited)	2005	2004	2003	2002	2001
Selected Per-Share Data
Net asset value, beginning of period	$ 11.98	$ 12.04	$ 11.60	$ 9.60	$ 9.30	$ 9.75
Income from Investment Operations
Net investment income D	.350	.739	.712	.820	.736 F	1.048 F
Net realized and unrealized gain (loss)	(.165)	.554	.694	2.045	.352 F	(.437) F
Total from investment operations	.185	1.293	1.406	2.865	1.088	.611
Distributions from net investment income	(.340)	(.764)	(.748)	(.865)	(.788)	(1.061)
Distributions from net realized gain	(.067)	(.590)	(.220)	-	-	-
Total distributions	(.407)	(1.354)	(.968)	(.865)	(.788)	(1.061)
Redemption fees added to paid in capital D	.002	.001	.002	-	-	-
Net asset value, end of period	$ 11.76	$ 11.98	$ 12.04	$ 11.60	$ 9.60	$ 9.30
Total Return B, C	1.52%	11.37%	12.72%	30.69%	12.21%	6.53%
Ratios to Average Net Assets E
Expenses before reductions	1.01% A	1.01%	1.03%	1.06%	1.09%	1.17%
Expenses net of fee waivers, if any	.95% A	.95%	1.03%	1.06%	1.09%	1.17%
Expenses net of all reductions	.94% A	.95%	1.03%	1.06%	1.08%	1.17%
Net investment income	5.83% A	6.20%	6.17%	7.56%	7.83% F	10.89% F
Supplemental Data
Net assets, end of period (000 omitted)	$ 16,591	$ 22,134	$ 12,924	$ 10,993	$ 8,386	$ 7,028
Portfolio turnover rate	134% A	202%	238%	260%	222%	271%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

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

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

^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 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 As a result of a revision to reflect accretion of market discount using the interest method, certain amounts for the year ended December 31, 2002 and December 31, 2001 have been reclassified from what was previously reported. The impact of this change was a decrease to net investment income (loss) of $.057 and $.070 per share with a corresponding increase to net realized and unrealized gain (loss) per share. The ratio of net investment income (loss) to average net assets decreased from 8.44% and 11.62% to 7.83% and 10.89%, respectively. The reclassification has no impact on the net assets of the fund.

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

Semiannual Report

Notes to Financial Statements

For the period ended June 30, 2006 (Unaudited)

1. Significant Accounting Policies.

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

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

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

Security Valuation. Investments are valued and net asset value per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Security Valuation - continued

When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. The frequency of when fair value pricing is used is unpredictable. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

Foreign Currency. The Fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. 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.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectibility of interest is reasonably assured.

Semiannual Report

1. Significant Accounting Policies - continued

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

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

Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

Book-tax differences are primarily due to foreign currency transactions, defaulted bonds, market discount, deferred trustees compensation and losses deferred due to wash sales.

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

Unrealized appreciation	$ 6,638,728
Unrealized depreciation	(5,874,798)
Net unrealized appreciation (depreciation)	$ 763,930
Cost for federal income tax purposes	$ 221,228,888

New Accounting Pronouncement. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48) was issued and is effective for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Fund's net assets and results of operations.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 90 days are subject to a redemption fee equal to 1.00% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the Fund and accounted for as an addition to paid in capital.

2. Operating Policies.

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

Options. The Fund may use options to manage its exposure to the bond market and to fluctuations in interest rates. Writing puts and buying calls tend to increase a fund's exposure to the underlying instrument. Buying puts and writing calls tend to decrease a fund's exposure to the underlying instrument, or hedge other fund investments. The underlying face amount at value of any open options at period end is shown in the Schedule of Investments under the caption "Purchased Options". This amount reflects each contract's exposure to the underlying instrument at period end. Losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, or if the counterparties do not perform under the contracts' terms. Gains and losses are realized upon the expiration or closing of the options. Realized gains (losses) on purchased options are included in realized gains (losses) on investment securities.

Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price. Options traded over-the-counter are valued using dealer-supplied valuations.

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.

Semiannual Report

2. Operating Policies - continued

Loans and Other Direct Debt Instruments. The Fund may invest in loans and loan participations, trade claims or other receivables. These investments may include standby financing commitments, including revolving credit facilities, that obligate the Fund to supply additional cash to the borrower on demand. Loan participations involve a risk of insolvency of the lending bank or other financial intermediary.

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $170,136,363 and $134,699,651, respectively.

4. 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 .55% of the Fund's average net assets and a group fee rate that averaged ..12% 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. For the period, the total annualized management fee rate was .67% of the Fund's average net assets.

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

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	0%	.15%	$ 36,744	$ 879
Class T	0%	.25%	130,121	4,446
Class B	.65%	.25%	121,892	88,408
Class C	.75%	.25%	106,144	29,221
			$ 394,901	$ 122,954

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

Sales Load. FDC receives a front-end sales charge of up to 4.75% for selling Class A shares, and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C,.75% to .50% for certain purchases of Class A shares (.25% prior to February 24, 2006) and .25% for certain purchases of Class T shares.

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

	Retained by FDC
Class A	$ 27,033
Class T	14,536
Class B*	34,158
Class C*	3,887
	$ 79,614

* 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 the total transfer agent fees paid by each class to FIIOC, were as follows:

	Amount	% of Average Net Assets
Class A	$ 67,096	.28*
Class T	133,615	.26*
Class B	46,662	.35*
Class C	28,586	.27*
Institutional Class	16,001	.13*
	$ 291,960

* Annualized

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.

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

The Money Market Central Funds do not pay a management fee.

5. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro rata portion of the line of credit, which amounts to $205 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

6. 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, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser
Class A	1.10%	$ 47,539
Class T	1.20%	93,898
Class B	1.85%	37,347
Class C	1.95%	20,947
Institutional Class	.95%	6,610
		$ 206,341

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 $12,129 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 $3,799.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

7. Credit Risk.

The Fund's relatively large investment in countries with limited or developing capital markets may involve greater risks than investments in more developed markets and the prices of such investments may be volatile. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The consequences of political, social or economic changes in these markets may have disruptive effects on the market prices of the Fund's investments and the income they generate, as well as the Fund's ability to repatriate such amounts.

8. Other.

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

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2006	Year ended December 31, 2005
From net investment income
Class A	$ 1,322,798	$ 2,239,106
Class T	2,772,670	5,403,868
Class B	626,848	1,451,279
Class C	481,031	891,722
Institutional Class	672,342	1,127,880
Total	$ 5,875,689	$ 11,113,855
From net realized gain
Class A	$ 243,477	$ 1,740,895
Class T	538,047	4,435,816
Class B	147,856	1,301,890
Class C	107,391	809,962
Institutional Class	121,110	886,036
Total	$ 1,157,881	$ 9,174,599

Semiannual Report

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended June 30, 2006	Year ended December 31, 2005	Six months ended June 30, 2006	Year ended December 31, 2005
Class A
Shares sold	1,324,903	1,580,185	$ 16,256,684	$ 19,087,388
Reinvestment of distributions	103,624	282,049	1,266,192	3,406,044
Shares redeemed	(607,266)	(697,498)	(7,403,153)	(8,439,651)
Net increase (decrease)	821,261	1,164,736	$ 10,119,723	$ 14,053,781
Class T
Shares sold	2,138,740	2,244,555	$ 26,123,467	$ 26,968,052
Reinvestment of distributions	250,280	757,460	3,051,132	9,115,277
Shares redeemed	(1,252,512)	(2,527,298)	(15,203,034)	(30,073,867)
Net increase (decrease)	1,136,508	474,717	$ 13,971,565	$ 6,009,462
Class B
Shares sold	308,734	495,665	$ 3,817,440	$ 6,012,880
Reinvestment of distributions	49,977	183,667	615,699	2,229,627
Shares redeemed	(451,534)	(666,010)	(5,564,464)	(8,048,875)
Net increase (decrease)	(92,823)	13,322	$ (1,131,325)	$ 193,632
Class C
Shares sold	551,162	616,150	$ 6,794,603	$ 7,468,299
Reinvestment of distributions	36,505	110,693	447,999	1,341,300
Shares redeemed	(304,293)	(372,083)	(3,735,211)	(4,495,615)
Net increase (decrease)	283,374	354,760	$ 3,507,391	$ 4,313,984
Institutional Class
Shares sold	908,716	868,350	$ 11,183,132	$ 10,393,080
Reinvestment of distributions	31,342	99,843	379,177	1,192,164
Shares redeemed	(1,376,829)	(193,316)	(16,550,781)	(2,302,027)
Net increase (decrease)	(436,771)	774,877	$ (4,988,472)	$ 9,283,217

