0001379491-17-004229.txt : 20170626 0001379491-17-004229.hdr.sgml : 20170626 20170626144002 ACCESSION NUMBER: 0001379491-17-004229 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 21 CONFORMED PERIOD OF REPORT: 20170430 FILED AS OF DATE: 20170626 DATE AS OF CHANGE: 20170626 EFFECTIVENESS DATE: 20170626 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY ADVISOR SERIES VIII CENTRAL INDEX KEY: 0000729218 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-03855 FILM NUMBER: 17929573 BUSINESS ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY SPECIAL SITUATIONS FUND DATE OF NAME CHANGE: 19920703 0000729218 S000005432 Fidelity Advisor Diversified International Fund C000014776 Class A FDVAX C000014778 Class C FADCX C000014779 Class M FADIX C000014780 Class I FDVIX C000130139 Class Z FZABX 0000729218 S000005434 Fidelity Advisor Overseas Fund C000014786 Class A FAOAX C000014788 Class C FAOCX C000014789 Class M FAERX C000014790 Class I FAOIX C000177522 Class Z FAOSX 0000729218 S000005435 Fidelity Advisor Value Leaders Fund C000014791 Class A FVLAX C000014793 Class C FVLCX C000014794 Class M FVLTX C000014795 Class I FVLIX 0000729218 S000005436 Fidelity Advisor Emerging Asia Fund C000014796 Class A FEAAX C000014798 Class C FERCX C000014799 Class M FEATX C000014800 Class I FERIX 0000729218 S000005437 Fidelity Advisor Emerging Markets Fund C000014801 Class A FAMKX C000014803 Class C FMCKX C000014804 Class M FTMKX C000014805 Class I FIMKX C000130140 Class Z FZAEX 0000729218 S000005440 Fidelity Advisor Global Capital Appreciation Fund C000014816 Class A FGEAX C000014818 Class C FEUCX C000014819 Class M FGETX C000014820 Class I FEUIX 0000729218 S000005441 Fidelity Advisor International Capital Appreciation Fund C000014821 Class A FCPAX C000014823 Class C FCPCX C000014824 Class M FIATX C000014825 Class I FCPIX C000177523 Class Z FIDZX 0000729218 S000036873 Fidelity Advisor Global Equity Income Fund C000112810 Class A FBLYX C000112811 Class M FGABX C000112812 Class C FGTNX C000112813 Class I FBUSX N-CSRS 1 filing764.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number   811-3855


Fidelity Advisor Series VIII

 (Exact name of registrant as specified in charter)


245 Summer St., Boston, MA 02210

 (Address of principal executive offices)       (Zip code)


Marc Bryant, Secretary

245 Summer St.

Boston, Massachusetts  02210

(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:

April 30, 2017


Item 1.

Reports to Stockholders





Fidelity Advisor® Diversified International Fund
Class A, Class M (formerly Class T), Class C, Class I and Class Z



Semi-Annual Report

April 30, 2017




Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2017 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Five Stocks as of April 30, 2017

 % of fund's net assets % of fund's net assets 6 months ago 
Bayer AG (Germany, Pharmaceuticals) 2.2 1.9 
Hoya Corp. (Japan, Health Care Equipment & Supplies) 1.5 1.6 
ORIX Corp. (Japan, Diversified Financial Services) 1.5 1.9 
Prudential PLC (United Kingdom, Insurance) 1.5 1.0 
Lloyds Banking Group PLC (United Kingdom, Banks) 1.5 1.2 
 8.2  

Top Five Market Sectors as of April 30, 2017

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 22.3 21.3 
Consumer Staples 13.7 14.8 
Health Care 13.1 15.6 
Information Technology 12.7 15.3 
Consumer Discretionary 12.6 12.5 

Top Five Countries as of April 30, 2017

(excluding cash equivalents) % of fund's net assets % of fund's net assets 6 months ago 
United Kingdom 16.9 13.3 
Japan 14.9 16.4 
Germany 8.2 8.7 
United States of America 6.1 7.5 
Netherlands 6.0 5.0 

Asset Allocation (% of fund's net assets)

As of April 30, 2017 
   Stocks 96.7% 
   Bonds 0.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 3.2% 


As of October 31, 2016 
   Stocks 98.6% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.4% 


Investments April 30, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.3%   
 Shares Value (000s) 
Australia - 1.5%   
Amcor Ltd.  169,822 $1,998 
Australia & New Zealand Banking Group Ltd. 501,991 12,314 
Bapcor Ltd. 632,977 2,479 
CSL Ltd. 48,904 4,854 
Magellan Financial Group Ltd. 307,552 5,430 
Ramsay Health Care Ltd. 75,087 4,031 
TOTAL AUSTRALIA  31,106 
Bailiwick of Guernsey - 0.0%   
Burford Capital Ltd. 63,100 637 
Bailiwick of Jersey - 2.5%   
Shire PLC 286,000 16,862 
Shire PLC sponsored ADR 18,154 3,213 
Wolseley PLC 307,400 19,537 
WPP PLC 529,124 11,330 
TOTAL BAILIWICK OF JERSEY  50,942 
Belgium - 2.0%   
Anheuser-Busch InBev SA NV 206,531 23,291 
KBC Groep NV 242,793 17,529 
TOTAL BELGIUM  40,820 
Bermuda - 0.6%   
Credicorp Ltd. (United States) 29,505 4,534 
IHS Markit Ltd. (a) 163,488 7,095 
TOTAL BERMUDA  11,629 
Canada - 4.2%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 358,300 16,479 
AutoCanada, Inc. (b) 172,800 2,972 
Canadian Energy Services & Technology Corp. 1,416,600 6,694 
Cenovus Energy, Inc. 899,500 8,968 
CGI Group, Inc. Class A (sub. vtg.) (a) 112,700 5,439 
Constellation Software, Inc. 18,000 8,233 
Fairfax India Holdings Corp. (a) 494,000 6,862 
Imperial Oil Ltd. 253,200 7,366 
PrairieSky Royalty Ltd. 80,569 1,756 
Suncor Energy, Inc. 629,900 19,741 
TOTAL CANADA  84,510 
Cayman Islands - 1.1%   
Alibaba Group Holding Ltd. sponsored ADR (a) 120,400 13,906 
JD.com, Inc. sponsored ADR (a) 154,000 5,401 
Melco Crown Entertainment Ltd. sponsored ADR 95,400 2,094 
Yihai International Holding Ltd. 2,051,000 960 
TOTAL CAYMAN ISLANDS  22,361 
China - 0.8%   
Kweichow Moutai Co. Ltd. (A Shares) 159,910 9,592 
Qingdao Haier Co. Ltd. 3,522,122 6,228 
TOTAL CHINA  15,820 
Curacao - 0.7%   
Schlumberger Ltd. 185,400 13,458 
Denmark - 0.5%   
A.P. Moller - Maersk A/S Series B 1,084 1,870 
NNIT A/S (a) 69,151 1,949 
Novo Nordisk A/S Series B 169,640 6,605 
TOTAL DENMARK  10,424 
Finland - 0.3%   
Sampo Oyj (A Shares) (b) 127,200 6,095 
France - 5.0%   
Amundi SA 293,858 19,334 
AXA SA (b) 427,600 11,408 
BNP Paribas SA 151,200 10,669 
LVMH Moet Hennessy - Louis Vuitton SA (b) 45,031 11,117 
Maisons du Monde SA 90,273 3,133 
Rubis 21,300 2,164 
Sanofi SA 237,956 22,485 
Societe Generale Series A 197,400 10,824 
VINCI SA 122,800 10,467 
TOTAL FRANCE  101,601 
Germany - 6.9%   
adidas AG 62,545 12,529 
Aumann AG 35,188 2,314 
Axel Springer Verlag AG 88,800 4,983 
Bayer AG 362,052 44,796 
Brenntag AG 9,700 575 
Deutsche Borse AG 6,908 676 
Deutsche Post AG 215,130 7,733 
Fresenius Medical Care AG & Co. KGaA 22,100 1,962 
Fresenius SE & Co. KGaA 253,400 20,539 
Nexus AG 95,900 2,309 
ProSiebenSat.1 Media AG 196,500 8,341 
Rational AG 3,600 1,809 
SAP AG 234,200 23,459 
Symrise AG 106,900 7,484 
TOTAL GERMANY  139,509 
Hong Kong - 1.1%   
AIA Group Ltd. 2,726,400 18,875 
Techtronic Industries Co. Ltd. 867,000 3,723 
TOTAL HONG KONG  22,598 
India - 3.6%   
Adani Ports & Special Economic Zone Ltd. (a) 70,483 359 
Axis Bank Ltd. 382,949 3,036 
Edelweiss Financial Services Ltd. 654,571 1,707 
Exide Industries Ltd. (a) 1,136,771 4,064 
Godrej Consumer Products Ltd. 15,873 430 
HDFC Bank Ltd. 880,888 21,504 
Housing Development Finance Corp. Ltd. 694,118 16,596 
ICICI Bank Ltd. 914,289 3,945 
ITC Ltd. 2,127,259 9,199 
LIC Housing Finance Ltd. 316,125 3,289 
Reliance Industries Ltd. 405,039 8,790 
TOTAL INDIA  72,919 
Indonesia - 0.8%   
PT Bank Central Asia Tbk 4,819,700 6,418 
PT Bank Rakyat Indonesia Tbk 9,015,500 8,725 
TOTAL INDONESIA  15,143 
Ireland - 3.5%   
Allergan PLC 44,000 10,730 
CRH PLC 188,000 6,855 
DCC PLC (United Kingdom) 71,500 6,603 
Kerry Group PLC Class A 86,700 7,085 
Kingspan Group PLC (Ireland) 121,000 4,209 
Medtronic PLC 100,700 8,367 
Ryanair Holdings PLC sponsored ADR (a) 241,760 22,225 
Weatherford International PLC (a) 716,800 4,136 
TOTAL IRELAND  70,210 
Isle of Man - 0.4%   
Paysafe Group PLC (a) 1,172,033 6,890 
Israel - 1.8%   
Check Point Software Technologies Ltd. (a) 136,800 14,229 
Elbit Systems Ltd. (Israel) 28,497 3,395 
Frutarom Industries Ltd. 136,300 8,012 
SodaStream International Ltd. (a) 43,200 2,350 
Teva Pharmaceutical Industries Ltd. sponsored ADR 251,000 7,927 
TOTAL ISRAEL  35,913 
Italy - 0.7%   
Buzzi Unicem SpA 30,600 787 
Intesa Sanpaolo SpA 2,656,300 7,754 
Prada SpA 942,700 4,424 
TOTAL ITALY  12,965 
Japan - 14.8%   
Ain Holdings, Inc. 81,500 5,644 
Astellas Pharma, Inc. 1,110,300 14,642 
Bridgestone Corp. 76,600 3,194 
Daito Trust Construction Co. Ltd. 35,100 5,164 
Dentsu, Inc. 128,700 7,250 
Don Quijote Holdings Co. Ltd. 136,300 4,970 
Hoya Corp. 652,200 31,149 
Japan Exchange Group, Inc. 43,400 608 
Japan Tobacco, Inc. 307,700 10,230 
Kaken Pharmaceutical Co. Ltd. 28,200 1,672 
Kao Corp. 19,000 1,048 
KDDI Corp. 625,200 16,577 
Keyence Corp. 59,000 23,711 
Minebea Mitsumi, Inc. 396,800 5,734 
Misumi Group, Inc. 223,600 4,234 
Morinaga & Co. Ltd. 99,900 4,723 
Nabtesco Corp. 97,400 2,761 
Nidec Corp. 21,200 1,944 
Nippon Telegraph & Telephone Corp. 104,600 4,483 
Nitori Holdings Co. Ltd. 110,800 14,422 
Olympus Corp. 289,200 11,130 
ORIX Corp. 2,018,400 30,799 
Outsourcing, Inc. 37,400 1,434 
Recruit Holdings Co. Ltd. 386,900 19,540 
Seria Co. Ltd. 26,100 1,171 
Seven & i Holdings Co. Ltd. 186,800 7,893 
Shin-Etsu Chemical Co. Ltd. 10,700 930 
Shinsei Bank Ltd. 2,202,000 4,109 
Shionogi & Co. Ltd. 72,900 3,749 
SMC Corp. 13,400 3,773 
SoftBank Corp. 160,300 12,159 
Sohgo Security Services Co., Ltd. 37,000 1,615 
Sony Corp. 240,900 8,266 
Start Today Co. Ltd. 164,200 3,506 
Sundrug Co. Ltd. 55,500 1,947 
Tsuruha Holdings, Inc. 153,600 15,570 
Welcia Holdings Co. Ltd. 236,400 7,613 
TOTAL JAPAN  299,364 
Luxembourg - 1.4%   
B&M European Value Retail S.A. 3,767,184 16,443 
Eurofins Scientific SA 24,700 12,164 
TOTAL LUXEMBOURG  28,607 
Netherlands - 6.0%   
AerCap Holdings NV (a) 105,000 4,831 
Altice NV:   
Class A (a) 725,916 18,033 
Class B (a) 192,233 4,781 
ASML Holding NV 59,600 7,858 
Gree Electric Appliances, Inc. of Zhuhai ELS (A Shares) (BNP Paribas Warrant Program) warrants 11/14/17 (a)(c) 438,901 2,101 
IMCD Group BV 135,500 7,299 
ING Groep NV (Certificaten Van Aandelen) 788,000 12,844 
Koninklijke Philips Electronics NV 257,000 8,875 
LyondellBasell Industries NV Class A 71,700 6,077 
NXP Semiconductors NV (a) 83,900 8,872 
RELX NV 697,138 13,483 
Unilever NV:   
(Certificaten Van Aandelen) (Bearer) (a)(b) 380,300 19,922 
(NY Reg.) (a) 47,700 2,492 
Wolters Kluwer NV 85,800 3,644 
TOTAL NETHERLANDS  121,112 
New Zealand - 0.1%   
Ryman Healthcare Group Ltd. 453,134 2,685 
Norway - 0.7%   
Statoil ASA (b) 886,700 14,603 
Philippines - 0.1%   
Alliance Global Group, Inc. 7,233,854 2,135 
Singapore - 0.4%   
Broadcom Ltd. 36,100 7,971 
South Africa - 1.2%   
Capitec Bank Holdings Ltd. 31,900 1,820 
EOH Holdings Ltd. 260,600 2,758 
Naspers Ltd. Class N 107,400 20,422 
TOTAL SOUTH AFRICA  25,000 
Spain - 2.9%   
Amadeus IT Holding SA Class A 309,400 16,683 
CaixaBank SA 2,567,200 11,656 
Grifols SA ADR 27,700 601 
Hispania Activos Inmobiliarios SA 115,850 1,749 
Inditex SA 441,944 16,950 
Neinor Homes SLU 239,700 4,727 
Prosegur Cash SA 2,253,100 5,743 
TOTAL SPAIN  58,109 
Sweden - 2.8%   
ASSA ABLOY AB (B Shares) 568,200 12,310 
Coor Service Management Holding AB 445,200 2,777 
HEXPOL AB (B Shares) 222,600 2,474 
Nordea Bank AB 1,408,200 17,330 
Svenska Cellulosa AB (SCA) (B Shares) 492,100 16,301 
Svenska Handelsbanken AB (A Shares) 363,000 5,152 
TOTAL SWEDEN  56,344 
Switzerland - 2.7%   
Credit Suisse Group AG 823,119 12,553 
Dufry AG (a) 1,430 234 
Forbo Holding AG (Reg.) 260 426 
Julius Baer Group Ltd. 88,190 4,599 
Partners Group Holding AG 13,910 8,409 
Sika AG 2,363 15,080 
UBS Group AG 794,503 13,574 
TOTAL SWITZERLAND  54,875 
Taiwan - 1.0%   
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 605,200 20,014 
Thailand - 0.2%   
Kasikornbank PCL (For. Reg.) 746,100 3,989 
United Kingdom - 16.9%   
Ascential PLC 614,831 2,809 
Booker Group PLC 3,185,300 8,004 
British American Tobacco PLC sponsored ADR (b) 387,300 26,352 
Bunzl PLC 221,800 6,918 
Close Brothers Group PLC 38,700 848 
Coca-Cola European Partners PLC 156,200 6,032 
Compass Group PLC 577,400 11,658 
Dialog Semiconductor PLC (a) 126,900 5,937 
Dignity PLC 117,200 3,784 
Diploma PLC 462,900 6,649 
Domino's Pizza UK & IRL PLC 329,200 1,409 
Essentra PLC 1,372,700 9,627 
GlaxoSmithKline PLC 208,400 4,195 
Halma PLC 203,800 2,780 
Hastings Group Holdings PLC 220,903 865 
HomeServe PLC 291,200 2,523 
Howden Joinery Group PLC 194,100 1,164 
Ibstock PLC 734,200 2,178 
IMI PLC 148,900 2,467 
Imperial Tobacco Group PLC 214,160 10,491 
Indivior PLC 776,400 3,369 
Informa PLC 430,742 3,582 
ITV PLC 2,258,150 6,142 
John Wood Group PLC 249,900 2,458 
Liberty Global PLC Class A (a) 123,400 4,371 
LivaNova PLC (a) 21,000 1,107 
Lloyds Banking Group PLC 33,099,500 29,741 
London Stock Exchange Group PLC 246,600 10,805 
Melrose Industries PLC 4,604,963 14,106 
Micro Focus International PLC 538,200 18,040 
Next PLC 159,900 8,916 
Polypipe Group PLC 352,000 1,816 
Prudential PLC 1,353,033 30,029 
Reckitt Benckiser Group PLC 232,813 21,451 
Rio Tinto PLC 305,900 12,068 
Softcat PLC 505,734 2,699 
Spectris PLC 189,800 6,785 
St. James's Place Capital PLC 1,085,900 16,146 
Standard Chartered PLC (United Kingdom) (a) 494,496 4,619 
Standard Life PLC 904,818 4,265 
TechnipFMC PLC (France) (a) 58,020 1,744 
Tesco PLC (a) 2,645,900 6,279 
Vodafone Group PLC sponsored ADR 323,600 8,475 
Volution Group PLC 1,765,800 4,483 
TOTAL UNITED KINGDOM  340,186 
United States of America - 6.1%   
Activision Blizzard, Inc. 71,200 3,720 
Alexion Pharmaceuticals, Inc. (a) 34,900 4,460 
Alphabet, Inc. Class C (a) 17,549 15,899 
Amgen, Inc. 70,400 11,498 
Bio-Rad Laboratories, Inc. Class A (a) 9,900 2,161 
Coty, Inc. Class A 822,700 14,685 
Fidelity National Information Services, Inc. 57,900 4,875 
MasterCard, Inc. Class A 119,500 13,900 
Molson Coors Brewing Co. Class B 53,300 5,111 
MSCI, Inc. 30,200 3,030 
NJOY, Inc. (a)(d) 725,848 
Oceaneering International, Inc. 126,400 3,336 
Qualcomm, Inc. 145,700 7,830 
Quintiles Transnational Holdings, Inc. (a) 31,700 2,672 
S&P Global, Inc. 99,400 13,338 
Vertex Pharmaceuticals, Inc. (a) 30,000 3,549 
Visa, Inc. Class A 149,100 13,601 
TOTAL UNITED STATES OF AMERICA  123,665 
TOTAL COMMON STOCKS   
(Cost $1,562,009)  1,924,209 
Nonconvertible Preferred Stocks - 1.4%   
Brazil - 0.1%   
Itau Unibanco Holding SA 162,490 2,010 
Germany - 1.3%   
Henkel AG & Co. KGaA 147,100 20,030 
Jungheinrich AG 42,500 1,480 
Sartorius AG (non-vtg.) 51,200 4,688 
TOTAL GERMANY  26,198 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $20,697)  28,208 
 Principal Amount (000s)(e) Value (000s) 
Government Obligations - 0.1%   
Japan - 0.1%   
Japan Government 0.1% 4/15/19
(Cost $1,951) 
JPY212,800 1,920 
 Shares Value (000s) 
Money Market Funds - 7.2%   
Fidelity Cash Central Fund, 0.85% (f) 55,384,013 55,395 
Fidelity Securities Lending Cash Central Fund 0.86% (f)(g) 90,670,470 90,680 
TOTAL MONEY MARKET FUNDS   
(Cost $146,079)  146,075 
TOTAL INVESTMENT PORTFOLIO - 104.0%   
(Cost $1,730,736)  2,100,412 
NET OTHER ASSETS (LIABILITIES) - (4.0)%  (81,658) 
NET ASSETS - 100%  $2,018,754 

Currency Abbreviations

JPY – Japanese yen

Security Type Abbreviations

ELS – Equity-Linked Security

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

Values shown as $0 may reflect amounts less than $500.

Legend

 (a) Non-income producing

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

 (c) 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 $2,101,000 or 0.1% of net assets.

 (d) 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 $0 or 0.0% of net assets.

 (e) Amount is stated in United States dollars unless otherwise noted.

 (f) Affiliated fund that is generally 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.

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
NJOY, Inc. 6/7/13 - 2/14/14 $808 

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 $163 
Fidelity Securities Lending Cash Central Fund 384 
Total $547 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2017, 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 below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $252,634 $181,500 $71,134 $-- 
Consumer Staples 277,894 206,951 70,943 -- 
Energy 93,050 78,447 14,603 -- 
Financials 450,103 291,145 158,958 -- 
Health Care 272,120 160,573 111,547 -- 
Industrials 226,186 177,704 48,482 -- 
Information Technology 256,089 232,630 23,459 -- 
Materials 73,570 54,647 18,923 -- 
Real Estate 6,913 6,913 -- -- 
Telecommunication Services 41,694 8,475 33,219 -- 
Utilities 2,164 2,164 -- -- 
Government Obligations 1,920 -- 1,920 -- 
Money Market Funds 146,075 146,075 -- -- 
Total Investments in Securities: $2,100,412 $1,547,224 $553,188 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2017. 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 in the accompanying Notes to Financial Statements:

Transfers Total (000s) 
(Amounts in thousands)  
Level 1 to Level 2 $89,769 
Level 2 to Level 1 $49,055 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  April 30, 2017 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $87,204) — See accompanying schedule:
Unaffiliated issuers (cost $1,584,657) 
$1,954,337  
Fidelity Central Funds (cost $146,079) 146,075  
Total Investments (cost $1,730,736)  $2,100,412 
Foreign currency held at value (cost $376)  376 
Receivable for investments sold  9,129 
Receivable for fund shares sold  2,930 
Dividends receivable  9,020 
Distributions receivable from Fidelity Central Funds  176 
Prepaid expenses  
Other receivables  262 
Total assets  2,122,306 
Liabilities   
Payable for investments purchased $6,949  
Payable for fund shares redeemed 3,489  
Accrued management fee 1,095  
Distribution and service plan fees payable 363  
Other affiliated payables 388  
Other payables and accrued expenses 584  
Collateral on securities loaned 90,684  
Total liabilities  103,552 
Net Assets  $2,018,754 
Net Assets consist of:   
Paid in capital  $4,172,691 
Undistributed net investment income  5,486 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (2,528,704) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  369,281 
Net Assets  $2,018,754 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($542,003 ÷ 25,560 shares)  $21.21 
Maximum offering price per share (100/94.25 of $21.21)  $22.50 
Class M:   
Net Asset Value and redemption price per share ($214,262 ÷ 10,176 shares)  $21.06 
Maximum offering price per share (100/96.50 of $21.06)  $21.82 
Class C:   
Net Asset Value and offering price per share ($204,876 ÷ 10,091 shares)(a)  $20.30 
Class I:   
Net Asset Value, offering price and redemption price per share ($854,021 ÷ 39,630 shares)  $21.55 
Class Z:   
Net Asset Value, offering price and redemption price per share ($203,592 ÷ 9,454 shares)  $21.54 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.


See accompanying notes which are an integral part of the financial statements.


Statement of Operations

Amounts in thousands  Six months ended April 30, 2017 (Unaudited) 
Investment Income   
Dividends  $17,355 
Interest  29 
Income from Fidelity Central Funds  547 
Income before foreign taxes withheld  17,931 
Less foreign taxes withheld  (1,284) 
Total income  16,647 
Expenses   
Management fee $6,221  
Transfer agent fees 1,895  
Distribution and service plan fees 2,205  
Accounting and security lending fees 414  
Custodian fees and expenses 133  
Independent trustees' fees and expenses  
Registration fees 73  
Audit 50  
Legal  
Miscellaneous  
Total expenses before reductions 11,008  
Expense reductions (82) 10,926 
Net investment income (loss)  5,721 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 83,469  
Fidelity Central Funds (5)  
Foreign currency transactions (149)  
Total net realized gain (loss)  83,315 
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of increase in deferred foreign taxes of $275) 
105,093  
Assets and liabilities in foreign currencies 180  
Total change in net unrealized appreciation (depreciation)  105,273 
Net gain (loss)  188,588 
Net increase (decrease) in net assets resulting from operations  $194,309 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

Amounts in thousands Six months ended April 30, 2017 (Unaudited) Year ended October 31, 2016 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $5,721 $18,202 
Net realized gain (loss) 83,315 15,579 
Change in net unrealized appreciation (depreciation) 105,273 (90,409) 
Net increase (decrease) in net assets resulting from operations 194,309 (56,628) 
Distributions to shareholders from net investment income (18,146) (12,902) 
Distributions to shareholders from net realized gain (4,351) – 
Total distributions (22,497) (12,902) 
Share transactions - net increase (decrease) (7,936) (101,000) 
Redemption fees 32 
Total increase (decrease) in net assets 163,884 (170,498) 
Net Assets   
Beginning of period 1,854,870 2,025,368 
End of period $2,018,754 $1,854,870 
Other Information   
Undistributed net investment income end of period $5,486 $17,911 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified International Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2017 2016 2015 2014 2013 2012 
Selected Per–Share Data       
Net asset value, beginning of period $19.38 $20.10 $19.56 $19.47 $15.63 $14.61 
Income from Investment Operations       
Net investment income (loss)A .06 .18 .15 .27B .19 .18 
Net realized and unrealized gain (loss) 2.00 (.77) .61 .17 3.92 1.03 
Total from investment operations 2.06 (.59) .76 .44 4.11 1.21 
Distributions from net investment income (.19) (.13) (.20) (.18) (.21) (.19) 
Distributions from net realized gain (.05) – (.02) (.17) (.06) – 
Total distributions (.23)C (.13) (.22) (.35) (.27) (.19) 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $21.21 $19.38 $20.10 $19.56 $19.47 $15.63 
Total ReturnE,F,G 10.80% (2.97)% 3.93% 2.28% 26.69% 8.47% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.22%J 1.23% 1.22% 1.26% 1.31% 1.32% 
Expenses net of fee waivers, if any 1.22%J 1.23% 1.22% 1.26% 1.30% 1.32% 
Expenses net of all reductions 1.21%J 1.22% 1.21% 1.26% 1.28% 1.31% 
Net investment income (loss) .58%J .92% .75% 1.34%B 1.08% 1.20% 
Supplemental Data       
Net assets, end of period (in millions) $542 $574 $662 $693 $756 $762 
Portfolio turnover rateK 43%J 31% 34% 40% 50% 34% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .85%.

 C Total distributions of $.23 per share is comprised of distributions from net investment income of $.187 and distributions from net realized gain of $.046 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified International Fund Class M

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2017 2016 2015 2014 2013 2012 
Selected Per–Share Data       
Net asset value, beginning of period $19.21 $19.92 $19.38 $19.30 $15.49 $14.46 
Income from Investment Operations       
Net investment income (loss)A .03 .13 .10 .21B .14 .14 
Net realized and unrealized gain (loss) 1.99 (.77) .61 .18 3.89 1.03 
Total from investment operations 2.02 (.64) .71 .39 4.03 1.17 
Distributions from net investment income (.13) (.07) (.15) (.14) (.16) (.14) 
Distributions from net realized gain (.05) – (.02) (.17) (.06) – 
Total distributions (.17)C (.07) (.17) (.31) (.22) (.14) 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $21.06 $19.21 $19.92 $19.38 $19.30 $15.49 
Total ReturnE,F,G 10.65% (3.22)% 3.67% 2.04% 26.37% 8.17% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.49%J 1.49% 1.48% 1.51% 1.55% 1.58% 
Expenses net of fee waivers, if any 1.49%J 1.49% 1.48% 1.51% 1.55% 1.58% 
Expenses net of all reductions 1.48%J 1.48% 1.47% 1.51% 1.53% 1.57% 
Net investment income (loss) .31%J .66% .49% 1.09%B .83% .94% 
Supplemental Data       
Net assets, end of period (in millions) $214 $224 $271 $284 $319 $304 
Portfolio turnover rateK 43%J 31% 34% 40% 50% 34% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .60%.

 C Total distributions of $.17 per share is comprised of distributions from net investment income of $.128 and distributions from net realized gain of $.046 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified International Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2017 2016 2015 2014 2013 2012 
Selected Per–Share Data       
Net asset value, beginning of period $18.48 $19.19 $18.68 $18.63 $14.97 $13.95 
Income from Investment Operations       
Net investment income (loss)A (.02) .03 B .11C .06 .06 
Net realized and unrealized gain (loss) 1.92 (.74) .59 .18 3.75 1.01 
Total from investment operations 1.90 (.71) .59 .29 3.81 1.07 
Distributions from net investment income (.03) – (.06) (.07) (.09) (.05) 
Distributions from net realized gain (.05) – (.02) (.17) (.06) – 
Total distributions (.08) – (.08) (.24) (.15) (.05) 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $20.30 $18.48 $19.19 $18.68 $18.63 $14.97 
Total ReturnD,E,F 10.32% (3.70)% 3.15% 1.58% 25.71% 7.71% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.98%I 1.98% 1.97% 2.00% 2.04% 2.06% 
Expenses net of fee waivers, if any 1.98%I 1.98% 1.97% 2.00% 2.04% 2.06% 
Expenses net of all reductions 1.97%I 1.98% 1.96% 2.00% 2.01% 2.05% 
Net investment income (loss) (.17)%I .17% - %J .60%C .35% .46% 
Supplemental Data       
Net assets, end of period (in millions) $205 $206 $251 $243 $264 $246 
Portfolio turnover rateK 43%I 31% 34% 40% 50% 34% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.09 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .11%.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the contingent deferred sales charge.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount represents less than .005%.

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified International Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2017 2016 2015 2014 2013 2012 
Selected Per–Share Data       
Net asset value, beginning of period $19.73 $20.46 $19.91 $19.80 $15.90 $14.87 
Income from Investment Operations       
Net investment income (loss)A .09 .24 .21 .33B .24 .23 
Net realized and unrealized gain (loss) 2.03 (.78) .63 .18 3.98 1.05 
Total from investment operations 2.12 (.54) .84 .51 4.22 1.28 
Distributions from net investment income (.25) (.19) (.26) (.23) (.26) (.25) 
Distributions from net realized gain (.05) – (.02) (.17) (.06) – 
Total distributions (.30) (.19) (.29)C (.40) (.32) (.25) 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $21.55 $19.73 $20.46 $19.91 $19.80 $15.90 
Total ReturnE,F 10.91% (2.69)% 4.24% 2.60% 27.03% 8.83% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .94%I .94% .94% .97% .99% 1.00% 
Expenses net of fee waivers, if any .94%I .94% .94% .97% .99% 1.00% 
Expenses net of all reductions .93%I .94% .94% .97% .97% .99% 
Net investment income (loss) .86%I 1.21% 1.03% 1.63%B 1.39% 1.52% 
Supplemental Data       
Net assets, end of period (in millions) $854 $757 $747 $648 $636 $546 
Portfolio turnover rateJ 43%I 31% 34% 40% 50% 34% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.14%.

