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, 2018


Item 1.

Reports to Stockholders




Fidelity Advisor® Emerging Markets Income Fund
Class A, Class M, Class C and Class I



Semi-Annual Report

June 30, 2018




Fidelity Investments


Contents

Investment Summary

Schedule of 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. © 2018 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, 2018

(excluding cash equivalents) % of fund's net assets 
Mexico 8.6 
Turkey 6.9 
Ukraine 5.7 
Lebanon 5.3 
United States of America 5.2 

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

Top Five Holdings as of June 30, 2018

(by issuer, excluding cash equivalents) % of fund's net assets 
Turkish Republic 6.2 
Petroleos Mexicanos 5.9 
Ukraine Government 5.7 
Lebanese Republic 5.3 
Argentine Republic 5.0 
 28.1 

Asset Allocation (% of fund's net assets)

As of June 30, 2018 
   Corporate Bonds 21.9% 
   Government Obligations 70.0% 
   Supranational Obligations 0.1% 
   Stocks 2.0% 
   Preferred Securities 0.3% 
   Investment Companies 0.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 5.4% 


Schedule of Investments June 30, 2018 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 21.9%   
 Principal Amount(a) Value 
Azerbaijan - 1.7%   
Southern Gas Corridor CJSC 6.875% 3/24/26 (b) $50,780,000 $54,746,934 
State Oil Co. of Azerbaijan Republic 6.95% 3/18/30 (Reg. S) 29,270,000 31,273,824 
TOTAL AZERBAIJAN  86,020,758 
Bahrain - 0.3%   
The Oil and Gas Holding Co. 7.5% 10/25/27 (b) 17,745,000 15,777,505 
Brazil - 0.1%   
Caixa Economica Federal 7.25% 7/23/24 (b)(c) 2,965,000 2,968,706 
British Virgin Islands - 0.3%   
1MDB Global Investments Ltd. 4.4% 3/9/23 17,600,000 15,455,616 
Cayman Islands - 0.6%   
Alibaba Group Holding Ltd. 3.4% 12/6/27 23,710,000 22,091,508 
Brazil Minas SPE 5.333% 2/15/28 (b) 6,985,000 6,670,675 
TOTAL CAYMAN ISLANDS  28,762,183 
Costa Rica - 0.2%   
Banco Nacional de Costa Rica 6.25% 11/1/23 (b) 2,755,000 2,797,014 
Instituto Costarricense de Electricidad:   
6.375% 5/15/43 (b) 3,400,000 2,822,000 
6.95% 11/10/21 (b) 3,639,000 3,766,365 
TOTAL COSTA RICA  9,385,379 
Georgia - 0.9%   
Georgian Oil & Gas Corp. 6.75% 4/26/21 (b) 19,962,000 20,058,616 
JSC BGEO Group 6% 7/26/23 (b) 8,505,000 8,460,723 
JSC Georgian Railway:   
7.75% 7/11/22 1,000,000 1,049,600 
7.75% 7/11/22 (b) 15,080,000 15,827,968 
TOTAL GEORGIA  45,396,907 
Indonesia - 1.2%   
PT Pertamina Persero:   
5.625% 5/20/43 (b) 6,800,000 6,439,505 
6% 5/3/42 (b) 29,041,000 28,856,793 
6.5% 5/27/41 (b) 23,090,000 24,297,722 
TOTAL INDONESIA  59,594,020 
Ireland - 0.9%   
SCF Capital Ltd. 5.375% 6/16/23 (b) 9,150,000 9,136,275 
Vnesheconombank Via VEB Finance PLC:   
5.942% 11/21/23 (b) 4,950,000 5,086,125 
6.025% 7/5/22 (b) 20,630,000 21,197,325 
6.8% 11/22/25 (b) 9,320,000 9,860,784 
TOTAL IRELAND  45,280,509 
Kazakhstan - 0.7%   
Development Bank of Kazakhstan JSC 4.125% 12/10/22 (b) 6,670,000 6,528,596 
JSC KazTransGaz 4.375% 9/26/27 (b) 8,030,000 7,447,825 
Kazagro National Management Holding JSC 4.625% 5/24/23 (b) 10,555,000 10,148,633 
Kazakhstan Temir Zholy 4.85% 11/17/27 (b) 6,800,000 6,579,354 
KazMunaiGaz Finance Sub BV 5.75% 4/19/47 (b) 7,300,000 6,953,250 
TOTAL KAZAKHSTAN  37,657,658 
Luxembourg - 0.0%   
RSHB Capital SA 8.5% 10/16/23 (b) 2,460,000 2,632,200 
Mexico - 8.1%   
Comision Federal de Electricid:   
4.75% 2/23/27 (b) 9,030,000 8,781,675 
4.875% 1/15/24 (b) 10,990,000 11,044,950 
Pemex Project Funding Master Trust:   
6.625% 6/15/35 78,300,000 76,538,250 
8.625% 2/1/22 12,438,000 13,961,307 
Petroleos Mexicanos:   
3 month U.S. LIBOR + 3.650% 5.9771% 3/11/22 (c)(d) 22,075,000 23,565,063 
4.875% 1/24/22 15,340,000 15,474,992 
6.35% 2/12/48 (b) 18,273,000 16,491,383 
6.375% 2/4/21 10,725,000 11,288,063 
6.375% 1/23/45 20,155,000 18,562,755 
6.5% 3/13/27 22,890,000 23,471,864 
6.5% 6/2/41 112,795,000 106,072,418 
6.75% 9/21/47 27,410,000 26,053,205 
6.875% 8/4/26 60,370,000 63,448,870 
TOTAL MEXICO  414,754,795 
Mongolia - 0.3%   
Trade and Development Bank of Mongolia LLC 9.375% 5/19/20 (Reg. S) 12,741,000 13,399,264 
Morocco - 0.2%   