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Emerging Markets Income Fund

On January 19, 2006, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve a general research services agreement (the Agreement) between FMR, FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and Fidelity Research & Analysis Company (FRAC) (together, the Investment Advisers) for the fund, effective January 20, 2006, pursuant to which FRAC may provide general research and investment advisory support services to FMRC and FIMM. The Board considered that it has approved previously various sub-advisory agreements for the fund with affiliates of FMR that allow FMR to obtain research, non-discretionary advice, or discretionary portfolio management at no additional expense to the fund. The Board, assisted by the advice of fund counsel and independent Trustees' counsel, considered a broad range of information and determined that it would be beneficial for the fund to access the research and investment advisory support services supplied by FRAC at no additional expense to the fund.

The Board reached this determination in part because the new arrangement will involve no changes in (i) the contractual terms of and fees payable under the fund's management contract or sub-advisory agreements; (ii) the investment process or strategies employed in the management of the fund's assets; (iii) the nature or level of services provided under the fund's management contract or sub-advisory agreements; (iv) the day-to-day management of the fund or the persons primarily responsible for such management; or (v) the ultimate control or beneficial ownership of FMR, FMRC, or FIMM. The Board also considered that the establishment of the Agreement would not necessitate prior shareholder approval of the Agreement or result in an assignment and termination of the fund's management contract or sub-advisory agreements under the Investment Company Act of 1940.

Because the Board was approving an arrangement with FRAC under which the fund will not bear any additional management fees or expenses and under which the fund's portfolio manager would not change, it did not consider the fund's investment performance, competitiveness of management fee and total expenses, costs of services and profitability, or economies of scale to be significant factors in its decision.

In connection with its future renewal of the fund's management contract and sub-advisory agreements, the Board will consider: (i) the nature, extent, and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the fund's management fee and total expenses; (iii) the costs of the services and profitability, including 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; and (iv) 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.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the fund's Agreement is fair and reasonable, and that the fund's Agreement should be approved.

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

The Board meets regularly each month except August and takes into account throughout the year matters bearing on Advisory Contracts. The Board, acting directly and through its separate committees, considers at each of its meetings factors that are relevant to the annual renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. At the time of the renewal, the Board had 12 standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. Each committee has adopted a written charter outlining the structure and purposes of the committee. One such committee, the Fixed-Income Contract Committee, meets periodically as needed throughout the year to consider matters specifically related to the annual renewal of Advisory Contracts. The committee requests and receives information on, and makes recommendations to the Independent Trustees concerning, the approval and annual review of the Advisory Contracts.

At its June 2006 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew the Advisory Contracts for the fund. In reaching its determination, the Board considered all factors it believed relevant, including (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 management fee and total expenses of the fund; (iii) the total costs of the services to be provided by and the profits to be realized by the investment adviser and its affiliates from the relationship with the fund; (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 determining whether to renew the Advisory Contracts for the fund, the Board ultimately reached a determination, with the assistance of fund counsel and Independent Trustees' counsel, that the renewal of the Advisory Contracts and the compensation to be received by Fidelity under the management contract is consistent with Fidelity's fiduciary duty under applicable law. In addition to evaluating the specific factors noted above, the Board, in reaching its determination, is aware that shareholders in the fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that the fund's shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, managed by Fidelity.

Semiannual Report

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

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

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of administrative, distribution, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the Investment Advisers' 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 reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered that Fidelity voluntarily pays for market data out of its own resources.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board noted that the growth of fund assets 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 phone representatives and over the Internet, and investor education materials and asset allocation tools.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing for a large variety of mutual fund investor services. For example, fund shareholders are offered the privilege of exchanging shares of the fund for shares of other Fidelity funds, as set forth in the fund's prospectus, without paying an additional sales charge. The Board noted that, since the last Advisory Contract renewals in June 2005, Fidelity has taken a number of actions that benefited particular funds, including (i) dedicating additional resources to investment research and to restructure the investment research teams; (ii) voluntarily entering into contractual arrangements with certain brokers pursuant to which Fidelity pays for research products and services separately out of its own resources, rather than bundling with fund commissions; (iii) launching the Fidelity Advantage Class of its five Spartan stock index funds and three Spartan bond index funds, which is a lower-fee class available to shareholders with higher account balances; (iv) contractually agreeing to impose expense limitations on Fidelity U.S. Bond Index Fund and reducing the fund's initial investment minimum; and (v) offering shareholders of each of the Fidelity Institutional Money Market Funds the privilege of exchanging shares of the fund for shares of other Fidelity funds.

Investment Performance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance for each class, as well as the fund's relative investment performance for each class measured against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed appropriate by the Board over multiple periods. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2005, the cumulative total returns of Class C and Institutional Class 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 Lipper Inc. as having an investment objective similar to that of the fund. The returns of Class C and Institutional Class represent the performance of classes with the highest and lowest 12b-1 fees, respectively (not necessarily with the highest and lowest total expenses). The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the Lipper peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten numbers noted below each chart correspond to the percentile box and represent the percentage of funds in the Lipper peer group whose performance was equal to or lower than that of the class indicated.

Semiannual Report

Fidelity Advisor Emerging Markets Income Fund

The Board reviewed the fund's relative investment performance against its Lipper peer group and stated that the performance of Institutional Class of the fund was in the third quartile for the one- and five-year periods and the second quartile for the three-year period. The Board also stated that the relative investment performance of Institutional Class 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.

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

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

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 53% means that 47% 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 Income Fund

The Board noted that the fund's management fee ranked above the median of its Total Mapped Group and above the median of its ASPG for 2005. The Board considered that, with the fund's emphasis on emerging markets, the fund has a narrower investment focus than most of the funds in the Total Mapped Group, which includes international and global bond funds in addition to emerging market debt funds. Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

Semiannual Report

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

The Board noted that the total expenses of each of Class A and Class B ranked below its competitive median for 2005, the total expenses of Class T ranked equal to its competitive median for 2005, and the total expenses of each of Class C and Institutional Class ranked above its competitive median for 2005. 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 expenses 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.

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

Based on its review, the Board concluded that the total expenses of each class of the fund were 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.

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

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

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

PricewaterhouseCoopers LLP (PwC), independent registered 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 the results 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 believes that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

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

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

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

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

Semiannual Report

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

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Advisory Contracts, the Board requested additional information on several topics, including (i) Fidelity's fund profitability methodology and profitability trends within certain funds; (ii) funds and accounts managed by Fidelity other than the Fidelity funds, including fee arrangements; (iii) the total expenses of certain funds and classes relative to competitors; (iv) fund performance trends; and (v) Fidelity's fee structures.

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

Semiannual Report

Semiannual Report

Semiannual Report

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Adviser

FMR Co., Inc.

Fidelity Research & Analysis Company
(formerly Fidelity Management &
Research (Far East) Inc.)

Fidelity Investments Japan Limited

Fidelity International Investment Advisors

Fidelity International Investment
Advisors (U.K.) Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

EMI-USAN-0806
1.787773.103

(Fidelity Investment logo)(registered trademark)

(Fidelity Investment logo)(registered trademark)
Fidelity ® Advisor

Emerging Markets Income
Fund - Institutional Class

Semiannual Report

June 30, 2006

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message	<Click Here>	Ned Johnson's message to shareholders.
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.
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 www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

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

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

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

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

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

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Although many securities markets made gains in early 2006, inflation concerns led to mixed results through the year's mid-point. Financial markets are always unpredictable. There are, however, a number of time-tested principles that can put the historical odds in your favor.