 C Total distributions of $.29 per share is comprised of distributions from net investment income of $.263 and distributions from net realized gain of $.022 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified International Fund Class Z

 Six months ended (Unaudited) April 30, Years ended October 31,    
 2017 2016 2015 2014 2013 A 
Selected Per–Share Data      
Net asset value, beginning of period $19.73 $20.46 $19.93 $19.81 $18.54 
Income from Investment Operations      
Net investment income (loss)B .10 .27 .24 .36C .03 
Net realized and unrealized gain (loss) 2.04 (.78) .61 .19 1.24 
Total from investment operations 2.14 (.51) .85 .55 1.27 
Distributions from net investment income (.28) (.22) (.30) (.26) – 
Distributions from net realized gain (.05) – (.02) (.17) – 
Total distributions (.33) (.22) (.32) (.43) – 
Redemption fees added to paid in capitalB D D D D – 
Net asset value, end of period $21.54 $19.73 $20.46 $19.93 $19.81 
Total ReturnE,F 11.04% (2.54)% 4.34% 2.81% 6.85% 
Ratios to Average Net AssetsG,H      
Expenses before reductions .79%I .79% .79% .81% .83%I 
Expenses net of fee waivers, if any .79%I .79% .79% .81% .83%I 
Expenses net of all reductions .78%I .79% .78% .81% .80%I 
Net investment income (loss) 1.01%I 1.36% 1.18% 1.79%C .77%I 
Supplemental Data      
Net assets, end of period (000 omitted) $203,592 $92,860 $82,925 $24,050 $107 
Portfolio turnover rateJ 43%I 31% 34% 40% 50% 

 A For the period August 13, 2013 (commencement of sale of shares) to October 31, 2013.

 B Calculated based on average shares outstanding during the period.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.30%.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2017
(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor Diversified International Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M (formerly Class T), Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

After the close of business on June 24, 2016, all outstanding Class B shares were converted to Class A shares. All prior fiscal period dollar and share amounts for Class B presented in the Notes to Financial Statements are for the period November 1, 2015 through June 24, 2016.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • 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)

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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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. Foreign government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. 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. Debt securities 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2017, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, partnerships, future transactions, passive foreign investment companies (PFIC), market discount, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation $425,475 
Gross unrealized depreciation (72,712) 
Net unrealized appreciation (depreciation) on securities $352,763 
Tax cost $1,747,649 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration  
2017 $(2,594,652) 
Total capital loss carryforward $(2,594,652) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital. In November 2016, the Board of Trustees approved the elimination of these redemption fees effective December 12, 2016.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $392,026 and $455,934, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .424% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .67% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution
Fee 
Service
Fee 
Total Fees Retained
by FDC 
Class A -% .25% $682 $– 
Class M .25% .25% 534 (a) 
Class C .75% .25% 989 41 
   $2,205 $41 

 (a) In the amount of less than five hundred dollars.


Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

 Retained
by FDC 
Class A $33 
Class M 
Class C(a) 
 $42 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets.FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of
Class-Level Average
Net Assets(a) 
Class A $619 .23 
Class M 260 .24 
Class C 231 .23 
Class I 756 .20 
Class Z 29 .05 
 $1,895  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $2 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $3 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $429. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $384, including $3 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $74 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's expenses by an amount less than five hundred dollars.

In addition, during the period the investment advisor reimbursed and/or waived a portion of fund-level operating expenses in the amount of $8.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2017 
Year ended October 31, 2016 
From net investment income   
Class A $5,441 $4,188 
Class M 1,460 941 
Class C 337 – 
Class I 9,584 6,836 
Class Z 1,324 937 
Total $18,146 $12,902 
From net realized gain   
Class A $1,338 $– 
Class M 524 – 
Class C 500 – 
Class I 1,772 – 
Class Z 217 – 
Total $4,351 $– 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2017 
Year ended October 31, 2016 Six months ended
April 30, 2017 
Year ended October 31, 2016 
Class A     
Shares sold 1,895 4,511 $37,246 $86,702 
Reinvestment of distributions 342 200 6,436 3,990 
Shares redeemed (6,318) (7,981) (123,909) (153,400) 
Net increase (decrease) (4,081) (3,270) $(80,227) $(62,708) 
Class M     
Shares sold 424 1,081 $8,272 $20,518 
Reinvestment of distributions 102 46 1,912 909 
Shares redeemed (1,996) (3,108) (38,926) (59,258) 
Net increase (decrease) (1,470) (1,981) $(28,742) $(37,831) 
Class B     
Shares sold – $– $57 
Shares redeemed – (578) – (10,435) 
Net increase (decrease) – (575) $– $(10,378) 
Class C     
Shares sold 305 1,039 $5,725 $19,189 
Reinvestment of distributions 40 – 720 – 
Shares redeemed (1,423) (2,956) (26,496) (54,266) 
Net increase (decrease) (1,078) (1,917) $(20,051) $(35,077) 
Class I     
Shares sold 9,060 16,017 $180,226 $309,300 
Reinvestment of distributions 479 284 9,168 5,760 
Shares redeemed (8,302) (14,428) (164,749) (283,183) 
Net increase (decrease) 1,237 1,873 $24,645 $31,877 
Class Z     
Shares sold 5,854 1,247 $118,788 $24,679 
Reinvestment of distributions 81 46 1,541 937 
Shares redeemed (1,187) (639) (23,890) (12,499) 
Net increase (decrease) 4,748 654 $96,439 $13,117 

11. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2016 to April 30, 2017).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2016 
Ending
Account Value
April 30, 2017 
Expenses Paid
During Period-B
November 1, 2016
to April 30, 2017 
Class A 1.22%    
Actual  $1,000.00 $1,108.00 $6.38 
Hypothetical-C  $1,000.00 $1,018.74 $6.11 
Class M 1.49%    
Actual  $1,000.00 $1,106.50 $7.78 
Hypothetical-C  $1,000.00 $1,017.41 $7.45 
Class C 1.98%    
Actual  $1,000.00 $1,103.20 $10.33 
Hypothetical-C  $1,000.00 $1,014.98 $9.89 
Class I .94%    
Actual  $1,000.00 $1,109.10 $4.92 
Hypothetical-C  $1,000.00 $1,020.13 $4.71 
Class Z .79%    
Actual  $1,000.00 $1,110.40 $4.13 
Hypothetical-C  $1,000.00 $1,020.88 $3.96 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

ADIF-SANN-0617
1.720067.118


Fidelity Advisor® International Capital Appreciation Fund
Class A, Class M (formerly Class T), Class C, Class I and Class Z



Semi-Annual Report

April 30, 2017




Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2017 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Five Stocks as of April 30, 2017

 % of fund's net assets % of fund's net assets 6 months ago 
Nestle SA (Reg. S) (Switzerland, Food Products) 1.7 1.8 
Tencent Holdings Ltd. (Cayman Islands, Internet Software & Services) 1.4 1.2 
Unilever PLC (United Kingdom, Personal Products) 1.3 1.2 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (Taiwan, Semiconductors & Semiconductor Equipment) 1.2 1.3 
British American Tobacco PLC (United Kingdom) (United Kingdom, Tobacco) 1.1 1.1 
 6.7  

Top Five Market Sectors as of April 30, 2017

 % of fund's net assets % of fund's net assets 6 months ago 
Industrials 22.1 18.0 
Information Technology 17.0 17.3 
Consumer Staples 13.4 18.7 
Consumer Discretionary 13.0 14.6 
Financials 12.2 7.7 

Top Five Countries as of April 30, 2017

(excluding cash equivalents) % of fund's net assets % of fund's net assets 6 months ago 
United Kingdom 15.3 10.8 
United States of America 12.1 19.5 
France 8.8 3.1 
Japan 5.6 12.4 
Germany 5.2 4.9 

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation (% of fund's net assets)

As of April 30, 2017 
   Stocks 96.9% 
   Short-Term Investments and Net Other Assets (Liabilities) 3.1% 


As of October 31, 2016 
   Stocks 98.0% 
   Short-Term Investments and Net Other Assets (Liabilities) 2.0% 


Investments April 30, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.2%   
 Shares Value 
Australia - 2.4%   
Amcor Ltd.  303,220 $3,566,973 
CSL Ltd. 42,791 4,247,154 
realestate.com.au Ltd. 68,727 3,164,446 
Sydney Airport unit 627,531 3,237,578 
TOTAL AUSTRALIA  14,216,151 
Bailiwick of Guernsey - 0.5%   
Burford Capital Ltd. 310,400 3,135,835 
Bailiwick of Jersey - 1.8%   
Experian PLC 165,500 3,560,364 
Wolseley PLC 61,045 3,879,846 
WPP PLC 174,700 3,740,943 
TOTAL BAILIWICK OF JERSEY  11,181,153 
Belgium - 0.9%   
Anheuser-Busch InBev SA NV 49,320 5,561,835 
Bermuda - 1.0%   
Credicorp Ltd. (United States) 21,700 3,334,422 
IHS Markit Ltd. (a) 68,000 2,951,200 
TOTAL BERMUDA  6,285,622 
Brazil - 1.6%   
Equatorial Energia SA 179,000 3,242,139 
Kroton Educacional SA 689,800 3,249,007 
Ultrapar Participacoes SA 138,200 3,066,128 
TOTAL BRAZIL  9,557,274 
Canada - 4.1%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 83,610 3,845,307 
Canadian National Railway Co. 64,340 4,650,693 
CCL Industries, Inc. Class B 14,710 3,405,267 
Constellation Software, Inc. 6,780 3,100,954 
Descartes Systems Group, Inc. (a) 129,200 2,981,429 
Open Text Corp. 95,200 3,300,843 
Waste Connection, Inc. (Canada) 36,220 3,332,118 
TOTAL CANADA  24,616,611 
Cayman Islands - 3.2%   
Alibaba Group Holding Ltd. sponsored ADR (a) 59,460 6,867,630 
NetEase, Inc. ADR 13,800 3,662,382 
Tencent Holdings Ltd. 271,900 8,519,535 
TOTAL CAYMAN ISLANDS  19,049,547 
Denmark - 1.2%   
Coloplast A/S Series B 42,000 3,596,284 
DSV de Sammensluttede Vognmaend A/S  61,000 3,398,294 
TOTAL DENMARK  6,994,578 
France - 8.8%   
ALTEN 8,503 720,608 
Dassault Systemes SA 38,600 3,444,909 
Essilor International SA 29,556 3,829,637 
Imerys SA 37,100 3,192,225 
L'Oreal SA 22,120 4,405,829 
Legrand SA 58,600 3,793,594 
LVMH Moet Hennessy - Louis Vuitton SA (b) 21,937 5,415,563 
Orpea 33,030 3,373,445 
Rubis 32,000 3,251,517 
Sartorius Stedim Biotech (b) 48,500 3,252,808 
Sodexo SA 27,540 3,500,921 
SR Teleperformance SA 28,600 3,593,612 
Thales SA 32,830 3,451,721 
Valeo SA 50,500 3,630,637 
VINCI SA 53,800 4,585,836 
TOTAL FRANCE  53,442,862 
Germany - 5.2%   
adidas AG 19,065 3,819,144 
Fresenius SE & Co. KGaA 50,200 4,068,952 
HeidelbergCement Finance AG 39,600 3,666,584 
Henkel AG & Co. KGaA 35,313 4,121,680 
Rheinmetall AG 32,500 2,982,640 
SAP AG 58,407 5,850,398 
Symrise AG 51,500 3,605,480 
Wirecard AG (b) 52,200 3,082,460 
TOTAL GERMANY  31,197,338 
Hong Kong - 1.5%   
AIA Group Ltd. 817,200 5,657,526 
Techtronic Industries Co. Ltd. 742,000 3,186,126 
TOTAL HONG KONG  8,843,652 
India - 5.1%   
Adani Ports & Special Economic Zone Ltd. (a) 624,901 3,185,255 
Asian Paints Ltd. 199,411 3,475,347 
HDFC Bank Ltd. 140,307 3,425,157 
Housing Development Finance Corp. Ltd. 173,728 4,153,772 
IndusInd Bank Ltd. (a) 145,287 3,265,398 
ITC Ltd. 744,009 3,217,211 
LIC Housing Finance Ltd. 330,837 3,442,166 
Maruti Suzuki India Ltd. 33,499 3,399,844 
Zee Entertainment Enterprises Ltd. 378,578 3,102,408 
TOTAL INDIA  30,666,558 
Indonesia - 1.1%   
PT Bank Central Asia Tbk 2,774,200 3,694,354 
PT Bank Rakyat Indonesia Tbk 3,289,600 3,183,723 
TOTAL INDONESIA  6,878,077 
Ireland - 2.4%   
CRH PLC 120,700 4,400,840 
James Hardie Industries PLC CDI 188,730 3,203,748 
Kerry Group PLC Class A 41,920 3,425,672 
Kingspan Group PLC (Ireland) 98,060 3,411,193 
TOTAL IRELAND  14,441,453 
Israel - 1.1%   
Check Point Software Technologies Ltd. (a) 31,800 3,307,518 
Frutarom Industries Ltd. 56,400 3,315,357 
TOTAL ISRAEL  6,622,875 
Italy - 1.1%   
Buzzi Unicem SpA 131,700 3,385,675 
Davide Campari-Milano SpA 268,200 3,172,752 
TOTAL ITALY  6,558,427 
Japan - 5.6%   
Benefit One, Inc. 94,300 2,880,390 
Daikin Industries Ltd. 38,100 3,699,776 
Kansai Paint Co. Ltd. 156,900 3,473,686 
Keyence Corp. 9,754 3,919,975 
Misumi Group, Inc. 163,700 3,099,984 
Nitori Holdings Co. Ltd. 25,200 3,280,126 
Recruit Holdings Co. Ltd. 68,100 3,439,363 
Relo Holdings Corp. 200,100 3,284,889 
Sundrug Co. Ltd. 92,100 3,230,419 
Tsuruha Holdings, Inc. 33,100 3,355,281 
TOTAL JAPAN  33,663,889 
Kenya - 0.5%   
Safaricom Ltd. 16,644,600 3,104,734 
Luxembourg - 0.4%   
Eurofins Scientific SA 5,120 2,521,459 
Mexico - 1.9%   
CEMEX S.A.B. de CV sponsored ADR 380,000 3,503,600 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 338,700 3,483,211 
Grupo Aeroportuario del Sureste S.A.B. de CV Series B 188,510 3,577,086 
Grupo Cementos de Chihuahua S.A.B. de CV 222,100 1,053,442 
TOTAL MEXICO  11,617,339 
Netherlands - 2.6%   
ASML Holding NV (Netherlands) 31,500 4,163,876 
Heineken NV (Bearer) 41,500 3,700,107 
RELX NV 227,921 4,408,111 
Wolters Kluwer NV 81,000 3,440,216 
TOTAL NETHERLANDS  15,712,310 
New Zealand - 0.5%   
Auckland International Airport Ltd. 618,003 2,927,814 
Philippines - 1.2%   
Ayala Land, Inc. 1,451,600 1,021,734 
SM Investments Corp. 213,642 3,101,231 
SM Prime Holdings, Inc. 4,829,500 2,869,687 
TOTAL PHILIPPINES  6,992,652 
Russia - 0.7%   
Sberbank of Russia 1,379,270 4,006,170 
South Africa - 2.0%   
Capitec Bank Holdings Ltd. 58,100 3,315,205 
FirstRand Ltd. 869,600 3,243,817 
Naspers Ltd. Class N 29,880 5,681,727 
TOTAL SOUTH AFRICA  12,240,749 
Spain - 1.8%   
Aena SA 20,930 3,693,446 
Amadeus IT Holding SA Class A 76,160 4,106,574 
Grifols SA 124,800 3,351,715 
TOTAL SPAIN  11,151,735 
Sweden - 3.6%   
ASSA ABLOY AB (B Shares) (b) 182,018 3,943,556 
Atlas Copco AB (A Shares) 111,000 4,150,610 
Hexagon AB (B Shares) 77,500 3,374,815 
Indutrade AB 155,168 3,666,655 
Saab AB (B Shares) 67,800 3,361,946 
Svenska Cellulosa AB (SCA) (B Shares) 103,100 3,415,210 
TOTAL SWEDEN  21,912,792 
Switzerland - 3.3%   
Kaba Holding AG (B Shares) (Reg.) 3,970 3,401,432 
Nestle SA (Reg. S) 131,859 10,155,843 
Partners Group Holding AG 5,710 3,451,824 
Sika AG 476 3,037,789 
TOTAL SWITZERLAND  20,046,888 
Taiwan - 1.2%   
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 227,070 7,509,205 
Thailand - 0.5%   
Airports of Thailand PCL (For. Reg.) 2,560,300 2,978,384 
United Kingdom - 15.3%   
Ascential PLC 745,997 3,408,808 
Ashtead Group PLC 167,300 3,534,164 
BAE Systems PLC 478,100 3,883,117 
British American Tobacco PLC (United Kingdom) 101,800 6,877,951 
Bunzl PLC 117,100 3,652,164 
Cineworld Group PLC 146,600 1,336,729 
Compass Group PLC 218,941 4,420,596 
ConvaTec Group PLC 832,500 3,311,318 
Halma PLC 242,600 3,308,689 
Imperial Tobacco Group PLC 91,623 4,488,104 
Inchcape PLC 263,000 2,910,748 
InterContinental Hotel Group PLC 62,500 3,315,712 
Intertek Group PLC 67,400 3,549,475 
John David Group PLC 541,700 3,122,164 
London Stock Exchange Group PLC 82,800 3,628,016 
Mondi PLC 132,200 3,426,221 
Prudential PLC 216,071 4,795,450 
Reckitt Benckiser Group PLC 51,130 4,710,993 
Rentokil Initial PLC 1,018,200 3,283,744 
Rightmove PLC 61,430 3,330,555 
Sage Group PLC 410,800 3,564,857 
St. James's Place Capital PLC 241,300 3,587,865 
Unilever PLC 147,600 7,593,774 
Worldpay Group PLC 849,100 3,299,263 
TOTAL UNITED KINGDOM  92,340,477 
United States of America - 12.1%   
A.O. Smith Corp. 58,784 3,167,282 
Adobe Systems, Inc. (a) 23,660 3,164,288 
Alphabet, Inc. Class C (a) 2,960 2,681,642 
Altria Group, Inc. 41,770 2,998,251 
Amazon.com, Inc. (a) 2,960 2,737,970 
American Tower Corp. 24,400 3,072,936 
Amphenol Corp. Class A 41,462 2,998,117 
Ecolab, Inc. 22,200 2,865,798 
Equifax, Inc. 22,700 3,071,537 
Facebook, Inc. Class A (a) 22,130 3,325,033 
Fiserv, Inc. (a) 25,829 3,077,267 
Henry Schein, Inc. (a) 17,710 3,077,998 
Home Depot, Inc. 20,600 3,215,660 
Marriott International, Inc. Class A 32,200 3,040,324 
MasterCard, Inc. Class A 26,650 3,099,928 
Mettler-Toledo International, Inc. (a) 6,280 3,224,278 
Moody's Corp. 28,040 3,317,693 
MSCI, Inc. 29,290 2,938,373 
Philip Morris International, Inc. 27,410 3,038,124 
Priceline Group, Inc. (a) 1,520 2,807,166 
S&P Global, Inc. 23,964 3,215,729 
Sherwin-Williams Co. 8,780 2,938,490 
The Walt Disney Co. 25,800 2,982,480 
Visa, Inc. Class A 34,240 3,123,373 
TOTAL UNITED STATES OF AMERICA  73,179,737 
TOTAL COMMON STOCKS   
(Cost $510,504,456)  581,156,182 
Nonconvertible Preferred Stocks - 0.7%   
Brazil - 0.7%   
Itau Unibanco Holding SA sponsored ADR   
(Cost $3,614,155) 338,280 4,160,844 
Money Market Funds - 4.3%   
Fidelity Cash Central Fund, 0.85% (c) 15,788,222 15,791,380 
Fidelity Securities Lending Cash Central Fund 0.86% (c)(d) 10,155,254 10,156,269 
TOTAL MONEY MARKET FUNDS   
(Cost $25,947,869)  25,947,649 
TOTAL INVESTMENT PORTFOLIO - 101.2%   
(Cost $540,066,480)  611,264,675 
NET OTHER ASSETS (LIABILITIES) - (1.2)%  (7,356,530) 
NET ASSETS - 100%  $603,908,145 

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

Legend

 (a) Non-income producing

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

 (c) Affiliated fund that is generally 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.

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


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 $23,568 
Fidelity Securities Lending Cash Central Fund 47,231 
Total $70,799 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2017, 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 below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $78,469,249 $59,210,420 $19,258,829 $-- 
Consumer Staples 81,314,343 46,413,947 34,900,396 -- 
Energy 3,066,128 3,066,128 -- -- 
Financials 72,953,339 60,726,562 12,226,777 -- 
Health Care 37,855,048 34,258,764 3,596,284 -- 
Industrials 133,408,638 117,499,475 15,909,163 -- 
Information Technology 102,886,123 88,516,190 14,369,933 -- 
Materials 55,516,522 51,115,682 4,400,840 -- 
Real Estate 10,249,246 10,249,246 -- -- 
Telecommunication Services 3,104,734 3,104,734 -- -- 
Utilities 6,493,656 6,493,656 -- -- 
Money Market Funds 25,947,649 25,947,649 -- -- 
Total Investments in Securities: $611,264,675 $506,602,453 $104,662,222 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2017. 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 in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $17,755,072 
Level 2 to Level 1 $5,324,084 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2017 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $9,729,459) — See accompanying schedule:
Unaffiliated issuers (cost $514,118,611) 
$585,317,026  
Fidelity Central Funds (cost $25,947,869) 25,947,649  
Total Investments (cost $540,066,480)  $611,264,675 
Foreign currency held at value (cost $203,321)  203,321 
Receivable for investments sold  14,378,334 
Receivable for fund shares sold  2,427,608 
Dividends receivable  1,545,761 
Distributions receivable from Fidelity Central Funds  27,163 
Prepaid expenses  205 
Receivable from investment adviser for expense reductions  99 
Other receivables  344,130 
Total assets  630,191,296 
Liabilities   
Payable for investments purchased $14,246,251  
Payable for fund shares redeemed 733,303  
Accrued management fee 374,757  
Distribution and service plan fees payable 92,850  
Other affiliated payables 110,134  
Other payables and accrued expenses 569,368  
Collateral on securities loaned 10,156,488  
Total liabilities  26,283,151 
Net Assets  $603,908,145 
Net Assets consist of:   
Paid in capital  $563,929,340 
Undistributed net investment income  477,962 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (31,108,280) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  70,609,123 
Net Assets  $603,908,145 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($113,461,466 ÷ 6,744,612 shares)  $16.82 
Maximum offering price per share (100/94.25 of $16.82)  $17.85 
Class M:   
Net Asset Value and redemption price per share ($67,386,588 ÷ 4,098,578 shares)  $16.44 
Maximum offering price per share (100/96.50 of $16.44)  $17.04 
Class C:   
Net Asset Value and offering price per share ($54,219,519 ÷ 3,625,398 shares)(a)  $14.96 
Class I:   
Net Asset Value, offering price and redemption price per share ($357,799,034 ÷ 19,942,676 shares)  $17.94 
Class Z:   
Net Asset Value, offering price and redemption price per share ($11,041,538 ÷ 615,210 shares)  $17.95 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.


See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2017 (Unaudited) 
Investment Income   
Dividends  $4,140,710 
Income from Fidelity Central Funds  70,799 
Income before foreign taxes withheld  4,211,509 
Less foreign taxes withheld  (364,631) 
Total income  3,846,878 
Expenses   
Management fee   
Basic fee $1,649,597  
Performance adjustment 222,317  
Transfer agent fees 483,192  
Distribution and service plan fees 530,233  
Accounting and security lending fees 122,312  
Custodian fees and expenses 123,092  
Independent trustees' fees and expenses 899  
Registration fees 74,007  
Audit 43,033  
Legal 1,429  
Interest 192  
Miscellaneous 1,618  
Total expenses before reductions 3,251,921  
Expense reductions (85,121) 3,166,800 
Net investment income (loss)  680,078 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (2,078,118)  
Fidelity Central Funds (1,000)  
Foreign currency transactions 39,167  
Total net realized gain (loss)  (2,039,951) 
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of increase in deferred foreign taxes of $499,534) 
56,764,068  
Assets and liabilities in foreign currencies 40,678  
Total change in net unrealized appreciation (depreciation)  56,804,746 
Net gain (loss)  54,764,795 
Net increase (decrease) in net assets resulting from operations  $55,444,873 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2017 (Unaudited) Year ended October 31, 2016 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $680,078 $788,667 
Net realized gain (loss) (2,039,951) (4,570,627) 
Change in net unrealized appreciation (depreciation) 56,804,746 (437,385) 
Net increase (decrease) in net assets resulting from operations 55,444,873 (4,219,345) 
Distributions to shareholders from net investment income (869,630) (237,879) 
Share transactions - net increase (decrease) 147,172,285 146,558,359 
Redemption fees 18,892 21,382 
Total increase (decrease) in net assets 201,766,420 142,122,517 
Net Assets   
Beginning of period 402,141,725 260,019,208 
End of period $603,908,145 $402,141,725 
Other Information   
Undistributed net investment income end of period $477,962 $667,514 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor International Capital Appreciation Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2017 2016 2015 2014 2013 2012 
Selected Per–Share Data       
Net asset value, beginning of period $15.26 $15.25 $14.77 $13.96 $11.25 $10.21 
Income from Investment Operations       
Net investment income (loss)A .02 .05 .05 .06 .07 .08 
Net realized and unrealized gain (loss) 1.56 (.03) .46 .82 2.73 1.05 
Total from investment operations 1.58 .02 .51 .88 2.80 1.13 
Distributions from net investment income (.02) (.01) (.03) (.07) (.09) (.09) 
Distributions from net realized gain – – – – – (.01) 
Total distributions (.02) (.01) (.03) (.07) (.09) (.09)B 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $16.82 $15.26 $15.25 $14.77 $13.96 $11.25 
Total ReturnD,E,F 10.34% .12% 3.46% 6.31% 24.99% 11.19% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.43%I 1.50% 1.58% 1.73% 1.74% 1.78% 
Expenses net of fee waivers, if any 1.42%I 1.45% 1.45% 1.45% 1.45% 1.45% 
Expenses net of all reductions 1.39%I 1.43% 1.42% 1.44% 1.39% 1.41% 
Net investment income (loss) .23%I .34% .30% .42% .58% .73% 
Supplemental Data       
Net assets, end of period (000 omitted) $113,461 $127,536 $89,753 $51,567 $49,797 $40,624 
Portfolio turnover rateJ 180%I 167% 176% 197% 138% 142% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.09 per share is comprised of distributions from net investment income of $.085 and distributions from net realized gain of $.005 per share.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor International Capital Appreciation Fund Class M

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2017 2016 2015 2014 2013 2012 
Selected Per–Share Data       
Net asset value, beginning of period $14.92 $14.94 $14.47 $13.68 $11.03 $10.00 
Income from Investment Operations       
Net investment income (loss)A B .01 .01 .02 .04 .05 
Net realized and unrealized gain (loss) 1.52 (.03) .46 .81 2.66 1.04 
Total from investment operations 1.52 (.02) .47 .83 2.70 1.09 
Distributions from net investment income – – – (.04) (.05) (.06) 
Distributions from net realized gain – – – – – (.01) 
Total distributions – – – (.04) (.05) (.06)C 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $16.44 $14.92 $14.94 $14.47 $13.68 $11.03 
Total ReturnD,E,F 10.19% (.13)% 3.25% 6.07% 24.57% 10.99% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.68%I 1.76% 1.86% 1.94% 1.96% 2.03% 
Expenses net of fee waivers, if any 1.68%I 1.70% 1.70% 1.70% 1.70% 1.70% 
Expenses net of all reductions 1.65%I 1.68% 1.67% 1.69% 1.64% 1.66% 
Net investment income (loss) (.02)%I .09% .05% .17% .33% .48% 
Supplemental Data       
Net assets, end of period (000 omitted) $67,387 $62,866 $60,293 $58,454 $60,152 $53,835 
Portfolio turnover rateJ 180%I 167% 176% 197% 138% 142% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total distributions of $.06 per share is comprised of distributions from net investment income of $.056 and distributions from net realized gain of $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor International Capital Appreciation Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2017 2016 2015 2014 2013 2012 
Selected Per–Share Data       
Net asset value, beginning of period $13.61 $13.69 $13.33 $12.63 $10.18 $9.23 
Income from Investment Operations       
Net investment income (loss)A (.04) (.06) (.06) (.04) (.02) B 
Net realized and unrealized gain (loss) 1.39 (.02) .42 .74 2.47 .96 
Total from investment operations 1.35 (.08) .36 .70 2.45 .96 
Distributions from net investment income – – – – – (.01) 
Distributions from net realized gain – – – – – (.01) 
Total distributions – – – – – (.01)C 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $14.96 $13.61 $13.69 $13.33 $12.63 $10.18 
Total ReturnD,E,F 9.92% (.58)% 2.70% 5.54% 24.07% 10.41% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 2.18%I 2.27% 2.33% 2.47% 2.49% 2.53% 
Expenses net of fee waivers, if any 2.18%I 2.20% 2.20% 2.20% 2.20% 2.20% 
Expenses net of all reductions 2.15%I 2.18% 2.17% 2.19% 2.14% 2.16% 
Net investment income (loss) (.53)%I (.41)% (.45)% (.33)% (.17)% (.02)% 
Supplemental Data       
Net assets, end of period (000 omitted) $54,220 $42,146 $36,491 $20,910 $21,334 $18,090 
Portfolio turnover rateJ 180%I 167% 176% 197% 138% 142% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total distributions of $.01 per share is comprised of distributions from net investment income of $.005 and distributions from net realized gain of $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the contingent deferred sales charge.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor International Capital Appreciation Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2017 2016 2015 2014 2013 2012 
Selected Per–Share Data       
Net asset value, beginning of period $16.30 $16.28 $15.75 $14.87 $11.99 $10.87 
Income from Investment Operations       
Net investment income (loss)A .04 .10 .09 .10 .11 .11 
Net realized and unrealized gain (loss) 1.66 (.04) .51 .87 2.89 1.13 
Total from investment operations 1.70 .06 .60 .97 3.00 1.24 
Distributions from net investment income (.06) (.04) (.07) (.09) (.12) (.12) 
Distributions from net realized gain – – – – – (.01) 
Total distributions (.06) (.04) (.07) (.09) (.12) (.12)B 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $17.94 $16.30 $16.28 $15.75 $14.87 $11.99 
Total ReturnD,E 10.47% .36% 3.80% 6.58% 25.20% 11.56% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.12%H 1.21% 1.27% 1.38% 1.39% 1.48% 
Expenses net of fee waivers, if any 1.12%H 1.20% 1.20% 1.20% 1.20% 1.20% 
Expenses net of all reductions 1.09%H 1.18% 1.17% 1.20% 1.14% 1.16% 
Net investment income (loss) .53%H .59% .55% .67% .83% .98% 
Supplemental Data       
Net assets, end of period (000 omitted) $357,799 $169,594 $72,421 $18,449 $7,768 $4,568 
Portfolio turnover rateI 180%H 167% 176% 197% 138% 142% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.12 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.005 per share.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor International Capital Appreciation Fund Class Z

 Six months ended (Unaudited) April 30, 
 2017 A 
Selected Per–Share Data  
Net asset value, beginning of period $16.22 
Income from Investment Operations  
Net investment income (loss)B .10 
Net realized and unrealized gain (loss) 1.63 
Total from investment operations 1.73 
Distributions from net investment income – 
Distributions from net realized gain – 
Total distributions – 
Redemption fees added to paid in capitalB,C – 
Net asset value, end of period $17.95 
Total ReturnD,E 10.67% 
Ratios to Average Net AssetsF,G  
Expenses before reductions 1.07%H 
Expenses net of fee waivers, if any 1.05%H 
Expenses net of all reductions 1.02%H 
Net investment income (loss) 2.55%H 
Supplemental Data  
Net assets, end of period (000 omitted) $11,042 
Portfolio turnover rateI 180%H 

 A For the period February 1, 2017 (commencement of sale of shares) to April 30, 2017.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2017

1. Organization.

Fidelity Advisor International Capital Appreciation Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund commenced sale of Class Z shares on February 1, 2017. The Fund offers Class A, Class M (formerly Class T), Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

After the close of business on June 24, 2016, all outstanding Class B shares were converted to Class A shares. All prior fiscal period dollar and share amounts for Class B presented in the Notes to Financial Statements are for the period November 1, 2015 through June 24, 2016.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • 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)

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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2017, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), expiring capital loss carryforwards, capital loss carryforwards and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation $72,932,547 
Gross unrealized depreciation (2,967,396) 
Net unrealized appreciation (depreciation) on securities $69,965,151 
Tax cost $541,299,524 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration  
2017 $(23,967,872) 
No expiration  
Short-term (3,524,660) 
Total capital loss carryforward $(27,492,532) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital. In November 2016, the Board of Trustees approved the elimination of these redemption fees effective December 12, 2016.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $557,381,887 and $421,396,832, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/-.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Class I of the Fund as compared to its benchmark index, the MSCI All Country World ex USA Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .79% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution
Fee 
Service
Fee 
Total Fees Retained
by FDC 
Class A -% .25% $151,791 $7,149 
Class M .25% .25% 154,498 1,417 
Class C .75% .25% 223,944 68,606 
   $530,233 $77,172 

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M, and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

 Retained
by FDC 
Class A $30,997 
Class M 4,569 
Class C(a) 2,951 
 $38,517 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each applicable class were as follows:

 Amount % of
Class-Level Average
Net Assets(a) 
Class A $134,580 .22 
Class M 72,437 .23 
Class C 53,265 .24 
Class I 222,713 .18 
Class Z 197 .05 
 $483,192  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $3,137 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $6,374,000 1.09% $192 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $748 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $47,231. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

The investment adviser contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2018. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.

