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:

October 31

 

 

Date of reporting period:

July 31, 2012

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity Advisor® Diversified
International Fund
Class A
Class T
Class B
Class C
Institutional Class

July 31, 2012 

1.804845.108

ADIF-QTLY-0912

Investments July 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.8%

Shares

Value (000s)

Australia - 4.0%

Australia & New Zealand Banking Group Ltd.

467,788

$ 11,572

BHP Billiton Ltd. sponsored ADR (d)

595,636

39,514

CSL Ltd.

43,000

1,930

Iluka Resources Ltd.

236,843

2,367

Newcrest Mining Ltd.

481,196

11,884

Origin Energy Ltd.

297,766

3,696

Spark Infrastructure Group unit

1,390,264

2,381

WorleyParsons Ltd.

83,479

2,289

TOTAL AUSTRALIA

75,633

Bailiwick of Guernsey - 0.7%

Amdocs Ltd.

28,500

848

Resolution Ltd.

4,118,482

13,302

TOTAL BAILIWICK OF GUERNSEY

14,150

Bailiwick of Jersey - 1.3%

Experian PLC

836,500

12,446

Randgold Resources Ltd. sponsored ADR

42,200

3,776

Shire PLC

92,900

2,680

WPP PLC

513,104

6,488

TOTAL BAILIWICK OF JERSEY

25,390

Belgium - 2.1%

Anheuser-Busch InBev SA NV

504,331

39,904

Bermuda - 0.9%

Assured Guaranty Ltd.

290,700

3,483

Clear Media Ltd.

10,117,000

5,871

Li & Fung Ltd.

4,138,000

8,175

TOTAL BERMUDA

17,529

Brazil - 1.3%

Anhanguera Educacional Participacoes SA

262,200

3,730

BR Malls Participacoes SA

72,700

849

Estacio Participacoes SA

210,300

2,589

Itau Unibanco Banco Multiplo SA sponsored ADR

140,948

2,228

Kroton Educacional SA unit (a)

128,700

1,935

Qualicorp SA (a)

447,000

3,981

Souza Cruz SA

330,700

4,664

T4F Entretenimento SA

212,800

1,747

Tractebel Energia SA

181,600

3,239

TOTAL BRAZIL

24,962

Common Stocks - continued

Shares

Value (000s)

British Virgin Islands - 0.2%

Mail.ru Group Ltd. GDR (Reg. S) (a)

105,400

$ 3,196

Canada - 2.9%

ARC Resources Ltd. (d)

76,700

1,914

Canadian Natural Resources Ltd.

202,400

5,520

Catamaran Corp. (a)

10,800

917

Fairfax Financial Holdings Ltd. (sub. vtg.)

14,900

5,609

Goldcorp, Inc.

172,400

6,223

Ivanhoe Mines Ltd.

481,221

4,055

Painted Pony Petroleum Ltd. (a)(e)

170,900

1,593

Painted Pony Petroleum Ltd. Class A (a)

420,800

3,923

Penn West Petroleum Ltd.

156,300

2,132

Petrobank Energy & Resources Ltd. (a)

267,200

3,104

Petrominerales Ltd. (d)

211,614

1,958

Potash Corp. of Saskatchewan, Inc.

83,900

3,715

Suncor Energy, Inc.

250,900

7,671

Tourmaline Oil Corp. (a)

150,000

4,345

Uranium One, Inc. (a)(d)

861,000

1,966

TOTAL CANADA

54,645

Cayman Islands - 1.5%

Baidu.com, Inc. sponsored ADR (a)

93,300

11,245

Haitian International Holdings Ltd.

653,000

630

Hengan International Group Co. Ltd.

876,500

8,319

HiSoft Technology International Ltd. ADR (a)

178,100

2,009

Sands China Ltd.

1,859,200

5,502

TOTAL CAYMAN ISLANDS

27,705

Curacao - 0.5%

Schlumberger Ltd.

131,900

9,399

Denmark - 3.4%

Novo Nordisk A/S Series B

350,008

53,967

William Demant Holding A/S (a)

108,835

10,284

TOTAL DENMARK

64,251

Finland - 0.1%

Nokian Tyres PLC

46,300

1,851

France - 7.6%

Arkema SA

52,600

3,874

AXA SA

557,200

6,822

BNP Paribas SA

337,143

12,515

Bureau Veritas SA

75,000

6,633

Danone SA

400

24

Common Stocks - continued

Shares

Value (000s)

France - continued

Edenred SA

111,510

$ 2,946

Essilor International SA

144,839

12,624

Eurofins Scientific SA

14,500

1,888

Ipsos SA

6,500

189

JC Decaux SA

128,200

2,595

LVMH Moet Hennessy - Louis Vuitton SA

102,719

15,489

PPR SA

91,700

13,765

Publicis Groupe SA

136,400

6,731

Sanofi SA

565,091

46,104

Schneider Electric SA

69,000

3,908

Vivendi SA

372,073

7,078

TOTAL FRANCE

143,185

Germany - 7.0%

adidas AG

139,100

10,459

Allianz AG

93,617

9,340

BASF AG

271,541

19,873

Bayer AG

273,952

20,868

Brenntag AG

16,500

1,811

CompuGROUP Holding AG

132,400

1,859

Deutsche Post AG

288,869

5,203

ElringKlinger AG

90,000

2,499

Fresenius Medical Care AG & Co. KGaA

94,400

6,824

Fresenius SE

130,800

13,969

Linde AG

98,047

14,603

SAP AG

344,315

21,851

Siemens AG

34,650

2,936

TOTAL GERMANY

132,095

Hong Kong - 1.4%

AIA Group Ltd.

3,326,800

11,690

China Mobile Ltd. sponsored ADR

90,200

5,242

Galaxy Entertainment Group Ltd. (a)

1,909,000

4,603

Henderson Land Development Co. Ltd.

998,325

5,819

TOTAL HONG KONG

27,354

India - 1.8%

Axis Bank Ltd.

154,359

2,901

Bajaj Auto Ltd.

77,063

2,225

HDFC Bank Ltd.

1,169,785

12,320

Housing Development Finance Corp. Ltd.

602,905

7,500

ITC Ltd.

682,786

3,172

Lupin Ltd.

94,586

1,023

Common Stocks - continued

Shares

Value (000s)

India - continued

Mahindra & Mahindra Financial Services Ltd.

231,785

$ 2,961

Shriram Transport Finance Co. Ltd.

201,979

2,101

TOTAL INDIA

34,203

Ireland - 0.5%

Accenture PLC Class A

102,100

6,157

Elan Corp. PLC sponsored ADR (a)

164,100

1,895

Ryanair Holdings PLC sponsored ADR (a)

61,600

1,815

TOTAL IRELAND

9,867

Isle of Man - 0.0%

3Legs Resources PLC (a)

645,100

394

Israel - 0.0%

Rami Levi Chain Stores Hashikma Marketing 2006 Ltd.

16,200

413

Italy - 1.5%

ENI SpA

275,600

5,683

Fiat Industrial SpA

736,800

7,252

Prada SpA

701,200

4,851

Saipem SpA

251,240

11,608

TOTAL ITALY

29,394

Japan - 16.8%

ABC-Mart, Inc.

100,000

4,030

Aeon Credit Service Co. Ltd.

509,400

9,710

Aozora Bank Ltd.

1,525,000

3,494

Calbee, Inc. (d)

119,900

8,348

Cosmos Pharmaceutical Corp. (d)

116,100

9,442

Denso Corp.

133,000

4,237

Don Quijote Co. Ltd.

281,200

9,381

Fanuc Corp.

63,900

9,865

Fast Retailing Co. Ltd.

13,600

2,793

Hitachi Ltd.

4,238,000

24,985

Honda Motor Co. Ltd. sponsored ADR

665,506

20,963

Hoya Corp.

238,700

5,295

Itochu Corp.

1,186,600

12,283

Japan Tobacco, Inc.

990,300

31,110

JSR Corp.

464,500

8,176

Keyence Corp.

66,100

16,463

Mitsubishi UFJ Financial Group, Inc.

1,900,000

9,213

Nikon Corp.

142,400

3,932

Nippon Telegraph & Telephone Corp.

59,500

2,762

Nitto Denko Corp.

56,600

2,432

Common Stocks - continued

Shares

Value (000s)

Japan - continued

ORIX Corp.

294,300

$ 27,822

Rakuten, Inc.

2,289,600

22,780

Seven & i Holdings Co., Ltd.

541,200

17,128

Seven Bank Ltd.

1,121,800

2,799

SHIMANO, Inc.

103,800

6,893

SMC Corp.

69,900

11,743

Softbank Corp.

458,400

17,490

Sumitomo Mitsui Financial Group, Inc.

131,900

4,154

Toray Industries, Inc.

423,000

2,648

Unicharm Corp.

79,000

4,352

Yahoo! Japan Corp.

5,812

2,113

TOTAL JAPAN

318,836

Korea (South) - 2.4%

Amorepacific Corp.

4,423

4,006

Hyundai Motor Co.

33,442

7,010

LG Household & Health Care Ltd.

5,491

2,831

Orion Corp.

13,469

10,685

Samsung Electronics Co. Ltd.

17,735

20,532

TOTAL KOREA (SOUTH)

45,064

Luxembourg - 0.2%

Samsonite International SA

2,735,100

4,656

Mexico - 0.9%

America Movil SAB de CV Series L sponsored ADR

295,900

7,898

Wal-Mart de Mexico SA de CV Series V

2,922,900

8,280

TOTAL MEXICO

16,178

Netherlands - 2.3%

AEGON NV

2,504,000

11,367

ASML Holding NV (Netherlands)

190,200

10,985

DE Master Blenders 1753 NV (a)

549,700

6,371

Gemalto NV

74,303

5,695

NXP Semiconductors NV (a)

216,400

4,888

Unilever NV (Certificaten Van Aandelen) (Bearer)

140,900

4,892

TOTAL NETHERLANDS

44,198

Norway - 0.9%

DnB NOR ASA

350,799

3,696

Telenor ASA

822,000

13,937

TOTAL NORWAY

17,633

Common Stocks - continued

Shares

Value (000s)

Philippines - 0.1%

Bloomberry Resorts Corp. (a)

5,113,000

$ 1,249

Singapore - 0.1%

Avago Technologies Ltd.

54,200

2,005

South Africa - 0.9%

Foschini Ltd.

165,400

2,848

Life Healthcare Group Holdings Ltd.

641,500

2,601

Naspers Ltd. Class N

86,400

4,697

Shoprite Holdings Ltd.

206,500

4,054

Tiger Brands Ltd.

82,000

2,638

TOTAL SOUTH AFRICA

16,838

Spain - 2.7%

Amadeus IT Holding SA Class A

45,700

989

Banco Bilbao Vizcaya Argentaria SA

722,253

4,708

Grifols SA ADR

232,295

5,185

Inditex SA

272,387

28,095

Prosegur Compania de Seguridad SA (Reg.)

1,669,860

7,684

Repsol YPF SA

305,893

4,895

TOTAL SPAIN

51,556

Sweden - 1.2%

H&M Hennes & Mauritz AB (B Shares)

125,563

4,647

Svenska Handelsbanken AB (A Shares)

196,300

6,829

Swedbank AB (A Shares)

414,600

7,230

Swedish Match Co. AB

115,400

4,865

TOTAL SWEDEN

23,571

Switzerland - 4.5%

Kuehne & Nagel International AG

51,630

5,886

Nestle SA

536,099

32,974

Roche Holding AG (participation certificate)

48,529

8,614

SGS SA (Reg.)

1,910

3,827

Syngenta AG (Switzerland)

39,080

13,326

UBS AG

1,130,550

11,893

Zurich Financial Services AG

37,441

8,349

TOTAL SWITZERLAND

84,869

Taiwan - 0.5%

HIWIN Technologies Corp.

223,000

2,067

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

550,300

7,688

TOTAL TAIWAN

9,755

Common Stocks - continued

Shares

Value (000s)

United Kingdom - 18.2%

Aegis Group PLC

509,100

$ 1,886

Aggreko PLC

57,700

1,847

Anglo American PLC (United Kingdom)

178,800

5,326

Babcock International Group PLC

144,700

1,948

Barclays PLC

3,596,144

9,366

BG Group PLC

862,392

17,064

BHP Billiton PLC

45,000

1,312

British American Tobacco PLC sponsored ADR

171,500

18,181

Burberry Group PLC

130,144

2,559

Capita Group PLC

361,700

4,032

Compass Group PLC

213,400

2,294

Diageo PLC

168,843

4,513

Filtrona PLC

658,900

4,804

GlaxoSmithKline PLC

1,155,800

26,595

Hikma Pharmaceuticals PLC

192,188

2,097

HSBC Holdings PLC sponsored ADR

674,000

28,173

Imperial Tobacco Group PLC

282,905

10,996

Inchcape PLC

1,050,392

6,204

Intertek Group PLC

234,300

10,043

London Stock Exchange Group PLC

126,200

1,918

Meggitt PLC

748,900

4,503

Michael Page International PLC

342,900

1,976

National Grid PLC

265,500

2,754

Next PLC

323,500

16,327

Pearson PLC

296,500

5,551

PZ Cussons PLC Class L

250,100

1,203

Reckitt Benckiser Group PLC

368,413

20,257

Rolls-Royce Group PLC

1,257,600

16,770

Royal Dutch Shell PLC Class B (United Kingdom)

1,624,933

57,158

Serco Group PLC

222,228

2,009

Standard Chartered PLC (United Kingdom)

266,827

6,127

Taylor Wimpey PLC

2,688,800

1,861

Travis Perkins PLC

126,400

2,000

Vodafone Group PLC sponsored ADR

1,432,300

41,179

Whitbread PLC

100,431

3,363

TOTAL UNITED KINGDOM

344,196

United States of America - 4.4%

Apple, Inc.

32,000

19,544

Beam, Inc.

55,600

3,496

Citigroup, Inc.

353,080

9,579

Cognizant Technology Solutions Corp. Class A (a)

49,300

2,799

Common Stocks - continued

Shares

Value (000s)

United States of America - continued

Facebook, Inc. Class B (a)(f)

131,847

$ 2,576

Gilead Sciences, Inc. (a)

34,500

1,874

MasterCard, Inc. Class A

13,340

5,824

Newmont Mining Corp.

62,400

2,775

Noble Energy, Inc.

75,600

6,610

Polycom, Inc. (a)

275,000

2,404

PriceSmart, Inc.

26,300

1,894

SanDisk Corp. (a)

77,900

3,204

Schweitzer-Mauduit International, Inc.

41,345

2,816

ViroPharma, Inc. (a)

107,100

2,325

Visa, Inc. Class A

59,500

7,680

VMware, Inc. Class A (a)

25,300

2,296

Yum! Brands, Inc.

78,700

5,103

TOTAL UNITED STATES OF AMERICA

82,799

TOTAL COMMON STOCKS

(Cost $1,667,052)


1,798,923

Nonconvertible Preferred Stocks - 1.5%

 

 

 

 

Germany - 1.5%

Henkel AG & Co. KGaA

66,600

4,794

ProSiebenSat.1 Media AG

224,700

4,728

Volkswagen AG

111,000

18,984

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $20,463)


28,506

Master Notes - 0.0%

 

Principal
Amount (000s)

 

Canada - 0.0%

OZ Optics Ltd. 5% 11/5/14 (f)
(Cost $15)

$ 14


14

Money Market Funds - 5.7%

Shares

Value (000s)

Fidelity Cash Central Fund, 0.17% (b)

74,679,374

$ 74,679

Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)

33,018,930

33,019

TOTAL MONEY MARKET FUNDS

(Cost $107,698)


107,698

TOTAL INVESTMENT PORTFOLIO - 102.0%

(Cost $1,795,228)

1,935,141

NET OTHER ASSETS (LIABILITIES) - (2.0)%

(38,836)

NET ASSETS - 100%

$ 1,896,305

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(c) Investment made with cash collateral received from securities on loan.

(d) Security or a portion of the security is on loan 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 $1,593,000 or 0.1% of net assets.

