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:

December 31



Date of reporting period:

June 30, 2017


Item 1.

Reports to Stockholders




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



Semi-Annual Report

June 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 Countries as of June 30, 2017

(excluding cash equivalents) % of fund's net assets % of fund's net assets 6 months ago 
United States of America 7.9 4.0 
Mexico 7.0 9.5 
Turkey 6.5 4.7 
Venezuela 4.8 7.4 
Argentina 4.7 3.5 

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

Top Five Holdings as of June 30, 2017

(by issuer, excluding cash equivalents) % of fund's net assets % of fund's net assets 6 months ago 
Petroleos Mexicanos 6.6 7.5 
U.S. Treasury Obligations 6.2 1.9 
Turkish Republic 6.1 4.5 
Argentine Republic 4.7 3.4 
Lebanese Republic 4.5 5.5 
 28.1  

Asset Allocation (% of fund's net assets)

As of June 30, 2017 
   Corporate Bonds 29.0% 
   Government Obligations 61.3% 
   Stocks 0.5% 
   Preferred Securities 0.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 9.0% 


As of December 31, 2016 
   Corporate Bonds 35.4% 
   Government Obligations 58.2% 
   Stocks 0.8% 
   Preferred Securities 0.3% 
   Investment Companies 0.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 5.0% 