The following class was in reimbursement during the period:

 Expense
Limitations 
Reimbursement 
Class Z 1.05% $99 

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $83,056 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's expenses by $53.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $1,913.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2017 
Year ended October 31, 2016 
From net investment income   
Class A $139,469 $45,965 
Class I 730,161 191,914 
Total $869,630 $237,879 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2017(a) 
Year ended October 31, 2016 Six months ended
April 30, 2017(a) 
Year ended October 31, 2016 
Class A     
Shares sold 2,352,593 4,095,510 $35,694,186 $63,002,207 
Reinvestment of distributions 9,091 2,811 132,363 43,093 
Shares redeemed (3,973,111) (1,626,397) (60,953,999) (24,751,730) 
Net increase (decrease) (1,611,427) 2,471,924 $(25,127,450) $38,293,570 
Class M     
Shares sold 408,794 1,069,249 $6,085,789 $15,880,617 
Shares redeemed (523,813) (891,336) (7,755,860) (13,215,276) 
Net increase (decrease) (115,019) 177,913 $(1,670,071) $2,665,341 
Class B     
Shares sold – 3,366 $– $43,844 
Shares redeemed – (80,538) – (1,078,498) 
Net increase (decrease) – (77,172) $– $(1,034,654) 
Class C     
Shares sold 973,940 1,105,103 $13,381,421 $15,192,809 
Shares redeemed (446,296) (672,432) (6,000,308) (9,064,572) 
Net increase (decrease) 527,644 432,671 $7,381,113 $6,128,237 
Class I     
Shares sold 13,331,892 8,832,886 $217,747,167 $145,687,165 
Reinvestment of distributions 38,510 8,426 597,293 137,601 
Shares redeemed (3,834,375) (2,884,117) (62,404,805) (45,318,901) 
Net increase (decrease) 9,536,027 5,957,195 $155,939,655 $100,505,865 
Class Z     
Shares sold 615,602 – $10,655,997 $– 
Shares redeemed (392) – (6,959) – 
Net increase (decrease) 615,210 – $10,649,038 $– 

 (a) Share transactions for Class Z are for the period February 1, 2017 (commencement of sale of shares) to April 30, 2017.


11. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2016 to April 30, 2017) for Class A, Class M, Class C, and Class I and for the period (February 1, 2017 to April 30, 2017) for Class Z. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (November 1, 2016 to April 30, 2017).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value 
Ending
Account Value
April 30, 2017 
Expenses Paid
During Period
 
Class A 1.42%    
Actual  $1,000.00 $1,103.40 $7.41-B 
Hypothetical-C  $1,000.00 $1,017.75 $7.10-D 
Class M 1.68%    
Actual  $1,000.00 $1,101.90 $8.76-B 
Hypothetical-C  $1,000.00 $1,016.46 $8.40-D 
Class C 2.18%    
Actual  $1,000.00 $1,099.20 $11.35-B 
Hypothetical-C  $1,000.00 $1,013.98 $10.89-D 
Class I 1.12%    
Actual  $1,000.00 $1,104.70 $5.84-B 
Hypothetical-C  $1,000.00 $1,019.24 $5.61-D 
Class Z 1.05%    
Actual  $1,000.00 $1,106.70 $2.70-B 
Hypothetical-C  $1,000.00 $1,019.59 $5.26-D 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Actual expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period) for Class A, Class M, Class C and Class I and multiplied by 89/365 (to reflect the period February 1, 2017 to April 30, 2017) for Class Z.

 C 5% return per year before expenses

 D Hypothetical expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).






Fidelity Investments

AICAP-SANN-0617
1.703428.119


Fidelity Advisor® Global Capital Appreciation Fund
Class A, Class M (formerly Class T), Class C and Class I



Semi-Annual Report

April 30, 2017




Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

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Investment Summary (Unaudited)

Top Five Stocks as of April 30, 2017

 % of fund's net assets % of fund's net assets 6 months ago 
Bank of America Corp. (United States of America, Banks) 1.3 0.4 
Alphabet, Inc. Class A (United States of America, Internet Software & Services) 1.2 2.1 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 1.2 0.0 
Wells Fargo & Co. (United States of America, Banks) 1.1 0.0 
Sanofi SA (France, Pharmaceuticals) 1.0 0.6 
 5.8  

Top Five Market Sectors as of April 30, 2017

 % of fund's net assets % of fund's net assets 6 months ago 
Information Technology 21.0 25.1 
Health Care 17.7 16.1 
Financials 17.7 11.9 
Consumer Discretionary 12.2 11.0 
Industrials 11.9 15.4 

Top Five Countries as of April 30, 2017

(excluding cash equivalents) % of fund's net assets % of fund's net assets 6 months ago 
United States of America 44.5 44.9 
United Kingdom 7.5 3.3 
Japan 4.5 4.5 
India 4.2 4.2 
Cayman Islands 3.4 2.8 

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation (% of fund's net assets)

As of April 30, 2017 
   Stocks 99.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.7% 


As of October 31, 2016 
   Stocks 97.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 2.7% 


Percentages shown as 0.0% may reflect amounts less than 0.05%.

Investments April 30, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%   
 Shares Value 
Australia - 0.4%   
Beacon Lighting Group Ltd. 195,795 $263,900 
Corporate Travel Management Ltd. 18,017 274,679 
Imdex Ltd. (a) 123,163 57,179 
TOTAL AUSTRALIA  595,758 
Austria - 0.4%   
CA Immobilien Anlagen AG 20,200 442,608 
IMMOFINANZ Immobilien Anlagen AG 46,100 95,914 
TOTAL AUSTRIA  538,522 
Bailiwick of Jersey - 0.3%   
WNS Holdings Ltd. sponsored ADR (a) 11,600 371,432 
Bermuda - 1.9%   
Beijing Enterprises Water Group Ltd. 442,000 338,673 
BW LPG Ltd. 6,900 30,385 
Credicorp Ltd. (United States) 1,000 153,660 
Essent Group Ltd. (a) 25,400 940,054 
Genpact Ltd. 14,000 341,880 
Great Eagle Holdings Ltd. 29,190 144,855 
Tai Cheung Holdings Ltd. 483,000 454,539 
Tai Fook Securities Group Ltd. 599,000 324,976 
TOTAL BERMUDA  2,729,022 
Brazil - 1.5%   
BR Malls Participacoes SA 58,200 257,624 
BTG Pactual Participations Ltd. unit 27,800 162,821 
Construtora Tenda SA (a) 13,592 34,815 
Construtora Tenda SA rights (a) 15,740 40,316 
CVC Brasil Operadora e Agencia de Viagens SA 26,100 254,582 
Direcional Engenharia SA 57,600 110,698 
Fleury SA 15,400 254,819 
Gafisa SA 13,592 77,894 
M. Dias Branco SA 30,600 469,790 
MRV Engenharia e Participacoes SA 56,500 283,742 
Natura Cosmeticos SA 3,700 35,263 
Sul America SA unit 29,364 155,329 
TOTAL BRAZIL  2,137,693 
Canada - 2.4%   
Air Canada (a) 14,900 141,790 
Constellation Software, Inc. 700 320,158 
Gluskin Sheff + Associates, Inc. 14,900 185,343 
Lions Gate Entertainment Corp.:   
Class A 3,750 98,138 
Class B (a) 3,750 89,438 
Open Text Corp. 7,300 253,111 
Pason Systems, Inc. 4,300 63,852 
People Corp. (a) 150,000 582,396 
PrairieSky Royalty Ltd. 15,800 344,346 
Premium Brands Holdings Corp. 10,400 650,948 
Suncor Energy, Inc. 18,500 579,781 
Tahoe Resources, Inc. 17,100 138,549 
TOTAL CANADA  3,447,850 
Cayman Islands - 3.4%   
Airtac International Group 23,000 262,548 
China Medical System Holdings Ltd. 196,000 338,663 
ChinaSoft International Ltd. 628,000 377,849 
Geely Automobile Holdings Ltd. 180,000 242,982 
Greatview Aseptic Pack Co. Ltd. 190,000 98,440 
Kingsoft Corp. Ltd. 127,000 362,468 
Minth Group Ltd. 84,000 312,097 
New Oriental Education & Technology Group, Inc. sponsored ADR (a) 8,800 567,952 
Nexteer Auto Group Ltd. 237,000 369,287 
Silergy Corp. 25,000 451,643 
Sunny Optical Technology Group Co. Ltd. 43,000 353,803 
Theravance Biopharma, Inc. (a) 9,900 399,267 
Tongda Group Holdings Ltd. 820,000 322,588 
Xinyi Glass Holdings Ltd. 318,000 282,091 
TOTAL CAYMAN ISLANDS  4,741,678 
China - 2.3%   
Air China Ltd. (H Shares) 412,000 364,946 
Bank of China Ltd. (H Shares) 946,000 458,506 
Beijing Urban Consolidated & Development Group Ltd. (H Shares) 400,000 243,754 
China Construction Bank Corp. (H Shares) 833,000 676,822 
Guangzhou Automobile Group Co. Ltd. (H Shares) 158,000 245,785 
Huaneng Renewables Corp. Ltd. (H Shares) 616,000 215,408 
Industrial & Commercial Bank of China Ltd. (H Shares) 1,010,000 659,626 
Kweichow Moutai Co. Ltd. (A Shares) 6,781 406,732 
TOTAL CHINA  3,271,579 
Colombia - 0.2%   
Interconexion Electrica SA ESP 67,745 268,493 
France - 3.3%   
bioMerieux SA 1,700 339,900 
Compagnie Plastic Omnium 9,400 367,698 
Criteo SA sponsored ADR (a) 200 10,878 
Danone SA 2,400 167,966 
Ipsen SA 5,000 581,959 
Kering SA 900 278,964 
Maisons du Monde SA 6,600 229,054 
Sanofi SA 15,810 1,493,948 
SEB SA 2,300 370,798 
SR Teleperformance SA 3,600 452,343 
Valeo SA 5,300 381,037 
TOTAL FRANCE  4,674,545 
Germany - 3.0%   
BAUER AG 14,200 249,500 
Bayer AG 7,300 903,252 
Deutsche Borse AG 10,800 1,057,035 
GEA Group AG 12,394 527,071 
Infineon Technologies AG 19,500 403,057 
KION Group AG 8,400 569,046 
MLP AG 22,600 142,465 
Wirecard AG (b) 6,400 377,926 
TOTAL GERMANY  4,229,352 
Greece - 0.4%   
Motor Oil (HELLAS) Corinth Refineries SA 21,300 361,257 
Mytilineos Holdings SA (a) 23,600 177,639 
TOTAL GREECE  538,896 
Hong Kong - 0.5%   
CSPC Pharmaceutical Group Ltd. 208,000 288,802 
Sino Land Ltd. 216,705 367,195 
TOTAL HONG KONG  655,997 
India - 4.2%   
AIA Engineering Ltd. (a) 11,834 277,397 
Alkem Laboratories Ltd. 8,703 266,870 
Bajaj Finserv Ltd. (a) 4,605 327,747 
Bharat Heavy Electricals Ltd. 67,187 183,617 
Can Finance Homes Ltd. 8,382 341,232 
Dewan Housing Finance Corp. Ltd. (a) 64,843 430,421 
Gujarat Gas Ltd. (a) 22,748 298,866 
HDFC Bank Ltd. 11,042 269,556 
Indiabulls Housing Finance Ltd. 25,609 405,087 
Indraprastha Gas Ltd. 10,490 172,582 
JSW Steel Ltd. (a) 88,315 273,366 
Motherson Sumi Systems Ltd. 57,205 357,031 
Natco Pharma Ltd. 20,726 297,866 
Petronet LNG Ltd. 52,447 345,690 
Power Grid Corp. of India Ltd. 77,505 250,755 
Reliance Industries Ltd. 38,283 830,805 
UPL Ltd. (a) 20,958 262,798 
Yes Bank Ltd. (a) 12,255 310,759 
TOTAL INDIA  5,902,445 
Indonesia - 0.7%   
PT Bank Bukopin Tbk 3,038,400 143,611 
PT Bank Negara Indonesia (Persero) Tbk 551,900 263,963 
PT Bank Rakyat Indonesia Tbk 212,300 205,467 
PT Bank Tabungan Negara Tbk 1,606,000 277,125 
PT Sumber Alfaria Trijaya Tbk 3,980,400 170,217 
TOTAL INDONESIA  1,060,383 
Ireland - 2.6%   
Adient PLC 401 29,498 
Allergan PLC 5,600 1,365,616 
C&C Group PLC 117,200 483,471 
Jazz Pharmaceuticals PLC (a) 6,100 971,608 
Kerry Group PLC Class A 1,200 98,063 
Medtronic PLC 8,900 739,501 
TOTAL IRELAND  3,687,757 
Israel - 0.5%   
Ituran Location & Control Ltd. 8,100 253,530 
SodaStream International Ltd. (a) 8,400 456,876 
TOTAL ISRAEL  710,406 
Italy - 1.4%   
Amplifon SpA 29,600 377,569 
Immobiliare Grande Distribuzione SpA 205,800 184,274 
Mediaset SpA 34,100 139,443 
Moncler SpA 16,200 399,873 
Recordati SpA 10,400 385,290 
Technogym SpA 59,600 464,519 
TOTAL ITALY  1,950,968 
Japan - 4.5%   
Astellas Pharma, Inc. 67,500 890,130 
Bank of Kyoto Ltd. 44,000 348,132 
Benefit One, Inc. 5,500 167,997 
Broadleaf Co. Ltd. 36,200 234,784 
en-japan, Inc. 16,100 357,746 
FJ Next Co. Ltd. 41,000 349,773 
Hirata Corp. 4,100 323,660 
Hokuriku Electrical Construction Co. Ltd. 30,300 235,387 
JK Holdings Co. Ltd. 16,200 96,641 
Koshidaka Holdings Co. Ltd. 15,200 375,381 
Monex Group, Inc. 148,300 371,166 
NOF Corp. 60,000 676,026 
Recruit Holdings Co. Ltd. 3,600 181,817 
Sakai Heavy Industries Ltd. 36,000 98,820 
Sanei Architecture Planning Co. Ltd. 700 9,608 
Seikitokyu Kogyo Co. Ltd. 67,600 363,848 
Start Today Co. Ltd. 16,900 360,816 
Suzuki Motor Corp. 11,400 475,737 
Tokyo Electron Ltd. 2,500 290,760 
Zenkoku Hosho Co. Ltd. 5,400 195,219 
TOTAL JAPAN  6,403,448 
Kenya - 0.2%   
Safaricom Ltd. 1,529,100 285,225 
Korea (South) - 1.8%   
Advanced Process Systems Corp. (a) 5,936 271,858 
Hyundai Fire & Marine Insurance Co. Ltd. 15,267 492,527 
Koh Young Technology, Inc. 6,801 321,039 
Samsung Electronics Co. Ltd. 487 955,078 
SFA Engineering Corp. 3,820 262,591 
SK Materials Co., Ltd. 1,601 248,256 
TOTAL KOREA (SOUTH)  2,551,349 
Luxembourg - 0.6%   
Aperam 6,500 327,258 
Stabilus SA 8,100 586,663 
TOTAL LUXEMBOURG  913,921 
Malaysia - 0.1%   
Press Metal Bhd 314,500 212,275 
Mexico - 0.2%   
CEMEX S.A.B. de CV unit 274,700 252,735 
Netherlands - 1.8%   
Heijmans NV (Certificaten Van Aandelen) (a)(b) 19,200 147,929 
Koninklijke Philips Electronics NV 33,900 1,170,651 
LyondellBasell Industries NV Class A 13,300 1,127,308 
Nsi NV (b) 35,061 148,032 
TOTAL NETHERLANDS  2,593,920 
New Zealand - 0.3%   
Ryman Healthcare Group Ltd. 16,616 98,456 
The a2 Milk Co. Ltd. (a) 131,616 305,442 
TOTAL NEW ZEALAND  403,898 
Norway - 0.3%   
Borregaard ASA 32,400 364,151 
Epic Gas Ltd. (a) 5,100 8,910 
TOTAL NORWAY  373,061 
Panama - 0.5%   
Copa Holdings SA Class A 5,900 686,878 
Philippines - 0.3%   
D&L Industries, Inc. 581,000 148,287 
Semirara Mining & Power Corp. 91,330 271,341 
TOTAL PHILIPPINES  419,628 
Poland - 0.1%   
NG2 SA 2,900 167,756 
Singapore - 0.8%   
China Aviation Oil Singapore Corp. Ltd. (a) 290,500 336,836 
Wing Tai Holdings Ltd. 551,800 746,450 
TOTAL SINGAPORE  1,083,286 
South Africa - 0.9%   
Advtech Ltd. 210,400 300,712 
KAP Industrial Holdings Ltd. 374,700 262,721 
Naspers Ltd. Class N 3,400 646,515 
TOTAL SOUTH AFRICA  1,209,948 
Sweden - 0.3%   
Evolution Gaming Group AB 8,700 384,056 
Switzerland - 2.1%   
Chubb Ltd. 2,700 370,575 
EDAG Engineering Group AG 10,100 186,428 
Komax Holding AG (Reg.) 1,149 306,592 
Roche Holding AG (participation certificate)  6,265 1,639,328 
Temenos Group AG 4,650 402,611 
TOTAL SWITZERLAND  2,905,534 
Taiwan - 2.0%   
Accton Technology Corp. 127,000 287,844 
ASMedia Technology, Inc. 20,000 207,127 
Chroma ATE, Inc. 142,000 443,530 
Largan Precision Co. Ltd. 4,000 663,733 
Powertech Technology, Inc. 87,000 272,604 
Taiwan Semiconductor Manufacturing Co. Ltd. 140,000 900,314 
TOTAL TAIWAN  2,775,152 
Thailand - 0.1%   
Kasikornbank PCL (For. Reg.) 16,500 88,223 
MC Group PCL 11,400 6,095 
TOTAL THAILAND  94,318 
Turkey - 0.6%   
Selcuk Ecza Deposu Tic A/S 226,000 230,330 
Soda Sanayii AS 206,000 371,756 
Turkiye Halk Bankasi A/S 45,000 149,242 
Turkiye Is Bankasi A/S Series C 83,000 163,806 
TOTAL TURKEY  915,134 
United Kingdom - 7.5%   
Aggreko PLC 15,100 173,573 
Alliance Pharma PLC 567,026 348,846 
AstraZeneca PLC (United Kingdom) 10,605 635,127 
Booker Group PLC 140,300 352,530 
CVS Group PLC 25,100 427,500 
Direct Line Insurance Group PLC 86,100 389,416 
Ensco PLC Class A 73,900 583,071 
GW Pharmaceuticals PLC ADR (a) 800 94,984 
John David Group PLC 61,200 352,735 
Just Eat Holding Ltd. (a) 46,200 345,267 
Lloyds Banking Group PLC 833,400 748,832 
Metro Bank PLC (a) 2,200 100,557 
Micro Focus International PLC 32,700 1,096,097 
Moneysupermarket.com Group PLC 38,900 174,276 
NMC Health PLC 18,800 483,830 
Rentokil Initial PLC 111,300 358,948 
Safestore Holdings PLC 95,058 498,632 
Senior Engineering Group PLC 134,200 372,661 
Smart Metering Systems PLC (b) 45,900 328,162 
Smiths Group PLC 51,400 1,091,802 
Spire Healthcare Group PLC 156,709 685,834 
Tesco PLC (a) 177,400 421,008 
U & I Group PLC 26,800 65,952 
Volution Group PLC 144,900 367,842 
Zpg PLC 27,500 131,787 
TOTAL UNITED KINGDOM  10,629,269 
United States of America - 44.5%   
Abbott Laboratories 16,500 720,060 
Abraxas Petroleum Corp. (a) 222,200 415,514 
Achaogen, Inc. (a) 3,200 77,056 
Adobe Systems, Inc. (a) 1,100 147,114 
Aetna, Inc. 4,600 621,322 
Affiliated Managers Group, Inc. 2,100 347,739 
Air Lease Corp. Class A 4,100 156,374 
Akamai Technologies, Inc. (a) 6,100 371,734 
Alamo Group, Inc. 1,600 126,496 
Albemarle Corp. U.S. 6,400 697,024 
Alexion Pharmaceuticals, Inc. (a) 5,600 715,568 
Alphabet, Inc.:   
Class A (a) 1,800 1,664,136 
Class C (a) 1,359 1,231,200 
AMAG Pharmaceuticals, Inc. (a) 6,600 161,040 
American International Group, Inc. 6,800 414,188 
Amgen, Inc. 8,800 1,437,216 
Anadarko Petroleum Corp. 4,300 245,186 
Apache Corp. 8,100 393,984 
Apple, Inc. 9,600 1,379,040 
Applied Materials, Inc. 10,600 430,466 
Argan, Inc. 1,100 73,535 
Arista Networks, Inc. (a) 1,300 181,532 
Avexis, Inc. (a) 7,600 611,800 
Avnet, Inc. 5,400 208,926 
Baker Hughes, Inc. 4,300 255,291 
Bank of America Corp. 79,800 1,862,522 
Bank of New York Mellon Corp. 10,700 503,542 
Bank of the Ozarks, Inc. 1,800 85,446 
Bankwell Financial Group, Inc. 2,900 104,806 
Belden, Inc. 7,500 522,750 
BioMarin Pharmaceutical, Inc. (a) 2,300 220,432 
Bioverativ, Inc. 1,500 88,215 
Bojangles', Inc. (a) 20,100 441,195 
Calpine Corp. (a) 96,200 981,240 
Capital One Financial Corp. 8,400 675,192 
Catalent, Inc. (a) 20,100 588,528 
CDK Global, Inc. 3,500 227,535 
CDW Corp. 4,100 242,269 
CF Industries Holdings, Inc. 11,800 315,532 
China Biologic Products, Inc. (a) 1,900 224,200 
Cigna Corp. 7,500 1,172,775 
CIT Group, Inc. 22,800 1,055,868 
Citigroup, Inc. 18,000 1,064,160 
Cognizant Technology Solutions Corp. Class A (a) 4,900 295,127 
Coherent, Inc. (a) 1,000 215,600 
Colfax Corp. (a) 9,600 388,512 
Cree, Inc. (a) 10,300 225,364 
CSRA, Inc. 15,900 462,372 
Cummins, Inc. 1,500 226,410 
Del Taco Restaurants, Inc. (a) 24,800 326,120 
DineEquity, Inc. 13,200 746,328 
Discover Financial Services 3,800 237,842 
Dun & Bradstreet Corp. 3,400 372,674 
Eastman Chemical Co. 8,300 661,925 
Electronic Arts, Inc. (a) 11,000 1,043,020 
Facebook, Inc. Class A (a) 8,000 1,202,000 
Fair Isaac Corp. 3,600 487,728 
FCB Financial Holdings, Inc. Class A (a) 2,000 94,500 
Federated National Holding Co. 5,500 88,440 
FedEx Corp. 6,200 1,176,140 
First Republic Bank 8,600 795,156 
FleetCor Technologies, Inc. (a) 3,700 522,218 
G-III Apparel Group Ltd. (a) 15,500 367,350 
Goldman Sachs Group, Inc. 4,200 939,960 
Graphic Packaging Holding Co. 19,500 264,810 
Great Southern Bancorp, Inc. 1,900 95,285 
H.B. Fuller Co. 4,700 248,301 
Halliburton Co. 10,100 463,388 
HD Supply Holdings, Inc. (a) 6,300 253,890 
Heartland Financial U.S.A., Inc. 1,900 91,200 
Hill-Rom Holdings, Inc. 2,800 211,792 
Hostess Brands, Inc. Class A (a) 40,900 701,026 
Houghton Mifflin Harcourt Co. (a) 6,500 74,750 
Humana, Inc. 1,700 377,366 
Huntington Bancshares, Inc. 1,507 19,380 
Inphi Corp. (a)(b) 5,100 211,242 
Intercept Pharmaceuticals, Inc. (a) 300 33,705 
iRobot Corp. (a)(b) 8,900 709,686 
Ironwood Pharmaceuticals, Inc. Class A (a) 5,400 88,128 
Jabil Circuit, Inc. 35,300 1,024,406 
Johnson & Johnson 1,200 148,164 
KBR, Inc. 35,100 493,155 
Keysight Technologies, Inc. (a) 7,200 269,496 
KLA-Tencor Corp. 1,700 166,974 
Ladder Capital Corp. Class A 5,594 81,840 
Lakeland Financial Corp. 6,850 312,771 
Las Vegas Sands Corp. 2,100 123,879 
Lennox International, Inc. 2,000 330,780 
M&T Bank Corp. 1,500 233,115 
Malibu Boats, Inc. Class A (a) 40,500 933,120 
MasTec, Inc. (a) 5,700 251,655 
Matrix Service Co. (a) 32,200 378,350 
McKesson Corp. 6,200 857,398 
Microchip Technology, Inc. 1,759 132,945 
Micron Technology, Inc. (a) 12,500 345,875 
MRC Global, Inc. (a) 7,000 127,610 
Neurocrine Biosciences, Inc. (a) 2,600 138,840 
NMI Holdings, Inc. (a) 8,600 99,760 
NVIDIA Corp. 3,200 333,760 
Oaktree Capital Group LLC Class A 1,500 70,500 
Papa Murphy's Holdings, Inc. (a)(b) 9,700 47,336 
PayPal Holdings, Inc. (a) 26,100 1,245,492 
Pfizer, Inc. 10,200 345,984 
Planet Payment, Inc. (a) 129,964 541,950 
PRA Health Sciences, Inc. (a) 3,900 249,444 
Praxair, Inc. 1,500 187,470 
Priceline Group, Inc. (a) 400 738,728 
Procter & Gamble Co. 1,800 157,194 
PulteGroup, Inc. 26,200 593,954 
PVH Corp. 1,800 181,854 
Qualcomm, Inc. 21,000 1,128,540 
Radian Group, Inc. 14,900 251,512 
Radius Health, Inc. (a) 2,300 89,861 
Regal Beloit Corp. 6,000 473,100 
Regeneron Pharmaceuticals, Inc. (a) 1,200 466,188 
REGENXBIO, Inc. (a) 14,900 311,410 
Reinsurance Group of America, Inc. 1,700 212,568 
Rexnord Corp. (a) 7,400 180,560 
Semtech Corp. (a) 16,200 553,230 
SLM Corp. (a) 65,500 821,370 
SM Energy Co. 14,700 332,073 
Southern First Bancshares, Inc. (a) 2,900 97,730 
State National Companies, Inc. 6,700 98,289 
Stifel Financial Corp. (a) 5,100 249,237 
Tenneco, Inc. 3,000 189,090 
TESARO, Inc. (a) 400 59,036 
The AES Corp. 33,900 383,409 
The Chemours Co. LLC 25,300 1,019,337 
The Mosaic Co. 35,400 953,322 
TherapeuticsMD, Inc. (a) 9,800 49,980 
TriMas Corp. (a) 16,600 380,970 
Ultragenyx Pharmaceutical, Inc. (a) 800 51,512 
UMB Financial Corp. 5,300 384,197 
Umpqua Holdings Corp. 5,400 95,418 
UnitedHealth Group, Inc. 2,700 472,176 
Virtusa Corp. (a) 11,400 353,172 
Wabtec Corp. (b) 1,500 125,835 
Wells Fargo & Co. 29,800 1,604,432 
WESCO International, Inc. (a) 3,700 225,515 
Western Digital Corp. 5,700 507,699 
WestRock Co. 4,600 246,376 
World Fuel Services Corp. 5,200 191,516 
Wyndham Worldwide Corp. 3,100 295,461 
Yum China Holdings, Inc. 14,500 494,740 
Yum! Brands, Inc. 1,800 118,350 
TOTAL UNITED STATES OF AMERICA  62,789,493 
TOTAL COMMON STOCKS   
(Cost $122,419,506)  139,563,060 
Nonconvertible Preferred Stocks - 0.4%   
Brazil - 0.2%   
Banco ABC Brasil SA 31,197 175,149 
Banco do Estado Rio Grande do Sul SA 40,200 179,973 
TOTAL BRAZIL  355,122 
Chile - 0.2%   
Sociedad Quimica y Minera de Chile SA (PN-B) 7,039 248,873 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $488,490)  603,995 
 Principal Amount(c) Value 
Nonconvertible Bonds - 0.0%   
Canada - 0.0%   
Constellation Software, Inc. 7.9% 3/31/40 (d) CAD5,600 4,770 
(Cost $4,780)   
 Shares Value 
Money Market Funds - 1.0%   
Fidelity Cash Central Fund, 0.85% (e) 3,359 3,359 
Fidelity Securities Lending Cash Central Fund 0.86% (e)(f) 1,313,116 1,313,248 
TOTAL MONEY MARKET FUNDS   
(Cost $1,316,587)  1,316,607 
TOTAL INVESTMENT PORTFOLIO - 100.3%   
(Cost $124,229,363)  141,488,432 
NET OTHER ASSETS (LIABILITIES) - (0.3)%  (372,026) 
NET ASSETS - 100%  $141,116,406 

Currency Abbreviations

CAD – Canadian dollar

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

Legend

 (a) Non-income producing

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

 (c) Amount is stated in United States dollars unless otherwise noted.

