N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3855

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

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

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:

December 31

 

 

Date of reporting period:

March 31, 2010

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Advisor Emerging Markets Income Fund
Class A
Class T
Class B
Class C
Institutional Class

March 31, 2010 

1.799872.106

EMI-QTLY-0510

Investments March 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 25.6%

 

Principal Amount (c)

Value

Argentina - 0.2%

City of Buenos Aires 12.5% 4/6/15 (e)

$ 1,620,000

$ 1,680,750

Australia - 0.0%

Leighton Finance International 7.875% 5/16/11

250,000

253,125

Bahamas (Nassau) - 0.2%

Odebrecht Overseas Ltd. 9.625%

1,615,000

1,639,225

Bermuda - 0.7%

AES China Generating Co. Ltd. 8.25% 6/26/10

594,000

555,390

Central European Media Enterprises Ltd.:

2.616% 5/15/14 (Reg. S) (f)

EUR

2,030,000

2,275,794

11.625% 9/15/16 (Reg. S)

EUR

550,000

809,745

Noble Group Ltd.:

6.75% 1/29/20 (e)

930,000

960,225

8.5% 5/30/13 (Reg. S)

250,000

280,000

TOTAL BERMUDA

4,881,154

Brazil - 2.5%

Banco Cruzeiro Do Sul SA 8.5% 2/20/15 (e)

1,550,000

1,627,500

Banco do Brasil SA 4.5% 1/22/15 (e)

1,475,000

1,508,188

Banco Nacional de Desenvolvimento Economico e Social 5.5% 7/12/20 (e)

3,260,000

3,235,550

Banco Votorantim SA 7.375% 1/21/20 (e)

1,110,000

1,151,070

BFF International Ltd. 7.25% 1/28/20 (e)

2,105,000

2,126,050

Centrais Eletricas Brasileiras SA (Electrobras) 6.875% 7/30/19 (e)

820,000

893,800

Net Servicos de Comunicacao SA 7.5% 1/27/20 (e)

5,240,000

5,528,200

Rearden G Holdings Eins GmbH 7.875% 3/30/20 (e)

970,000

984,550

TOTAL BRAZIL

17,054,908

British Virgin Islands - 0.0%

Road King Infrastructure Finance 2004 Ltd. 6.25% 7/15/11

235,000

232,650

Cayman Islands - 2.6%

Agile Property Holdings Ltd. 9% 9/22/13 (Reg. S)

250,000

264,375

Banco Bradesco SA 4.1% 3/23/15 (e)

2,460,000

2,444,010

CSN Islands XI Corp. 6.875% 9/21/19 (e)

3,255,000

3,401,475

Hutchison Whampoa International 09 Ltd. 7.625% 4/9/19 (Reg. S)

700,000

816,311

Lumena Resources Corp. 12% 10/27/14 (e)

265,000

238,500

Odebrecht Finance Ltd.:

7% 4/21/20 (e)

2,350,000

2,444,000

9.625% 4/9/14 (e)

1,430,000

1,687,400

Nonconvertible Bonds - continued

 

Principal Amount (c)

Value

Cayman Islands - continued

Petrobras International Finance Co. Ltd. 5.75% 1/20/20

$ 2,545,000

$ 2,607,330

TDIC Finance Ltd. 6.5% 7/2/14 (e)

2,320,000

2,476,600

Voto-Votorantim Overseas Trading Operations V Ltd. 6.625% 9/25/19 (e)

1,540,000

1,540,000

TOTAL CAYMAN ISLANDS

17,920,001

Colombia - 0.2%

Empresas Publicas de Medellin 7.625% 7/29/19 (e)

1,390,000

1,540,120

Dominican Republic - 0.2%

Cerveceria Nacional Dominicana C por A 16% 3/27/12 (e)

1,180,000

1,095,276

Egypt - 0.4%

African Export-Import Bank 8.75% 11/13/14

2,220,000

2,447,550

Indonesia - 0.4%

Adaro Indonesia PT 7.625% 10/22/19 (e)