Investments June 30, 2017 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 29.0%   
 Principal Amount(a) Value 
Azerbaijan - 1.7%   
International Bank of Azerbaijan OJSC 5.625% 6/11/19 (Reg. S) $10,445,000 $8,567,825 
Southern Gas Corridor CJSC 6.875% 3/24/26 (b) 59,820,000 64,755,150 
State Oil Co. of Azerbaijan Republic 6.95% 3/18/30 (Reg. S) 10,835,000 11,380,001 
TOTAL AZERBAIJAN  84,702,976 
Brazil - 0.4%   
Banco Nacional de Desenvolvimento Economico e Social 6.5% 6/10/19 (b) 7,495,000 7,954,144 
Caixa Economica Federal:   
4.25% 5/13/19 (b) 10,425,000 10,560,525 
7.25% 7/23/24 (b)(c) 2,965,000 2,983,680 
TOTAL BRAZIL  21,498,349 
British Virgin Islands - 0.3%   
1MDB Global Investments Ltd. 4.4% 3/9/23 17,600,000 16,287,850 
Canada - 0.4%   
Evraz, Inc. NA Canada 7.5% 11/15/19 (b) 2,000 2,045 
First Quantum Minerals Ltd.:   
7% 2/15/21 (b) 1,460,000 1,496,500 
7.25% 5/15/22 (b) 3,510,000 3,588,975 
7.25% 4/1/23 (b) 4,675,000 4,569,813 
7.5% 4/1/25 (b) 7,790,000 7,614,725 
Pacific Exploration and Production Corp. 10% 11/2/21 pay-in-kind (c) 4,500,000 5,068,125 
TOTAL CANADA  22,340,183 
Cayman Islands - 0.2%   
Brazil Minas SPE 5.333% 2/15/28 (b) 6,985,000 6,792,913 
Odebrecht Finance Ltd. 4.375% 4/25/25 (b) 11,370,000 4,377,450 
TOTAL CAYMAN ISLANDS  11,170,363 
Costa Rica - 0.2%   
Banco Nacional de Costa Rica 6.25% 11/1/23 (b) 2,755,000 2,892,750 
Instituto Costarricense de Electricidad:   
6.375% 5/15/43 (b) 3,400,000 3,027,462 
6.95% 11/10/21 (b) 3,639,000 3,904,647 
TOTAL COSTA RICA  9,824,859 
Georgia - 0.8%   
Georgian Oil & Gas Corp. 6.75% 4/26/21 (b) 19,962,000 20,864,282 
JSC BGEO Group 6% 7/26/23 (b) 7,755,000 7,871,635 
JSC Georgian Railway 7.75% 7/11/22 (b) 9,770,000 10,727,968 
TOTAL GEORGIA  39,463,885 
Indonesia - 1.3%   
PT Pertamina Persero:   
5.625% 5/20/43 (b) 6,800,000 7,037,878 
6% 5/3/42 (b) 30,041,000 32,429,320 
6.5% 5/27/41 (b) 23,090,000 26,341,418 
TOTAL INDONESIA  65,808,616 
Ireland - 1.7%   
Borets Finance DAC 6.5% 4/7/22 (b) 4,375,000 4,648,438 
Metalloinvest Finance Designated Activity Co. 4.85% 5/2/24 (b) 4,520,000 4,520,000 
RZD Capital Ltd. 5.7% 4/5/22 (Reg. S) 5,300,000 5,678,049 
SCF Capital Ltd. 5.375% 6/16/23 (b) 9,150,000 9,458,813 
Vnesheconombank Via VEB Finance PLC:   
5.942% 11/21/23 (b) 13,140,000 14,090,232 
6.025% 7/5/22 (b) 9,560,000 10,242,680 
6.8% 11/22/25 (b) 9,000,000 9,969,480 
6.902% 7/9/20 (b) 23,560,000 25,600,013 
TOTAL IRELAND  84,207,705 
Israel - 0.1%   
Israel Electric Corp. Ltd. 7.75% 12/15/27 (Reg. S) 3,076,000 3,875,815 
Kazakhstan - 1.5%   
Development Bank of Kazakhstan JSC 4.125% 12/10/22 (b) 6,670,000 6,671,267 
Kazagro National Management Holding JSC 4.625% 5/24/23 (b) 10,555,000 10,506,447 
KazMunaiGaz Finance Sub BV:   
3.875% 4/19/22 (b) 11,440,000 11,321,024 
5.75% 4/19/47 (b) 13,725,000 12,959,145 
6.375% 4/9/21 (b) 16,130,000 17,520,083 
7% 5/5/20 (b) 15,135,000 16,439,334 
Samruk-Energy JSC 3.75% 12/20/17 (Reg. S) 1,955,000 1,945,577 
TOTAL KAZAKHSTAN  77,362,877 
Luxembourg - 1.2%   
EVRAZ Group SA 5.375% 3/20/23 (b) 13,320,000 13,359,960 
Petrobras International Finance Co. Ltd. 8.375% 12/10/18 26,891,000 28,749,706 
RSHB Capital SA 8.5% 10/16/23 (b) 2,460,000 2,842,520 
Rumo Luxembourg Sarl 7.375% 2/9/24 (b) 2,240,000 2,300,704 
Steel Capital SA LN Partner Net Program 3.85% 8/27/21 (b) 9,075,000 9,168,854 
VM Holding SA 5.375% 5/4/27 (b) 3,505,000 3,538,298 
TOTAL LUXEMBOURG  59,960,042 
Mexico - 7.0%   
Comision Federal de Electricid:   
4.75% 2/23/27 (b) 9,030,000 9,289,613 
4.875% 1/15/24 (b) 10,990,000 11,608,188 
Petroleos Mexicanos:   
4.625% 9/21/23 7,340,000 7,428,080 
4.875% 1/24/22 21,340,000 21,984,681 
4.875% 1/18/24 5,785,000 5,859,627 
4.8781% 3/11/22 (b)(c) 23,075,000 24,886,388 
5.375% 3/13/22 (b) 2,280,000 2,400,270 
5.5% 1/21/21 13,345,000 13,998,905 
5.5% 6/27/44 7,160,000 6,329,440 
5.625% 1/23/46 14,958,000 13,260,267 
6.375% 2/4/21 22,900,000 24,784,670 
6.375% 1/23/45 33,210,000 32,379,750 
6.5% 6/2/41 96,795,000 96,117,435 
6.75% 9/21/47 27,910,000 28,185,751 
6.875% 8/4/26 46,420,000 51,433,360 
TOTAL MEXICO  349,946,425 
Mongolia - 0.2%   
Trade and Development Bank of Mongolia LLC 9.375% 5/19/20 (Reg. S) 11,241,000 11,999,824 
Netherlands - 3.8%   
Dilijan Finance BV 12% 7/29/20 (b) 1,980,000 1,979,525 
Kazakhstan Temir Zholy Finance BV:   
6.375% 10/6/20 (b) 3,505,000 3,765,754 
6.95% 7/10/42 (b) 8,840,000 9,387,019 
Majapahit Holding BV 7.875% 6/29/37 (Reg. S) 4,700,000 6,133,500 
Petrobras Global Finance BV:   
8.375% 5/23/21 90,215,000 100,984,867 
8.75% 5/23/26 58,435,000 67,200,250 
TOTAL NETHERLANDS  189,450,915 
Nigeria - 0.1%   
Zenith Bank PLC 7.375% 5/30/22 (b) 5,500,000 5,391,100 
Oman - 0.2%   
Oman Sovereign Sukuk SAOC 4.397% 6/1/24 (b) 11,475,000 11,354,513 
Peru - 0.3%   
Petroleos Del Peru Petroperu SA:   
4.75% 6/19/32 (b) 6,795,000 6,744,038 