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

 (e) Affiliated fund that is generally 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.

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


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 $5,665 
Fidelity Securities Lending Cash Central Fund 10,767 
Total $16,432 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2017, 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 below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $17,020,740 $16,299,094 $721,646 $-- 
Consumer Staples 4,419,650 3,830,676 588,974 -- 
Energy 6,431,576 6,431,576 -- -- 
Financials 24,840,602 23,822,214 1,018,388 -- 
Health Care 25,040,276 19,478,491 5,561,785 -- 
Industrials 16,747,434 15,576,783 1,170,651 -- 
Information Technology 29,664,697 28,361,326 1,303,371 -- 
Materials 9,401,354 9,401,354 -- -- 
Real Estate 3,406,075 3,406,075 -- -- 
Telecommunication Services 285,225 285,225 -- -- 
Utilities 2,909,426 2,909,426 -- -- 
Corporate Bonds 4,770 -- 4,770 -- 
Money Market Funds 1,316,607 1,316,607 -- -- 
Total Investments in Securities: $141,488,432 $131,118,847 $10,369,585 $-- 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2017 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $1,260,533) — See accompanying schedule:
Unaffiliated issuers (cost $122,912,776) 
$140,171,825  
Fidelity Central Funds (cost $1,316,587) 1,316,607  
Total Investments (cost $124,229,363)  $141,488,432 
Foreign currency held at value (cost $324,653)  325,156 
Receivable for investments sold  1,473,519 
Receivable for fund shares sold  140,934 
Dividends receivable  183,669 
Interest receivable  28 
Distributions receivable from Fidelity Central Funds  2,250 
Prepaid expenses  91 
Receivable from investment adviser for expense reductions  5,341 
Other receivables  59,759 
Total assets  143,679,179 
Liabilities   
Payable for investments purchased $930,469  
Payable for fund shares redeemed 113,794  
Accrued management fee 90,130  
Distribution and service plan fees payable 34,242  
Other affiliated payables 27,458  
Other payables and accrued expenses 53,470  
Collateral on securities loaned 1,313,210  
Total liabilities  2,562,773 
Net Assets  $141,116,406 
Net Assets consist of:   
Paid in capital  $115,502,319 
Accumulated net investment loss  (30,197) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  8,407,356 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  17,236,928 
Net Assets  $141,116,406 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($36,213,787 ÷ 2,033,144 shares)  $17.81 
Maximum offering price per share (100/94.25 of $17.81)  $18.90 
Class M:   
Net Asset Value and redemption price per share ($22,773,798 ÷ 1,331,806 shares)  $17.10 
Maximum offering price per share (100/96.50 of $17.10)  $17.72 
Class C:   
Net Asset Value and offering price per share ($21,472,223 ÷ 1,374,621 shares)(a)  $15.62 
Class I:   
Net Asset Value, offering price and redemption price per share ($60,656,598 ÷ 3,257,019 shares)  $18.62 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.


See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2017 (Unaudited) 
Investment Income   
Dividends  $1,012,257 
Income from Fidelity Central Funds  16,432 
Income before foreign taxes withheld  1,028,689 
Less foreign taxes withheld  (55,903) 
Total income  972,786 
Expenses   
Management fee   
Basic fee $476,422  
Performance adjustment 41,883  
Transfer agent fees 140,817  
Distribution and service plan fees 202,761  
Accounting and security lending fees 26,710  
Custodian fees and expenses 56,166  
Independent trustees' fees and expenses 280  
Registration fees 48,062  
Audit 41,842  
Legal 2,194  
Interest 331  
Miscellaneous 549  
Total expenses before reductions 1,038,017  
Expense reductions (35,113) 1,002,904 
Net investment income (loss)  (30,118) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 8,873,487  
Fidelity Central Funds (484)  
Foreign currency transactions (45,984)  
Total net realized gain (loss)  8,827,019 
Change in net unrealized appreciation (depreciation) on:
Investment securities 
5,694,177  
Assets and liabilities in foreign currencies 7,794  
Total change in net unrealized appreciation (depreciation)  5,701,971 
Net gain (loss)  14,528,990 
Net increase (decrease) in net assets resulting from operations  $14,498,872 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2017 (Unaudited) Year ended October 31, 2016 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(30,118) $(97,803) 
Net realized gain (loss) 8,827,019 1,522,123 
Change in net unrealized appreciation (depreciation) 5,701,971 1,536,727 
Net increase (decrease) in net assets resulting from operations 14,498,872 2,961,047 
Distributions to shareholders from net realized gain (1,458,279) (833,839) 
Share transactions - net increase (decrease) (9,843,620) (10,637,172) 
Redemption fees 1,937 511 
Total increase (decrease) in net assets 3,198,910 (8,509,453) 
Net Assets   
Beginning of period 137,917,496 146,426,949 
End of period $141,116,406 $137,917,496 
Other Information   
Accumulated net investment loss end of period $(30,197) $(79) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Global Capital Appreciation Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2017 2016 2015 2014 2013 2012 
Selected Per–Share Data       
Net asset value, beginning of period $16.18 $15.89 $15.32 $13.64 $10.40 $9.57 
Income from Investment Operations       
Net investment income (loss)A B B (.01) .01 .04 .02 
Net realized and unrealized gain (loss) 1.80 .38 .58 1.76 3.20 .81 
Total from investment operations 1.80 .38 .57 1.77 3.24 .83 
Distributions from net investment income – – – (.02) – – 
Distributions from net realized gain (.17) (.09) – (.06) – – 
Total distributions (.17) (.09) – (.09)C – – 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $17.81 $16.18 $15.89 $15.32 $13.64 $10.40 
Total ReturnD,E,F 11.19% 2.39% 3.72% 13.03% 31.15% 8.67% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.49%I 1.55% 1.57% 1.62% 1.38% 1.43% 
Expenses net of fee waivers, if any 1.45%I 1.45% 1.45% 1.45% 1.38% 1.43% 
Expenses net of all reductions 1.43%I 1.44% 1.44% 1.45% 1.35% 1.40% 
Net investment income (loss) .01%I (.02)% (.07)% .07% .33% .22% 
Supplemental Data       
Net assets, end of period (000 omitted) $36,214 $39,565 $41,225 $35,987 $33,694 $26,961 
Portfolio turnover rateJ 175%I 122% 176% 249% 211% 155% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total distributions of $.09 per share is comprised of distributions from net investment income of $.024 and distributions from net realized gain of $.064 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Global Capital Appreciation Fund Class M

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2017 2016 2015 2014 2013 2012 
Selected Per–Share Data       
Net asset value, beginning of period $15.56 $15.32 $14.81 $13.19 $10.09 $9.31 
Income from Investment Operations       
Net investment income (loss)A (.02) (.04) (.05) (.03) B B 
Net realized and unrealized gain (loss) 1.73 .37 .56 1.71 3.10 .78 
Total from investment operations 1.71 .33 .51 1.68 3.10 .78 
Distributions from net investment income – – – – – – 
Distributions from net realized gain (.17) (.09) – (.06) – – 
Total distributions (.17) (.09) – (.06) – – 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $17.10 $15.56 $15.32 $14.81 $13.19 $10.09 
Total ReturnC,D,E 11.06% 2.15% 3.44% 12.77% 30.72% 8.38% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.79%H 1.85% 1.89% 1.93% 1.68% 1.71% 
Expenses net of fee waivers, if any 1.70%H 1.70% 1.70% 1.70% 1.68% 1.70% 
Expenses net of all reductions 1.68%H 1.69% 1.69% 1.70% 1.64% 1.68% 
Net investment income (loss) (.26)%H (.27)% (.32)% (.17)% .04% (.05)% 
Supplemental Data       
Net assets, end of period (000 omitted) $22,774 $21,351 $24,017 $20,975 $19,193 $15,731 
Portfolio turnover rateI 175%H 122% 176% 249% 211% 155% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Global Capital Appreciation Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2017 2016 2015 2014 2013 2012 
Selected Per–Share Data       
Net asset value, beginning of period $14.26 $14.12 $13.72 $12.26 $9.41 $8.73 
Income from Investment Operations       
Net investment income (loss)A (.06) (.11) (.12) (.09) (.05) (.05) 
Net realized and unrealized gain (loss) 1.59 .34 .52 1.58 2.90 .73 
Total from investment operations 1.53 .23 .40 1.49 2.85 .68 
Distributions from net investment income – – – – – – 
Distributions from net realized gain (.17) (.09) – (.03) – – 
Total distributions (.17) (.09) – (.03) – – 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $15.62 $14.26 $14.12 $13.72 $12.26 $9.41 
Total ReturnC,D,E 10.80% 1.62% 2.92% 12.13% 30.29% 7.79% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.25%H 2.31% 2.34% 2.40% 2.16% 2.18% 
Expenses net of fee waivers, if any 2.20%H 2.20% 2.20% 2.20% 2.16% 2.18% 
Expenses net of all reductions 2.18%H 2.19% 2.19% 2.20% 2.13% 2.16% 
Net investment income (loss) (.76)%H (.77)% (.82)% (.67)% (.45)% (.53)% 
Supplemental Data       
Net assets, end of period (000 omitted) $21,472 $19,942 $21,186 $15,747 $13,055 $9,421 
Portfolio turnover rateI 175%H 122% 176% 249% 211% 155% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the contingent deferred sales charge.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Global Capital Appreciation Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2017 2016 2015 2014 2013 2012 
Selected Per–Share Data       
Net asset value, beginning of period $16.90 $16.55 $15.92 $14.18 $10.78 $9.88 
Income from Investment Operations       
Net investment income (loss)A .02 .04 .03 .05 .09 .06 
Net realized and unrealized gain (loss) 1.88 .40 .60 1.82 3.33 .84 
Total from investment operations 1.90 .44 .63 1.87 3.42 .90 
Distributions from net investment income – – – (.06) (.02) – 
Distributions from net realized gain (.18) (.09) – (.06) – – 
Total distributions (.18) (.09) – (.13)B (.02) – 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $18.62 $16.90 $16.55 $15.92 $14.18 $10.78 
Total ReturnD,E 11.34% 2.66% 3.96% 13.27% 31.74% 9.11% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.17%H 1.22% 1.26% 1.29% 1.02% 1.06% 
Expenses net of fee waivers, if any 1.17%H 1.20% 1.20% 1.20% 1.02% 1.06% 
Expenses net of all reductions 1.15%H 1.19% 1.19% 1.20% .99% 1.03% 
Net investment income (loss) .27%H .23% .18% .33% .69% .59% 
Supplemental Data       
Net assets, end of period (000 omitted) $60,657 $57,060 $59,117 $39,159 $30,153 $22,548 
Portfolio turnover rateI 175%H 122% 176% 249% 211% 155% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.13 per share is comprised of distributions from net investment income of $.064 and distributions from net realized gain of $.064 per share.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2017

1. Organization.

Fidelity Advisor Global Capital Appreciation Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M (formerly Class T), Class C, and Class I shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

After the close of business on June 24, 2016, all outstanding Class B shares were converted to Class A shares. All prior fiscal period dollar and share amounts for Class B presented in the Notes to Financial Statements are for the period November 1, 2015 through June 24, 2016.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • 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)

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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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. Corporate are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. 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. Debt securities 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2017 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation $20,088,524 
Gross unrealized depreciation (3,142,734) 
Net unrealized appreciation (depreciation) on securities $16,945,790 
Tax cost $124,542,642 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $117,613,529 and $126,202,289, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Class I of the Fund as compared to its benchmark index, the MSCI All Country World Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .76% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution
Fee 
Service
Fee 
Total Fees Retained
by FDC 
Class A -% .25% $47,365 $276 
Class M .25% .25% 54,132 141 
Class C .75% .25% 101,264 9,128 
   $202,761 $9,545 

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

 Retained
by FDC 
Class A $6,394 
Class M 1,532 
Class C(a) 271 
 $8,197 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of
Class-Level Average
Net Assets(a) 
Class A $43,277 .23 
Class M 29,287 .27 
Class C 23,724 .23 
Class I 44,529 .16 
 $140,817  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $1,509 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $3,571,000 .84% $331 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $234 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $10,767, including $374 from securities loaned to FCM.

8. Expense Reductions.

The investment adviser contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2017. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

 Expense
Limitations 
Reimbursement 
Class A 1.45% $8,253 
Class M 1.70% 9,048 
Class C 2.20% 4,867 
Class I 1.20% – 
  $22,168 

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $12,326 for the period. In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $619.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2017 
Year ended October 31, 2016 
From net realized gain   
Class A $395,545 $232,217 
Class M 223,752 141,812 
Class B – 5,345 
Class C 228,025 134,701 
Class I 610,957 319,764 
Total $1,458,279 $833,839 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended April 30, 2017 Year ended October 31, 2016 Six months ended April 30, 2017 Year ended October 31, 2016 
Class A     
Shares sold 191,093 424,077 $3,201,421 $6,551,819 
Reinvestment of distributions 23,639 14,077 385,077 225,941 
Shares redeemed (626,277) (588,244) (10,538,828) (9,156,861) 
Net increase (decrease) (411,545) (150,090) $(6,952,330) $(2,379,101) 
Class M     
Shares sold 91,025 156,974 $1,466,876 $2,365,833 
Reinvestment of distributions 14,110 9,033 220,961 139,646 
Shares redeemed (145,291) (361,862) (2,322,229) (5,311,002) 
Net increase (decrease) (40,156) (195,855) $(634,392) $(2,805,523) 
Class B     
Shares sold – 936 $– $12,842 
Reinvestment of distributions – 351 – 5,016 
Shares redeemed – (63,564) – (859,607) 
Net increase (decrease) – (62,277) $– $(841,749) 
Class C     
Shares sold 115,997 189,268 $1,709,431 $2,619,454 
Reinvestment of distributions 15,260 8,899 218,681 126,727 
Shares redeemed (154,637) (300,632) (2,258,044) (4,141,044) 
Net increase (decrease) (23,380) (102,465) $(329,932) $(1,394,863) 
Class I     
Shares sold 585,933 396,513 $10,385,609 $6,432,607 
Reinvestment of distributions 35,233 18,757 599,659 313,609 
Shares redeemed (739,918) (611,800) (12,912,234) (9,962,152) 
Net increase (decrease) (118,752) (196,530) $(1,926,966) $(3,215,936) 

11. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

At the end of the period, Strategic Advisers International II Fund was the owner of record of approximately 13% of the total outstanding shares of the Fund.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2016 to April 30, 2017).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2016 
Ending
Account Value
April 30, 2017 
Expenses Paid
During Period-B
November 1, 2016
to April 30, 2017 
Class A 1.45%    
Actual  $1,000.00 $1,111.90 $7.59 
Hypothetical-C  $1,000.00 $1,017.60 $7.25 
Class M 1.70%    
Actual  $1,000.00 $1,110.60 $8.90 
Hypothetical-C  $1,000.00 $1,016.36 $8.50 
Class C 2.20%    
Actual  $1,000.00 $1,108.00 $11.50 
Hypothetical-C  $1,000.00 $1,013.88 $10.99 
Class I 1.17%    
Actual  $1,000.00 $1,113.40 $6.13 
Hypothetical-C  $1,000.00 $1,018.99 $5.86 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

AGLO-SANN-0617
1.719689.118


Fidelity Advisor® Emerging Asia Fund
Class A, Class M (formerly Class T), Class C and Class I



Semi-Annual Report

April 30, 2017




Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2017 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2017

 % of fund's net assets % of fund's net assets 6 months ago 
Samsung Electronics Co. Ltd. 6.3 5.2 
Tencent Holdings Ltd. 6.3 5.4 
Taiwan Semiconductor Manufacturing Co. Ltd. 5.7 5.5 
Alibaba Group Holding Ltd. sponsored ADR 4.3 3.9 
AIA Group Ltd. 2.9 2.7 
China Construction Bank Corp. (H Shares) 2.1 2.1 
Hon Hai Precision Industry Co. Ltd. (Foxconn) 1.9 1.9 
Housing Development Finance Corp. Ltd. 1.7 1.5 
Reliance Industries Ltd. 1.6 1.2 
Kweichow Moutai Co. Ltd. (A Shares) 1.4 0.9 
 34.2  

Top Five Market Sectors as of April 30, 2017

 % of fund's net assets % of fund's net assets 6 months ago 
Information Technology 31.5 26.5 
Financials 17.7 17.6 
Consumer Discretionary 9.2 9.8 
Health Care 7.2 5.0 
Consumer Staples 7.2 6.9 

Asset Allocation (% of fund's net assets)

As of April 30, 2017 
   Stocks 98.8% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.2% 


As of October 31, 2016 
   Stocks 96.9% 
   Bonds 0.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 3.0% 


Investments April 30, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%   
 Shares Value 
Australia - 0.6%   
Beacon Lighting Group Ltd. 103,679 $139,743 
SpeedCast International Ltd. 221,575 632,138 
Woodside Petroleum Ltd. 25,856 623,036 
TOTAL AUSTRALIA  1,394,917 
Bermuda - 3.9%   
Brilliance China Automotive Holdings Ltd. 684,000 1,146,690 
Cheung Kong Infrastructure Holdings Ltd. 272,000 2,383,128 
Hongkong Land Holdings Ltd. 267,100 2,059,341 
Man Wah Holdings Ltd. 1,570,400 1,302,214 
PAX Global Technology Ltd. 515,000 319,129 
Tai Cheung Holdings Ltd. 700,000 658,752 
Vtech Holdings Ltd. 112,500 1,425,350 
TOTAL BERMUDA  9,294,604 
Cayman Islands - 17.6%   
Alibaba Group Holding Ltd. sponsored ADR (a) 88,700 10,244,850 
China State Construction International Holdings Ltd. 956,000 1,735,422 
Cogobuy Group (a) 288,000 414,689 
Ctrip.com International Ltd. ADR (a) 46,700 2,358,817 
Haitian International Holdings Ltd. 305,000 747,369 
International Housewares Retail Co. Ltd. 2,759,000 624,276 
JD.com, Inc. sponsored ADR (a) 76,200 2,672,334 
Lee's Pharmaceutical Holdings Ltd. 1,068,000 1,059,988 
Longfor Properties Co. Ltd. 913,500 1,583,110 
NetEase, Inc. ADR 8,100 2,149,659 
Silergy Corp. 63,000 1,138,140 
SITC International Holdings Co. Ltd. 1,369,000 980,327 
Tencent Holdings Ltd. 474,200 14,858,269 
Value Partners Group Ltd. 905,000 837,710 
Xingda International Holdings Ltd. 29,000 11,632 
Xinyi Glass Holdings Ltd. 430,000 381,443 
TOTAL CAYMAN ISLANDS  41,798,035 
China - 14.2%   
BBMG Corp. (H Shares) 1,565,000 839,002 
Beijing Jingneng Clean Energy Co. Ltd. (H Shares) 1,480,000 449,041 
Beijing Urban Consolidated & Development Group Ltd. (H Shares) 1,094,000 666,666 
China Construction Bank Corp. (H Shares) 6,223,000 5,056,260 
China Pacific Insurance (Group) Co. Ltd. (H Shares) 531,600 1,964,877 
China Telecom Corp. Ltd. (H Shares) 2,964,000 1,448,019 
Gree Electric Appliances, Inc. of Zhuhai Class A 507,100 2,427,548 
Hangzhou Hikvision Digital Technology Co. Ltd. Class A 453,499 2,405,811 
Huaneng Renewables Corp. Ltd. (H Shares) 2,148,000 751,131 
Inner Mongoli Yili Industries Co. Ltd. (A Shares) 436,001 1,154,911 
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) 394,804 3,071,493 
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. Class A 166,910 1,937,013 
Kweichow Moutai Co. Ltd. (A Shares) 53,883 3,231,964 
PICC Property & Casualty Co. Ltd. (H Shares) 775,060 1,247,533 
Shanghai International Airport Co. Ltd. (A Shares) 293,000 1,455,755 
Shenzhen Expressway Co. (H Shares) 1,002,000 913,327 
Weifu High-Technology Co. Ltd. (B Shares) 332,368 807,595 
Yunnan Baiyao Group Co. Ltd. 189,385 2,348,940 
Zhengzhou Yutong Bus Co. Ltd. 480,360 1,403,416 
TOTAL CHINA  33,580,302 
Hong Kong - 9.0%   
AIA Group Ltd. 979,200 6,779,062 
China Resources Beer Holdings Co. Ltd. 614,000 1,477,702 
CNOOC Ltd. sponsored ADR 11,800 1,370,570 
CSPC Pharmaceutical Group Ltd. 1,752,000 2,432,598 
Dah Sing Financial Holdings Ltd. 138,400 1,049,786 
Hysan Development Co. Ltd. 268,000 1,264,484 
Power Assets Holdings Ltd. 306,000 2,753,797 
Sino Land Ltd. 750,000 1,270,835 
Techtronic Industries Co. Ltd. 686,000 2,945,663 
TOTAL HONG KONG  21,344,497 
India - 15.5%   
Adani Ports & Special Economic Zone Ltd. (a) 183,402 934,840 
Amara Raja Batteries Ltd. (a) 80,531 1,114,958 
Asian Paints Ltd. 115,523 2,013,342 
Axis Bank Ltd. 258,967 2,052,925 
Bajaj Corp. Ltd. 130,804 799,900 
Bharat Petroleum Corp. Ltd. 114,056 1,276,011 
Bharti Infratel Ltd. 247,577 1,365,929 
CCL Products (India) Ltd. (a) 89,864 477,835 
Gujarat Gas Ltd. (a) 100,016 1,314,023 
Havells India Ltd. (a) 227,067 1,709,095 
HCL Technologies Ltd. 77,895 986,379 
HDFC Bank Ltd. 117,996 2,880,504 
Housing Development Finance Corp. Ltd. 173,617 4,151,118 
Indian Oil Corp. Ltd. 126,541 866,144 
Indraprastha Gas Ltd. 101,491 1,669,731 
Petronet LNG Ltd. 292,574 1,928,422 
Power Grid Corp. of India Ltd. 334,764 1,083,075 
Redington India Ltd. 132,715 257,627 
Reliance Industries Ltd. 170,643 3,703,237 
Sterlite Optical Technologies Ltd. (a) 353,809 808,714 
Sun Pharmaceutical Industries Ltd. 241,129 2,407,727 
Torrent Pharmaceuticals Ltd. (a) 41,324 911,937 
UPL Ltd. (a) 73,986 927,731 
Vakrangee Ltd. (a) 141,400 752,528 
VST Industries Ltd. (a) 8,218 389,649 
TOTAL INDIA  36,783,381 
Indonesia - 3.7%   
PT Bank Central Asia Tbk 2,354,300 3,135,181 
PT Bank Rakyat Indonesia Tbk 2,753,300 2,664,684 
PT Gudang Garam Tbk 321,800 1,603,085 
PT Indofood Sukses Makmur Tbk 2,002,600 1,258,292 
TOTAL INDONESIA  8,661,242 
Israel - 0.5%   
Sarine Technologies Ltd. 803,000 1,103,504 
Japan - 0.9%   
KDDI Corp. 35,100 930,644 
Olympus Corp. 34,400 1,323,848 
TOTAL JAPAN  2,254,492 
Korea (South) - 13.0%   
BGFretail Co. Ltd. 16,614 1,599,185 
Coway Co. Ltd. 12,068 1,066,134 
Hyundai Fire & Marine Insurance Co. Ltd. 35,189 1,135,229 
Hyundai Motor Co. 9,341 1,182,405 
KB Financial Group, Inc. 38,173 1,678,430 
KEPCO Plant Service & Engineering Co. Ltd. 23,559 1,188,719 
Korea Petro Chemical Industries Co. Ltd. (a) 2,379 494,579 
Korea Zinc Co. Ltd. 2,802 1,048,041 
LG Household & Health Care Ltd. 2,218 1,688,456 
Loen Entertainment, Inc. 19,869 1,535,237 
LS Industrial Systems Ltd. 17,747 792,500 
Medy-Tox, Inc. 2,902 1,276,002 
Osstem Implant Co. Ltd. (a) 25,066 1,163,401 
Samsung Electronics Co. Ltd. 7,650 15,002,772 
TOTAL KOREA (SOUTH)  30,851,090 
Malaysia - 0.1%   
Bursa Malaysia Bhd 106,600 251,950 
Multi-National - 1.0%   
HKT Trust/HKT Ltd. unit 1,856,500 2,374,819 
Philippines - 1.0%   
Ayala Land, Inc. 1,483,800 1,044,398 
Robinsons Land Corp. 1,488,700 761,396 
Security Bank Corp. 116,736 496,259 
TOTAL PHILIPPINES  2,302,053 
Singapore - 1.0%   
UOL Group Ltd. 273,300 1,416,234 
Wing Tai Holdings Ltd. 771,400 1,043,514 
TOTAL SINGAPORE  2,459,748 
Taiwan - 13.7%   
Advanced Semiconductor Engineering, Inc. 1,258,104 1,574,054 
CTCI Corp. 565,000 987,063 
E.SUN Financial Holdings Co. Ltd. 2,553,122 1,541,689 
E.SUN Financial Holdings Co. Ltd. rights 5/2/17 (a) 152,918 16,444 
ECLAT Textile Co. Ltd. 79,000 863,895 
Fubon Financial Holding Co. Ltd. 1,102,000 1,724,667 
Hon Hai Precision Industry Co. Ltd. (Foxconn) 1,364,035 4,459,076 
Largan Precision Co. Ltd. 14,000 2,323,065 
Micro-Star International Co. Ltd. 522,000 1,044,933 
Nien Made Enterprise Co. Ltd. 171,000 1,728,501 
PChome Online, Inc. 78,099 666,696 
Taiwan Semiconductor Manufacturing Co. Ltd. 2,110,393 13,571,539 
Vanguard International Semiconductor Corp. 429,000 817,602 
Voltronic Power Technology Corp. 77,000 1,096,797 
TOTAL TAIWAN  32,416,021 
Thailand - 2.5%   
Bangkok Bank PCL (For. Reg.) 222,300 1,201,448 
Delta Electronics PCL (For. Reg.) 118,500 315,087 
Kasikornbank PCL (For. Reg.) 421,200 2,252,081 
PTT Global Chemical PCL (For. Reg.) 400,400 867,919 
Thai Beverage PCL 1,933,100 1,279,832 
TOTAL THAILAND  5,916,367 
United States of America - 0.6%   
China Biologic Products, Inc. (a) 12,900 1,522,200 
TOTAL COMMON STOCKS   
(Cost $171,325,045)  234,309,222 
Money Market Funds - 1.1%   
Fidelity Cash Central Fund, 0.85% (b)   
(Cost $2,649,614) 2,649,084 2,649,614 
TOTAL INVESTMENT PORTFOLIO - 99.9%   
(Cost $173,974,659)  236,958,836 
NET OTHER ASSETS (LIABILITIES) - 0.1%  181,356 
NET ASSETS - 100%  $237,140,192 

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

Legend

 (a) Non-income producing

 (b) Affiliated fund that is generally 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 $10,385 
Fidelity Securities Lending Cash Central Fund 733 
Total $11,118 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2017, 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 below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $21,608,816 $21,608,816 $-- $-- 
Consumer Staples 16,897,824 16,897,824 -- -- 
Energy 9,767,420 9,767,420 -- -- 
Financials 42,117,837 37,542,459 4,575,378 -- 
Health Care 17,518,134 17,518,134 -- -- 
Industrials 16,829,758 16,829,758 -- -- 
Information Technology 75,121,280 45,117,418 30,003,862 -- 
Materials 6,190,614 6,190,614 -- -- 
Real Estate 11,102,064 11,102,064 -- -- 
Telecommunication Services 6,751,549 5,820,905 930,644 -- 
Utilities 10,403,926 10,403,926 -- -- 
Money Market Funds 2,649,614 2,649,614 -- -- 
Total Investments in Securities: $236,958,836 $201,448,952 $35,509,884 $-- 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2017 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $171,325,045) 
$234,309,222  
Fidelity Central Funds (cost $2,649,614) 2,649,614  
Total Investments (cost $173,974,659)  $236,958,836 
Foreign currency held at value (cost $372,443)  372,118 
Receivable for investments sold  438,762 
Receivable for fund shares sold  324,377 
Dividends receivable  143,120 
Distributions receivable from Fidelity Central Funds  2,362 
Prepaid expenses  153 
Other receivables  176,270 
Total assets  238,415,998 
Liabilities   
Payable for investments purchased $309,556  
Payable for fund shares redeemed 368,786  
Accrued management fee 135,225  
Distribution and service plan fees payable 74,558  
Other affiliated payables 55,950  
Other payables and accrued expenses 331,731  
Total liabilities  1,275,806 
Net Assets  $237,140,192 
Net Assets consist of:   
Paid in capital  $184,829,183 
Accumulated net investment loss  (261,337) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (10,082,349) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  62,654,695 
Net Assets  $237,140,192 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($118,331,840 ÷ 3,561,227 shares)  $33.23 
Maximum offering price per share (100/94.25 of $33.23)  $35.26 
Class M:   
Net Asset Value and redemption price per share ($37,167,050 ÷ 1,150,919 shares)  $32.29 
Maximum offering price per share (100/96.50 of $32.29)  $33.46 
Class C:   
Net Asset Value and offering price per share ($42,786,894 ÷ 1,413,305 shares)(a)  $30.27 
Class I:   
Net Asset Value, offering price and redemption price per share ($38,854,408 ÷ 1,134,552 shares)  $34.25 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.