1,770,000

1,845,225

APP International Finance (Mauritius) Ltd.:

0% 7/5/01 (b)(e)

1,235,000

0

0% 7/5/01 (Reg. S) (b)

445,000

0

BLT Finance BV 7.5% 5/15/14 (Reg. S)

245,000

183,862

Listrindo Capital BV 9.25% 1/29/15 (e)

740,000

799,200

TOTAL INDONESIA

2,828,287

Ireland - 0.5%

Vimpel Communications 9.125% 4/30/18 (Issued by VIP Finance Ireland Ltd. for Vimpel Communications) (e)

2,765,000

3,120,994

Korea (South) - 1.6%

Export-Import Bank of Korea 8.125% 1/21/14

1,360,000

1,567,944

Hyundai Capital Services, Inc. 6% 5/5/15 (e)

1,325,000

1,399,863

Industrial Bank of Korea 7.125% 4/23/14 (e)

1,350,000

1,503,090

Korea Development Bank 4.375% 8/10/15

1,565,000

1,581,120

Korea Expressway Corp. 4.5% 3/23/15 (e)

1,305,000

1,327,838

POSCO 8.75% 3/26/14 (e)

1,205,000

1,417,803

SK Broadband Co., Ltd. 7% 2/1/12 (e)

1,490,000

1,571,950

Woori Bank 7% 2/2/15 (e)

690,000

763,485

TOTAL KOREA (SOUTH)

11,133,093

Luxembourg - 3.9%

ArcelorMittal SA 9% 2/15/15

745,000

889,773

Millicom International Cellular SA 10% 12/1/13

2,230,000

2,313,625

Nonconvertible Bonds - continued

 

Principal Amount (c)

Value

Luxembourg - continued

OJSC Russian Agricultural Bank:

6.299% 5/15/17 (Issued by RSHB Capital SA for OJSC Russian Agricultural Bank) (e)

$ 1,665,000

$ 1,727,438

6.97% 9/21/16 (Issued by RSHB Capital SA for OJSC Russian Agricultural Bank) (f)

565,000

580,538

7.125% 1/14/14 (Issued by RSHB Capital SA for OJSC Russian Agricultural Bank) (e)

1,005,000

1,087,913

7.175% 5/16/13 (Issued by RSHB Capital SA for OJSC Russian Agricultural Bank) (e)

820,000

888,675

7.75% 5/29/18 (Issued by RSHB Capital SA for OJSC Russian Agricultural Bank) (e)

1,265,000

1,419,963

RSHB Capital SA 9% 6/11/14 (e)

1,215,000

1,400,288

TNK-BP Finance SA:

6.25% 2/2/15 (e)

695,000

729,750

7.5% 3/13/13 (e)

2,850,000

3,081,563

7.875% 3/13/18 (Reg. S)

2,950,000

3,230,250

Vimpel Communications 8.375% 4/30/13 (Issued by VIP Finance Ireland Ltd. for Vimpel Communications) (e)

3,130,000

3,392,138

VTB Capital SA 6.465% 3/4/15 (e)

6,350,000

6,461,125

TOTAL LUXEMBOURG

27,203,039

Mexico - 1.7%

Alestra SA de RL de CV 11.75% 8/11/14

1,720,000

1,945,750

America Movil SAB de CV:

3.625% 3/30/15 (e)

2,344,000

2,351,953

6.125% 3/30/40 (e)

3,100,000

3,029,289

Grupo Papelero Scribe SA 8.875% 4/7/20 (e)

2,310,000

2,312,888

Petroleos Mexicanos 6% 3/5/20 (e)

1,745,000

1,801,713

Vitro SAB de CV 9.125% 2/1/17 (b)

675,000

307,125

TOTAL MEXICO

11,748,718

Netherlands - 4.7%

Arcos Dorados BV 7.5% 10/1/19 (e)