OCP SA 6.875% 4/25/44 (b) 12,345,000 12,959,164 
Netherlands - 0.4%   
Dilijan Finance BV 12% 7/29/20 (b) 1,980,000 2,126,025 
Kazakhstan Temir Zholy Finance BV 6.95% 7/10/42 (b) 6,075,000 6,577,305 
Metinvest BV:   
7.75% 4/23/23 (b) 4,600,000 4,319,400 
8.5% 4/23/26 (b) 6,915,000 6,461,791 
TOTAL NETHERLANDS  19,484,521 
Oman - 0.2%   
Oman Sovereign Sukuk SAOC 4.397% 6/1/24 (b) 13,475,000 12,643,593 
Peru - 0.2%   
Petroleos Del Peru Petroperu SA:   
4.75% 6/19/32 (b) 6,795,000 6,502,815 
5.625% 6/19/47 (b) 6,560,000 6,379,600 
TOTAL PERU  12,882,415 
South Africa - 1.1%   
Eskom Holdings SOC Ltd.:   
5.75% 1/26/21 (Reg. S) 17,100,000 16,500,679 
6.75% 8/6/23 (b) 26,210,000 25,030,550 
7.125% 2/11/25 (b) 8,515,000 8,126,971 
TransCanada PipeLines Ltd. 4% 7/26/22 (b) 5,075,000 4,807,964 
TOTAL SOUTH AFRICA  54,466,164 
Trinidad & Tobago - 0.3%   
Petroleum Co. of Trinidad & Tobago Ltd. 9.75% 8/14/19 (b) 16,895,000 17,380,731 
Tunisia - 0.1%   
Banque Centrale de Tunisie 5.75% 1/30/25 (b) 8,500,000 7,475,784 
Turkey - 0.6%   
Export Credit Bank of Turkey 5% 9/23/21 (b) 6,920,000 6,539,400 
Petkim Petrokimya Holding A/S 5.875% 1/26/23 (b) 5,280,000 4,797,683 
Turkiye Ihracat Kredi Bankasi A/S:   
5.375% 10/24/23 (b) 4,475,000 4,059,953 
6.125% 5/3/24 (b) 14,085,000 13,035,668 
TOTAL TURKEY  28,432,704 
United Arab Emirates - 0.5%   
Abu Dhabi Crude Oil Pipeline 4.6% 11/2/47 (b) 18,000,000 16,488,000 
Oztel Holdings SPC Ltd.:   
5.625% 10/24/23 (b) 4,105,000 4,028,031 
6.625% 4/24/28 (b) 4,600,000 4,370,773 
TOTAL UNITED ARAB EMIRATES  24,886,804 
United Kingdom - 0.9%   
Biz Finance PLC:   
9.625% 4/27/22 (b) 37,485,000 37,492,497 
9.75% 1/22/25 (b) 3,000,000 3,000,000 
Oschadbank Via SSB #1 PLC:   
9.375% 3/10/23 (b) 2,955,000 2,976,713 
9.625% 3/20/25 (b) 2,310,000 2,307,551 
TOTAL UNITED KINGDOM  45,776,761 
Venezuela - 2.1%   
Petroleos de Venezuela SA:   
5.375% 4/12/27 (e) 72,835,000 16,752,050 
5.5% 4/12/37 (e) 85,860,000 19,318,500 
6% 5/16/24 (b)(e) 79,460,000 16,742,222 
6% 11/15/26 (Reg. S) (e) 52,090,000 10,938,900 
8.5% 10/27/20 (Reg. S) (e) 29,253,750 25,231,359 
9% 11/17/21 (Reg. S) (e) 20,860,000 5,006,400 
9.75% 5/17/35 (b)(e) 40,110,000 9,457,938 
12.75% 2/17/22 (b)(e) 24,390,000 6,268,230 
TOTAL VENEZUELA  109,715,599 
TOTAL NONCONVERTIBLE BONDS   
(Cost $1,208,748,588)  1,123,189,740 
Government Obligations - 70.0%   
Angola - 0.5%   
Angola Republic:   
8.25% 5/9/28 (b) 11,480,000 11,484,041 
9.375% 5/8/48 (b) 7,005,000 7,063,562 
9.5% 11/12/25 (b) 4,865,000 5,305,623 
TOTAL ANGOLA  23,853,226 
Argentina - 5.0%   
Argentine Republic:   
5.875% 1/11/28 29,500,000 23,968,750 
6.625% 7/6/28 15,405,000 12,978,713 
6.875% 4/22/21 16,000,000 15,760,000 
6.875% 1/26/27 54,285,000 47,770,800 
7.125% 6/28/2117 19,530,000 15,001,970 
7.125% 7/6/36 22,995,000 18,453,488 
7.5% 4/22/26 105,025,000 96,885,563 
8.28% 12/31/33 29,435,788 27,522,462 
TOTAL ARGENTINA  258,341,746 
Armenia - 0.4%   
Republic of Armenia:   
6% 9/30/20 (b) 14,325,000 14,628,690 
7.15% 3/26/25 (b) 4,745,000 4,960,898 
TOTAL ARMENIA  19,589,588 
Belarus - 0.2%   
Belarus Republic:   
6.875% 2/28/23 (b) 7,560,000 7,816,662 
7.625% 6/29/27 (b) 4,660,000 4,864,807 
TOTAL BELARUS  12,681,469 
Bolivia - 0.1%   
Plurinational State of Bolivia 4.5% 3/20/28 (b) 8,700,000 7,525,500 
Brazil - 3.2%   
Brazilian Federative Republic:   
4.25% 1/7/25 22,960,000 21,697,200 
4.625% 1/13/28 23,716,000 21,403,690 
5% 1/27/45 19,355,000 15,319,676 
5.625% 1/7/41 16,205,000 14,074,043 
5.625% 2/21/47 9,775,000 8,294,088 
6% 4/7/26 13,325,000 13,618,150 
7.125% 1/20/37 12,370,000 13,019,425 
8.25% 1/20/34 34,010,000 38,788,405 
10.125% 5/15/27 6,670,000 8,654,325 
12.25% 3/6/30 6,915,000 10,407,075 
TOTAL BRAZIL  165,276,077 
Cameroon - 0.5%   
Cameroon Republic 9.5% 11/19/25 (b) 24,310,000 25,572,564 
Costa Rica - 0.4%   
Costa Rican Republic:   
4.25% 1/26/23 (b) 6,385,000 6,042,126 
4.375% 4/30/25 (b) 3,790,000 3,500,292 
5.625% 4/30/43 (b) 3,070,000 2,598,049 
7% 4/4/44 (b) 5,825,000 5,679,375 
7.158% 3/12/45 (b) 4,845,000 4,784,438 
TOTAL COSTA RICA  22,604,280 
Dominican Republic - 1.3%   
