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, 2006

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, 2006

1.799872.102

EMI-QTLY-0506

Investments March 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 14.0%

Principal
Amount (h)

Value

Argentina - 0.5%

Telecom Personal SA 9.25% 12/22/10 (e)

$ 1,100,000

$ 1,133,000

Bahamas (Nassau) - 0.5%

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

975,000

1,101,750

Brazil - 1.1%

Braskem SA:

11.75% 1/22/14 (e)

930,000

1,136,925

12.5% 11/5/08 (e)

775,000

885,438

Globo Comunicacoes e Participacoes SA (Reg. S) 7.375% 10/20/11 (d)

508,218

505,677

TOTAL BRAZIL

2,528,040

Cayman Islands - 0.3%

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

625,000

706,250

Egypt - 0.3%

Telecom Egypt SAE:

10.7% 2/4/10 (f)

EGP

1,823,100

330,521

10.95% 2/4/10

EGP

1,828,100

334,608

TOTAL EGYPT

665,129

Germany - 1.8%

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

1,035,000

1,117,800

Dresdner Bank AG 10.375% 8/17/09 (e)

855,000

933,019

Gazstream SA 5.625% 7/22/13 (e)

1,401,362

1,380,342

Kyivstar GSM 7.75% 4/27/12 (Issued by Dresdner Bank AG for Kyivstar GSM) (e)

895,000

903,950

TOTAL GERMANY

4,335,111

Indonesia - 0.0%

APP International Finance (Mauritius) Ltd.:

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

1,235,000

49,400

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

445,000

17,800

TOTAL INDONESIA

67,200

Korea (South) - 0.2%

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

450,000

444,375

Luxembourg - 0.8%

Millicom International Cellular SA 10% 12/1/13

1,015,000

1,124,113

Mobile Telesystems Finance SA (Reg. S) 8.375% 10/14/10

660,000

683,100

TOTAL LUXEMBOURG

1,807,213

Nonconvertible Bonds - continued

Principal
Amount (h)

Value

Malaysia - 1.4%

Petroliam Nasional BHD (Petronas) 7.625% 10/15/26 (Reg. S)

$ 330,000

$ 387,169

Petronas Capital Ltd.:

7% 5/22/12

1,865,000

1,996,744

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

720,000

852,494

TOTAL MALAYSIA

3,236,407

Mexico - 0.2%

Innova S. de R.L. 9.375% 9/19/13

465,000

520,800

Netherlands - 0.5%

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

1,160,000

1,165,800

Russia - 1.1%

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

1,385,000

1,455,635

OAO Gazprom 9.625% 3/1/13

870,000

1,028,775

TOTAL RUSSIA

2,484,410

Tunisia - 0.2%

Banque Centrale de Tunisie 7.375% 4/25/12

445,000

478,931

United Kingdom - 0.4%

Credit Suisse First Boston International 8% 11/6/15 (e)

890,000

893,338

United States of America - 4.7%

Drummond Co., Inc. 7.375% 2/15/16 (e)

460,000

455,400

Pemex Project Funding Master Trust:

7.375% 12/15/14

1,500,000

1,601,250

7.75% 9/28/49

3,504,000

3,577,584

7.875% 2/1/09 (f)

915,000

961,665

8.625% 2/1/22

1,900,000

2,242,000

9.125% 10/13/10

1,930,000

2,161,600

TOTAL UNITED STATES OF AMERICA

10,999,499

TOTAL NONCONVERTIBLE BONDS

(Cost $33,730,724)

32,567,253

Government Obligations - 72.0%

Argentina - 3.6%

Argentine Republic:

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

2,528,271

2,486,554

par 1.33% 12/31/38 (f)

4,025,000

1,529,500

Government Obligations - continued

Principal
Amount (h)

Value

Argentina - continued

Argentine Republic: - continued

4.889% 8/3/12 (f)

$ 1,872,500

$ 1,737,862

Gross Domestic Product Linked Security 4/1/06 (a)(i)

27,957,623

2,586,080

TOTAL ARGENTINA

8,339,996

Brazil - 14.2%

Brazilian Federative Republic:

7.125% 1/20/37

1,150,000

1,124,125

7.875% 3/7/15

1,060,000

1,144,800

8% 1/15/18

1,660,000

1,798,610

8.25% 1/20/34

1,535,000

1,690,035

8.75% 2/4/25

5,020,000

5,747,900

8.875% 10/14/19

1,535,000

1,778,298

8.875% 4/15/24

2,265,000

2,616,075

10% 8/7/11

830,000

973,175

10.5% 7/14/14

1,680,000

2,095,800

11% 1/11/12

940,000

1,149,150

11% 8/17/40

1,770,000

2,270,910

12% 4/15/10

2,770,000

3,382,170

12.25% 3/6/30

1,505,000

2,298,888

12.75% 1/15/20

1,905,000

2,828,925

14.5% 10/15/09

1,650,000

2,120,250

TOTAL BRAZIL

33,019,111

Colombia - 2.7%

Colombian Republic:

6.55% 11/16/15 (f)

490,000

510,825

8.125% 5/21/24

480,000

537,120

8.25% 12/22/14

450,000

506,250

10% 1/23/12

675,000

797,175

10.375% 1/28/33

550,000

767,250

10.75% 1/15/13

910,000

1,128,400

11.75% 2/25/20

1,438,000

2,049,150

TOTAL COLOMBIA

6,296,170

Dominican Republic - 1.7%

Dominican Republic:

8.625% 4/20/27 (e)

990,000

1,017,225

Government Obligations - continued

Principal
Amount (h)

Value

Dominican Republic - continued

Dominican Republic: - continued

9.04% 1/23/18 (e)

$ 897,810

$ 973,226

9.5% 9/27/11 (Reg. S)

1,844,490

1,982,827

TOTAL DOMINICAN REPUBLIC

3,973,278

Ecuador - 3.7%

Ecuador Republic:

9% 8/15/30 (Reg. S) (d)

1,830,000

1,843,725

9.375% 12/15/15 (e)

5,545,000

5,849,962

12% 11/15/12 (e)

250,000

254,375

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

725,000

737,688

TOTAL ECUADOR

8,685,750

El Salvador - 0.2%

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

465,000

517,313

Indonesia - 1.6%

Indonesian Republic:

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

665,000

661,675

7.5% 1/15/16 (e)

2,255,000

2,333,925

8.5% 10/12/35 (e)

610,000

680,150

TOTAL INDONESIA

3,675,750

Iraq - 1.0%

Republic of Iraq 5.8% 1/15/28 (e)

3,260,000

2,212,888

Ivory Coast - 0.4%

Ivory Coast:

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

1,591,250

397,813

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

2,105,000

526,250

TOTAL IVORY COAST

924,063

Lebanon - 2.1%

Lebanese Republic:

7.83% 11/30/09 (e)(f)

1,550,000

1,627,500

7.83% 11/30/09 (f)

185,000

194,250

10.125% 8/6/08

640,000

689,600

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

980,000

1,090,250

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

1,065,000

1,355,213

TOTAL LEBANON

4,956,813

Mexico - 8.0%

United Mexican States:

5.875% 1/15/14

1,610,000

1,598,730

Government Obligations - continued

Principal
Amount (h)

Value

Mexico - continued

United Mexican States: - continued

6.375% 1/16/13

$ 440,000

$ 451,000

6.625% 3/3/15

1,134,000

1,184,463

6.75% 9/27/34

865,000

893,113

7.5% 1/14/12

1,435,000

1,549,800

7.5% 4/8/33

1,710,000

1,913,490

8% 9/24/22

955,000

1,117,350

8.125% 12/30/19

2,095,000

2,463,720

8.3% 8/15/31

2,210,000

2,674,100

11.375% 9/15/16

1,149,000

1,619,516

11.5% 5/15/26

1,745,000

2,704,750

warrants:

9/1/06 (a)(g)

5,120

409,600

10/10/06 (a)(g)

2,680

123,280

11/9/06 (a)(g)

1,675

48,575

TOTAL MEXICO

18,751,487

Nigeria - 0.4%

Central Bank of Nigeria:

promissory note 5.092% 1/5/10

919,197

878,818

warrants 11/15/20 (a)(g)