One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).

A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual 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 (January 1, 2006 to June 30, 2006).

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.

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.

Semiannual Report

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.

	Beginning Account Value January 1, 2006	Ending Account Value June 30, 2006	Expenses Paid During Period* January 1, 2006 to June 30, 2006
Class A
Actual	$ 1,000.00	$ 1,014.20	$ 5.49
Hypothetical A	$ 1,000.00	$ 1,019.34	$ 5.51
Class T
Actual	$ 1,000.00	$ 1,013.80	$ 5.99
Hypothetical A	$ 1,000.00	$ 1,018.84	$ 6.01
Class B
Actual	$ 1,000.00	$ 1,010.40	$ 9.22
Hypothetical A	$ 1,000.00	$ 1,015.62	$ 9.25
Class C
Actual	$ 1,000.00	$ 1,009.90	$ 9.72
Hypothetical A	$ 1,000.00	$ 1,015.12	$ 9.74
Institutional Class
Actual	$ 1,000.00	$ 1,015.20	$ 4.75
Hypothetical A	$ 1,000.00	$ 1,020.08	$ 4.76

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

	Annualized Expense Ratio
Class A	1.10%
Class T	1.20%
Class B	1.85%
Class C	1.95%
Institutional Class	.95%

Semiannual Report

Investment Changes

Top Five Countries as of June 30, 2006
(excluding cash equivalents)	% of fund's net assets	% of fund's net assets 6 months ago
Brazil	15.2	18.2
Russia	11.4	5.9
Philippines	9.4	6.2
Mexico	8.0	8.4
Venezuela	7.3	6.7

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

Top Five Holdings as of June 30, 2006
(by issuer, excluding cash equivalents)	% of fund's net assets	% of fund's net assets 6 months ago
Brazilian Federative Republic	14.8	17.6
Russian Federation	10.1	4.0
Philippine Republic	9.4	6.2
United Mexican States	8.0	8.1
Venezuelan Republic	7.0	6.7
	49.3

Asset Allocation (% of fund's net assets)
As of June 30, 2006		As of December 31, 2005
	Corporate Bonds 17.6%		Corporate Bonds 13.1%
	Government Obligations 76.9%		Government Obligations 76.2%
	Stocks 0.2%		Stocks 0.3%
	Other Investments 0.3%		Other Investments 0.3%
	Short-Term Investments and Net Other Assets 5.0%		Short-Term Investments and Net Other Assets 10.1%