5.625% 6/19/47 (b) 9,060,000 9,150,600 
TOTAL PERU  15,894,638 
South Africa - 0.7%   
Eskom Holdings SOC Ltd.:   
5.75% 1/26/21 (Reg. S) 13,600,000 13,736,000 
6.75% 8/6/23 (b) 6,550,000 6,679,035 
7.125% 2/11/25 (b) 7,015,000 7,155,300 
TransCanada PipeLines Ltd. 4% 7/26/22 (b) 6,075,000 5,913,927 
TOTAL SOUTH AFRICA  33,484,262 
Sri Lanka - 0.1%   
National Savings Bank 8.875% 9/18/18 (b) 2,625,000 2,768,588 
Trinidad & Tobago - 0.3%   
Petroleum Co. of Trinidad & Tobago Ltd. 9.75% 8/14/19 (b) 16,895,000 17,477,878 
Tunisia - 0.4%   
Banque Centrale de Tunisie:   
5.625% 2/17/24 (Reg. S) EUR6,880,000 7,992,929 
5.75% 1/30/25 (b) 11,055,000 10,598,981 
TOTAL TUNISIA  18,591,910 
Turkey - 0.4%   
Akbank TAS/Ak Finansal Kiralama A/S 7.2% 3/16/27 (b)(c) 5,625,000 5,839,313 
Export Credit Bank of Turkey 5% 9/23/21 (b) 3,420,000 3,473,420 
Finansbank A/S 4.875% 5/19/22 (b) 6,795,000 6,726,235 
Turkiye Ihracat Kredi Bankasi A/S 5.375% 10/24/23 (b) 4,475,000 4,519,750 
TOTAL TURKEY  20,558,718 
United Arab Emirates - 0.1%   
DP World Ltd. 6.85% 7/2/37 (Reg. S) 5,180,000 6,087,215 
United Kingdom - 0.9%   
Biz Finance PLC:   
9.625% 4/27/22 (b) 33,485,000 34,489,550 
9.75% 1/22/25 (b) 3,000,000 3,067,200 
Oschadbank Via SSB #1 PLC 9.625% 3/20/25 (b) 2,310,000 2,359,088 
SSB #1 PLC 9.375% 3/10/23 (b) 2,955,000 3,021,488 
TOTAL UNITED KINGDOM  42,937,326 
United States of America - 1.7%   
Brazil Loan Trust 1 5.477% 7/24/23 (b) 2,564,753 2,583,988 
Pemex Project Funding Master Trust:   
6.625% 6/15/35 59,325,000 61,327,219 
8.625% 2/1/22 12,438,000 14,671,094 
Stillwater Mining Co. 7.125% 6/27/25 (b) 5,420,000 5,330,570 
TOTAL UNITED STATES OF AMERICA  83,912,871 
Venezuela - 3.0%   
Petroleos de Venezuela SA:   
5.375% 4/12/27 57,475,000 20,691,000 
5.5% 4/12/37 68,595,000 24,522,713 
6% 5/16/24 (b) 79,495,000 29,611,888 
6% 11/15/26 (Reg. S) 91,480,000 33,847,600 
8.5% 10/27/20 (Reg. S) 23,505,000 16,947,105 
9% 11/17/21 (Reg. S) 16,225,000 7,909,688 
9.75% 5/17/35 (b) 16,975,000 7,897,619 
12.75% 2/17/22 (b) 11,435,000 6,403,600 
TOTAL VENEZUELA  147,831,213 
TOTAL NONCONVERTIBLE BONDS   
(Cost $1,448,215,692)  1,454,190,916 
Government Obligations - 61.3%   
Angola - 0.1%   
Angola Republic 9.5% 11/12/25 (b) 4,865,000 5,122,359 
Argentina - 4.7%   
Argentine Republic:   
5.625% 1/26/22 11,610,000 11,888,640 
6.25% 4/22/19 13,405,000 14,041,738 
6.625% 7/6/28 5,370,000 5,410,007 
6.875% 4/22/21 26,705,000 28,574,350 
6.875% 1/26/27 37,060,000 38,394,160 
7.125% 6/28/17 (b) 37,535,000 34,063,013 
7.125% 7/6/36 10,460,000 10,381,550 
7.5% 4/22/26 49,075,000 52,878,313 
7.82% 12/31/33 EUR9,467,593 11,559,537 
8.28% 12/31/33 28,033,750 30,977,294 
TOTAL ARGENTINA  238,168,602 
Armenia - 0.8%   
Republic of Armenia:   
6% 9/30/20 (b) 25,740,000 26,969,857 
7.15% 3/26/25 (b) 10,350,000 11,316,483 
TOTAL ARMENIA  38,286,340 
Barbados - 0.4%   
Barbados Government:   
7% 8/4/22 (b) 16,559,000 14,240,740 
7.25% 12/15/21 (b) 7,679,000 6,680,730 
TOTAL BARBADOS  20,921,470 
Belarus - 0.4%   
Belarus Republic:   
6.875% 2/28/23 (b) 9,060,000 9,250,260 
7.625% 6/29/27 (b) 9,060,000 9,245,694 
TOTAL BELARUS  18,495,954 
Bolivia - 0.3%   
Plurinational State of Bolivia 4.5% 3/20/28 (b) 14,020,000 13,704,550 
Brazil - 4.0%   
Brazilian Federative Republic:   
2.625% 1/5/23 11,500,000 10,651,875 
4.25% 1/7/25 24,460,000 24,031,950 
4.875% 1/22/21 13,130,000 13,760,240 
5% 1/27/45 19,355,000 16,935,625 
5.625% 1/7/41 16,205,000 15,597,313 
5.625% 2/21/47 9,775,000 9,335,125 
6% 4/7/26 16,390,000 17,684,810 
7.125% 1/20/37 13,195,000 15,075,288 
8.25% 1/20/34 38,250,000 47,812,500 
8.75% 2/4/25 3,120,000 3,962,400 
8.875% 4/15/24 4,005,000 5,036,288 
10.125% 5/15/27 6,670,000 9,454,725 
12.25% 3/6/30 6,915,000 11,202,300 
TOTAL BRAZIL  200,540,439 
Cameroon - 0.4%   
Cameroon Republic 9.5% 11/19/25 (b) 18,885,000 22,284,300 
Colombia - 0.6%   
Colombian Republic 7.375% 9/18/37 22,945,000 29,507,270 
Costa Rica - 0.5%   
Costa Rican Republic:   
4.25% 1/26/23 (b) 4,825,000 4,698,344 
4.375% 4/30/25 (b) 6,180,000 5,865,994 
5.625% 4/30/43 (b) 4,500,000 4,037,850 
7% 4/4/44 (b) 5,825,000 6,058,000 
7.158% 3/12/45 (b) 4,845,000 5,087,250 
TOTAL COSTA RICA  25,747,438 
Croatia - 0.7%   
Croatia Republic:   
5.5% 4/4/23 (b) 5,890,000 6,441,245 
6% 1/26/24 (b) 9,135,000 10,232,936 
6.375% 3/24/21 (b) 9,725,000 10,796,539 
6.625% 7/14/20 (b) 6,100,000 6,725,250 
TOTAL CROATIA  34,195,970 
Dominican Republic - 1.8%   
Dominican Republic:   
5.5% 1/27/25 (b) 8,000,000 8,260,000 
5.875% 4/18/24 (b) 5,170,000 5,454,350 
5.95% 1/25/27 (b) 21,645,000 22,619,025 
6.6% 1/28/24 (b) 5,625,000 6,180,469 
6.85% 1/27/45 (b) 11,990,000 12,769,350 
6.875% 1/29/26 (b) 13,690,000 15,281,463 
7.45% 4/30/44 (b) 8,495,000 9,684,300 
7.5% 5/6/21 (b) 8,245,000 9,110,725 
TOTAL DOMINICAN REPUBLIC  89,359,682 
Ecuador - 1.1%   
