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)

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:

March 31, 2005

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, 2005

1.799872.101

EMI-QTLY-0505

Investments March 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 12.0%

Principal
Amount (h)

Value

Argentina - 0.7%

Mastellone Hermanos SA (Reg. S) 8% 6/30/12

$ 205,000

$ 171,175

Pecom Energia SA 8.125% 7/15/10 (Reg. S)

420,000

426,300

Telefonica de Argentina SA 9.125% 11/7/10

420,000

432,600

Transportadora de Gas del Sur SA (Reg. S) 5.3% 12/15/10 (d)

200,388

185,859

TOTAL ARGENTINA

1,215,934

Bahamas (Nassau) - 0.5%

Odebrecht Overseas Ltd. 11.5% 2/25/09 (e)

770,000

831,600

Brazil - 0.3%

Braskem SA 11.75% 1/22/14 (e)

420,000

466,200

Cayman Islands - 0.5%

CSN Islands VIII Corp. 9.75% 12/16/13 (e)

870,000

900,450

Egypt - 0.5%

Telecom Egypt SAE:

10.7% 2/4/10 (f)

EGP

2,598,100

448,450

10.95% 2/4/10

EGP

2,598,100

448,358

TOTAL EGYPT

896,808

Germany - 0.7%

Citigroup Global Markets Deutschland AG 9.25% 4/19/14 (e)

1,160,000

1,181,750

Indonesia - 0.1%

APP International Finance (Mauritius) Ltd.:

0% 7/5/01 (c)(e)

1,235,000

74,100

0% 7/5/01 (Reg. S) (c)

445,000

26,700

TOTAL INDONESIA

100,800

Korea (South) - 0.3%

Hanarotelecom, Inc. 7% 2/1/12 (e)

580,000

559,700

Luxembourg - 1.9%

Millicom International Cellular SA 10% 12/1/13 (e)

1,140,000

1,148,550

Mobile Telesystems Finance SA 8% 1/28/12 (e)

1,890,000

1,876,483

UBS Luxembourg SA (Reg. S) 10% 6/16/09

200,000

212,500

TOTAL LUXEMBOURG

3,237,533

Malaysia - 1.7%

Petroliam Nasional BHD (Petronas):

7.625% 10/15/26 (Reg. S)

695,000

820,100

7.75% 8/15/15 (Reg. S)

325,000

385,734

Nonconvertible Bonds - continued

Principal
Amount (h)

Value

Malaysia - continued

Petronas Capital Ltd.:

7% 5/22/12

$ 750,000

$ 828,750

7.875% 5/22/22 (Reg. S)

710,000

852,000

TOTAL MALAYSIA

2,886,584

Mexico - 0.5%

Alestra SA de RL de CV 8% 6/30/10

335,000

290,613

AXtel SA de CV 11% 12/15/13

345,000

364,838

Vitro Envases Norteamerica SA de CV (Reg. S) 10.75% 7/23/11

200,000

203,000

TOTAL MEXICO

858,451

Russia - 2.5%

Mobile Telesystems Finance SA 9.75% 1/30/08 (Reg. S)

830,000

880,538

OAO Gazprom 9.625% 3/1/13

2,930,000

3,347,525

TOTAL RUSSIA

4,228,063

Tunisia - 0.3%

Banque Centrale de Tunisie 7.375% 4/25/12

445,000

495,063

United Kingdom - 1.5%

Standard Bank London Ltd. 8.125% 9/30/09

2,500,000

2,556,250

TOTAL NONCONVERTIBLE BONDS

(Cost $21,777,222)

20,415,186

Government Obligations - 74.9%

Argentina - 6.6%

Argentine Republic:

par 1.2% 12/31/38 unit (i)(k)

EUR

372,162

144,725

par 1.33% 12/31/38 unit (i)(k)

613,012

190,034

3.01% 8/3/12 (f)

4,800,000

4,058,582

discount 7.82% 12/31/33 unit (i)

EUR

1,341,531

1,365,084

discount 8.28% 12/31/33 unit (i)

6,921,367

5,571,700

TOTAL ARGENTINA

11,330,125

Brazil - 19.1%

Brazilian Federative Republic:

Brady:

capitalization bond 8% 4/15/14

5,581,791

5,536,467

debt conversion bond 3.125% 4/15/12 (f)

3,127,959

2,932,461

8.875% 10/14/19

1,270,000

1,243,330

Government Obligations - continued

Principal
Amount (h)

