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   811-03855


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)


Cynthia Lo Bessette, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

October 31



Date of reporting period:

April 30, 2022


Item 1.

Reports to Stockholders





Fidelity Advisor® Overseas Fund



Semi-Annual Report

April 30, 2022

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Liquidity Risk Management Program


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. © 2022 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-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Nestle SA (Reg. S) (Switzerland, Food Products) 3.3 
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) 2.7 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 2.5 
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) 2.3 
Diageo PLC (United Kingdom, Beverages) 2.0 
AIA Group Ltd. (Hong Kong, Insurance) 1.6 
TotalEnergies SE (France, Oil, Gas & Consumable Fuels) 1.6 
Sony Group Corp. (Japan, Household Durables) 1.5 
Sika AG (Switzerland, Chemicals) 1.4 
RELX PLC (London Stock Exchange) (United Kingdom, Professional Services) 1.4 
 20.3 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Industrials 21.0 
Financials 19.1 
Information Technology 16.3 
Health Care 13.0 
Consumer Discretionary 9.0 
Consumer Staples 6.6 
Materials 5.1 
Energy 2.5 
Communication Services 2.1 
Real Estate 1.1 

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   France 16.1% 
   Switzerland 12.8% 
   Japan 11.4% 
   United States of America* 11.4% 
   United Kingdom 8.6% 
   Netherlands 7.6% 
   Germany 6.4% 
   Sweden 5.8% 
   Ireland 3.0% 
   Other 16.9% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation (% of fund's net assets)

As of April 30, 2022 
   Stocks 95.8% 
   Short-Term Investments and Net Other Assets (Liabilities) 4.2% 


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

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.7%   
 Shares Value (000s) 
Bailiwick of Jersey - 1.3%   
Ferguson PLC 39,600 $4,968 
JTC PLC (a) 109,800 1,066 
TOTAL BAILIWICK OF JERSEY  6,034 
Belgium - 1.0%   
Azelis Group NV 28,600 704 
KBC Group NV 59,175 4,026 
TOTAL BELGIUM  4,730 
Bermuda - 0.6%   
Genpact Ltd. 30,003 1,208 
Hiscox Ltd. 153,573 1,824 
TOTAL BERMUDA  3,032 
Canada - 1.3%   
Constellation Software, Inc. 3,780 5,949 
Topicus.Com, Inc. 6,230 387 
TOTAL CANADA  6,336 
Cayman Islands - 0.6%   
Parade Technologies Ltd. 58,000 2,760 
Denmark - 1.7%   
DSV A/S 40,004 6,559 
GN Store Nord A/S 36,905 1,385 
TOTAL DENMARK  7,944 
Finland - 0.8%   
Nordea Bank ABP 403,526 4,023 
France - 16.1%   
Air Liquide SA 33,900 5,865 
ALTEN 28,575 3,835 
Antin Infrastructure Partners SA 10,100 262 
BNP Paribas SA 100,700 5,221 
Capgemini SA 33,219 6,763 
Dassault Systemes SA 70,525 3,119 
Edenred SA 110,254 5,537 
EssilorLuxottica SA 28,171 4,796 
Legrand SA 65,585 5,812 
LVMH Moet Hennessy Louis Vuitton SE 16,660 10,781 
Pernod Ricard SA 30,243 6,242 
Safran SA 43,100 4,629 
Teleperformance 18,588 6,671 
TotalEnergies SE 154,600 7,591 
TOTAL FRANCE  77,124 
Germany - 6.4%   
Allianz SE 28,223 6,368 
Auto1 Group SE (a)(b) 4,600 48 
Brenntag SE 46,900 3,619 
Deutsche Borse AG 28,403 4,945 
Hannover Reuck SE 26,829 4,170 
Merck KGaA 32,600 6,048 
SAP SE 15,549 1,576 
Siemens Healthineers AG (a) 73,000 3,903 
TOTAL GERMANY  30,677 
Hong Kong - 1.6%   
AIA Group Ltd. 785,500 7,717 
Chervon Holdings Ltd. 32,500 203 
TOTAL HONG KONG  7,920 
India - 1.7%   
HDFC Bank Ltd. 213,384 3,821 
Reliance Industries Ltd. 115,313 4,173 
TOTAL INDIA  7,994 
Ireland - 3.0%   
Flutter Entertainment PLC (b) 13,624 1,376 
ICON PLC (b) 17,000 3,846 
Kingspan Group PLC (Ireland) 48,600 4,524 
Linde PLC 14,434 4,503 
TOTAL IRELAND  14,249 
Italy - 2.3%   
FinecoBank SpA 238,363 3,314 
GVS SpA (a) 28,462 237 
Moncler SpA 59,200 3,084 
Recordati SpA 87,220 4,203 
TOTAL ITALY  10,838 
Japan - 11.4%   
Advantest Corp. 35,200 2,402 
Capcom Co. Ltd. 54,100 1,428 
FUJIFILM Holdings Corp. 61,700 3,392 
Hoya Corp. 57,931 5,749 
Iriso Electronics Co. Ltd. 23,784 556 
Misumi Group, Inc. 93,700 2,349 
Nitori Holdings Co. Ltd. 12,130 1,248 
NOF Corp. 44,671 1,677 
Olympus Corp. 179,976 3,168 
Persol Holdings Co. Ltd. 129,160 2,562 
Recruit Holdings Co. Ltd. 107,434 3,898 
Relo Group, Inc. 97,946 1,399 
Shin-Etsu Chemical Co. Ltd. 25,400 3,491 
SMC Corp. 7,986 3,867 
Sony Group Corp. 81,024 6,992 
Suzuki Motor Corp. 56,971 1,717 
TIS, Inc. 86,327 1,939 
Tokyo Electron Ltd. 16,127 6,805 
TOTAL JAPAN  54,639 
Kenya - 0.3%   
Safaricom Ltd. 4,605,600 1,340 
Luxembourg - 0.8%   
Eurofins Scientific SA 42,800 3,978 
Netherlands - 7.6%   
Akzo Nobel NV 35,200 3,053 
ASM International NV (Netherlands) 12,700 3,816 
ASML Holding NV (Netherlands) 22,506 12,773 
Euronext NV (a) 35,575 2,850 
IMCD NV 34,450 5,485 
Koninklijke Philips Electronics NV 64,369 1,682 
Wolters Kluwer NV 67,241 6,790 
Wolters Kluwer NV rights (b)(c) 66,741 73 
TOTAL NETHERLANDS  36,522 
Spain - 1.9%   
Amadeus IT Holding SA Class A (b) 78,896 4,944 
Cellnex Telecom SA (a) 89,476 4,171 
TOTAL SPAIN  9,115 
Sweden - 5.7%   
Addlife AB 124,837 2,758 
AddTech AB (B Shares) 165,787 2,925 
ASSA ABLOY AB (B Shares) 206,486 5,218 
Atlas Copco AB (A Shares) 100,773 4,569 
Hexagon AB (B Shares) 453,937 5,857 
Indutrade AB 199,025 4,695 
Kry International AB (d)(e) 156 55 
Nordnet AB 82,500 1,431 
TOTAL SWEDEN  27,508 
Switzerland - 12.8%   
Compagnie Financiere Richemont SA Series A 40,760 4,736 
Julius Baer Group Ltd. 70,117 3,351 
Lonza Group AG 6,237 3,678 
Nestle SA (Reg. S) 122,685 15,841 
Partners Group Holding AG 3,380 3,581 
Roche Holding AG (participation certificate) 32,494 12,049 
Sika AG 22,418 6,848 
Sonova Holding AG 13,541 4,883 
Zurich Insurance Group Ltd. 13,352 6,079 
TOTAL SWITZERLAND  61,046 
Taiwan - 1.0%   
Taiwan Semiconductor Manufacturing Co. Ltd. 254,300 4,601 
United Kingdom - 8.6%   
Beazley PLC 229,144 1,234 
Bridgepoint Group Holdings Ltd. (a) 207,539 792 
Compass Group PLC 285,054 6,015 
Dechra Pharmaceuticals PLC 53,784 2,437 
Diageo PLC 196,476 9,802 
Diploma PLC 83,267 2,856 
Dr. Martens Ltd. 35,900 94 
Future PLC 21,100 578 
RELX PLC (London Stock Exchange) 229,584 6,839 
Rentokil Initial PLC 693,333 4,762 
Smith & Nephew PLC 80,279 1,301 
St. James's Place PLC 169,400 2,722 
Volution Group PLC 320,051 1,630 
TOTAL UNITED KINGDOM  41,062 
United States of America - 7.2%   
Alphabet, Inc. Class C (b) 1,000 2,299 
Ares Management Corp. 58,523 3,875 
Boston Scientific Corp. (b) 8,622 363 
CBRE Group, Inc. 44,700 3,712 
Equifax, Inc. 18,000 3,663 
Intercontinental Exchange, Inc. 31,978 3,703 
Marsh & McLennan Companies, Inc. 36,830 5,955 
Moody's Corp. 11,800 3,734 
Pool Corp. 4,000 1,621 
S&P Global, Inc. 14,231 5,358 
TOTAL UNITED STATES OF AMERICA  34,283 
TOTAL COMMON STOCKS   
(Cost $400,994)  457,755 
Nonconvertible Preferred Stocks - 0.1%   
Sweden - 0.1%   
Kry International AB Series E (d)(e)   
(Cost $412) 901 317 
Money Market Funds - 3.6%   
Fidelity Cash Central Fund 0.32% (f)   
(Cost $17,143) 17,139,101 17,143 
TOTAL INVESTMENT IN SECURITIES - 99.4%   
(Cost $418,549)  475,215 
NET OTHER ASSETS (LIABILITIES) - 0.6%  2,839 
NET ASSETS - 100%  $478,054 

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

Legend

 (a) 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 $13,067,000 or 2.7% of net assets.

 (b) Non-income producing

 (c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $372,000 or 0.1% of net assets.