Ecuador Republic:   
7.95% 6/20/24 (b) 10,540,000 9,854,900 
8.75% 6/2/23 (b) 5,325,000 5,245,125 
9.625% 6/2/27 (b) 5,415,000 5,415,000 
9.65% 12/13/26 (b) 9,190,000 9,178,053 
10.5% 3/24/20 (b) 12,040,000 12,642,000 
10.75% 3/28/22 (b) 12,175,000 12,996,813 
TOTAL ECUADOR  55,331,891 
Egypt - 1.5%   
Arab Republic 5.875% 6/11/25 (b) 9,090,000 8,885,475 
Arab Republic of Egypt:   
, yield at date of purchase 20.1483% to 20.3492% 9/19/17 to 12/26/17 EGP138,725,000 7,155,739 
6.125% 1/31/22 (b) 20,030,000 20,460,645 
6.875% 4/30/40 (b) 3,170,000 3,001,724 
7.5% 1/31/27 (b) 16,015,000 17,007,930 
8.5% 1/31/47 (b) 15,875,000 17,112,425 
TOTAL EGYPT  73,623,938 
El Salvador - 0.9%   
El Salvador Republic:   
5.875% 1/30/25 (Reg.S) 7,722,000 6,924,317 
6.375% 1/18/27 (b) 7,095,000 6,403,238 
7.375% 12/1/19 4,695,000 4,753,688 
7.625% 2/1/41 (b) 9,085,000 8,403,625 
7.65% 6/15/35 (Reg. S) 5,325,000 4,975,680 
7.75% 1/24/23 (Reg. S) 2,995,000 3,028,844 
8.25% 4/10/32 (Reg. S) 1,930,000 1,912,823 
8.625% 2/28/29 (b) 8,875,000 9,230,000 
TOTAL EL SALVADOR  45,632,215 
Ethiopia - 0.2%   
Federal Democratic Republic of Ethiopia 6.625% 12/11/24 (b) 8,495,000 8,410,050 
Gabon - 0.3%   
Gabonese Republic:   
6.375% 12/12/24 (b) 9,835,000 9,575,946 
6.95% 6/16/25 (b) 6,865,000 6,836,634 
TOTAL GABON  16,412,580 
Ghana - 1.5%   
Ghana Republic:   
7.875% 8/7/23 (Reg.S) 15,985,000 16,304,061 
8.125% 1/18/26 (b) 11,750,000 11,982,885 
9.25% 9/15/22 (b) 22,235,000 23,969,597 
10.75% 10/14/30 (b) 18,875,000 23,369,138 
TOTAL GHANA  75,625,681 
Guatemala - 0.2%   
Guatemalan Republic 4.375% 6/5/27 (b) 11,290,000 11,205,325 
Honduras - 0.2%   
Republic of Honduras 6.25% 1/19/27 11,365,000 11,734,363 
Indonesia - 1.5%   
Indonesian Republic:   
4.75% 1/8/26 (b) 6,660,000 7,148,538 
5.875% 1/15/24 (b) 7,205,000 8,212,490 
6.625% 2/17/37 12,975,000 16,071,990 
7.75% 1/17/38 (b) 12,890,000 17,783,843 
8.5% 10/12/35 (b) 16,590,000 23,881,554 
TOTAL INDONESIA  73,098,415 
Iraq - 0.6%   
Republic of Iraq 5.8% 1/15/28 (Reg. S) 31,530,000 27,972,092 
Ivory Coast - 0.7%   
Ivory Coast:   
5.125% 6/15/25 (b) EUR2,390,000 2,758,488 
5.75% 12/31/32 13,019,300 12,498,528 
6.125% 6/15/33 (b) 13,085,000 12,561,600 
6.375% 3/3/28 (b) 7,540,000 7,615,400 
TOTAL IVORY COAST  35,434,016 
Jamaica - 0.6%   
Jamaican Government:   
6.75% 4/28/28 9,295,000 10,540,530 
7.625% 7/9/25 6,845,000 7,984,693 
7.875% 7/28/45 1,980,000 2,331,846 
8% 3/15/39 6,405,000 7,557,900 
TOTAL JAMAICA  28,414,969 
Jordan - 0.7%   
Jordanian Kingdom:   
5.75% 1/31/27 (b) 19,655,000 19,537,070 
6.125% 1/29/26 (b) 15,170,000 15,512,933 
TOTAL JORDAN  35,050,003 
Kenya - 0.5%   
Republic of Kenya 6.875% 6/24/24 (b) 23,250,000 23,773,125 
Kuwait - 0.6%   
State of Kuwait 3.5% 3/20/27 (b) 28,170,000 28,778,472 
Lebanon - 4.5%   
Lebanese Republic:   
4% 12/31/17 13,197,750 13,141,858 
5% 10/12/17 19,205,000 19,205,000 
5.15% 6/12/18 59,975,000 60,188,751 
5.15% 11/12/18 7,020,000 7,055,732 
5.45% 11/28/19 30,050,000 30,136,905 
6% 5/20/19 17,825,000 18,037,831 
6% 1/27/23 4,565,000 4,535,875 
6.1% 10/4/22 16,230,000 16,234,869 
6.375% 3/9/20 8,185,000 8,348,700 
6.6% 11/27/26 8,975,000 8,975,000 
6.65% 2/26/30 (Reg. S) 14,443,000 14,190,825 
6.75% 11/29/27 (Reg. S) 6,300,000 6,286,140 
7.05% 11/2/35(Reg. S) 4,040,000 4,004,981 
8.25% 4/12/21 (Reg.S) 13,105,000 14,126,928 
TOTAL LEBANON  224,469,395 
Mongolia - 0.6%   
Mongolian People's Republic:   
5.125% 12/5/22 (Reg. S) 11,835,000 11,100,922 
8.75% 3/9/24 (b) 12,515,000 13,698,569 
10.875% 4/6/21 (b) 4,595,000 5,239,747 
TOTAL MONGOLIA  30,039,238 
Namibia - 0.1%   
Republic of Namibia:   
5.25% 10/29/25 (b) 4,620,000 4,753,749 
5.5% 11/3/21 (b) 1,822,000 1,960,782 
TOTAL NAMIBIA  6,714,531 
Netherlands - 0.1%   
Republic of Angola 7% 8/17/19 (Issued by Northern Lights III BV for Republic of Angola) (Reg. S) 3,332,813 3,431,264 
Nigeria - 0.4%   
Republic of Nigeria:   
6.375% 7/12/23 (b) 9,085,000 9,346,194 
7.875% 2/16/32 (b) 11,550,000 12,520,085 
TOTAL NIGERIA  21,866,279 
Oman - 1.2%   
Sultanate of Oman:   
4.75% 6/15/26 (b) 13,740,000 13,513,290 
5.375% 3/8/27 (b) 13,740,000 14,049,150 
6.5% 3/8/47 (b) 33,910,000 34,605,562 
TOTAL OMAN  62,168,002 
Pakistan - 0.6%   
Islamic Republic of Pakistan:   
7.25% 4/15/19 (b) 5,445,000 5,742,079 
8.25% 4/15/24 (b) 12,645,000 14,347,877 
8.25% 9/30/25 (b) 6,835,000 7,825,631 
TOTAL PAKISTAN  27,915,587 
Panama - 0.4%   
Panamanian Republic:   
8.875% 9/30/27 5,299,000 7,551,075 
9.375% 4/1/29 7,320,000 10,797,000 
TOTAL PANAMA  18,348,075 
Paraguay - 0.3%   
Republic of Paraguay:   
4.7% 3/27/27 (b) 5,535,000 5,680,294 
5% 4/15/26 (b) 2,295,000 2,424,094 
6.1% 8/11/44 (b) 5,350,000 5,925,125 
TOTAL PARAGUAY  14,029,513 
Poland - 0.2%   
Polish Government 2.5% 7/25/27 PLN50,025,000 12,560,080 
Qatar - 0.5%   
State of Qatar:   
2.375% 6/2/21 18,370,000 17,917,804 