See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2017 (Unaudited) 
Investment Income   
Dividends  $1,563,876 
Interest  30 
Income from Fidelity Central Funds  11,118 
Income before foreign taxes withheld  1,575,024 
Less foreign taxes withheld  (134,759) 
Total income  1,440,265 
Expenses   
Management fee $778,256  
Transfer agent fees 278,023  
Distribution and service plan fees 432,625  
Accounting and security lending fees 57,923  
Custodian fees and expenses 99,826  
Independent trustees' fees and expenses 459  
Registration fees 54,097  
Audit 54,344  
Legal 622  
Miscellaneous 909  
Total expenses before reductions 1,757,084  
Expense reductions (71,640) 1,685,444 
Net investment income (loss)  (245,179) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (1,262,229)  
Fidelity Central Funds (488)  
Foreign currency transactions 7,268  
Total net realized gain (loss)  (1,255,449) 
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of increase in deferred foreign taxes of $226,273) 
24,555,518  
Assets and liabilities in foreign currencies 5,500  
Total change in net unrealized appreciation (depreciation)  24,561,018 
Net gain (loss)  23,305,569 
Net increase (decrease) in net assets resulting from operations  $23,060,390 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2017 (Unaudited) Year ended October 31, 2016 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(245,179) $2,109,112 
Net realized gain (loss) (1,255,449) (7,685,963) 
Change in net unrealized appreciation (depreciation) 24,561,018 18,717,929 
Net increase (decrease) in net assets resulting from operations 23,060,390 13,141,078 
Distributions to shareholders from net investment income (1,607,959) (1,665,857) 
Distributions to shareholders from net realized gain (514,572) (2,157,468) 
Total distributions (2,122,531) (3,823,325) 
Share transactions - net increase (decrease) (19,438,852) (43,770,710) 
Redemption fees 21,517 18,916 
Total increase (decrease) in net assets 1,520,524 (34,434,041) 
Net Assets   
Beginning of period 235,619,668 270,053,709 
End of period $237,140,192 $235,619,668 
Other Information   
Undistributed net investment income end of period $– $1,591,801 
Accumulated net investment loss end of period $(261,337) $– 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Emerging Asia Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2017 2016 2015 2014 2013 2012 
Selected Per–Share Data       
Net asset value, beginning of period $30.26 $28.75 $32.05 $31.34 $28.87 $28.70 
Income from Investment Operations       
Net investment income (loss)A (.01) .29 .31 .30 .30 .34 
Net realized and unrealized gain (loss) 3.29 1.67 (1.76) 2.00B 2.59 1.37 
Total from investment operations 3.28 1.96 (1.45) 2.30 2.89 1.71 
Distributions from net investment income (.24) (.22) (.18) (.26) (.33) (.31) 
Distributions from net realized gain (.07) (.23) (1.67) (1.33) (.09) (1.23) 
Total distributions (.31) (.45) (1.86)C (1.59) (.42) (1.54) 
Redemption fees added to paid in capitalA D D .01 D D D 
Net asset value, end of period $33.23 $30.26 $28.75 $32.05 $31.34 $28.87 
Total ReturnE,F,G 10.99% 6.95% (4.78)% 7.70%B 10.10% 6.36% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.44%J 1.42% 1.37% 1.42% 1.41% 1.42% 
Expenses net of fee waivers, if any 1.43%J 1.42% 1.37% 1.42% 1.41% 1.42% 
Expenses net of all reductions 1.37%J 1.42% 1.36% 1.42% 1.38% 1.38% 
Net investment income (loss) (.08)%J 1.03% 1.00% .96% .99% 1.24% 
Supplemental Data       
Net assets, end of period (000 omitted) $118,332 $119,449 $125,528 $145,184 $155,104 $160,427 
Portfolio turnover rateK 37%J 75% 70% 91% 95% 95% 

 A Calculated based on average shares outstanding during the period.

 B In 2014, a change to the Indian tax rules invalidated a prior ruling that had exempted the Fund from taxes on realized gains. As a result, the fund recorded a tax liability which resulted in a decrease to realized and unrealized gain (loss) per share of $.18. Excluding this amount, the total return would have been 8.29%.

 C Total distribution of $1.86 per share is comprised of distributions from net investment income of $.183 and distributions from net realized gain of $1.674 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Emerging Asia Fund Class M

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2017 2016 2015 2014 2013 2012 
Selected Per–Share Data       
Net asset value, beginning of period $29.39 $27.93 $31.17 $30.53 $28.13 $27.98 
Income from Investment Operations       
Net investment income (loss)A (.06) .20 .21 .20 .20 .25 
Net realized and unrealized gain (loss) 3.21 1.62 (1.71) 1.94B 2.54 1.33 
Total from investment operations 3.15 1.82 (1.50) 2.14 2.74 1.58 
Distributions from net investment income (.18) (.13) (.08) (.17) (.25) (.20) 
Distributions from net realized gain (.07) (.23) (1.67) (1.33) (.09) (1.23) 
Total distributions (.25) (.36) (1.75) (1.50) (.34) (1.43) 
Redemption fees added to paid in capitalA C C .01 C C C 
Net asset value, end of period $32.29 $29.39 $27.93 $31.17 $30.53 $28.13 
Total ReturnD,E,F 10.82% 6.62% (5.05)% 7.34%B 9.80% 6.04% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.75%I 1.72% 1.68% 1.73% 1.70% 1.70% 
Expenses net of fee waivers, if any 1.75%I 1.72% 1.68% 1.73% 1.70% 1.70% 
Expenses net of all reductions 1.68%I 1.72% 1.67% 1.73% 1.67% 1.67% 
Net investment income (loss) (.39)%I .72% .69% .66% .70% .95% 
Supplemental Data       
Net assets, end of period (000 omitted) $37,167 $35,791 $37,720 $44,563 $47,620 $49,359 
Portfolio turnover rateJ 37%I 75% 70% 91% 95% 95% 

 A Calculated based on average shares outstanding during the period.

 B In 2014, a change to the Indian tax rules invalidated a prior ruling that had exempted the Fund from taxes on realized gains. As a result, the fund recorded a tax liability which resulted in a decrease to realized and unrealized gain (loss) per share of $.18. Excluding this amount, the total return would have been 7.93%.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Emerging Asia Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2017 2016 2015 2014 2013 2012 
Selected Per–Share Data       
Net asset value, beginning of period $27.52 $26.17 $29.30 $28.78 $26.53 $26.44 
Income from Investment Operations       
Net investment income (loss)A (.11) .07 .07 .06 .07 .13 
Net realized and unrealized gain (loss) 3.00 1.52 (1.59) 1.82B 2.39 1.25 
Total from investment operations 2.89 1.59 (1.52) 1.88 2.46 1.38 
Distributions from net investment income (.08) (.01) – (.03) (.12) (.06) 
Distributions from net realized gain (.07) (.23) (1.62) (1.33) (.09) (1.23) 
Total distributions (.14)C (.24) (1.62) (1.36) (.21) (1.29) 
Redemption fees added to paid in capitalA D D .01 D D D 
Net asset value, end of period $30.27 $27.52 $26.17 $29.30 $28.78 $26.53 
Total ReturnE,F,G 10.58% 6.14% (5.46)% 6.85%B 9.33% 5.57% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 2.18%J 2.16% 2.11% 2.17% 2.16% 2.16% 
Expenses net of fee waivers, if any 2.17%J 2.16% 2.11% 2.17% 2.16% 2.16% 
Expenses net of all reductions 2.11%J 2.16% 2.10% 2.17% 2.12% 2.13% 
Net investment income (loss) (.82)%J .29% .26% .22% .24% .49% 
Supplemental Data       
Net assets, end of period (000 omitted) $42,787 $43,016 $51,651 $57,226 $61,824 $67,074 
Portfolio turnover rateK 37%J 75% 70% 91% 95% 95% 

 A Calculated based on average shares outstanding during the period.

 B In 2014, a change to the Indian tax rules invalidated a prior ruling that had exempted the Fund from taxes on realized gains. As a result, the fund recorded a tax liability which resulted in a decrease to realized and unrealized gain (loss) per share of $.17. Excluding this amount, the total return would have been 7.44%.

 C Total distributions of $.14 per share is comprised of distributions from net investment income of $.076 and distributions from net realized gain of $.067 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the contingent deferred sales charge.

 H Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Emerging Asia Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2017 2016 2015 2014 2013 2012 
Selected Per–Share Data       
Net asset value, beginning of period $31.19 $29.63 $33.00 $32.24 $29.67 $29.49 
Income from Investment Operations       
Net investment income (loss)A .03 .39 .41 .40 .40 .44 
Net realized and unrealized gain (loss) 3.40 1.72 (1.81) 2.04B 2.68 1.39 
Total from investment operations 3.43 2.11 (1.40) 2.44 3.08 1.83 
Distributions from net investment income (.31) (.32) (.31) (.35) (.41) (.42) 
Distributions from net realized gain (.07) (.23) (1.67) (1.33) (.09) (1.23) 
Total distributions (.37)C (.55) (1.98) (1.68) (.51)D (1.65) 
Redemption fees added to paid in capitalA E E .01 E E E 
Net asset value, end of period $34.25 $31.19 $29.63 $33.00 $32.24 $29.67 
Total ReturnF,G 11.18% 7.27% (4.47)% 7.98%B 10.47% 6.64% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.13%J 1.11% 1.07% 1.12% 1.11% 1.11% 
Expenses net of fee waivers, if any 1.13%J 1.11% 1.07% 1.12% 1.11% 1.11% 
Expenses net of all reductions 1.07%J 1.11% 1.06% 1.12% 1.08% 1.08% 
Net investment income (loss) .22%J 1.34% 1.30% 1.26% 1.29% 1.54% 
Supplemental Data       
Net assets, end of period (000 omitted) $38,854 $37,364 $51,569 $48,693 $36,310 $40,026 
Portfolio turnover rateK 37%J 75% 70% 91% 95% 95% 

 A Calculated based on average shares outstanding during the period.

 B In 2014, a change to the Indian tax rules invalidated a prior ruling that had exempted the Fund from taxes on realized gains. As a result, the fund recorded a tax liability which resulted in a decrease to realized and unrealized gain (loss) per share of $.19. Excluding this amount, the total return would have been 8.57%.

 C Total distributions of $.37 per share is comprised of distributions from net investment income of $.307 and distributions from net realized gain of $.067 per share.

 D Total distributions of $.51 per share is comprised of distributions from net investment income of $.413 and distributions from net realized gain of $.092 per share.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2017

1. Organization.

Fidelity Advisor Emerging Asia Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M (formerly Class T), Class C, and Class I shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

After the close of business on June 24, 2016, all outstanding Class B shares were converted to Class A shares. All prior fiscal period dollar and share amounts for Class B presented in the Notes to Financial Statements are for the period November 1, 2015 through June 24, 2016.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • 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)

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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2017, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investments companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation $67,253,942 
Gross unrealized depreciation (4,417,984) 
Net unrealized appreciation (depreciation) on securities $62,835,958 
Tax cost $174,122,878 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

No expiration  
Short-term $(7,920,300) 
Long-term (566,569) 
Total capital loss carryforward $(8,486,869) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the fund and accounted for as an addition to paid in capital.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $40,498,929 and $56,797,124, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .70% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution
Fee 
Service
Fee 
Total Fees Retained
by FDC 
Class A -% .25% $142,274 $– 
Class M .25% .25% 86,771 406 
Class C .75% .25% 203,580 6,695 
   $432,625 $7,101 

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

 Retained
by FDC 
Class A $8,229 
Class M 2,368 
Class C(a) 331 
 $10,928 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of
Class-Level Average
Net Assets(a) 
Class A $141,995 .25 
Class M 53,862 .31 
Class C 48,687 .24 
Class I 33,479 .20 
 $278,023  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $71 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $381 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. At period end, there were no security loans outstanding. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $733. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $70,651 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's expenses by $19.

In addition, during the period, the investment adviser reimbursed and/or waived a portion of operating expenses in the amount of $970.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2017 
Year ended October 31, 2016 
From net investment income   
Class A $945,543 $942,866 
Class M 215,347 171,419 
Class C 115,038 15,517 
Class I 332,031 536,055 
Total $1,607,959 $1,665,857 
From net realized gain   
Class A $259,636 $985,723 
Class M 81,058 305,631 
Class B – 29,826 
Class C 101,415 446,122 
Class I 72,463 390,166 
Total $514,572 $2,157,468 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended April 30, 2017 Year ended October 31, 2016 Six months ended April 30, 2017 Year ended October 31, 2016 
Class A     
Shares sold 139,552 409,769 $4,231,605 $11,440,878 
Reinvestment of distributions 37,540 63,044 1,091,284 1,757,042 
Shares redeemed (563,459) (891,153) (16,972,471) (24,755,117) 
Net increase (decrease) (386,367) (418,340) $(11,649,582) $(11,557,197) 
Class M     
Shares sold 57,862 83,224 $1,704,195 $2,281,494 
Reinvestment of distributions 10,290 17,276 291,111 469,050 
Shares redeemed (134,997) (233,191) (3,914,648) (6,271,543) 
Net increase (decrease) (66,845) (132,691) $(1,919,342) $(3,520,999) 
Class B     
Shares sold – 862 $– $22,474 
Reinvestment of distributions – 1,009 – 26,127 
Shares redeemed – (136,850) – (3,430,006) 
Net increase (decrease) – (134,979) $– $(3,381,405) 
Class C     
Shares sold 63,108 99,964 $1,773,964 $2,569,333 
Reinvestment of distributions 7,217 15,928 191,693 406,480 
Shares redeemed (219,932) (526,702) (6,059,496) (13,175,793) 
Net increase (decrease) (149,607) (410,810) $(4,093,839) $(10,199,980) 
Class I     
Shares sold 317,634 339,115 $9,982,699 $9,694,721 
Reinvestment of distributions 11,258 25,883 336,943 741,553 
Shares redeemed (392,372) (907,526) (12,095,731) (25,547,403) 
Net increase (decrease) (63,480) (542,528) $(1,776,089) $(15,111,129) 

11. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2016 to April 30, 2017).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2016 
Ending
Account Value
April 30, 2017 
Expenses Paid
During Period-B
November 1, 2016
to April 30, 2017 
Class A 1.43%    
Actual  $1,000.00 $1,109.90 $7.48 
Hypothetical-C  $1,000.00 $1,017.70 $7.15 
Class M 1.75%    
Actual  $1,000.00 $1,108.20 $9.15 
Hypothetical-C  $1,000.00 $1,016.12 $8.75 
Class C 2.17%    
Actual  $1,000.00 $1,105.80 $11.33 
Hypothetical-C  $1,000.00 $1,014.03 $10.84 
Class I 1.13%    
Actual  $1,000.00 $1,111.80 $5.92 
Hypothetical-C  $1,000.00 $1,019.19 $5.66 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

AEA-SANN-0617
1.703637.119


Fidelity Advisor® Overseas Fund
Class A, Class M (formerly Class T), Class C, Class I and Class Z



Semi-Annual Report

April 30, 2017




Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2017 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Five Stocks as of April 30, 2017

 % of fund's net assets % of fund's net assets 6 months ago 
Nestle SA (Reg. S) (Switzerland, Food Products) 1.9 2.3 
Bayer AG (Germany, Pharmaceuticals) 1.4 1.2 
Unilever NV (NY Reg.) (Netherlands, Personal Products) 1.3 0.0 
British American Tobacco PLC (United Kingdom) (United Kingdom, Tobacco) 1.3 1.3 
Total SA (France, Oil, Gas & Consumable Fuels) 1.2 1.5 
 7.1  

Top Five Market Sectors as of April 30, 2017

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 21.9 20.2 
Industrials 16.3 11.6 
Consumer Discretionary 13.0 16.0 
Consumer Staples 12.5 14.1 
Health Care 12.4 14.5 

Top Five Countries as of April 30, 2017

(excluding cash equivalents) % of fund's net assets % of fund's net assets 6 months ago 
United Kingdom 22.6 18.6 
Japan 18.6 22.1 
Germany 8.9 9.4 
France 8.5 9.0 
Switzerland 5.3 5.5 

Asset Allocation (% of fund's net assets)

As of April 30, 2017 
   Stocks 99.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.9% 


As of October 31, 2016 
   Stocks 99.0% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.0% 


Percentages shown as 0.0% may reflect amounts less than 0.05%.

Investments April 30, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%   
 Shares Value (000s) 
Australia - 2.0%   
Adelaide Brighton Ltd. 370,801 $1,644 
Amcor Ltd. 432,144 5,084 
Aub Group Ltd. 326,428 2,948 
Life Healthcare Group Ltd. 4,353 
Pact Group Holdings Ltd. 351,058 1,853 
realestate.com.au Ltd. 10,782 496 
TOTAL AUSTRALIA  12,032 
Austria - 0.4%   
Andritz AG 41,400 2,290 
Bailiwick of Guernsey - 0.3%   
Burford Capital Ltd. 189,600 1,915 
Bailiwick of Jersey - 2.3%   
IWG PLC 679,300 2,859 
Sanne Group PLC 282,910 2,387 
Wolseley PLC 67,595 4,296 
WPP PLC 209,400 4,484 
TOTAL BAILIWICK OF JERSEY  14,026 
Belgium - 1.9%   
Anheuser-Busch InBev SA NV 51,293 5,784 
KBC Groep NV 82,750 5,974 
TOTAL BELGIUM  11,758 
Bermuda - 1.2%   
Credicorp Ltd. (United States) 10,300 1,583 
IHS Markit Ltd. (a) 123,868 5,376 
SmarTone Telecommunications Holdings Ltd. 325,500 456 
TOTAL BERMUDA  7,415 
Canada - 0.5%   
Constellation Software, Inc. 7,000 3,202 
Denmark - 0.6%   
NNIT A/S (a) 54,171 1,527 
Scandinavian Tobacco Group A/S 108,323 1,891 
TOTAL DENMARK  3,418 
France - 8.5%   
ALTEN 35,610 3,018 
Amundi SA 72,641 4,779 
AXA SA (b) 141,272 3,769 
Capgemini SA 45,600 4,566 
Christian Dior SA 18,079 4,962 
Compagnie de St. Gobain 74,600 4,027 
Maisons du Monde SA 118,400 4,109 
Publicis Groupe SA 61,142 4,414 
Sanofi SA 79,312 7,494 
Sodexo SA 25,541 3,247 
Total SA 147,933 7,594 
TOTAL FRANCE  51,979 
Germany - 8.0%   
adidas AG 23,139 4,635 
Axel Springer Verlag AG 75,600 4,242 
Bayer AG 69,913 8,651 
CompuGroup Medical AG 50,800 2,501 
Deutsche Post AG 165,999 5,967 
Fresenius Medical Care AG & Co. KGaA 41,600 3,693 
Fresenius SE & Co. KGaA 70,908 5,747 
mutares AG 36,387 555 
ProSiebenSat.1 Media AG 83,700 3,553 
SAP AG 66,070 6,618 
Wirecard AG 42,600 2,516 
TOTAL GERMANY  48,678 
Hong Kong - 1.0%   
AIA Group Ltd. 778,700 5,391 
Dah Sing Banking Group Ltd. 145,600 293 
Techtronic Industries Co. Ltd. 72,350 311 
TOTAL HONG KONG  5,995 
India - 0.4%   
Axis Bank Ltd. 326,990 2,592 
Indonesia - 0.6%   
PT Astra International Tbk 724,000 486 
PT Bank Rakyat Indonesia Tbk 3,359,500 3,251 
TOTAL INDONESIA  3,737 
Ireland - 2.8%   
DCC PLC (United Kingdom) 31,271 2,888 
Kerry Group PLC Class A 49,900 4,078 
Kingspan Group PLC (Ireland) 85,304 2,967 
Medtronic PLC 49,600 4,121 
United Drug PLC (United Kingdom) 323,826 3,133 
TOTAL IRELAND  17,187 
Israel - 0.6%   
Frutarom Industries Ltd. 66,800 3,927 
Italy - 1.8%   
Banca Generali SpA 122,400 3,519 
Intesa Sanpaolo SpA 1,721,200 5,024 
Reply SpA 15,518 2,720 
TOTAL ITALY  11,263 
Japan - 18.6%   
AEON Financial Service Co. Ltd. 149,900 2,879 
Ai Holdings Corp. 142,500 3,505 
Arc Land Sakamoto Co. Ltd. 109,300 1,352 
Arcland Service Holdings Co. Ltd. (a) 101,200 2,792 
Astellas Pharma, Inc. 334,200 4,407 
Bridgestone Corp. 103,800 4,328 
Broadleaf Co. Ltd. 4,140 27 
Daiichikosho Co. Ltd. 65,800 2,854 
Daito Trust Construction Co. Ltd. 20,520 3,019 
Dentsu, Inc. 75,500 4,253 
GMO Internet, Inc. 167,000 1,982 
Hoya Corp. 109,700 5,239 
Ichigo, Inc. 112,000 326 
Iriso Electronics Co. Ltd. 21,900 1,385 
Japan Tobacco, Inc. 111,200 3,697 
Kaken Pharmaceutical Co. Ltd. 38,800 2,301 
KDDI Corp. 162,300 4,303 
Keyence Corp. 9,700 3,898 
KOMEDA Holdings Co. Ltd. 112,900 1,948 
Miraca Holdings, Inc. 5,450 251 
Miroku Jyoho Service Co., Ltd. 85,400 1,619 
Misumi Group, Inc. 140,700 2,664 
Morinaga & Co. Ltd. 48,400 2,288 
Nabtesco Corp. 127,100 3,603 
Nakanishi, Inc. 80,100 3,147 
Nippon Paint Holdings Co. Ltd. 92,200 3,536 
Nitori Holdings Co. Ltd. 32,500 4,230 
NOF Corp. 152,000 1,713 
OBIC Co. Ltd. 47,200 2,549 
Olympus Corp. 152,600 5,873 
ORIX Corp. 280,680 4,283 
Otsuka Corp. 38,900 2,083 
Outsourcing, Inc. (b) 49,000 1,879 
Recruit Holdings Co. Ltd. 84,200 4,252 
S Foods, Inc. 700 22 
Ship Healthcare Holdings, Inc. 10,500 282 
SMC Corp. 11,000 3,097 
Software Service, Inc. 1,365 62 
Sundrug Co. Ltd. 70,200 2,462 
The Suruga Bank Ltd. 107,820 2,253 
Tsuruha Holdings, Inc. 35,000 3,548 
VT Holdings Co. Ltd. 158,800 808 
Welcia Holdings Co. Ltd. 94,000 3,027 
TOTAL JAPAN  114,026 
Kenya - 0.3%   
Safaricom Ltd. 8,940,700 1,668 
Luxembourg - 0.6%   
B&M European Value Retail S.A. 120,273 525 
Eurofins Scientific SA 6,700 3,300 
TOTAL LUXEMBOURG  3,825 
Malta - 0.4%   
Kambi Group PLC (a) 238,000 2,445 
Netherlands - 4.4%   
ASR Nederland NV 17,500 518 
IMCD Group BV 105,800 5,699 
ING Groep NV (Certificaten Van Aandelen) 300,609 4,900 
Intertrust NV 104,800 2,101 
Koninklijke Philips Electronics NV 154,500 5,335 
Unilever NV (NY Reg.) (a)(b) 155,187 8,107 
TOTAL NETHERLANDS  26,660 
New Zealand - 0.7%   
EBOS Group Ltd. 173,724 2,184 
Trade Maine Group Ltd. 604,746 2,201 
TOTAL NEW ZEALAND  4,385 
Norway - 0.6%   
Schibsted ASA (B Shares) 19,366 434 
Statoil ASA (b) 192,900 3,177 
TOTAL NORWAY  3,611 
Panama - 0.5%   
Copa Holdings SA Class A 24,800 2,887 
Portugal - 0.4%   
NOS SGPS SA 463,903 2,657 
Spain - 3.1%   
Amadeus IT Holding SA Class A 105,596 5,694 
CaixaBank SA 897,500 4,075 
Grifols SA ADR 228,100 4,952 
Neinor Homes SLU 25,200 497 
Prosegur Cash SA 1,364,700 3,479 
TOTAL SPAIN  18,697 
Sweden - 4.1%   
Addlife AB (a) 39,000 742 
Alfa Laval AB (b) 177,600 3,643 
HEXPOL AB (B Shares) (b) 333,600 3,708 
Indutrade AB 116,400 2,751 
Nordea Bank AB 465,000 5,722 
Svenska Cellulosa AB (SCA) (B Shares) 143,400 4,750 
Swedbank AB (A Shares) 147,895 3,505 
TOTAL SWEDEN  24,821 
Switzerland - 5.3%   
Credit Suisse Group AG 317,239 4,838 
Julius Baer Group Ltd. 85,030 4,434 
Nestle SA (Reg. S) 153,535 11,822 
Sika AG 887 5,661 
Syngenta AG (a) 936 434 
UBS Group AG 315,644 5,393 
TOTAL SWITZERLAND  32,582 
Taiwan - 0.5%   
Taiwan Semiconductor Manufacturing Co. Ltd. 450,000 2,894 
United Kingdom - 22.6%   
Aggreko PLC 20,800 239 
Aon PLC 24,900 2,984 
Ascential PLC 664,898 3,038 
Booker Group PLC 1,276,990 3,209 
British American Tobacco PLC (United Kingdom) 119,217 8,055 
BT Group PLC 1,014,437 4,002 
Cineworld Group PLC 441,500 4,026 
Close Brothers Group PLC 151,000 3,309 
Coca-Cola European Partners PLC 69,400 2,680 
Compass Group PLC 230,369 4,651 
ConvaTec Group PLC 808,500 3,216 
Cranswick PLC 54,500 1,893 
Dechra Pharmaceuticals PLC 56,800 1,243 
Dialog Semiconductor PLC (a) 9,300 435 
Diploma PLC 224,800 3,229 
Equiniti Group PLC 620,600 1,774 
Essentra PLC 360,990 2,532 
Exova Group Ltd. PLC 940,100 2,904 
Halma PLC 255,190 3,480 
Hastings Group Holdings PLC 462,248 1,810 
Hikma Pharmaceuticals PLC 59,433 1,491 
Hilton Food Group PLC 1,200 12 
Howden Joinery Group PLC 454,600 2,726 
IMI PLC 187,800 3,111 
Intertek Group PLC 75,100 3,955 
James Fisher and Sons PLC 107,747 2,241 
Jardine Lloyd Thompson Group PLC 186,200 2,646 
John Wood Group PLC 345,900 3,403 
LivaNova PLC (a) 23,442 1,235 
Lloyds Banking Group PLC 698,800 628 
London Stock Exchange Group PLC 69,830 3,060 
Melrose Industries PLC 1,463,278 4,482 
Micro Focus International PLC 88,526 2,967 
Prudential PLC 287,771 6,387 
Reckitt Benckiser Group PLC 56,564 5,212 
Rio Tinto PLC 123,214 4,861 
Rolls-Royce Holdings PLC 306,400 3,222 
Rotork PLC 557,900 1,777 
Schroders PLC 91,300 3,769 
Shawbrook Group PLC 288,900 1,280 
Sinclair Pharma PLC (a) 1,241,254 539 
Spectris PLC 103,300 3,693 
St. James's Place Capital PLC 317,300 4,718 
Standard Life PLC 815,660 3,844 
Tesco PLC (a) 450,600 1,069 
Ultra Electronics Holdings PLC 72,300 1,959 
Victrex PLC 94,200 2,338 
Volution Group PLC 994,400 2,524 
Zpg PLC 103,900 498 
TOTAL UNITED KINGDOM  138,356 
United States of America - 3.2%   
Alphabet, Inc. Class C (a) 5,314 4,814 
Moody's Corp. 23,130 2,737 
PPG Industries, Inc. 36,000 3,954 
S&P Global, Inc. 38,214 5,128 
Total System Services, Inc. 46,600 2,671 
TOTAL UNITED STATES OF AMERICA  19,304 
TOTAL COMMON STOCKS   
(Cost $537,336)  600,232 
Nonconvertible Preferred Stocks - 0.9%   
Germany - 0.9%   
Henkel AG & Co. KGaA 42,500 5,787 
United Kingdom - 0.0%   
Rolls-Royce Holdings PLC (C Shares) 21,754,400 28 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $5,571)  5,815 
Money Market Funds - 4.0%   
Fidelity Cash Central Fund, 0.85% (c) 1,812,659 1,813 
Fidelity Securities Lending Cash Central Fund 0.86% (c)(d) 22,461,770 22,464 
TOTAL MONEY MARKET FUNDS   
(Cost $24,277)  24,277 
TOTAL INVESTMENT PORTFOLIO - 103.1%   
(Cost $567,184)  630,324 
NET OTHER ASSETS (LIABILITIES) - (3.1)%  (19,079) 
NET ASSETS - 100%  $611,245 

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

Legend

 (a) Non-income producing

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

 (c) Affiliated fund that is generally 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.

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


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 $13 
Fidelity Securities Lending Cash Central Fund 116 
Total $129 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2017, 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 below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $77,978 $65,290 $12,688 $-- 
Consumer Staples 77,502 45,560 31,942 -- 
Energy 16,415 5,644 10,771 -- 
Financials 134,450 100,395 34,055 -- 
Health Care 77,338 53,093 24,245 -- 
Industrials 98,737 83,139 15,598 -- 
Information Technology 68,608 54,530 14,078 -- 
Materials 41,245 36,384 4,861 -- 
Real Estate 3,345 3,345 -- -- 
Telecommunication Services 10,429 2,124 8,305 -- 
Money Market Funds 24,277 24,277 -- -- 
Total Investments in Securities: $630,324 $473,781 $156,543 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2017. 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 in the accompanying Notes to Financial Statements:

Transfers Total (000s) 
(Amounts in thousands)  
Level 1 to Level 2 $22,470 
Level 2 to Level 1 $6,249 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  April 30, 2017 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $21,684) — See accompanying schedule:
Unaffiliated issuers (cost $542,907) 
$606,047  
Fidelity Central Funds (cost $24,277) 24,277  
Total Investments (cost $567,184)  $630,324 
Foreign currency held at value (cost $63)  63 
Receivable for investments sold  1,780 
Receivable for fund shares sold  661 
Dividends receivable  3,182 
Distributions receivable from Fidelity Central Funds  31 
Other receivables  198 
Total assets  636,239 
Liabilities   
Payable to custodian bank $476  
Payable for investments purchased 1,126  
Payable for fund shares redeemed 262  
Accrued management fee 358  
Distribution and service plan fees payable 127  
Other affiliated payables 121  
Other payables and accrued expenses 60  
Collateral on securities loaned 22,464  
Total liabilities  24,994 
Net Assets  $611,245 
Net Assets consist of:   
Paid in capital  $543,573 
Undistributed net investment income  2,597 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  1,982 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  63,093 
Net Assets  $611,245 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($61,380.81 ÷ 2,711.500 shares)  $22.64 
Maximum offering price per share (100/94.25 of $22.64)  $24.02 
Class M:   
Net Asset Value and redemption price per share ($251,121.50 ÷ 10,805.921 shares)  $23.24 
Maximum offering price per share (100/96.50 of $23.24)  $24.08 
Class C:   
Net Asset Value and offering price per share ($15,804.55 ÷ 717.779 shares)(a)  $22.02 
Class I:   
Net Asset Value, offering price and redemption price per share ($282,827.56 ÷ 12,251.055 shares)  $23.09 
Class Z:   
Net Asset Value, offering price and redemption price per share ($110.59 ÷ 4.789 shares)  $23.09 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.


See accompanying notes which are an integral part of the financial statements.