Semiannual Report

Investments June 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 17.6%
		Principal Amount (c)		Value (Note 1)
Argentina - 0.5%
Telecom Personal SA 9.25% 12/22/10 (e)		$ 1,100,000		$ 1,089,000
Bahamas (Nassau) - 0.5%
Odebrecht Overseas Ltd. 11.5% 2/25/09 (e)		975,000		1,074,938
Brazil - 0.4%
Braskem SA 11.75% 1/22/14 (e)		505,000		568,125
Globo Comunicacoes e Participacoes SA (Reg. S) 7.375% 10/20/11 (d)		326,526		326,118
TOTAL BRAZIL				894,243
Cayman Islands - 0.3%
CSN Islands VIII Corp. 9.75% 12/16/13 (e)		625,000		665,625
Egypt - 0.1%
Telecom Egypt SAE 10.7% 2/4/10 (f)	EGP	1,823,100		312,984
Germany - 3.4%
Citigroup Global Markets Deutschland AG 9.25% 4/19/14 (e)		1,035,000		1,071,225
Dresdner Bank AG 10.375% 8/17/09 (e)		855,000		911,601
Gazstream SA 5.625% 7/22/13 (e)		4,790,816		4,647,091
Kyivstar GSM 7.75% 4/27/12 (Issued by Dresdner Bank AG for Kyivstar GSM) (e)		895,000		868,150
TOTAL GERMANY				7,498,067
Indonesia - 0.0%
APP International Finance (Mauritius) Ltd.:
0% 7/5/01 (a)(e)		1,235,000		30,875
0% 7/5/01 (a) (Reg. S)		445,000		11,125
TOTAL INDONESIA				42,000
Korea (South) - 0.5%
Hanarotelecom, Inc. 7% 2/1/12 (e)		1,065,000		1,006,425
Luxembourg - 1.5%
Millicom International Cellular SA 10% 12/1/13		1,015,000		1,126,650
Mobile Telesystems Finance SA:
(Reg. S) 8.375% 10/14/10		660,000		659,208
8.375% 10/14/10 (e)		495,000		494,406
Norilsk Nickel Finance Luxembourg SA 7.125% 9/30/09		810,000		805,950
RSHB Capital SA 7.175% 5/16/13 (e)		270,000		267,300
TOTAL LUXEMBOURG				3,353,514
Nonconvertible Bonds - continued
		Principal Amount (c)		Value (Note 1)
Malaysia - 2.8%
Petroliam Nasional BHD (Petronas) 7.625% 10/15/26 (Reg. S)		$ 955,000		$ 1,081,153
Petronas Capital Ltd.:
7% 5/22/12		3,540,000		3,708,214
7.875% 5/22/22 (Reg. S)		1,305,000		1,491,179
TOTAL MALAYSIA				6,280,546
Netherlands - 0.6%
PT Indosat International Finance Co. BV 7.125% 6/22/12 (e)		1,370,000		1,318,625
Russia - 1.3%
Mobile Telesystems Finance SA 9.75% 1/30/08 (Reg. S)		1,690,000		1,742,897
OAO Gazprom 9.625% 3/1/13		990,000		1,136,025
TOTAL RUSSIA				2,878,922
Tunisia - 0.2%
Banque Centrale de Tunisie 7.375% 4/25/12		445,000		465,025
United Kingdom - 0.4%
Credit Suisse First Boston International 8% 11/6/15 (e)		1,045,000		980,962
United States of America - 4.8%
Pemex Project Funding Master Trust:
5.8706% 12/3/12 (e)(f)		590,000		587,640
7.375% 12/15/14		1,500,000		1,548,000
7.75% 9/28/49		3,090,000		3,024,492
7.875% 2/1/09 (f)		1,040,000		1,079,000
8.625% 2/1/22		1,900,000		2,137,500
9.125% 10/13/10		2,110,000		2,318,363
TOTAL UNITED STATES OF AMERICA				10,694,995
Venezuela - 0.3%
Petrozuata Finance, Inc.:
7.63% 4/1/09 (e)		150,881		149,750
8.22% 4/1/17 (e)		465,000		441,750
TOTAL VENEZUELA				591,500
TOTAL NONCONVERTIBLE BONDS (Cost $41,407,078)			39,147,371
Government Obligations - 76.9%
		Principal Amount (c)		Value (Note 1)
Argentina - 1.9%
Argentine Republic:
discount (with partial capitalization through 12/31/13) 8.28% 12/31/33		$ 997,451		$ 887,731
par 1.33% 12/31/38 (f)		3,220,000		1,159,200
4.889% 8/3/12 (f)		2,336,250		2,163,821
TOTAL ARGENTINA				4,210,752
Brazil - 14.8%
Brazilian Federative Republic:
7.125% 1/20/37		1,150,000		1,085,025
7.875% 3/7/15		1,060,000		1,110,350
8% 1/15/18		2,795,000		2,954,315
8.25% 1/20/34		885,000		932,790
8.75% 2/4/25		3,570,000		3,909,150
8.875% 10/14/19		1,535,000		1,709,990
8.875% 4/15/24		1,675,000		1,859,250
10% 8/7/11		1,035,000		1,182,488
10.5% 7/14/14		1,495,000		1,799,233
11% 1/11/12		940,000		1,120,950
11% 8/17/40		4,300,000		5,336,300
12% 4/15/10		3,230,000		3,822,705
12.25% 3/6/30		1,310,000		1,912,600
12.75% 1/15/20		1,575,000		2,244,375
14.5% 10/15/09		1,650,000		2,048,475
TOTAL BRAZIL				33,027,996
Colombia - 1.9%
Colombian Republic:
6.97% 11/16/15 (f)		490,000		501,515
8.125% 5/21/24		285,000		289,275
8.25% 12/22/14		450,000		472,500
10% 1/23/12		820,000		926,600
10.75% 1/15/13		910,000		1,070,160
11.75% 2/25/20		788,000		1,040,160
TOTAL COLOMBIA				4,300,210
Dominican Republic - 1.4%
Dominican Republic:
9.04% 1/23/18 (e)		897,810		944,945
9.5% 9/27/11		2,150,118		2,279,125
TOTAL DOMINICAN REPUBLIC				3,224,070
Government Obligations - continued
		Principal Amount (c)		Value (Note 1)
Ecuador - 1.4%
Ecuador Republic:
9% 8/15/30 (Reg. S) (d)		$ 1,745,000		$ 1,679,563
9.375% 12/15/15 (e)		1,015,000		1,004,850
12% 11/15/12 (e)		102,000		104,448
12% 11/15/12 (Reg. S)		295,800		302,899
TOTAL ECUADOR				3,091,760
El Salvador - 0.3%
El Salvador Republic 8.5% 7/25/11 (Reg. S)		540,000		583,200
Indonesia - 1.4%
Indonesian Republic:
6.75% 3/10/14		665,000		655,025
7.5% 1/15/16 (e)		1,765,000		1,798,094
8.5% 10/12/35 (e)		610,000		654,225
TOTAL INDONESIA				3,107,344
Iraq - 1.0%
Republic of Iraq 5.8% 1/15/28 (e)		3,260,000		2,184,200
Ivory Coast - 0.4%
Ivory Coast:
Brady past due interest 2% 3/29/18 (Reg. S) (a)(f)		1,591,250		413,725
FLIRB 2.5% 3/29/18 (Reg. S) (a)(f)		2,105,000		547,300
TOTAL IVORY COAST				961,025
Lebanon - 2.4%
Lebanon, Republic of:
8.5669% 11/30/09 (e)(f)		1,550,000		1,621,688
8.5669% 11/30/09 (f)		580,000		606,825
10.125% 8/6/08		640,000		679,558
10.25% 10/6/09 (Reg. S)		980,000		1,068,200
11.625% 5/11/16 (Reg. S)		1,065,000		1,317,938
TOTAL LEBANON				5,294,209
Mexico - 8.0%
United Mexican States:
5.625% 1/15/17		1,190,000		1,105,510
5.875% 1/15/14		1,610,000		1,561,700
6.625% 3/3/15		1,134,000		1,145,340
6.75% 9/27/34		865,000		834,725
7.5% 4/8/33		1,710,000		1,816,875
8.125% 12/30/19		2,095,000		2,367,350
Government Obligations - continued
		Principal Amount (c)		Value (Note 1)
Mexico - continued
United Mexican States: - continued
8.3% 8/15/31		$ 3,690,000		$ 4,261,950
11.375% 9/15/16		1,149,000		1,562,640
11.5% 5/15/26		2,095,000		3,072,318
TOTAL MEXICO				17,728,408
Nigeria - 0.4%
Central Bank of Nigeria:
promissory note 5.092% 1/5/10		863,209		811,196
warrants 11/15/20 (g)		750		48,750
TOTAL NIGERIA				859,946
Pakistan - 0.4%
Islamic Republic of Pakistan:
6.75% 2/19/09		425,000		414,375
7.125% 3/31/16 (e)		485,000		448,625
TOTAL PAKISTAN				863,000
Panama - 1.4%
Panamanian Republic:
7.125% 1/29/26		655,000		632,075
7.25% 3/15/15		580,000		585,800
8.875% 9/30/27		825,000		936,375
9.625% 2/8/11		879,000		971,295
TOTAL PANAMA				3,125,545
Peru - 2.3%
Peruvian Republic:
7.35% 7/21/25		870,000		830,850
9.125% 2/21/12		1,125,000		1,245,938
9.875% 2/6/15		1,205,000		1,409,850
euro Brady past due interest 5% 3/7/17 (f)		1,738,000		1,677,170
TOTAL PERU				5,163,808
Philippines - 9.4%
Philippine Republic:
8.375% 2/15/11		2,105,000		2,191,831
8.875% 3/17/15		2,195,000		2,376,088
9% 2/15/13		6,140,000		6,608,175
9.375% 1/18/17		1,605,000		1,781,550
9.5% 2/2/30		2,865,000		3,276,844
Government Obligations - continued
		Principal Amount (c)		Value (Note 1)
Philippines - continued
Philippine Republic: - continued
9.875% 1/15/19		$ 2,425,000		$ 2,794,813
10.625% 3/16/25		1,635,000		2,027,400
TOTAL PHILIPPINES				21,056,701
Russia - 10.1%
Russian Federation:
5% 3/31/30 (Reg. S) (d)		14,305,000		15,234,820
11% 7/24/18 (Reg. S)		2,812,000		3,873,530
12.75% 6/24/28 (Reg. S)		2,034,000		3,432,375
TOTAL RUSSIA				22,540,725
Serbia & Montenegro - 0.2%
Republic of Serbia 3.75% 11/1/24 (d)(e)		635,000		528,638
South Africa - 1.1%
South African Republic:
7.375% 4/25/12		830,000		863,200
8.5% 6/23/17		315,000		358,706
9.125% 5/19/09		675,000		723,938
13% 8/31/10	ZAR	3,345,000		539,319
TOTAL SOUTH AFRICA				2,485,163
Turkey - 4.7%
Turkish Republic:
8% 2/14/34		540,000		508,275
11% 1/14/13		3,425,000		3,908,781
11.5% 1/23/12		1,360,000		1,555,500
11.75% 6/15/10		2,585,000		2,908,125
11.875% 1/15/30		1,155,000		1,576,575
TOTAL TURKEY				10,457,256
Ukraine - 1.8%
City of Kiev 8.75% 8/8/08		870,000		885,225
Ukraine Government:
(Reg. S) 6.875% 3/4/11		460,000		449,650
8.235% 8/5/09 (f)		2,450,000		2,566,375
TOTAL UKRAINE				3,901,250
Government Obligations - continued
		Principal Amount (c)		Value (Note 1)
United States of America - 2.1%
U.S. Treasury Bonds 4.5% 2/15/36		$ 2,000,000		$ 1,793,282
U.S. Treasury Notes 5.125% 5/15/16		3,000,000		2,996,484
TOTAL UNITED STATES OF AMERICA				4,789,766
Uruguay - 0.7%
Uruguay Republic:
7.25% 2/15/11		370,000		370,000
7.5% 3/15/15		735,000		709,275
9.25% 5/17/17		395,000		428,575
TOTAL URUGUAY				1,507,850
Venezuela - 7.0%
Venezuelan Republic:
oil recovery rights 4/15/20 (g)		21,255		722,670
5.375% 8/7/10		1,160,000		1,100,260
6.09% 4/20/11 (f)		2,280,000		2,274,300
7% 12/1/18 (Reg. S)		735,000		705,600
7.65% 4/21/25		1,115,000		1,109,425
8.5% 10/8/14		2,010,000		2,140,650
9.25% 9/15/27		2,610,000		3,073,275
9.375% 1/13/34		675,000		793,125
10.75% 9/19/13		1,205,000		1,431,540
13.625% 8/15/18		1,510,000		2,151,750
TOTAL VENEZUELA				15,502,595
Vietnam - 0.4%
Vietnamese Socialist Republic 6.875% 1/15/16 (e)		965,000		955,350
TOTAL GOVERNMENT OBLIGATIONS (Cost $168,577,111)			171,450,767
Common Stocks - 0.2%
		Shares
Bermuda - 0.2%
APP China Group Ltd. (h) (Cost $519,245)		11,376		455,040