Dominican Republic:   
5.5% 1/27/25 (b) 8,000,000 7,938,560 
5.875% 4/18/24 (b) 5,170,000 5,290,047 
5.95% 1/25/27 (b) 15,715,000 15,518,563 
6.6% 1/28/24 (b) 4,625,000 4,849,035 
6.85% 1/27/45 (b) 11,990,000 11,866,263 
6.875% 1/29/26 (b) 11,040,000 11,695,224 
7.45% 4/30/44 (b) 8,495,000 8,813,563 
TOTAL DOMINICAN REPUBLIC  65,971,255 
Ecuador - 1.8%   
Ecuador Republic:   
7.875% 1/23/28 (b) 9,800,000 8,209,460 
7.95% 6/20/24 (b) 20,775,000 18,338,093 
8.75% 6/2/23 (b) 14,090,000 13,198,103 
8.875% 10/23/27 (b) 14,355,000 12,685,514 
9.625% 6/2/27 (b) 5,415,000 5,028,911 
9.65% 12/13/26 (b) 12,825,000 12,013,178 
10.5% 3/24/20 (b) 9,540,000 9,770,391 
10.75% 3/28/22 (b) 12,175,000 12,500,073 
TOTAL ECUADOR  91,743,723 
Egypt - 3.1%   
Arab Republic of Egypt:   
yield at date of purchase 17.4007% to 18.6494% 9/11/18 to 12/18/18 EGP232,775,000 12,044,689 
5.577% 2/21/23 (b) 37,945,000 35,952,888 
6.125% 1/31/22 (b) 23,700,000 23,298,332 
6.875% 4/30/40 (b) 3,170,000 2,696,624 
7.5% 1/31/27 (b) 35,600,000 34,995,512 
7.903% 2/21/48 (b) 19,055,000 17,337,001 
8.5% 1/31/47 (b) 31,650,000 30,625,173 
TOTAL EGYPT  156,950,219 
El Salvador - 1.5%   
El Salvador Republic:   
5.875% 1/30/25 (Reg.S) 8,722,000 8,154,111 
6.375% 1/18/27 (b) 7,095,000 6,616,088 
7.375% 12/1/19 9,195,000 9,390,486 
7.625% 2/1/41 (b) 10,995,000 10,654,485 
7.65% 6/15/35 (Reg. S) 21,070,000 20,599,718 
7.75% 1/24/23 (Reg. S) 2,995,000 3,136,843 
8.25% 4/10/32 (Reg. S) 1,930,000 1,987,012 
8.625% 2/28/29 (b) 13,375,000 14,311,250 
TOTAL EL SALVADOR  74,849,993 
Ethiopia - 0.3%   
Federal Democratic Republic of Ethiopia 6.625% 12/11/24 (b) 14,355,000 14,034,884 
Gabon - 0.3%   
Gabonese Republic:   
6.375% 12/12/24 (b) 9,835,000 8,784,268 
6.95% 6/16/25 (b) 6,210,000 5,605,519 
TOTAL GABON  14,389,787 
Ghana - 1.6%   
Ghana Republic:   
7.625% 5/16/29 (b) 9,240,000 9,020,550 
7.875% 8/7/23 (Reg.S) 29,045,000 29,726,105 
8.125% 1/18/26 (b) 11,750,000 12,043,750 
8.627% 6/16/49 (b) 7,930,000 7,716,049 
10.75% 10/14/30 (b) 21,625,000 26,237,613 
TOTAL GHANA  84,744,067 
Guatemala - 0.3%   
Guatemalan Republic:   
4.375% 6/5/27 (b) 7,040,000 6,529,600 
4.5% 5/3/26 (b) 6,800,000 6,494,000 
TOTAL GUATEMALA  13,023,600 
Honduras - 0.2%   
Republic of Honduras 6.25% 1/19/27 11,410,000 11,420,269 
Indonesia - 3.0%   
Indonesian Republic:   
3.5% 1/11/28 15,340,000 14,166,153 
3.85% 7/18/27 (b) 19,380,000 18,387,434 
4.35% 1/11/48 10,985,000 9,847,899 
4.75% 1/8/26 (b) 7,160,000 7,256,545 
4.75% 7/18/47 (b) 5,300,000 5,004,912 
5.875% 1/15/24 (b) 7,205,000 7,715,071 
6.625% 2/17/37 12,975,000 14,885,115 
7.75% 1/17/38 (b) 23,030,000 29,580,469 
8.5% 10/12/35 (b) 23,090,000 31,062,723 
Perusahaan Penerbit SBSN:   
3.75% 3/1/23 (b) 9,310,000 9,115,793 
4.4% 3/1/28 (b) 9,310,000 9,086,560 
TOTAL INDONESIA  156,108,674 
Iraq - 1.3%   
Republic of Iraq:   
5.8% 1/15/28 (Reg. S) 63,915,000 57,242,530 
6.752% 3/9/23 (b) 10,460,000 10,033,650 
TOTAL IRAQ  67,276,180 
Ivory Coast - 0.6%   
Ivory Coast 5.75% 12/31/32 36,141,525 33,469,943 
Jamaica - 0.4%   
Jamaican Government:   
6.75% 4/28/28 7,595,000 8,123,460 
7.875% 7/28/45 3,480,000 3,854,100 
8% 3/15/39 6,405,000 7,158,228 
TOTAL JAMAICA  19,135,788 
Jordan - 1.4%   
Jordanian Kingdom:   
5.75% 1/31/27 (b) 9,430,000 8,747,457 
6.125% 1/29/26 (b) 27,980,000 27,032,989 
7.375% 10/10/47 (b) 41,435,000 37,940,289 
TOTAL JORDAN  73,720,735 
Kenya - 0.6%   
Republic of Kenya:   
6.875% 6/24/24 (b) 14,895,000 14,693,351 
7.25% 2/28/28 (b) 8,485,000 8,145,888 
8.25% 2/28/48 (b) 6,555,000 6,137,709 
TOTAL KENYA  28,976,948 
Kuwait - 1.7%   
State of Kuwait 3.5% 3/20/27 (b) 87,670,000 85,339,731 
Lebanon - 5.3%   
Lebanese Republic:   
5.15% 11/12/18 21,350,000 21,277,410 
5.45% 11/28/19 96,055,000 92,092,731 
6% 5/20/19 42,522,000 41,686,528 
6% 1/27/23 9,115,000 7,658,423 
6.1% 10/4/22 55,600,000 47,683,672 
6.375% 3/9/20 26,480,000 25,353,011 
6.6% 11/27/26 15,015,000 11,786,775 
6.65% 2/26/30 (Reg. S) 7,613,000 5,666,965 
8.25% 4/12/21 (Reg.S) 22,005,000 20,970,765 
TOTAL LEBANON  274,176,280 
Mexico - 0.5%   
United Mexican States 7.5% 6/3/27 MXN524,895,000 26,269,792 