Statement of Operations

Amounts in thousands  Six months ended April 30, 2017 (Unaudited) 
Investment Income   
Dividends  $6,260 
Income from Fidelity Central Funds  129 
Income before foreign taxes withheld  6,389 
Less foreign taxes withheld  (527) 
Total income  5,862 
Expenses   
Management fee   
Basic fee $1,982  
Performance adjustment (233)  
Transfer agent fees 582  
Distribution and service plan fees 738  
Accounting and security lending fees 149  
Custodian fees and expenses 103  
Independent trustees' fees and expenses  
Registration fees 40  
Audit 51  
Legal  
Interest  
Miscellaneous  
Total expenses before reductions 3,422  
Expense reductions (219) 3,203 
Net investment income (loss)  2,659 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 16,499  
Foreign currency transactions (44)  
Total net realized gain (loss)  16,455 
Change in net unrealized appreciation (depreciation) on:
Investment securities 
48,201  
Assets and liabilities in foreign currencies 85  
Total change in net unrealized appreciation (depreciation)  48,286 
Net gain (loss)  64,741 
Net increase (decrease) in net assets resulting from operations  $67,400 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

Amounts in thousands Six months ended April 30, 2017 (Unaudited) Year ended October 31, 2016 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $2,659 $6,533 
Net realized gain (loss) 16,455 13,179 
Change in net unrealized appreciation (depreciation) 48,286 (53,447) 
Net increase (decrease) in net assets resulting from operations 67,400 (33,735) 
Distributions to shareholders from net investment income (6,346) (2,404) 
Distributions to shareholders from net realized gain (438) – 
Total distributions (6,784) (2,404) 
Share transactions - net increase (decrease) (71,595) (23,537) 
Redemption fees 14 
Total increase (decrease) in net assets (10,976) (59,662) 
Net Assets   
Beginning of period 622,221 681,883 
End of period $611,245 $622,221 
Other Information   
Undistributed net investment income end of period $2,597 $6,284 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Overseas Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2017 2016 2015 2014 2013 2012 
Selected Per–Share Data       
Net asset value, beginning of period $20.40 $21.59 $21.09 $21.61 $16.76 $16.13 
Income from Investment Operations       
Net investment income (loss)A .09 .20 .19 .24 .17 .23 
Net realized and unrealized gain (loss) 2.36 (1.31) .33 (.50) 4.97 .64 
Total from investment operations 2.45 (1.11) .52 (.26) 5.14 .87 
Distributions from net investment income (.20) (.08) (.02) (.18) (.25) (.24) 
Distributions from net realized gain (.02) – – (.08) (.04) – 
Total distributions (.21)B (.08) (.02) (.26) (.29) (.24) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $22.64 $20.40 $21.59 $21.09 $21.61 $16.76 
Total ReturnD,E,F 12.18% (5.16)% 2.46% (1.24)% 31.13% 5.51% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.20%I 1.36% 1.35% 1.30% 1.37% 1.33% 
Expenses net of fee waivers, if any 1.20%I 1.35% 1.35% 1.30% 1.37% 1.33% 
Expenses net of all reductions 1.13%I 1.35% 1.34% 1.30% 1.36% 1.32% 
Net investment income (loss) .85%I .96% .89% 1.10% .91% 1.43% 
Supplemental Data       
Net assets, end of period (in millions) $61 $58 $78 $65 $69 $60 
Portfolio turnover rateJ 53%I 94% 29% 39% 37% 36% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.21 per share is comprised of distributions from net investment income of $.198 and distributions from net realized gain of $.015 per share.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Overseas Fund Class M

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2017 2016 2015 2014 2013 2012 
Selected Per–Share Data       
Net asset value, beginning of period $20.91 $22.11 $21.62 $22.16 $17.16 $16.50 
Income from Investment Operations       
Net investment income (loss)A .07 .16 .15 .21 .14 .20 
Net realized and unrealized gain (loss) 2.42 (1.34) .34 (.52) 5.11 .66 
Total from investment operations 2.49 (1.18) .49 (.31) 5.25 .86 
Distributions from net investment income (.15) (.02) – (.15) (.21) (.20) 
Distributions from net realized gain (.02) – – (.08) (.04) – 
Total distributions (.16)B (.02) – (.23) (.25) (.20) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $23.24 $20.91 $22.11 $21.62 $22.16 $17.16 
Total ReturnD,E,F 12.03% (5.34)% 2.27% (1.42)% 30.96% 5.32% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.41%I 1.56% 1.55% 1.48% 1.53% 1.51% 
Expenses net of fee waivers, if any 1.41%I 1.56% 1.55% 1.48% 1.53% 1.51% 
Expenses net of all reductions 1.34%I 1.56% 1.55% 1.48% 1.52% 1.50% 
Net investment income (loss) .65%I .76% .69% .92% .74% 1.25% 
Supplemental Data       
Net assets, end of period (in millions) $251 $237 $285 $293 $329 $271 
Portfolio turnover rateJ 53%I 94% 29% 39% 37% 36% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.16 per share is comprised of distributions from net investment income of $.148 and distributions from net realized gain of .015 per share.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Overseas Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2017 2016 2015 2014 2013 2012 
Selected Per–Share Data       
Net asset value, beginning of period $19.74 $20.98 $20.63 $21.21 $16.43 $15.78 
Income from Investment Operations       
Net investment income (loss)A B .03 .02 .07 .03 .11 
Net realized and unrealized gain (loss) 2.30 (1.27) .33 (.50) 4.89 .64 
Total from investment operations 2.30 (1.24) .35 (.43) 4.92 .75 
Distributions from net investment income (.01) – – (.07) (.10) (.10) 
Distributions from net realized gain (.02) – – (.08) (.04) – 
Total distributions (.02)C – – (.15) (.14) (.10) 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $22.02 $19.74 $20.98 $20.63 $21.21 $16.43 
Total ReturnD,E,F 11.69% (5.91)% 1.70% (2.06)% 30.16% 4.78% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 2.01%I 2.16% 2.15% 2.08% 2.12% 2.09% 
Expenses net of fee waivers, if any 2.01%I 2.16% 2.15% 2.08% 2.12% 2.09% 
Expenses net of all reductions 1.94%I 2.16% 2.14% 2.08% 2.10% 2.07% 
Net investment income (loss) .05%I .16% .09% .32% .16% .67% 
Supplemental Data       
Net assets, end of period (in millions) $16 $16 $19 $19 $21 $16 
Portfolio turnover rateJ 53%I 94% 29% 39% 37% 36% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total distributions of $.02 per share is comprised of distributions from net investment income of $.009 and distributions from net realized gain of $.015 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the contingent deferred sales charge.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Overseas Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2017 2016 2015 2014 2013 2012 
Selected Per–Share Data       
Net asset value, beginning of period $20.86 $22.06 $21.55 $22.07 $17.11 $16.45 
Income from Investment Operations       
Net investment income (loss)A .12 .27 .27 .32 .24 .29 
Net realized and unrealized gain (loss) 2.41 (1.33) .34 (.52) 5.08 .65 
Total from investment operations 2.53 (1.06) .61 (.20) 5.32 .94 
Distributions from net investment income (.29) (.14) (.10) (.24) (.31) (.28) 
Distributions from net realized gain (.02) – – (.08) (.04) – 
Total distributions (.30)B (.14) (.10) (.32) (.36)C (.28) 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $23.09 $20.86 $22.06 $21.55 $22.07 $17.11 
Total ReturnE,F 12.35% (4.85)% 2.82% (.95)% 31.63% 5.91% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .89%I 1.04% 1.03% .96% 1.02% .99% 
Expenses net of fee waivers, if any .89%I 1.04% 1.03% .96% 1.02% .99% 
Expenses net of all reductions .82%I 1.03% 1.02% .96% 1.01% .97% 
Net investment income (loss) 1.17%I 1.28% 1.21% 1.44% 1.26% 1.77% 
Supplemental Data       
Net assets, end of period (in millions) $283 $311 $298 $330 $307 $257 
Portfolio turnover rateJ 53%I 94% 29% 39% 37% 36% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.30 per share is comprised of distributions from net investment income of $.287 and distributions from net realized gain of $.015 per share.

 C Total distributions of $.36 per share is comprised of distributions from net investment income of $.314 and distributions from net realized gain of $.041 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Overseas Fund Class Z

 Six months ended (Unaudited) April 30, 
 2017 A 
Selected Per–Share Data  
Net asset value, beginning of period $20.88 
Income from Investment Operations  
Net investment income (loss)B .13 
Net realized and unrealized gain (loss) 2.08 
Total from investment operations 2.21 
Distributions from net investment income – 
Distributions from net realized gain – 
Total distributions – 
Net asset value, end of period $23.09 
Total ReturnC,D 10.58% 
Ratios to Average Net AssetsB,E  
Expenses before reductions .75%F 
Expenses net of fee waivers, if any .75%F 
Expenses net of all reductions .68%F 
Net investment income (loss) 2.43%F 
Supplemental Data  
Net assets, end of period (000 omitted) $111 
Portfolio turnover rateG 53%F 

 A For the period February 1, 2017 (commencement of sale of shares) to April 30, 2017.

 B Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 F Annualized

 G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2017
(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor Overseas Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund commenced sale of Class Z shares on February 1, 2017. The Fund offers Class A, Class M (formerly Class T), Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

After the close of business on June 24, 2016, all outstanding Class B shares were converted to Class A shares. All prior fiscal period dollar and share amounts for Class B presented in the Notes to Financial Statements are for the period November 1, 2015 through June 24, 2016.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • 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)

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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2017, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation $76,671 
Gross unrealized depreciation (13,884) 
Net unrealized appreciation (depreciation) on securities $62,787 
Tax cost $567,537 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration  
2017 $(10,855) 

Short-Term Trading (Redemption) Fees. During the period, shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital. In November 2016, the Board of Trustees approved the elimination of these redemption fees effective December 12, 2016.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $157,124 and $231,867, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .424% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the investment performance of the asset-weighted return of all classes as compared to its benchmark index, the MSCI EAFE Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .59% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution
Fee 
Service
Fee 
Total Fees Retained
by FDC 
Class A -% .25% $72 $2 
Class M .25% .25% 590 
Class C .75% .25% 76 
   $738 $12 

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M, and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

 Retained
by FDC 
Class A $2 
Class M 
Class C(a) (b) 
 $3 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

 (b) In the amount of less than five hundred dollars.


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of
Class-Level Average
Net Assets(a) 
Class A $70 .24 
Class M 235 .20 
Class C 23 .30 
Class I 254 .18 
Class Z (b) .05 
 $582  

 (a) Annualized

 (b) In the amount of less than five hundred dollars.


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $1 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $4,638 .78% $2 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $116. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $216 for the period.

In addition, during the period the investment advisor reimbursed and/or waived a portion of fund-level operating expenses in the amount of $3.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2017 
Year ended October 31, 2016 
From net investment income   
Class A $558 $285 
Class M 1,667 255 
Class C – 
Class I 4,114 1,864 
Total $6,346 $2,404 
From net realized gain   
Class A $42 $– 
Class M 169 – 
Class C 12 – 
Class I 215 – 
Total $438 $– 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended April 30, 2017(a) Year ended October 31, 2016 Six months ended April 30, 2017(a) Year ended October 31, 2016 
Class A     
Shares sold 349 388 $7,025 $7,924 
Reinvestment of distributions 29 13 573 274 
Shares redeemed (506) (1,193) (10,340) (24,306) 
Net increase (decrease) (128) (792) $(2,742) $(16,108) 
Class M     
Shares sold 866 1,617 $18,305 $33,881 
Reinvestment of distributions 88 11 1,797 250 
Shares redeemed (1,495) (3,184) (31,742) (66,804) 
Net increase (decrease) (541) (1,556) $(11,640) $(32,673) 
Class B     
Shares sold – – $– $15 
Shares redeemed – (79) – (1,538) 
Net increase (decrease) – (79) $– $(1,523) 
Class C     
Shares sold 60 109 $1,208 $2,161 
Reinvestment of distributions – 17 – 
Shares redeemed (131) (214) (2,642) (4,248) 
Net increase (decrease) (70) (105) $(1,417) $(2,087) 
Class I     
Shares sold 668 2,038 $14,045 $41,550 
Reinvestment of distributions 138 49 2,779 1,078 
Shares redeemed (3,486) (659) (72,720) (13,774) 
Net increase (decrease) (2,680) 1,428 $(55,896) $28,854 
Class Z     
Shares sold – $100 $– 
Net increase (decrease) – $100 $– 

 (a) Share transactions for Class Z are for the period February 1, 2017 (commencement of sale of shares) to April 30, 2017


11. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

At the end of the period, Strategic Advisers International II Fund was the owner of record of approximately 12% of the total outstanding shares of the Fund.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2016 to April 30, 2017) for Class A, Class M, Class C and Class I and for the period (February 1, 2017 to April 30, 2017) for Class Z. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (November 1, 2016 to April 30, 2017).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value 
Ending
Account Value
April 30, 2017 
Expenses Paid
During Period 
Class A 1.20%    
Actual  $1,000.00 $1,121.80 $6.31-B 
Hypothetical-C  $1,000.00 $1,018.84 $6.01-D 
Class M 1.41%    
Actual  $1,000.00 $1,120.30 $7.41-B 
Hypothetical-C  $1,000.00 $1,017.80 $7.05-D 
Class C 2.01%    
Actual  $1,000.00 $1,116.90 $10.55-B 
Hypothetical-C  $1,000.00 $1,014.83 $10.04-D 
Class I .89%    
Actual  $1,000.00 $1,123.50 $4.69-B 
Hypothetical-C  $1,000.00 $1,020.38 $4.46-D 
Class Z .75%    
Actual  $1,000.00 $1,105.80 $1.93-B 
Hypothetical-C  $1,000.00 $1,021.08 $3.76-D 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Actual expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period) for Class A, Class M, Class C and Class I and multiplied by 89/365 (to reflect the period February 1, 2017 to April 30, 2017) for Class Z.

 C 5% return per year before expenses

 D Hypothetical expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).






Fidelity Investments

OS-SANN-0617
1.703565.119


Fidelity Advisor® Value Leaders Fund
Class A, Class M (formerly Class T), Class C and Class I



Semi-Annual Report

April 30, 2017




Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2017 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2017

 % of fund's net assets % of fund's net assets 6 months ago 
Berkshire Hathaway, Inc. Class B 5.3 4.9 
Alphabet, Inc. Class A 4.4 4.2 
Wells Fargo & Co. 4.1 3.9 
Amgen, Inc. 3.4 2.2 
U.S. Bancorp 2.9 2.2 
JPMorgan Chase & Co. 2.9 4.4 
Apple, Inc. 2.8 2.9 
Cigna Corp. 2.5 1.9 
Teva Pharmaceutical Industries Ltd. sponsored ADR 2.5 3.6 
Prudential PLC 2.3 1.8 
 33.1  

Top Five Market Sectors as of April 30, 2017

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 27.5 28.9 
Health Care 15.3 13.9 
Information Technology 14.8 19.8 
Consumer Discretionary 8.6 9.4 
Energy 7.8 8.3 

Asset Allocation (% of fund's net assets)

As of April 30, 2017 * 
   Stocks 94.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 5.7% 


 * Foreign investments - 26.1%


As of October 31, 2016 * 
   Stocks 93.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 6.9% 


 * Foreign investments - 23.9%


Investments April 30, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.3%   
 Shares Value 
CONSUMER DISCRETIONARY - 8.6%   
Media - 6.5%   
CBS Corp. Class B 9,400 $625,664 
Discovery Communications, Inc. Class A (a) 9,500 273,410 
Lions Gate Entertainment Corp. Class B (a) 17,350 413,798 
Time Warner, Inc. 3,700 367,299 
Twenty-First Century Fox, Inc. Class A 21,600 659,664 
  2,339,835 
Specialty Retail - 0.8%   
Cabela's, Inc. Class A (a) 5,200 283,920 
Textiles, Apparel & Luxury Goods - 1.3%   
PVH Corp. 4,800 484,944 
TOTAL CONSUMER DISCRETIONARY  3,108,699 
CONSUMER STAPLES - 6.6%   
Beverages - 2.1%   
C&C Group PLC 182,102 751,203 
Food & Staples Retailing - 2.0%   
CVS Health Corp. 9,100 750,204 
Safeway, Inc.:   
rights (a) 4,300 
rights (a) 4,300 774 
  750,978 
Food Products - 2.5%   
Kellogg Co. 5,000 355,000 
The J.M. Smucker Co. 4,300 544,896 
  899,896 
TOTAL CONSUMER STAPLES  2,402,077 
ENERGY - 7.8%   
Oil, Gas & Consumable Fuels - 7.8%   
GasLog Partners LP 24,000 572,400 
Golar LNG Partners LP 19,400 442,902 
Teekay Corp. 69,800 605,864 
Teekay LNG Partners LP 29,000 484,300 
Teekay Offshore Partners LP 137,400 729,594 
  2,835,060 
FINANCIALS - 27.5%   
Banks - 9.9%   
JPMorgan Chase & Co. 11,925 1,037,475 
U.S. Bancorp 20,271 1,039,497 
Wells Fargo & Co. 27,826 1,498,152 
  3,575,124 
Capital Markets - 1.3%   
Goldman Sachs Group, Inc. 2,100 469,980 
Consumer Finance - 2.7%   
Capital One Financial Corp. 5,000 401,900 
Discover Financial Services 9,300 582,087 
  983,987 
Diversified Financial Services - 5.3%   
Berkshire Hathaway, Inc. Class B (a) 11,500 1,899,914 
Insurance - 8.3%   
Allstate Corp. 8,040 653,572 
Chubb Ltd. 5,600 768,600 
Prudential PLC 37,731 837,397 
The Travelers Companies, Inc. 6,200 754,292 
  3,013,861 
TOTAL FINANCIALS  9,942,866 
HEALTH CARE - 15.3%   
Biotechnology - 4.7%   
Amgen, Inc. 7,500 1,224,900 
Dyax Corp. rights 12/31/19 (a) 15,500 39,525 
Shire PLC sponsored ADR 2,519 445,762 
  1,710,187 
Health Care Providers & Services - 6.0%   
Anthem, Inc. 3,600 640,404 
Cigna Corp. 5,900 922,583 
McKesson Corp. 4,400 608,476 
  2,171,463 
Pharmaceuticals - 4.6%   
Allergan PLC 3,000 731,580 
Teva Pharmaceutical Industries Ltd. sponsored ADR 29,000 915,820 
  1,647,400 
TOTAL HEALTH CARE  5,529,050 
INDUSTRIALS - 5.3%   
Aerospace & Defense - 2.3%   
United Technologies Corp. 6,800 809,132 
Professional Services - 2.5%   
Dun & Bradstreet Corp. 5,000 548,050 
Nielsen Holdings PLC 8,800 361,944 
  909,994 
Trading Companies & Distributors - 0.5%   
AerCap Holdings NV (a) 4,000 184,040 
TOTAL INDUSTRIALS  1,903,166 
INFORMATION TECHNOLOGY - 14.8%   
Communications Equipment - 1.8%   
Cisco Systems, Inc. 18,964 646,103 
Internet Software & Services - 5.8%   
Alphabet, Inc. Class A (a) 1,742 1,610,514 
VeriSign, Inc. (a)(b) 5,500 489,060 
  2,099,574 
IT Services - 3.0%   
Cognizant Technology Solutions Corp. Class A (a) 8,000 481,840 
The Western Union Co. 31,100 617,646 
  1,099,486 
Semiconductors & Semiconductor Equipment - 0.9%   
NXP Semiconductors NV (a) 3,200 338,400 
Technology Hardware, Storage & Peripherals - 3.3%   
Apple, Inc. 7,100 1,019,915 
Samsung Electronics Co. Ltd. 89 174,542 
  1,194,457 
TOTAL INFORMATION TECHNOLOGY  5,378,020 
MATERIALS - 3.6%   
Chemicals - 3.6%   
LyondellBasell Industries NV Class A 4,600 389,896 
Monsanto Co. 3,200 373,152 
Syngenta AG sponsored ADR 3,100 288,393 
Valspar Corp. 2,100 236,124 
  1,287,565 
REAL ESTATE - 2.1%   
Real Estate Management & Development - 2.1%   
CBRE Group, Inc. (a) 20,900 748,429 
UTILITIES - 2.7%   
Electric Utilities - 2.7%   
Exelon Corp. 17,800 616,414 
Xcel Energy, Inc. 8,300 373,915 
  990,329 
TOTAL COMMON STOCKS   
(Cost $30,437,006)  34,125,261 
Money Market Funds - 7.3%   
Fidelity Cash Central Fund, 0.85% (c) 2,164,841 2,165,273 
Fidelity Securities Lending Cash Central Fund 0.86% (c)(d) 488,538 488,587 
TOTAL MONEY MARKET FUNDS   
(Cost $2,653,906)  2,653,860 
TOTAL INVESTMENT PORTFOLIO - 101.6%   
(Cost $33,090,912)  36,779,121 
NET OTHER ASSETS (LIABILITIES) - (1.6)%  (577,584) 
NET ASSETS - 100%  $36,201,537 

Values shown as $0 may reflect amounts less than $500.

Legend

 (a) Non-income producing

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

 (c) Affiliated fund that is generally 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.

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


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 $7,687 
Fidelity Securities Lending Cash Central Fund 3,341 
Total $11,028 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2017, 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 below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $3,108,699 $3,108,699 $-- $-- 
Consumer Staples 2,402,077 2,401,303 -- 774 
Energy 2,835,060 2,835,060 -- -- 
Financials 9,942,866 9,105,469 837,397 -- 
Health Care 5,529,050 5,489,525 -- 39,525 
Industrials 1,903,166 1,903,166 -- -- 
Information Technology 5,378,020 5,378,020 -- -- 
Materials 1,287,565 1,287,565 -- -- 
Real Estate 748,429 748,429 -- -- 
Utilities 990,329 990,329 -- -- 
Money Market Funds 2,653,860 2,653,860 -- -- 
Total Investments in Securities: $36,779,121 $35,901,425 $837,397 $40,299 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 73.9% 
Marshall Islands 7.8% 
Ireland 4.1% 
United Kingdom 3.3% 
Switzerland 2.9% 
Israel 2.6% 
Netherlands 2.5% 
Bailiwick of Jersey 1.2% 
Canada 1.2% 
Others (Individually Less Than 1%) 0.5% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2017 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $480,168) — See accompanying schedule:
Unaffiliated issuers (cost $30,437,006) 
$34,125,261  
Fidelity Central Funds (cost $2,653,906) 2,653,860  
Total Investments (cost $33,090,912)  $36,779,121 
Receivable for investments sold  49,307 
Receivable for fund shares sold  10,617 
Dividends receivable  26,771 
Distributions receivable from Fidelity Central Funds  2,030 
Prepaid expenses  21 
Receivable from investment adviser for expense reductions  16,073 
Other receivables  2,604 
Total assets  36,886,544 
Liabilities   
Payable for investments purchased $92,479  
Payable for fund shares redeemed 39,650  
Accrued management fee 16,777  
Distribution and service plan fees payable 12,255  
Other affiliated payables 7,818  
Other payables and accrued expenses 27,328  
Collateral on securities loaned 488,700  
Total liabilities  685,007 
Net Assets  $36,201,537 
Net Assets consist of:   
Paid in capital  $47,128,077 
Distributions in excess of net investment income  (6,416) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (14,608,847) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  3,688,723 
Net Assets  $36,201,537 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($18,489,171 ÷ 1,012,710 shares)  $18.26 
Maximum offering price per share (100/94.25 of $18.26)  $19.37 
Class M:   
Net Asset Value and redemption price per share ($7,565,651 ÷ 413,525 shares)  $18.30 
Maximum offering price per share (100/96.50 of $18.30)  $18.96 
Class C:   
Net Asset Value and offering price per share ($6,792,294 ÷ 382,874 shares)(a)  $17.74 
Class I:   
Net Asset Value, offering price and redemption price per share ($3,354,421 ÷ 182,406 shares)  $18.39 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.


See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2017 (Unaudited) 
Investment Income   
Dividends  $282,452 
Income from Fidelity Central Funds  11,028 
Total income  293,480 
Expenses   
Management fee   
Basic fee $94,351  
Performance adjustment (7,780)  
Transfer agent fees 40,523  
Distribution and service plan fees 70,882  
Accounting and security lending fees 6,792  
Custodian fees and expenses 9,399  
Independent trustees' fees and expenses 70  
Registration fees 32,532  
Audit 30,787  
Legal 2,093  
Miscellaneous 709  
Total expenses before reductions 280,358  
Expense reductions (37,033) 243,325 
Net investment income (loss)  50,155 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 762,622  
Fidelity Central Funds 220  
Foreign currency transactions (148)  
Total net realized gain (loss)  762,694 
Change in net unrealized appreciation (depreciation) on:
Investment securities 
3,656,391  
Assets and liabilities in foreign currencies 515  
Total change in net unrealized appreciation (depreciation)  3,656,906 
Net gain (loss)  4,419,600 
Net increase (decrease) in net assets resulting from operations  $4,469,755 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2017 (Unaudited) Year ended October 31, 2016 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $50,155 $199,138 
Net realized gain (loss) 762,694 (209,677) 
Change in net unrealized appreciation (depreciation) 3,656,906 (137,385) 
Net increase (decrease) in net assets resulting from operations 4,469,755 (147,924) 
Distributions to shareholders from net investment income (117,871) (492,638) 
Distributions to shareholders from net realized gain – (36,002) 
Total distributions (117,871) (528,640) 
Share transactions - net increase (decrease) 324,935 (2,669,934) 
Total increase (decrease) in net assets 4,676,819 (3,346,498) 
Net Assets   
Beginning of period 31,524,718 34,871,216 
End of period $36,201,537 $31,524,718 
Other Information   
Undistributed net investment income end of period $– $61,300 
Distributions in excess of net investment income end of period $(6,416) $– 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Value Leaders Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2017 2016 2015 2014 2013 2012 
Selected Per–Share Data       
Net asset value, beginning of period $16.03 $16.34 $15.79 $13.73 $10.82 $9.96 
Income from Investment Operations       
Net investment income (loss)A .04 .12 .29 .12 .10 .13 
Net realized and unrealized gain (loss) 2.27 (.15)B .39C 1.94 3.01 .85 
Total from investment operations 2.31 (.03) .68 2.06 3.11 .98 
Distributions from net investment income (.08) (.27) (.12) – (.20) (.12) 
Distributions from net realized gain – (.02) (.01) – – D 
Total distributions (.08) (.28)E (.13) – (.20) (.12) 
Net asset value, end of period $18.26 $16.03 $16.34 $15.79 $13.73 $10.82 
Total ReturnF,G,H 14.42% (.18)%B 4.32%C 15.00% 29.24% 10.00% 
Ratios to Average Net AssetsI,J       
Expenses before reductions 1.45%K 1.47% 1.49% 1.30% 1.33% 1.28% 
Expenses net of fee waivers, if any 1.25%K 1.25% 1.25% 1.25% 1.25% 1.25% 
Expenses net of all reductions 1.25%K 1.24% 1.25% 1.25% 1.23% 1.24% 
Net investment income (loss) .45%K .77% 1.78% .78% .82% 1.26% 
Supplemental Data       
Net assets, end of period (000 omitted) $18,489 $16,448 $18,237 $15,067 $15,339 $14,705 
Portfolio turnover rateL 49%K 63% 54% 182% 87% 94% 

 A Calculated based on average shares outstanding during the period.

 B Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been (.24)%

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.05 per share. Excluding these litigation proceeds, the total return would have been 4.01%

 D Amount represents less than $.005 per share.

 E Total distributions of $.28 per share is comprised of distributions from net investment income of $.265 and distributions from net realized gain of $.017 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Total returns do not include the effect of the sales charges.

 I Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 K Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Value Leaders Fund Class M

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2017 2016 2015 2014 2013 2012 
Selected Per–Share Data       
Net asset value, beginning of period $16.04 $16.33 $15.78 $13.75 $10.82 $9.96 
Income from Investment Operations       
Net investment income (loss)A .02 .08 .25 .08 .07 .10 
Net realized and unrealized gain (loss) 2.28 (.16)B .39C 1.95 3.02 .85 
Total from investment operations 2.30 (.08) .64 2.03 3.09 .95 
Distributions from net investment income (.04) (.20) (.08) – (.16) (.09) 
Distributions from net realized gain – (.02) (.01) – – D 
Total distributions (.04) (.21)E (.09) – (.16) (.09) 
Net asset value, end of period $18.30 $16.04 $16.33 $15.78 $13.75 $10.82 
Total ReturnF,G,H 14.35% (.49)%B 4.04%C 14.76% 28.97% 9.68% 
Ratios to Average Net AssetsI,J       
Expenses before reductions 1.73%K 1.77% 1.78% 1.58% 1.60% 1.55% 
Expenses net of fee waivers, if any 1.50%K 1.50% 1.50% 1.50% 1.50% 1.50% 
Expenses net of all reductions 1.50%K 1.49% 1.50% 1.50% 1.48% 1.49% 
Net investment income (loss) .20%K .52% 1.53% .53% .57% 1.01% 
Supplemental Data       
Net assets, end of period (000 omitted) $7,566 $6,732 $7,672 $7,819 $6,569 $6,145 
Portfolio turnover rateL 49%K 63% 54% 182% 87% 94% 

 A Calculated based on average shares outstanding during the period.

 B Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been (.55)%

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.05 per share. Excluding these litigation proceeds, the total return would have been 3.73%

 D Amount represents less than $.005 per share.

 E Total distributions of $.21 per share is comprised of distributions from net investment income of $.195 and distributions from net realized gain of $.017 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Total returns do not include the effect of the sales charges.

 I Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 K Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Value Leaders Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2017 2016 2015 2014 2013 2012 
Selected Per–Share Data       
Net asset value, beginning of period $15.56 $15.88 $15.35 $13.44 $10.59 $9.75 
Income from Investment Operations       
Net investment income (loss)A (.03) B .17 B .01 .05 
Net realized and unrealized gain (loss) 2.21 (.16)C .37D 1.91 2.95 .84 
Total from investment operations 2.18 (.16) .54 1.91 2.96 .89 
Distributions from net investment income – (.15) – – (.11) (.05) 
Distributions from net realized gain – (.02) (.01) – – B 
Total distributions – (.16)E (.01) – (.11) (.05) 
Net asset value, end of period $17.74 $15.56 $15.88 $15.35 $13.44 $10.59 
Total ReturnF,G,H 14.01% (1.00)%C 3.54%D 14.21% 28.27% 9.21% 
Ratios to Average Net AssetsI,J       
Expenses before reductions 2.26%K 2.29% 2.29% 2.09% 2.08% 2.04% 
Expenses net of fee waivers, if any 2.00%K 2.00% 2.00% 2.00% 2.00% 2.00% 
Expenses net of all reductions 2.00%K 1.99% 2.00% 2.00% 1.97% 1.99% 
Net investment income (loss) (.30)%K .02% 1.03% .03% .07% .51% 
Supplemental Data       
Net assets, end of period (000 omitted) $6,792 $5,057 $5,662 $4,458 $4,340 $3,299 
Portfolio turnover rateL 49%K 63% 54% 182% 87% 94% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been (1.06)%

 D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.05 per share. Excluding these litigation proceeds, the total return would have been 3.23%

 E Total distributions of $.16 per share is comprised of distributions from net investment income of $.147 and distributions from net realized gain of $.017 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Total returns do not include the effect of the contingent deferred sales charge.

 I Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 K Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Value Leaders Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2017 2016 2015 2014 2013 2012 
Selected Per–Share Data       
Net asset value, beginning of period $16.16 $16.48 $15.93 $13.81 $10.89 $10.04 
Income from Investment Operations       
Net investment income (loss)A .06 .16 .34 .15 .14 .18 
Net realized and unrealized gain (loss) 2.29 (.15)B .39C 1.97 3.02 .83 
Total from investment operations 2.35 .01 .73 2.12 3.16 1.01 
Distributions from net investment income (.12) (.31) (.17) – (.24) (.16) 
Distributions from net realized gain – (.02) (.01) – – D 
Total distributions (.12) (.33) (.18) – (.24) (.16) 
Net asset value, end of period $18.39 $16.16 $16.48 $15.93 $13.81 $10.89 
Total ReturnE,F 14.58% .03%B 4.58%C 15.35% 29.65% 10.30% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.18%I 1.18% 1.18% 1.01% .94% .83% 
Expenses net of fee waivers, if any 1.00%I 1.00% 1.00% 1.00% .94% .83% 
Expenses net of all reductions 1.00%I .99% 1.00% 1.00% .92% .82% 
Net investment income (loss) .70%I 1.02% 2.03% 1.03% 1.13% 1.68% 
Supplemental Data       
Net assets, end of period (000 omitted) $3,354 $3,287 $3,052 $1,261 $1,767 $1,195 
Portfolio turnover rateJ 49%I 63% 54% 182% 87% 94% 

 A Calculated based on average shares outstanding during the period.