 (e) Level 3 security

 (f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
Kry International AB 5/14/21 $68 
Kry International AB Series E 5/14/21 $412 

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.32% $18,433 $102,652 $103,942 $11 $-- $-- $17,143 0.0% 
Total $18,433 $102,652 $103,942 $11 $-- $-- $17,143  

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 April 30, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Communication Services $9,816 $3,639 $6,177 $-- 
Consumer Discretionary 42,711 1,621 41,090 -- 
Consumer Staples 31,885 -- 31,885 -- 
Energy 11,764 -- 11,764 -- 
Financials 91,422 22,625 68,797 -- 
Health Care 61,431 4,209 57,222 -- 
Industrials 99,904 3,663 96,241 -- 
Information Technology 78,591 7,544 70,675 372 
Materials 25,437 4,503 20,934 -- 
Real Estate 5,111 3,712 1,399 -- 
Money Market Funds 17,143 17,143 -- -- 
Total Investments in Securities: $475,215 $68,659 $406,184 $372 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $401,406) 
$458,072  
Fidelity Central Funds (cost $17,143) 17,143  
Total Investment in Securities (cost $418,549)  $475,215 
Foreign currency held at value (cost $93)  93 
Receivable for investments sold  3,907 
Receivable for fund shares sold  436 
Dividends receivable  1,260 
Reclaims receivable  1,322 
Distributions receivable from Fidelity Central Funds  
Other receivables  70 
Total assets  482,308 
Liabilities   
Payable for investments purchased   
Regular delivery $2,857  
Delayed delivery 73  
Payable for fund shares redeemed 547  
Accrued management fee 326  
Distribution and service plan fees payable 93  
Other affiliated payables 79  
Deferred taxes 225  
Other payables and accrued expenses 54  
Total liabilities  4,254 
Net Assets  $478,054 
Net Assets consist of:   
Paid in capital  $426,488 
Total accumulated earnings (loss)  51,566 
Net Assets  $478,054 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($42,481 ÷ 1,570.3 shares)(a)  $27.05 
Maximum offering price per share (100/94.25 of $27.05)  $28.70 
Class M:   
Net Asset Value and redemption price per share ($182,095 ÷ 6,567.3 shares)(a)  $27.73 
Maximum offering price per share (100/96.50 of $27.73)  $28.74 
Class C:   
Net Asset Value and offering price per share ($3,443 ÷ 133.3 shares)(a)  $25.83 
Class I:   
Net Asset Value, offering price and redemption price per share ($90,364 ÷ 3,242.7 shares)  $27.87 
Class Z:   
Net Asset Value, offering price and redemption price per share ($159,671 ÷ 5,734.1 shares)  $27.85 

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

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


Statement of Operations

Amounts in thousands  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $4,331 
Foreign tax reclaims  416 
Income from Fidelity Central Funds  11 
Income before foreign taxes withheld  4,758 
Less foreign taxes withheld  (844) 
Total income  3,914 
Expenses   
Management fee   
Basic fee $1,641  
Performance adjustment 454  
Transfer agent fees 356  
Distribution and service plan fees 624  
Accounting fees and expenses 131  
Custodian fees and expenses 44  
Independent trustees' fees and expenses  
Registration fees 62  
Audit 57  
Legal  
Total expenses before reductions 3,371  
Expense reductions (7)  
Total expenses after reductions  3,364 
Net investment income (loss)  550 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (4,253)  
Foreign currency transactions (78)  
Total net realized gain (loss)  (4,331) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $19) (103,918)  
Assets and liabilities in foreign currencies (108)  
Total change in net unrealized appreciation (depreciation)  (104,026) 
Net gain (loss)  (108,357) 
Net increase (decrease) in net assets resulting from operations  $(107,807) 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $550 $(504) 
Net realized gain (loss) (4,331) 62,232 
Change in net unrealized appreciation (depreciation) (104,026) 84,228 
Net increase (decrease) in net assets resulting from operations (107,807) 145,956 
Distributions to shareholders (10,213) – 
Share transactions - net increase (decrease) 104,499 (66,986) 
Total increase (decrease) in net assets (13,521) 78,970 
Net Assets   
Beginning of period 491,575 412,605 
End of period $478,054 $491,575 

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


Financial Highlights

Fidelity Advisor Overseas Fund Class A

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $34.07 $24.73 $24.27 $22.48 $25.20 $20.40 
Income from Investment Operations       
Net investment income (loss)A,B .02 (.04) (.02) .35 .28 .23 
Net realized and unrealized gain (loss) (6.32) 9.38 .83 2.38 (2.10) 4.78 
Total from investment operations (6.30) 9.34 .81 2.73 (1.82) 5.01 
Distributions from net investment income – – (.35) (.21) (.22) (.20) 
Distributions from net realized gain (.72) – – (.73) (.69) (.02) 
Total distributions (.72) – (.35) (.94) (.90)C (.21)C 
Redemption fees added to paid in capitalA – – – – – D 
Net asset value, end of period $27.05 $34.07 $24.73 $24.27 $22.48 $25.20 
Total ReturnE,F,G (18.83)% 37.77% 3.33% 12.86% (7.48)% 24.86% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 1.40%J 1.43% 1.49% 1.21% 1.21% 1.25% 
Expenses net of fee waivers, if any 1.40%J 1.43% 1.49% 1.21% 1.21% 1.25% 
Expenses net of all reductions 1.40%J 1.43% 1.48% 1.19% 1.20% 1.23% 
Net investment income (loss) .15%J (.12)% (.08)% 1.53% 1.13% 1.05% 
Supplemental Data       
Net assets, end of period (in millions) $42 $56 $46 $49 $44 $69 
Portfolio turnover rateK 25%J 33%L 46% 45%L 39% 42% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Total distributions per share do not sum due to rounding.

 D Amount represents less than $.005 per share.

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

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

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

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 L Portfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Advisor Overseas Fund Class M

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $34.94 $25.41 $24.94 $23.06 $25.84 $20.91 
Income from Investment Operations       
Net investment income (loss)A,B (.01) (.11) (.07) .31 .23 .19 
Net realized and unrealized gain (loss) (6.48) 9.64 .84 2.45 (2.15) 4.90 
Total from investment operations (6.49) 9.53 .77 2.76 (1.92) 5.09 
Distributions from net investment income – – (.30) (.15) (.17) (.15) 
Distributions from net realized gain (.72) – – (.73) (.69) (.02) 
Total distributions (.72) – (.30) (.88) (.86) (.16)C 
Redemption fees added to paid in capitalA – – – – – D 
Net asset value, end of period $27.73 $34.94 $25.41 $24.94 $23.06 $25.84 
Total ReturnE,F,G (18.91)% 37.50% 3.09% 12.65% (7.71)% 24.57% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 1.61%J 1.65% 1.71% 1.42% 1.44% 1.46% 
Expenses net of fee waivers, if any 1.61%J 1.65% 1.70% 1.42% 1.43% 1.46% 
Expenses net of all reductions 1.61%J 1.65% 1.70% 1.40% 1.43% 1.44% 
Net investment income (loss) (.06)%J (.34)% (.29)% 1.32% .90% .84% 
Supplemental Data       
Net assets, end of period (in millions) $182 $238 $194 $221 $218 $272 
Portfolio turnover rateK 25%J 33%L 46% 45%L 39% 42% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Total distributions per share do not sum due to rounding.

 D Amount represents less than $.005 per share.

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

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

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

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 L Portfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Advisor Overseas Fund Class C

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $32.69 $23.92 $23.46 $21.72 $24.41 $19.74 
Income from Investment Operations       
Net investment income (loss)A,B (.10) (.28) (.21) .15 .07 .05 
Net realized and unrealized gain (loss) (6.04) 9.05 .80 2.32 (2.02) 4.64 
Total from investment operations (6.14) 8.77 .59 2.47 (1.95) 4.69 
Distributions from net investment income – – (.13) – (.06) (.01) 
Distributions from net realized gain (.72) – – (.73) (.69) (.02) 
Total distributions (.72) – (.13) (.73) (.74)C (.02)C 
Redemption fees added to paid in capitalA – – – – – D 
Net asset value, end of period $25.83 $32.69 $23.92 $23.46 $21.72 $24.41 
Total ReturnE,F,G (19.14)% 36.66% 2.50% 11.94% (8.23)% 23.81% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 2.22%J 2.25% 2.31% 2.03% 2.03% 2.06% 
Expenses net of fee waivers, if any 2.21%J 2.25% 2.31% 2.03% 2.03% 2.05% 
Expenses net of all reductions 2.21%J 2.25% 2.30% 2.02% 2.02% 2.04% 
Net investment income (loss) (.66)%J (.94)% (.89)% .70% .31% .24% 
Supplemental Data       
Net assets, end of period (in millions) $3 $5 $5 $6 $13 $17 
Portfolio turnover rateK 25%J 33%L 46% 45%L 39% 42% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Total distributions per share do not sum due to rounding.

 D Amount represents less than $.005 per share.

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

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

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

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 L Portfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Advisor Overseas Fund Class I

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $35.03 $25.35 $24.79 $22.99 $25.74 $20.86 
Income from Investment Operations       
Net investment income (loss)A,B .07 .06 .07 .42 .36 .31 
Net realized and unrealized gain (loss) (6.51) 9.62 .84 2.43 (2.15) 4.87 
Total from investment operations (6.44) 9.68 .91 2.85 (1.79) 5.18 
Distributions from net investment income – – (.35) (.32) (.28) (.29) 
Distributions from net realized gain (.72) – – (.73) (.69) (.02) 
Total distributions (.72) – (.35) (1.05) (.96)C (.30)C 
Redemption fees added to paid in capitalA – – – – – D 
Net asset value, end of period $27.87 $35.03 $25.35 $24.79 $22.99 $25.74 
Total ReturnE,F (18.71)% 38.19% 3.68% 13.21% (7.23)% 25.24% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions 1.14%I 1.12% 1.15% .91% .92% .95% 
Expenses net of fee waivers, if any 1.14%I 1.12% 1.15% .91% .92% .94% 
Expenses net of all reductions 1.14%I 1.12% 1.14% .90% .91% .92% 
Net investment income (loss) .41%I .19% .27% 1.82% 1.42% 1.35% 
Supplemental Data       
Net assets, end of period (in millions) $90 $85 $121 $117 $305 $306 
Portfolio turnover rateJ 25%I 33%K 46% 45%K 39% 42% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Total distributions per share do not sum due to rounding.

 D Amount represents less than $.005 per share.

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

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

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 K Portfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Advisor Overseas Fund Class Z

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 A 
Selected Per–Share Data       
Net asset value, beginning of period $34.97 $25.28 $24.79 $23.00 $25.76 $20.88 
Income from Investment Operations       
Net investment income (loss)B,C .09 .09 .09 .45 .38 .19 
Net realized and unrealized gain (loss) (6.49) 9.60 .84 2.43 (2.14) 4.69 
Total from investment operations (6.40) 9.69 .93 2.88 (1.76) 4.88 
Distributions from net investment income – – (.44) (.36) (.31) – 
Distributions from net realized gain (.72) – – (.73) (.69) – 
Total distributions (.72) – (.44) (1.09) (1.00) – 
Net asset value, end of period $27.85 $34.97 $25.28 $24.79 $23.00 $25.76 
Total ReturnD,E (18.63)% 38.33% 3.77% 13.38% (7.13)% 23.37% 
Ratios to Average Net AssetsC,F,G       
Expenses before reductions .99%H 1.02% 1.07% .77% .79% .82%H 
Expenses net of fee waivers, if any .98%H 1.02% 1.06% .77% .79% .82%H 
Expenses net of all reductions .98%H 1.02% 1.05% .76% .78% .80%H 
Net investment income (loss) .56%H .29% .35% 1.96% 1.55% 1.02%H 
Supplemental Data       
Net assets, end of period (in millions) $160 $108 $47 $38 $47 $2 
Portfolio turnover rateI 25%H 33%J 46% 45%J 39% 42% 

 A For the period February 1, 2017 (commencement of sale of shares) through October 31, 2017.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

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

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

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 J Portfolio turnover rate excludes securities received or delivered in-kind.