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,591,000 or 0.1% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition
Date

Acquisition
Cost (000s)

Facebook, Inc. Class B

3/31/11

$ 3,296

OZ Optics Ltd. 5% 11/5/14

11/5/10

$ 15

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
(Amounts in thousands)

Fidelity Cash Central Fund

$ 47

Fidelity Securities Lending Cash Central Fund

1,309

Total

$ 1,356

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2012, involving the Fund's assets and liabilities carried at fair 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 table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 298,365

$ 232,280

$ 66,085

$ -

Consumer Staples

273,806

154,117

119,689

-

Energy

152,922

90,081

62,841

-

Financials

277,439

170,593

106,846

-

Health Care

226,123

89,953

136,170

-

Industrials

148,044

111,217

36,827

-

Information Technology

193,271

109,003

84,268

-

Materials

153,499

125,605

27,894

-

Telecommunication Services

95,586

75,334

20,252

-

Utilities

8,374

5,620

2,754

-

Master Notes

14

-

-

14

Money Market Funds

107,698

107,698

-

-

Total Investments in Securities:

$ 1,935,141

$ 1,271,501

$ 663,626

$ 14

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2012. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers

Total (000s)

Level 1 to Level 2

$ -

Level 2 to Level 1

$ 142,758

Income Tax Information

At July 31, 2012, the cost of investment securities for income tax purposes was $1,811,904,000. Net unrealized appreciation aggregated $123,237,000, of which $299,927,000 related to appreciated investment securities and $176,690,000 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. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendor or broker to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the FMR Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by security type and 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 Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. 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:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For Master notes, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices and are generally categorized as Level 2 in the hierarchy.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

Quarterly Holdings Report

for

Fidelity Advisor®
Emerging Asia Fund
Class A
Class T
Class B
Class C
Institutional Class

July 31, 2012 

1.804857.108

AEA-QTLY-0912

Investments July 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%

Shares

Value

Australia - 0.4%

Origin Energy Ltd.

51,300

$ 636,691

Spark Infrastructure Group unit

347,458

595,184

TOTAL AUSTRALIA

1,231,875

Bermuda - 1.6%

Cheung Kong Infrastructure Holdings Ltd.

238,000

1,447,084

Digital China Holdings Ltd. (H Shares)

296,000

461,862

Jardine Matheson Holdings Ltd.

30,800

1,612,380

Kunlun Energy Co. Ltd.

688,000

1,114,328

Man Wah Holdings Ltd.

510,000

190,723

SmarTone Telecommunications Holdings Ltd.

249,500

527,654

TOTAL BERMUDA

5,354,031

Cayman Islands - 3.1%

AirMedia Group, Inc. ADR (a)

109,600

193,992

ASM Pacific Technology Ltd.

155,800

2,003,077

Baidu.com, Inc. sponsored ADR (a)

3,300

397,716

Bosideng International Holdings Ltd.

2,234,000

584,809

China Lodging Group Ltd. ADR (a)(d)

29,900

344,448

China Metal Recycling (Holdings) Ltd.

1,383,600

983,099

China Shanshui Cement Group Ltd.

1,628,000

925,823

Gourmet Master Co. Ltd.

22,050

170,125

KWG Property Holding Ltd.

637,000

353,218

Lee & Man Paper Manufacturing Ltd.

1,927,000

790,212

Longfor Properties Co. Ltd.

506,500

747,206

MGM China Holdings Ltd.

292,000

405,916

Samson Holding Ltd.

4,000,000

474,551

Sands China Ltd.

523,200

1,548,408

VST Holdings Ltd.

914,000

142,615

Youyuan International Holdings Ltd.

1,946,000

378,926

TOTAL CAYMAN ISLANDS

10,444,141

China - 14.7%

Changsha Zoomlion Heavy Industry Science & Technology Development Co. Ltd. (H Shares)

477,400

534,364

China CITIC Bank Corp. Ltd. (H Shares)

2,040,000

1,031,220

China Communications Construction Co. Ltd. (H Shares)

4,134,000

3,641,046

China Communications Services Corp. Ltd. (H Shares)

6,196,000

3,180,017

China Construction Bank Corp. (H Shares)

12,684,000

8,570,823

China Merchants Bank Co. Ltd. (H Shares)

1,828,000

3,375,625

China Minsheng Banking Corp. Ltd. (H Shares)

3,790,000

3,523,786

China National Building Materials Co. Ltd. (H Shares)

626,000

612,705

China Pacific Insurance Group Co. Ltd. (H Shares)

535,800

1,703,157

Common Stocks - continued

Shares

Value

China - continued

China Petroleum & Chemical Corp. (H Shares)

7,042,000

$ 6,342,422

China Railway Construction Corp. Ltd. (H Shares)

1,169,500

1,024,012

China Ship Container Lines Co. Ltd. (H Shares) (a)

4,612,000

1,129,999

China Southern Airlines Ltd. (H Shares)

5,180,000

2,571,731

China Suntien Green Energy Corp. Ltd. (H Shares)

2,431,000

407,534

CITIC Securities Co. Ltd. (H Shares)

131,000

229,407

Great Wall Motor Co. Ltd. (H Shares)

897,000

2,021,943

Guangzhou R&F Properties Co. Ltd. (H Shares)

443,200

565,238

Harbin Power Equipment Co. Ltd. (H Shares)

2,194,000

1,646,625

Industrial & Commercial Bank of China Ltd. (H Shares)

11,259,000

6,460,927

Shanghai Jin Jiang International Hotel Co. Ltd. (H Shares)

2,656,000

349,352

Tsingtao Brewery Co. Ltd. (H Shares)

126,000

739,294

TOTAL CHINA

49,661,227

Hong Kong - 14.0%

AIA Group Ltd.

1,939,000

6,813,642

BOC Hong Kong (Holdings) Ltd.

888,000

2,731,092

BYD Electronic International Co. Ltd.

547,500

108,728

Cathay Pacific Airways Ltd.

1,607,000

2,660,822

China Mobile Ltd.

447,000

5,216,056

CITIC Pacific Ltd.

1,434,000

2,078,502

CNOOC Ltd.

3,038,500

6,095,400

Galaxy Entertainment Group Ltd. (a)

340,000

819,890

HKT Trust / HKT Ltd. unit

1,593,942

1,270,270

New World Development Co. Ltd.

2,972,151

3,805,880

PCCW Ltd.

8,833,000

3,474,106

Power Assets Holdings Ltd.

1,028,000

8,086,451

Sun Hung Kai Properties Ltd.

333,000

4,163,198

TOTAL HONG KONG

47,324,037

India - 8.8%

Aditya Birla Nuvo Ltd.

37,660

532,364

Apollo Tyres Ltd.

1,021,345

1,429,258

Axis Bank Ltd.

166,900

3,136,584

Canara Bank

165,325

1,089,669

Chennai Petroleum Corp. Ltd.

42,318

92,466

Dena Bank

289,157

479,586

Exide Industries Ltd.

257,730

595,386

Gateway Distriparks Ltd.

178,612

456,174

Godrej Consumer Products Ltd.

14,739

166,610

Grasim Industries Ltd.

51,291

2,789,484

HCL Infosystems Ltd.

344,917

232,180

Common Stocks - continued

Shares

Value

India - continued

Hindalco Industries Ltd.

842,772

$ 1,821,759

Hindustan Unilever Ltd.

318,753

2,681,231

Housing Development and Infrastructure Ltd. (a)

129,674

185,199

ICICI Bank Ltd.

110,291

1,899,844

Indian Overseas Bank

668,438

872,242

Infrastructure Development Finance Co. Ltd.

371,334

899,262

Ipca Laboratories Ltd.

60,133

433,735

Jubilant Industries Ltd.

5,873

14,550

Jubilant Life Sciences Ltd.

101,017

299,724

MindTree Consulting Ltd.

22,528

255,934

NIIT Technologies Ltd.

77,144

405,436

Petronet LNG Ltd.

245,412

646,658

Reliance Infrastructure Ltd.

37,973

338,073

Rolta India Ltd.

342,801

419,863

SREI Infrastructure Finance Ltd.

870,179

336,732

Strides Arcolab Ltd.

42,338

542,827

Tata Chemicals Ltd.

109,152

600,965

Tata Consultancy Services Ltd.

90,253

2,020,215

Tata Motors Ltd. Class A

708,163

1,648,684

Tata Steel Ltd.

263,186

1,963,237

Tech Mahindra Ltd.

31,238

400,933

TOTAL INDIA

29,686,864

Indonesia - 5.2%

PT Bank Mandiri (Persero) Tbk

2,716,000

2,386,742

PT Bank Rakyat Indonesia Tbk

7,459,500

5,528,474

PT BISI International Tbk

1,735,500

216,822

PT Global Mediacom Tbk

5,834,000

1,080,941

PT Media Nusantara Citra Tbk

697,500

175,390

PT Perusahaan Perkebunan London Sumatra Indonesia Tbk

1,531,000

445,764

PT Salim Ivomas Pratama Tbk

1,708,500

262,289

PT Telkomunikasi Indonesia Tbk Series B

4,100,000

3,962,585

PT Tower Bersama Infrastructure Tbk (a)

1,564,000

649,941

PT Unilever Indonesia Tbk

948,500

2,435,267

PT XL Axiata Tbk

700,500

456,122

TOTAL INDONESIA

17,600,337

Korea (South) - 23.7%

BS Financial Group, Inc.

378,040

3,995,486

Cheil Worldwide, Inc.

96,080

1,614,546

Chong Kun Dang Pharmaceutical Corp.

29,390

544,562

CJ Corp.

17,962

1,162,866

Common Stocks - continued

Shares

Value

Korea (South) - continued

Daewoo Securities Co. Ltd.

73,190

$ 686,154

DGB Financial Group Co. Ltd.

147,790

1,692,695

Dongbu Insurance Co. Ltd.

28,780

1,069,065

Hana Financial Group, Inc.

99,230

3,172,599

Hanjin Shipping Co. Ltd. (a)

74,040

946,233

Hotel Shilla Co.

17,920

767,884

Hyundai Hysco Co. Ltd.

20,300

789,076

Hyundai Merchant Marine Co. Ltd. (a)

27,490

607,825

Hyundai Motor Co.

35,543

7,450,173

ICD Co. Ltd.

16,032

184,330

Industrial Bank of Korea

115,150

1,252,659

KCC Corp.

1,848

465,812

Kia Motors Corp.

70,410

4,863,505

Kiwoom Securities Co. Ltd.

4,360

230,596

Korea Zinc Co. Ltd.

4,376

1,486,184

Korean Reinsurance Co.

49,770

430,497

LG International Corp.

27,494

911,870

LIG Non-Life Insurance Co. Ltd.

16,970

329,443

Lotte Samkang Co. Ltd.

3,726

1,670,763

Nong Shim Co. Ltd.

3,536

691,144

POSCO

15,330

4,896,140

Samsung Electronics Co. Ltd.

22,368

25,895,886

Samsung Fire & Marine Insurance Co. Ltd.

12,473

2,338,680

Samsung Heavy Industries Ltd.

146,140

5,060,167

SK Chemicals Co. Ltd.

21,317

1,104,810

SK Energy Co. Ltd.

12,003

1,650,761

SK Holdings Co. Ltd.

8,540

1,170,721

Sungwoo Hitech Co. Ltd.

103,530

1,172,034

TOTAL KOREA (SOUTH)

80,305,166

Malaysia - 0.5%

Glomac Bhd

1,577,300

429,094

Maxis Bhd

691,200

1,418,016

TOTAL MALAYSIA

1,847,110

Mauritius - 0.4%

Golden Agri-Resources Ltd.

2,157,000

1,282,690

Philippines - 0.9%

Aboitiz Power Corp.

612,500

506,932

Bloomberry Resorts Corp. (a)

437,000

106,777

Manila Water Co., Inc.

2,436,500

1,523,360

Common Stocks - continued

Shares

Value

Philippines - continued

PUREGOLD Price Club, Inc.

639,400

$ 406,661

Security Bank Corp.

193,860

657,113

TOTAL PHILIPPINES

3,200,843

Singapore - 5.1%

Avago Technologies Ltd.

38,200

1,413,400

City Developments Ltd.

265,000

2,491,562

DBS Group Holdings Ltd.

354,000

4,193,153

First Resources Ltd.

1,289,000

1,968,097

Mapletree Industrial (REIT)

832,000

869,174

Mapletree Logistics Trust (REIT)

1,870,000

1,525,273

Neptune Orient Lines Ltd. (a)

467,000

431,573

Olam International Ltd.

872,000

1,292,864

UOL Group Ltd.

508,000

2,114,626

Yanlord Land Group Ltd. (a)

916,000

894,359

TOTAL SINGAPORE

17,194,081

Taiwan - 8.9%

ASUSTeK Computer, Inc.

275,000

2,558,033

Chicony Electronics Co. Ltd.

978,075

1,894,734

Chipbond Technology Corp.

736,000

926,760

Compal Electronics, Inc.

1,667,000

1,570,120

E.Sun Financial Holdings Co. Ltd.

2,610,568

1,434,330

Far EasTone Telecommunications Co. Ltd.

507,000

1,280,200

Hon Hai Precision Industry Co. Ltd. (Foxconn)

1,646,900

4,653,565

Insyde Software Corp.

131,195

471,058

Lite-On Technology Corp.

833,000

1,050,292

Radiant Opto-Electronics Corp.

312,000

1,229,659

Taiwan Semiconductor Manufacturing Co. Ltd.

2,475,393

6,712,126

Unified-President Enterprises Corp.

1,545,000

2,600,802

United Microelectronics Corp.

4,080,000

1,706,228

Wistron Corp.

1,454,355

1,571,422

Yang Ming Marine Transport Corp.

1,538,000

631,844

TOTAL TAIWAN

30,291,173

Thailand - 7.4%

Advanced Info Service PCL (For. Reg.)

329,400

2,093,422

Bangchak Petroleum PCL (For. Reg.)

308,700

217,767

Bangkok Bank Public Co. Ltd. NVDR

406,000

2,528,630

Banpu PCL (For. Reg.)

234,700

2,983,159

Charoen Pokphand Foods PCL (For. Reg.)

1,474,900

1,558,323

LPN Development PCL (For. Reg.)

3,834,100

2,119,903

Minor International PCL (For. Reg.)

1,313,900

655,489

Common Stocks - continued

Shares

Value

Thailand - continued

PTT Global Chemical PCL (For. Reg.)

1,352,467

$ 2,546,351

PTT PCL (For. Reg.)

323,500

3,351,160

Siam Commercial Bank PCL (For. Reg.)

630,800

3,217,140

Siam Makro PCL (For. Reg.)

61,100

640,705

Thai Union Frozen Products PCL (For. Reg.)

866,720

2,024,275

Total Access Communication PCL

263,900

667,667

Total Access Communication PCL unit

220,200

575,515

TOTAL THAILAND

25,179,506

United Kingdom - 1.8%

HSBC Holdings PLC (Hong Kong)

300,078

2,510,125

Standard Chartered PLC (Hong Kong)

79,746

1,865,440

Vedanta Resources PLC (d)

102,000

1,560,826

TOTAL UNITED KINGDOM

5,936,391

United States of America - 1.2%

China Natural Gas, Inc. (a)(d)

13,300

11,970

Citigroup, Inc.

38,700

1,049,931

Cognizant Technology Solutions Corp. Class A (a)

24,300

1,379,511

Freeport-McMoRan Copper & Gold, Inc.

50,600

1,703,702

TOTAL UNITED STATES OF AMERICA

4,145,114

TOTAL COMMON STOCKS

(Cost $313,295,909)


330,684,586

Money Market Funds - 3.0%

 

 

 

 

Fidelity Cash Central Fund, 0.17% (b)

8,705,049

8,705,049

Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)

1,321,275

1,321,275

TOTAL MONEY MARKET FUNDS

(Cost $10,026,324)


10,026,324

TOTAL INVESTMENT PORTFOLIO - 100.7%

(Cost $323,322,233)

340,710,910

NET OTHER ASSETS (LIABILITIES) - (0.7)%

(2,322,842)

NET ASSETS - 100%

$ 338,388,068

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(c) Investment made with cash collateral received from securities on loan.

(d) Security or a portion of the security is on loan at period end.