Mongolia - 0.2%   
Mongolian People's Republic:   
8.75% 3/9/24 (b) 6,820,000 7,308,605 
10.875% 4/6/21 (b) 3,095,000 3,449,065 
TOTAL MONGOLIA  10,757,670 
Namibia - 0.1%   
Republic of Namibia 5.25% 10/29/25 (b) 6,935,000 6,389,049 
Nigeria - 1.0%   
Republic of Nigeria:   
yield at date of purchase 0% 11/22/18 (f) NGN467,040,000 1,228,510 
yield at date of purchase 0% 12/6/18 (f) NGN4,781,905,000 12,515,297 
6.5% 11/28/27 (b) 13,545,000 12,586,989 
7.143% 2/23/30 (b) 5,545,000 5,230,732 
7.696% 2/23/38 (b) 9,995,000 9,442,876 
7.875% 2/16/32 (b) 10,550,000 10,344,275 
TOTAL NIGERIA  51,348,679 
Oman - 1.8%   
Sultanate of Oman:   
4.75% 6/15/26 (b) 11,855,000 10,863,685 
5.375% 3/8/27 (b) 12,815,000 12,069,116 
5.625% 1/17/28 (b) 13,950,000 13,130,438 
6.5% 3/8/47 (b) 33,910,000 30,350,806 
6.75% 1/17/48 (b) 27,390,000 24,787,950 
TOTAL OMAN  91,201,995 
Pakistan - 0.8%   
Islamic Republic of Pakistan:   
6.75% 12/3/19 (b) 10,170,000 9,955,850 
6.875% 12/5/27 (b) 9,870,000 8,550,578 
8.25% 4/15/24 (b) 14,645,000 13,980,439 
8.25% 9/30/25 (b) 6,835,000 6,518,218 
TOTAL PAKISTAN  39,005,085 
Panama - 0.3%   
Panamanian Republic:   
8.875% 9/30/27 5,299,000 7,113,908 
9.375% 4/1/29 7,320,000 10,248,000 
TOTAL PANAMA  17,361,908 
Paraguay - 0.4%   
Republic of Paraguay:   
4.7% 3/27/27 (b) 4,370,000 4,260,750 
5% 4/15/26 (b) 4,605,000 4,616,513 
5.6% 3/13/48 (b) 3,005,000 2,914,850 
6.1% 8/11/44 (b) 7,165,000 7,326,213 
TOTAL PARAGUAY  19,118,326 
Qatar - 2.0%   
State of Qatar:   
2.375% 6/2/21 17,080,000 16,483,908 
3.875% 4/23/23 (b) 20,490,000 20,475,083 
4.5% 4/23/28 (b) 23,825,000 24,043,952 
5.103% 4/23/48 (b) 25,105,000 25,028,681 
9.75% 6/15/30 (Reg. S) 10,400,000 15,180,152 
TOTAL QATAR  101,211,776 
Russia - 3.8%   
Ministry of Finance Russian Federation:   
4.75% 5/27/26 (b) 8,600,000 8,608,634 
4.75% 5/27/26 19,000,000 19,019,076 
Russian Federation:   
4.25% 6/23/27 (b) 22,600,000 21,778,942 
5.25% 6/23/47 (b) 59,200,000 57,009,600 
5.625% 4/4/42 (b) 17,905,000 18,701,773 
7.5% 8/18/21 RUB808,200,000 13,011,118 
12.75% 6/24/28 (Reg. S) 14,894,000 24,286,454 
Russian Federation Ministry of Finance 4.375% 3/21/29 (b) 32,800,000 31,705,267 
TOTAL RUSSIA  194,120,864 
Rwanda - 0.3%   
Rwanda Republic 6.625% 5/2/23 (b) 15,475,000 15,352,840 
Saudi Arabia - 1.7%   
Kingdom of Saudi Arabia:   
3.625% 3/4/28 (b) 32,275,000 30,689,652 
4.5% 10/26/46 (b) 61,665,000 56,918,398 
TOTAL SAUDI ARABIA  87,608,050 
Senegal - 0.3%   
Republic of Senegal:   
6.25% 7/30/24 (b) 2,415,000 2,363,860 
6.25% 5/23/33 (b) 6,735,000 5,968,894 
6.75% 3/13/48 (b) 6,150,000 5,249,702 
TOTAL SENEGAL  13,582,456 
South Africa - 0.9%   
South African Republic:   
4.3% 10/12/28 25,755,000 22,943,069 
5.375% 7/24/44 6,890,000 6,032,195 
5.875% 9/16/25 15,620,000 16,032,368 
TOTAL SOUTH AFRICA  45,007,632 
Sri Lanka - 1.1%   
Democratic Socialist Republic of Sri Lanka:   
5.75% 4/18/23 (b) 4,690,000 4,490,253 
5.875% 7/25/22 (b) 5,225,000 5,130,020 
6.2% 5/11/27 (b) 15,325,000 13,984,584 
6.25% 7/27/21 (b) 4,475,000 4,502,955 
6.75% 4/18/28 (b) 4,690,000 4,425,723 
6.825% 7/18/26 (b) 6,000,000 5,745,918 
6.85% 11/3/25 (b) 16,750,000 16,206,312 
TOTAL SRI LANKA  54,485,765 
Suriname - 0.4%   
Republic of Suriname 9.25% 10/26/26 (b) 22,370,000 21,363,350 
TAJIKISTAN - 0.3%   
Tajikistan Republic 7.125% 9/14/27 (b) 15,205,000 13,442,923 
Turkey - 6.3%   
Turkish Republic:   
4.875% 10/9/26 13,995,000 12,308,854 
5.125% 3/25/22 20,460,000 19,806,589 
5.125% 2/17/28 37,495,000 33,006,099 
5.75% 3/22/24 13,855,000 13,348,627 
5.75% 5/11/47 27,415,000 22,120,615 
6% 3/25/27 38,235,000 35,927,747 
6% 1/14/41 18,220,000 15,441,523 
6.25% 9/26/22 35,130,000 35,229,839 
6.75% 5/30/40 13,430,000 12,273,301 
6.875% 3/17/36 30,875,000 29,035,468 
7.25% 3/5/38 14,205,000 13,864,080 
7.375% 2/5/25 29,385,000 30,384,090 
8% 2/14/34 19,585,000 20,509,490 
11.875% 1/15/30 8,075,000 11,034,245 
12.4% 3/8/28 TRY59,015,000 10,598,382 
Turkiye Ihracat Kredi Bankasi A/S 5.375% 2/8/21 (b) 6,525,000 6,348,003 
TOTAL TURKEY  321,236,952 
Ukraine - 5.7%   
Ukraine Government:   
0% 5/31/40 (b)(c) 36,495,000 23,064,840 