Value

Brazil - continued

Brazilian Federative Republic: - continued

10.25% 6/17/13

$ 1,815,000

$ 1,987,425

10.5% 7/14/14

3,055,000

3,368,138

11% 8/17/40

6,385,000

7,100,110

11.5% 3/12/08

2,250,000

2,538,000

12% 4/15/10

3,490,000

4,074,575

12.75% 1/15/20

1,735,000

2,154,870

14.5% 10/15/09

1,290,000

1,624,110

TOTAL BRAZIL

32,559,486

Colombia - 2.3%

Colombian Republic:

8.125% 5/21/24

285,000

259,350

9.75% 4/23/09

510,000

554,625

10% 1/23/12

850,000

925,438

10.375% 1/28/33

415,000

440,938

10.75% 1/15/13

435,000

487,200

10.75% 1/15/13

185,000

207,200

11.75% 2/25/20

799,000

962,795

TOTAL COLOMBIA

3,837,546

Dominican Republic - 0.4%

Dominican Republic:

9.04% 1/23/13 (e)

385,000

348,425

9.5% 9/27/06 (Reg. S)

430,000

398,825

TOTAL DOMINICAN REPUBLIC

747,250

Ecuador - 1.4%

Ecuador Republic:

8% 8/15/30 (Reg. S) (d)

2,021,000

1,818,900

12% 11/15/12 (Reg. S)

644,000

647,220

TOTAL ECUADOR

2,466,120

Egypt - 0.3%

Arab Republic 8.3856% to 8.8771% 5/3/05

EGP

2,550,000

436,287

El Salvador - 0.3%

El Salvador Republic 8.5% 7/25/11 (Reg. S)

465,000

525,450

Guatemala - 0.3%

Guatemalan Republic (Reg. S) 10.25% 11/8/11

405,000

471,825

Israel - 0.3%

Israeli State 7.5% 3/31/14

ILS

1,790,000

431,990

Government Obligations - continued

Principal
Amount (h)

Value

Ivory Coast - 0.2%

Ivory Coast:

Brady past due interest 2% 3/29/18 (Reg. S) (c)(f)

$ 1,097,250

$ 192,019

FLIRB 2.5% 3/29/18 (Reg. S) (c)(f)

1,100,000

189,750

TOTAL IVORY COAST

381,769

Jamaica - 0.3%

Jamaican Government 11.75% 5/15/11 (Reg. S)

400,000

488,000

Lebanon - 2.3%

Lebanese Republic:

(Reg. S) 5.88% 11/30/09 (f)

165,000

160,050

5.88% 11/30/09 (e)(f)

1,170,000

1,134,900

10.125% 8/6/08

470,000

502,900

10.25% 10/6/09 (Reg. S)

530,000

567,100

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

1,445,000

1,618,400

TOTAL LEBANON

3,983,350

Mexico - 7.9%

United Mexican States:

5.875% 1/15/14

1,680,000

1,667,400

6.625% 3/3/15

785,000

817,970

6.75% 9/27/34

960,000

937,440

7.5% 1/14/12

1,175,000

1,298,375

7.5% 4/8/33

1,650,000

1,752,300

8% 9/24/22

2,290,000

2,599,150

8.125% 12/30/19

1,675,000

1,922,063

11.375% 9/15/16

829,000

1,186,714

11.5% 5/15/26

845,000

1,282,288

TOTAL MEXICO

13,463,700

Nigeria - 0.0%

Central Bank of Nigeria warrants 11/15/20 (a)(g)

750

2,625

Pakistan - 0.2%

Pakistani Republic 6.75% 2/19/09

325,000

327,438

Panama - 1.3%

Panamanian Republic:

7.25% 3/15/15

570,000

567,150

8.875% 9/30/27

365,000

393,288

9.375% 7/23/12

350,000

401,625

Government Obligations - continued

Principal
Amount (h)

Value

Panama - continued

Panamanian Republic: - continued

9.375% 1/16/23

$ 375,000

$ 431,250

9.625% 2/8/11

315,000

356,738

TOTAL PANAMA

2,150,051

Peru - 3.5%

Peruvian Republic:

8.75% 11/21/33

400,000

404,000

9.125% 2/21/12

1,915,000

2,159,163

9.875% 2/6/15

1,105,000

1,276,275

euro Brady past due interest 5% 3/7/17 (f)

2,222,750

2,111,613

TOTAL PERU

5,951,051

Philippines - 8.0%

Philippine Republic:

8.25% 1/15/14

725,000

706,875

8.375% 3/12/09

575,000

608,781

8.375% 2/15/11

3,825,000

3,901,500

8.875% 3/17/15

2,005,000

2,027,556

9% 2/15/13

1,945,000

2,003,350

9.5% 2/2/30

675,000

659,813

9.875% 3/16/10

750,000

828,750

9.875% 1/15/19

1,140,000

1,191,300

10.625% 3/16/25

1,605,000

1,719,356

TOTAL PHILIPPINES

13,647,281

Poland - 0.3%

Polish Government 6% 5/24/09

PLN

1,320,000

425,274

Russia - 4.8%

Russian Federation:

5% 3/31/30 (Reg. S) (d)

2,840,000

2,919,875

11% 7/24/18 (Reg. S)

1,962,000

2,712,465

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

1,569,000

2,569,238

TOTAL RUSSIA

8,201,578

South Africa - 1.0%

South African Republic 7.375% 4/25/12

1,600,000

1,760,000

Turkey - 4.5%

Turkish Republic:

9% 6/30/11

520,000

569,400

11% 1/14/13

1,345,000

1,627,450

11.5% 1/23/12

1,745,000

2,122,356

Government Obligations - continued

Principal
Amount (h)

Value

Turkey - continued

Turkish Republic: - continued

11.75% 6/15/10

$ 645,000

$ 775,613

11.875% 1/15/30

1,270,000

1,704,975

15.2485% 8/10/05

TRY

1,255,000

876,709

TOTAL TURKEY

7,676,503

Ukraine - 1.3%

Ukraine Government:

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

440,000

450,450

6.365% 8/5/09 (f)

815,000

872,050

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

830,000

890,175

TOTAL UKRAINE

2,212,675

Uruguay - 0.2%

Uruguay Republic 7.25% 2/15/11

370,000

349,650

Venezuela - 8.1%

Venezuelan Republic:

oil recovery rights 4/15/20 (g)

13,005

273,105

3.6925% 4/20/11 (f)

5,220,000

4,664,070

5.375% 8/7/10

2,485,000

2,211,650

7% 12/1/18 (Reg. S)

940,000

803,700

9.25% 9/15/27

2,155,000

2,138,838

10.75% 9/19/13

1,895,000

2,127,138

13.625% 8/15/18

75,000

99,000

13.625% 8/15/18

1,180,000

1,557,600

TOTAL VENEZUELA

13,875,101

TOTAL GOVERNMENT OBLIGATIONS

(Cost $126,604,559)

127,702,125

Common Stocks - 0.4%

Shares

Bermuda - 0.4%

APP China Group Ltd.
(Cost $519,724)

11,376

580,176

Sovereign Loan Participations - 0.9%

Principal
Amount (h)

Value

Morocco - 0.9%

Moroccan Kingdom loan participation - JP Morgan 3.8025% 1/2/09 (f)(j)
(Cost $1,554,300)

$ 1,570,000

$ 1,552,338

Money Market Funds - 11.2%

Shares

Fidelity Cash Central Fund, 2.73% (b)
(Cost $19,137,852)

19,137,852

19,137,852

Purchased Options - 0.1%

Expiration Date/Strike Price

Underlying Face Amount

Russia - 0.1%

Lehman Brothers Holdings, Inc. Call Option on $9,435,000 notional amount of Russian Federation 5% 3/31/30 (Reg. S)
(Cost $66,989)

April 2005/ $100.69

$ 9,689,746

189,644

TOTAL INVESTMENT PORTFOLIO - 99.5%

(Cost $169,660,646)

169,577,321

NET OTHER ASSETS - 0.5%

861,035

NET ASSETS - 100%

$ 170,438,356

Security Type Abbreviation

FLIRB

-

Front Loaded Interest Reduction Bonds

Currency Abbreviations

EGP

-

Egyptian pound

EUR

-

European Monetary Unit

ILS

-

Israeli shekel

PLN

-

Polish zloty (new)

TRY

-

New Turkish Lira

Legend

(a) Non-income producing

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

(c) Non-income producing - issuer filed for bankruptcy or is in default of interest payments.

(d) Debt obligation 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 $8,522,158 or 5.0% 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) Principal amount is stated in United States dollars unless otherwise noted.

(i) Security acquired on a when-issued basis through debt restructuring offer. Includes attached Argentine Republic Gross Domestic Product-Linked Securities, expiring 12/15/35.

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

(k) Debt obligation to be issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

Income Tax Information

At March 31, 2005, the aggregate cost of investment securities for income tax purposes was $169,650,342. Net unrealized depreciation aggregated $73,021, of which $3,384,380 related to appreciated investment securities and $3,457,401 related to depreciated investment securities.

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 Corp. 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/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

May 23, 2005

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:

May 23, 2005

By:

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

Date:

May 23, 2005