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

$ 4,652

Fidelity Securities Lending Cash Central Fund

73,153

Total

$ 77,805

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2012, involving the Fund's assets and liabilities carried at fair 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:

Equities:

Consumer Discretionary

$ 28,664,224

$ 28,664,224

$ -

$ -

Consumer Staples

21,083,601

21,083,601

-

-

Energy

23,538,346

11,100,524

12,437,822

-

Financials

103,986,480

99,576,511

4,409,969

-

Health Care

1,820,848

1,820,848

-

-

Industrials

29,276,930

29,276,930

-

-

Information Technology

60,065,683

51,647,329

8,418,354

-

Materials

24,967,849

17,282,225

7,685,624

-

Telecommunication Services

24,771,571

15,592,930

9,178,641

-

Utilities

12,509,054

12,509,054

-

-

Money Market Funds

10,026,324

10,026,324

-

-

Total Investments in Securities:

$ 340,710,910

$ 298,580,500

$ 42,130,410

$ -

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2012. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers

Total

Level 1 to Level 2

$ -

Level 2 to Level 1

$ 177,511,752

Income Tax Information

At July 31, 2012, the cost of investment securities for income tax purposes was $323,807,091. Net unrealized appreciation aggregated $16,903,819, of which $44,631,735 related to appreciated investment securities and $27,727,916 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. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendor or broker to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the FMR Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by security type and may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. 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:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

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

Quarterly Holdings Report

for

Fidelity Advisor® Europe Capital
Appreciation Fund
Class A
Class T
Class B
Class C
Institutional Class

July 31, 2012 

1.804846.108

AEUR-QTLY-0912

Investments July 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%

Shares

Value

Australia - 0.3%

Fortescue Metals Group Ltd.

12,647

$ 54,891

Bailiwick of Guernsey - 0.4%

Resolution Ltd.

18,200

58,782

Bailiwick of Jersey - 2.7%

Experian PLC

14,700

218,720

Shire PLC

2,890

83,363

Wolseley PLC

3,400

122,766

TOTAL BAILIWICK OF JERSEY

424,849

Belgium - 1.8%

Anheuser-Busch InBev SA NV

2,700

213,632

KBC Groupe SA

3,318

69,565

TOTAL BELGIUM

283,197

Denmark - 2.5%

Novo Nordisk A/S Series B

2,537

391,174

Finland - 0.4%

Fortum Corp.

3,700

62,005

France - 12.8%

Alstom SA

1,985

66,041

Arkema SA

1,300

95,747

Atos Origin SA

1,485

83,628

BNP Paribas SA

4,995

185,420

Carrefour SA

3,952

70,920

Christian Dior SA

800

110,785

Essilor International SA

1,060

92,391

Eurofins Scientific SA

700

91,123

JC Decaux SA

3,800

76,912

L'Oreal SA

900

108,100

PPR SA

1,100

165,120

Publicis Groupe SA

1,900

93,756

Remy Cointreau SA

800

94,495

Sanofi SA

6,309

514,736

Vivendi SA

8,432

160,393

TOTAL FRANCE

2,009,567

Germany - 8.5%

adidas AG

1,600

120,304

Allianz AG

1,337

133,397

BASF AG

1,560

114,167

Bayer AG

3,400

258,992

Brenntag AG

700

76,843

Common Stocks - continued

Shares

Value

Germany - continued

Deutsche Boerse AG

1,400

$ 69,703

Fresenius Medical Care AG & Co. KGaA

1,300

93,974

GSW Immobilien AG

2,300

84,756

HeidelbergCement Finance AG

2,500

116,457

SAP AG

2,778

176,300

Software AG (Bearer)

1,100

35,947

Wirecard AG

2,900

57,447

TOTAL GERMANY

1,338,287

Ireland - 1.6%

CRH PLC

5,200

95,205

Elan Corp. PLC (a)

6,200

72,310

Ingersoll-Rand PLC

2,100

89,061

TOTAL IRELAND

256,576

Italy - 4.5%

ENI SpA

14,400

296,932

Fiat Industrial SpA

4,100

40,357

Intesa Sanpaolo SpA

68,832

87,486

Prada SpA

8,700

60,190

Prysmian SpA

7,200

115,786

Saipem SpA

2,200

101,643

TOTAL ITALY

702,394

Netherlands - 4.3%

Aalberts Industries NV

3,100

49,051

AEGON NV

22,900

103,952

ASML Holding NV (Netherlands)

1,100

63,533

DE Master Blenders 1753 NV (a)

9,400

108,938

Gemalto NV

614

47,058

Koninklijke Philips Electronics NV

3,600

79,172

LyondellBasell Industries NV Class A

2,100

93,513

NXP Semiconductors NV (a)

2,900

65,511

Randstad Holding NV

2,000

60,708

TOTAL NETHERLANDS

671,436

Norway - 0.4%

DnB NOR ASA

5,400

56,889

South Africa - 0.2%

Naspers Ltd. Class N

600

32,619

Spain - 4.8%

Amadeus IT Holding SA Class A

2,700

58,419

Common Stocks - continued

Shares

Value

Spain - continued

Banco Bilbao Vizcaya Argentaria SA

25,606

$ 166,930

Grifols SA (a)(d)

3,000

93,535

Grifols SA ADR

3,050

68,076

Inditex SA

2,522

260,130

Repsol YPF SA

6,741

107,865

TOTAL SPAIN

754,955

Sweden - 3.4%

H&M Hennes & Mauritz AB (B Shares)

5,548

205,338

Swedbank AB (A Shares)

9,705

169,250

Swedish Match Co. AB

3,800

160,199

TOTAL SWEDEN

534,787

Switzerland - 8.6%

Actelion Ltd.

1,224

55,978

Adecco SA (Reg.)

1,365

60,120

Nestle SA

10,595

651,676

Roche Holding AG (participation certificate)

928

164,726

Schindler Holding AG (participation certificate)

1,065

124,685

Syngenta AG (Switzerland)

400

136,393

UBS AG

15,434

162,366

TOTAL SWITZERLAND

1,355,944

United Kingdom - 35.5%

Barclays PLC

53,349

138,942

Barratt Developments PLC (a)

63,400

131,409

Bellway PLC

8,000

100,656

BG Group PLC

11,773

232,944

BHP Billiton PLC

6,526

190,291

British American Tobacco PLC (United Kingdom)

8,300

440,851

British Land Co. PLC

15,396

129,021

Domino Printing Sciences PLC

6,700

58,038

Filtrona PLC

16,000

116,648

GlaxoSmithKline PLC

5,700

131,156

Hilton Food Group PLC

9,700

40,986

HSBC Holdings PLC (United Kingdom)

53,700

448,616

Intertek Group PLC

1,900

81,444

Meggitt PLC

21,600

129,874

Michael Page International PLC

20,400

117,542

Next PLC

3,300

166,548

Old Mutual PLC

44,012

108,820

Persimmon PLC

12,000

115,801

Prudential PLC

13,152

156,507

Common Stocks - continued

Shares

Value

United Kingdom - continued

Reckitt Benckiser Group PLC

3,800

$ 208,941

Redrow PLC (a)

22,300

43,704

Rolls-Royce Group PLC

13,286

177,163

Royal Dutch Shell PLC Class A (United Kingdom)

17,073

580,191

SABMiller PLC

5,200

224,773

Standard Chartered PLC (United Kingdom)

9,650

221,575

SuperGroup PLC (a)

5,100

33,443

Taylor Wimpey PLC

227,500

157,477

Ted Baker PLC

8,200

113,715

Tesco PLC

27,700

138,149

Tullow Oil PLC

4,500

91,014

Vodafone Group PLC

154,900

443,314

Whitbread PLC

3,243

108,606

TOTAL UNITED KINGDOM

5,578,159

United States of America - 5.2%

Allergan, Inc.

700

57,449

Apple, Inc.

115

70,237

Avon Products, Inc.

4,800

74,352

Beam, Inc.

2,000

125,760

Estee Lauder Companies, Inc. Class A

900

47,142

Google, Inc. Class A (a)

100

63,297

Mead Johnson Nutrition Co. Class A

700

51,072

Noble Energy, Inc.

500

43,715

salesforce.com, Inc. (a)

500

62,180

Theravance, Inc. (a)

1,600

46,608

Visa, Inc. Class A

900

116,163

Yum! Brands, Inc.

1,000

64,840

TOTAL UNITED STATES OF AMERICA

822,815

TOTAL COMMON STOCKS

(Cost $15,441,616)


15,389,326

Nonconvertible Preferred Stocks - 1.6%

 

 

 

 

Germany - 1.6%

ProSiebenSat.1 Media AG

4,000

84,159

Volkswagen AG

1,000

171,026

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $252,072)


255,185

Money Market Funds - 2.6%

Shares

Value

Fidelity Cash Central Fund, 0.17% (b)

216,111

$ 216,111

Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)

186,625

186,625

TOTAL MONEY MARKET FUNDS

(Cost $402,736)


402,736

TOTAL INVESTMENT PORTFOLIO - 102.1%

(Cost $16,096,424)

16,047,247

NET OTHER ASSETS (LIABILITIES) - (2.1)%

(333,810)

NET ASSETS - 100%

$ 15,713,437

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(c) Investment made with cash collateral received from securities on loan.

(d) Security or a portion of the security is on loan at period end.

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

$ 359

Fidelity Securities Lending Cash Central Fund

9,907

Total

$ 10,266

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2012, involving the Fund's assets and liabilities carried at fair 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 table 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:

Equities:

Consumer Discretionary

$ 2,416,538

$ 2,416,538

$ -

$ -

Consumer Staples

2,759,986

2,105,503

654,483

-

Energy

1,454,304

577,181

877,123

-

Financials

2,551,977

1,374,664

1,177,313

-

Health Care

2,215,591

928,878

1,286,713

-

Industrials

1,609,333

1,530,161

79,172

-

Information Technology

957,758

717,925

239,833

-

Materials

1,013,312

591,423

421,889

-

Telecommunication Services

603,707

160,393

443,314

-

Utilities

62,005

62,005

-

-

Money Market Funds

402,736

402,736

-

-

Total Investments in Securities:

$ 16,047,247

$ 10,867,407

$ 5,179,840

$ -

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2012. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers

Total

Level 1 to Level 2

$ -

Level 2 to Level 1

$ 245,665

Income Tax Information

At July 31, 2012, the cost of investment securities for income tax purposes was $16,255,899. Net unrealized depreciation aggregated $208,652, of which $1,132,807 related to appreciated investment securities and $1,341,459 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. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendor or broker to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the FMR Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by security type and may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. 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:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

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

Quarterly Holdings Report

for

Fidelity Advisor® Global Capital
Appreciation Fund
Class A
Class T
Class B
Class C
Institutional Class

July 31, 2012
 

1.804860.108

AGLO-QTLY-0912

Investments July 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%

Shares

Value

Australia - 2.1%

Australia & New Zealand Banking Group Ltd.

3,820

$ 94,500

carsales.com Ltd. (d)

180,855

1,199,282

Goodman Group unit

29,684

117,293

Nufarm Ltd.

20,863

119,929

Troy Resources NL

7,801

32,710

TOTAL AUSTRALIA

1,563,714

Austria - 0.2%

OMV AG

4,700

147,926

Bailiwick of Jersey - 0.2%

Delphi Automotive PLC

2,800

79,492

Experian PLC

6,200

92,249

TOTAL BAILIWICK OF JERSEY

171,741

Belgium - 0.8%

Anheuser-Busch InBev SA NV ADR

7,800

617,916

Bermuda - 0.7%

China Foods Ltd.

58,000

54,524

Fairwood Holdings Ltd.

66,000

130,558

Invesco Ltd.

5,200

115,076

Marvell Technology Group Ltd.

15,300

172,278

Nabors Industries Ltd. (a)

2,300

31,832

Soundwill Holdings Ltd.

38,000

56,157

TOTAL BERMUDA

560,425

Brazil - 1.6%

CCR SA

30,800

257,017

Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)

4,100

175,028

Multiplus SA

7,600

183,398

Qualicorp SA (a)

18,000

160,306

Totvs SA

21,100

389,215

TOTAL BRAZIL

1,164,964

British Virgin Islands - 0.2%

Mail.ru Group Ltd. GDR (Reg. S) (a)

6,000

181,920

Canada - 1.8%

Bellhaven Copper & Gold, Inc. (a)

350,000

90,741

Canadian National Railway Co.

1,200

105,862

Canadian Natural Resources Ltd.

6,900

188,179

CGI Group, Inc. Class A (sub. vtg.) (a)

5,200

122,527

Eldorado Gold Corp.

5,200

56,260

Common Stocks - continued

Shares

Value

Canada - continued

Goldcorp, Inc.

6,800

$ 245,460

Petrobank Energy & Resources Ltd. (a)

12,200

141,726

PHX Energy Services Corp. (d)

20,100

165,354

Suncor Energy, Inc.

2,800

85,604

Talisman Energy, Inc.

10,400

128,594

TOTAL CANADA

1,330,307

Cayman Islands - 2.1%

3SBio, Inc. sponsored ADR (a)

15,800

175,064

Biostime International Holdings Ltd.

160,500

360,130

International Taifeng Holdings Ltd.

264,000

60,598

Pico Far East Holdings Ltd.

674,000

147,756

Shenguan Holdings Group Ltd.

422,000

236,721

Shenzhou International Group Holdings Ltd.

175,000

309,167

SITC International Holdings Co. Ltd.

191,000

44,581

SOHO China Ltd.

279,000

207,594

TOTAL CAYMAN ISLANDS

1,541,611

France - 4.2%

BNP Paribas SA

4,800

178,182

Club Mediterranee SA (a)

22,500

368,474

Danone SA

2,400

146,112

Edenred SA

15,600

412,100

Ingenico SA

9,922

531,660

Maisons France Confort

7,200

194,452

Safran SA

2,200

74,696

Sanofi SA sponsored ADR

28,000

1,137,920

Ubisoft Entertainment SA (a)

13,859

95,833

TOTAL FRANCE

3,139,429

Germany - 0.6%

Aareal Bank AG (a)

10,646

176,834

adidas AG

1,800

135,342

Amadeus Fire AG

1,200

50,835

Isra Vision AG

2,500

56,829

TOTAL GERMANY

419,840

Hong Kong - 0.2%

Lenovo Group Ltd.

206,000

142,917

India - 4.4%

Bata India Ltd.

7,330

117,397

Cipla Ltd.

12,031

73,321

Common Stocks - continued

Shares

Value

India - continued

CRISIL Ltd.

8,538

$ 138,258

ICRA Ltd.

7,131

154,948

INFO Edge India Ltd.

121,252

701,084

Ipca Laboratories Ltd.

27,641

199,372

Jubilant Foodworks Ltd. (a)

55,955

1,132,746

Lovable Lingerie Ltd.

8,676

49,236

Manappuram General Finance & Leasing Ltd.

520,816

314,496

Opto Circuits India Ltd.

18,875

52,266

Page Industries Ltd.

3,370

178,842

Prakash Industries Ltd.

58,881

62,633

Sintex Industries Ltd.

41,058

44,339

Talwalkars Better Value Fitness Ltd.

28,910

80,470

TOTAL INDIA

3,299,408

Ireland - 1.4%

Jazz Pharmaceuticals PLC (a)

2,000

96,140

Paddy Power PLC (Ireland)

4,200

283,189

Trinity Biotech PLC sponsored ADR

52,141

657,498

TOTAL IRELAND

1,036,827

Israel - 0.3%

NICE Systems Ltd. sponsored ADR (a)

6,900

248,400

Italy - 0.8%

Amplifon SpA

24,000

89,298

De Longhi SpA

18,200

201,540

ENI SpA

13,400

276,311

Gentium SpA sponsored ADR (a)

4,100

41,205

TOTAL ITALY

608,354

Japan - 12.2%

Ajinomoto Co., Inc.

28,000

396,614

ARNEST ONE Corp.

8,600

117,605

Asahi Glass Co. Ltd.

23,000

135,031

CAC Corp.

49,000

385,299

CKD Corp.

19,200

120,083

cocokara fine HOLDINGS, Inc.

3,200

108,579

Credit Saison Co. Ltd.

6,700

151,926

Daihatsu Motor Co. Ltd.

32,000

534,776

Fujitsu Ltd.

26,000

101,999

Futaba Industrial Co. Ltd.

11,500

53,620

Growell Holdings Co. Ltd.

600

21,866

Hamakyorex Co. Ltd.

3,100

104,521

Common Stocks - continued

Shares

Value

Japan - continued

Hitachi Capital Corp.

14,800

$ 268,524

Hitachi Transport System Ltd.

17,500

320,997

IT Holdings Corp.