7.375% 9/25/32 (b) 19,673,000 16,854,843 
7.75% 9/1/20 (b) 32,632,000 32,438,362 
7.75% 9/1/21 (b) 63,637,000 62,682,445 
7.75% 9/1/22 (b) 59,362,000 57,953,458 
7.75% 9/1/23 (b) 7,322,000 7,046,693 
7.75% 9/1/24 (b) 53,917,000 51,070,182 
7.75% 9/1/25 (b) 9,662,000 9,044,695 
7.75% 9/1/26 (b) 26,342,000 24,397,434 
7.75% 9/1/27 (b) 10,447,000 9,584,182 
TOTAL UKRAINE  294,137,134 
United States of America - 4.9%   
U.S. Treasury Bonds:   
3% 2/15/48 8,642,000 8,662,255 
3.125% 5/15/48 236,700,000 243,052,051 
TOTAL UNITED STATES OF AMERICA  251,714,306 
Uruguay - 0.3%   
Uruguay Republic:   
7.625% 3/21/36 4,540,000 5,866,815 
7.875% 1/15/33 pay-in-kind 5,545,000 7,240,938 
TOTAL URUGUAY  13,107,753 
Venezuela - 1.4%   
Venezuelan Republic:   
oil recovery warrants 4/15/20 (f)(g) 211,320 316,980 
6% 12/9/20 (e) 9,510,000 2,496,375 
7% 3/31/38 (e) 8,645,000 2,322,912 
7.65% 4/21/25 (e) 15,995,000 4,297,857 
7.75% 10/13/19 (Reg. S) (e) 13,260,000 3,602,742 
8.25% 10/13/24 (e) 14,155,000 3,845,914 
9% 5/7/23 (Reg. S) (e) 19,700,000 5,319,000 
9.25% 9/15/27 (e) 34,050,000 9,591,885 
9.25% 5/7/28 (Reg. S) (e) 32,540,000 8,808,578 
9.375% 1/13/34 (e) 22,730,000 6,562,151 
11.75% 10/21/26 (Reg. S) (e) 30,130,000 8,547,881 
11.95% 8/5/31 (Reg. S) (e) 40,245,000 11,417,507 
12.75% 8/23/22 (e) 19,815,000 5,522,441 
TOTAL VENEZUELA  72,652,223 
Vietnam - 0.1%   
Vietnamese Socialist Republic 4.8% 11/19/24 (b) 5,440,000 5,399,994 
Zambia - 0.4%   
Republic of Zambia:   
5.375% 9/20/22 (b) 3,870,000 3,217,332 
8.5% 4/14/24 (b) 4,335,000 3,850,659 
8.97% 7/30/27 (b) 15,310,000 13,514,321 
TOTAL ZAMBIA  20,582,312 
TOTAL GOVERNMENT OBLIGATIONS   
(Cost $3,797,327,316)  3,587,235,360 
Supranational Obligations - 0.1%   
European Bank for Reconstruction & Development 6% 5/4/20 (Reg. S)
(Cost $4,335,344) 
INR272,800,000 3,876,820 
 Shares Value 
Common Stocks - 1.9%   
Cayman Islands - 1.5%   
Alibaba Group Holding Ltd. sponsored ADR (h) 284,700 52,820,391 
ENN Energy Holdings Ltd. 303,000 2,979,562 
Geely Automobile Holdings Ltd. 1,001,000 2,596,404 
JD.com, Inc. sponsored ADR (h) 217,000 8,452,150 
Longfor Properties Co. Ltd. 353,500 952,958 
New Oriental Education & Technology Group, Inc. sponsored ADR 30,600 2,896,596 
Shenzhou International Group Holdings Ltd. 101,000 1,246,794 
Tencent Holdings Ltd. 54,800 2,751,804 
Wuxi Biologics (Cayman), Inc. 281,000 3,128,550 
TOTAL CAYMAN ISLANDS  77,825,209 
China - 0.1%   
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) 254,178 2,908,401 
India - 0.2%   
Avenue Supermarts Ltd. (b)(h) 24,447 530,435 
Godrej Consumer Products Ltd. 33,096 592,547 
HDFC Bank Ltd. sponsored ADR 11,500 1,207,730 
InterGlobe Aviation Ltd. (b) 48,463 770,552 
Kotak Mahindra Bank Ltd. (h) 154,932 3,039,234 
Motherson Sumi Systems Ltd. 204,767 851,551 
Reliance Industries Ltd. 186,437 2,648,271 
TOTAL INDIA  9,640,320 
Korea (South) - 0.1%   
NAVER Corp. 3,939 2,697,195 
United States of America - 0.0%   
MercadoLibre, Inc. 8,000 2,391,440 
TOTAL COMMON STOCKS   
(Cost $86,897,500)   95,462,565 
Nonconvertible Preferred Stocks - 0.1%   
Brazil - 0.1%   
Petroleo Brasileiro SA - Petrobras sponsored ADR   
(Cost $6,218,899) 649,800 6,517,494 
Investment Companies - 0.3%   
United States of America - 0.3%   
iShares MSCI Emerging Markets Index ETF   
(Cost $12,918,458) 298,900 12,951,337 
 Principal Amount Value 
Preferred Securities - 0.3%   
British Virgin Islands - 0.3%   
Cnrc Capitale Ltd. 3.9% (Reg. S) (c)(i) 2,725,000 2,589,421 
Dianjian Haixing Ltd. 4.05% (Reg. S) (c)(i) 2,720,000 2,734,581 
Dianjian Haiyu Ltd. 3.5%(Reg. S) (c)(i) 3,170,000 2,948,384 
Huaneng Hong Kong Capital Ltd. 3.6% (Reg. S) (c)(i) 2,780,000 2,525,737 
Sinochem Global Capital Co. Ltd. 5% (b)(c)(i) 3,040,000 3,077,551 
TOTAL PREFERRED SECURITIES   
(Cost $14,316,958)  13,875,674 
 Shares Value 
Money Market Funds - 4.7%   
Fidelity Cash Central Fund, 1.93% (j)   
(Cost $242,505,458) 242,478,310 242,526,806 
TOTAL INVESTMENT IN SECURITIES - 99.3%   
(Cost $5,373,268,521)  5,085,635,796 
NET OTHER ASSETS (LIABILITIES) - 0.7%  37,995,705 
NET ASSETS - 100%  $5,123,631,501 