750

48,750

TOTAL NIGERIA

927,568

Pakistan - 0.4%

Islamic Republic of Pakistan:

6.75% 2/19/09

425,000

427,125

7.125% 3/31/16 (e)

485,000

482,575

TOTAL PAKISTAN

909,700

Panama - 1.6%

Panamanian Republic:

7.125% 1/29/26

655,000

670,720

7.25% 3/15/15

580,000

614,800

8.875% 9/30/27

825,000

1,002,375

9.375% 4/1/29

415,000

526,013

9.625% 2/8/11

774,000

891,068

TOTAL PANAMA

3,704,976

Peru - 2.2%

Peruvian Republic:

7.35% 7/21/25

870,000

854,775

8.75% 11/21/33

665,000

739,813

Government Obligations - continued

Principal
Amount (h)

Value

Peru - continued

Peruvian Republic: - continued

9.125% 2/21/12

$ 1,125,000

$ 1,260,000

9.875% 2/6/15

975,000

1,150,500

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

1,299,550

1,234,573

TOTAL PERU

5,239,661

Philippines - 8.3%

Philippine Republic:

8.375% 2/15/11

2,105,000

2,283,925

8.875% 3/17/15

2,195,000

2,477,716

9% 2/15/13

5,075,000

5,715,719

9.375% 1/18/17

1,370,000

1,594,338

9.5% 2/2/30

1,840,000

2,182,700

9.875% 1/15/19

2,425,000

2,916,063

10.625% 3/16/25

1,635,000

2,119,369

TOTAL PHILIPPINES

19,289,830

Russia - 4.4%

Russian Federation:

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

910,000

996,450

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

2,737,000

3,913,910

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

2,314,000

4,124,705

Russian Federation Ministry of Finance Series VII, 3% 5/14/11

1,480,000

1,306,100

TOTAL RUSSIA

10,341,165

Serbia & Montenegro - 0.2%

Republic of Serbia 3.75% 11/1/24 (d)(e)

635,000

573,405

South Africa - 0.7%

South African Republic:

7.375% 4/25/12

700,000

756,875

8.5% 6/23/17

315,000

381,150

9.125% 5/19/09

395,000

433,019

TOTAL SOUTH AFRICA

1,571,044

Turkey - 5.3%

Turkish Republic:

6.875% 3/17/36

650,000

628,875

7% 6/5/20

1,665,000

1,685,813

8% 2/14/34

1,070,000

1,178,338

11% 1/14/13

3,555,000

4,461,525

11.5% 1/23/12

1,360,000

1,700,000

Government Obligations - continued

Principal
Amount (h)

Value

Turkey - continued

Turkish Republic: - continued

11.75% 6/15/10

$ 1,115,000

$ 1,340,788

11.875% 1/15/30

855,000

1,319,906

TOTAL TURKEY

12,315,245

Ukraine - 0.4%

City of Kiev 8.75% 8/8/08

870,000

901,538

Uruguay - 0.7%

Uruguay Republic:

7.25% 2/15/11

370,000

384,800

7.5% 3/15/15

735,000

766,238

9.25% 5/17/17

395,000

459,188

TOTAL URUGUAY

1,610,226

Venezuela - 7.8%

Venezuelan Republic:

oil recovery rights 4/15/20 (a)(g)

21,255

791,749

5.375% 8/7/10

1,160,000

1,123,460

5.6138% 4/20/11 (f)

1,710,000

1,717,695

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

735,000

747,863

7.65% 4/21/25

1,655,000

1,787,400

8.5% 10/8/14

2,480,000

2,777,600

9.25% 9/15/27

2,930,000

3,721,100

9.375% 1/13/34

1,335,000

1,705,463

10.75% 9/19/13

1,205,000

1,502,635

13.625% 8/15/18

1,510,000

2,321,626

TOTAL VENEZUELA

18,196,591

Vietnam - 0.4%

Vietnamese Socialist Republic 6.875% 1/15/16 (e)

965,000

998,775

TOTAL GOVERNMENT OBLIGATIONS

(Cost $156,318,857)

167,932,343

Common Stocks - 4.4%

Shares

Bermuda - 0.3%

APP China Group Ltd.