9.75% 6/15/30 (Reg. S) 4,135,000 6,495,754 
TOTAL QATAR  24,413,558 
Romania - 0.3%   
Romanian Republic 5.85% 4/26/23 RON45,900,000 13,206,651 
Russia - 3.5%   
Ministry of Finance Russian Federation 4.75% 5/27/26 (b) 17,200,000 17,952,500 
Russian Federation:   
4.25% 6/23/27 (b) 22,600,000 22,528,584 
4.875% 9/16/23 (b) 9,590,000 10,285,122 
5.25% 6/23/47 (b) 46,800,000 47,126,290 
5.625% 4/4/42 (b) 15,305,000 16,567,663 
12.75% 6/24/28 (Reg. S) 35,894,000 62,683,128 
TOTAL RUSSIA  177,143,287 
Rwanda - 0.2%   
Rwanda Rep 6.625% 5/2/23 (b) 8,185,000 8,419,959 
Saudi Arabia - 2.1%   
Saudi Arabia Kingdom of:   
2.375% 10/26/21 (b) 22,335,000 21,977,640 
4.5% 10/26/46 (b) 80,260,000 81,784,298 
TOTAL SAUDI ARABIA  103,761,938 
Senegal - 0.3%   
Republic of Senegal:   
6.25% 7/30/24 (b) 2,415,000 2,543,575 
6.25% 5/23/33 (b) 6,705,000 6,803,791 
8.75% 5/13/21 (b) 5,565,000 6,345,669 
TOTAL SENEGAL  15,693,035 
South Africa - 0.8%   
South African Republic:   
4.3% 10/12/28 25,255,000 23,591,605 
5.375% 7/24/44 6,890,000 6,710,378 
5.875% 9/16/25 10,890,000 11,709,320 
TOTAL SOUTH AFRICA  42,011,303 
Sri Lanka - 1.1%   
Democratic Socialist Republic of Sri Lanka:   
5.125% 4/11/19 (b) 2,960,000 3,030,972 
5.875% 7/25/22 (b) 3,225,000 3,339,339 
6% 1/14/19 (b) 3,180,000 3,295,520 
6.2% 5/11/27 (b) 9,795,000 9,779,406 
6.25% 10/4/20 (b) 4,345,000 4,584,627 
6.25% 7/27/21(b) 4,475,000 4,739,678 
6.825% 7/18/26 (b) 6,000,000 6,320,550 
6.85% 11/3/25 (b) 19,250,000 20,283,841 
TOTAL SRI LANKA  55,373,933 
Suriname - 0.3%   
Republic of Suriname 9.25% 10/26/26 (b) 14,780,000 15,149,500 
Tanzania - 0.0%   
United Republic of Tanzania 7.421% 3/9/20 (c) 1,840,000 1,923,168 
Turkey - 6.1%   
Turkish Republic:   
4.25% 4/14/26 4,560,000 4,328,078 
4.875% 10/9/26 23,995,000 23,651,008 
5.125% 3/25/22 5,305,000 5,505,847 
5.625% 3/30/21 8,380,000 8,882,800 
5.75% 3/22/24 13,855,000 14,651,663 
5.75% 5/11/47 18,195,000 17,794,710 
6% 3/25/27 45,395,000 48,334,780 
6% 1/14/41 20,495,000 20,975,608 
6.25% 9/26/22 32,130,000 34,907,317 
6.75% 5/30/40 10,180,000 11,343,981 
6.875% 3/17/36 37,300,000 41,932,660 
7% 6/5/20 10,755,000 11,759,840 
7.25% 3/5/38 9,635,000 11,292,220 
7.375% 2/5/25 22,385,000 25,922,502 
8% 2/14/34 9,740,000 12,073,704 
11.875% 1/15/30 8,075,000 12,819,063 
TOTAL TURKEY  306,175,781 
Ukraine - 3.4%   
Ukraine Government:   
0% 5/31/40 (b)(c) 44,715,000 17,365,517 
7.75% 9/1/19 (b) 42,093,000 43,461,023 
7.75% 9/1/20 (b) 40,167,000 41,131,008 
7.75% 9/1/21 (b) 26,022,000 26,429,244 
7.75% 9/1/22 (b) 6,292,000 6,323,460 
7.75% 9/1/23 (b) 7,322,000 7,248,780 
7.75% 9/1/24 (b) 9,642,000 9,452,438 
7.75% 9/1/25 (b) 7,352,000 7,182,669 
7.75% 9/1/26 (b) 6,727,000 6,542,815 
7.75% 9/1/27 (b) 6,292,000 6,094,431 
TOTAL UKRAINE  171,231,385 
United States of America - 6.2%   
U.S. Treasury Bonds:   
2.875% 11/15/46 236,793,000 238,504,272 
3% 5/15/47 71,880,000 74,311,557 
TOTAL UNITED STATES OF AMERICA  312,815,829 
Uruguay - 0.1%   
Uruguay Republic 9.875% 6/20/22 (b) UYU130,890,000 4,696,303 
Venezuela - 1.8%   
Venezuelan Republic:   
oil recovery rights 4/15/20(d)(e) 211,320 845,280 
6% 12/9/20 9,510,000 4,279,500 
7% 12/1/18 (Reg. S) 8,075,000 5,200,300 
7% 3/31/38 8,645,000 3,609,288 
7.65% 4/21/25 15,995,000 6,757,888 
7.75% 10/13/19 (Reg. S) 13,260,000 6,729,450 
8.25% 10/13/24 14,155,000 6,086,650 
9% 5/7/23 (Reg. S) 15,080,000 6,672,900 
9.25% 9/15/27 24,050,000 11,904,750 
9.25% 5/7/28 (Reg. S) 24,655,000 10,909,838 
9.375% 1/13/34 10,515,000 4,758,038 
11.75% 10/21/26 (Reg. S) 14,165,000 7,294,975 
11.95% 8/5/31 (Reg. S) 18,410,000 9,297,050 
12.75% 8/23/22 8,195,000 4,404,813 
13.625% 8/15/18 5,105,000 3,856,828 
TOTAL VENEZUELA  92,607,548 
Vietnam - 0.1%   
Vietnamese Socialist Republic 4.8% 11/19/24 (b) 5,440,000 5,717,059 
Zambia - 0.3%   
Republic of Zambia:   
5.375% 9/20/22 (b) 3,870,000 3,624,216 
8.5% 4/14/24 (b) 4,790,000 4,993,882 
8.97% 7/30/27 (b) 6,215,000 6,620,218 
TOTAL ZAMBIA  15,238,316 
TOTAL GOVERNMENT OBLIGATIONS   
(Cost $2,982,458,132)  3,073,952,026 
 Shares Value 
Common Stocks - 0.5%   
Canada - 0.0%   
First Quantum Minerals Ltd. 150,000 1,268,893 
Cayman Islands - 0.5%   
Alibaba Group Holding Ltd. sponsored ADR (e) 173,500 24,446,150 
TOTAL COMMON STOCKS   
(Cost $21,382,082)  25,715,043 
 Principal Amount(a) Value 
Preferred Securities - 0.2%   
China - 0.1%   
Sinochem Group 5% (b)(c)(f) 3,040,000 3,140,783 
Ireland - 0.1%   
Alfa Bond Issuance PLC 8% (Reg. S) (c)(f) 4,650,000 4,964,954 
TOTAL PREFERRED SECURITIES   
(Cost $7,795,242)  8,105,737 
 Shares Value 
Money Market Funds - 8.2%   
Fidelity Cash Central Fund, 1.10% (g)   
(Cost $410,648,174) 410,587,404 410,669,522 
TOTAL INVESTMENT PORTFOLIO - 99.2%   
(Cost $4,870,499,322)  4,972,633,244 
NET OTHER ASSETS (LIABILITIES) - 0.8%  40,080,125 
NET ASSETS - 100%  $5,012,713,369 