825,000

855,938

Bulgaria Steel Finance BV 12% 5/4/13 unit (b)

EUR

600,000

81,042

Indosat Finance Co. BV 7.75% 11/5/10

625,000

642,188

Intergas Finance BV:

6.375% 5/14/17 (Reg. S)

1,200,000

1,230,000

6.875% 11/4/11 (Reg. S)

954,000

1,006,470

Kazakhstan Temir Zholy Finance BV 6.5% 5/11/11

1,480,000

1,509,600

KazMunaiGaz Finance Sub BV:

8.375% 7/2/13 (e)

2,660,000

2,989,175

Nonconvertible Bonds - continued

 

Principal Amount (c)

Value

Netherlands - continued

KazMunaiGaz Finance Sub BV: - continued

9.125% 7/2/18 (e)

$ 3,700,000

$ 4,477,000

11.75% 1/23/15 (e)

3,070,000

3,948,788

Lippo Karawaci Finance BV 8.875% 3/9/11

260,000

265,850

Majapahit Holding BV:

7.25% 6/28/17 (Reg. S)

1,385,000

1,475,025

7.75% 10/17/16 (Reg. S)

1,310,000

1,436,153

7.75% 1/20/20 (e)

2,930,000

3,179,050

7.875% 6/29/37 (Reg. S)

3,870,000

4,005,450

8% 8/7/19 (e)

1,290,000

1,417,452

Matahari International Finance Co. BV 10.75% 8/7/12

2,660,000

2,759,750

Paiton Energy Funding BV 9.34% 2/15/14 (Reg. S)

257,000

265,353

PT Indosat International Finance Co. BV 7.125% 6/22/12 (e)

1,090,000

1,125,425

TOTAL NETHERLANDS

32,669,709

Peru - 0.0%

CFG Investment SAC 9.25% 12/19/13 (Reg. S)

245,000

255,413

Philippines - 0.9%

National Power Corp. 6.875% 11/2/16 (e)

2,885,000

3,130,225

Power Sector Assets and Liabilities Management Corp. 7.39% 12/2/24 (e)

2,970,000

3,133,350

TOTAL PHILIPPINES

6,263,575

Qatar - 0.2%

Qtel International Finance Ltd. 6.5% 6/10/14 (e)

1,310,000

1,430,520

Singapore - 0.2%

Ciliandra Perkasa Finance Co. Pte. Ltd. 10.75% 12/8/11 (Reg. S)

1,510,000

1,557,263

Trinidad & Tobago - 0.3%

Petroleum Co. of Trinidad & Tobago Ltd. 9.75% 8/14/19 (e)

1,575,000

1,805,738

Ukraine - 0.5%

Naftogaz of Ukraine NJSC 9.5% 9/30/14

3,500,000

3,640,000

United Arab Emirates - 0.5%

Dolphin Energy Ltd. 5.888% 6/15/19 (e)

2,999,700

3,089,691

United Kingdom - 0.5%

EXIM of Ukraine 7.65% 9/7/11 (Issued by Credit Suisse London Branch for EXIM Ukraine)

3,645,000

3,622,219

United States of America - 1.8%

Drummond Co., Inc. 9% 10/15/14 (e)

907,000

943,280

Nonconvertible Bonds - continued

 

Principal Amount (c)

Value

United States of America - continued

Gerdau Holdings, Inc. 7% 1/20/20 (e)

$ 1,365,000

$ 1,438,028

NII Capital Corp.:

8.875% 12/15/19 (e)

1,425,000

1,478,438

10% 8/15/16 (e)

2,100,000

2,299,500

Pemex Project Funding Master Trust 8.625% 2/1/22

5,480,000

6,493,800

TOTAL UNITED STATES OF AMERICA

12,653,046

Venezuela - 0.9%

Petroleos de Venezuela SA:

5.25% 4/12/17

5,145,000

3,228,488

5.375% 4/12/27

5,605,000

2,886,575

TOTAL VENEZUELA

6,115,063

TOTAL NONCONVERTIBLE BONDS

(Cost $170,813,415)