Currency Abbreviations

EGP – Egyptian pound

INR – Indian rupee

MXN – Mexican peso

NGN – Nigerian naira

RUB – Russian ruble

TRY – Turkish Lira

Security Type Abbreviations

ETF – Exchange-Traded Fund

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 $2,373,621,309 or 46.3% of net assets.

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

 (d) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

 (e) Non-income producing - Security is in default.

 (f) Level 3 security

 (g) Quantity represents share amount.

 (h) Non-income producing

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

 (j) 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 [[, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm,]] 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 $3,412,065 
Fidelity Securities Lending Cash Central Fund 8,409 
Total $3,420,474 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Investment Valuation

The following is a summary of the inputs used, as of June 30, 2018, 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 $16,573,930 $16,573,930 $-- $-- 
Consumer Staples 592,547 592,547 -- -- 
Energy 9,165,765 9,165,765 -- -- 
Financials 4,246,964 4,246,964 -- -- 
Health Care 6,036,951 6,036,951 -- -- 
Industrials 770,552 770,552 -- -- 
Information Technology 60,660,830 57,909,026 2,751,804 -- 
Real Estate 952,958 952,958 -- -- 
Utilities 2,979,562 2,979,562 -- -- 
Corporate Bonds 1,123,189,740 -- 1,123,189,740 -- 
Government Obligations 3,587,235,360 -- 3,573,174,573 14,060,787 
Supranational Obligations 3,876,820 -- 3,876,820 -- 
Investment Companies 12,951,337 12,951,337 -- -- 
Preferred Securities 13,875,674 -- 13,875,674 -- 
Money Market Funds 242,526,806 242,526,806 -- -- 
Total Investments in Securities: $5,085,635,796 $354,706,398 $4,716,868,611 $14,060,787 

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 4.9% 
AAA,AA,A 6.8% 
BBB 18.0% 
BB 16.2% 
30.2% 
CCC,CC,C 8.2% 
1.3% 
Not Rated 6.7% 
Equities 2.3% 
Short-Term Investments and Net Other Assets 5.4% 
 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, 2018 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $5,130,763,063) 
$4,843,108,990  
Fidelity Central Funds (cost $242,505,458) 242,526,806  
Total Investment in Securities (cost $5,373,268,521)  $5,085,635,796 
Foreign currency held at value (cost $92,938)  89,851 
Receivable for fund shares sold  21,110,518 
Dividends receivable  131,434 
Interest receivable  78,021,762 
Distributions receivable from Fidelity Central Funds  646,971 
Other receivables  27,560 
Total assets  5,185,663,892 
Liabilities   
Payable for investments purchased $37,842,255  
Payable for fund shares redeemed 8,517,055  
Distributions payable 11,899,591  
Accrued management fee 2,823,886  
Distribution and service plan fees payable 137,823  
Other affiliated payables 648,396  
Other payables and accrued expenses 163,385  
Total liabilities  62,032,391 
Net Assets  $5,123,631,501 
Net Assets consist of:   
Paid in capital  $5,440,511,828 
Undistributed net investment income  44,468,865 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (73,702,403) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  (287,646,789) 
Net Assets  $5,123,631,501 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($176,879,415 ÷ 13,488,828 shares)  $13.11 
Maximum offering price per share (100/96.00 of $13.11)  $13.66 
Class M:   
Net Asset Value and redemption price per share ($62,700,358 ÷ 4,802,296 shares)  $13.06 
Maximum offering price per share (100/96.00 of $13.06)  $13.60 
Class C:   
Net Asset Value and offering price per share ($103,323,084 ÷ 7,817,762 shares)(a)  $13.22 
Class I:   
Net Asset Value, offering price and redemption price per share ($4,780,728,644 ÷ 371,812,050 shares)  $12.86 

