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:

September 30, 2007

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

September 30, 2007

1.808787.103

EMI-QTLY-1107

Investments September 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 18.1%

Principal
Amount (d)

Value

Argentina - 0.2%

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

$ 565,000

$ 576,300

Bahamas (Nassau) - 0.2%

Odebrecht Overseas Ltd. 9.625%

730,000

759,200

Brazil - 0.4%

Banco Nacional de Desenvolvimento Economico e Social 5.84% 6/16/08 (g)

1,075,000

1,069,625

Cayman Islands - 0.2%

China Properties Group Ltd. 9.125% 5/4/14 (f)

755,000

673,838

Dominican Republic - 0.5%

Cap Cana SA 9.625% 11/3/13 (f)

985,000

987,463

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

500,000

507,500

TOTAL DOMINICAN REPUBLIC

1,494,963

Germany - 1.4%

JSC Severstal 9.25% 4/19/14 (Issued by Citigroup Global Markets Deutschland AG for JSC Severstal) (f)

1,375,000

1,471,250

Kyivstar GSM:

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

1,340,000

1,323,250

10.375% 8/17/09 (Issued by Dresdner Bank AG for Kyivstar GSM) (f)

995,000

1,044,750

10.375% 8/17/09 (Issued by Dresdner Bank AG for Kyivstar GSM)

290,000

304,500

TOTAL GERMANY

4,143,750

Indonesia - 0.0%

APP International Finance (Mauritius) Ltd.:

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

1,235,000

30,875

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

445,000

11,125

TOTAL INDONESIA

42,000

Korea (South) - 0.4%

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

1,260,000

1,228,500

Luxembourg - 4.1%

Millicom International Cellular SA 10% 12/1/13

1,130,000

1,203,450

Mobile Telesystems Finance SA:

(Reg. S) 8.375% 10/14/10

855,000

884,925

8% 1/28/12

1,870,000

1,914,413

8% 1/28/12 (f)

1,576,000

1,613,430

8.375% 10/14/10 (f)

495,000

512,325

Nonconvertible Bonds - continued

Principal
Amount (d)

Value

Luxembourg - continued

Norilsk Nickel Finance Luxembourg SA 7.125% 9/30/09

$ 960,000

$ 974,400

OJSC Russian Agricultural Bank:

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

1,250,000

1,184,375

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

325,000

317,688

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

755,000

768,213

Vimpel Communications 8.25% 5/23/16 (Issued by UBS Luxembourg SA for Vimpel Communications)

3,215,000

3,303,413

TOTAL LUXEMBOURG

12,676,632

Mexico - 0.9%

Cablemas SA de CV (Reg. S) 9.375% 11/15/15

695,000

750,600

Gruma SA de CV 7.75%

1,855,000

1,878,188

TOTAL MEXICO

2,628,788

Netherlands - 1.6%

Bulgaria Steel Finance BV 12% 5/4/13

EUR

600,000

551,862

Lukoil International Finance BV:

6.356% 6/7/17 (f)

1,615,000

1,550,400

6.656% 6/7/22 (f)

1,080,000

1,021,788

Majapahit Holding BV:

7.25% 10/17/11 (f)

410,000

414,100

7.75% 10/17/16

370,000

374,625

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

1,145,000

1,136,413

TOTAL NETHERLANDS

5,049,188

Peru - 0.2%

CFG Investment SAC 9.25% 12/19/13 (f)

605,000

617,100

Philippines - 0.4%

Development Bank of Philippines 8.375% (g)

405,000

419,175

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

850,000

845,750

TOTAL PHILIPPINES

1,264,925

Russia - 0.2%

OAO TMK 8.5% 9/29/09 (Issued by TMK Capital SA for OAO TMK)

700,000

705,250

Singapore - 0.2%

Empire Capital Resources Pte. Ltd. 9.375% 12/15/11 (f)

700,000

736,750

Nonconvertible Bonds - continued

Principal
Amount (d)

Value

Ukraine - 0.4%

City of Kiev 8.75% 8/8/08 (Issued by Dresdner Bank AG for City of Kiev)

$ 1,150,000

$ 1,171,850

United Kingdom - 0.9%

City of Kiev 8% 11/6/15 (Issued by Credit Suisse First Boston International for City of Kiev) (f)