177,881,127

Government Obligations - 68.9%

 

Argentina - 3.7%

Argentine Republic:

discount (with partial capitalization through 12/31/13) 8.28% 12/31/33

8,376,769

6,282,577

par 2.5% 12/31/38 (d)

9,570,000

3,435,630

7% 9/12/13

10,750,000

9,573,174

8.375% 12/20/03 (b)

3,290,000

1,546,300

11% 10/9/06 (b)

1,630,000

782,400

11% 12/4/05 (b)

1,815,000

871,200

11.75% 4/7/09 (b)

705,000

338,400

Gross Domestic Product Linked Security 12/15/35 (g)

34,265,000

2,621,273

TOTAL ARGENTINA

25,450,954

Bahamas (Nassau) - 0.4%

Bahamian Republic 6.95% 11/20/29 (e)

2,830,000

2,830,000

Barbados - 0.2%

Barbados Government 7.25% 12/15/21 (e)

1,465,000

1,501,625

Belize - 0.2%

Belize Government 6% 2/20/29 (d)(e)

1,939,700

1,338,393

Bosnia & Herzegovina - 0.3%

Bosnia & Herzegovina Series A, 1.7913% 12/11/17 (f)

DEM

4,477,200

2,349,993

Government Obligations - continued

 

Principal
Amount (c)

Value

Brazil - 5.4%

Brazilian Federative Republic:

5.625% 1/7/41

$ 555,000

$ 522,533

5.875% 1/15/19

4,175,000

4,477,688

6% 9/15/13

700,000

726,250

7.125% 1/20/37

2,720,000

3,094,000

8% 1/15/18

1,337,778

1,558,511

8.25% 1/20/34

2,340,000

2,977,650

8.875% 4/15/24

2,290,000

3,022,800

10% 1/1/17

BRL

13,175,000

6,631,827

10.125% 5/15/27

2,990,000

4,380,350

11% 8/17/40

4,600,000

6,154,800

12.25% 3/6/30

1,590,000

2,766,600

12.75% 1/15/20

850,000

1,351,500

TOTAL BRAZIL

37,664,509

Cayman Islands - 0.5%

Cayman Island Government 5.95% 11/24/19 (e)

3,410,000

3,338,390

Colombia - 1.8%

Colombian Republic:

6.125% 1/18/41

1,505,000

1,441,038

7.375% 3/18/19

1,185,000

1,365,713

10.375% 1/28/33

3,490,000

5,008,150

11.75% 2/25/20

3,093,000

4,538,978

TOTAL COLOMBIA

12,353,879

Congo - 0.6%

Congo Republic 3% 6/30/29 (d)

7,623,750

4,383,656

Croatia - 0.7%

Croatia Republic 6.75% 11/5/19 (e)

4,170,000

4,565,066

Dominican Republic - 0.4%

Dominican Republic 9.04% 1/23/18 (e)

2,798,021

3,077,823

Ecuador - 0.4%

Ecuador Republic 9.375% 12/15/15 (e)

2,670,000

2,483,100

Egypt - 0.2%

Arab Republic of Egypt 9.8793% 8/3/10

EGP

8,575,000

1,506,668

El Salvador - 0.9%

El Salvador Republic:

7.375% 12/1/19 (e)

2,705,000

2,948,450

7.65% 6/15/35 (Reg. S)

1,105,000

1,163,013

Government Obligations - continued

 

Principal
Amount (c)

Value

El Salvador - continued

El Salvador Republic: - continued

7.75% 1/24/23 (Reg. S)

$ 1,050,000

$ 1,160,250

8.25% 4/10/32 (Reg. S)

865,000

955,825

TOTAL EL SALVADOR

6,227,538

Gabon - 0.9%

Gabonese Republic 8.2% 12/12/17 (e)