20,000

206,960

Iwatsuka Confectionary Co. Ltd.

1,300

48,986

Kanto Natural Gas Development

9,000

46,197

Kintetsu World Express, Inc.

8,300

256,555

KOMERI Co. Ltd.

1,000

24,984

Micronics Japan Co. Ltd.

10,100

34,579

Mitsubishi UFJ Lease & Finance Co. Ltd.

6,630

264,627

Monex Group, Inc.

677

109,865

Nagaileben Co. Ltd.

3,500

52,885

Nomura Real Estate Holdings, Inc.

8,300

153,279

NSD Co. Ltd.

20,300

177,962

ORIX Corp.

2,430

229,726

Otsuka Corp.

3,400

298,741

Piolax, Inc.

5,700

120,738

Relo Holdings Corp.

11,400

396,432

Ryoyo Electro Corp.

16,500

171,907

Sekisui House Ltd.

23,000

219,784

Shimamura Co. Ltd.

2,600

301,753

Shinsei Bank Ltd.

300,000

337,982

Ship Healthcare Holdings, Inc.

12,500

326,792

Shoei Co. Ltd.

6,500

39,989

Square Enix Holdings Co. Ltd.

12,800

197,491

Sumitomo Mitsui Financial Group, Inc.

11,000

346,404

The Suruga Bank Ltd.

24,000

253,384

Tocalo Co. Ltd.

1,600

22,349

Tohokushinsha Film Corp.

15,100

123,127

Toshiba Plant Systems & Services Corp.

21,000

258,266

Tsutsumi Jewelry Co. Ltd.

23,300

546,474

USS Co. Ltd.

4,020

432,618

Xebio Co. Ltd.

10,700

232,808

TOTAL JAPAN

9,055,084

Korea (South) - 1.4%

Kia Motors Corp.

1,980

136,767

Korea Investment Holdings Co. Ltd.

2,910

89,050

LG Household & Health Care Ltd.

561

289,265

LIG Non-Life Insurance Co. Ltd.

6,710

130,263

MegaStudy Co. Ltd.

3,198

194,312

Common Stocks - continued

Shares

Value

Korea (South) - continued

Orion Corp.

125

$ 99,167

Samsung Electronics Co. Ltd.

101

116,930

TOTAL KOREA (SOUTH)

1,055,754

Luxembourg - 0.7%

Altisource Portfolio Solutions SA (a)

6,700

519,652

Mexico - 0.4%

America Movil SAB de CV Series L sponsored ADR

11,000

293,590

Netherlands - 3.0%

Gemalto NV

16,177

1,239,831

ING Groep NV (Certificaten Van Aandelen) (a)

15,000

98,676

LyondellBasell Industries NV Class A

5,400

240,462

Randstad Holding NV

4,447

134,984

Unilever NV (Certificaten Van Aandelen) (Bearer)

14,715

510,873

TOTAL NETHERLANDS

2,224,826

Norway - 0.1%

Schibsted ASA (B Shares)

1,900

58,316

Panama - 0.9%

Copa Holdings SA Class A

7,102

550,618

McDermott International, Inc. (a)

7,700

90,090

TOTAL PANAMA

640,708

Russia - 1.5%

Gazprom OAO sponsored ADR (Reg. S)

18,700

173,069

Mobile TeleSystems OJSC sponsored ADR

19,400

367,630

Pharmstandard OJSC (a)

2,133

94,070

Vozrozhdenie Bank

27,400

469,124

TOTAL RUSSIA

1,103,893

Singapore - 0.2%

Breadtalk Group Ltd.

209,000

90,694

Global Logistic Properties Ltd.

30,000

54,243

TOTAL SINGAPORE

144,937

South Africa - 0.7%

Life Healthcare Group Holdings Ltd.

41,500

168,246

Super Group Ltd. (a)

179,100

351,684

TOTAL SOUTH AFRICA

519,930

Sweden - 1.0%

AarhusKarlshamn AB

16,600

540,669

Common Stocks - continued

Shares

Value

Sweden - continued

DIBS Payment Services AB

7,300

$ 49,163

EnergyO Solutions AB (a)

46,207

134,531

TOTAL SWEDEN

724,363

Switzerland - 0.4%

Aryzta AG

4,740

235,713

Syngenta AG (Switzerland)

150

51,147

TOTAL SWITZERLAND

286,860

Thailand - 0.6%

Asian Property Development PCL (For. Reg.)

1,245,100

292,779

Supalai PCL (For. Reg.)

209,400

119,771

TOTAL THAILAND

412,550

Turkey - 0.3%

Turkiye Halk Bankasi A/S

23,000

197,342

United Kingdom - 3.4%

Aberdeen Asset Management PLC

71,400

289,153

Ashtead Group PLC

28,400

112,520

Barclays PLC

55,056

143,388

Dechra Pharmaceuticals PLC

8,500

65,274

Domino Printing Sciences PLC

21,300

184,509

GlaxoSmithKline PLC

20,000

460,195

Great Portland Estates PLC

7,500

50,516

HSBC Holdings PLC (United Kingdom)

19,900

166,247

Kingfisher PLC

30,419

127,243

Moneysupermarket.com Group PLC

252,300

561,707

Pearson PLC

4,100

76,759

Royalblue Group PLC

1,100

24,179

Shanks Group PLC

26,100

32,102

Speedy Hire PLC

411,500

154,841

Tesco PLC

11,200

55,858

Volex PLC

11,500

42,101

Whitbread PLC

111

3,717

TOTAL UNITED KINGDOM

2,550,309

United States of America - 50.0%

Aceto Corp.

40,400

354,712

Actuant Corp. Class A

10,100

287,446

Advance Auto Parts, Inc.

3,100

217,465

AGCO Corp. (a)

4,500

197,280

Alliance Data Systems Corp. (a)

3,800

494,000

Common Stocks - continued

Shares

Value

United States of America - continued

American Public Education, Inc. (a)(d)

4,800

$ 120,528

Ameriprise Financial, Inc.

2,420

125,162

Amgen, Inc.

5,600

462,560

Apache Corp.

4,800

413,376

Apple, Inc.

1,681

1,026,688

Aqua America, Inc.

7,400

189,736

Arrow Electronics, Inc. (a)

1,900

64,125

Asbury Automotive Group, Inc. (a)

9,600

251,136

Autodesk, Inc. (a)

2,800

94,976

Barrett Business Services, Inc.

19,400

506,728

BB&T Corp.

19,200

602,304

Bed Bath & Beyond, Inc. (a)

1,300

79,235

Biogen Idec, Inc. (a)

1,000

145,830

Blucora, Inc. (a)

18,835

287,234

Brocade Communications Systems, Inc. (a)

30,300

150,591

Cambrex Corp. (a)

7,800

71,994

CDI Corp.

3,200

51,712

Celgene Corp. (a)

1,600

109,536

CF Industries Holdings, Inc.

800

156,608

Chuys Holdings, Inc.

700

12,187

Commercial Metals Co.

4,900

63,161

Computer Task Group, Inc. (a)

30,700

457,737

Consolidated Edison, Inc.

2,900

187,050

Corning, Inc.

500

5,705

Corporate Executive Board Co.

8,400

387,492

Corrections Corp. of America

6,900

214,452

Cracker Barrel Old Country Store, Inc.

7,100

444,886

Delek US Holdings, Inc.

13,400

264,516

Discovery Communications, Inc. (a)

2,700

136,701

Dominion Resources, Inc.

2,700

146,637

DTE Energy Co.

3,100

190,247

Duke Energy Corp.

5,200

352,456

Dycom Industries, Inc. (a)

2,800

48,776

eBay, Inc. (a)

8,800

389,840

EPAM Systems, Inc.

3,600

57,744

Equifax, Inc.

7,700

360,668

Expedia, Inc.

3,900

222,261

Express Scripts Holding Co. (a)

12,600

730,044

Fidelity National Information Services, Inc.

8,000

251,520

Fiesta Restaurant Group, Inc. (a)

15,000

230,850

First Commonwealth Financial Corp.

103,600

726,236

Fiserv, Inc. (a)

6,450

452,339

Common Stocks - continued

Shares

Value

United States of America - continued

FMC Corp.

5,500

$ 300,850

Foot Locker, Inc.

2,800

92,456

General Electric Co.

21,000

435,750

Google, Inc. Class A (a)

1,500

949,455

Group 1 Automotive, Inc.

4,600

247,250

Hawaiian Electric Industries, Inc.

6,700

190,883

Heartland Payment Systems, Inc.

6,800

215,560

Heska Corp.

28,000

288,400

Hess Corp.

6,600

311,256

HollyFrontier Corp.

6,100

228,079

Hubbell, Inc. Class B

600

49,368

Huntington Bancshares, Inc.

40,100

249,222

Icahn Enterprises LP rights (a)

8,000

0

Integrys Energy Group, Inc.

3,300

199,782

International Paper Co.

2,000

65,620

Intuit, Inc.

3,300

191,466

Jabil Circuit, Inc.

600

13,020

Jarden Corp.

24,500

1,107,400

John Wiley & Sons, Inc. Class A

1,100

52,415

Kforce, Inc. (a)

5,319

61,541

Landec Corp. (a)

35,200

281,248

Lincoln National Corp.

2,800

56,140

Lithia Motors, Inc. Class A (sub. vtg.)

6,900

192,234

Marathon Oil Corp.

300

7,941

Marathon Petroleum Corp.

6,700

316,910

Maximus, Inc.

4,400

222,200

McKesson Corp.

1,900

172,387

Mentor Graphics Corp. (a)

14,700

224,616

Merck & Co., Inc.

4,900

216,433

MetLife, Inc.

6,700

206,159

Motorola Solutions, Inc.

16,800

812,112

Murphy Oil Corp.

9,800

525,868

Natus Medical, Inc. (a)

15,700

194,052

NextEra Energy, Inc.

2,700

191,430

Northeast Utilities

4,800

191,424

Omnicare, Inc.

9,100

285,831

PacWest Bancorp

20,500

469,655

Papa John's International, Inc. (a)

5,000

255,050

PDF Solutions, Inc. (a)

43,100

401,261

Penske Automotive Group, Inc.

14,700

351,330

Perficient, Inc. (a)

19,000

252,510

PG&E Corp.

4,000

184,640

Common Stocks - continued

Shares

Value

United States of America - continued

Phillips 66

4,800

$ 180,480

Portfolio Recovery Associates, Inc. (a)

800

67,744

PPG Industries, Inc.

1,000

109,460

PVH Corp.

1,300

103,259

QEP Resources, Inc.

15,500

465,465

Questar Corp.

7,100

144,485

Rayonier, Inc.

2,300

109,687

Rockwood Holdings, Inc.

5,500

243,210

Ross Stores, Inc.

7,800

518,232

Safeway, Inc.

15,000

233,250

Sempra Energy

2,700

190,107

Smart Balance, Inc. (a)

7,600

72,352

Snap-On, Inc.

1,400

94,892

Sonic Automotive, Inc. Class A (sub. vtg.) (d)

41,400

708,768

Southern Co.

3,800

182,970

Steel Dynamics, Inc.

4,100

52,849

Stone Energy Corp. (a)

1,800

47,268

SurModics, Inc. (a)

6,200

98,828

Synopsys, Inc. (a)

25,200

763,308

Sypris Solutions, Inc.

48,700

302,427

TD Ameritrade Holding Corp.

900

14,328

The AES Corp. (a)

21,000

253,260

The Walt Disney Co.

25,300

1,243,241

Time Warner Cable, Inc.

4,300

365,199

Time Warner, Inc.

14,000

547,680

Total System Services, Inc.

29,400

695,310

U.S. Bancorp

1,500

50,250

UnitedHealth Group, Inc.

4,200

214,578

Valero Energy Corp.

11,400

313,500

Valspar Corp.

12,200

612,440

Vectren Corp.

12,700

379,095

Viacom, Inc. Class B (non-vtg.)

5,400

252,234

Visa, Inc. Class A

4,400

567,908

W.R. Grace & Co. (a)

8,900

498,756

Wal-Mart Stores, Inc.

700

52,101

Walter Investment Management Corp.

10,000

226,200

Wells Fargo & Co.

20,300

686,343

Western Refining, Inc.

4,800

112,944

Wisconsin Energy Corp.

4,600

187,404

Common Stocks - continued

Shares

Value

United States of America - continued

Wyndham Worldwide Corp.

18,700

$ 973,335

Xcel Energy, Inc.

6,200

181,660

TOTAL UNITED STATES OF AMERICA

37,172,478

TOTAL COMMON STOCKS

(Cost $71,495,356)


73,136,291

Nonconvertible Preferred Stocks - 0.5%

 

 

 

 

Germany - 0.5%

Volkswagen AG
(Cost $422,399)

2,300


393,359

Money Market Funds - 2.5%

 

 

 

 

Fidelity Cash Central Fund, 0.17% (b)

288,335

288,335

Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)

1,599,800

1,599,800

TOTAL MONEY MARKET FUNDS

(Cost $1,888,135)


1,888,135

TOTAL INVESTMENT PORTFOLIO - 101.4%

(Cost $73,805,890)

75,417,785

NET OTHER ASSETS (LIABILITIES) - (1.4)%

(1,067,033)

NET ASSETS - 100%

$ 74,350,752

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(c) Investment made with cash collateral received from securities on loan.

(d) Security or a portion of the security is on loan at period end.

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

$ 1,528

Fidelity Securities Lending Cash Central Fund

16,758

Total

$ 18,286

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2012, involving the Fund's assets and liabilities carried at fair 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:

Equities:

Consumer Discretionary

$ 16,285,024

$ 13,459,989

$ 2,825,035

$ -

Consumer Staples

4,171,390

3,084,472

1,086,918

-

Energy

4,662,485

4,339,977

322,508

-

Financials

10,207,377

7,286,917

2,920,460

-

Health Care

6,680,019

5,840,147

839,872

-

Industrials

7,091,339

5,873,537

1,217,802

-

Information Technology

16,634,427

15,059,489

1,574,938

-

Materials

3,283,544

3,232,397

51,147

-

Telecommunication Services

661,220

661,220

-

-

Utilities

3,852,825

3,852,825

-

-

Money Market Funds

1,888,135

1,888,135

-

-

Total Investments in Securities:

$ 75,417,785

$ 64,579,105

$ 10,838,680

$ -

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2012. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers

Total

Level 1 to Level 2

$ -

Level 2 to Level 1

$ 13,473,425

Income Tax Information

At July 31, 2012, the cost of investment securities for income tax purposes was $74,059,627. Net unrealized appreciation aggregated $1,358,158, of which $6,408,235 related to appreciated investment securities and $5,050,077 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. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendor or broker to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the FMR Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by security type and may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. 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:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

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

Quarterly Holdings Report

for

Fidelity Advisor® International
Capital Appreciation Fund
Class A
Class T
Class B
Class C
Institutional Class

July 31, 2012 

1.804862.108

AICAP-QTLY-0912

Investments July 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%

Shares

Value

Australia - 0.8%

Fortescue Metals Group Ltd. (d)

114,497

$ 496,942

Iluka Resources Ltd.

49,020

489,909

TOTAL AUSTRALIA

986,851

Austria - 0.1%

Andritz AG

2,700

148,015

Bailiwick of Jersey - 0.5%

Experian PLC

37,200

553,495

Belgium - 1.2%

Anheuser-Busch InBev SA NV

11,680

924,158

Umicore SA

10,415

461,967

TOTAL BELGIUM

1,386,125

Bermuda - 0.8%

Credicorp Ltd. (NY Shares)

4,220

489,267

Petra Diamonds Ltd. (a)

211,062

397,096

TOTAL BERMUDA

886,363

Brazil - 3.2%

BR Malls Participacoes SA

39,900

465,747

CCR SA

57,700

481,490

Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR

17,500

674,625

Iguatemi Empresa de Shopping Centers SA

22,200

475,049

Itau Unibanco Banco Multiplo SA sponsored ADR

48,150

761,252

Multiplan Empreendimentos Imobiliarios SA

17,600

445,067

Souza Cruz SA

34,300

483,735

TOTAL BRAZIL

3,786,965

Canada - 2.1%

Canadian National Railway Co.

8,700

767,502

First Quantum Minerals Ltd.

27,600

501,168

Potash Corp. of Saskatchewan, Inc.