 B Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been (.03)%

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.05 per share. Excluding these litigation proceeds, the total return would have been 4.27%

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2017

1. Organization.

Fidelity Advisor Value Leaders Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M (formerly Class T), Class C and Class I shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

After the close of business on June 24, 2016, all outstanding Class B shares were converted to Class A shares. All prior fiscal period dollar and share amounts for Class B presented in the Notes to Financial Statements are for the period November 1, 2015 through June 24, 2016.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • 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)

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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2017 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, partnerships, capital loss carryforwards, expiring capital loss carryforwards, and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation $4,648,879 
Gross unrealized depreciation (1,174,441) 
Net unrealized appreciation (depreciation) on securities $3,474,438 
Tax cost $33,304,683 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration  
2017  $(14,819,668) 
2019  (169,201) 
Total with expiration  $(14,988,869) 
No expiration  
Long-term  $(159,385) 
Total capital loss carryforward $(15,148,254) 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $8,250,776 and $7,817,016, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Class I of the Fund as compared to its benchmark index, the Russell 1000 Value Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .50% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution
Fee 
Service
Fee 
Total Fees Retained
by FDC 
Class A -% .25% $22,274 $347 
Class M .25% .25% 18,612 102 
Class C .75% .25% 29,996 1,748 
   $70,882 $2,197 

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M, and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

 Retained
by FDC 
Class A $3,634 
Class M 358 
Class C(a) 223 
 $4,215 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of
Class-Level Average
Net Assets(a) 
Class A $19,643 .22 
Class M 9,394 .25 
Class C 8,296 .28 
Class I 3,190 .19 
 $40,523  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $106 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $58 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $3,341. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

The investment adviser voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

 Expense
Limitations 
Reimbursement 
Class A 1.25% $17,604 
Class M 1.50% 8,561 
Class C 2.00% 7,792 
Class I 1.00% 2,900 
  $36,857 

In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $24.

In addition, during the period the investment adviser reimbursed and/or waiver a portion of fund-level operating expenses in the amount of $152.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2017 
Year ended October 31, 2016 
From net investment income   
Class A $78,085 $296,202 
Class M 16,949 86,018 
Class B – 332 
Class C – 52,765 
Class I 22,837 57,321 
Total $117,871 $492,638 
From net realized gain   
Class A $– $19,002 
Class M – 7,499 
Class B – 245 
Class C – 6,102 
Class I – 3,154 
Total $– $36,002 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2017 
Year ended October 31, 2016 Six months ended
April 30, 2017 
Year ended October 31, 2016 
Class A     
Shares sold 91,652 178,600 $1,650,240 $2,796,584 
Reinvestment of distributions 4,407 19,140 76,682 309,115 
Shares redeemed (109,733) (287,425) (1,937,394) (4,568,818) 
Net increase (decrease) (13,674) (89,685) $(210,472) $(1,463,119) 
Class M     
Shares sold 31,039 26,445 $540,349 $421,591 
Reinvestment of distributions 936 5,586 16,345 90,492 
Shares redeemed (38,068) (82,224) (675,912) (1,314,603) 
Net increase (decrease) (6,093) (50,193) $(119,218) $(802,520) 
Class B     
Shares sold – 123 $– $1,901 
Reinvestment of distributions – 32 – 520 
Shares redeemed – (15,535) – (240,977) 
Net increase (decrease) – (15,380) $– $(238,556) 
Class C     
Shares sold 96,859 51,108 $1,667,992 $785,078 
Reinvestment of distributions – 3,672 – 57,973 
Shares redeemed (38,970) (86,475) (674,360) (1,325,976) 
Net increase (decrease) 57,889 (31,695) $993,632 $(482,925) 
Class I     
Shares sold 51,264 106,992 $935,818 $1,735,415 
Reinvestment of distributions 1,271 3,673 22,260 59,684 
Shares redeemed (73,530) (92,475) (1,297,085) (1,477,913) 
Net increase (decrease) (20,995) 18,190 $(339,007) $317,186 

11. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2016 to April 30, 2017).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2016 
Ending
Account Value
April 30, 2017 
Expenses Paid
During Period-B
November 1, 2016
to April 30, 2017 
Class A 1.25%    
Actual  $1,000.00 $1,144.20 $6.65 
Hypothetical-C  $1,000.00 $1,018.60 $6.26 
Class M 1.50%    
Actual  $1,000.00 $1,143.50 $7.97 
Hypothetical-C  $1,000.00 $1,017.36 $7.50 
Class C 2.00%    
Actual  $1,000.00 $1,140.10 $10.61 
Hypothetical-C  $1,000.00 $1,014.88 $9.99 
Class I 1.00%    
Actual  $1,000.00 $1,145.80 $5.32 
Hypothetical-C  $1,000.00 $1,019.84 $5.01 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

AVLF-SANN-0617
1.800656.113


Fidelity Advisor® Emerging Markets Fund
Class A, Class M (formerly Class T), Class C, Class I and Class Z



Semi-Annual Report

April 30, 2017




Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2017 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Five Stocks as of April 30, 2017

 % of fund's net assets % of fund's net assets 6 months ago 
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) 5.2 3.4 
Tencent Holdings Ltd. (Cayman Islands, Internet Software & Services) 4.4 4.2 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 3.9 4.2 
Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet Software & Services) 3.3 3.2 
Naspers Ltd. Class N (South Africa, Media) 2.3 2.3 
 19.1  

Top Five Market Sectors as of April 30, 2017

 % of fund's net assets % of fund's net assets 6 months ago 
Information Technology 27.0 26.3 
Financials 16.1 16.8 
Consumer Discretionary 12.9 13.3 
Consumer Staples 12.2 15.9 
Materials 9.5 4.7 

Top Five Countries as of April 30, 2017

(excluding cash equivalents) % of fund's net assets % of fund's net assets 6 months ago 
India 11.6 11.5 
Cayman Islands 10.8 13.4 
Brazil 9.7 8.9 
Korea (South) 7.9 7.8 
United States of America 7.6 9.8 

Asset Allocation (% of fund's net assets)

As of April 30, 2017 
   Stocks 97.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 2.9% 


As of October 31, 2016 
   Stocks 99.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.9% 


Investments April 30, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.3%   
 Shares Value 
Australia - 0.5%   
Amcor Ltd.  214,605 $2,524,538 
Belgium - 0.5%   
Anheuser-Busch InBev SA NV 23,300 2,627,550 
Bermuda - 0.7%   
Credicorp Ltd. (United States) 22,314 3,428,769 
Brazil - 6.5%   
BB Seguridade Participacoes SA 356,600 3,358,099 
Cielo SA 449,363 3,411,934 
Drogasil SA (a) 154,400 3,281,070 
Equatorial Energia SA 155,800 2,821,928 
Kroton Educacional SA 717,600 3,379,947 
Qualicorp SA 420,500 2,994,061 
Smiles SA 126,800 2,758,076 
Ultrapar Participacoes SA 148,900 3,303,520 
Vale SA sponsored ADR (b) 589,400 5,057,052 
Weg SA (a) 540,430 3,013,693 
TOTAL BRAZIL  33,379,380 
Cayman Islands - 10.8%   
Alibaba Group Holding Ltd. sponsored ADR (a) 148,400 17,140,200 
Ctrip.com International Ltd. ADR (a) 91,000 4,596,410 
NetEase, Inc. ADR 18,000 4,777,020 
New Oriental Education & Technology Group, Inc. sponsored ADR (a) 54,400 3,510,976 
Shenzhou International Group Holdings Ltd. 439,000 2,889,662 
Tencent Holdings Ltd. 725,000 22,716,671 
TOTAL CAYMAN ISLANDS  55,630,939 
Chile - 0.6%   
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR 83,100 2,954,205 
China - 5.3%   
Gree Electric Appliances, Inc. of Zhuhai Class A 620,100 2,968,492 
Hangzhou Hikvision Digital Technology Co. Ltd. Class A 574,346 3,046,904 
Inner Mongoli Yili Industries Co. Ltd. (A Shares) 885,061 2,344,413 
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) 344,912 2,683,344 
Kweichow Moutai Co. Ltd. (A Shares) 45,575 2,733,641 
Midea Group Co. Ltd. Class A 530,632 2,591,002 
Shanghai International Airport Co. Ltd. (A Shares) 582,787 2,895,547 
Sinopharm Group Co. Ltd. (H Shares) 638,400 2,864,381 
Wuliangye Yibin Co. Ltd. Class A 420,500 2,775,477 
Yunnan Baiyao Group Co. Ltd. 201,452 2,498,607 
TOTAL CHINA  27,401,808 
France - 1.0%   
Dassault Systemes SA 29,253 2,610,723 
LVMH Moet Hennessy - Louis Vuitton SA 10,500 2,592,124 
TOTAL FRANCE  5,202,847 
Germany - 0.5%   
Symrise AG 37,500 2,625,349 
Greece - 0.5%   
Titan Cement Co. SA (Reg.) 104,900 2,741,279 
Hong Kong - 2.3%   
AIA Group Ltd. 405,600 2,807,994 
CSPC Pharmaceutical Group Ltd. 2,318,000 3,218,472 
Guangdong Investment Ltd. 2,092,000 3,238,178 
Techtronic Industries Co. Ltd. 605,000 2,597,852 
TOTAL HONG KONG  11,862,496 
India - 11.0%   
Adani Ports & Special Economic Zone Ltd. (a) 581,451 2,963,781 
Amara Raja Batteries Ltd. (a) 192,345 2,663,031 
Asian Paints Ltd. 182,100 3,173,650 
Eicher Motors Ltd. 7,531 3,053,634 
Godrej Consumer Products Ltd. 118,409 3,209,880 
HDFC Bank Ltd. 138,608 3,383,681 
Hero Motocorp Ltd. 52,309 2,700,150 
Hindustan Zinc Ltd. 575,708 2,399,455 
Housing Development Finance Corp. Ltd. 291,305 6,964,994 
IndusInd Bank Ltd. (a) 135,061 3,035,564 
ITC Ltd. 994,561 4,300,637 
LIC Housing Finance Ltd. 335,702 3,492,784 
Maruti Suzuki India Ltd. 37,846 3,841,025 
Power Grid Corp. of India Ltd. 830,938 2,688,367 
Reliance Industries Ltd. 264,626 5,742,825 
Zee Entertainment Enterprises Ltd. 381,397 3,125,510 
TOTAL INDIA  56,738,968 
Indonesia - 2.4%   
PT Bank Central Asia Tbk 3,395,000 4,521,063 
PT Bank Rakyat Indonesia Tbk 4,016,400 3,887,130 
PT Surya Citra Media Tbk 1,922,600 412,532 
PT Telkomunikasi Indonesia Tbk Series B 11,529,700 3,803,493 
TOTAL INDONESIA  12,624,218 
Ireland - 0.5%   
Accenture PLC Class A 21,400 2,595,820 
Israel - 1.1%   
Check Point Software Technologies Ltd. (a) 23,100 2,402,631 
Elbit Systems Ltd. (Israel) 5,062 603,085 
Frutarom Industries Ltd. 48,176 2,831,926 
TOTAL ISRAEL  5,837,642 
Kenya - 0.5%   
Safaricom Ltd. 13,789,300 2,572,132 
Korea (South) - 7.9%   
BGFretail Co. Ltd. 26,516 2,552,305 
Coway Co. Ltd. 36,687 3,241,072 
LG Household & Health Care Ltd. 4,634 3,527,641 
NAVER Corp. 6,525 4,588,608 
Samsung Electronics Co. Ltd. 13,783 27,030,475 
TOTAL KOREA (SOUTH)  40,940,101 
Luxembourg - 0.5%   
Eurofins Scientific SA 5,200 2,560,857 
Mexico - 6.4%   
CEMEX S.A.B. de CV sponsored ADR 438,900 4,046,658 
Embotelladoras Arca S.A.B. de CV 435,700 3,214,069 
Fomento Economico Mexicano S.A.B. de CV unit 493,300 4,439,248 
Gruma S.A.B. de CV Series B 215,365 2,875,842 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 304,021 3,126,570 
Grupo Aeroportuario del Sureste S.A.B. de CV Series B 172,555 3,274,331 
Grupo Aeroportuario Norte S.A.B. de CV 459,900 2,552,197 
Grupo Cementos de Chihuahua S.A.B. de CV 537,700 2,550,364 
Grupo Mexico SA de CV Series B 1,247,600 3,669,519 
Promotora y Operadora de Infraestructura S.A.B. de CV 287,480 3,067,329 
TOTAL MEXICO  32,816,127 
Netherlands - 1.1%   
ASML Holding NV (Netherlands) 18,500 2,445,451 
Yandex NV Series A (a) 112,400 3,064,024 
TOTAL NETHERLANDS  5,509,475 
Philippines - 2.9%   
Ayala Corp. 183,680 3,173,559 
Ayala Land, Inc. 4,393,000 3,092,089 
D&L Industries, Inc. 9,476,500 2,418,655 
SM Investments Corp. 215,099 3,122,381 
SM Prime Holdings, Inc. 5,196,200 3,087,580 
TOTAL PHILIPPINES  14,894,264 
Russia - 3.1%   
Alrosa Co. Ltd. (a) 1,690,600 2,913,550 
Magnit OJSC 22,897 3,529,747 
NOVATEK OAO GDR (Reg. S) 29,900 3,623,880 
Sberbank of Russia 2,122,200 6,164,053 
TOTAL RUSSIA  16,231,230 
South Africa - 6.9%   
Aspen Pharmacare Holdings Ltd. 158,493 3,287,926 
Bidcorp Ltd. 160,315 3,396,621 
Capitec Bank Holdings Ltd. 52,600 3,001,373 
Discovery Ltd. 288,562 2,889,129 
FirstRand Ltd. 1,143,800 4,266,649 
Mondi Ltd. 127,220 3,300,794 
Naspers Ltd. Class N 63,100 11,998,561 
Sanlam Ltd. 613,300 3,253,341 
TOTAL SOUTH AFRICA  35,394,394 
Spain - 0.5%   
Amadeus IT Holding SA Class A 48,300 2,604,353 
Sweden - 0.5%   
ASSA ABLOY AB (B Shares) 120,000 2,599,889 
Switzerland - 0.5%   
Sika AG 430 2,744,221 
Taiwan - 5.4%   
Advantech Co. Ltd. 344,000 2,777,223 
Largan Precision Co. Ltd. 28,200 4,679,317 
Taiwan Semiconductor Manufacturing Co. Ltd. 3,148,000 20,244,193 
TOTAL TAIWAN  27,700,733 
Thailand - 1.1%   
Airports of Thailand PCL (For. Reg.) 2,599,100 3,023,520 
Thai Beverage PCL 4,125,100 2,731,072 
TOTAL THAILAND  5,754,592 
Turkey - 0.5%   
Tofas Turk Otomobil Fabrikasi A/S 314,945 2,622,805 
United Arab Emirates - 0.6%   
National Bank of Abu Dhabi PJSC (a) 992,139 2,971,285 
United Kingdom - 3.1%   
British American Tobacco PLC (United Kingdom) 39,400 2,661,997 
InterContinental Hotel Group PLC 48,300 2,562,382 
NMC Health PLC 109,600 2,820,624 
Prudential PLC 123,385 2,738,390 
Reckitt Benckiser Group PLC 28,200 2,598,279 
Unilever PLC 48,700 2,505,534 
TOTAL UNITED KINGDOM  15,887,206 
United States of America - 7.6%   
A.O. Smith Corp. 46,600 2,510,808 
Alphabet, Inc. Class C (a) 2,860 2,591,046 
Amazon.com, Inc. (a) 2,700 2,497,473 
Amphenol Corp. Class A 34,411 2,488,259 
China Biologic Products, Inc. (a) 24,100 2,843,800 
Facebook, Inc. Class A (a) 18,800 2,824,700 
MasterCard, Inc. Class A 22,300 2,593,936 
Mettler-Toledo International, Inc. (a) 5,180 2,659,516 
Moody's Corp. 23,700 2,804,184 
MSCI, Inc. 25,500 2,558,160 
Philip Morris International, Inc. 22,400 2,482,816 
S&P Global, Inc. 19,800 2,656,962 
Sherwin-Williams Co. 8,500 2,844,780 
The Walt Disney Co. 20,900 2,416,040 
Visa, Inc. Class A 28,100 2,563,282 
TOTAL UNITED STATES OF AMERICA  39,335,762 
TOTAL COMMON STOCKS   
(Cost $387,207,648)  481,315,234 
Preferred Stocks - 3.8%   
Convertible Preferred Stocks - 0.6%   
India - 0.6%   
PC Jeweller Ltd. 13.00% (c) 20,810,176 3,217,165 
Nonconvertible Preferred Stocks - 3.2%   
Brazil - 3.2%   
Ambev SA sponsored ADR 956,480 5,480,630 
Itau Unibanco Holding SA 567,020 7,013,502 
Itausa-Investimentos Itau SA (PN) 1,270,300 3,958,119 
  16,452,251 
TOTAL PREFERRED STOCKS   
(Cost $18,565,431)  19,669,416 
Money Market Funds - 3.6%   
Fidelity Cash Central Fund, 0.85% (d) 15,842,698 15,845,866 
Fidelity Securities Lending Cash Central Fund 0.86% (d)(e) 2,598,490 2,598,750 
TOTAL MONEY MARKET FUNDS   
(Cost $18,444,616)  18,444,616 
TOTAL INVESTMENT PORTFOLIO - 100.7%   
(Cost $424,217,695)  519,429,266 
NET OTHER ASSETS (LIABILITIES) - (0.7)%  (3,703,899) 
NET ASSETS - 100%  $515,725,367 

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

Legend

 (a) Non-income producing

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

 (c) 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 $3,217,165 or 0.6% of net assets.

 (d) Affiliated fund that is generally 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.

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
PC Jeweller Ltd. 13.00% 7/28/16 $3,105,681 

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 $15,539 
Fidelity Securities Lending Cash Central Fund 13,897 
Total $29,436 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2017, 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 below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $66,519,256 $48,711,406 $17,807,850 $-- 
Consumer Staples 63,268,469 52,875,109 10,393,360 -- 
Energy 12,670,225 12,670,225 -- -- 
Financials 82,328,784 70,042,660 12,286,124 -- 
Health Care 28,431,588 28,431,588 -- -- 
Industrials 38,469,796 38,469,796 -- -- 
Information Technology 139,196,770 96,235,906 42,960,864 -- 
Materials 48,795,995 48,795,995 -- -- 
Real Estate 6,179,669 6,179,669 -- -- 
Telecommunication Services 6,375,625 2,572,132 3,803,493 -- 
Utilities 8,748,473 8,748,473 -- -- 
Money Market Funds 18,444,616 18,444,616 -- -- 
Total Investments in Securities: $519,429,266 $432,177,575 $87,251,691 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2017. 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 in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $12,770,324 
Level 2 to Level 1 $2,253,509 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2017 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $2,548,260) — See accompanying schedule:
Unaffiliated issuers (cost $405,773,079) 
$500,984,650  
Fidelity Central Funds (cost $18,444,616) 18,444,616  
Total Investments (cost $424,217,695)  $519,429,266 
Cash  39,593 
Foreign currency held at value (cost $180,231)  180,231 
Receivable for investments sold  1,636,603 
Receivable for fund shares sold  1,924,263 
Dividends receivable  748,317 
Distributions receivable from Fidelity Central Funds  5,005 
Prepaid expenses  288 
Other receivables  84,721 
Total assets  524,048,287 
Liabilities   
Payable for investments purchased $4,168,883  
Payable for fund shares redeemed 847,056  
Accrued management fee 329,061  
Distribution and service plan fees payable 77,422  
Other affiliated payables 112,934  
Other payables and accrued expenses 188,814  
Collateral on securities loaned 2,598,750  
Total liabilities  8,322,920 
Net Assets  $515,725,367 
Net Assets consist of:   
Paid in capital  $493,747,726 
Undistributed net investment income  470,254 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (73,701,489) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  95,208,876 
Net Assets  $515,725,367 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($113,321,294 ÷ 4,649,787 shares)  $24.37 
Maximum offering price per share (100/94.25 of $24.37)  $25.86 
Class M:   
Net Asset Value and redemption price per share ($45,765,562 ÷ 1,891,732 shares)  $24.19 
Maximum offering price per share (100/96.50 of $24.19)  $25.07 
Class C:   
Net Asset Value and offering price per share ($44,166,981 ÷ 1,897,048 shares)(a)  $23.28 
Class I:   
Net Asset Value, offering price and redemption price per share ($305,021,780 ÷ 12,463,284 shares)  $24.47 
Class Z:   
Net Asset Value, offering price and redemption price per share ($7,449,750 ÷ 304,745 shares)  $24.45 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.


See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2017 (Unaudited) 
Investment Income   
Dividends  $4,141,653 
Interest  31 
Income from Fidelity Central Funds  29,436 
Income before foreign taxes withheld  4,171,120 
Less foreign taxes withheld  (350,882) 
Total income  3,820,238 
Expenses   
Management fee $1,759,557  
Transfer agent fees 526,722  
Distribution and service plan fees 446,629  
Accounting and security lending fees 114,796  
Custodian fees and expenses 139,373  
Independent trustees' fees and expenses 886  
Registration fees 54,613  
Audit 35,079  
Legal 791  
Miscellaneous 1,704  
Total expenses before reductions 3,080,150  
Expense reductions (87,688) 2,992,462 
Net investment income (loss)  827,776 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 2,393,303  
Fidelity Central Funds 34  
Foreign currency transactions (117,308)  
Total net realized gain (loss)  2,276,029 
Change in net unrealized appreciation (depreciation) on:
Investment securities 
38,682,104  
Assets and liabilities in foreign currencies 9,744  
Total change in net unrealized appreciation (depreciation)  38,691,848 
Net gain (loss)  40,967,877 
Net increase (decrease) in net assets resulting from operations  $41,795,653 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2017 (Unaudited) Year ended October 31, 2016 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $827,776 $803,129 
Net realized gain (loss) 2,276,029 (14,957,784) 
Change in net unrealized appreciation (depreciation) 38,691,848 45,581,005 
Net increase (decrease) in net assets resulting from operations 41,795,653 31,426,350 
Distributions to shareholders from net investment income (1,034,337) (397,152) 
Share transactions - net increase (decrease) 20,037,101 2,272,710 
Redemption fees 33,940 60,319 
Total increase (decrease) in net assets 60,832,357 33,362,227 
Net Assets   
Beginning of period 454,893,010 421,530,783 
End of period $515,725,367 $454,893,010 
Other Information   
Undistributed net investment income end of period $470,254 $676,815 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Emerging Markets Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2017 2016 2015 2014 2013 2012 
Selected Per–Share Data       
Net asset value, beginning of period $22.30 $20.73 $23.38 $22.62 $20.51 $20.50 
Income from Investment Operations       
Net investment income (loss)A .03 .02 .06 .06 .08 .22 
Net realized and unrealized gain (loss) 2.05 1.55 (2.66) .76 2.23 (.06) 
Total from investment operations 2.08 1.57 (2.60) .82 2.31 .16 
Distributions from net investment income (.01) – (.02) (.05) (.20) (.15) 
Distributions from net realized gain – – (.03) (.01) – – 
Total distributions (.01) – (.05) (.06) (.20) (.15) 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $24.37 $22.30 $20.73 $23.38 $22.62 $20.51 
Total ReturnC,D,E 9.31% 7.57% (11.13)% 3.65% 11.34% .80% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.51%H 1.51% 1.52% 1.52% 1.56% 1.54% 
Expenses net of fee waivers, if any 1.50%H 1.51% 1.52% 1.52% 1.55% 1.54% 
Expenses net of all reductions 1.47%H 1.51% 1.50% 1.52% 1.50% 1.48% 
Net investment income (loss) .26%H .11% .28% .26% .38% 1.07% 
Supplemental Data       
Net assets, end of period (000 omitted) $113,321 $118,092 $112,931 $141,601 $146,378 $160,464 
Portfolio turnover rateI 79%H 85% 110% 97% 121% 177% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Emerging Markets Fund Class M

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2017 2016 2015 2014 2013 2012 
Selected Per–Share Data       
Net asset value, beginning of period $22.16 $20.65 $23.30 $22.55 $20.44 $20.43 
Income from Investment Operations       
Net investment income (loss)A – (.03) .01 B .03 .16 
Net realized and unrealized gain (loss) 2.03 1.54 (2.66) .76 2.22 (.06) 
Total from investment operations 2.03 1.51 (2.65) .76 2.25 .10 
Distributions from net investment income – – – B (.14) (.09) 
Distributions from net realized gain – – – (.01) – – 
Total distributions – – – (.01) (.14) (.09) 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $24.19 $22.16 $20.65 $23.30 $22.55 $20.44 
Total ReturnC,D,E 9.16% 7.31% (11.37)% 3.39% 11.06% .49% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.76%H 1.77% 1.78% 1.78% 1.81% 1.80% 
Expenses net of fee waivers, if any 1.76%H 1.77% 1.78% 1.78% 1.81% 1.80% 
Expenses net of all reductions 1.72%H 1.77% 1.76% 1.78% 1.76% 1.73% 
Net investment income (loss) .01%H (.15)% .02% - %I .13% .81% 
Supplemental Data       
Net assets, end of period (000 omitted) $45,766 $44,575 $43,365 $54,341 $55,797 $58,919 
Portfolio turnover rateJ 79%H 85% 110% 97% 121% 177% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount represents less than .005%.

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Emerging Markets Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2017 2016 2015 2014 2013 2012 
Selected Per–Share Data       
Net asset value, beginning of period $21.37 $20.02 $22.70 $22.06 $20.00 $20.00 
Income from Investment Operations       
Net investment income (loss)A (.05) (.13) (.10) (.11) (.08) .06 
Net realized and unrealized gain (loss) 1.96 1.48 (2.58) .75 2.18 (.06) 
Total from investment operations 1.91 1.35 (2.68) .64 2.10 – 
Distributions from net investment income – – – – (.04) – 
Distributions from net realized gain – – – – – – 
Total distributions – – – – (.04) – 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $23.28 $21.37 $20.02 $22.70 $22.06 $20.00 
Total ReturnC,D,E 8.94% 6.74% (11.81)% 2.90% 10.49% -% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.26%H 2.26% 2.27% 2.27% 2.31% 2.29% 
Expenses net of fee waivers, if any 2.25%H 2.26% 2.27% 2.27% 2.30% 2.29% 
Expenses net of all reductions 2.22%H 2.26% 2.26% 2.27% 2.25% 2.23% 
Net investment income (loss) (.49)%H (.64)% (.47)% (.49)% (.37)% .32% 
Supplemental Data       
Net assets, end of period (000 omitted) $44,167 $43,848 $46,595 $64,026 $62,532 $65,598 
Portfolio turnover rateI 79%H 85% 110% 97% 121% 177% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the contingent deferred sales charge.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Emerging Markets Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2017 2016 2015 2014 2013 2012 
Selected Per–Share Data       
Net asset value, beginning of period $22.44 $20.83 $23.50 $22.73 $20.61 $20.63 
Income from Investment Operations       
Net investment income (loss)A .07 .10 .14 .14 .15 .28 
Net realized and unrealized gain (loss) 2.05 1.55 (2.67) .76 2.25 (.06) 
Total from investment operations 2.12 1.65 (2.53) .90 2.40 .22 
Distributions from net investment income (.09) (.04) (.11) (.12) (.28) (.24) 
Distributions from net realized gain – – (.03) (.01) – – 
Total distributions (.09) (.04) (.14) (.13) (.28) (.24) 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $24.47 $22.44 $20.83 $23.50 $22.73 $20.61 
Total ReturnC,D 9.53% 7.93% (10.83)% 4.00% 11.73% 1.08% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.15%G 1.16% 1.17% 1.18% 1.23% 1.22% 
Expenses net of fee waivers, if any 1.15%G 1.16% 1.17% 1.18% 1.22% 1.22% 
Expenses net of all reductions 1.11%G 1.15% 1.16% 1.18% 1.18% 1.16% 
Net investment income (loss) .62%G .46% .63% .60% .71% 1.39% 
Supplemental Data       
Net assets, end of period (000 omitted) $305,022 $242,116 $209,270 $199,098 $150,576 $145,782 
Portfolio turnover rateH 79%G 85% 110% 97% 121% 177% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Emerging Markets Fund Class Z

 Six months ended (Unaudited) April 30, Years ended October 31,    
 2017 2016 2015 2014 2013 A 
Selected Per–Share Data      
Net asset value, beginning of period $22.44 $20.83 $23.50 $22.73 $21.33 
Income from Investment Operations      
Net investment income (loss)B .08 .13 .17 .18 .03 
Net realized and unrealized gain (loss) 2.06 1.55 (2.66) .76 1.37 
Total from investment operations 2.14 1.68 (2.49) .94 1.40 
Distributions from net investment income (.13) (.07) (.14) (.16) – 
Distributions from net realized gain – – (.03) (.01) – 
Total distributions (.13) (.07) (.18)C (.17) – 
Redemption fees added to paid in capitalB,D – – – – – 
Net asset value, end of period $24.45 $22.44 $20.83 $23.50 $22.73 
Total ReturnE,F 9.64% 8.09% (10.68)% 4.19% 6.56% 
Ratios to Average Net AssetsG,H      
Expenses before reductions 1.00%I 1.01% 1.02% 1.02% 1.05%I 
Expenses net of fee waivers, if any 1.00%I 1.01% 1.02% 1.02% 1.05%I 
Expenses net of all reductions .96%I 1.00% 1.00% 1.02% 1.00%I 
Net investment income (loss) .77%I .61% .78% .77% .62%I 
Supplemental Data      
Net assets, end of period (000 omitted) $7,450 $6,261 $6,114 $5,544 $107 
Portfolio turnover rateJ 79%I 85% 110% 97% 121% 

 A For the period August 13, 2013 (commencement of sale of shares) to October 31, 2013.