5,850,000

6,420,375

Georgia - 0.8%

Georgia Republic 7.5% 4/15/13

5,075,000

5,290,688

Ghana - 1.1%

Ghana Republic:

8.5% 10/4/17 (e)

5,940,000

6,563,700

14.99% 3/11/13

GHS

1,380,000

982,100

TOTAL GHANA

7,545,800

Hungary - 0.2%

Hungarian Republic 6.25% 1/29/20

1,510,000

1,600,600

Indonesia - 8.7%

Indonesian Republic:

5.875% 3/13/20 (e)

2,960,000

3,063,600

6.625% 2/17/37 (e)

540,000

550,800

6.75% 3/10/14 (Reg. S)

2,245,000

2,475,113

6.875% 3/9/17 (e)

2,295,000

2,553,188

6.875% 1/17/18 (e)

3,920,000

4,351,200

7.25% 4/20/15 (e)

1,945,000

2,202,713

7.5% 1/15/16 (e)

5,490,000

6,327,225

7.75% 1/17/38 (e)

4,135,000

4,786,263

8.5% 10/12/35 (e)

4,870,000

6,050,975

9.5% 6/15/15

IDR

82,777,000,000

9,529,827

10.375% 5/4/14 (e)

1,905,000

2,362,200

11.625% 3/4/19 (e)

3,955,000

5,675,425

12% 9/15/11

IDR

63,690,000,000

7,441,010

Perusahaan Penerbit SBSN Indonesia 8.8% 4/23/14 (e)

2,620,000

3,052,300

TOTAL INDONESIA

60,421,839

Iraq - 0.8%

Republic of Iraq 5.8% 1/15/28 (Reg. S)

7,270,000

5,888,700

Government Obligations - continued

 

Principal
Amount (c)

Value

Ivory Coast - 2.2%

Ivory Coast:

FLIRB 5% 3/29/18 (Reg. S) (b)(f)

$ 14,145,000

$ 9,335,700

past due interest 3% 3/30/18 (Reg. S) (b)(f)

10,108,000

6,165,880

TOTAL IVORY COAST

15,501,580

Jamaica - 0.2%

Jamaican Government 8% 3/15/39

1,228,000

1,142,040

Lebanon - 1.7%

Lebanese Republic:

4% 12/31/17

5,184,000

4,963,680

9% 3/20/17

2,365,000

2,796,613

11.625% 5/11/16 (Reg. S)

3,350,000

4,329,875

TOTAL LEBANON

12,090,168

Lithuania - 1.3%

Lithuanian Republic:

6.75% 1/15/15 (e)

4,330,000

4,719,700

7.375% 2/11/20 (e)

4,045,000

4,409,050

TOTAL LITHUANIA

9,128,750

Mexico - 4.5%

United Mexican States:

5.125% 1/15/20

1,516,000

1,531,160

5.625% 1/15/17

8,417,000

9,006,190

8.5% 12/13/18

MXN

142,440,000

12,229,255

11.375% 9/15/16

1,669,000

2,344,945

11.5% 5/15/26

3,945,000

6,588,150

TOTAL MEXICO

31,699,700

Pakistan - 1.4%

Islamic Republic of Pakistan:

6.875% 6/1/17 (e)

7,435,000

6,914,550

7.125% 3/31/16 (e)

2,870,000

2,712,150

TOTAL PAKISTAN

9,626,700

Panama - 0.5%

Panamanian Republic 5.2% 1/30/20

3,380,000

3,400,280

Peru - 0.4%

Peruvian Republic 7.35% 7/21/25

2,725,000

3,167,813

Government Obligations - continued

 

Principal
Amount (c)

Value

Philippines - 1.8%

Philippine Republic:

6.375% 10/23/34

$ 3,955,000

$ 3,875,900

6.5% 1/20/20

5,415,000

5,828,165

10.625% 3/16/25

2,035,000

2,915,138

TOTAL PHILIPPINES

12,619,203

Poland - 0.6%

Polish Government 6.375% 7/15/19

4,040,000

4,427,840

Qatar - 0.9%

State of Qatar:

4% 1/20/15 (e)

4,865,000

4,913,650

6.4% 1/20/40 (e)

1,365,000

1,426,425

TOTAL QATAR

6,340,075

Romania - 0.4%

Romanian Republic:

6.5% 6/18/18

EUR

1,135,000

1,640,358

8.5% 5/8/12 (Reg. S)

EUR

660,000

980,608

TOTAL ROMANIA

2,620,966

Russia - 6.7%

Russian Federation:

7.5% 3/31/30 (Reg. S)

33,754,800

38,860,186

12.75% 6/24/28 (Reg. S)

4,574,000

8,107,415

TOTAL RUSSIA

46,967,601

Serbia - 0.7%

Republic of Serbia 6.75% 11/1/24 (e)

4,725,000

4,701,375

South Africa - 0.2%

South African Republic 5.5% 3/9/20

1,510,000

1,521,325

Sri Lanka - 0.7%

Democratic Socialist Republic of Sri Lanka:

7.4% 1/22/15 (e)

3,195,000

3,322,800

8.25% 10/24/12 (e)

1,300,000

1,395,940

TOTAL SRI LANKA

4,718,740

Turkey - 4.8%

Turkish Republic:

6.75% 4/3/18

1,615,000

1,762,450

6.75% 5/30/40

3,255,000

3,206,175

6.875% 3/17/36

3,560,000

3,588,480

Government Obligations - continued

 

Principal
Amount (c)

Value

Turkey - continued

Turkish Republic: - continued

7% 9/26/16

$ 1,225,000

$ 1,361,343

7% 3/11/19

1,240,000

1,368,712

7% 6/5/20

1,235,000

1,374,555

7.25% 3/15/15

1,195,000

1,344,375

7.25% 3/5/38

1,815,000

1,903,935

7.375% 2/5/25

2,700,000

3,005,100

7.5% 7/14/17

2,085,000

2,375,858

7.5% 11/7/19

1,460,000

1,662,940

9.5% 1/15/14

2,675,000

3,189,938

11% 1/14/13

2,325,000

2,787,210

11.875% 1/15/30

2,660,000

4,246,158

TOTAL TURKEY

33,177,229

Ukraine - 0.9%

Ukraine Cabinet of Ministers:

6.58% 11/21/16 (e)

1,515,000

1,443,038

6.875% 3/4/11 (Reg. S)

1,225,000

1,229,594

Ukraine Government:

6.385% 6/26/12 (e)

845,000

838,663

6.75% 11/14/17 (e)

1,200,000

1,144,500

7.65% 6/11/13 (Reg. S)

1,400,000

1,417,500

TOTAL UKRAINE

6,073,295

United States of America - 3.7%

U.S. Treasury Bonds:

4.5% 8/15/39

4,205,000

4,061,109

4.625% 2/15/40

22,020,000

21,703,463

TOTAL UNITED STATES OF AMERICA

25,764,572

Uruguay - 0.5%

Uruguay Republic 8% 11/18/22

2,870,000

3,415,300

Venezuela - 5.9%

Venezuelan Republic:

oil recovery rights 4/15/20 (a)

21,255

573,885

1.2489% 4/20/11 (Reg. S) (f)

6,720,000

6,266,400

5.375% 8/7/10 (Reg. S)

1,535,000

1,527,325

5.75% 2/26/16 (Reg S.)