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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022
(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor Overseas Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

Funds may invest 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 Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission 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 - Investment 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 Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

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

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

  • Level 1 – unadjusted quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, 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. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2022 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds 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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a 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 a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. 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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

Distributions 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, passive foreign investment companies (PFIC), certain foreign taxes, net operating losses, capital loss carryforwards, redemptions in-kind 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 $94,056 
Gross unrealized depreciation (38,508) 
Net unrealized appreciation (depreciation) $55,548 
Tax cost $419,667 

Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities (including Private Placements). Funds 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 held at period end is included at the end of the Schedule of Investments, if applicable.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity Advisor Overseas Fund 153,445 60,269 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .424% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the investment performance of the asset-weighted return of all classes as compared to its benchmark index, the MSCI EAFE Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .83% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (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% $63 $2 
Class M .25% .25% 540 
Class C .75% .25% 21 
   $624 $11 

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

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

 Retained by FDC 
Class A $4 
Class M 
Class C(a) (b) 
 $5 

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

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

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

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

 Amount % of Class-Level Average Net Assets(a) 
Class A $51 .20 
Class M 182 .17 
Class C .27 
Class I 88 .19 
Class Z 29 .04 
 $356  

 (a) Annualized

Accounting 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. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Fidelity Advisor Overseas Fund .05 

Brokerage Commissions. A portion of portfolio transactions were placed 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 as follows:

 Amount 
Fidelity Advisor Overseas Fund $–(a) 

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

Interfund Trades. Funds 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. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity Advisor Overseas Fund 5,789 1,174 (166) 

Prior Fiscal Year Affiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

 Shares Total net realized gain or loss
($) 
Total Proceeds
($) 
Participating classes 
Fidelity Advisor Overseas Fund 3,075 36,597 98,197 Class I 

6. Committed Line of Credit.

Certain Funds participate 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 participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity Advisor Overseas Fund $–(a) 

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

7. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $7.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2022 
Year ended
October 31, 2021 
Fidelity Advisor Overseas Fund   
Distributions to shareholders   
Class A $1,176 $ - 
Class M 4,856 – 
Class C 105 – 
Class I 1,736 – 
Class Z 2,340 – 
Total $10,213 $– 

9. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended April 30, 2022 Year ended October 31, 2021 Six months ended April 30, 2022 Year ended October 31, 2021 
Fidelity Advisor Overseas Fund     
Class A     
Shares sold 56 157 $1,760 $4,980 
Reinvestment of distributions 34 – 1,106 – 
Shares redeemed (162) (363) (5,033) (11,120) 
Net increase (decrease) (72) (206) $(2,167) $(6,140) 
Class M     
Shares sold 386 798 $12,240 $25,071 
Reinvestment of distributions 145 – 4,791 – 
Shares redeemed (784) (1,599) (24,665) (50,701) 
Net increase (decrease) (253) (801) $(7,634) $(25,630) 
Class C     
Shares sold 13 $232 $421 
Reinvestment of distributions – 99 – 
Shares redeemed (27) (88) (820) (2,670) 
Net increase (decrease) (16) (75) $(489) $(2,249) 
Class I     
Shares sold 1,324 1,095 $43,544 $35,905 
Reinvestment of distributions 47 – 1,556 – 
Shares redeemed (547) (3,462) (17,380) (110,605) 
Net increase (decrease) 824 (2,367) $27,720 $(74,700) 
Class Z     
Shares sold 3,044 1,620 $98,805 $53,591 
Reinvestment of distributions 30 – 982 – 
Shares redeemed (421) (381) (12,718) (11,857) 
Net increase (decrease) 2,653 1,239 $87,069 $41,734 

10. Other.

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

11. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 to April 30, 2022).

Actual Expenses

The first line of the accompanying table 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/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2021 
Ending
Account Value
April 30, 2022 
Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity Advisor Overseas Fund     
Class A 1.40%    
Actual  $1,000.00 $811.70 $6.29 
Hypothetical-C  $1,000.00 $1,017.85 $7.00 
Class M 1.61%    
Actual  $1,000.00 $810.90 $7.23 
Hypothetical-C  $1,000.00 $1,016.81 $8.05 
Class C 2.21%    
Actual  $1,000.00 $808.60 $9.91 
Hypothetical-C  $1,000.00 $1,013.84 $11.04 
Class I 1.14%    
Actual  $1,000.00 $812.90 $5.12 
Hypothetical-C  $1,000.00 $1,019.14 $5.71 
Class Z .98%    
Actual  $1,000.00 $813.70 $4.41 
Hypothetical-C  $1,000.00 $1,019.93 $4.91 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

  • Highly liquid investments – cash or convertible to cash within three business days or less
  • Moderately liquid investments – convertible to cash in three to seven calendar days
  • Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

OS-SANN-0622
1.703565.124


Fidelity Advisor® International Capital Appreciation Fund



Semi-Annual Report

April 30, 2022

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Liquidity Risk Management Program


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. © 2022 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-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 3.3 
Nestle SA (Reg. S) (Switzerland, Food Products) 3.1 
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) 2.5 
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) 2.4 
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) 2.3 
Diageo PLC (United Kingdom, Beverages) 1.9 
L'Oreal SA (France, Personal Products) 1.8 
Schneider Electric SA (France, Electrical Equipment) 1.8 
DSV A/S (Denmark, Air Freight & Logistics) 1.7 
Tokyo Electron Ltd. (Japan, Semiconductors & Semiconductor Equipment) 1.7 
 22.5 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Industrials 25.6 
Information Technology 22.7 
Health Care 14.1 
Financials 10.5 
Consumer Discretionary 9.1 
Consumer Staples 8.4 
Materials 6.5 
Communication Services 1.4 

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   United States of America* 18.9% 
   France 17.2% 
   Canada 9.6% 
   Switzerland 9.3% 
   Netherlands 7.0% 
   Japan 6.6% 
   Ireland 6.0% 
   Sweden 5.3% 
   United Kingdom 5.1% 
   Other 15.0% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation (% of fund's net assets)

As of April 30, 2022 
   Stocks 98.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.7% 


Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%   
 Shares Value 
Bailiwick of Jersey - 1.6%   
Experian PLC 3,047,245 $105,234,635 
Canada - 9.6%   
Brookfield Asset Management, Inc. Class A (a) 2,221,613 110,769,624 
Canadian National Railway Co. 989,981 116,425,742 
Canadian Pacific Railway Ltd. 1,565,696 114,528,045 
Constellation Software, Inc. 64,741 101,893,812 
Thomson Reuters Corp. 972,510 97,232,074 
Waste Connections, Inc. (Canada) 741,011 102,229,696 
TOTAL CANADA  643,078,993 
Denmark - 4.1%   
DSV A/S 713,576 116,992,028 
Novo Nordisk A/S Series B 1,398,173 159,708,113 
TOTAL DENMARK  276,700,141 
France - 17.2%   
Air Liquide SA 674,592 116,710,072 
Dassault Systemes SA 2,506,396 110,843,760 
EssilorLuxottica SA 672,109 114,425,090 
Hermes International SCA 85,608 105,559,577 
L'Oreal SA 329,461 119,861,195 
LVMH Moet Hennessy Louis Vuitton SE 240,869 155,874,837 
Pernod Ricard SA 526,984 108,761,184 
Sartorius Stedim Biotech 291,561 95,407,206 
Schneider Electric SA 815,559 117,007,505 
Teleperformance 294,421 105,670,942 
TOTAL FRANCE  1,150,121,368 
Germany - 1.5%   
Merck KGaA 537,206 99,666,431 
Hong Kong - 1.4%   
Techtronic Industries Co. Ltd. 7,222,170 96,402,289 
India - 3.1%   
HDFC Bank Ltd. 5,620,532 100,642,189 
Kotak Mahindra Bank Ltd. (b) 4,513,600 104,544,523 
TOTAL INDIA  205,186,712 
Ireland - 6.0%   
Accenture PLC Class A 313,230 94,081,763 
ICON PLC (b) 410,106 92,770,078 
Kingspan Group PLC (Ireland) 1,127,301 104,937,143 
Linde PLC 345,704 107,845,820 
TOTAL IRELAND  399,634,804 
Japan - 6.6%   
Hoya Corp. 1,103,908 109,554,191 
Keyence Corp. 287,627 115,627,274 
Recruit Holdings Co. Ltd. 2,832,538 102,769,049 
Tokyo Electron Ltd. 276,698 116,751,808 
TOTAL JAPAN  444,702,322 
Netherlands - 7.0%   
ASM International NV (Netherlands) 332,731 99,983,040 
ASML Holding NV (Netherlands) 291,094 165,207,057 
Ferrari NV (Italy) 492,512 103,700,734 
Wolters Kluwer NV 997,143 100,694,295 
Wolters Kluwer NV rights (b)(c) 1,003,843 1,090,774 
TOTAL NETHERLANDS  470,675,900 
Sweden - 5.3%   
ASSA ABLOY AB (B Shares) 4,020,388 101,603,825 
Atlas Copco AB (A Shares) (a) 2,574,176 116,705,097 
Evolution AB (d) 254,159 26,076,285 
Hexagon AB (B Shares) 8,309,192 107,212,934 
TOTAL SWEDEN  351,598,141 
Switzerland - 9.3%   
Compagnie Financiere Richemont SA Series A 933,052 108,411,995 
Lonza Group AG 170,244 100,381,703 
Nestle SA (Reg. S) 1,621,978 209,387,771 
Partners Group Holding AG 90,005 95,360,067 
Sika AG 357,604 109,233,098 
TOTAL SWITZERLAND  622,774,634 
Taiwan - 3.3%   
Taiwan Semiconductor Manufacturing Co. Ltd. 12,307,000 222,667,936 
United Kingdom - 5.1%   
Diageo PLC 2,596,374 129,530,084 
RELX PLC (London Stock Exchange) 3,697,049 110,136,870 
Rentokil Initial PLC 15,209,015 104,459,663 
TOTAL UNITED KINGDOM  344,126,617 
United States of America - 17.2%   
Adobe, Inc. (b) 236,736 93,735,619 
Alphabet, Inc. Class A (b) 40,720 92,930,777 
Danaher Corp. 368,713 92,594,896 
Domino's Pizza, Inc. 3,484 1,177,592 
Marsh & McLennan Companies, Inc. 578,766 93,586,462 
MasterCard, Inc. Class A 274,640 99,798,683 
Moody's Corp. 303,448 96,035,223 
NICE Ltd. sponsored ADR (b) 475,616 98,171,899 
NVIDIA Corp. 470,904 87,338,565 
S&P Global, Inc. 257,092 96,795,138 
Sherwin-Williams Co. 371,122 102,043,705 
Thermo Fisher Scientific, Inc. 179,808 99,419,439 
Zoetis, Inc. Class A 539,344 95,598,724 
TOTAL UNITED STATES OF AMERICA  1,149,226,722 
TOTAL COMMON STOCKS   
(Cost $5,929,546,789)  6,581,797,645 
Money Market Funds - 2.8%   
Fidelity Cash Central Fund 0.32% (e) 42,405,562 42,414,043 
Fidelity Securities Lending Cash Central Fund 0.32% (e)(f) 142,449,293 142,463,538 
TOTAL MONEY MARKET FUNDS   
(Cost $184,877,581)  184,877,581 
TOTAL INVESTMENT IN SECURITIES - 101.1%   
(Cost $6,114,424,370)  6,766,675,226 
NET OTHER ASSETS (LIABILITIES) - (1.1)%  (71,925,221) 
NET ASSETS - 100%  $6,694,750,005 

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

Legend

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

 (b) Non-income producing

 (c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (d) 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 $26,076,285 or 0.4% of net assets.