Sovereign Loan Participations - 0.2%
	Principal Amount (c)	Value (Note 1)
Morocco - 0.2%
Moroccan Kingdom loan participation - JP Morgan 5.6825% 1/2/09 (f) (Cost $433,061)	$ 436,071	$ 435,526
Money Market Funds - 4.6%
	Shares
Fidelity Cash Central Fund, 5.11% (b) (Cost $10,202,844)	10,202,844	10,202,844

Purchased Options - 0.1%
Expiration Date/Strike Price		Underlying Face Amount
United States of America - 0.1%
Lehman Brothers Holdings, Inc. Call option on $6,410,000 notional amount of Argentine Republic par 1.33% 12/31/38 (Cost $166,660)	June 2007/ $32.75	$ 2,307,600	301,270

TOTAL INVESTMENT PORTFOLIO - 99.6% (Cost $221,305,999)		221,992,818
NET OTHER ASSETS - 0.4%		883,439
NET ASSETS - 100%	$ 222,876,257

Security Type Abbreviations
FLIRB	-	Front Loaded Interest Reduction Bonds
Currency Abbreviations
EGP	-	Egyptian pound
ZAR	-	South African rand

Legend

(a) Non-income producing - Issuer is in default

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

(c) Principal amount is stated in United States dollars unless otherwise noted.

(d) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $26,418,551 or 11.9% of net assets.

(f) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(g) Quantity represents share amount.

(h) Non-income producing.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 156,325

Other Information

The composition of credit quality ratings as a percentage of net assets is as follows (ratings are unaudited):

U.S.Government and U.S.Government Agency Obligations	2.1%
AAA,AA,A	3.1%
BBB	26.4%
BB	29.9%
B	28.1%
CCC,CC,C	1.4%
Not Rated	3.4%
Equities	0.5%
Other Investments	0.1%
Short-Term Investments and Net Other Assets	5.0%
	100.0%

We have used ratings from Moody's® Investors Services, Inc. Where Moody's ratings are not available, we have used S&P® ratings. Percentages are adjusted for the effect of futures contracts, if applicable.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	June 30, 2006 (Unaudited)
Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $211,103,155)	$ 211,789,974
Affiliated Central Funds (cost $10,202,844)	10,202,844
Total Investments (cost $221,305,999)		$ 221,992,818
Cash		81,642
Receivable for investments sold		1,185,088
Receivable for fund shares sold		643,061
Dividends receivable		30,852
Interest receivable		4,977,427
Prepaid expenses		363
Receivable from investment adviser for expense reductions		23,999
Other receivables		5,108
Total assets		228,940,358
Liabilities
Payable for investments purchased	$ 5,186,521
Payable for fund shares redeemed	411,356
Distributions payable	163,206
Accrued management fee	125,434
Distribution fees payable	66,606
Other affiliated payables	59,317
Other payables and accrued expenses	51,661
Total liabilities		6,064,101
Net Assets		$ 222,876,257
Net Assets consist of:
Paid in capital		$ 216,495,142
Undistributed net investment income		1,142,332
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		4,551,984
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		686,799
Net Assets		$ 222,876,257

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

Semiannual Report

Statement of Assets and Liabilities - continued

	June 30, 2006 (Unaudited)
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($51,826,694 ÷ 4,358,452 shares)		$ 11.89
Maximum offering price per share (100/95.25 of $11.89)		$ 12.48
Class T: Net Asset Value and redemption price per share ($106,848,885 ÷ 9,009,461 shares)		$ 11.86
Maximum offering price per share (100/96.50 of $11.86)		$ 12.29
Class B: Net Asset Value and offering price per share ($25,701,822 ÷ 2,145,886 shares) A		$ 11.98
Class C: Net Asset Value and offering price per share ($21,907,903 ÷ 1,834,519 shares) A		$ 11.94
Institutional Class: Net Asset Value, offering price and redemption price per share ($16,590,953 ÷ 1,411,257 shares)		$ 11.76

^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.

Semiannual Report

Statement of Operations

	Six months ended June 30, 2006 (Unaudited)
Investment Income
Dividends		$ 181,731
Interest		7,224,446
Income from affiliated Central Funds		156,325
Total income		7,562,502
Expenses
Management fee	$ 755,212
Transfer agent fees	291,960
Distribution fees	394,901
Accounting fees and expenses	61,975
Independent trustees' compensation	424
Custodian fees and expenses	42,799
Registration fees	56,441
Audit	38,851
Legal	16,708
Miscellaneous	857
Total expenses before reductions	1,660,128
Expense reductions	(222,269)	1,437,859
Net investment income		6,124,643
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	5,077,098
Foreign currency transactions	(96,430)
Total net realized gain (loss)		4,980,668
Change in net unrealized appreciation (depreciation) on: Investment securities	(8,964,720)
Assets and liabilities in foreign currencies	20,258
Total change in net unrealized appreciation (depreciation)		(8,944,462)
Net gain (loss)		(3,963,794)
Net increase (decrease) in net assets resulting from operations		$ 2,160,849

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

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Six months ended June 30, 2006 (Unaudited)	Year ended December 31, 2005
Increase (Decrease) in Net Assets
Operations
Net investment income	$ 6,124,643	$ 10,747,566
Net realized gain (loss)	4,980,668	6,887,140
Change in net unrealized appreciation (depreciation)	(8,944,462)	1,612,496
Net increase (decrease) in net assets resulting from operations	2,160,849	19,247,202
Distributions to shareholders from net investment income	(5,875,689)	(11,113,855)
Distributions to shareholders from net realized gain	(1,157,881)	(9,174,599)
Total distributions	(7,033,570)	(20,288,454)
Share transactions - net increase (decrease)	21,478,882	33,854,076
Redemption fees	32,362	19,860
Total increase (decrease) in net assets	16,638,523	32,832,684
Net Assets
Beginning of period	206,237,734	173,405,050
End of period (including undistributed net investment income of $1,142,332 and undistributed net investment income of $893,378, respectively)	$ 222,876,257	$ 206,237,734

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

Semiannual Report

Financial Highlights - Class A

	Six months ended June 30, 2006	Years ended December 31,
	(Unaudited)	2005	2004	2003	2002	2001
Selected Per-Share Data
Net asset value, beginning of period	$ 12.11	$ 12.16	$ 11.70	$ 9.67	$ 9.37	$ 9.81
Income from Investment Operations
Net investment income E	.344	.727	.683	.802	.714 G	1.030 G
Net realized and unrealized gain (loss)	(.168)	.556	.707	2.064	.348 G	(.431) G
Total from investment operations	.176	1.283	1.390	2.866	1.062	.599
Distributions from net investment income	(.331)	(.744)	(.712)	(.836)	(.762)	(1.039)
Distributions from net realized gain	(.067)	(.590)	(.220)	-	-	-
Total distributions	(.398)	(1.334)	(.932)	(.836)	(.762)	(1.039)
Redemption fees added to paid in capital E	.002	.001	.002	-	-	-
Net asset value, end of period	$ 11.89	$ 12.11	$ 12.16	$ 11.70	$ 9.67	$ 9.37
Total Return B, C, D	1.42%	11.15%	12.44%	30.43%	11.80%	6.35%
Ratios to Average Net Assets F
Expenses before reductions	1.30% A	1.31%	1.34%	1.32%	1.36%	1.45%
Expenses net of fee waivers, if any	1.10% A	1.11%	1.34%	1.32%	1.36%	1.40%
Expenses net of all reductions	1.09% A	1.11%	1.34%	1.32%	1.35%	1.40%
Net investment income	5.68% A	6.04%	5.86%	7.31%	7.56% G	10.66% G
Supplemental Data
Net assets, end of period (000 omitted)	$ 51,827	$ 42,836	$ 28,854	$ 26,787	$ 13,920	$ 7,601
Portfolio turnover rate	134% A	202%	238%	260%	222%	271%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

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

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

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

^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 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 As a result of a revision to reflect accretion of market discount using the interest method, certain amounts for the year ended December 31, 2002 and December 31, 2001 have been reclassified from what was previously reported. The impact of this change was a decrease to net investment income (loss) of $.057 and $.070 per share with a corresponding increase to net realized and unrealized gain (loss) per share. The ratio of net investment income (loss) to average net assets decreased from 8.17% and 11.39% to 7.56% and 10.66%, respectively. The reclassification has no impact on the net assets of the fund.