Currency Abbreviations

EGP – Egyptian pound

EUR – European Monetary Unit

PLN – Polish zloty (new)

RON – Romanian leu (new)

UYU – Uruguay peso

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

Legend

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

 (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 $2,052,270,713 or 40.9% of net assets.

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

 (d) Quantity represents share amount.

 (e) Non-income producing

 (f) Security is perpetual in nature with no stated maturity date.

 (g) 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 $1,195,641 
Fidelity Securities Lending Cash Central Fund 44,279 
Total $1,239,920 

Investment Valuation

The following is a summary of the inputs used, as of June 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:     
Information Technology $24,446,150 $24,446,150 $-- $-- 
Materials 1,268,893 1,268,893 -- -- 
Corporate Bonds 1,454,190,916 -- 1,454,190,916 -- 
Government Obligations 3,073,952,026 -- 3,073,106,746 845,280 
Preferred Securities 8,105,737 -- 8,105,737 -- 
Money Market Funds 410,669,522 410,669,522 -- -- 
Total Investments in Securities: $4,972,633,244 $436,384,565 $4,535,403,399 $845,280 

Other Information

The composition of credit quality ratings as a percentage of Total Net Assets is as follows (Unaudited):

U.S. Government and U.S. Government Agency Obligations 6.2% 
AAA,AA,A 3.4% 
BBB 17.2% 
BB 20.2% 
27.8% 
CCC,CC,C 11.0% 
Not Rated 4.7% 
Equities 0.5% 
Short-Term Investments and Net Other Assets 9.0% 
 100.0% 

We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

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


Financial Statements

Statement of Assets and Liabilities

  June 30, 2017 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $4,459,851,148) 
$4,561,963,722  
Fidelity Central Funds (cost $410,648,174) 410,669,522  
Total Investments (cost $4,870,499,322)  $4,972,633,244 
Cash  1,894 
Receivable for investments sold  13,197,750 
Receivable for fund shares sold  7,414,433 
Interest receivable  71,835,983 
Distributions receivable from Fidelity Central Funds  354,828 
Other receivables  7,864 
Total assets  5,065,445,996 
Liabilities   
Payable for investments purchased $30,081,417  
Payable for fund shares redeemed 7,591,210  
Distributions payable 11,413,452  
Accrued management fee 2,735,809  
Distribution and service plan fees payable 148,291  
Other affiliated payables 604,663  
Other payables and accrued expenses 157,785  
Total liabilities  52,732,627 
Net Assets  $5,012,713,369 
Net Assets consist of:   
Paid in capital  $4,857,888,681 
Undistributed net investment income  53,781,392 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (1,096,998) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  102,140,294 
Net Assets  $5,012,713,369 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($204,657,974 ÷ 14,309,731 shares)  $14.30 
Maximum offering price per share (100/96.00 of $14.30)  $14.90 
Class M:   
Net Asset Value and redemption price per share ($68,869,467 ÷ 4,836,111 shares)  $14.24 
Maximum offering price per share (100/96.00 of $14.24)  $14.83 
Class C:   
Net Asset Value and offering price per share ($109,237,486 ÷ 7,579,038 shares)(a)  $14.41 
Class I:   
Net Asset Value, offering price and redemption price per share ($4,629,948,442 ÷ 330,072,412 shares)  $14.03 

 (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 June 30, 2017 (Unaudited) 
Investment Income   
Dividends  $708,615 
Interest  154,214,592 
Income from Fidelity Central Funds  1,239,920 
Income before foreign taxes withheld  156,163,127 
Less foreign taxes withheld  (8,969) 
Total income  156,154,158 
Expenses   
Management fee $15,303,917  
Transfer agent fees 2,914,511  
Distribution and service plan fees 898,361  
Accounting and security lending fees 580,799  
Custodian fees and expenses 90,980  
Independent trustees' fees and expenses 8,936  
Registration fees 269,493  
Audit 61,416  
Legal 4,511  
Miscellaneous 61,794  
Total expenses before reductions 20,194,718  
Expense reductions (23,070) 20,171,648 
Net investment income (loss)  135,982,510 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 8,616,728  
Fidelity Central Funds 7,850  
Foreign currency transactions (250,349)  
Total net realized gain (loss)  8,374,229 
Change in net unrealized appreciation (depreciation) on:
Investment securities 
143,494,586  
Assets and liabilities in foreign currencies (50,996)  
Total change in net unrealized appreciation (depreciation)  143,443,590 
Net gain (loss)  151,817,819 
Net increase (decrease) in net assets resulting from operations  $287,800,329 

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


Statement of Changes in Net Assets

 Six months ended June 30, 2017 (Unaudited) Year ended December 31, 2016 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $135,982,510 $232,774,374 
Net realized gain (loss) 8,374,229 33,195,507 
Change in net unrealized appreciation (depreciation) 143,443,590 201,966,084 
Net increase (decrease) in net assets resulting from operations 287,800,329 467,935,965 
Distributions to shareholders from net investment income (121,286,005) (203,120,749) 
Distributions to shareholders from net realized gain – (23,607,475) 
Total distributions (121,286,005) (226,728,224) 
Share transactions - net increase (decrease) 672,944,429 780,211,915 
Redemption fees 172,322 336,095 
Total increase (decrease) in net assets 839,631,075 1,021,755,751 
Net Assets   
Beginning of period 4,173,082,294 3,151,326,543 
End of period $5,012,713,369 $4,173,082,294 
Other Information   
Undistributed net investment income end of period $53,781,392 $39,084,887 