 (e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.32% $166,389,556 $1,554,029,380 $1,678,004,893 $34,459 $-- $-- $42,414,043 0.1% 
Fidelity Securities Lending Cash Central Fund 0.32% 176,107,850 285,443,950 319,088,262 45,431 -- -- 142,463,538 0.4% 
Total $342,497,406 $1,839,473,330 $1,997,093,155 $79,890 $-- $-- $184,877,581  

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. Amount for Fidelity Securities Lending Cash Central Fund 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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:     
Communication Services $92,930,777 $92,930,777 $-- $-- 
Consumer Discretionary 615,226,110 1,177,592 614,048,518 -- 
Consumer Staples 567,540,234 -- 567,540,234 -- 
Financials 697,733,226 397,186,447 300,546,779 -- 
Health Care 945,100,781 380,383,137 564,717,644 -- 
Industrials 1,714,119,672 430,415,557 1,283,704,115 -- 
Information Technology 1,513,314,150 575,020,341 938,293,809 -- 
Materials 435,832,695 209,889,525 225,943,170 -- 
Money Market Funds 184,877,581 184,877,581 -- -- 
Total Investments in Securities: $6,766,675,226 $2,271,880,957 $4,494,794,269 $-- 

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


Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $123,126,744) — See accompanying schedule:
Unaffiliated issuers (cost $5,929,546,789) 
$6,581,797,645  
Fidelity Central Funds (cost $184,877,581) 184,877,581  
Total Investment in Securities (cost $6,114,424,370)  $6,766,675,226 
Foreign currency held at value (cost $4,419,820)  4,421,632 
Receivable for investments sold  190,788,859 
Receivable for fund shares sold  7,218,591 
Dividends receivable  9,084,395 
Reclaims receivable  6,940,532 
Distributions receivable from Fidelity Central Funds  20,362 
Prepaid expenses  2,735 
Other receivables  2,098,880 
Total assets  6,987,251,212 
Liabilities   
Payable for investments purchased   
Regular delivery $127,726,182  
Delayed delivery 1,090,774  
Payable for fund shares redeemed 13,976,367  
Accrued management fee 4,999,645  
Distribution and service plan fees payable 284,366  
Other affiliated payables 1,006,785  
Other payables and accrued expenses 953,550  
Collateral on securities loaned 142,463,538  
Total liabilities  292,501,207 
Net Assets  $6,694,750,005 
Net Assets consist of:   
Paid in capital  $6,290,073,804 
Total accumulated earnings (loss)  404,676,201 
Net Assets  $6,694,750,005 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($484,820,014 ÷ 20,710,500 shares)(a)  $23.41 
Maximum offering price per share (100/94.25 of $23.41)  $24.84 
Class M:   
Net Asset Value and redemption price per share ($147,938,606 ÷ 6,508,789 shares)(a)  $22.73 
Maximum offering price per share (100/96.50 of $22.73)  $23.55 
Class C:   
Net Asset Value and offering price per share ($125,585,359 ÷ 6,234,571 shares)(a)  $20.14 
Class I:   
Net Asset Value, offering price and redemption price per share ($4,626,380,949 ÷ 184,114,777 shares)  $25.13 
Class Z:   
Net Asset Value, offering price and redemption price per share ($1,310,025,077 ÷ 52,043,454 shares)  $25.17 

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

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


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $40,935,686 
Foreign tax reclaims  2,676,383 
Income from Fidelity Central Funds (including $45,431 from security lending)  79,890 
Income before foreign taxes withheld  43,691,959 
Less foreign taxes withheld  (7,293,697) 
Total income  36,398,262 
Expenses   
Management fee   
Basic fee $27,371,020  
Performance adjustment 5,379,532  
Transfer agent fees 5,582,355  
Distribution and service plan fees 1,884,377  
Accounting fees 846,680  
Custodian fees and expenses 391,528  
Independent trustees' fees and expenses 14,202  
Registration fees 152,418  
Audit 63,106  
Legal 7,728  
Interest 16,894  
Miscellaneous 15,210  
Total expenses before reductions 41,725,050  
Expense reductions (121,475)  
Total expenses after reductions  41,603,575 
Net investment income (loss)  (5,205,313) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $1,500,740) (252,641,066)  
Redemptions in-kind with affiliated entities 22,462,483  
Foreign currency transactions 442,430  
Total net realized gain (loss)  (229,736,153) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $9,447,598) (1,600,302,378)  
Assets and liabilities in foreign currencies (871,730)  
Total change in net unrealized appreciation (depreciation)  (1,601,174,108) 
Net gain (loss)  (1,830,910,261) 
Net increase (decrease) in net assets resulting from operations  $(1,836,115,574) 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(5,205,313) $(4,831,235) 
Net realized gain (loss) (229,736,153) 456,312,335 
Change in net unrealized appreciation (depreciation) (1,601,174,108) 1,278,751,211 
Net increase (decrease) in net assets resulting from operations (1,836,115,574) 1,730,232,311 
Distributions to shareholders (331,230,775) (7,793,676) 
Share transactions - net increase (decrease) (65,818,123) 1,540,342,078 
Total increase (decrease) in net assets (2,233,164,472) 3,262,780,713 
Net Assets   
Beginning of period 8,927,914,477 5,665,133,764 
End of period $6,694,750,005 $8,927,914,477 

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


Financial Highlights

Fidelity Advisor International Capital Appreciation Fund Class A

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $30.72 $24.14 $21.45 $17.63 $19.14 $15.26 
Income from Investment Operations       
Net investment income (loss)A,B (.05) (.09) C .11D .07 .04 
Net realized and unrealized gain (loss) (6.12) 6.67 2.77 3.75 (1.57) 3.86 
Total from investment operations (6.17) 6.58 2.77 3.86 (1.50) 3.90 
Distributions from net investment income – – (.08) (.04) (.01) (.02) 
Distributions from net realized gain (1.14) – – – – – 
Total distributions (1.14) – (.08) (.04) (.01) (.02) 
Redemption fees added to paid in capitalA – – – – – C 
Net asset value, end of period $23.41 $30.72 $24.14 $21.45 $17.63 $19.14 
Total ReturnE,F,G (20.76)% 27.26% 12.97% 21.93% (7.85)% 25.56% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 1.27%J 1.23% 1.28% 1.27% 1.29% 1.38% 
Expenses net of fee waivers, if any 1.26%J 1.23% 1.28% 1.27% 1.29% 1.37% 
Expenses net of all reductions 1.26%J 1.23% 1.24% 1.25% 1.23% 1.35% 
Net investment income (loss) (.37)%J (.30)% (.01)% .57%D .35% .21% 
Supplemental Data       
Net assets, end of period (000 omitted) $484,820 $592,640 $382,795 $278,326 $190,278 $173,948 
Portfolio turnover rateK 109%J,L 128% 121% 133% 151% 155% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Amount represents less than $.005 per share.

 D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been .15%.

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

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

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

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 L Portfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Advisor International Capital Appreciation Fund Class M

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $29.82 $23.49 $20.89 $17.17 $18.68 $14.92 
Income from Investment Operations       
Net investment income (loss)A,B (.08) (.15) (.06) .06C .02 (.01) 
Net realized and unrealized gain (loss) (5.95) 6.48 2.70 3.66 (1.53) 3.77 
Total from investment operations (6.03) 6.33 2.64 3.72 (1.51) 3.76 
Distributions from net investment income – – (.04) – – – 
Distributions from net realized gain (1.06) – – – – – 
Total distributions (1.06) – (.04) – – – 
Redemption fees added to paid in capitalA – – – – – D 
Net asset value, end of period $22.73 $29.82 $23.49 $20.89 $17.17 $18.68 
Total ReturnE,F,G (20.87)% 26.95% 12.67% 21.67% (8.08)% 25.20% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 1.52%J 1.49% 1.53% 1.53% 1.55% 1.63% 
Expenses net of fee waivers, if any 1.51%J 1.48% 1.53% 1.53% 1.55% 1.63% 
Expenses net of all reductions 1.51%J 1.48% 1.49% 1.51% 1.49% 1.61% 
Net investment income (loss) (.62)%J (.55)% (.26)% .31%C .10% (.04)% 
Supplemental Data       
Net assets, end of period (000 omitted) $147,939 $191,997 $143,072 $127,176 $87,750 $86,547 
Portfolio turnover rateK 109%J,L 128% 121% 133% 151% 155% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been (.11)%.

 D Amount represents less than $.005 per share.

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

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

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

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 L Portfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Advisor International Capital Appreciation Fund Class C

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $26.58 $21.04 $18.77 $15.51 $16.95 $13.61 
Income from Investment Operations       
Net investment income (loss)A,B (.13) (.26) (.15) (.03)C (.07) (.08) 
Net realized and unrealized gain (loss) (5.28) 5.80 2.42 3.29 (1.37) 3.42 
Total from investment operations (5.41) 5.54 2.27 3.26 (1.44) 3.34 
Distributions from net investment income – – – – – – 
Distributions from net realized gain (1.03) – – – – – 
Total distributions (1.03) – – – – – 
Redemption fees added to paid in capitalA – – – – – D 
Net asset value, end of period $20.14 $26.58 $21.04 $18.77 $15.51 $16.95 
Total ReturnE,F,G (21.08)% 26.33% 12.09% 21.02% (8.50)% 24.54% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 2.02%J 1.98% 2.02% 2.02% 2.04% 2.13% 
Expenses net of fee waivers, if any 2.01%J 1.98% 2.02% 2.01% 2.04% 2.12% 
Expenses net of all reductions 2.01%J 1.98% 1.99% 2.00% 1.99% 2.10% 
Net investment income (loss) (1.12)%J (1.05)% (.75)% (.17)%C (.40)% (.54)% 
Supplemental Data       
Net assets, end of period (000 omitted) $125,585 $169,018 $125,630 $112,150 $107,858 $85,022 
Portfolio turnover rateK 109%J,L 128% 121% 133% 151% 155% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been (.60)%.

 D Amount represents less than $.005 per share.

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

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

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

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 L Portfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Advisor International Capital Appreciation Fund Class I

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $32.92 $25.83 $22.93 $18.85 $20.44 $16.30 
Income from Investment Operations       
Net investment income (loss)A,B (.02) (.01) .06 .18C .13 .09 
Net realized and unrealized gain (loss) (6.56) 7.13 2.97 4.00 (1.68) 4.11 
Total from investment operations (6.58) 7.12 3.03 4.18 (1.55) 4.20 
Distributions from net investment income – (.03) (.13) (.10) (.04) (.06) 
Distributions from net realized gain (1.21) – – – – – 
Total distributions (1.21) (.03) (.13) (.10) (.04) (.06) 
Redemption fees added to paid in capitalA – – – – – D 
Net asset value, end of period $25.13 $32.92 $25.83 $22.93 $18.85 $20.44 
Total ReturnE,F (20.66)% 27.60% 13.28% 22.29% (7.58)% 25.87% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions 1.01%I .97% 1.01% .99% 1.02% 1.09% 
Expenses net of fee waivers, if any 1.00%I .97% 1.01% .99% 1.02% 1.08% 
Expenses net of all reductions 1.00%I .97% .97% .98% .96% 1.06% 
Net investment income (loss) (.11)%I (.04)% .26% .85%C .63% .50% 
Supplemental Data       
Net assets, end of period (000 omitted) $4,626,381 $6,128,293 $3,883,309 $2,020,956 $1,115,089 $652,774 
Portfolio turnover rateJ 109%I,K 128% 121% 133% 151% 155% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been .43%.

 D Amount represents less than $.005 per share.

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

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

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 K Portfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Advisor International Capital Appreciation Fund Class Z

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 A 
Selected Per–Share Data       
Net asset value, beginning of period $32.99 $25.88 $22.96 $18.88 $20.46 $16.22 
Income from Investment Operations       
Net investment income (loss)B,C D .03 .09 .21E .16 .06 
Net realized and unrealized gain (loss) (6.58) 7.14 2.98 3.99 (1.68) 4.18 
Total from investment operations (6.58) 7.17 3.07 4.20 (1.52) 4.24 
Distributions from net investment income – (.06) (.15) (.12) (.06) – 
Distributions from net realized gain (1.24) – – – – – 
Total distributions (1.24) (.06) (.15) (.12) (.06) – 
Redemption fees added to paid in capitalB – – – – – D 
Net asset value, end of period $25.17 $32.99 $25.88 $22.96 $18.88 $20.46 
Total ReturnF,G (20.62)% 27.73% 13.45% 22.41% (7.46)% 26.14% 
Ratios to Average Net AssetsC,H,I       
Expenses before reductions .88%J .85% .88% .87% .89% .96%J 
Expenses net of fee waivers, if any .88%J .85% .88% .87% .89% .96%J 
Expenses net of all reductions .88%J .85% .84% .85% .83% .94%J 
Net investment income (loss) .02%J .09% .39% .97%E .76% .42%J 
Supplemental Data       
Net assets, end of period (000 omitted) $1,310,025 $1,845,967 $1,130,329 $403,241 $153,913 $59,734 
Portfolio turnover rateK 109%J,L 128% 121% 133% 151% 155% 

 A For the period February 1, 2017 (commencement of sale of shares) through October 31, 2017.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Amount represents less than $.005 per share.