16,300

721,663

Valeant Pharmaceuticals International, Inc. (Canada) (a)

10,800

514,773

TOTAL CANADA

2,505,106

Cayman Islands - 0.8%

Baidu.com, Inc. sponsored ADR (a)

3,800

457,976

Sands China Ltd.

159,600

472,335

TOTAL CAYMAN ISLANDS

930,311

Chile - 0.4%

Embotelladora Andina SA Class A

93,938

437,826

Common Stocks - continued

Shares

Value

Colombia - 0.4%

Grupo de Inversiones Suramerica

27,121

$ 464,603

Denmark - 0.8%

Novo Nordisk A/S Series B sponsored ADR

6,000

927,240

Finland - 0.8%

Kone Oyj (B Shares)

8,300

515,722

Nokian Tyres PLC

11,914

476,270

TOTAL FINLAND

991,992

France - 8.1%

Air Liquide SA

5,720

640,307

Bureau Veritas SA

5,300

468,738

Casino Guichard Perrachon SA

5,890

494,829

CFAO SA

10,000

473,335

Christian Dior SA

4,040

559,465

Edenred SA

16,200

427,950

Essilor International SA

5,665

493,770

Hermes International SCA

1,720

469,075

L'Oreal SA

5,000

600,558

LVMH Moet Hennessy - Louis Vuitton SA

5,342

805,496

Pernod Ricard SA

5,800

624,499

PPR SA

3,800

570,413

Publicis Groupe SA

10,700

527,994

Remy Cointreau SA

4,200

496,097

Schneider Electric SA

11,839

670,505

Technip SA

5,100

537,645

Vivendi SA

32,391

616,141

TOTAL FRANCE

9,476,817

Germany - 3.8%

adidas AG

6,600

496,252

BASF AG

13,077

957,030

Bayerische Motoren Werke AG (BMW)

9,256

692,084

Brenntag AG

3,600

395,195

Henkel AG & Co. KGaA

10,800

639,301

Hugo Boss AG

4,000

403,719

SAP AG

13,635

865,317

TOTAL GERMANY

4,448,898

Hong Kong - 0.4%

Galaxy Entertainment Group Ltd. (a)

176,000

424,414

India - 5.1%

Asian Paints India Ltd.

6,983

457,779

Common Stocks - continued

Shares

Value

India - continued

Bajaj Auto Ltd.

16,024

$ 462,694

Colgate-Palmolive (India)

18,317

381,851

HDFC Bank Ltd.

55,197

581,323

Housing Development Finance Corp. Ltd.

43,107

536,238

ITC Ltd.

116,388

540,777

Jubilant Foodworks Ltd. (a)

18,236

369,167

Nestle India Ltd.

5,170

416,750

Page Industries Ltd.

7,002

371,587

Smithkline Beecham Consumer Healthcare Ltd.

9,481

451,508

Tata Motors Ltd. sponsored ADR

23,650

477,730

Titan Industries Ltd.

105,822

422,736

TTK Prestige Ltd.

7,312

473,773

TOTAL INDIA

5,943,913

Indonesia - 3.9%

PT ACE Hardware Indonesia Tbk

723,000

451,635

PT Bank Central Asia Tbk

579,500

490,841

PT Global Mediacom Tbk

2,389,000

442,641

PT Gudang Garam Tbk

73,000

435,526

PT Indomobil Sukses Internasional Tbk

210,000

135,627

PT Jasa Marga Tbk

751,500

453,525

PT Mitra Adiperkasa Tbk

598,000

455,860

PT Modern Internasional Tbk

6,254,500

476,785

PT Semen Gresik (Persero) Tbk

343,000

470,285

PT Surya Citra Media Tbk

310,500

340,251

PT Tower Bersama Infrastructure Tbk (a)

1,083,000

450,055

TOTAL INDONESIA

4,603,031

Ireland - 0.8%

Accenture PLC Class A

7,900

476,370

Dragon Oil PLC

48,400

434,056

TOTAL IRELAND

910,426

Israel - 0.4%

Check Point Software Technologies Ltd. (a)

9,100

441,987

Italy - 1.9%

Fiat Industrial SpA

47,188

464,481

Pirelli & C SpA

44,040

446,499

Prada SpA

64,800

448,311

Saipem SpA

11,875

548,643

Salvatore Ferragamo Italia SpA (d)

18,800

365,709

TOTAL ITALY

2,273,643

Common Stocks - continued

Shares

Value

Japan - 7.7%

Canon, Inc. sponsored ADR

21,406

$ 716,031

Daihatsu Motor Co. Ltd.

25,000

417,794

Fanuc Corp.

4,400

679,309

Fast Retailing Co. Ltd.

2,400

492,896

Hitachi Ltd.

113,000

666,185

Japan Tobacco, Inc.

21,900

687,979

Kansai Paint Co. Ltd.

42,000

438,393

Keyence Corp.

2,240

557,896

Komatsu Ltd. sponsored ADR

26,800

580,756

Nabtesco Corp.

21,200

462,634

Nissan Motor Co. Ltd.

62,800

590,459

Rakuten, Inc.

48,300

480,543

SMC Corp.

3,100

520,774

Softbank Corp.

18,800

717,292

Sysmex Corp.

11,200

487,841

Unicharm Corp.

9,100

501,346

TOTAL JAPAN

8,998,128

Korea (South) - 2.0%

Hyundai Motor Co.

3,373

707,015

Samsung Electronics Co. Ltd.

1,410

1,632,385

TOTAL KOREA (SOUTH)

2,339,400

Mexico - 0.8%

Grupo Mexico SA de CV Series B

182,400

511,326

Grupo Televisa SA de CV (CPO) sponsored ADR

21,400

487,706

TOTAL MEXICO

999,032

Netherlands - 1.7%

ASML Holding NV (Netherlands)

11,400

658,432

Core Laboratories NV

3,500

390,460

LyondellBasell Industries NV Class A

10,290

458,214

Yandex NV (a)

23,600

453,828

TOTAL NETHERLANDS

1,960,934

Nigeria - 0.8%

Guaranty Trust Bank PLC

4,068,498

438,126

Nigerian Breweries PLC

631,288

468,053

TOTAL NIGERIA

906,179

Philippines - 3.0%

Alliance Global Group, Inc.

1,451,900

406,233

Ayala Corp.

41,660

434,314

Common Stocks - continued

Shares

Value

Philippines - continued

GT Capital Holdings, Inc.

29,830

$ 390,159

International Container Terminal Services, Inc.

265,800

463,216

Metropolitan Bank & Trust Co.

200,800

481,497

Security Bank Corp.

123,200

417,602

SM Investments Corp.

27,760

498,742

SM Prime Holdings, Inc.

1,440,950

482,560

TOTAL PHILIPPINES

3,574,323

Portugal - 0.4%

Jeronimo Martins SGPS SA

26,700

418,859

Russia - 1.4%

Magnit OJSC GDR (Reg. S)

15,995

518,078

NOVATEK OAO GDR (Reg. S)

4,400

497,640

Sberbank (Savings Bank of the Russian Federation)

231,600

644,567

TOTAL RUSSIA

1,660,285

Singapore - 0.4%

Jardine Cycle & Carriage Ltd.

12,000

450,338

South Africa - 1.3%

Mr Price Group Ltd.

31,700

472,078

Naspers Ltd. Class N

10,800

587,142

Shoprite Holdings Ltd.

25,400

498,605

TOTAL SOUTH AFRICA

1,557,825

Spain - 0.5%

Inditex SA

5,896

608,140

Sweden - 1.8%

ASSA ABLOY AB (B Shares)

16,806

510,063

Atlas Copco AB (A Shares)

27,400

617,247

Elekta AB (B Shares)

9,500

441,847

Swedish Match Co. AB

12,800

539,619

TOTAL SWEDEN

2,108,776

Switzerland - 4.7%

Compagnie Financiere Richemont SA Series A

12,633

717,505

Dufry AG (a)

3,660

447,238

Nestle SA

32,046

1,971,077

Schindler Holding AG (Reg.)

4,340

509,438

SGS SA (Reg.)

250

500,871

Common Stocks - continued

Shares

Value

Switzerland - continued

Swatch Group AG (Bearer)

1,530

$ 609,148

Syngenta AG (Switzerland)

2,120

722,882

TOTAL SWITZERLAND

5,478,159

Taiwan - 0.8%

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

65,500

915,035

Thailand - 1.5%

C.P. ALL PCL (For. Reg.)

402,000

434,318

Central Pattana PCL (For. Reg.)

296,700

461,973

Home Product Center PCL (For. Reg.)

1,108,600

405,113

Kasikornbank PCL (For. Reg.)

87,800

493,823

TOTAL THAILAND

1,795,227

Turkey - 1.3%

Coca-Cola Icecek A/S

30,000

466,334

TAV Havalimanlari Holding A/S

90,000

493,412

Turkiye Garanti Bankasi A/S

133,000

518,706

TOTAL TURKEY

1,478,452

United Kingdom - 15.7%

Aggreko PLC

15,100

483,434

Antofagasta PLC

29,600

497,498

BG Group PLC

45,097

892,301

BHP Billiton PLC ADR

30,489

1,776,289

British American Tobacco PLC (United Kingdom)

30,000

1,593,436

Burberry Group PLC

25,900

509,216

Diageo PLC sponsored ADR

8,700

930,030

Imperial Tobacco Group PLC

19,202

746,324

Intertek Group PLC

11,700

501,521

Johnson Matthey PLC

14,700

502,433

Meggitt PLC

78,600

472,599

Prudential PLC

57,483

684,038

Reckitt Benckiser Group PLC

13,300

731,294

Rio Tinto PLC sponsored ADR

23,600

1,090,556

Rolls-Royce Group PLC

49,700

662,728

Rotork PLC

12,900

446,169

Royal Dutch Shell PLC Class B (United Kingdom)

61,135

2,150,594

SABMiller PLC

18,100

782,384

Spectris PLC

16,200

392,925

Standard Chartered PLC (United Kingdom)

36,596

840,287

Common Stocks - continued

Shares

Value

United Kingdom - continued

The Weir Group PLC

18,100

$ 469,657

Unilever PLC

33,200

1,190,434

TOTAL UNITED KINGDOM

18,346,147

United States of America - 17.0%

Allergan, Inc.

4,800

393,936

Altera Corp.

12,159

431,037

Altria Group, Inc.

12,100

435,237

Amazon.com, Inc. (a)

1,642

383,079

American Tower Corp.

6,100

441,091

Analog Devices, Inc.

9,900

386,892

Apple, Inc.

693

423,257

AutoZone, Inc. (a)

940

352,716

Caterpillar, Inc.

5,500

463,155

Coach, Inc.

7,600

374,908

Colgate-Palmolive Co.

4,180

448,765

Crown Castle International Corp. (a)

7,300

451,724

Cummins, Inc.

5,120

491,008

EMC Corp. (a)

17,500

458,675

Estee Lauder Companies, Inc. Class A

8,388

439,363

FMC Technologies, Inc. (a)

9,000

406,080

Freeport-McMoRan Copper & Gold, Inc.

13,204

444,579

Google, Inc. Class A (a)

720

455,738

IBM Corp.

2,200

431,156

Intuitive Surgical, Inc. (a)

900

433,350

Joy Global, Inc.

8,500

441,490

KLA-Tencor Corp.

8,900

453,099

Las Vegas Sands Corp.

10,740

391,151

Limited Brands, Inc.

9,400

446,970

Lorillard, Inc.

3,100

398,784

MasterCard, Inc. Class A

960

419,107

Mead Johnson Nutrition Co. Class A

5,200

379,392

MercadoLibre, Inc.

5,600

374,136

Mettler-Toledo International, Inc. (a)

2,800

433,440

National Oilwell Varco, Inc.

6,350

459,105

NIKE, Inc. Class B

4,600

429,410

Oracle Corp.

14,580

440,316

Perrigo Co.

3,501

399,184

Philip Morris International, Inc.

8,355

763,981

Priceline.com, Inc. (a)

600

397,044

QUALCOMM, Inc.

7,400

441,632

salesforce.com, Inc. (a)

3,100

385,516

Common Stocks - continued

Shares

Value

United States of America - continued

SBA Communications Corp. Class A (a)

7,500

$ 442,950

Starbucks Corp.

8,175

370,164

The Coca-Cola Co.

5,600

452,480

TJX Companies, Inc.

9,700

429,516

Union Pacific Corp.

3,700

453,657

United Technologies Corp.

5,972

444,556

Visa, Inc. Class A

3,500

451,745

Waters Corp. (a)

5,500

426,140

Yum! Brands, Inc.

7,400

479,816

TOTAL UNITED STATES OF AMERICA

19,950,527

TOTAL COMMON STOCKS

(Cost $108,696,059)


116,073,787

Nonconvertible Preferred Stocks - 0.6%

 

 

 

 

Germany - 0.6%

Volkswagen AG
(Cost $652,076)

4,100


701,205

Money Market Funds - 0.8%

 

 

 

 

Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)
(Cost $941,550)

941,550


941,550

TOTAL INVESTMENT PORTFOLIO - 100.5%

(Cost $110,289,685)

117,716,542

NET OTHER ASSETS (LIABILITIES) - (0.5)%

(555,171)

NET ASSETS - 100%

$ 117,161,371

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(c) Investment made with cash collateral received from securities on loan.

(d) Security or a portion of the security is on loan at period end.

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

$ 332

Fidelity Securities Lending Cash Central Fund

39,026

Total

$ 39,358

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2012, involving the Fund's assets and liabilities carried at fair 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:

Equities:

Consumer Discretionary

$ 25,250,167

$ 23,268,475

$ 1,981,692

$ -

Consumer Staples

23,398,212

18,500,859

4,897,353

-

Energy

6,316,524

4,165,930

2,150,594

-

Financials

11,438,130

10,172,769

1,265,361

-

Health Care

4,951,521

4,463,680

487,841

-

Industrials

16,919,287

15,256,570

1,662,717

-

Information Technology

13,786,673

11,038,843

2,747,830

-

Materials

12,036,316

10,875,041

1,161,275

-

Telecommunication Services

2,678,162

1,960,870

717,292

-

Money Market Funds

941,550

941,550

-

-

Total Investments in Securities:

$ 117,716,542

$ 100,644,587

$ 17,071,955

$ -

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2012. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers

Total

Level 1 to Level 2

$ -

Level 2 to Level 1

$ 10,041,778

Income Tax Information

At July 31, 2012, the cost of investment securities for income tax purposes was $110,958,489. Net unrealized appreciation aggregated $6,758,053, of which $11,146,516 related to appreciated investment securities and $4,388,463 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. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendor or broker to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the FMR Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by security type and may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. 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:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

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

Quarterly Holdings Report

for

Fidelity Advisor® Overseas Fund Class A
Class T
Class B
Class C
Institutional Class

July 31, 2012 

1.804851.108

OS-QTLY-0912

Investments July 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.9%

Shares

Value (000s)

Australia - 3.5%

BHP Billiton Ltd.

211,768

$ 7,034

CSL Ltd.

114,846

5,154

Fortescue Metals Group Ltd.

208,017

903

Macquarie Group Ltd.

43,810

1,150

Newcrest Mining Ltd.

108,586

2,682

Westfield Group unit

344,639

3,622

TOTAL AUSTRALIA

20,545

Bailiwick of Jersey - 0.7%

Wolseley PLC

19,500

704

WPP PLC

247,196

3,126

TOTAL BAILIWICK OF JERSEY

3,830

Belgium - 0.3%

Ageas

410,900

820

Hamon & Compagnie International SA

60,300

1,098

TOTAL BELGIUM

1,918

Bermuda - 1.0%

Clear Media Ltd.

1,278,000

742

Oriental Watch Holdings Ltd.

2,992,000

914

Petra Diamonds Ltd. (a)

379,200

713

Signet Jewelers Ltd.

82,600

3,628

TOTAL BERMUDA

5,997

Brazil - 0.6%

Drogasil SA

47,700

545

Souza Cruz SA

205,800

2,902

TOTAL BRAZIL

3,447

British Virgin Islands - 0.7%

Gem Diamonds Ltd. (a)

339,700

1,050

Mail.ru Group Ltd.:

GDR (a)(e)

4,200

127

GDR (Reg. S) (a)

103,500

3,138

TOTAL BRITISH VIRGIN ISLANDS

4,315

Canada - 0.2%

Yamana Gold, Inc.