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $.18 per share is comprised of distributions from net investment income of $.143 and distributions from net realized gain of $.033 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2017

1. Organization.

Fidelity Advisor Emerging Markets Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M (formerly Class T), Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

After the close of business on June 24, 2016, all outstanding Class B shares were converted to Class A shares. All prior fiscal period dollar and share amounts for Class B presented in the Notes to Financial Statements are for the period November 1, 2015 through June 24, 2016.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • 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)

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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2017, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation $103,096,474 
Gross unrealized depreciation (8,624,691) 
Net unrealized appreciation (depreciation) on securities $94,471,783 
Tax cost $424,957,483 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration  
2017  $(47,911,843) 
No expiration  
Short-term  (27,021,333) 
Long-term  (98,528) 
Total no expiration (27,119,861) 
Total capital loss carryforward $(75,031,704) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $185,242,836 and $176,097,153, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .55% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .80% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares, except for the Class I. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution
Fee 
Service
Fee 
Total Fees Retained
by FDC 
Class A -% .25% $136,994 $2,307 
Class M .25% .25% 105,164 109 
Class C .75% .25% 204,471 19,229 
   $446,629 $21,645 

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M, and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

 Retained
by FDC 
Class A $17,335 
Class M 4,516 
Class C(a) 2,365 
 $24,216 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of
Class-Level Average
Net Assets(a) 
Class A $165,151 .30 
Class M 65,212 .31 
Class C 61,703 .30 
Class I 233,205 .19 
Class Z 1,451 .05 
 $526,722  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $922 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $735 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $13,897. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $85,853 for the period. Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $2.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $1,833.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2017 
Year ended October 31, 2016 
From net investment income   
Class A $30,776 $– 
Class I 966,752 377,257 
Class Z 36,809 19,895 
Total $1,034,337 $397,152 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended April 30, 2017 Year ended October 31, 2016 Six months ended April 30, 2017 Year ended October 31, 2016 
Class A     
Shares sold 573,958 1,287,322 $12,627,059 $26,551,895 
Reinvestment of distributions 1,458 – 29,674 – 
Shares redeemed (1,222,099) (1,438,216) (26,861,874) (29,488,728) 
Net increase (decrease) (646,683) (150,894) $(14,205,141) $(2,936,833) 
Class M     
Shares sold 202,145 399,801 $4,452,992 $8,288,739 
Shares redeemed (322,385) (487,420) (6,965,836) (9,949,508) 
Net increase (decrease) (120,240) (87,619) $(2,512,844) $(1,660,769) 
Class B     
Shares sold – 1,946 $– $35,966 
Shares redeemed – (164,147) – (3,213,934) 
Net increase (decrease) – (162,201) $– $(3,177,968) 
Class C     
Shares sold 195,913 320,918 $4,191,205 $6,446,419 
Shares redeemed (350,414) (596,462) (7,305,076) (11,812,796) 
Net increase (decrease) (154,501) (275,544) $(3,113,871) $(5,366,377) 
Class I     
Shares sold 2,716,601 2,135,827 $62,145,808 $44,606,979 
Reinvestment of distributions 45,270 17,692 948,024 362,855 
Shares redeemed (1,087,175) (1,410,799) (23,854,389) (29,258,048) 
Net increase (decrease) 1,674,696 742,720 $39,239,443 $15,711,786 
Class Z     
Shares sold 60,532 44,404 $1,390,451 $931,866 
Reinvestment of distributions 1,759 971 36,809 19,895 
Shares redeemed (36,556) (59,855) (797,746) (1,248,890) 
Net increase (decrease) 25,735 (14,480) $629,514 $(297,129) 

11. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2016 to April 30, 2017).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2016 
Ending
Account Value
April 30, 2017 
Expenses Paid
During Period-B
November 1, 2016
to April 30, 2017 
Class A 1.50%    
Actual  $1,000.00 $1,093.10 $7.78 
Hypothetical-C  $1,000.00 $1,017.36 $7.50 
Class M 1.76%    
Actual  $1,000.00 $1,091.60 $9.13 
Hypothetical-C  $1,000.00 $1,016.07 $8.80 
Class C 2.25%    
Actual  $1,000.00 $1,089.40 $11.66 
Hypothetical-C  $1,000.00 $1,013.64 $11.23 
Class I 1.15%    
Actual  $1,000.00 $1,095.30 $5.97 
Hypothetical-C  $1,000.00 $1,019.09 $5.76 
Class Z 1.00%    
Actual  $1,000.00 $1,096.40 $5.20 
Hypothetical-C  $1,000.00 $1,019.84 $5.01 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

FAEM-SANN-0617
1.800638.113


Fidelity Advisor® Global Equity Income Fund
Class A, Class M (formerly Class T), Class C and Class I



Semi-Annual Report

April 30, 2017




Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2017 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Five Stocks as of April 30, 2017

 % of fund's net assets % of fund's net assets 6 months ago 
Apple, Inc. (United States of America, Technology Hardware, Storage & Peripherals) 2.9 3.0 
Chevron Corp. (United States of America, Oil, Gas & Consumable Fuels) 2.0 2.2 
Microsoft Corp. (United States of America, Software) 1.9 2.3 
Micro Focus International PLC (United Kingdom, Software) 1.9 1.4 
Bank of America Corp. (United States of America, Banks) 1.8 1.6 
 10.5  

Top Five Market Sectors as of April 30, 2017

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 17.7 16.1 
Information Technology 16.2 17.7 
Consumer Staples 13.7 14.1 
Health Care 12.5 14.5 
Consumer Discretionary 10.3 13.2 

Top Five Countries as of April 30, 2017

(excluding cash equivalents) % of fund's net assets % of fund's net assets 6 months ago 
United States of America 41.6 43.4 
Japan 9.7 13.6 
United Kingdom 9.5 9.3 
Canada 4.4 5.2 
Ireland 3.4 4.1 

Asset Allocation (% of fund's net assets)

As of April 30, 2017 
   Stocks 93.5% 
   Short-Term Investments and Net Other Assets (Liabilities) 6.5% 


As of October 31, 2016 
   Stocks 98.5% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.5% 


Investments April 30, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.8%   
 Shares Value 
Australia - 0.2%   
Asaleo Care Ltd. 31,800 $42,742 
Austria - 0.0%   
RHI AG 300 8,742 
Bailiwick of Jersey - 1.0%   
Wolseley PLC 2,830 179,867 
Belgium - 1.5%   
Anheuser-Busch InBev SA NV 1,500 169,156 
KBC Groep NV 1,521 109,814 
TOTAL BELGIUM  278,970 
Canada - 4.4%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 1,640 75,425 
Constellation Software, Inc. 310 141,784 
Fairfax Financial Holdings Ltd. (sub. vtg.) 170 77,711 
Imperial Oil Ltd. 5,410 157,380 
PrairieSky Royalty Ltd. 1,120 24,409 
Suncor Energy, Inc. 10,060 315,275 
TOTAL CANADA  791,984 
Cayman Islands - 0.6%   
Goodbaby International Holdings Ltd. 61,000 27,683 
SITC International Holdings Co. Ltd. 126,000 90,227 
TOTAL CAYMAN ISLANDS  117,910 
Chile - 0.5%   
Vina San Pedro SA 8,495,654 82,741 
China - 0.2%   
Shanghai International Airport Co. Ltd. (A Shares) 8,773 43,588 
Denmark - 0.2%   
Pandora A/S 300 32,424 
France - 1.0%   
Cegedim SA (a) 1,200 33,385 
Maisons du Monde SA 1,417 49,177 
VINCI SA 1,100 93,762 
TOTAL FRANCE  176,324 
Germany - 2.4%   
adidas AG 683 136,820 
AURELIUS AG 1,919 94,694 
SAP AG 1,963 196,626 
TOTAL GERMANY  428,140 
Hong Kong - 1.2%   
Techtronic Industries Co. Ltd. 52,500 225,433 
Ireland - 3.4%   
Accenture PLC Class A 1,784 216,399 
Allergan PLC 498 121,442 
Medtronic PLC 3,274 272,037 
TOTAL IRELAND  609,878 
Isle of Man - 1.5%   
Paysafe Group PLC (a) 29,584 173,922 
Playtech Ltd. 7,482 92,934 
TOTAL ISLE OF MAN  266,856 
Israel - 1.9%   
Bezeq The Israel Telecommunication Corp. Ltd. 66,300 111,574 
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd. 700 33,436 
Teva Pharmaceutical Industries Ltd. sponsored ADR 6,394 201,923 
TOTAL ISRAEL  346,933 
Italy - 0.3%   
Prada SpA 10,300 48,333 
Japan - 9.7%   
A/S One Corp. 2,700 119,529 
Astellas Pharma, Inc. 3,300 43,517 
Broadleaf Co. Ltd. 10,200 66,155 
Daiichikosho Co. Ltd. 5,200 225,539 
Daito Trust Construction Co. Ltd. 300 44,135 
Hoya Corp. 3,900 186,262 
Inaba Denki Sangyo Co. Ltd. 1,400 50,863 
Japan Meat Co. Ltd. 5,500 91,523 
KDDI Corp. 4,900 129,919 
Morinaga & Co. Ltd. 2,000 94,550 
Nippon Telegraph & Telephone Corp. 3,100 132,853 
Olympus Corp. 2,600 100,058 
Recruit Holdings Co. Ltd. 2,200 111,110 
Shinsei Bank Ltd. 25,000 46,647 
Sony Corp. 6,200 212,749 
Tsuruha Holdings, Inc. 1,100 111,505 
TOTAL JAPAN  1,766,914 
Kenya - 0.3%   
Safaricom Ltd. 337,500 62,954 
Korea (South) - 1.1%   
Coway Co. Ltd. 426 37,634 
Hyundai Fire & Marine Insurance Co. Ltd. 700 22,583 
Samsung Electronics Co. Ltd. 69 135,319 
TOTAL KOREA (SOUTH)  195,536 
Luxembourg - 0.3%   
B&M European Value Retail S.A. 10,963 47,852 
Multi-National - 0.6%   
HKT Trust/HKT Ltd. unit 83,280 106,531 
Netherlands - 2.8%   
Koninklijke Philips Electronics NV 3,345 115,511 
LyondellBasell Industries NV Class A 2,364 200,373 
Unilever NV (Certificaten Van Aandelen) (Bearer)  3,800 199,065 
TOTAL NETHERLANDS  514,949 
South Africa - 1.0%   
Capitec Bank Holdings Ltd. 1,900 108,415 
EOH Holdings Ltd. 6,200 65,625 
TOTAL SOUTH AFRICA  174,040 
Spain - 0.8%   
Amadeus IT Holding SA Class A 1,900 102,449 
Prosegur Cash SA 19,500 49,705 
TOTAL SPAIN  152,154 
Sweden - 0.6%   
Loomis AB (B Shares) 3,090 112,160 
Switzerland - 2.4%   
Banque Cantonale Vaudoise 140 101,447 
Chubb Ltd. 902 123,800 
Galenica Sante Ltd. 230 10,055 
Nestle SA (Reg. S) 2,726 209,958 
TOTAL SWITZERLAND  445,260 
Taiwan - 1.8%   
ECLAT Textile Co. Ltd. 6,022 65,853 
Taiwan Semiconductor Manufacturing Co. Ltd. 41,000 263,663 
TOTAL TAIWAN  329,516 
United Kingdom - 9.5%   
BAE Systems PLC 10,199 82,836 
Beijing Yanjing Brewery ELS (UBS Warrant Programme) warrants 10/6/17 (a)(b) 16,700 16,885 
Booker Group PLC 49,800 125,132 
British American Tobacco PLC (United Kingdom) 3,905 263,835 
GlaxoSmithKline PLC 14,342 288,674 
Hilton Food Group PLC 11,081 110,440 
Imperial Tobacco Group PLC 2,246 110,019 
ITV PLC 41,180 112,006 
Jiangsu Yanghe Brewery JSC Ltd. ELS (UBS Warrant Programme) warrants 10/23/17 (a)(b) 2,074 24,069 
London Stock Exchange Group PLC 600 26,290 
Mears Group PLC 6,100 41,163 
Micro Focus International PLC 10,284 344,717 
Moneysupermarket.com Group PLC 9,700 43,457 
St. James's Place Capital PLC 7,186 106,848 
The Restaurant Group PLC 3,521 15,939 
Wuliangye Yibin Co. Ltd. ELS (A Shares) (UBS Warrant Programme) warrants 3/7/19 (a)(b) 3,146 20,765 
TOTAL UNITED KINGDOM  1,733,075 
United States of America - 41.6%   
American Tower Corp. 2,126 267,748 
AMETEK, Inc. 3,913 223,824 
Amgen, Inc. 1,744 284,830 
Apple, Inc. 3,723 534,810 
AutoZone, Inc. (a) 119 82,371 
Ball Corp. 890 68,432 
Bank of America Corp. 14,206 331,568 
Bristol-Myers Squibb Co. 1,050 58,853 
Capital One Financial Corp. 1,300 104,494 
Caterpillar, Inc. 1,100 112,486 
Cedar Fair LP (depositary unit) 973 69,735 
Charter Communications, Inc. Class A (a) 237 81,803 
Chevron Corp. 3,432 366,194 
Citigroup, Inc. 4,000 236,480 
Comcast Corp. Class A 4,438 173,925 
ConocoPhillips Co. 5,124 245,491 
Danaher Corp. 1,661 138,411 
Deluxe Corp. 616 44,297 
Diamond Hill Investment Group, Inc. 688 139,079 
Dr. Pepper Snapple Group, Inc. 1,181 108,239 
E.I. du Pont de Nemours & Co. 1,969 157,028 
Exxon Mobil Corp. 2,617 213,678 
Fortive Corp. 959 60,666 
Johnson & Johnson 2,276 281,018 
JPMorgan Chase & Co. 3,708 322,596 
L Brands, Inc. 2,108 111,323 
Microsoft Corp. 5,140 351,884 
Molson Coors Brewing Co. Class B 1,918 183,917 
Monsanto Co. 771 89,906 
MSCI, Inc. 1,956 196,226 
PepsiCo, Inc. 1,481 167,768 
PPG Industries, Inc. 646 70,957 
Procter & Gamble Co. 1,901 166,014 
Qualcomm, Inc. 1,400 75,236 
Roper Technologies, Inc. 180 39,366 
S&P Global, Inc. 1,531 205,445 
Sabre Corp. 2,191 51,291 
Stock Yards Bancorp, Inc. 662 27,142 
SunTrust Banks, Inc. 3,535 200,823 
The Coca-Cola Co. 3,891 167,897 
Total System Services, Inc. 1,636 93,759 
U.S. Bancorp 4,203 215,530 
Verizon Communications, Inc. 900 41,319 
VF Corp. 1,324 72,330 
W.R. Grace & Co. 639 44,551 
Wells Fargo & Co. 5,557 299,189 
TOTAL UNITED STATES OF AMERICA  7,579,929 
TOTAL COMMON STOCKS   
(Cost $14,262,168)  16,901,735 
Nonconvertible Preferred Stocks - 0.7%   
Spain - 0.7%   
Grifols SA Class B   
(Cost $100,432) 6,000 128,069 
 Principal Amount(c) Value 
Nonconvertible Bonds - 0.0%   
Canada - 0.0%   
Constellation Software, Inc. 7.9% 3/31/40(d) CAD  
(Cost $429) 500 426 
 Shares Value 
Money Market Funds - 6.2%   
Fidelity Cash Central Fund, 0.85% (e)   
(Cost $1,116,775) 1,116,551 1,116,775 
TOTAL INVESTMENT PORTFOLIO - 99.7%   
(Cost $15,479,804)  18,147,005 
NET OTHER ASSETS (LIABILITIES) - 0.3%  59,864 
NET ASSETS - 100%  $18,206,869 

Currency Abbreviations

CAD – Canadian dollar

Security Type Abbreviations

ELS – Equity-Linked Security

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

Legend

 (a) Non-income producing

 (b) 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 $61,719 or 0.3% of net assets.

 (c) Amount is stated in United States dollars unless otherwise noted.

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

 (e) Affiliated fund that is generally 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 $2,093 
Total $2,093 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2017, 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 below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $1,828,929 $1,616,180 $212,749 $-- 
Consumer Staples 2,523,417 1,681,403 842,014 -- 
Energy 1,322,427 1,322,427 -- -- 
Financials 3,208,245 3,146,526 61,719 -- 
Health Care 2,258,008 1,925,817 332,191 -- 
Industrials 1,401,726 929,750 471,976 -- 
Information Technology 2,950,030 2,489,741 460,289 -- 
Materials 639,989 639,989 -- -- 
Real Estate 311,883 311,883 -- -- 
Telecommunication Services 585,150 322,378 262,772 -- 
Corporate Bonds 426 -- 426 -- 
Money Market Funds 1,116,775 1,116,775 -- -- 
Total Investments in Securities: $18,147,005 $15,502,869 $2,644,136 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2017. 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 in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $334,101 
Level 2 to Level 1 $231,655 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2017 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $14,363,029) 
$17,030,230  
Fidelity Central Funds (cost $1,116,775) 1,116,775  
Total Investments (cost $15,479,804)  $18,147,005 
Cash  40,174 
Receivable for fund shares sold  4,055 
Dividends receivable  43,629 
Interest receivable  
Distributions receivable from Fidelity Central Funds  779 
Prepaid expenses  13 
Receivable from investment adviser for expense reductions  38,125 
Other receivables  433 
Total assets  18,274,215 
Liabilities   
Payable for fund shares redeemed $8,829  
Accrued management fee 10,354  
Transfer agent fee payable 3,848  
Distribution and service plan fees payable 5,543  
Other affiliated payables 771  
Accrued expense payable - Audit Fee 28,876  
Accrued expense payable - Custody Fee 9,125  
Total liabilities  67,346 
Net Assets  $18,206,869 
Net Assets consist of:   
Paid in capital  $15,875,363 
Undistributed net investment income  23,071 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (358,927) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  2,667,362 
Net Assets  $18,206,869 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($6,263,753 ÷ 465,021 shares)  $13.47 
Maximum offering price per share (100/94.25 of $13.47)  $14.29 
Class M:   
Net Asset Value and redemption price per share ($2,758,929 ÷ 205,007 shares)  $13.46 
Maximum offering price per share (100/96.50 of $13.46)  $13.95 
Class C:   
Net Asset Value and offering price per share ($3,878,164 ÷ 289,668 shares)(a)  $13.39 
Class I:   
Net Asset Value, offering price and redemption price per share ($5,306,023 ÷ 393,063 shares)  $13.50 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.


See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2017 (Unaudited) 
Investment Income   
Dividends  $195,231 
Interest  14 
Income from Fidelity Central Funds  2,093 
Income before foreign taxes withheld  197,338 
Less foreign taxes withheld  (13,753) 
Total income  183,585 
Expenses   
Management fee $60,489  
Transfer agent fees 23,876  
Distribution and service plan fees 32,425  
Accounting fees and expenses 4,499  
Custodian fees and expenses 7,725  
Independent trustees' fees and expenses 38  
Registration fees 52,785  
Audit 33,821  
Legal 23  
Miscellaneous 72  
Total expenses before reductions 215,753  
Expense reductions (79,688) 136,065 
Net investment income (loss)  47,520 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (843)  
Fidelity Central Funds 38  
Foreign currency transactions (4,942)  
Total net realized gain (loss)  (5,747) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 
1,353,364  
Assets and liabilities in foreign currencies 1,386  
Total change in net unrealized appreciation (depreciation)  1,354,750 
Net gain (loss)  1,349,003 
Net increase (decrease) in net assets resulting from operations  $1,396,523 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2017 (Unaudited) Year ended October 31, 2016 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $47,520 $139,058 
Net realized gain (loss) (5,747) (278,077) 
Change in net unrealized appreciation (depreciation) 1,354,750 531,622 
Net increase (decrease) in net assets resulting from operations 1,396,523 392,603 
Distributions to shareholders from net investment income (38,444) (136,047) 
Distributions to shareholders from net realized gain (9,222) (150,997) 
Total distributions (47,666) (287,044) 
Share transactions - net increase (decrease) (2,464,613) 7,788,669 
Total increase (decrease) in net assets (1,115,756) 7,894,228 
Net Assets   
Beginning of period 19,322,625 11,428,397 
End of period $18,206,869 $19,322,625 
Other Information   
Undistributed net investment income end of period $23,071 $13,995 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Global Equity Income Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2017 2016 2015 2014 2013 2012 A 
Selected Per–Share Data       
Net asset value, beginning of period $12.44 $12.50 $12.96 $12.20 $10.15 $10.00 
Income from Investment Operations       
Net investment income (loss)B .04 .12 .12 .25C .19 .09 
Net realized and unrealized gain (loss) 1.03 .09 .24 .91 2.05 .16 
Total from investment operations 1.07 .21 .36 1.16 2.24 .25 
Distributions from net investment income (.03) (.11) (.11) (.22) (.18) (.10) 
Distributions from net realized gain (.01) (.16) (.71) (.18) (.01) – 
Total distributions (.04) (.27) (.82) (.40) (.19) (.10) 
Net asset value, end of period $13.47 $12.44 $12.50 $12.96 $12.20 $10.15 
Total ReturnD,E,F 8.63% 1.72% 2.85% 9.70% 22.28% 2.51% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 2.36%I 2.13% 2.42% 2.63% 4.37% 7.41%I 
Expenses net of fee waivers, if any 1.45%I 1.45% 1.45% 1.45% 1.45% 1.45%I 
Expenses net of all reductions 1.44%I 1.45% 1.44% 1.45% 1.43% 1.44%I 
Net investment income (loss) .67%I .96% .95% 1.95%C 1.66% 1.89%I 
Supplemental Data       
Net assets, end of period (000 omitted) $6,264 $6,068 $4,552 $4,025 $2,115 $756 
Portfolio turnover rateJ 59%I 43% 87% 112% 78% 36%K 

 A For the period May 2, 2012 (commencement of operations) to October 31, 2012.

 B Calculated based on average shares outstanding during the period.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.09 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.25%.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 K Amount not annualized.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Global Equity Income Fund Class M

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2017 2016 2015 2014 2013 2012 A 
Selected Per–Share Data       
Net asset value, beginning of period $12.44 $12.49 $12.95 $12.20 $10.14 $10.00 
Income from Investment Operations       
Net investment income (loss)B .03 .09 .09 .21C .16 .08 
Net realized and unrealized gain (loss) 1.02 .10 .24 .91 2.06 .15 
Total from investment operations 1.05 .19 .33 1.12 2.22 .23 
Distributions from net investment income (.03) (.08) (.08) (.19) (.15) (.09) 
Distributions from net realized gain (.01) (.16) (.71) (.18) (.01) – 
Total distributions (.03)D (.24) (.79) (.37) (.16) (.09) 
Net asset value, end of period $13.46 $12.44 $12.49 $12.95 $12.20 $10.14 
Total ReturnE,F,G 8.47% 1.53% 2.59% 9.34% 22.11% 2.31% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 2.67%J 2.46% 2.73% 2.96% 4.80% 7.68%J 
Expenses net of fee waivers, if any 1.70%J 1.70% 1.70% 1.70% 1.70% 1.70%J 
Expenses net of all reductions 1.69%J 1.70% 1.69% 1.70% 1.68% 1.69%J 
Net investment income (loss) .42%J .71% .70% 1.70%C 1.41% 1.64%J 
Supplemental Data       
Net assets, end of period (000 omitted) $2,759 $2,508 $2,484 $2,014 $1,270 $714 
Portfolio turnover rateK 59%J 43% 87% 112% 78% 36%L 

 A For the period May 2, 2012 (commencement of operations) to October 31, 2012.

 B Calculated based on average shares outstanding during the period.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.09 per share. Excluding the ratio of net investment income (loss) to average net assets would have been 1.00%.

 D Total distributions of $.03 per share is comprised of distributions from net investment income of $.025 and distributions from net realized gain of $.007 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 L Amount not annualized.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Global Equity Income Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2017 2016 2015 2014 2013 2012 A 
Selected Per–Share Data       
Net asset value, beginning of period $12.39 $12.46 $12.93 $12.18 $10.14 $10.00 
Income from Investment Operations       
Net investment income (loss)B – .03 .03 .15C .10 .06 
Net realized and unrealized gain (loss) 1.03 .09 .24 .91 2.06 .15 
Total from investment operations 1.02 .12 .27 1.06 2.16 .21 
Distributions from net investment income (.01) (.03) (.05) (.14) (.11) (.07) 
Distributions from net realized gain (.01) (.16) (.70) (.17) (.01) – 
Total distributions (.02) (.19) (.74)D (.31) (.12) (.07) 
Net asset value, end of period $13.39 $12.39 $12.46 $12.93 $12.18 $10.14 
Total ReturnE,F,G 8.20% .99% 2.10% 8.83% 21.40% 2.12% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 3.16%J 2.93% 3.23% 3.43% 5.26% 8.19%J 
Expenses net of fee waivers, if any 2.20%J 2.20% 2.20% 2.20% 2.20% 2.20%J 
Expenses net of all reductions 2.19%J 2.20% 2.19% 2.20% 2.18% 2.19%J 
Net investment income (loss) (.08)%J .21% .20% 1.20%C .91% 1.14%J 
Supplemental Data       
Net assets, end of period (000 omitted) $3,878 $3,588 $3,225 $3,173 $1,445 $666 
Portfolio turnover rateK 59%J 43% 87% 112% 78% 36%L 

 A For the period May 2, 2012 (commencement of operations) to October 31, 2012.

 B Calculated based on average shares outstanding during the period.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.09 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .50%.

 D Total distributions of $.74 per share is comprised of distributions from net investment income of $.046 and distributions from net realized gain of $.695 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the contingent deferred sales charge.

 H Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 L Amount not annualized.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Global Equity Income Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2017 2016 2015 2014 2013 2012 A 
Selected Per–Share Data       
Net asset value, beginning of period $12.46 $12.51 $12.97 $12.22 $10.15 $10.00 
Income from Investment Operations       
Net investment income (loss)B .06 .15 .15 .28C .21 .10 
Net realized and unrealized gain (loss) 1.03 .10 .24 .90 2.07 .16 
Total from investment operations 1.09 .25 .39 1.18 2.28 .26 
Distributions from net investment income (.04) (.14) (.14) (.25) (.20) (.11) 
Distributions from net realized gain (.01) (.16) (.71) (.18) (.01) – 
Total distributions (.05) (.30) (.85) (.43) (.21) (.11) 
Net asset value, end of period $13.50 $12.46 $12.51 $12.97 $12.22 $10.15 
Total ReturnD,E 8.77% 2.04% 3.09% 9.86% 22.71% 2.61% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.04%H 1.68% 2.11% 2.35% 4.46% 7.23%H 
Expenses net of fee waivers, if any 1.20%H 1.20% 1.20% 1.20% 1.20% 1.20%H 
Expenses net of all reductions 1.19%H 1.20% 1.19% 1.20% 1.18% 1.19%H 
Net investment income (loss) .92%H 1.21% 1.20% 2.20%C 1.91% 2.14%H 
Supplemental Data       
Net assets, end of period (000 omitted) $5,306 $7,159 $1,167 $1,334 $1,231 $939 
Portfolio turnover rateI 59%H 43% 87% 112% 78% 36%J 

 A For the period May 2, 2012 (commencement of operations) to October 31, 2012.

 B Calculated based on average shares outstanding during the period.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.09 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.50%.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 J Amount not annualized.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2017

1. Organization.

Fidelity Advisor Global Equity Income Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M (formerly Class T), Class C and Class I shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • 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)

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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. 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. Debt securities 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2017, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards, and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation $2,985,317 
Gross unrealized depreciation (397,441) 
Net unrealized appreciation (depreciation) on securities $2,587,876 
Tax cost $15,559,129 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

No expiration  
Short-term $(115,638) 
Long-term (67,635) 

Total capital loss carryforward $(183,273) 

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $4,932,853 and $8,291,132, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .70% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution
Fee 
Service
Fee 
Total Fees Retained
by FDC 
Class A -% .25% $7,682 $647 
Class M .25% .25% 6,562 35 
Class C .75% .25% 18,181 18,181 
   $32,425 $18,863 

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

 Retained
by FDC 
Class A $3,095 
Class M 1,205 
Class C(a) 252 
 $4,552 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of
Class-Level Average
Net Assets(a) 
Class A $8,283 .27 
Class M 4,233 .32 
Class C 5,646 .31 
Class I 5,714 .23 
 $23,876  

 (a) Annualized


Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $89 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $30 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Expense Reductions.

The investment adviser contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2017. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

 Expense
Limitations 
Reimbursement 
Class A 1.45% $27,980 
Class M 1.70% 12,774 
Class C 2.20% 17,450 
Class I 1.20% 20,877 
  $79,081 

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $533 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $74.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2017 
Year ended October 31, 2016 
From net investment income   
Class A $16,400 $51,686 
Class M 5,038 16,313 
Class C 2,258 9,845 
Class I 14,748 58,203 
Total $38,444 $136,047 
From net realized gain   
Class A $3,377 $60,195 
Class M 1,411 32,288 
Class C 1,976 41,507 
Class I 2,458 17,007 
Total $9,222 $150,997 

9. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2017 
Year ended October 31, 2016 Six months ended
April 30, 2017 
Year ended October 31, 2016 
Class A     
Shares sold 88,380 236,290 $1,129,797 $2,896,105 
Reinvestment of distributions 1,466 8,534 18,431 105,821 
Shares redeemed (112,561) (121,356) (1,447,445) (1,503,508) 
Net increase (decrease) (22,715) 123,468 $(299,217) $1,498,418 
Class M     
Shares sold 38,480 59,702 $491,071 $733,048 
Reinvestment of distributions 503 3,910 6,323 48,518 
Shares redeemed (35,622) (60,880) (456,735) (747,403) 
Net increase (decrease) 3,361 2,732 $40,659 $34,163 
Class C     
Shares sold 45,363 119,349 $578,106 $1,466,305 
Reinvestment of distributions 326 3,971 4,078 49,176 
Shares redeemed (45,654) (92,637) (578,524) (1,125,027) 
Net increase (decrease) 35 30,683 $3,660 $390,454 
Class I     
Shares sold 130,767 548,216 $1,687,529 $6,693,045 
Reinvestment of distributions 550 3,231 6,925 40,053 
Shares redeemed (312,734) (70,197) (3,904,169) (867,464) 
Net increase (decrease) (181,417) 481,250 $(2,209,715) $5,865,634 

10. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2016 to April 30, 2017).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2016 
Ending
Account Value
April 30, 2017 
Expenses Paid
During Period-B
November 1, 2016
to April 30, 2017 
Class A 1.45%    
Actual  $1,000.00 $1,086.30 $7.50 
Hypothetical-C  $1,000.00 $1,017.60 $7.25 
Class M 1.70%    
Actual  $1,000.00 $1,084.70 $8.79 
Hypothetical-C  $1,000.00 $1,016.36 $8.50 
Class C 2.20%    
Actual  $1,000.00 $1,082.00 $11.36 
Hypothetical-C  $1,000.00 $1,013.88 $10.99 
Class I 1.20%    
Actual  $1,000.00 $1,087.70 $6.21 
Hypothetical-C  $1,000.00 $1,018.84 $6.01 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

AGED-SANN-0617
1.938154.104


Item 2.

Code of Ethics


Not applicable.

 

Item 3.

Audit Committee Financial Expert


Not applicable.


Item 4.

Principal Accountant Fees and Services


Not applicable.


Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable


Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies


Not applicable.


Item 8.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 9.  

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers


Not applicable.


Item 10.

Submission of Matters to a Vote of Security Holders


There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Advisor Series VIIIs Board of Trustees.


Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Advisor Series VIIIs (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 Trusts internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trusts internal control over financial reporting.



Item 12.

Exhibits


(a)

(1)

Not applicable.

(a)

(2)

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.

(a)

(3)

Not applicable.

(b)


Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.




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/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

June 26, 2017


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/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

June 26, 2017



By:

/s/Howard J. Galligan III


Howard J. Galligan III


Chief Financial Officer



Date:

June 26, 2017

 





EX-99.CERT 2 ex99.htm EX99.HTM Converted by EDGARwiz

                                                      Exhibit EX-99.CERT

     

I, Stacie M. Smith, certify that:


1.

I have reviewed this report on Form N-CSR of Fidelity Advisor Series VIII;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d.

Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and



5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date:

 June 26, 2017

/s/Stacie M. Smith

Stacie M. Smith

President and Treasurer



I, Howard J. Galligan III, certify that:

1.

I have reviewed this report on Form N-CSR of Fidelity Advisor Series VIII;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d.

Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the second fiscal quarter of  the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and



5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date:

June 26, 2017

/s/Howard J. Galligan III

Howard J. Galligan III

Chief Financial Officer







EX-99.906 CERT 3 ex906.htm EX906.HTM Converted by EDGARwiz

Exhibit EX-99.906CERT



Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)


In connection with the attached Report of Fidelity Advisor Series VIII (the Trust) on Form N-CSR to be filed with the Securities and Exchange Commission (the Report), each of the undersigned officers of the Trust does hereby certify that, to the best of such officers knowledge:


1.

The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.


Dated:

June 26, 2017



/s/Stacie M. Smith

Stacie M. Smith

President and Treasurer



 

Dated:

June 26, 2017



/s/Howard J. Galligan III

Howard J. Galligan III

Chief Financial Officer




A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.



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