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


Financial Highlights — Fidelity Advisor Emerging Markets Income Fund Class A

 Six months ended (Unaudited) June 30, Years ended December 31,     
 2017 2016 2015 2014 2013 2012 
Selected Per–Share Data       
Net asset value, beginning of period $13.77 $12.76 $13.43 $13.60 $15.30 $13.55 
Income from Investment Operations       
Net investment income (loss)A .399 .825 .746 .690 .639 .668 
Net realized and unrealized gain (loss) .483 .978 (.783) (.133) (1.670) 1.920 
Total from investment operations .882 1.803 (.037) .557 (1.031) 2.588 
Distributions from net investment income (.353) (.717) (.635) (.602) (.577) (.603) 
Distributions from net realized gain – (.077) – (.127) (.095) (.237) 
Total distributions (.353) (.794) (.635) (.729) (.672) (.840) 
Redemption fees added to paid in capitalA .001 .001 .002 .002 .003 .002 
Net asset value, end of period $14.30 $13.77 $12.76 $13.43 $13.60 $15.30 
Total ReturnB,C,D 6.45% 14.39% (.34)% 4.01% (6.83)% 19.54% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.14%G 1.14% 1.16% 1.16% 1.17% 1.18% 
Expenses net of fee waivers, if any 1.14%G 1.14% 1.16% 1.16% 1.17% 1.18% 
Expenses net of all reductions 1.14%G 1.13% 1.15% 1.16% 1.17% 1.18% 
Net investment income (loss) 5.64%G 6.08% 5.60% 4.88% 4.45% 4.59% 
Supplemental Data       
Net assets, end of period (000 omitted) $204,658 $236,324 $238,065 $289,083 $348,952 $480,718 
Portfolio turnover rateH 50%G 80% 105% 143% 138% 87% 

 A Calculated based on average shares outstanding during the period.

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

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

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

 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 Income Fund Class M

 Six months ended (Unaudited) June 30, Years ended December 31,     
 2017 2016 2015 2014 2013 2012 
Selected Per–Share Data       
Net asset value, beginning of period $13.71 $12.70 $13.37 $13.54 $15.24 $13.50 
Income from Investment Operations       
Net investment income (loss)A .395 .815 .736 .681 .635 .662 
Net realized and unrealized gain (loss) .484 .979 (.781) (.130) (1.668) 1.914 
Total from investment operations .879 1.794 (.045) .551 (1.033) 2.576 
Distributions from net investment income (.350) (.708) (.627) (.596) (.575) (.601) 
Distributions from net realized gain – (.077) – (.127) (.095) (.237) 
Total distributions (.350) (.785) (.627) (.723) (.670) (.838) 
Redemption fees added to paid in capitalA .001 .001 .002 .002 .003 .002 
Net asset value, end of period $14.24 $13.71 $12.70 $13.37 $13.54 $15.24 
Total ReturnB,C,D 6.45% 14.38% (.40)% 3.99% (6.87)% 19.51% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.17%G 1.18% 1.20% 1.20% 1.19% 1.20% 
Expenses net of fee waivers, if any 1.17%G 1.18% 1.20% 1.20% 1.19% 1.20% 
Expenses net of all reductions 1.17%G 1.18% 1.20% 1.19% 1.19% 1.20% 
Net investment income (loss) 5.61%G 6.04% 5.56% 4.85% 4.44% 4.57% 
Supplemental Data       
Net assets, end of period (000 omitted) $68,869 $79,513 $78,114 $87,301 $89,378 $138,448 
Portfolio turnover rateH 50%G 80% 105% 143% 138% 87% 

 A Calculated based on average shares outstanding during the period.

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

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

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

 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 Income Fund Class C

 Six months ended (Unaudited) June 30, Years ended December 31,     
 2017 2016 2015 2014 2013 2012 
Selected Per–Share Data       
Net asset value, beginning of period $13.87 $12.86 $13.52 $13.70 $15.40 $13.64 
Income from Investment Operations       
Net investment income (loss)A .347 .728 .651 .588 .536 .564 
Net realized and unrealized gain (loss) .494 .977 (.774) (.147) (1.675) 1.925 
Total from investment operations .841 1.705 (.123) .441 (1.139) 2.489 
Distributions from net investment income (.302) (.619) (.539) (.496) (.469) (.494) 
Distributions from net realized gain – (.077) – (.127) (.095) (.237) 
Total distributions (.302) (.696) (.539) (.623) (.564) (.731) 
Redemption fees added to paid in capitalA .001 .001 .002 .002 .003 .002 
Net asset value, end of period $14.41 $13.87 $12.86 $13.52 $13.70 $15.40 
Total ReturnB,C,D 6.10% 13.47% (.97)% 3.14% (7.48)% 18.59% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.90%G 1.89% 1.91% 1.91% 1.92% 1.92% 
Expenses net of fee waivers, if any 1.90%G 1.89% 1.91% 1.91% 1.92% 1.92% 
Expenses net of all reductions 1.90%G 1.89% 1.90% 1.91% 1.92% 1.92% 
Net investment income (loss) 4.88%G 5.33% 4.85% 4.13% 3.71% 3.84% 
Supplemental Data       
Net assets, end of period (000 omitted) $109,237 $101,193 $98,757 $130,015 $151,747 $213,626 
Portfolio turnover rateH 50%G 80% 105% 143% 138% 87% 

 A Calculated based on average shares outstanding during the period.