 (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, 2018 (Unaudited) 
Investment Income   
Dividends  $447,394 
Interest  127,094,189 
Income from Fidelity Central Funds  3,420,474 
Income before foreign taxes withheld  130,962,057 
Less foreign taxes withheld  (1,298) 
Total income  130,960,759 
Expenses   
Management fee $17,742,475  
Transfer agent fees 3,397,336  
Distribution and service plan fees 889,277  
Accounting and security lending fees 594,756  
Custodian fees and expenses 124,188  
Independent trustees' fees and expenses 12,059  
Registration fees 200,202  
Audit 53,279  
Legal 10,411  
Miscellaneous 20,398  
Total expenses before reductions 23,044,381  
Expense reductions (105,021)  
Total expenses after reductions  22,939,360 
Net investment income (loss)  108,021,399 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (72,019,546)  
Fidelity Central Funds 1,491  
Foreign currency transactions 694,853  
Total net realized gain (loss)  (71,323,202) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (372,163,807)  
Fidelity Central Funds (1)  
Assets and liabilities in foreign currencies 16,964  
Total change in net unrealized appreciation (depreciation)  (372,146,844) 
Net gain (loss)  (443,470,046) 
Net increase (decrease) in net assets resulting from operations  $(335,448,647) 

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


Statement of Changes in Net Assets

 Six months ended June 30, 2018 (Unaudited) Year ended December 31, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $108,021,399 $275,035,614 
Net realized gain (loss) (71,323,202) 51,521,256 
Change in net unrealized appreciation (depreciation) (372,146,844) 125,803,351 
Net increase (decrease) in net assets resulting from operations (335,448,647) 452,360,221 
Distributions to shareholders from net investment income (103,549,182) (264,681,371) 
Distributions to shareholders from net realized gain (19,237,422) (32,019,865) 
Total distributions (122,786,604) (296,701,236) 
Share transactions - net increase (decrease) 206,222,779 1,046,398,950 
Redemption fees – 503,744 
Total increase (decrease) in net assets (252,012,472) 1,202,561,679 
Net Assets   
Beginning of period 5,375,643,973 4,173,082,294 
End of period $5,123,631,501 $5,375,643,973 
Other Information   
Undistributed net investment income end of period $44,468,865 $39,996,648 

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 endedDecember 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $14.28 $13.77 $12.76 $13.43 $13.60 $15.30 
Income from Investment Operations       
Net investment income (loss)A .256 .761 .825 .746 .690 .639 
Net realized and unrealized gain (loss) (1.133) .560 .978 (.783) (.133) (1.670) 
Total from investment operations (.877) 1.321 1.803 (.037) .557 (1.031) 
Distributions from net investment income (.245) (.727) (.717) (.635) (.602) (.577) 
Distributions from net realized gain (.048) (.085) (.077) – (.127) (.095) 
Total distributions (.293) (.812) (.794) (.635) (.729) (.672) 
Redemption fees added to paid in capitalA – .001 .001 .002 .002 .003 
Net asset value, end of period $13.11 $14.28 $13.77 $12.76 $13.43 $13.60 
Total ReturnB,C,D (6.21)% 9.74% 14.39% (.34)% 4.01% (6.83)% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.14%G 1.13% 1.14% 1.16% 1.16% 1.17% 
Expenses net of fee waivers, if any 1.14%G 1.12% 1.14% 1.16% 1.16% 1.17% 
Expenses net of all reductions 1.14%G 1.12% 1.13% 1.15% 1.16% 1.17% 
Net investment income (loss) 3.74%G 5.31% 6.08% 5.60% 4.88% 4.45% 
Supplemental Data       
Net assets, end of period (000 omitted) $176,879 $199,886 $236,324 $238,065 $289,083 $348,952 
Portfolio turnover rateH 65%G 57% 80% 105% 143% 138% 

 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.


Fidelity Advisor Emerging Markets Income Fund Class M

 Six months ended (Unaudited) June 30, Years endedDecember 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $14.21 $13.71 $12.70 $13.37 $13.54 $15.24 
Income from Investment Operations       
Net investment income (loss)A .255 .754 .815 .736 .681 .635 
Net realized and unrealized gain (loss) (1.114) .552 .979 (.781) (.130) (1.668) 
Total from investment operations (.859) 1.306 1.794 (.045) .551 (1.033) 
Distributions from net investment income (.243) (.722) (.708) (.627) (.596) (.575) 
Distributions from net realized gain (.048) (.085) (.077) – (.127) (.095) 
Total distributions (.291) (.807) (.785) (.627) (.723) (.670) 
Redemption fees added to paid in capitalA – .001 .001 .002 .002 .003 
Net asset value, end of period $13.06 $14.21 $13.71 $12.70 $13.37 $13.54 
Total ReturnB,C,D (6.11)% 9.67% 14.38% (.40)% 3.99% (6.87)% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.15%G 1.15% 1.18% 1.20% 1.20% 1.19% 
Expenses net of fee waivers, if any 1.15%G 1.14% 1.18% 1.20% 1.20% 1.19% 
Expenses net of all reductions 1.15%G 1.14% 1.18% 1.20% 1.19% 1.19% 
Net investment income (loss) 3.73%G 5.29% 6.04% 5.56% 4.85% 4.44% 
Supplemental Data       
Net assets, end of period (000 omitted) $62,700 $71,053 $79,513 $78,114 $87,301 $89,378 
Portfolio turnover rateH 65%G 57% 80% 105% 143% 138% 

 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.


Fidelity Advisor Emerging Markets Income Fund Class C

 Six months ended (Unaudited) June 30, Years endedDecember 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $14.39 $13.87 $12.86 $13.52 $13.70 $15.40 
Income from Investment Operations       
Net investment income (loss)A .207 .658 .728 .651 .588 .536 
Net realized and unrealized gain (loss) (1.133) .571 .977 (.774) (.147) (1.675) 
Total from investment operations (.926) 1.229 1.705 (.123) .441 (1.139) 
Distributions from net investment income (.196) (.625) (.619) (.539) (.496) (.469) 
Distributions from net realized gain (.048) (.085) (.077) – (.127) (.095) 
Total distributions (.244) (.710) (.696) (.539) (.623) (.564) 
Redemption fees added to paid in capitalA – .001 .001 .002 .002 .003 
Net asset value, end of period $13.22 $14.39 $13.87 $12.86 $13.52 $13.70 
Total ReturnB,C,D (6.50)% 8.97% 13.47% (.97)% 3.14% (7.48)% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.88%G 1.87% 1.89% 1.91% 1.91% 1.92% 
Expenses net of fee waivers, if any 1.88%G 1.87% 1.89% 1.91% 1.91% 1.92% 
Expenses net of all reductions 1.88%G 1.87% 1.89% 1.90% 1.91% 1.92% 
Net investment income (loss) 3.00%G 4.56% 5.33% 4.85% 4.13% 3.71% 
Supplemental Data       
Net assets, end of period (000 omitted) $103,323 $116,842 $101,193 $98,757 $130,015 $151,747 
Portfolio turnover rateH 65%G 57% 80% 105% 143% 138% 

 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.