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

Semiannual Report

Financial Highlights - Class T

	Six months ended June 30, 2006	Years ended December 31,
	(Unaudited)	2005	2004	2003	2002	2001
Selected Per-Share Data
Net asset value, beginning of period	$ 12.08	$ 12.14	$ 11.68	$ 9.66	$ 9.36	$ 9.80
Income from Investment Operations
Net investment income E	.337	.713	.670	.787	.706 G	1.024 G
Net realized and unrealized gain (loss)	(.167)	.549	.708	2.057	.346 G	(.435)G
Total from investment operations	.170	1.262	1.378	2.844	1.052	.589
Distributions from net investment income	(.325)	(.733)	(.700)	(.824)	(.752)	(1.029)
Distributions from net realized gain	(.067)	(.590)	(.220)	-	-	-
Total distributions	(.392)	(1.323)	(.920)	(.824)	(.752)	(1.029)
Redemption fees added to paid in capital E	.002	.001	.002	-	-	-
Net asset value, end of period	$ 11.86	$ 12.08	$ 12.14	$ 11.68	$ 9.66	$ 9.36
Total Return B, C, D	1.38%	10.98%	12.35%	30.22%	11.70%	6.25%
Ratios to Average Net Assets F
Expenses before reductions	1.38% A	1.40%	1.44%	1.43%	1.47%	1.53%
Expenses net of fee waivers, if any	1.20% A	1.21%	1.44%	1.43%	1.47%	1.50%
Expenses net of all reductions	1.19% A	1.21%	1.44%	1.43%	1.46%	1.50%
Net investment income	5.58% A	5.94%	5.76%	7.20%	7.46% G	10.56% G
Supplemental Data
Net assets, end of period (000 omitted)	$ 106,849	$ 95,102	$ 89,784	$ 82,811	$ 57,154	$ 46,740
Portfolio turnover rate	134% A	202%	238%	260%	222%	271%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

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

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

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

^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 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 As a result of a revision to reflect accretion of market discount using the interest method, certain amounts for the years ended December 31, 2002 and December 31, 2001 have been reclassified from what was previously reported. The impact of this change was a decrease to net investment income (loss) of $.057 and $.071 per share with a corresponding increase to net realized and unrealized gain (loss) per share. The ratio of net investment income (loss) to average net assets decreased from 8.06% and 11.29% to 7.46% and 10.56%, respectively. The reclassification has no impact on the net assets of the fund.

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

Semiannual Report

Financial Highlights - Class B

	Six months ended June 30, 2006	Years ended December 31,
	(Unaudited)	2005	2004	2003	2002	2001
Selected Per-Share Data
Net asset value, beginning of period	$ 12.20	$ 12.24	$ 11.77	$ 9.73	$ 9.42	$ 9.85
Income from Investment Operations
Net investment income E	.301	.640	.595	.719	.646 G	.968 G
Net realized and unrealized gain (loss)	(.171)	.562	.712	2.071	.352 G	(.433) G
Total from investment operations	.130	1.202	1.307	2.790	.998	.535
Distributions from net investment income	(.285)	(.653)	(.619)	(.750)	(.688)	(.965)
Distributions from net realized gain	(.067)	(.590)	(.220)	-	-	-
Total distributions	(.352)	(1.243)	(.839)	(.750)	(.688)	(.965)
Redemption fees added to paid in capital E	.002	.001	.002	-	-	-
Net asset value, end of period	$ 11.98	$ 12.20	$ 12.24	$ 11.77	$ 9.73	$ 9.42
Total Return B, C, D	1.04%	10.34%	11.56%	29.34%	10.99%	5.62%
Ratios to Average Net Assets F
Expenses before reductions	2.13% A	2.12%	2.13%	2.09%	2.13%	2.22%
Expenses net of fee waivers, if any	1.85% A	1.86%	2.13%	2.09%	2.13%	2.15%
Expenses net of all reductions	1.83% A	1.86%	2.13%	2.09%	2.12%	2.15%
Net investment income	4.93% A	5.28%	5.07%	6.53%	6.79% G	9.91% G
Supplemental Data
Net assets, end of period (000 omitted)	$ 25,702	$ 27,303	$ 27,238	$ 30,088	$ 20,903	$ 15,736
Portfolio turnover rate	134% A	202%	238%	260%	222%	271%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

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

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

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

^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 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 As a result of a revision to reflect accretion of market discount using the interest method, certain amounts for the year ended December 31, 2002 and December 31, 2001 have been reclassified from what was previously reported. The impact of this change was a decrease to net investment income (loss) of $.057 and $.071 per share with a corresponding increase to net realized and unrealized gain (loss) per share. The ratio of net investment income (loss) to average net assets decreased from 7.39% and 10.64% to 6.79% and 9.91%, respectively. The reclassification has no impact on the net assets of the fund.

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

Semiannual Report

Financial Highlights - Class C

	Six months ended June 30, 2006	Years ended December 31,
	(Unaudited)	2005	2004	2003	2002	2001
Selected Per-Share Data
Net asset value, beginning of period	$ 12.16	$ 12.21	$ 11.74	$ 9.71	$ 9.40	$ 9.84
Income from Investment Operations
Net investment income E	.294	.627	.585	.709	.633 G	.954 G
Net realized and unrealized gain (loss)	(.170)	.553	.715	2.060	.355 G	(.438) G
Total from investment operations	.124	1.180	1.300	2.769	.988	.516
Distributions from net investment income	(.279)	(.641)	(.612)	(.739)	(.678)	(.956)
Distributions from net realized gain	(.067)	(.590)	(.220)	-	-	-
Total distributions	(.346)	(1.231)	(.832)	(.739)	(.678)	(.956)
Redemption fees added to paid in capital E	.002	.001	.002	-	-	-
Net asset value, end of period	$ 11.94	$ 12.16	$ 12.21	$ 11.74	$ 9.71	$ 9.40
Total Return B, C, D	.99%	10.17%	11.53%	29.18%	10.90%	5.43%
Ratios to Average Net Assets F
Expenses before reductions	2.15% A	2.16%	2.19%	2.19%	2.24%	2.32%
Expenses net of fee waivers, if any	1.95% A	1.96%	2.19%	2.19%	2.24%	2.25%
Expenses net of all reductions	1.94% A	1.96%	2.19%	2.19%	2.23%	2.25%
Net investment income	4.83% A	5.19%	5.01%	6.43%	6.69% G	9.81% G
Supplemental Data
Net assets, end of period (000 omitted)	$ 21,908	$ 18,863	$ 14,606	$ 12,516	$ 6,641	$ 3,411
Portfolio turnover rate	134% A	202%	238%	260%	222%	271%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

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

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

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

^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 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 As a result of a revision to reflect accretion of market discount using the interest method, certain amounts for the year ended December 31, 2002 and December 31, 2001 have been reclassified from what was previously reported. The impact of this change was a decrease to net investment income (loss) of $.057 and $.071 per share with a corresponding increase to net realized and unrealized gain (loss) per share. The ratio of net investment income (loss) to average net assets decreased from 7.29% and 10.54% to 6.69% and 9.81%, respectively. The reclassification has no impact on the net assets of the fund.