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

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

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

 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 Income Fund Class I

 Six months ended (Unaudited) June 30, Years ended December 31,     
 2017 2016 2015 2014 2013 2012 
Selected Per–Share Data       
Net asset value, beginning of period $13.50 $12.51 $13.17 $13.35 $15.03 $13.33 
Income from Investment Operations       
Net investment income (loss)A .410 .850 .766 .713 .663 .701 
Net realized and unrealized gain (loss) .487 .959 (.768) (.132) (1.633) 1.881 
Total from investment operations .897 1.809 (.002) .581 (.970) 2.582 
Distributions from net investment income (.368) (.743) (.660) (.636) (.618) (.647) 
Distributions from net realized gain – (.077) – (.127) (.095) (.237) 
Total distributions (.368) (.820) (.660) (.763) (.713) (.884) 
Redemption fees added to paid in capitalA .001 .001 .002 .002 .003 .002 
Net asset value, end of period $14.03 $13.50 $12.51 $13.17 $13.35 $15.03 
Total ReturnB,C 6.69% 14.74% (.07)% 4.27% (6.54)% 19.84% 
Ratios to Average Net AssetsD,E       
Expenses before reductions .83%F .84% .87% .89% .89% .89% 
Expenses net of fee waivers, if any .83%F .84% .87% .89% .89% .89% 
Expenses net of all reductions .83%F .83% .86% .88% .89% .89% 
Net investment income (loss) 5.95%F 6.38% 5.89% 5.16% 4.74% 4.88% 
Supplemental Data       
Net assets, end of period (000 omitted) $4,629,948 $3,756,052 $2,732,680 $2,136,089 $1,495,712 $1,376,278 
Portfolio turnover rateG 50%F 80% 105% 143% 138% 87% 

 A Calculated based on average shares outstanding during the period.

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

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

 D 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.

 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. 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 June 30, 2017

1. Organization.

Fidelity Advisor Emerging Markets Income Fund (the Fund) is a non-diversified 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 January 1, 2016 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:

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, foreign government and government agency obligations, preferred securities and U.S. 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. For foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

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 June 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. 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. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

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.

Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, 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, market discount, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

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

Gross unrealized appreciation $214,305,607 
Gross unrealized depreciation (83,544,038) 
Net unrealized appreciation (depreciation) on securities $130,761,569 
Tax cost $4,841,871,675 

The Fund elected to defer to its next fiscal year approximately $3,459,643 of capital losses recognized during the period November 1, 2016 to December 31, 2016.

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 1.00% 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.

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.

New Accounting Pronouncement. In March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2017-08, which amends the amortization period for certain callable debt securities that are held at a premium. The amendment requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount. The ASU is effective for annual periods beginning after December 15, 2018. Management is currently evaluating the potential impact of these changes to the financial statements.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $1,278,592,274 and $1,071,361,541, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company 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 .11% 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 .66% 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% $265,428 $– 
Class M -% .25% 103,874 – 
Class C .75% .25% 529,059 69,151 
   $898,361 $69,151 

Sales Load. FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and 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 $15,484 
Class M 2,892 
Class C(a) 4,631 
 $23,007 

 (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 $188,989 .18 
Class M 84,057 .20 
Class C 92,758 .18 
Class I 2,548,707 .12 
 $2,914,511  

 (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 $550 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 $7,289 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 $44,279. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

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 $10,614.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $12,456.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended June 30, 2017 Year ended December 31, 2016 
From net investment income   
Class A $5,291,864 $13,406,987 
Class M 2,059,941 4,172,153 
Class B – 77,237 
Class C 2,229,837 4,602,578 
Class I 111,704,363 180,861,794 
Total $121,286,005 $203,120,749 
From net realized gain   
Class A $– $1,402,334 
Class M – 447,040 
Class C – 563,333 
Class I – 21,194,768 
Total $– $23,607,475 

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 June 30, 2017 Year ended December 31, 2016 Six months ended June 30, 2017 Year ended December 31, 2016 
Class A     
Shares sold 2,907,072 6,850,648 $41,286,036 $92,442,812 
Reinvestment of distributions 359,733 1,039,428 5,118,667 14,127,179 
Shares redeemed (6,122,725) (9,382,201) (86,686,740) (127,169,706) 
Net increase (decrease) (2,855,920) (1,492,125) $(40,282,037) $(20,599,715) 
Class M     
Shares sold 1,037,180 980,582 $14,596,279 $13,402,207 
Reinvestment of distributions 138,668 320,467 1,966,444 4,334,814 
Shares redeemed (2,140,089) (1,649,229) (30,613,097) (22,176,771) 
Net increase (decrease) (964,241) (348,180) $(14,050,374) $(4,439,750) 
Class B     
Shares sold – 2,123 $– $28,937 
Reinvestment of distributions – 4,700 – 61,972 
Shares redeemed – (294,005) – (4,010,487) 
Net increase (decrease) – (287,182) $– $(3,919,578) 
Class C     
Shares sold 918,010 1,151,875 $13,166,721 $15,959,770 
Reinvestment of distributions 143,369 340,783 2,057,545 4,664,662 
Shares redeemed (775,957) (1,880,112) (11,110,163) (25,622,380) 
Net increase (decrease) 285,422 (387,454) $4,114,103 $(4,997,948) 
Class I     
Shares sold 79,401,039 110,030,439 $1,105,752,214 $1,479,387,095 
Reinvestment of distributions 3,014,711 5,904,621 42,128,117 78,847,213 
Shares redeemed (30,513,730) (56,118,643) (424,717,594) (744,065,402) 
Net increase (decrease) 51,902,020 59,816,417 $723,162,737 $814,168,906 

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, one otherwise unaffiliated shareholder was the owner of record of 65% of the total outstanding shares of the Fund.

12. Credit Risk.

The Fund's relatively large investment in countries with limited or developing capital markets may involve greater risks than investments in more developed markets and the prices of such investments may be volatile. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The consequences of political, social or economic changes in these markets may have disruptive effects on the market prices of the Fund's investments and the income they generate, as well as the Fund's ability to repatriate such amounts.

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 (January 1, 2017 to June 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
January 1, 2017 
Ending
Account Value
June 30, 2017 
Expenses Paid
During Period-B
January 1, 2017
to June 30, 2017 
Class A 1.14%    
Actual  $1,000.00 $1,064.50 $5.84 
Hypothetical-C  $1,000.00 $1,019.14 $5.71 
Class M 1.17%    
Actual  $1,000.00 $1,064.50 $5.99 
Hypothetical-C  $1,000.00 $1,018.99 $5.86 
Class C 1.90%    
Actual  $1,000.00 $1,061.00 $9.71 
Hypothetical-C  $1,000.00 $1,015.37 $9.49 
Class I .83%    
Actual  $1,000.00 $1,066.90 $4.25 
Hypothetical-C  $1,000.00 $1,020.68 $4.16 

 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

EMI-SANN-0817
1.705745.119


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:

August 23, 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:

August 23, 2017



By:

/s/Howard J. Galligan III


Howard J. Galligan III


Chief Financial Officer



Date:

August 23, 2017