 E Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been .55%.

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

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

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 L Portfolio turnover rate excludes securities received or delivered in-kind.

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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

1. Organization.

Fidelity Advisor International Capital Appreciation Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

Funds may invest 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 Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission 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 - Investment 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 Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

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

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

  • Level 1 – unadjusted quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, 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. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2022 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds 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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a 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 a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. 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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

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

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 $1,017,172,120 
Gross unrealized depreciation (401,782,642) 
Net unrealized appreciation (depreciation) $615,389,478 
Tax cost $6,151,285,748 

Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities (including Private Placements). Funds 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 held at period end is included at the end of the Schedule of Investments, if applicable.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity Advisor International Capital Appreciation Fund 4,367,978,176 4,748,076,608 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Class I as compared to its benchmark index, the MSCI All Country World ex USA Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .81% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (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% $692,730 $41,461 
Class M .25% .25% 433,716 3,756 
Class C .75% .25% 757,931 134,845 
   $1,884,377 $180,062 

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

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

 Retained by FDC 
Class A $103,643 
Class M 5,881 
Class C(a) 652 
 $110,176 

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

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

 Amount % of Class-Level Average Net Assets(a) 
Class A $481,319 .17 
Class M 150,156 .17 
Class C 131,325 .17 
Class I 4,479,193 .16 
Class Z 340,362 .04 
 $5,582,355  

 (a) Annualized

Accounting 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. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Fidelity Advisor International Capital Appreciation Fund .02 

Brokerage Commissions. A portion of portfolio transactions were placed 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 as follows:

 Amount 
Fidelity Advisor International Capital Appreciation Fund $10,931 

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity Advisor International Capital Appreciation Fund Borrower $35,827,629 .33% $11,499 

Interfund Trades. Funds 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. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity Advisor International Capital Appreciation Fund 519,438,518 405,101,866 (27,431,940) 

Affiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

 Shares Total net realized gain or loss
($) 
Total Proceeds
($) 
Participating classes 
Fidelity Advisor International Capital Appreciation Fund 2,686,511 22,462,483 71,085,075 Class Z 

6. Committed Line of Credit.

Certain Funds participate 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 participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity Advisor International Capital Appreciation Fund $6,897 

7. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a 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 a fund and any additional required collateral is delivered to a fund on the next business day. A 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, a fund may apply collateral received from the borrower against the obligation. A 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. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Advisor International Capital Appreciation Fund $4,981 $– $– 

8. Bank Borrowings.

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:

 Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity Advisor International Capital Appreciation Fund $50,683,200 .77% $5,395 

9. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $121,475.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2022 
Year ended
October 31, 2021 
Fidelity Advisor International Capital Appreciation Fund   
Distributions to shareholders   
Class A $22,095,603 $– 
Class M 6,798,915 – 
Class C 6,513,172 – 
Class I 225,434,044 5,163,920 
Class Z 70,389,041 2,629,756 
Total $331,230,775 $7,793,676 

11. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended April 30, 2022 Year ended October 31, 2021 Six months ended April 30, 2022 Year ended October 31, 2021 
Fidelity Advisor International Capital Appreciation Fund     
Class A     
Shares sold 3,356,724 7,126,167 $91,631,860 $201,623,517 
Reinvestment of distributions 731,541 – 20,900,116 – 
Shares redeemed (2,666,574) (3,692,803) (71,010,834) (106,277,668) 
Net increase (decrease) 1,421,691 3,433,364 $41,521,142 $95,345,849 
Class M     
Shares sold 461,248 1,885,806 $12,202,668 $51,940,039 
Reinvestment of distributions 243,281 – 6,755,923 – 
Shares redeemed (634,639) (1,537,765) (16,578,066) (43,022,367) 
Net increase (decrease) 69,890 348,041 $2,380,525 $8,917,672 
Class C     
Shares sold 320,911 1,692,919 $7,718,146 $41,595,438 
Reinvestment of distributions 247,677 – 6,107,712 – 
Shares redeemed (692,691) (1,304,284) (15,857,849) (32,315,690) 
Net increase (decrease) (124,103) 388,635 $(2,031,991) $9,279,748 
Class I     
Shares sold 33,217,718 73,170,455 $961,305,764 $2,212,098,489 
Reinvestment of distributions 5,847,457 142,401 179,166,081 4,041,327 
Shares redeemed (41,098,767) (37,497,487) (1,166,179,895) (1,149,304,478) 
Net increase (decrease) (2,033,592) 35,815,369 $(25,708,050) $1,066,835,338 
Class Z     
Shares sold 13,068,092 26,964,454 $382,095,829 $812,999,942 
Reinvestment of distributions 1,780,120 71,609 54,614,079 2,034,402 
Shares redeemed (18,752,800) (14,766,822) (518,689,657) (455,070,873) 
Net increase (decrease) (3,904,588) 12,269,241 $(81,979,749) $359,963,471 

12. Other.

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

13. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 to April 30, 2022).

Actual Expenses

The first line of the accompanying table 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/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2021 
Ending
Account Value
April 30, 2022 
Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity Advisor International Capital Appreciation Fund     
Class A 1.26%    
Actual  $1,000.00 $792.40 $5.60 
Hypothetical-C  $1,000.00 $1,018.55 $6.31 
Class M 1.51%    
Actual  $1,000.00 $791.30 $6.71 
Hypothetical-C  $1,000.00 $1,017.31 $7.55 
Class C 2.01%    
Actual  $1,000.00 $789.20 $8.92 
Hypothetical-C  $1,000.00 $1,014.83 $10.04 
Class I 1.00%    
Actual  $1,000.00 $793.40 $4.45 
Hypothetical-C  $1,000.00 $1,019.84 $5.01 
Class Z .88%    
Actual  $1,000.00 $793.80 $3.91 
Hypothetical-C  $1,000.00 $1,020.43 $4.41 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

  • Highly liquid investments – cash or convertible to cash within three business days or less
  • Moderately liquid investments – convertible to cash in three to seven calendar days
  • Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

AICAP-SANN-0622
1.703428.124


Fidelity Advisor® Diversified International Fund



Semi-Annual Report

April 30, 2022

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Liquidity Risk Management Program


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. © 2022 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-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 3.3 
Nestle SA (Reg. S) (Switzerland, Food Products) 3.1 
ASML Holding NV (Netherlands, Semiconductors & Semiconductor Equipment) 2.5 
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) 1.9 
Hoya Corp. (Japan, Health Care Equipment & Supplies) 1.7 
AIA Group Ltd. (Hong Kong, Insurance) 1.7 
Canadian Natural Resources Ltd. (Canada, Oil, Gas & Consumable Fuels) 1.6 
RELX PLC (Euronext N.V.) (United Kingdom, Professional Services) 1.5 
Linde PLC (Germany, Chemicals) 1.4 
Sika AG (Switzerland, Chemicals) 1.3 
 20.0 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Industrials 19.1 
Financials 17.1 
Information Technology 16.2 
Health Care 13.1 
Consumer Discretionary 9.3 
Consumer Staples 6.5 
Materials 6.4 
Energy 4.9 
Communication Services 3.3 
Real Estate 0.5 

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   Japan 17.1% 
   Switzerland 10.0% 
   United States of America* 9.6% 
   France 8.9% 
   United Kingdom 8.0% 
   Germany 7.4% 
   Netherlands 6.5% 
   Canada 5.2% 
   India 4.0% 
   Other 23.3% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation (% of fund's net assets)

As of April 30, 2022 
   Stocks 96.4% 
   Short-Term Investments and Net Other Assets (Liabilities) 3.6% 


Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.9%   
 Shares Value (000s) 
Australia - 0.7%   
Aristocrat Leisure Ltd. 331,624 $7,694 
Lynas Rare Earths Ltd. (a) 589,291 3,698 
TOTAL AUSTRALIA  11,392 
Austria - 0.2%   
Erste Group Bank AG 114,900 3,578 
Bailiwick of Jersey - 2.7%   
Experian PLC 242,500 8,375 
Ferguson PLC 111,346 13,968 
Glencore Xstrata PLC 1,809,900 11,152 
WPP PLC 681,600 8,496 
TOTAL BAILIWICK OF JERSEY  41,991 
Belgium - 1.7%   
KBC Group NV 248,180 16,884 
UCB SA 79,900 9,082 
TOTAL BELGIUM  25,966 
Bermuda - 0.5%   
Hiscox Ltd. 614,266 7,294 
Canada - 5.2%   
Canadian Natural Resources Ltd. 393,100 24,330 
Constellation Software, Inc. 7,500 11,804 
Fairfax India Holdings Corp. (a)(b) 214,600 2,579 
First Quantum Minerals Ltd. 270,500 7,755 
Franco-Nevada Corp. 59,200 8,953 
GFL Environmental, Inc. (c) 194,000 5,845 
Imperial Oil Ltd. 68,500 3,449 
Thomson Reuters Corp. 48,400 4,839 
Tourmaline Oil Corp. 212,500 10,944 
TOTAL CANADA  80,498 
Cayman Islands - 1.2%   
Anta Sports Products Ltd. 408,000 4,689 
GlobalFoundries, Inc. 88,600 4,633 
Li Ning Co. Ltd. 782,500 6,099 
Tencent Holdings Ltd. 47,500 2,238 
Zai Lab Ltd. ADR (a) 23,254 929 
TOTAL CAYMAN ISLANDS  18,588 
China - 0.5%   
Kweichow Moutai Co. Ltd. (A Shares) 27,176 7,500 
Curacao - 0.7%   
Schlumberger Ltd. 258,300 10,076 
Denmark - 1.3%   
DSV A/S 100,700 16,510 
GN Store Nord A/S 78,100 2,931 
TOTAL DENMARK  19,441 
France - 8.9%   
Air Liquide SA 10,000 1,730 
AXA SA (c) 162,000 4,286 
BNP Paribas SA 307,600 15,949 
Capgemini SA 100,300 20,419 
Dassault Systemes SA 165,900 7,337 
EssilorLuxottica SA 49,000 8,342 
Hermes International SCA 2,200 2,713 
Legrand SA 109,400 9,694 
LVMH Moet Hennessy Louis Vuitton SE 45,743 29,602 
Pernod Ricard SA 82,000 16,924 
Sartorius Stedim Biotech 16,300 5,334 
Teleperformance 42,100 15,110 
TOTAL FRANCE  137,440 
Germany - 7.4%   
adidas AG 36,709 7,403 
Allianz SE 91,000 20,533 
Bayer AG 34,700 2,286 
Brenntag SE 55,487 4,282 
Deutsche Post AG 363,126 15,514 
Hannover Reuck SE 50,000 7,772 
Linde PLC 70,738 22,186 
Merck KGaA 51,400 9,536 
SAP SE 54,073 5,480 
Siemens Healthineers AG (b) 215,700 11,533 
Symrise AG 46,700 5,557 
Synlab AG 108,100 1,613 
TOTAL GERMANY  113,695 
Greece - 0.1%   
Piraeus Financial Holdings SA (a) 711,900 1,028 
Hong Kong - 2.4%   
AIA Group Ltd. 2,662,400 26,155 
Chervon Holdings Ltd. 169,200 1,057 
Hong Kong Exchanges and Clearing Ltd. 59,489 2,523 
Techtronic Industries Co. Ltd. 536,500 7,161 
TOTAL HONG KONG  36,896 
India - 4.0%   
Axis Bank Ltd. (a) 391,100 3,682 
HDFC Bank Ltd. 865,842 15,504 
Housing Development Finance Corp. Ltd. 390,687 11,258 
Kotak Mahindra Bank Ltd. (a) 479,840 11,114 
Reliance Industries Ltd. 568,975 20,590 
TOTAL INDIA  62,148 
Indonesia - 1.0%   
PT Bank Central Asia Tbk 13,285,200 7,451 
PT Bank Rakyat Indonesia (Persero) Tbk 21,934,433 7,308 
TOTAL INDONESIA  14,759 
Ireland - 2.0%   
Aon PLC 37,400 10,771 
ICON PLC (a) 21,400 4,841 
Kingspan Group PLC (Ireland) 103,981 9,679 
Ryanair Holdings PLC sponsored ADR (a) 56,436 4,928 
TOTAL IRELAND  30,219 
Isle of Man - 0.2%   
Entain PLC (a) 120,800 2,270 
Italy - 0.6%   
FinecoBank SpA 388,200 5,397 
Reply SpA 20,400 3,003 
UniCredit SpA 143,600 1,329 
TOTAL ITALY  9,729 
Japan - 17.1%   
Advantest Corp. 36,400 2,484 
Daikin Industries Ltd. 35,300 5,394 
FUJIFILM Holdings Corp. 200,775 11,037 
Fujitsu Ltd. 45,100 6,817 
Hitachi Ltd. 366,000 17,358 
Hoya Corp. 266,200 26,418 
Itochu Corp. 429,400 12,960 
Keyence Corp. 41,000 16,482 
Minebea Mitsumi, Inc. 768,700 14,748 
Misumi Group, Inc. 255,700 6,412 
Money Forward, Inc. (a) 23,500 799 
Murata Manufacturing Co. Ltd. 40,900 2,438 
Nitori Holdings Co. Ltd. 6,403 659 
NOF Corp. 35,200 1,321 
Nomura Research Institute Ltd. 178,400 5,045 
Olympus Corp. 242,400 4,267 
ORIX Corp. 721,800 13,165 
Persol Holdings Co. Ltd. 384,200 7,622 
Recruit Holdings Co. Ltd. 336,700 12,216 
Relo Group, Inc. 257,800 3,683 
Seven & i Holdings Co. Ltd. 174,100 7,698 
Shin-Etsu Chemical Co. Ltd. 125,300 17,221 
SMC Corp. 24,700 11,960 
Sony Group Corp. 225,900 19,495 
TIS, Inc. 332,200 7,461 
Tokyo Electron Ltd. 38,300 16,161 
Tsuruha Holdings, Inc. 37,200 1,901 
Welcia Holdings Co. Ltd. 54,812 1,124 
Z Holdings Corp. 1,524,600 5,985 
ZOZO, Inc. 144,500 3,025 
TOTAL JAPAN  263,356 
Korea (South) - 1.1%   
NAVER Corp. 16,380 3,629 
Samsung Electronics Co. Ltd. 239,610 12,702 
TOTAL KOREA (SOUTH)  16,331 
Luxembourg - 1.0%   
B&M European Value Retail SA 1,438,295 8,813 
Eurofins Scientific SA 74,430 6,917 
TOTAL LUXEMBOURG  15,730 
Netherlands - 6.5%   
Adyen BV (a)(b) 3,573 5,993 
Airbus Group NV (c) 118,200 12,940 
Argenx SE (a) 9,300 2,679 
ASML Holding NV 69,100 38,957 
IMCD NV 71,950 11,456 
NXP Semiconductors NV 65,300 11,160 
Wolters Kluwer NV 171,000 17,268 
Wolters Kluwer NV rights (a)(d) 171,000 186 
TOTAL NETHERLANDS  100,639 
New Zealand - 0.0%   
EBOS Group Ltd. 20,800 567 
Norway - 0.3%   
Schibsted ASA (A Shares) 182,300 3,799 
Spain - 1.5%   
Cellnex Telecom SA (b) 285,144 13,291 
Industria de Diseno Textil SA (c) 426,100 8,934 
TOTAL SPAIN  22,225 
Sweden - 2.3%   
Hexagon AB (B Shares) 789,300 10,184 
Indutrade AB 535,800 12,638 
Investor AB (B Shares) 518,600 9,979 
Kry International AB (e)(f) 332 117 
Nibe Industrier AB (B Shares) 86,100 844 
Nordnet AB 111,300 1,930 
TOTAL SWEDEN  35,692 
Switzerland - 10.0%   
Compagnie Financiere Richemont SA Series A 6,760 785 
Julius Baer Group Ltd. 73,680 3,521 
Lonza Group AG 26,286 15,499 
Nestle SA (Reg. S) 372,530 48,091 
Roche Holding AG (participation certificate) 136,797 50,731 
Sika AG 67,568 20,639 
Sonova Holding AG 28,173 10,160 
Zurich Insurance Group Ltd. 10,300 4,689 
TOTAL SWITZERLAND  154,115 
Taiwan - 1.0%   
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 163,900 15,231 
United Kingdom - 8.0%   
AstraZeneca PLC (United Kingdom) 98,979 13,208 
Big Yellow Group PLC 250,900 4,534 
Bridgepoint Group Holdings Ltd. (b) 743,900 2,838 
Compass Group PLC 496,992 10,487 
Diageo PLC 348,800 17,401 
Harbour Energy PLC 963,300 6,041 
JD Sports Fashion PLC 2,786,985 4,592 
Lloyds Banking Group PLC 16,010,400 9,093 
Prudential PLC 464,694 5,785 
Prudential PLC (Hong Kong) 115,550 1,437 
RELX PLC:   
rights (a)(d) 795,447 354 
(Euronext N.V.) 795,447 23,711 
Rentokil Initial PLC 1,511,800 10,383 
S4 Capital PLC (a) 558,600 2,113 
Smith & Nephew PLC 494,000 8,007 
Starling Bank Ltd. Series D (a)(e)(f) 1,191,700 3,533 
TOTAL UNITED KINGDOM  123,517 
United States of America - 5.8%   
Alphabet, Inc. Class C (a) 4,349 10,000 
Booking Holdings, Inc. (a) 2,300 5,084 
IQVIA Holdings, Inc. (a) 52,800 11,510 
Marsh & McLennan Companies, Inc. 76,800 12,419 
Marvell Technology, Inc. 183,800 10,675 
MasterCard, Inc. Class A 28,500 10,356 
NICE Ltd. sponsored ADR (a) 37,500 7,740 
ResMed, Inc. 13,300 2,660 
Rivian Automotive, Inc. 189,384 5,670 
S&P Global, Inc. 35,456 13,349 
TOTAL UNITED STATES OF AMERICA  89,463 
TOTAL COMMON STOCKS   
(Cost $1,034,071)  1,475,173 
Preferred Stocks - 0.5%   
Convertible Preferred Stocks - 0.4%   
Estonia - 0.2%   
Bolt Technology OU Series E (e)(f) 10,541 2,558 
United States of America - 0.2%   
Wasabi Holdings, Inc. Series C (a)(e)(f) 372,910 4,035 
TOTAL CONVERTIBLE PREFERRED STOCKS  6,593 
Nonconvertible Preferred Stocks - 0.1%   
Sweden - 0.1%   
Kry International AB Series E (e)(f) 1,920 677 
TOTAL PREFERRED STOCKS   
(Cost $7,669)  7,270 
Money Market Funds - 4.8%   
Fidelity Cash Central Fund 0.32% (g) 48,935,655 48,945 
Fidelity Securities Lending Cash Central Fund 0.32% (g)(h) 25,809,360 25,812 
TOTAL MONEY MARKET FUNDS   
(Cost $74,757)  74,757 
TOTAL INVESTMENT IN SECURITIES - 101.2%   
(Cost $1,116,497)  1,557,200 
NET OTHER ASSETS (LIABILITIES) - (1.2)%  (18,644) 
NET ASSETS - 100%  $1,538,556 

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

Legend

 (a) Non-income producing

 (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $36,234,000 or 2.4% of net assets.

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

 (d) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $10,920,000 or 0.7% of net assets.

 (f) Level 3 security

 (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.

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
Bolt Technology OU Series E 1/3/22 $2,739 
Kry International AB 5/14/21 $144 
Kry International AB Series E 5/14/21 $878 
Starling Bank Ltd. Series D 6/18/21 - 4/5/22 $2,273 
Wasabi Holdings, Inc. Series C 3/31/21 $4,052 

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.32% $49,330 $128,142 $128,527 $27 $-- $-- $48,945 0.1% 
Fidelity Securities Lending Cash Central Fund 0.32% 16,665 67,339 58,192 11 -- -- 25,812 0.1% 
Total $65,995 $195,481 $186,719 $38 $-- $-- $74,757  

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. Amount for Fidelity Securities Lending Cash Central Fund 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Communication Services $49,551 $10,000 $39,551 $-- 
Consumer Discretionary 141,448 5,084 132,329 4,035 
Consumer Staples 100,639 -- 100,639 -- 
Energy 75,430 48,799 26,631 -- 
Financials 264,133 39,118 221,482 3,533 
Health Care 200,708 19,940 180,768 -- 
Industrials 294,355 15,612 278,743 -- 
Information Technology 247,750 110,556 133,842 3,352 
Materials 100,212 16,708 83,504 -- 
Real Estate 8,217 -- 8,217 -- 
Money Market Funds 74,757 74,757 -- -- 
Total Investments in Securities: $1,557,200 $340,574 $1,205,706 $10,920 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $23,981) — See accompanying schedule:
Unaffiliated issuers (cost $1,041,740) 
$1,482,443  
Fidelity Central Funds (cost $74,757) 74,757  
Total Investment in Securities (cost $1,116,497)  $1,557,200 
Foreign currency held at value (cost $83)  83 
Receivable for investments sold  983 
Receivable for fund shares sold  1,087 
Dividends receivable  6,475 
Reclaims receivable  3,852 
Distributions receivable from Fidelity Central Funds  17 
Prepaid expenses  
Other receivables  45 
Total assets  1,569,743 
Liabilities   
Payable for investments purchased on a delayed delivery basis $540  
Payable for fund shares redeemed 968  
Accrued management fee 878  
Distribution and service plan fees payable 193  
Other affiliated payables 283  
Other payables and accrued expenses 2,513  
Collateral on securities loaned 25,812  
Total liabilities  31,187 
Net Assets  $1,538,556 
Net Assets consist of:   
Paid in capital  $1,089,514 
Total accumulated earnings (loss)  449,042 
Net Assets  $1,538,556 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($479,558 ÷ 20,123.1 shares)(a)  $23.83 
Maximum offering price per share (100/94.25 of $23.83)  $25.28 
Class M:   
Net Asset Value and redemption price per share ($142,278 ÷ 6,032.2 shares)(a)  $23.59 
Maximum offering price per share (100/96.50 of $23.59)  $24.45 
Class C:   
Net Asset Value and offering price per share ($28,278 ÷ 1,249.7 shares)(a)  $22.63 
Class I:   
Net Asset Value, offering price and redemption price per share ($561,937 ÷ 23,075.6 shares)  $24.35 
Class Z:   
Net Asset Value, offering price and redemption price per share ($326,505 ÷ 13,426.6 shares)  $24.32 