1,320,000

1,325,320

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

635,000

641,755

NJSC Naftogaz of Ukraine 8.125% 9/30/09 (Issued by Standard Bank PLC for NJSC Naftogaz of Ukraine)

700,000

658,000

TOTAL UNITED KINGDOM

2,625,075

United States of America - 3.6%

Freeport-McMoRan Copper & Gold, Inc.:

8.25% 4/1/15

1,430,000

1,540,825

8.5463% 4/1/15 (g)

1,110,000

1,151,625

JPMorgan Chase & Co. 8% 7/9/12 (f)

INR

58,000,000

1,550,177

Pemex Project Funding Master Trust:

6.625% 6/15/35

2,020,000

2,078,580

7.375% 12/15/14

1,770,000

1,945,230

8.625% 2/1/22

2,325,000

2,859,750

TOTAL UNITED STATES OF AMERICA

11,126,187

Venezuela - 2.3%

Petroleos de Venezuela SA:

5.25% 4/12/17

3,215,000

2,379,100

5.375% 4/12/27

3,245,000

2,060,575

5.5% 4/12/37

2,825,000

1,737,375

Petrozuata Finance, Inc. 8.22% 4/1/17 (f)

825,000

833,250

TOTAL VENEZUELA

7,010,300

TOTAL NONCONVERTIBLE BONDS

(Cost $57,257,472)

55,600,221

Government Obligations - 68.5%

Argentina - 4.0%

Argentine Republic:

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

6,259,406

5,696,059

par 1.33% 12/31/38 (g)

7,250,000

2,972,500

5.389% 8/3/12 (g)

2,996,875

2,690,262

8.375% 12/20/49 (c)

2,095,000

712,300

Government Obligations - continued

Principal
Amount (d)

Value

Argentina - continued

Argentine Republic: - continued

11% 10/9/49 (c)

$ 390,000

$ 136,500

11.75% 4/7/09 (c)

545,000

190,750

TOTAL ARGENTINA

12,398,371

Belize - 0.1%

Belize Government 4.25% 2/20/29 (e)(f)

549,700

417,772

Brazil - 12.5%

Brazilian Federative Republic:

7.125% 1/20/37

3,250,000

3,640,000

8% 1/15/18

3,330,000

3,722,940

8.25% 1/20/34

2,200,000

2,775,300

8.75% 2/4/25

3,525,000

4,496,138

8.875% 10/14/19

1,770,000

2,209,845

8.875% 4/15/24

2,295,000

2,960,550

10% 1/1/10

BRL

5,685,000

3,016,853

10.125% 5/15/27

1,050,000

1,525,125

11% 8/17/40

5,715,000

7,646,670

12.25% 3/6/30

1,835,000

3,174,550

12.75% 1/15/20

1,975,000

3,135,313

TOTAL BRAZIL

38,303,284

Colombia - 2.5%

Colombian Republic:

7.375% 9/18/37

1,320,000

1,450,020

8.125% 5/21/24

330,000

382,800

10.375% 1/28/33

525,000

768,338

10.75% 1/15/13

1,010,000

1,231,695

11.75% 2/25/20

2,613,000

3,828,045

TOTAL COLOMBIA

7,660,898

Dominican Republic - 0.5%

Dominican Republic:

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

909,017

962,649

9.04% 1/23/18 (f)

513,699

576,627

TOTAL DOMINICAN REPUBLIC

1,539,276

Ecuador - 1.1%

Ecuador Republic:

9.375% 12/15/15 (f)

540,000

526,500

10% 8/15/30 (Reg. S)

2,715,000

2,511,375

Government Obligations - continued

Principal
Amount (d)

Value

Ecuador - continued

Ecuador Republic: - continued

12% 11/15/12 (f)

$ 102,000

$ 102,000

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

320,280

320,280

TOTAL ECUADOR

3,460,155

Egypt - 0.6%

Arab Republic 8.75% 7/18/12 (f)

EGP

9,640,000

1,771,000

El Salvador - 0.7%

El Salvador Republic:

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

750,000

856,875

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

520,000

615,420

8.5% 7/25/11 (Reg. S)

620,000

677,970

TOTAL EL SALVADOR

2,150,265

Fiji - 0.3%

Republic of Fiji 6.875% 9/13/11

1,070,000

968,350

Ghana - 0.3%

Ghana Rep 8.5% 10/4/17 (f)