60,500

897

Cayman Islands - 3.5%

Baidu.com, Inc. sponsored ADR (a)

27,900

3,363

Biostime International Holdings Ltd.

57,000

128

Hengdeli Holdings Ltd.

20,146,000

5,611

Common Stocks - continued

Shares

Value (000s)

Cayman Islands - continued

Natural Beauty Bio-Technology Ltd.

6,200,000

$ 935

Noah Holdings Ltd. sponsored ADR

129,100

647

Renren, Inc. ADR (a)(d)

15,000

56

Shenguan Holdings Group Ltd.

2,022,000

1,134

Tencent Holdings Ltd.

266,800

7,975

YouKu.com, Inc. ADR (a)(d)

38,800

660

TOTAL CAYMAN ISLANDS

20,509

Denmark - 3.1%

Danske Bank A/S (a)

51,111

761

Novo Nordisk A/S:

Series B

19,863

3,063

Series B sponsored ADR (d)

95,400

14,743

TOTAL DENMARK

18,567

France - 12.7%

Alstom SA

121,518

4,043

Atos Origin SA

37,816

2,130

AXA SA

33,258

407

AXA SA sponsored ADR

62,300

756

Beneteau SA

86,400

824

BNP Paribas SA

62,616

2,324

Club Mediterranee SA (a)

53,000

868

Danone SA

118,422

7,210

Essilor International SA

13,262

1,156

Gameloft (a)

239,900

1,376

GDF Suez (d)

81,500

1,824

Iliad SA

18,000

2,482

Ingenico SA

55,968

2,999

Ipsos SA

57,360

1,668

Lafarge SA (Bearer)

34,900

1,607

LVMH Moet Hennessy - Louis Vuitton SA

63,842

9,626

Pernod Ricard SA

72,700

7,828

Safran SA

52,800

1,793

Sanofi SA

80,690

6,583

Sanofi SA sponsored ADR

230,300

9,359

Societe Generale Series A (a)

19,513

432

Total SA

94,200

4,340

Unibail-Rodamco

19,000

3,656

TOTAL FRANCE

75,291

Germany - 5.5%

adidas AG

31,900

2,399

Common Stocks - continued

Shares

Value (000s)

Germany - continued

Allianz AG

32,906

$ 3,283

Bayer AG

55,340

4,215

Commerzbank AG (a)

235,000

366

Deutsche Bank AG

32,500

987

Deutsche Boerse AG

58,469

2,911

Deutsche Post AG

118,681

2,138

GSW Immobilien AG

25,200

929

K&S AG

23,400

1,158

Linde AG

13,429

2,000

Munich Re Group AG

11,355

1,615

Puma AG

2,123

596

SAP AG

118,467

7,518

SAP AG sponsored ADR (d)

30,600

1,939

Tom Tailor Holding AG

28,200

486

TOTAL GERMANY

32,540

Hong Kong - 1.6%

AIA Group Ltd.

780,200

2,742

Cheung Kong Holdings Ltd.

74,000

974

Henderson Land Development Co. Ltd.

308,334

1,797

Hutchison Whampoa Ltd.

138,000

1,244

Television Broadcasts Ltd.

370,000

2,653

TOTAL HONG KONG

9,410

Ireland - 2.9%

CRH PLC

202,298

3,704

Glanbia PLC

107,500

807

Kingspan Group PLC (United Kingdom)

245,200

1,961

Paddy Power PLC (Ireland)

159,000

10,721

TOTAL IRELAND

17,193

Israel - 0.1%

Israel Chemicals Ltd.

64,100

759

Italy - 1.5%

Assicurazioni Generali SpA

71,400

899

Brunello Cucinelli SpA

4,900

67

ENI SpA

96,700

1,994

ENI SpA sponsored ADR (d)

22,300

920

Intesa Sanpaolo SpA

292,010

371

Saipem SpA

93,432

4,317

UniCredit SpA (a)

117,687

401

TOTAL ITALY

8,969

Common Stocks - continued

Shares

Value (000s)

Japan - 13.8%

Calbee, Inc.

26,800

$ 1,866

Dai-ichi Mutual Life Insurance Co.

866

908

Denso Corp.

33,000

1,051

Fuji Media Holdings, Inc.

733

1,247

Honda Motor Co. Ltd.

107,600

3,421

Japan Tobacco, Inc.

58,000

1,822

Kakaku.com, Inc.

50,400

1,604

Keyence Corp.

15,400

3,836

Mitsubishi Corp.

152,100

3,010

Mitsubishi Estate Co. Ltd.

75,000

1,343

Mitsubishi UFJ Financial Group, Inc.

1,320,700

6,404

Mitsubishi UFJ Financial Group, Inc. sponsored ADR

179,900

874

Mitsui & Co. Ltd.

182,300

2,692

MS&AD Insurance Group Holdings, Inc.

79,900

1,292

NKSJ Holdings, Inc.

45,000

858

Nomura Holdings, Inc.

204,200

715

ORIX Corp.

28,330

2,678

Rakuten, Inc.

1,408,700

14,015

Softbank Corp.

331,300

12,640

Start Today Co. Ltd.

256,700

3,397

Sumitomo Mitsui Financial Group, Inc.

138,000

4,346

Tokio Marine Holdings, Inc.

71,800

1,645

Tokyo Electron Ltd.

18,900

878

Toyota Motor Corp.

133,900

5,120

Unicharm Corp.

40,400

2,226

Yahoo! Japan Corp.

5,164

1,877

TOTAL JAPAN

81,765

Kenya - 0.1%

East African Breweries Ltd.

116,216

304

Korea (South) - 0.6%

Samsung Electronics Co. Ltd.

2,825

3,271

Luxembourg - 0.1%

ArcelorMittal SA Class A unit (d)

54,200

862

Netherlands - 2.1%

AEGON NV

109,900

499

ASML Holding NV

24,100

1,386

Gemalto NV

23,756

1,821

ING Groep NV:

(Certificaten Van Aandelen) (a)

173,010

1,138

sponsored ADR (a)(d)

59,300

390

Koninklijke Philips Electronics NV

202,806

4,460

Common Stocks - continued

Shares

Value (000s)

Netherlands - continued

Koninklijke Philips Electronics NV (depositary receipt) (NY Reg.)

81,000

$ 1,783

Yandex NV (a)

50,800

977

TOTAL NETHERLANDS

12,454

Nigeria - 0.2%

Guinness Nigeria PLC

384,138

579

Nigerian Breweries PLC

1,015,224

753

TOTAL NIGERIA

1,332

Norway - 0.9%

DnB NOR ASA

117,400

1,237

Schibsted ASA (B Shares)

89,500

2,747

StatoilHydro ASA

12,300

292

StatoilHydro ASA sponsored ADR

55,700

1,325

TOTAL NORWAY

5,601

Singapore - 0.3%

United Overseas Bank Ltd.

101,627

1,633

South Africa - 0.3%

City Lodge Hotels Ltd.

32,800

327

Life Healthcare Group Holdings Ltd.

386,000

1,565

TOTAL SOUTH AFRICA

1,892

Spain - 0.5%

Banco Bilbao Vizcaya Argentaria SA

255,571

1,666

Banco Santander SA

6,192

38

Banco Santander SA (Spain)

121,469

735

Grifols SA ADR

26,165

584

TOTAL SPAIN

3,023

Sweden - 1.4%

Nordea Bank AB

166,600

1,558

Svenska Cellulosa AB (SCA) (B Shares)

55,200

940

Swedbank AB (A Shares)

51,612

900

Swedish Match Co. AB

120,200

5,067

TOTAL SWEDEN

8,465

Switzerland - 8.6%

Adecco SA (Reg.)

86,391

3,805

Compagnie Financiere Richemont SA Series A

92,063

5,229

Credit Suisse Group

50,181

854

Credit Suisse Group sponsored ADR

23,296

397

Common Stocks - continued

Shares

Value (000s)

Switzerland - continued

Nestle SA

272,727

$ 16,772

Roche Holding AG (participation certificate)

33,354

5,921

Sika AG (Bearer)

1,180

2,206

Swatch Group AG (Bearer)

11,750

4,678

Swiss Re Ltd.

21,960

1,380

Syngenta AG (Switzerland)

16,570

5,650

UBS AG

170,978

1,799

UBS AG (NY Shares)

53,077

563

Zurich Financial Services AG

8,097

1,806

TOTAL SWITZERLAND

51,060

Taiwan - 0.2%

Wowprime Corp.

60,000

920

United Kingdom - 23.1%

Anglo American PLC (United Kingdom)

137,059

4,083

ARM Holdings PLC

101,900

881

ASOS PLC (a)

41,600

1,182

Aviva PLC

184,200

843

Barclays PLC

841,627

2,192

BG Group PLC

327,318

6,476

BHP Billiton PLC

192,986

5,627

BP PLC sponsored ADR

149,866

5,980

Brammer PLC

364,800

1,287

British American Tobacco PLC (United Kingdom)

27,800

1,477

Centrica PLC

323,400

1,607

Diageo PLC

432,597

11,563

Hays PLC

2,622,000

3,093

HSBC Holdings PLC sponsored ADR

191,933

8,023

Imperial Tobacco Group PLC

246,207

9,569

Intertek Group PLC

85,300

3,656

Johnson Matthey PLC

77,754

2,658

Legal & General Group PLC

527,691

1,055

Lloyds Banking Group PLC (a)

2,479,699

1,176

M&C Saatchi (d)

887,505

2,073

Michael Page International PLC

317,800

1,831

Prudential PLC

125,264

1,491

Reckitt Benckiser Group PLC

114,800

6,312

Rio Tinto PLC

125,232

5,767

Rio Tinto PLC sponsored ADR

21,700

1,003

Rolls-Royce Group PLC

164,274

2,191

Royal Bank of Scotland Group PLC (a)

120,080

402

Common Stocks - continued

Shares

Value (000s)

United Kingdom - continued

Royal Dutch Shell PLC:

Class A (United Kingdom)

188,233

$ 6,397

Class B (United Kingdom)

197,675

6,954

SABMiller PLC

223,900

9,678

Standard Chartered PLC (United Kingdom)

131,807

3,026

Sthree PLC

190,600

861

Vodafone Group PLC

3,206,569

9,177

William Hill PLC

866,100

4,264

Xstrata PLC

185,200

2,463

TOTAL UNITED KINGDOM

136,318

United States of America - 5.8%

Amazon.com, Inc. (a)

6,800

1,586

Apple, Inc.

8,900

5,436

Deckers Outdoor Corp. (a)(d)

135,500

5,652

Dunkin' Brands Group, Inc. (d)

59,700

1,808

GNC Holdings, Inc.

78,400

3,021

Google, Inc. Class A (a)

10,200

6,456

Life Technologies Corp. (a)

20,300

891

Lorillard, Inc.

9,200

1,183

MercadoLibre, Inc.

18,800

1,256

Monsanto Co.

14,500

1,241

Visa, Inc. Class A

44,700

5,769

TOTAL UNITED STATES OF AMERICA

34,299

TOTAL COMMON STOCKS

(Cost $580,160)


567,386

Nonconvertible Preferred Stocks - 1.8%

 

 

 

 

Germany - 1.8%

Volkswagen AG
(Cost $8,897)

61,700


10,552

Money Market Funds - 4.3%

Shares

Value (000s)

Fidelity Cash Central Fund, 0.17% (b)

13,446,626

$ 13,447

Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)

12,023,475

12,023

TOTAL MONEY MARKET FUNDS

(Cost $25,470)


25,470

TOTAL INVESTMENT PORTFOLIO - 102.0%

(Cost $614,527)

603,408

NET OTHER ASSETS (LIABILITIES) - (2.0)%

(12,002)

NET ASSETS - 100%

$ 591,406

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(c) Investment made with cash collateral received from securities on loan.

(d) Security or a portion of the security is on loan 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 $127,000 or 0.0% of net assets.

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
(Amounts in thousands)

Fidelity Cash Central Fund

$ 10

Fidelity Securities Lending Cash Central Fund

414

Total

$ 424

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2012, involving the Fund's assets and liabilities carried at fair 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
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 116,219

$ 84,842

$ 31,377

$ -

Consumer Staples

90,660

71,706

18,954

-

Energy

38,995

19,018

19,977

-

Financials

87,714

53,743

33,971

-

Health Care

53,234

43,588

9,646

-

Industrials

41,650

31,488

10,162

-

Information Technology

66,729

50,135

16,594

-

Materials

55,007

27,225

27,782

-

Telecommunication Services

24,299

2,482

21,817

-

Utilities

3,431

3,431

-

-

Money Market Funds

25,470

25,470

-

-

Total Investments in Securities:

$ 603,408

$ 413,128

$ 190,280

$ -

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2012. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers

Total (000s)

Level 1 to Level 2

$ -

Level 2 to Level 1

$ 50,658

Income Tax Information

At July 31, 2012, the cost of investment securities for income tax purposes was $627,388,000. Net unrealized depreciation aggregated $23,980,000, of which $71,097,000 related to appreciated investment securities and $95,077,000 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. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendor or broker to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the FMR Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by security type and may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. 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:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 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

Quarterly Holdings Report

for

Fidelity Advisor® Value Leaders Fund Class A
Class T
Class B
Class C
Institutional Class

July 31, 2012 

1.804852.108

AVLF-QTLY-0912

Investments July 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.7%

Shares

Value

CONSUMER DISCRETIONARY - 7.9%

Diversified Consumer Services - 1.1%

DeVry, Inc.

14,327

$ 281,239

Household Durables - 1.6%

Garmin Ltd. (d)

10,690

412,741

Media - 3.0%

DISH Network Corp. Class A

12,078

371,519

Time Warner, Inc.

1,504

58,836

Washington Post Co. Class B (d)

1,066

360,841

 

791,196

Multiline Retail - 2.2%

JCPenney Co., Inc. (d)

26,462

595,660

TOTAL CONSUMER DISCRETIONARY

2,080,836

CONSUMER STAPLES - 6.7%

Beverages - 1.4%

Grupo Modelo SAB de CV Series C

41,000

369,720

Food & Staples Retailing - 1.9%

CVS Caremark Corp.

5,042

228,151

Wal-Mart Stores, Inc.

3,946

293,701

 

521,852

Food Products - 2.2%

Kraft Foods, Inc. Class A

14,518

576,510

Household Products - 1.2%

Procter & Gamble Co.

4,858

313,535

TOTAL CONSUMER STAPLES

1,781,617

ENERGY - 15.6%

Energy Equipment & Services - 1.9%

Cameron International Corp. (a)

6,951

349,427

Halliburton Co.

4,614

152,862

 

502,289

Oil, Gas & Consumable Fuels - 13.7%

Anadarko Petroleum Corp.

9,011

625,724

Apache Corp.

1,000

86,120

Chevron Corp.

7,815

856,368

Exxon Mobil Corp.

13,128

1,140,167

Hess Corp.

1,600

75,456

Marathon Petroleum Corp.

1,199

56,713

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Occidental Petroleum Corp.

4,180

$ 363,785

Williams Companies, Inc.

13,596

432,217

 

3,636,550

TOTAL ENERGY

4,138,839

FINANCIALS - 24.3%

Capital Markets - 3.7%

Ameriprise Financial, Inc.

1,000

51,720

Bank of New York Mellon Corp.

7,300

155,344

E*TRADE Financial Corp. (a)

63,860

487,252

Goldman Sachs Group, Inc.

904

91,214

State Street Corp.

4,650

187,767

 

973,297

Commercial Banks - 9.2%

Aozora Bank Ltd.

299,000

685,056

Fifth Third Bancorp

16,705

230,863

KeyCorp

61,300

489,174

U.S. Bancorp

7,670

256,945

Wells Fargo & Co.

18,226

616,221

Zions Bancorporation

8,398

152,844

 

2,431,103

Consumer Finance - 0.6%

Capital One Financial Corp.

3,000

169,470

Diversified Financial Services - 4.9%

Bank of America Corp.

21,955

161,150

Citigroup, Inc.

26,141

709,205

JPMorgan Chase & Co.

11,525

414,900

 

1,285,255

Insurance - 4.6%

Allstate Corp.

3,540

121,422

Assurant, Inc.

4,867

176,234

Berkshire Hathaway, Inc. Class B (a)

1,989

168,747

MetLife, Inc.