3,860,000

2,808,150

7% 3/31/38

1,345,000

796,913

7.75% 10/13/19 (Reg. S)

9,245,000

6,610,175

8.5% 10/8/14

2,985,000

2,604,413

9.25% 9/15/27

6,630,000

5,187,975

Government Obligations - continued

 

Principal
Amount (c)

Value

Venezuela - continued

Venezuelan Republic: - continued

9.25% 5/7/28 (Reg. S)

$ 2,655,000

$ 1,955,408

9.375% 1/13/34

2,080,000

1,528,800

10.75% 9/19/13

7,785,000

7,590,375

13.625% 8/15/18

3,345,000

3,370,088

TOTAL VENEZUELA

40,819,907

Vietnam - 0.7%

Vietnamese Socialist Republic:

6.75% 1/29/20 (e)

2,990,000

3,049,800

6.875% 1/15/16 (e)

1,445,000

1,538,925

TOTAL VIETNAM

4,588,725

TOTAL GOVERNMENT OBLIGATIONS

(Cost $442,960,033)

479,752,780

Supranational Obligations - 0.7%

 

Central American Bank 5.375% 9/24/14 (e)

1,980,000

2,071,575

Corporacion Andina de Fomento 8.125% 6/4/19

1,280,000

1,525,504

Eurasian Development Bank 7.375% 9/29/14 (e)

980,000

1,051,050

TOTAL SUPRANATIONAL OBLIGATIONS

(Cost $4,273,536)

4,648,129

Preferred Securities - 1.0%

 

 

 

 

Brazil - 0.7%

Globo Comunicacoes e Participacoes SA 9.375%

4,355,000

4,499,723

Net Servicos de Comunicacao SA 9.25% (e)

635,000

648,217

TOTAL BRAZIL

5,147,940

United States of America - 0.3%

Pemex Project Funding Master Trust 7.75%

2,182,000

2,183,379

TOTAL PREFERRED SECURITIES

(Cost $7,281,153)

7,331,319

Money Market Funds - 2.3%

Shares

Value

Fidelity Cash Central Fund, 0.19% (h)
(Cost $15,816,330)

15,816,330

$ 15,816,330

TOTAL INVESTMENT PORTFOLIO - 98.5%

(Cost $641,144,467)

685,429,685

NET OTHER ASSETS - 1.5%

10,452,523

NET ASSETS - 100%

$ 695,882,208

Security Type Abbreviations

FLIRB - Front Loaded Interest Reduction
Bond

Currency Abbreviations

BRL

-

Brazilian real

DEM

-

German deutsche mark

EGP

-

Egyptian pound

EUR

-

European Monetary Unit

GHS

-

Ghana cedi

IDR

-

Indonesian rupiah

MXN

-

Mexican peso

Legend

(a) Quantity represents share amount.

(b) Non-income producing - Issuer is in default.

(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 end of the period, the value of these securities amounted to $239,083,225 or 34.4% of net assets.

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

(g) Security is linked to Argentine Republic Gross Domestic Product (GDP). Security does not pay principal over life of security or at expiration. Payments are based on growth of Argentine GDP, subject to certain conditions.

(h) 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.

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 13,560

Fidelity Securities Lending Cash Central Fund

7

Total

$ 13,567

Other Information

The following is a summary of the inputs used, as of March 31, 2010, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Corporate Bonds

$ 177,881,127

$ -

$ 177,881,127

$ -

Government Obligations

479,752,780

-

479,752,780

-

Supranational Obligations

4,648,129

-

4,648,129

-

Preferred Securities

7,331,319

-

7,331,319

-

Money Market Funds

15,816,330

15,816,330

-

-

Total Investments in Securities:

$ 685,429,685

$ 15,816,330

$ 669,613,355

$ -

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

Investments in Securities:

Beginning Balance

$ 563,258

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

-

Cost of Purchases

-

Proceeds of Sales

-

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

(563,258)

Ending Balance

$ -

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at March 31, 2010

$ -

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At March 31, 2010, the cost of investment securities for income tax purposes was $639,070,090. Net unrealized appreciation aggregated $46,359,595, of which $51,996,602 related to appreciated investment securities and $5,637,007 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, foreign government and government agency obligations, preferred securities, and supranational obligations, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.

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

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Item 2. 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 Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

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.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Advisor Series VIII

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

June 1, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

June 1, 2010

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

June 1, 2010