11,376

591,552

Brazil - 0.1%

Cyrela Brazil Realty SA

7,000

124,764

Common Stocks - continued

Shares

Value

China - 0.6%

China Shenhua Energy Co. Ltd. (H Shares)

470,000

$ 826,830

Dongfeng Motor Group Co. Ltd. (H Shares)

260,000

113,930

PetroChina Co. Ltd. sponsored ADR

2,100

220,395

Sinopec Shanghai Petrochemical Co. Ltd. sponsored ADR

5,200

296,192

TOTAL CHINA

1,457,347

Hong Kong - 0.3%

Chaoda Modern Agriculture (Holdings) Ltd.

178,000

139,938

CNOOC Ltd. sponsored ADR

6,300

492,534

Cosco Pacific Ltd.

54,000

107,873

TOTAL HONG KONG

740,345

Korea (South) - 0.9%

Hyundai Mipo Dockyard Co. Ltd.

10,030

863,018

LG Electronics, Inc.

7,790

631,795

Samsung Electronics Co. Ltd.

840

544,669

SK Corp.

1,800

120,790

TOTAL KOREA (SOUTH)

2,160,272

Russia - 1.2%

JSC MMC 'Norilsk Nickel' sponsored ADR

3,100

302,250

Lukoil Oil Co. sponsored ADR

11,100

920,190

Novatek JSC GDR (e)

9,000

346,500

OAO Gazprom sponsored ADR

11,600

1,064,300

Surgutneftegaz JSC sponsored ADR

3,200

242,240

TOTAL RUSSIA

2,875,480

South Africa - 0.6%

Aveng Ltd.

62,700

238,983

Bidvest Group Ltd.

13,100

242,219

FirstRand Ltd.

67,900

220,258

Lewis Group Ltd.

24,200

241,784

Sasol Ltd. sponsored ADR

5,200

196,716

Truworths International Ltd.

50,700

233,949

TOTAL SOUTH AFRICA

1,373,909

Turkey - 0.4%

Acibadem Saglik Hizmetleri AS

13,000

131,499

Denizbank AS (a)

12,000

104,425

Common Stocks - continued

Shares

Value

Turkey - continued

Finansbank AS

106,000

$ 607,066

Turk Sise ve Cam Fabrikalari AS

24,000

102,640

TOTAL TURKEY

945,630

TOTAL COMMON STOCKS

(Cost $9,348,065)

10,269,299

Sovereign Loan Participations - 0.2%

Principal
Amount (h)

Morocco - 0.2%

Moroccan Kingdom loan participation - JP Morgan 5.6825% 1/2/09 (f)
(Cost $432,784)

$ 436,071

434,327

Money Market Funds - 9.7%

Shares

Fidelity Cash Central Fund, 4.77% (b)
(Cost $22,576,500)

22,576,500

22,576,500

Purchased Options - 0.0%

Expiration Date/Strike Price

Underlying Face Amount

Russia - 0.0%

Lehman Brothers Holdings, Inc. Call Option on
$10,505,000 notional amount of Russian Federation 5% 3/31/30 (Reg. S)
(Cost $47,273)

April 2006/
$110.125

$ 11,502,975

14,707

TOTAL INVESTMENT PORTFOLIO - 100.3%

(Cost $222,454,203)

233,794,429

NET OTHER ASSETS - (0.3)%

(702,741)

NET ASSETS - 100%

$ 233,091,688

Security Type Abbreviation

FLIRB - Front Loaded Interest

Reduction Bonds

Currency Abbreviation

EGP - Egyptian pound

Legend

(a) Non-income producing

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

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

(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 $29,657,293 or 12.7% 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 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.

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

$ 64,629

Income Tax Information

At March 31, 2006, the aggregate cost of investment securities for income tax purposes was $222,443,898. Net unrealized appreciation aggregated $11,350,531, of which $14,004,491 related to appreciated investment securities and $2,653,960 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. 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. 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.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.

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 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 19, 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:

May 19, 2006

By:

/s/Paul M. Murphy

Paul M. Murphy

Chief Financial Officer

Date:

May 19, 2006