5,188

159,635

RenaissanceRe Holdings Ltd.

1,719

127,189

The Chubb Corp.

2,285

166,097

XL Group PLC Class A

14,739

304,360

 

1,223,684

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate Investment Trusts - 0.8%

Weyerhaeuser Co.

9,100

$ 212,485

Thrifts & Mortgage Finance - 0.5%

Radian Group, Inc. (d)

43,400

121,520

TOTAL FINANCIALS

6,416,814

HEALTH CARE - 15.2%

Health Care Equipment & Supplies - 0.2%

CareFusion Corp. (a)

1,700

41,497

Health Care Providers & Services - 0.8%

HCA Holdings, Inc.

8,195

217,004

Pharmaceuticals - 14.2%

Bristol-Myers Squibb Co.

5,777

205,661

Eli Lilly & Co.

6,629

291,875

Johnson & Johnson

8,692

601,660

Merck & Co., Inc.

20,841

920,547

Pfizer, Inc.

48,401

1,163,557

Sanofi SA sponsored ADR

14,325

582,168

 

3,765,468

TOTAL HEALTH CARE

4,023,969

INDUSTRIALS - 6.9%

Aerospace & Defense - 1.9%

Textron, Inc.

19,352

504,120

Construction & Engineering - 1.0%

Jacobs Engineering Group, Inc. (a)

6,478

249,856

Industrial Conglomerates - 4.0%

General Electric Co.

51,247

1,063,375

TOTAL INDUSTRIALS

1,817,351

INFORMATION TECHNOLOGY - 9.9%

Communications Equipment - 0.9%

Cisco Systems, Inc.

14,314

228,308

Computers & Peripherals - 1.8%

Hewlett-Packard Co.

26,653

486,151

Electronic Equipment & Components - 1.1%

Corning, Inc.

24,604

280,732

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Office Electronics - 1.0%

Xerox Corp.

40,284

$ 279,168

Semiconductors & Semiconductor Equipment - 1.6%

Advanced Micro Devices, Inc. (a)

102,617

416,625

Software - 3.5%

Comverse Technology, Inc. (a)

131,546

714,295

Microsoft Corp.

3,810

112,281

Symantec Corp. (a)

6,090

95,918

 

922,494

TOTAL INFORMATION TECHNOLOGY

2,613,478

MATERIALS - 1.6%

Metals & Mining - 1.6%

Newmont Mining Corp.

9,562

425,222

TELECOMMUNICATION SERVICES - 2.5%

Diversified Telecommunication Services - 2.2%

AT&T, Inc.

12,768

484,163

CenturyLink, Inc.

2,345

97,411

 

581,574

Wireless Telecommunication Services - 0.3%

Sprint Nextel Corp. (a)

19,400

84,584

TOTAL TELECOMMUNICATION SERVICES

666,158

UTILITIES - 6.1%

Electric Utilities - 5.3%

Duke Energy Corp.

2,700

183,006

Edison International

4,445

205,270

Exelon Corp.

7,497

293,283

FirstEnergy Corp.

6,734

338,181

NextEra Energy, Inc.

5,296

375,486

 

1,395,226

Multi-Utilities - 0.8%

Sempra Energy

3,100

218,271

TOTAL UTILITIES

1,613,497

TOTAL COMMON STOCKS

(Cost $27,226,971)


25,577,781

U.S. Treasury Obligations - 0.1%

 

Principal Amount

Value

U.S. Treasury Bills, yield at date of purchase 0.06% to 0.07% 8/23/12
(Cost $29,999)

$ 30,000

$ 29,999

Money Market Funds - 6.8%

Shares

 

Fidelity Cash Central Fund, 0.17% (b)

743,367

743,367

Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)

1,057,710

1,057,710

TOTAL MONEY MARKET FUNDS

(Cost $1,801,077)


1,801,077

TOTAL INVESTMENT PORTFOLIO - 103.6%

(Cost $29,058,047)

27,408,857

NET OTHER ASSETS (LIABILITIES) - (3.6)%

(956,863)

NET ASSETS - 100%

$ 26,451,994

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(c) Investment made with cash collateral received from securities on loan.

(d) Security or a portion of the security is on loan at period end.

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

$ 1,403

Fidelity Securities Lending Cash Central Fund

6,244

Total

$ 7,647

Other Information

The following is a summary of the inputs used, as of July 31, 2012, involving the Fund's assets and liabilities carried at fair 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 table 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:

Equities:

Consumer Discretionary

$ 2,080,836

$ 2,080,836

$ -

$ -

Consumer Staples

1,781,617

1,781,617

-

-

Energy

4,138,839

4,138,839

-

-

Financials

6,416,814

5,731,758

685,056

-

Health Care

4,023,969

4,023,969

-

-

Industrials

1,817,351

1,817,351

-

-

Information Technology

2,613,478

2,613,478

-

-

Materials

425,222

425,222

-

-

Telecommunication Services

666,158

666,158

-

-

Utilities

1,613,497

1,613,497

-

-

U.S. Government and Government Agency Obligations

29,999

-

29,999

-

Money Market Funds

1,801,077

1,801,077

-

-

Total Investments in Securities:

$ 27,408,857

$ 26,693,802

$ 715,055

$ -

Income Tax Information

At July 31, 2012, the cost of investment securities for income tax purposes was $29,590,095. Net unrealized depreciation aggregated $2,181,238, of which $1,877,066 related to appreciated investment securities and $4,058,304 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. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendor or broker to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the FMR Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by security type and 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 Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. 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:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For U.S. government and government agency obligations, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices and are generally categorized as Level 2 in the hierarchy.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, 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

Quarterly Holdings Report

for

Fidelity Advisor® Global
Equity Income Fund:
Class A
Class T
Class C
Institutional Class

July 31, 2012
 

1.938155.100

AGED-QTLY-0912

Investments July 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.4%

Shares

Value

Australia - 1.1%

Spark Infrastructure Group unit

10,061

$ 17,234

Telstra Corp. Ltd.

3,412

14,343

TOTAL AUSTRALIA

31,577

Bailiwick of Guernsey - 0.6%

Resolution Ltd.

5,400

17,441

Bailiwick of Jersey - 1.5%

Informa PLC

3,913

22,699

Wolseley PLC

500

18,054

TOTAL BAILIWICK OF JERSEY

40,753

Brazil - 1.9%

Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) sponsored ADR

240

20,256

Multiplus SA

800

19,305

Redecard SA

900

14,515

TOTAL BRAZIL

54,076

Canada - 0.0%

Fairfax Financial Holdings Ltd. (sub. vtg.)

1

376

Cayman Islands - 0.6%

Pico Far East Holdings Ltd.

72,000

15,784

Chile - 0.2%

Inversiones La Construccion SA

362

5,474

Colombia - 0.5%

BanColombia SA sponsored ADR

230

14,223

France - 3.8%

Arkema SA

100

7,365

Euler Hermes SA

177

11,050

Ipsos SA

500

14,537

Sanofi SA

644

52,542

VINCI SA

500

21,255

TOTAL FRANCE

106,749

Germany - 0.7%

Hugo Boss AG

110

11,102

Muehlbauer Holding AG & Co.

350

9,496

TOTAL GERMANY

20,598

Hong Kong - 1.0%

HKT Trust / HKT Ltd. unit

36,000

28,690

Common Stocks - continued

Shares

Value

Ireland - 1.9%

Accenture PLC Class A

430

$ 25,929

CRH PLC

900

16,478

Irish Continental Group PLC unit

500

9,191

TOTAL IRELAND

51,598

Israel - 0.6%

Israel Chemicals Ltd.

1,400

16,570

Italy - 0.8%

ENI SpA

1,100

22,682

Japan - 7.3%

Aozora Bank Ltd.

5,000

11,456

Autobacs Seven Co. Ltd.

200

9,844

Canon, Inc.

600

20,036

Japan Retail Fund Investment Corp.

12

20,070

Japan Tobacco, Inc.

1,600

50,263

NTT DoCoMo, Inc.

10

16,716

Relo Holdings Corp.

800

27,820

Seven Bank Ltd.

11,800

29,441

USS Co. Ltd.

160

17,219

TOTAL JAPAN

202,865

Korea (South) - 1.2%

DGB Financial Group Co. Ltd.

660

7,559

KT&G Corp.

201

14,808

YESCO Co. Ltd.

450

10,010

TOTAL KOREA (SOUTH)

32,377

Netherlands - 1.8%

Koninklijke Philips Electronics NV

1,100

24,191

LyondellBasell Industries NV Class A

610

27,163

TOTAL NETHERLANDS

51,354

New Zealand - 0.6%

Telecom Corp. of New Zealand Ltd.

7,182

15,471

Norway - 1.4%

Aker Solutions ASA

500

7,366

Merkantildata ASA

1,000

8,378

Orkla ASA (A Shares)

3,100

22,187

TOTAL NORWAY

37,931

Panama - 0.6%

Copa Holdings SA Class A

220

17,057

Common Stocks - continued

Shares

Value

South Africa - 0.8%

Clicks Group Ltd.

1,049

$ 6,924

Foschini Ltd.

400

6,888

Life Healthcare Group Holdings Ltd.

1,900

7,703

TOTAL SOUTH AFRICA

21,515

Sweden - 3.2%

Intrum Justitia AB

1,640

22,849

Svenska Handelsbanken AB (A Shares)

940

32,703

Swedish Match Co. AB

790

33,305

TOTAL SWEDEN

88,857

Switzerland - 2.6%

Clariant AG (Reg.)

1,334

14,115

Roche Holding AG (participation certificate)

230

40,827

UBS AG

1,760

18,515

TOTAL SWITZERLAND

73,457

Taiwan - 2.3%

Far EasTone Telecommunications Co. Ltd.

11,000

27,776

Taiwan Semiconductor Manufacturing Co. Ltd.

13,000

35,250

TOTAL TAIWAN

63,026

Turkey - 0.5%

Anadolu Efes Biracilik ve Malt Sanayii A/S

1,000

13,594

United Kingdom - 15.6%

Barclays PLC

6,238

16,246

BP PLC

5,759

38,239

British American Tobacco PLC (United Kingdom)

1,200

63,737

Domino Printing Sciences PLC

1,900

16,459

Drax Group PLC

1,100

8,197

Dunelm Group PLC

1,100

9,632

GlaxoSmithKline PLC

2,700

62,126

Hilton Food Group PLC

3,388

14,316

ICAP PLC

2,400

11,981

Imperial Tobacco Group PLC

659

25,613

International Personal Finance PLC

1,700

7,463

London Stock Exchange Group PLC

1,500

22,800

National Grid PLC

1,100

11,410

Reckitt Benckiser Group PLC

600

32,991

Royal Dutch Shell PLC Class A (United Kingdom)

1,010

34,323

Vodafone Group PLC

20,700

59,242

TOTAL UNITED KINGDOM

434,775

Common Stocks - continued

Shares

Value

United States of America - 40.3%

Altria Group, Inc.

630

$ 22,661

American Tower Corp.

330

23,862

Analog Devices, Inc.

790

30,873

Apple, Inc.

110

67,187

Atlas Pipeline Partners, LP

890

29,593

BlackRock, Inc. Class A

40

6,810

Cedar Fair LP (depository unit)

670

21,118

CenturyLink, Inc.

680

28,247

Chevron Corp.

610

66,844

CME Group, Inc.

390

20,323

Colgate-Palmolive Co.

390

41,870

Corrections Corp. of America

260

8,081

Dr Pepper Snapple Group, Inc.

890

40,566

Eli Lilly & Co.

420

18,493

Emerson Electric Co.

420

20,063

Exxon Mobil Corp.

410

35,609

Hubbell, Inc. Class B

290

23,861

IBM Corp.

270

52,915

Johnson & Johnson

710

49,146

JPMorgan Chase & Co.

970

34,920

Limited Brands, Inc.

680

32,334

Lorillard, Inc.

237

30,488

McDonald's Corp.

190

16,978

Merck & Co., Inc.

1,500

66,255

Microsoft Corp.

1,230

36,248

Pfizer, Inc.

1,460

35,098

PG&E Corp.

320

14,771

Psychemedics Corp.

900

9,801

Sempra Energy

260

18,307

Stanley Black & Decker, Inc.

230

15,385

U.S. Bancorp

1,640

54,940

United Technologies Corp.

330

24,565

VF Corp.

180

26,874

W.W. Grainger, Inc.

40

8,193

Wells Fargo & Co.

1,600

54,096

Williams Companies, Inc.

1,130

35,923

TOTAL UNITED STATES OF AMERICA

1,123,298

TOTAL COMMON STOCKS

(Cost $2,615,571)


2,602,168

Preferred Stocks - 0.9%

Shares

Value

Convertible Preferred Stocks - 0.1%

United States of America - 0.1%

United Technologies Corp. 7.50%

60

$ 3,165

Nonconvertible Preferred Stocks - 0.8%

Germany - 0.8%

Volkswagen AG

130

22,233

TOTAL PREFERRED STOCKS

(Cost $27,429)


25,398

Money Market Funds - 6.2%

 

 

 

 

Fidelity Cash Central Fund, 0.17% (a)
(Cost $172,563)

172,563


172,563

TOTAL INVESTMENT PORTFOLIO - 100.5%

(Cost $2,815,563)

2,800,129

NET OTHER ASSETS (LIABILITIES) - (0.5)%

(14,587)

NET ASSETS - 100%

$ 2,785,542

Legend

(a) 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or 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

$ 77

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2012, involving the Fund's assets and liabilities carried at fair 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 table 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:

Equities:

Consumer Discretionary

$ 227,242

$ 200,179

$ 27,063

$ -

Consumer Staples

391,136

277,136

114,000

-

Energy

270,579

175,335

95,244

-

Financials

449,569

326,021

123,548

-

Health Care

341,991

227,323

114,668

-

Industrials

266,898

242,707

24,191

-

Information Technology

307,790

252,504

55,286

-

Materials

81,691

65,213

16,478

-

Telecommunication Services

190,485

114,527

75,958

-

Utilities

100,185

88,775

11,410

-

Money Market Funds

172,563

172,563

-

-

Total Investments in Securities:

$ 2,800,129

$ 2,142,283

$ 657,846

$ -

Income Tax Information

At July 31, 2012, the cost of investment securities for income tax purposes was $2,817,728. Net unrealized depreciation aggregated $17,599, of which $86,273 related to appreciated investment securities and $103,872 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. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendor or broker to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the FMR Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by security type and may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. 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:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

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.

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.

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

Quarterly Holdings Report

for

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

July 31, 2012 

1.804858.108

FAEM-QTLY-0912

Investments July 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.6%

Shares

Value

Bailiwick of Jersey - 0.4%

Randgold Resources Ltd. sponsored ADR

22,950

$ 2,053,566

Bermuda - 1.7%

Credicorp Ltd. (NY Shares)

37,450

4,341,953

Digital China Holdings Ltd. (H Shares)

1,247,000

1,945,749

Great Eagle Holdings Ltd.

611,000

1,549,030

TOTAL BERMUDA

7,836,732

Brazil - 8.6%

BR Malls Participacoes SA

243,300

2,840,004

BR Properties SA

105,000

1,224,624

CCR SA

202,500

1,689,806

Cetip SA

118,200

1,497,977

Cielo SA

121,600

3,544,985

Companhia Brasileira de Distribuicao Grupo Pao de Acucar sponsored ADR (d)

54,851

2,242,857

Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR

167,776

6,467,765

Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)

95,600

4,081,148

Companhia de Saneamento de Minas Gerais

99,400

2,456,381

Companhia Energetica de Minas Gerais (CEMIG) (PN) sponsored ADR (non-vtg.)

89,125

1,694,266

Mills Estruturas e Servicos de Engenharia SA

85,500

1,152,823

Multiplan Empreendimentos Imobiliarios SA

102,100

2,581,896

Multiplus SA

124,924

3,014,587

Totvs SA

39,600

730,470

Ultrapar Participacoes SA

170,000

4,006,930

TOTAL BRAZIL

39,226,519

British Virgin Islands - 0.7%

Gem Diamonds Ltd. (a)

294,245

909,285

Mail.ru Group Ltd. GDR (a)(e)

68,500

2,076,920

TOTAL BRITISH VIRGIN ISLANDS

2,986,205

Canada - 0.6%

Africa Oil Corp. (a)

35,800

270,950

First Quantum Minerals Ltd.