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

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


Statement of Operations

Amounts in thousands  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $14,011 
Foreign tax reclaims  948 
Income from Fidelity Central Funds (including $11 from security lending)  38 
Income before foreign taxes withheld  14,997 
Less foreign taxes withheld  (2,470) 
Total income  12,527 
Expenses   
Management fee $5,800  
Transfer agent fees 1,408  
Distribution and service plan fees 1,293  
Accounting fees 397  
Custodian fees and expenses 92  
Independent trustees' fees and expenses  
Registration fees 65  
Audit 53  
Legal  
Miscellaneous  
Total expenses before reductions 9,116  
Expense reductions (26)  
Total expenses after reductions  9,090 
Net investment income (loss)  3,437 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $129) 24,046  
Foreign currency transactions (72)  
Total net realized gain (loss)  23,974 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $974) (382,755)  
Assets and liabilities in foreign currencies (412)  
Total change in net unrealized appreciation (depreciation)  (383,167) 
Net gain (loss)  (359,193) 
Net increase (decrease) in net assets resulting from operations  $(355,756) 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $3,437 $7,983 
Net realized gain (loss) 23,974 176,112 
Change in net unrealized appreciation (depreciation) (383,167) 284,788 
Net increase (decrease) in net assets resulting from operations (355,756) 468,883 
Distributions to shareholders (190,296) (621) 
Share transactions - net increase (decrease) 122,355 (110,537) 
Total increase (decrease) in net assets (423,697) 357,725 
Net Assets   
Beginning of period 1,962,253 1,604,528 
End of period $1,538,556 $1,962,253 

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


Financial Highlights

Fidelity Advisor Diversified International Fund Class A

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $32.52 $25.10 $23.28 $21.08 $23.43 $19.38 
Income from Investment Operations       
Net investment income (loss)A,B .03 .09 .04 .21 .21 .17 
Net realized and unrealized gain (loss) (5.56) 7.33 2.11 2.90 (2.33)C 4.11 
Total from investment operations (5.53) 7.42 2.15 3.11 (2.12) 4.28 
Distributions from net investment income (.31) – (.26) (.17) (.16) (.19) 
Distributions from net realized gain (2.85) – (.07) (.74) (.07) (.05) 
Total distributions (3.16) – (.33) (.91) (.23) (.23)D 
Redemption fees added to paid in capitalA – – – – – E 
Net asset value, end of period $23.83 $32.52 $25.10 $23.28 $21.08 $23.43 
Total ReturnF,G,H (18.63)% 29.56% 9.32% 15.57% (9.14)%C 22.39% 
Ratios to Average Net AssetsB,I,J       
Expenses before reductions 1.15%K 1.16% 1.18% 1.19% 1.19% 1.21% 
Expenses net of fee waivers, if any 1.15%K 1.15% 1.18% 1.19% 1.19% 1.21% 
Expenses net of all reductions 1.15%K 1.15% 1.17% 1.19% 1.17% 1.20% 
Net investment income (loss) .25%K .30% .16% .97% .89% .82% 
Supplemental Data       
Net assets, end of period (in millions) $480 $621 $514 $530 $463 $579 
Portfolio turnover rateL 20%K 30% 30% 37%M 32% 44% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.11 per share. Excluding these litigation proceeds, the total return would have been (9.62)%

 D Total distributions per share do not sum due to rounding.

 E Amount represents less than $.005 per share.

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

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

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

 I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 K Annualized

 L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 M Portfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Advisor Diversified International Fund Class M

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $32.17 $24.90 $23.10 $20.91 $23.24 $19.21 
Income from Investment Operations       
Net investment income (loss)A,B C .01 (.03) .15 .14 .12 
Net realized and unrealized gain (loss) (5.50) 7.26 2.10 2.88 (2.31)D 4.08 
Total from investment operations (5.50) 7.27 2.07 3.03 (2.17) 4.20 
Distributions from net investment income (.23) – (.20) (.11) (.09) (.13) 
Distributions from net realized gain (2.85) – (.07) (.74) (.07) (.05) 
Total distributions (3.08) – (.27) (.84)E (.16) (.17)E 
Redemption fees added to paid in capitalA – – – – – C 
Net asset value, end of period $23.59 $32.17 $24.90 $23.10 $20.91 $23.24 
Total ReturnF,G,H (18.71)% 29.20% 9.04% 15.27% (9.40)%D 22.10% 
Ratios to Average Net AssetsB,I,J       
Expenses before reductions 1.41%K 1.41% 1.45% 1.46% 1.46% 1.48% 
Expenses net of fee waivers, if any 1.41%K 1.41% 1.45% 1.46% 1.46% 1.47% 
Expenses net of all reductions 1.41%K 1.41% 1.44% 1.46% 1.44% 1.47% 
Net investment income (loss) (.01)%K .04% (.11)% .70% .62% .56% 
Supplemental Data       
Net assets, end of period (in millions) $142 $183 $159 $173 $175 $224 
Portfolio turnover rateL 20%K 30% 30% 37%M 32% 44% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Amount represents less than $.005 per share.

 D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.11 per share. Excluding these litigation proceeds, the total return would have been (9.88)%

 E Total distributions per share do not sum due to rounding.

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

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

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

 I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 K Annualized

 L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 M Portfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Advisor Diversified International Fund Class C

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $30.84 $23.99 $22.20 $20.11 $22.35 $18.48 
Income from Investment Operations       
Net investment income (loss)A,B (.07) (.14) (.14) .04 .03 .01 
Net realized and unrealized gain (loss) (5.29) 6.99 2.01 2.79 (2.23)C 3.94 
Total from investment operations (5.36) 6.85 1.87 2.83 (2.20) 3.95 
Distributions from net investment income – – (.01) – – (.03) 
Distributions from net realized gain (2.85) – (.07) (.74) (.04) (.05) 
Total distributions (2.85) – (.08) (.74) (.04) (.08) 
Redemption fees added to paid in capitalA – – – – – D 
Net asset value, end of period $22.63 $30.84 $23.99 $22.20 $20.11 $22.35 
Total ReturnE,F,G (18.95)% 28.55% 8.44% 14.72% (9.85)%C 21.46% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 1.95%J 1.95% 1.98% 1.98% 1.95% 1.96% 
Expenses net of fee waivers, if any 1.95%J 1.95% 1.98% 1.98% 1.95% 1.96% 
Expenses net of all reductions 1.95%J 1.95% 1.96% 1.97% 1.94% 1.96% 
Net investment income (loss) (.55)%J (.50)% (.64)% .18% .13% .07% 
Supplemental Data       
Net assets, end of period (in millions) $28 $39 $48 $59 $150 $211 
Portfolio turnover rateK 20%J 30% 30% 37%L 32% 44% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.11 per share. Excluding these litigation proceeds, the total return would have been (10.33)%

 D Amount represents less than $.005 per share.

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

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

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

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 L Portfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Advisor Diversified International Fund Class I

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $33.20 $25.57 $23.68 $21.44 $23.85 $19.73 
Income from Investment Operations       
Net investment income (loss)A,B .07 .17 .10 .27 .27 .24 
Net realized and unrealized gain (loss) (5.68) 7.47 2.16 2.95 (2.37)C 4.18 
Total from investment operations (5.61) 7.64 2.26 3.22 (2.10) 4.42 
Distributions from net investment income (.39) (.01) (.30) (.24) (.24) (.25) 
Distributions from net realized gain (2.85) – (.07) (.74) (.07) (.05) 
Total distributions (3.24) (.01) (.37) (.98) (.31) (.30) 
Redemption fees added to paid in capitalA – – – – – D 
Net asset value, end of period $24.35 $33.20 $25.57 $23.68 $21.44 $23.85 
Total ReturnE,F (18.52)% 29.87% 9.63% 15.89% (8.94)%C 22.75% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions .90%I .90% .92% .92% .92% .93% 
Expenses net of fee waivers, if any .90%I .90% .92% .92% .92% .93% 
Expenses net of all reductions .90%I .90% .91% .91% .91% .92% 
Net investment income (loss) .50%I .55% .42% 1.24% 1.16% 1.10% 
Supplemental Data       
Net assets, end of period (in millions) $562 $725 $595 $583 $807 $953 
Portfolio turnover rateJ 20%I 30% 30% 37%K 32% 44% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.11 per share. Excluding these litigation proceeds, the total return would have been (9.42)%

 D Amount represents less than $.005 per share.

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

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

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 K Portfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Advisor Diversified International Fund Class Z

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $33.19 $25.55 $23.67 $21.44 $23.85 $19.73 
Income from Investment Operations       
Net investment income (loss)A,B .09 .22 .14 .30 .31 .27 
Net realized and unrealized gain (loss) (5.67) 7.46 2.15 2.94 (2.37)C 4.18 
Total from investment operations (5.58) 7.68 2.29 3.24 (2.06) 4.45 
Distributions from net investment income (.44) (.04) (.34) (.28) (.28) (.28) 
Distributions from net realized gain (2.85) – (.07) (.74) (.07) (.05) 
Total distributions (3.29) (.04) (.41) (1.01)D (.35) (.33) 
Redemption fees added to paid in capitalA – – – – – E 
Net asset value, end of period $24.32 $33.19 $25.55 $23.67 $21.44 $23.85 
Total ReturnF,G (18.46)% 30.10% 9.78% 16.04% (8.78)%C 22.94% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions .76%J .76% .77% .77% .78% .78% 
Expenses net of fee waivers, if any .76%J .76% .77% .77% .78% .78% 
Expenses net of all reductions .76%J .76% .76% .77% .76% .78% 
Net investment income (loss) .65%J .70% .57% 1.39% 1.30% 1.25% 
Supplemental Data       
Net assets, end of period (in millions) $327 $393 $289 $274 $298 $286 
Portfolio turnover rateK 20%J 30% 30% 37%L 32% 44% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.11 per share. Excluding these litigation proceeds, the total return would have been (9.26)%

 D Total distributions per share do not sum due to rounding.

 E Amount represents less than $.005 per share.

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

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

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 L Portfolio turnover rate excludes securities received or delivered in-kind.

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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022
(Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

Funds may invest 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 Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission 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 - Investment 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 Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

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

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

  • Level 1 – unadjusted quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, 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. 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. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2022 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. 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.

Realized gains and losses on foreign currency transactions arise from the disposition of foreign currency, realized changes in the value of foreign currency between the trade and settlement dates on security transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on transaction date and the U.S. dollar equivalent of the amounts actually received or paid. Unrealized gains and losses on assets and liabilities in foreign currencies arise from changes in the value of foreign currency, and from assets and liabilities denominated in foreign currencies, other than investments, which are held at period end.