Fidelity Advisor Emerging Markets Income Fund Class I

 Six months ended (Unaudited) June 30, Years endedDecember 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $14.00 $13.50 $12.51 $13.17 $13.35 $15.03 
Income from Investment Operations       
Net investment income (loss)A .272 .788 .850 .766 .713 .663 
Net realized and unrealized gain (loss) (1.102) .553 .959 (.768) (.132) (1.633) 
Total from investment operations (.830) 1.341 1.809 (.002) .581 (.970) 
Distributions from net investment income (.262) (.757) (.743) (.660) (.636) (.618) 
Distributions from net realized gain (.048) (.085) (.077) – (.127) (.095) 
Total distributions (.310) (.842) (.820) (.660) (.763) (.713) 
Redemption fees added to paid in capitalA – .001 .001 .002 .002 .003 
Net asset value, end of period $12.86 $14.00 $13.50 $12.51 $13.17 $13.35 
Total ReturnB,C (6.01)% 10.10% 14.74% (.07)% 4.27% (6.54)% 
Ratios to Average Net AssetsD,E       
Expenses before reductions .82%F .82% .84% .87% .89% .89% 
Expenses net of fee waivers, if any .82%F .82% .84% .87% .89% .89% 
Expenses net of all reductions .82%F .82% .83% .86% .88% .89% 
Net investment income (loss) 4.06%F 5.62% 6.38% 5.89% 5.16% 4.74% 
Supplemental Data       
Net assets, end of period (000 omitted) $4,780,729 $4,987,863 $3,756,052 $2,732,680 $2,136,089 $1,495,712 
Portfolio turnover rateG 65%F 57% 80% 105% 143% 138% 

 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, 2018

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, 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:

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 supranational 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.

ETFs are valued at their last 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 but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 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, 2018 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 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. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. 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.

Distributions 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 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 and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $96,905,573 
Gross unrealized depreciation (353,471,394) 
Net unrealized appreciation (depreciation) $(256,565,821) 
Tax cost $5,342,201,617 

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 $1,663,713,057 and $1,518,766,284, 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 .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% $244,836 $10,626 
Class M -% .25% 84,076 1,072 
Class C .75% .25% 560,365 100,020 
   $889,277 $111,718 

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 $21,587 
Class M 2,953 
Class C(a) 5,981 
 $30,521 

 (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 $186,185 .19 
Class M 66,548 .20 
Class C 96,723 .17 
Class I 3,047,880 .12 
 $3,397,336  

 (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. For the period, the fees were equivalent to an annualized rate of .02%.

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 $2,168 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.

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $2,995.

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 $7,661 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 $8,409. 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 $87,882 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 $1,147.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $15,992 .

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
June 30, 2018 
Year ended
December 31, 2017 
From net investment income   
Class A $3,468,018 $10,587,406 
Class M 1,188,741 3,852,981 
Class C 1,573,959 4,758,685 
Class I 97,318,464 245,482,299 
Total $103,549,182 $264,681,371 
From net realized gain   
Class A $687,591 $1,214,463 
Class M 237,607 408,362 
Class C 393,295 679,029 
Class I 17,918,929 29,718,011 
Total $19,237,422 $32,019,865 

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, 2018 Year ended December 31, 2017 Six months ended June 30, 2018 Year ended December 31, 2017 
Class A     
Shares sold 2,502,403 5,123,997 $34,837,401 $73,245,395 
Reinvestment of distributions 292,759 800,977 4,016,805 11,461,028 
Shares redeemed (3,307,397) (9,089,562) (45,323,217) (129,399,212) 
Net increase (decrease) (512,235) (3,164,588) $(6,469,011) $(44,692,789) 
Class M     
Shares sold 321,010 1,639,762 $4,432,727 $23,219,427 
Reinvestment of distributions 98,858 285,338 1,350,794 4,065,106 
Shares redeemed (616,127) (2,726,897) (8,499,976) (39,041,858) 
Net increase (decrease) (196,259) (801,797) $(2,716,455) $(11,757,325) 
Class C     
Shares sold 743,381 2,039,274 $10,381,222 $29,444,292 
Reinvestment of distributions 136,114 353,325 1,881,033 5,096,703 
Shares redeemed (1,182,303) (1,565,645) (16,345,670) (22,576,093) 
Net increase (decrease) (302,808) 826,954 $(4,083,415) $11,964,902 
Class I     
Shares sold 71,366,380 141,238,325 $967,234,401 $1,979,634,226 
Reinvestment of distributions 3,007,997 7,459,000 40,498,765 104,766,923 
Shares redeemed (58,861,244) (70,568,800) (788,247,497) (993,516,987) 
Net increase (decrease) 15,513,133 78,128,525 $219,491,528 $1,090,884,162 

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 52% 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, 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, 2018 to June 30, 2018).

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, 2018 
Ending
Account Value
June 30, 2018 
Expenses Paid
During Period-B
January 1, 2018
to June 30, 2018 
Class A 1.14%    
Actual  $1,000.00 $937.90 $5.48 
Hypothetical-C  $1,000.00 $1,019.14 $5.71 
Class M 1.15%    
Actual  $1,000.00 $938.90 $5.53 
Hypothetical-C  $1,000.00 $1,019.09 $5.76 
Class C 1.88%    
Actual  $1,000.00 $935.00 $9.02 
Hypothetical-C  $1,000.00 $1,015.47 $9.39 
Class I .82%    
Actual  $1,000.00 $939.90 $3.94 
Hypothetical-C  $1,000.00 $1,020.73 $4.11 

 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-0818
1.705745.120



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 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.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.



Item 13.

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, 2018


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, 2018



By:

/s/John J. Burke III


John J. Burke III


Chief Financial Officer



Date:

August 23, 2018