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

Semiannual Report

Financial Highlights - Institutional Class

	Six months ended June 30, 2006	Years ended December 31,
	(Unaudited)	2005	2004	2003	2002	2001
Selected Per-Share Data
Net asset value, beginning of period	$ 11.98	$ 12.04	$ 11.60	$ 9.60	$ 9.30	$ 9.75
Income from Investment Operations
Net investment income D	.350	.739	.712	.820	.736 F	1.048 F
Net realized and unrealized gain (loss)	(.165)	.554	.694	2.045	.352 F	(.437) F
Total from investment operations	.185	1.293	1.406	2.865	1.088	.611
Distributions from net investment income	(.340)	(.764)	(.748)	(.865)	(.788)	(1.061)
Distributions from net realized gain	(.067)	(.590)	(.220)	-	-	-
Total distributions	(.407)	(1.354)	(.968)	(.865)	(.788)	(1.061)
Redemption fees added to paid in capital D	.002	.001	.002	-	-	-
Net asset value, end of period	$ 11.76	$ 11.98	$ 12.04	$ 11.60	$ 9.60	$ 9.30
Total Return B, C	1.52%	11.37%	12.72%	30.69%	12.21%	6.53%
Ratios to Average Net Assets E
Expenses before reductions	1.01% A	1.01%	1.03%	1.06%	1.09%	1.17%
Expenses net of fee waivers, if any	.95% A	.95%	1.03%	1.06%	1.09%	1.17%
Expenses net of all reductions	.94% A	.95%	1.03%	1.06%	1.08%	1.17%
Net investment income	5.83% A	6.20%	6.17%	7.56%	7.83% F	10.89% F
Supplemental Data
Net assets, end of period (000 omitted)	$ 16,591	$ 22,134	$ 12,924	$ 10,993	$ 8,386	$ 7,028
Portfolio turnover rate	134% A	202%	238%	260%	222%	271%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

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

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

^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 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 As a result of a revision to reflect accretion of market discount using the interest method, certain amounts for the year ended December 31, 2002 and December 31, 2001 have been reclassified from what was previously reported. The impact of this change was a decrease to net investment income (loss) of $.057 and $.070 per share with a corresponding increase to net realized and unrealized gain (loss) per share. The ratio of net investment income (loss) to average net assets decreased from 8.44% and 11.62% to 7.83% and 10.89%, respectively. The reclassification has no impact on the net assets of the fund.

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

Semiannual Report

Notes to Financial Statements

For the period ended June 30, 2006 (Unaudited)

1. Significant Accounting Policies.

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

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

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

Security Valuation. Investments are valued and net asset value per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Security Valuation - continued

When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. The frequency of when fair value pricing is used is unpredictable. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

Foreign Currency. The Fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. 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.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectibility of interest is reasonably assured.

Semiannual Report

1. Significant Accounting Policies - continued

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

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

Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

Book-tax differences are primarily due to foreign currency transactions, defaulted bonds, market discount, deferred trustees compensation and losses deferred due to wash sales.

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

Unrealized appreciation	$ 6,638,728
Unrealized depreciation	(5,874,798)
Net unrealized appreciation (depreciation)	$ 763,930
Cost for federal income tax purposes	$ 221,228,888

New Accounting Pronouncement. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48) was issued and is effective for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Fund's net assets and results of operations.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 90 days are subject to a redemption fee equal to 1.00% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the Fund and accounted for as an addition to paid in capital.

2. Operating Policies.

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

Options. The Fund may use options to manage its exposure to the bond market and to fluctuations in interest rates. Writing puts and buying calls tend to increase a fund's exposure to the underlying instrument. Buying puts and writing calls tend to decrease a fund's exposure to the underlying instrument, or hedge other fund investments. The underlying face amount at value of any open options at period end is shown in the Schedule of Investments under the caption "Purchased Options". This amount reflects each contract's exposure to the underlying instrument at period end. Losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, or if the counterparties do not perform under the contracts' terms. Gains and losses are realized upon the expiration or closing of the options. Realized gains (losses) on purchased options are included in realized gains (losses) on investment securities.

Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price. Options traded over-the-counter are valued using dealer-supplied valuations.

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.

Semiannual Report

2. Operating Policies - continued

Loans and Other Direct Debt Instruments. The Fund may invest in loans and loan participations, trade claims or other receivables. These investments may include standby financing commitments, including revolving credit facilities, that obligate the Fund to supply additional cash to the borrower on demand. Loan participations involve a risk of insolvency of the lending bank or other financial intermediary.

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $170,136,363 and $134,699,651, respectively.

4. 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 .55% of the Fund's average net assets and a group fee rate that averaged ..12% 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. For the period, the total annualized management fee rate was .67% of the Fund's average net assets.

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

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	0%	.15%	$ 36,744	$ 879
Class T	0%	.25%	130,121	4,446
Class B	.65%	.25%	121,892	88,408
Class C	.75%	.25%	106,144	29,221
			$ 394,901	$ 122,954

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

Sales Load. FDC receives a front-end sales charge of up to 4.75% for selling Class A shares, and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C,.75% to .50% for certain purchases of Class A shares (.25% prior to February 24, 2006) and .25% for certain purchases of Class T shares.

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

	Retained by FDC
Class A	$ 27,033
Class T	14,536
Class B*	34,158
Class C*	3,887
	$ 79,614

* 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 the total transfer agent fees paid by each class to FIIOC, were as follows:

	Amount	% of Average Net Assets
Class A	$ 67,096	.28*
Class T	133,615	.26*
Class B	46,662	.35*
Class C	28,586	.27*
Institutional Class	16,001	.13*
	$ 291,960

* Annualized

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.

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

The Money Market Central Funds do not pay a management fee.

5. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro rata portion of the line of credit, which amounts to $205 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

6. 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, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser
Class A	1.10%	$ 47,539
Class T	1.20%	93,898
Class B	1.85%	37,347
Class C	1.95%	20,947
Institutional Class	.95%	6,610
		$ 206,341

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 $12,129 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 $3,799.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

7. Credit Risk.

The Fund's relatively large investment in countries with limited or developing capital markets may involve greater risks than investments in more developed markets and the prices of such investments may be volatile. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The consequences of political, social or economic changes in these markets may have disruptive effects on the market prices of the Fund's investments and the income they generate, as well as the Fund's ability to repatriate such amounts.

8. Other.

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

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2006	Year ended December 31, 2005
From net investment income
Class A	$ 1,322,798	$ 2,239,106
Class T	2,772,670	5,403,868
Class B	626,848	1,451,279
Class C	481,031	891,722
Institutional Class	672,342	1,127,880
Total	$ 5,875,689	$ 11,113,855
From net realized gain
Class A	$ 243,477	$ 1,740,895
Class T	538,047	4,435,816
Class B	147,856	1,301,890
Class C	107,391	809,962
Institutional Class	121,110	886,036
Total	$ 1,157,881	$ 9,174,599

Semiannual Report

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended June 30, 2006	Year ended December 31, 2005	Six months ended June 30, 2006	Year ended December 31, 2005
Class A
Shares sold	1,324,903	1,580,185	$ 16,256,684	$ 19,087,388
Reinvestment of distributions	103,624	282,049	1,266,192	3,406,044
Shares redeemed	(607,266)	(697,498)	(7,403,153)	(8,439,651)
Net increase (decrease)	821,261	1,164,736	$ 10,119,723	$ 14,053,781
Class T
Shares sold	2,138,740	2,244,555	$ 26,123,467	$ 26,968,052
Reinvestment of distributions	250,280	757,460	3,051,132	9,115,277
Shares redeemed	(1,252,512)	(2,527,298)	(15,203,034)	(30,073,867)
Net increase (decrease)	1,136,508	474,717	$ 13,971,565	$ 6,009,462
Class B
Shares sold	308,734	495,665	$ 3,817,440	$ 6,012,880
Reinvestment of distributions	49,977	183,667	615,699	2,229,627
Shares redeemed	(451,534)	(666,010)	(5,564,464)	(8,048,875)
Net increase (decrease)	(92,823)	13,322	$ (1,131,325)	$ 193,632
Class C
Shares sold	551,162	616,150	$ 6,794,603	$ 7,468,299
Reinvestment of distributions	36,505	110,693	447,999	1,341,300
Shares redeemed	(304,293)	(372,083)	(3,735,211)	(4,495,615)
Net increase (decrease)	283,374	354,760	$ 3,507,391	$ 4,313,984
Institutional Class
Shares sold	908,716	868,350	$ 11,183,132	$ 10,393,080
Reinvestment of distributions	31,342	99,843	379,177	1,192,164
Shares redeemed	(1,376,829)	(193,316)	(16,550,781)	(2,302,027)
Net increase (decrease)	(436,771)	774,877	$ (4,988,472)	$ 9,283,217

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Emerging Markets Income Fund

On January 19, 2006, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve a general research services agreement (the Agreement) between FMR, FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and Fidelity Research & Analysis Company (FRAC) (together, the Investment Advisers) for the fund, effective January 20, 2006, pursuant to which FRAC may provide general research and investment advisory support services to FMRC and FIMM. The Board considered that it has approved previously various sub-advisory agreements for the fund with affiliates of FMR that allow FMR to obtain research, non-discretionary advice, or discretionary portfolio management at no additional expense to the fund. The Board, assisted by the advice of fund counsel and independent Trustees' counsel, considered a broad range of information and determined that it would be beneficial for the fund to access the research and investment advisory support services supplied by FRAC at no additional expense to the fund.