129,800

2,356,941

TOTAL CANADA

2,627,891

Cayman Islands - 4.9%

Chailease Holding Co. Ltd.

592,000

1,004,462

China Liansu Group Holdings Ltd.

2,478,000

1,115,223

China Resources Land Ltd.

712,000

1,445,173

Common Stocks - continued

Shares

Value

Cayman Islands - continued

Country Garden Holdings Co. Ltd.

228,012

$ 86,445

Enn Energy Holdings Ltd.

280,000

1,074,187

Eurasia Drilling Co. Ltd. GDR (Reg. S)

74,563

2,050,483

Evergrande Real Estate Group Ltd.

1,335,000

623,196

KWG Property Holding Ltd.

764,000

423,640

MStar Semiconductor, Inc.

109,000

697,178

NetEase.com, Inc. sponsored ADR (a)

31,600

1,668,796

Shanda Games Ltd. sponsored ADR

170,540

583,247

Shenzhou International Group Holdings Ltd.

1,195,000

2,111,171

SOHO China Ltd.

2,597,000

1,932,337

Tencent Holdings Ltd.

181,400

5,422,327

Vinda International Holdings Ltd.

1,325,000

2,183,643

TOTAL CAYMAN ISLANDS

22,421,508

Chile - 0.8%

CAP SA

27,794

998,915

Embotelladora Andina SA:

Class A

219,129

1,021,316

Class B

94,864

550,221

Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR

18,500

1,108,705

TOTAL CHILE

3,679,157

China - 4.8%

China Communications Construction Co. Ltd. (H Shares)

3,561,000

3,136,373

China Communications Services Corp. Ltd. (H Shares)

6,118,000

3,139,985

China Minsheng Banking Corp. Ltd. (H Shares)

4,886,000

4,542,801

China Railway Group Ltd. (H Shares)

3,566,000

1,563,491

China Ship Container Lines Co. Ltd. (H Shares) (a)

6,227,000

1,525,694

Great Wall Motor Co. Ltd. (H Shares)

1,600,500

3,607,714

Huadian Power International Corp. Ltd. (H Shares) (a)

7,350,000

2,312,662

Yantai Changyu Pioneer Wine Co. (B Shares)

296,321

1,998,477

TOTAL CHINA

21,827,197

Colombia - 1.7%

Almacenes Exito SA

118,316

2,026,842

BanColombia SA sponsored ADR

33,673

2,082,338

Ecopetrol SA ADR (d)

65,300

3,737,119

TOTAL COLOMBIA

7,846,299

Cyprus - 0.1%

Globaltrans Investment PLC GDR (e)

13,200

249,480

Common Stocks - continued

Shares

Value

Czech Republic - 1.0%

Ceske Energeticke Zavody A/S

76,450

$ 2,574,456

Philip Morris CR A/S

3,697

1,998,772

TOTAL CZECH REPUBLIC

4,573,228

Hong Kong - 6.3%

China Mobile Ltd.

1,109,500

12,946,788

China Power International Development Ltd.

9,950,000

2,707,326

CNOOC Ltd.

3,879,000

7,781,490

Dah Chong Hong Holdings Ltd.

3,000

2,580

Guangdong Investment Ltd.

3,516,000

2,539,054

Lenovo Group Ltd.

2,660,000

1,845,436

Shenzhen Investment Ltd.

1,058,000

244,216

Singamas Container Holdings Ltd.

2,840,000

593,292

TOTAL HONG KONG

28,660,182

India - 4.6%

Bharat Petroleum Corp. Ltd.

284,756

1,861,984

Cairn India Ltd. (a)

155,601

934,558

GlaxoSmithKline Pharmaceuticals Ltd.

12,008

456,017

Hindustan Unilever Ltd.

429,361

3,611,625

ICICI Bank Ltd.

200,673

3,456,741

Jaypee Infratech Ltd.

579,771

557,753

Larsen & Toubro Ltd.

36,324

895,286

Mahindra & Mahindra Financial Services Ltd.

158,096

2,019,309

Tata Motors Ltd.

632,912

2,549,375

Tata Steel Ltd.

277,845

2,072,586

Ultratech Cemco Ltd.

87,250

2,574,786

TOTAL INDIA

20,990,020

Indonesia - 8.2%

PT AKR Corporindo Tbk

576,500

222,787

PT Astra International Tbk

6,555,000

4,858,120

PT Bank Mandiri (Persero) Tbk

4,521,000

3,972,923

PT Bank Rakyat Indonesia Tbk

5,943,500

4,404,918

PT Bank Tabungan Negara Tbk

27,500

3,989

PT Bumi Serpong Damai Tbk

11,588,100

1,410,937

PT Ciputra Development Tbk

14,439,000

993,683

PT Gadjah Tunggal Tbk

2,071,000

509,801

PT Global Mediacom Tbk

6,116,500

1,133,283

PT Indocement Tunggal Prakarsa Tbk

1,282,000

2,918,260

PT Indofood Sukses Makmur Tbk

1,320,000

922,392

PT Jasa Marga Tbk

763,000

460,465

PT Media Nusantara Citra Tbk

2,268,500

570,427

Common Stocks - continued

Shares

Value

Indonesia - continued

PT Mitra Adiperkasa Tbk

2,807,500

$ 2,140,177

PT Pembangunan Perumahan Persero Tbk

3,161,000

200,804

PT Resource Alam Indonesia Tbk

1,669,500

609,822

PT Semen Gresik (Persero) Tbk

1,299,500

1,781,737

PT Summarecon Agung Tbk

9,495,000

1,628,574

PT Telkomunikasi Indonesia Tbk Series B

3,170,500

3,064,238

PT Tower Bersama Infrastructure Tbk (a)

8,477,000

3,522,730

PT Wijaya Karya Persero Tbk

2,148,500

227,475

PT XL Axiata Tbk

2,737,500

1,782,489

TOTAL INDONESIA

37,340,031

Ireland - 0.2%

Dragon Oil PLC

92,094

825,908

Israel - 0.2%

Israel Chemicals Ltd.

61,900

732,623

Kazakhstan - 0.4%

KazMunaiGas Exploration & Production JSC (Reg. S) GDR

105,100

1,911,769

Korea (South) - 20.0%

Cheil Worldwide, Inc.

57,670

969,098

CJ CheilJedang Corp.

8,218

2,016,940

CJ Corp.

12,139

785,883

Cosmax, Inc.

18,480

447,016

DGB Financial Group Co. Ltd.

77,000

881,910

Dongbu Insurance Co. Ltd.

62,312

2,314,648

Hana Financial Group, Inc.

133,840

4,279,157

Hotel Shilla Co.

66,346

2,842,971

Hyundai Glovis Co. Ltd.

5,289

1,015,073

Hyundai Hysco Co. Ltd.

83,940

3,262,810

Hyundai Motor Co.

38,455

8,060,558

Hyundai Wia Corp.

13,111

1,930,697

Industrial Bank of Korea

171,120

1,861,529

Interflex Co. Ltd.

15,454

799,578

Kia Motors Corp.

92,989

6,423,128

Korea Investment Holdings Co. Ltd.

30,960

947,417

Korea Zinc Co. Ltd.

3,363

1,142,147

KT Corp.

84,140

2,401,535

KT&G Corp.

41,016

3,021,776

LIG Non-Life Insurance Co. Ltd.

86,340

1,676,141

Lotte Samkang Co. Ltd.

4,332

1,942,497

Mando Corp.

9,644

1,394,565

NHN Corp.

9,352

2,274,580

Orion Corp.

4,051

3,213,798

Common Stocks - continued

Shares

Value

Korea (South) - continued

Paradise Co. Ltd.

228,710

$ 2,579,047

Samsung C&T Corp.

33,358

1,897,033

Samsung Electronics Co. Ltd.

20,904

24,200,982

Samsung Heavy Industries Ltd.

122,620

4,245,776

Silicon Works Co. Ltd.

18,427

475,884

Sung Kwang Bend Co. Ltd.

70,851

1,322,186

TK Corp. (a)

31,042

694,599

TOTAL KOREA (SOUTH)

91,320,959

Mauritius - 0.1%

Golden Agri-Resources Ltd.

1,120,000

666,024

Mexico - 1.9%

CEMEX SA de CV sponsored ADR (d)

624,580

4,347,077

Corporacion Inmobiliaria Vesta SAB de CV

296,100

423,048

Grupo Financiero Banorte SAB de CV Series O

724,000

3,876,831

TOTAL MEXICO

8,646,956

Netherlands - 0.1%

Yandex NV (a)

36,600

703,818

Nigeria - 0.8%

Guaranty Trust Bank PLC GDR (Reg. S)

608,097

3,526,963

Panama - 0.9%

Banco Latinoamericano de Exporaciones SA (BLADEX) Series E

57,000

1,158,240

Copa Holdings SA Class A

37,428

2,901,793

TOTAL PANAMA

4,060,033

Philippines - 1.8%

Bloomberry Resorts Corp. (a)

2,428,000

593,259

International Container Terminal Services, Inc.

755,100

1,315,931

Manila Water Co., Inc.

962,800

601,966

Philippine National Bank (a)

1,222,580

2,196,515

PUREGOLD Price Club, Inc.

1,741,400

1,107,538

Security Bank Corp.

698,490

2,367,621

TOTAL PHILIPPINES

8,182,830

Poland - 0.4%

Bank Polska Kasa Opieki SA

42,800

1,790,993

Russia - 6.0%

Cherkizovo Group OJSC GDR (a)

101,994

1,115,814

M Video OJSC (a)

87,900

725,121

Mobile TeleSystems OJSC sponsored ADR

170,821

3,237,058

NOVATEK OAO GDR (Reg. S)

41,398

4,682,114

Common Stocks - continued

Shares

Value

Russia - continued

Raspadskaya OAO (a)

178,100

$ 444,048

Rosneft Oil Co. OJSC

344,900

2,091,899

Sberbank (Savings Bank of the Russian Federation)

2,459,100

6,843,934

Tatneft OAO sponsored ADR

101,100

3,805,404

TNK-BP Holding (a)

740,400

1,751,565

Uralkali OJSC GDR (Reg. S)

61,200

2,550,816

TOTAL RUSSIA

27,247,773

Singapore - 0.9%

First Resources Ltd.

1,717,000

2,621,585

Keppel Corp. Ltd.

177,000

1,590,212

TOTAL SINGAPORE

4,211,797

South Africa - 7.0%

African Bank Investments Ltd.

681,147

3,004,255

Aspen Pharmacare Holdings Ltd.

121,995

2,139,746

AVI Ltd.

273,957

1,956,800

Barloworld Ltd.

287,700

2,902,883

Exxaro Resources Ltd.

24,400

497,196

FirstRand Ltd.

1,038,000

3,466,878

Foschini Ltd.

208,224

3,585,492

Imperial Holdings Ltd.

187,551

4,287,890

Life Healthcare Group Holdings Ltd.

895,829

3,631,790

Mpact Ltd.

250,200

521,530

Mr Price Group Ltd.

204,200

3,040,959

PSG Group Ltd.

130,268

1,070,409

Sappi Ltd. (a)

311,283

934,727

Tongaat Hulett Ltd.

52,400

864,495

TOTAL SOUTH AFRICA

31,905,050

Taiwan - 2.6%

ASUSTeK Computer, Inc.

341,000

3,171,961

Chipbond Technology Corp.

672,000

846,172

Far EasTone Telecommunications Co. Ltd.

974,000

2,459,399

MediaTek, Inc.

132,000

1,124,249

Pegatron Corp.

209,000

274,339

Radiant Opto-Electronics Corp.

374,000

1,474,015

Unified-President Enterprises Corp.

1,480,000

2,491,383

TOTAL TAIWAN

11,841,518

Thailand - 4.9%

Advanced Info Service PCL (For. Reg.)

696,900

4,428,980

Asian Property Development PCL (For. Reg.)

5,555,400

1,306,322

Common Stocks - continued

Shares

Value

Thailand - continued

Bangkok Bank Public Co. Ltd. (For. Reg.)

327,700

$ 2,165,923

Bangkok Expressway PCL (For.Reg.)

2,167,900

1,963,303

Bumrungrad Hospital PCL (For. Reg.)

291,700

704,455

C.P. ALL PCL (For. Reg.)

820,800

886,787

Charoen Pokphand Foods PCL (For. Reg.)

1,911,900

2,020,041

Hemaraj Land & Development PCL

2,519,400

238,570

PTT PCL (For. Reg.)

418,300

4,333,200

Siam Commercial Bank PCL (For. Reg.)

884,300

4,510,014

TOTAL THAILAND

22,557,595

Turkey - 2.5%

Coca-Cola Icecek A/S

110,050

1,710,669

Turk Hava Yollari AO

453,000

865,694

Turkiye Garanti Bankasi A/S

882,375

3,441,304

Turkiye Halk Bankasi A/S

373,000

3,200,379

Turkiye Is Bankasi A/S Series C

728,000

2,133,482

TOTAL TURKEY

11,351,528

United Arab Emirates - 0.2%

NMC Health PLC

302,235

924,025

United Kingdom - 2.1%

Afren PLC (a)

251,900

504,340

International Personal Finance PLC

731,614

3,211,771

Ophir Energy PLC

258,725

2,360,836

SABMiller PLC

31,800

1,365,292

Tullow Oil PLC

106,400

2,151,968

TOTAL UNITED KINGDOM

9,594,207

United States of America - 0.2%

Yum! Brands, Inc.

13,761

892,263

TOTAL COMMON STOCKS

(Cost $402,977,649)


445,212,647

Nonconvertible Preferred Stocks - 0.7%

 

 

 

 

Russia - 0.7%

Surgutneftegaz JSC
(Cost $3,654,415)

5,466,800


3,178,660

Convertible Bonds - 0.1%

 

Principal Amount

Value

Canada - 0.1%

Ivanplats Ltd. 8% 11/10/14 pay-in-kind (f)(g)
(Cost $355,749)

$ 343,000

$ 355,725

Money Market Funds - 3.0%

Shares

 

Fidelity Cash Central Fund, 0.17% (b)

6,235,250

6,235,250

Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)

7,290,835

7,290,835

TOTAL MONEY MARKET FUNDS

(Cost $13,526,085)


13,526,085

TOTAL INVESTMENT PORTFOLIO - 101.4%

(Cost $420,513,898)

462,273,117

NET OTHER ASSETS (LIABILITIES) - (1.4)%

(6,403,693)

NET ASSETS - 100%

$ 455,869,424

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(c) Investment made with cash collateral received from securities on loan.

(d) Security or a portion of the security is on loan 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 $2,326,400 or 0.5% of net assets.

(f) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $355,725 or 0.1% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost

Ivanplats Ltd. 8% 11/10/14 pay-in-kind

3/28/12

$ 355,749

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

$ 4,771

Fidelity Securities Lending Cash Central Fund

36,513

Total

$ 41,284

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of July 31, 2012, involving the Fund's assets and liabilities carried at fair 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:

Equities:

Consumer Discretionary

$ 54,807,696

$ 52,258,321

$ 2,549,375

$ -

Consumer Staples

50,472,365

50,472,365

-

-

Energy

49,348,195

41,566,705

7,781,490

-

Financials

106,205,420

102,748,679

3,456,741

-

Health Care

7,856,033

7,856,033

-

-

Industrials

38,105,705

38,105,705

-

-

Information Technology

53,860,686

53,860,686

-

-

Materials

30,710,559

30,710,559

-

-

Telecommunication Services

36,983,202

18,570,641

18,412,561

-

Utilities

20,041,446

20,041,446

-

-

Corporate Bonds

355,725

-

-

355,725

Money Market Funds

13,526,085

13,526,085

-

-

Total Investments in Securities:

$ 462,273,117

$ 429,717,225

$ 32,200,167

$ 355,725

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2012. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers

Total

Level 1 to Level 2

$ 0

Level 2 to Level 1

$ 130,987,309

Income Tax Information

At July 31, 2012, the cost of investment securities for income tax purposes was $421,411,745. Net unrealized appreciation aggregated $40,861,372, of which $58,235,084 related to appreciated investment securities and $17,373,712 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. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendor or broker to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the FMR Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by security type and 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 Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. 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:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices and are generally categorized as Level 2 in the hierarchy.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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:

September 28, 2012

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:

September 28, 2012

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

September 28, 2012