875,000

891,406

Indonesia - 1.1%

Indonesian Republic:

6.625% 2/17/37 (f)

170,000

162,571

7.5% 1/15/16 (f)

945,000

1,018,238

8.5% 10/12/35 (f)

1,760,000

2,076,800

TOTAL INDONESIA

3,257,609

Ivory Coast - 1.1%

Ivory Coast:

Brady past due interest 2% 3/30/18 (Reg. S) (c)(g)

4,712,000

1,708,100

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

4,370,000

1,573,200

TOTAL IVORY COAST

3,281,300

Lebanon - 2.5%

Lebanese Republic:

(Reg. S) 8.63% 11/30/09 (g)

930,000

916,050

7.125% 3/5/10

1,560,000

1,501,500

7.875% 5/20/11 (Reg. S)

1,040,000

1,001,000

8.63% 11/30/09 (f)(g)

1,130,000

1,113,050

10.125% 8/6/08

705,000

712,050

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

630,000

642,600

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

1,560,000

1,731,600

TOTAL LEBANON

7,617,850

Government Obligations - continued

Principal
Amount (d)

Value

Mexico - 6.4%

United Mexican States:

5.875% 1/15/14

$ 1,630,000

$ 1,678,085

6.625% 3/3/15

1,254,000

1,341,780

6.75% 9/27/34

3,255,000

3,544,695

7.5% 4/8/33

1,610,000

1,912,680

8.125% 12/30/19

1,155,000

1,405,058

8.3% 8/15/31

2,930,000

3,757,725

11.375% 9/15/16

1,439,000

2,034,027

11.5% 5/15/26

2,485,000

4,007,063

TOTAL MEXICO

19,681,113

Pakistan - 0.2%

Islamic Republic of Pakistan 6.75% 2/19/09

555,000

543,900

Panama - 0.6%

Panamanian Republic:

7.125% 1/29/26

655,000

707,400

8.875% 9/30/27

900,000

1,149,750

TOTAL PANAMA

1,857,150

Peru - 0.8%

Peruvian Republic:

7.35% 7/21/25

1,330,000

1,519,525

9.875% 2/6/15

815,000

1,018,750

TOTAL PERU

2,538,275

Philippines - 6.3%

Philippine Republic:

7.75% 1/14/31

1,985,000

2,200,968

8.875% 3/17/15

1,930,000

2,236,484

9% 2/15/13

2,290,000

2,610,600

9.375% 1/18/17

1,815,000

2,214,300

9.5% 2/2/30

2,195,000

2,869,963

9.875% 1/15/19

3,010,000

3,845,275

10.625% 3/16/25

2,385,000

3,350,925

TOTAL PHILIPPINES

19,328,515

Russia - 7.7%

Russian Federation:

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

13,949,100

15,588,109

Government Obligations - continued

Principal
Amount (d)

Value

Russia - continued

Russian Federation: - continued

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

$ 2,347,000

$ 3,309,270

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

2,619,000

4,661,820

TOTAL RUSSIA

23,559,199

Serbia - 0.3%

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

1,145,000

1,087,750

South Africa - 0.4%

South African Republic 13% 8/31/10

ZAR

7,330,000

1,171,763

Sri Lanka - 0.2%

Government of the Democratic Socialist Republic of Sri Lanka 9.75% 4/1/08

LKR

59,100,000

512,994

Turkey - 8.2%

Turkish Republic:

0% 5/6/09

TRY

3,920,000

2,538,094

6.875% 3/17/36

2,330,000

2,225,150

7% 9/26/16

3,565,000

3,631,844

7% 6/5/20

1,605,000

1,621,050

7.375% 2/5/25

875,000

907,813

8% 2/14/34

1,365,000

1,484,438

9.5% 1/15/14

1,960,000

2,280,950

11% 1/14/13

2,445,000

2,967,619

11.5% 1/23/12

1,675,000

2,005,813

11.75% 6/15/10

2,070,000

2,383,483

11.875% 1/15/30

1,930,000

2,996,325

TOTAL TURKEY

25,042,579

Ukraine - 0.9%

Ukraine Government:

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

460,000

470,948

6.385% 6/26/12 (f)

1,090,000

1,092,725

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

1,270,000

1,354,138

TOTAL UKRAINE

2,917,811

Uruguay - 1.2%

Uruguay Republic:

7.875% 1/15/33 pay-in-kind

1,232,230

1,361,614

8% 11/18/22

1,660,000

1,838,450

9.25% 5/17/17

395,000

467,483

TOTAL URUGUAY

3,667,547

Government Obligations - continued

Principal
Amount (d)

Value

Venezuela - 7.7%

Venezuelan Republic:

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

$ 21,255

$ 797,063

6.36% 4/20/11 (g)

3,065,000

2,862,710

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

900,000

798,750

7.65% 4/21/25

1,625,000

1,462,500

8.5% 10/8/14

2,425,000

2,431,063

9.25% 9/15/27

5,460,000

5,678,400

9.375% 1/13/34

1,630,000

1,703,350

10.75% 9/19/13

3,725,000

4,116,125

13.625% 8/15/18

2,870,000

3,788,400

TOTAL VENEZUELA

23,638,361

Vietnam - 0.3%

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

965,000

1,012,044

TOTAL GOVERNMENT OBLIGATIONS

(Cost $198,163,573)

210,276,537

Common Stocks - 0.0%

Shares

Bermuda - 0.0%

APP China Group Ltd. (a)

11,376

56,880

Bulgaria - 0.0%

Kremikovtzi Corp. warrants (GSHL Bulgaria SA Warrant Program) 5/4/11 (a)

6

0

TOTAL COMMON STOCKS

(Cost $519,983)

56,880

Investment Companies - 1.9%

United States of America - 1.9%

iShares MSCI Emerging Markets Index Fund
(Cost $4,987,313)

38,000

5,650,980

Preferred Securities - 4.0%

Principal
Amount (d)

Value

Brazil - 1.6%

Globo Comunicacoes e Participacoes SA 9.375%

$ 3,265,000

$ 3,414,661

Net Servicos de Comunicacao SA 9.25% (f)

1,460,000

1,514,455

TOTAL BRAZIL

4,929,116

United States of America - 2.4%

Pemex Project Funding Master Trust 7.75%

7,250,000

7,387,212

TOTAL PREFERRED SECURITIES

(Cost $12,231,004)

12,316,328

Money Market Funds - 3.4%

Shares

Fidelity Cash Central Fund, 5.12% (b)
(Cost $10,487,423)

10,487,423

10,487,423

Purchased Options - 0.1%

Expiration Date/
Strike Price

Underlying
Face Amount

Argentina - 0.1%

Lehman Brothers Holdings, Inc. Call Option on $10,780,000 notional amount of
Argentine Republic 1.33% 12/31/38

December 2007/
$44.00

$ 4,419,800

54,978

Lehman Brothers Holdings, Inc. Call Option on $8,590,000 notional amount of
Argentine Republic Gross Domestic Product Linked Security 12/15/35

March 2008/
$13.85

1,120,995

37,796

TOTAL ARGENTINA

92,774

United States of America - 0.0%

Lehman Brothers Holdings, Inc. Call Option on $5,525,000 notional amount of United States Treasury Bonds 5.00% 5/15/37

January 2008/
$105.9375

5,667,440

67,552

TOTAL PURCHASED OPTIONS

(Cost $555,516)

160,326

TOTAL INVESTMENT PORTFOLIO - 96.0%

(Cost $284,202,284)

294,548,695

NET OTHER ASSETS - 4.0%

12,314,938

NET ASSETS - 100%

$ 306,863,633

Security Type Abbreviation

FLIRB - Front Loaded Interest Reduction Bonds

Currency Abbreviations

BRL

-

Brazilian real

EGP

-

Egyptian pound

EUR

-

European Monetary Unit

INR

-

Indian rupee

LKR

-

Sri Lankan rupee

TRY

-

New Turkish Lira

ZAR

-

South African rand

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

(e) 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.

(f) 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 $35,316,055 or 11.5% of net assets.

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

(h) Quantity represents share amount.

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

$ 468,438

Income Tax Information

At September 30, 2007, the aggregate cost of investment securities for income tax purposes was $284,221,746. Net unrealized appreciation aggregated $10,326,949, of which $15,653,744 related to appreciated investment securities and $5,326,795 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, including the Fidelity Central 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 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/Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

Date:

November 29, 2007

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/ Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

Date:

November 29, 2007

By:

/s/Joseph B. Hollis

Joseph B. Hollis

Chief Financial Officer

Date:

November 29, 2007