The Board reached this determination in part because the new arrangement will involve no changes in (i) the contractual terms of and fees payable under the fund's management contract or sub-advisory agreements; (ii) the investment process or strategies employed in the management of the fund's assets; (iii) the nature or level of services provided under the fund's management contract or sub-advisory agreements; (iv) the day-to-day management of the fund or the persons primarily responsible for such management; or (v) the ultimate control or beneficial ownership of FMR, FMRC, or FIMM. The Board also considered that the establishment of the Agreement would not necessitate prior shareholder approval of the Agreement or result in an assignment and termination of the fund's management contract or sub-advisory agreements under the Investment Company Act of 1940.

Because the Board was approving an arrangement with FRAC under which the fund will not bear any additional management fees or expenses and under which the fund's portfolio manager would not change, it did not consider the fund's investment performance, competitiveness of management fee and total expenses, costs of services and profitability, or economies of scale to be significant factors in its decision.

In connection with its future renewal of the fund's management contract and sub-advisory agreements, the Board will consider: (i) the nature, extent, and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the fund's management fee and total expenses; (iii) the costs of the services and profitability, including 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; and (iv) 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.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the fund's Agreement is fair and reasonable, and that the fund's Agreement should be approved.

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

The Board meets regularly each month except August and takes into account throughout the year matters bearing on Advisory Contracts. The Board, acting directly and through its separate committees, considers at each of its meetings factors that are relevant to the annual renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. At the time of the renewal, the Board had 12 standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. Each committee has adopted a written charter outlining the structure and purposes of the committee. One such committee, the Fixed-Income Contract Committee, meets periodically as needed throughout the year to consider matters specifically related to the annual renewal of Advisory Contracts. The committee requests and receives information on, and makes recommendations to the Independent Trustees concerning, the approval and annual review of the Advisory Contracts.

At its June 2006 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew the Advisory Contracts for the fund. In reaching its determination, the Board considered all factors it believed relevant, including (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 management fee and total expenses of the fund; (iii) the total costs of the services to be provided by and the profits to be realized by the investment adviser and its affiliates from the relationship with the fund; (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 determining whether to renew the Advisory Contracts for the fund, the Board ultimately reached a determination, with the assistance of fund counsel and Independent Trustees' counsel, that the renewal of the Advisory Contracts and the compensation to be received by Fidelity under the management contract is consistent with Fidelity's fiduciary duty under applicable law. In addition to evaluating the specific factors noted above, the Board, in reaching its determination, is aware that shareholders in the fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that the fund's shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, managed by Fidelity.

Semiannual Report

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

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

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of administrative, distribution, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the Investment Advisers' 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 reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered that Fidelity voluntarily pays for market data out of its own resources.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board noted that the growth of fund assets 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 phone representatives and over the Internet, and investor education materials and asset allocation tools.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing for a large variety of mutual fund investor services. For example, fund shareholders are offered the privilege of exchanging shares of the fund for shares of other Fidelity funds, as set forth in the fund's prospectus, without paying an additional sales charge. The Board noted that, since the last Advisory Contract renewals in June 2005, Fidelity has taken a number of actions that benefited particular funds, including (i) dedicating additional resources to investment research and to restructure the investment research teams; (ii) voluntarily entering into contractual arrangements with certain brokers pursuant to which Fidelity pays for research products and services separately out of its own resources, rather than bundling with fund commissions; (iii) launching the Fidelity Advantage Class of its five Spartan stock index funds and three Spartan bond index funds, which is a lower-fee class available to shareholders with higher account balances; (iv) contractually agreeing to impose expense limitations on Fidelity U.S. Bond Index Fund and reducing the fund's initial investment minimum; and (v) offering shareholders of each of the Fidelity Institutional Money Market Funds the privilege of exchanging shares of the fund for shares of other Fidelity funds.

Investment Performance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance for each class, as well as the fund's relative investment performance for each class measured against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed appropriate by the Board over multiple periods. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2005, the cumulative total returns of Class C and Institutional Class 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 Lipper Inc. as having an investment objective similar to that of the fund. The returns of Class C and Institutional Class represent the performance of classes with the highest and lowest 12b-1 fees, respectively (not necessarily with the highest and lowest total expenses). The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the Lipper peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten numbers noted below each chart correspond to the percentile box and represent the percentage of funds in the Lipper peer group whose performance was equal to or lower than that of the class indicated.

Semiannual Report

Fidelity Advisor Emerging Markets Income Fund

The Board reviewed the fund's relative investment performance against its Lipper peer group and stated that the performance of Institutional Class of the fund was in the third quartile for the one- and five-year periods and the second quartile for the three-year period. The Board also stated that the relative investment performance of Institutional Class 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.

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

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

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 53% means that 47% 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 Income Fund

The Board noted that the fund's management fee ranked above the median of its Total Mapped Group and above the median of its ASPG for 2005. The Board considered that, with the fund's emphasis on emerging markets, the fund has a narrower investment focus than most of the funds in the Total Mapped Group, which includes international and global bond funds in addition to emerging market debt funds. Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

Semiannual Report

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

The Board noted that the total expenses of each of Class A and Class B ranked below its competitive median for 2005, the total expenses of Class T ranked equal to its competitive median for 2005, and the total expenses of each of Class C and Institutional Class ranked above its competitive median for 2005. 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 expenses 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.

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

Based on its review, the Board concluded that the total expenses of each class of the fund were 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.

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

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

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

PricewaterhouseCoopers LLP (PwC), independent registered 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 the results 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 believes that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

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

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

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

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

Semiannual Report

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

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Advisory Contracts, the Board requested additional information on several topics, including (i) Fidelity's fund profitability methodology and profitability trends within certain funds; (ii) funds and accounts managed by Fidelity other than the Fidelity funds, including fee arrangements; (iii) the total expenses of certain funds and classes relative to competitors; (iv) fund performance trends; and (v) Fidelity's fee structures.

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

Semiannual Report

Semiannual Report

Semiannual Report

Semiannual Report

Semiannual Report

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Adviser

FMR Co., Inc.

Fidelity Research & Analysis Company
(formerly Fidelity Management &
Research (Far East) Inc.)

Fidelity Investments Japan Limited

Fidelity International Investment
Advisors

Fidelity International Investment
Advisors (U.K.) Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

EMII-USAN-0806
1.787774.103

(Fidelity Investment logo)(registered trademark)

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

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 Fidelity Advisor Series VIII's Board of Trustees.

Item 11. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Advisor Series VIII's (the "Trust") 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)	Not applicable.
(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/Christine Reynolds
	Christine Reynolds
	President and Treasurer
Date:	August 21, 2006

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/Christine Reynolds
	Christine Reynolds
	President and Treasurer
Date:	August 21, 2006

By:	/s/Joseph B. Hollis
	Joseph B. Hollis
	Chief Financial Officer
Date:	August 21, 2006