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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a 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 a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. 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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

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

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 $491,289 
Gross unrealized depreciation (67,493) 
Net unrealized appreciation (depreciation) $423,796 
Tax cost $1,133,404 

Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities (including Private Placements). Funds 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 held at period end is included at the end of the Schedule of Investments, if applicable.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity Advisor Diversified International Fund 171,183 247,388 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .424% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. 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 .65% 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 Company LLC (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% $702 $11 
Class M .25% .25% 417 
Class C .75% .25% 174 15 
   $1,293 $30 

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

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

 Retained by FDC 
Class A $21 
Class M 
Class C(a) (b) 
 $23 

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

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

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

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

 Amount % of Class-Level Average Net Assets(a) 
Class A $521 .19 
Class M 160 .19 
Class C 41 .24 
Class I 611 .19 
Class Z 75 .04 
 $1,408  

 (a) Annualized

Accounting 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. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Fidelity Advisor Diversified International Fund .04 

Brokerage Commissions. A portion of portfolio transactions were placed 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 as follows:

 Amount 
Fidelity Advisor Diversified International Fund $1 

Interfund Trades. Funds 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. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity Advisor Diversified International Fund 3,308 8,076 902 

Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:

 Amount ($) 
Fidelity Advisor Diversified International Fund 

6. Committed Line of Credit.

Certain Funds participate 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 participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity Advisor Diversified International Fund $2 

7. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a 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 a fund and any additional required collateral is delivered to a fund on the next business day. A 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, a fund may apply collateral received from the borrower against the obligation. A 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. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Advisor Diversified International Fund $–(a) $– $– 

 (a) Amount represents less than five-hundred dollars.

8. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $26.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2022 
Year ended
October 31, 2021 
Fidelity Advisor Diversified International Fund   
Distributions to shareholders   
Class A $59,821 $– 
Class M 17,464 – 
Class C 3,600 – 
Class I 70,433 139 
Class Z 38,978 482 
Total $190,296 $621 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended April 30, 2022 Year ended October 31, 2021 Six months ended April 30, 2022 Year ended October 31, 2021 
Fidelity Advisor Diversified International Fund     
Class A     
Shares sold 601 1,931 $16,534 $57,801 
Reinvestment of distributions 1,965 – 56,205 – 
Shares redeemed (1,546) (3,291) (42,807) (99,463) 
Net increase (decrease) 1,020 (1,360) $29,932 $(41,662) 
Class M     
Shares sold 131 287 $3,591 $8,523 
Reinvestment of distributions 606 – 17,157 – 
Shares redeemed (402) (971) (10,843) (29,122) 
Net increase (decrease) 335 (684) $9,905 $(20,599) 
Class C     
Shares sold 72 133 $1,852 $3,803 
Reinvestment of distributions 131 – 3,566 – 
Shares redeemed (233) (843) (6,081) (24,305) 
Net increase (decrease) (30) (710) $(663) $(20,502) 
Class I     
Shares sold 2,080 3,394 $58,857 $104,382 
Reinvestment of distributions 1,796 52,420 102 
Shares redeemed (2,648) (4,825) (73,896) (149,482) 
Net increase (decrease) 1,228 (1,427) $37,381 $(44,998) 
Class Z     
Shares sold 1,297 2,717 $36,071 $84,432 
Reinvestment of distributions 1,264 16 36,834 452 
Shares redeemed (971) (2,214) (27,105) (67,660) 
Net increase (decrease) 1,590 519 $45,800 $17,224 

11. Other.

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

12. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 to April 30, 2022).

Actual Expenses

The first line of the accompanying table 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/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2021 
Ending
Account Value
April 30, 2022 
Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity Advisor Diversified International Fund     
Class A 1.15%    
Actual  $1,000.00 $813.70 $5.17 
Hypothetical-C  $1,000.00 $1,019.09 $5.76 
Class M 1.41%    
Actual  $1,000.00 $812.90 $6.34 
Hypothetical-C  $1,000.00 $1,017.80 $7.05 
Class C 1.95%    
Actual  $1,000.00 $810.50 $8.75 
Hypothetical-C  $1,000.00 $1,015.12 $9.74 
Class I .90%    
Actual  $1,000.00 $814.80 $4.05 
Hypothetical-C  $1,000.00 $1,020.33 $4.51 
Class Z .76%    
Actual  $1,000.00 $815.40 $3.42 
Hypothetical-C  $1,000.00 $1,021.03 $3.81 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

  • Highly liquid investments – cash or convertible to cash within three business days or less
  • Moderately liquid investments – convertible to cash in three to seven calendar days
  • Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

ADIF-SANN-0622
1.720067.123


Fidelity Advisor® Global Capital Appreciation Fund



Semi-Annual Report

April 30, 2022

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Liquidity Risk Management Program


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. © 2022 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-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Microsoft Corp. (United States of America, Software) 6.8 
Apple, Inc. (United States of America, Technology Hardware, Storage & Peripherals) 5.8 
Alphabet, Inc. Class A (United States of America, Interactive Media & Services) 5.0 
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) 2.8 
Wells Fargo & Co. (United States of America, Banks) 2.8 
AMETEK, Inc. (United States of America, Electrical Equipment) 2.6 
Meta Platforms, Inc. Class A (United States of America, Interactive Media & Services) 2.5 
American Express Co. (United States of America, Consumer Finance) 2.5 
MasterCard, Inc. Class A (United States of America, IT Services) 2.5 
Lam Research Corp. (United States of America, Semiconductors & Semiconductor Equipment) 2.5 
 35.8 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Information Technology 30.1 
Financials 15.2 
Consumer Discretionary 11.7 
Communication Services 10.8 
Industrials 10.3 
Health Care 8.6 
Energy 7.6 
Materials 3.4 
Real Estate 1.3 

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   United States of America* 63.5% 
   India 6.0% 
   France 5.4% 
   Canada 4.0% 
   Switzerland 3.4% 
   Japan 3.3% 
   United Kingdom 2.3% 
   Ireland 2.0% 
   Australia 2.0% 
   Other 8.1% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation (% of fund's net assets)

As of April 30, 2022 
   Stocks 99.0% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.0% 


Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.5%   
 Shares Value 
Australia - 2.0%   
Iluka Resources Ltd. 245,252 $1,921,035 
Canada - 4.0%   
Canadian Natural Resources Ltd. (a) 35,300 2,184,011 
GFL Environmental, Inc. (a) 28,100 846,653 
Tourmaline Oil Corp. 15,400 793,106 
TOTAL CANADA  3,823,770 
Cayman Islands - 0.7%   
Tencent Holdings Ltd. 13,800 650,323 
Denmark - 1.3%   
DSV A/S 7,800 1,278,824 
France - 5.4%   
LVMH Moet Hennessy Louis Vuitton SE 4,200 2,717,968 
Sartorius Stedim Biotech 2,700 883,518 
Teleperformance 4,600 1,650,991 
TOTAL FRANCE  5,252,477 
Hong Kong - 1.2%   
AIA Group Ltd. 122,400 1,202,428 
India - 6.0%   
Axis Bank Ltd. (b) 217,300 2,045,913 
Kotak Mahindra Bank Ltd. (b) 67,244 1,557,513 
Reliance Industries Ltd. 23,900 864,909 
TCNS Clothing Co. Ltd. (b)(c) 121,400 1,319,476 
TOTAL INDIA  5,787,811 
Indonesia - 1.1%   
PT Bank Central Asia Tbk 1,965,200 1,102,225 
Ireland - 2.0%   
Accenture PLC Class A 6,500 1,952,340 
Japan - 3.3%   
Hitachi Ltd. 29,200 1,384,853 
Hoya Corp. 9,300 922,952 
Keyence Corp. 2,200 884,409 
TOTAL JAPAN  3,192,214 
Netherlands - 1.1%   
NXP Semiconductors NV 6,000 1,025,400 
Switzerland - 3.4%   
Roche Holding AG (participation certificate) 5,070 1,880,027 
Sika AG 4,450 1,359,289 
TOTAL SWITZERLAND  3,239,316 
Taiwan - 1.8%   
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 18,500 1,719,205 
United Kingdom - 2.3%   
Discoverie Group PLC 125,075 1,186,435 
S4 Capital PLC (b) 225,432 852,663 
Starling Bank Ltd. Series D (b)(d)(e) 72,300 214,374 
TOTAL UNITED KINGDOM  2,253,472 
United States of America - 61.9%   
Adobe, Inc. (b) 3,300 1,306,635 
Alphabet, Inc. Class A (b) 2,100 4,792,599 
Amazon.com, Inc. (b) 745 1,851,794 
American Express Co. 14,100 2,463,411 
AMETEK, Inc. 20,300 2,563,078 
Apple, Inc. 35,600 5,612,340 
Booking Holdings, Inc. (b) 875 1,934,021 
CBRE Group, Inc. 15,100 1,253,904 
Cintas Corp. 2,900 1,152,054 
D.R. Horton, Inc. 9,700 675,023 
Deckers Outdoor Corp. (b) 8,300 2,205,725 
Halliburton Co. 60,500 2,155,010 
Intercontinental Exchange, Inc. 13,300 1,540,273 
Interpublic Group of Companies, Inc. 49,100 1,601,642 
Intuit, Inc. 3,100 1,298,125 
Lam Research Corp. 5,100 2,375,376 
Marvell Technology, Inc. 17,300 1,004,784 
MasterCard, Inc. Class A 6,700 2,434,646 
Meta Platforms, Inc. Class A (b) 12,300 2,465,781 
Microsoft Corp. 23,800 6,604,979 
NVIDIA Corp. 10,900 2,021,623 
S&P Global, Inc. 5,300 1,995,450 
Stryker Corp. 7,500 1,809,450 
Tenet Healthcare Corp. (b) 11,500 833,865 
U.S. Silica Holdings, Inc. (b) 73,100 1,358,198 
UnitedHealth Group, Inc. 3,700 1,881,635 
Wells Fargo & Co. 61,400 2,678,882 
TOTAL UNITED STATES OF AMERICA  59,870,303 
TOTAL COMMON STOCKS   
(Cost $76,544,774)  94,271,143 
Preferred Stocks - 1.5%   
Convertible Preferred Stocks - 0.6%   
United States of America - 0.6%   
Wasabi Holdings, Inc. Series C (b)(d)(e) 50,623 547,741 
Nonconvertible Preferred Stocks - 0.9%   
Korea (South) - 0.9%   
Samsung Electronics Co. Ltd. 20,000 932,686 
TOTAL PREFERRED STOCKS   
(Cost $1,281,810)  1,480,427 
Money Market Funds - 3.1%   
Fidelity Cash Central Fund 0.32% (f) 807,902 808,064 
Fidelity Securities Lending Cash Central Fund 0.32% (f)(g) 2,183,932 2,184,150 
TOTAL MONEY MARKET FUNDS   
(Cost $2,992,214)  2,992,214 
TOTAL INVESTMENT IN SECURITIES - 102.1%   
(Cost $80,818,798)  98,743,784 
NET OTHER ASSETS (LIABILITIES) - (2.1)%  (2,057,810) 
NET ASSETS - 100%  $96,685,974 

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

Legend

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

 (b) Non-income producing

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,319,476 or 1.4% of net assets.

 (d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $762,115 or 0.8% of net assets.

 (e) Level 3 security

 (f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Starling Bank Ltd. Series D 6/18/21 - 4/5/22 $138,336 
Wasabi Holdings, Inc. Series C 3/31/21 - 4/30/21 $549,998 

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.32% $4,678,689 $13,465,701 $17,336,326 $1,267 $-- $-- $808,064 0.0% 
Fidelity Securities Lending Cash Central Fund 0.32% 1,086,800 9,118,505 8,021,155 355 -- -- 2,184,150 0.0% 
Total $5,765,489 $22,584,206 $25,357,481 $1,622 $-- $-- $2,992,214  

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. Amount for Fidelity Securities Lending Cash Central Fund 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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:     
Communication Services $10,363,008 $8,860,022 $1,502,986 $-- 
Consumer Discretionary 11,251,748 6,666,563 4,037,444 547,741 
Energy 7,355,234 6,490,325 864,909 -- 
Financials 14,800,469 8,678,016 5,908,079 214,374 
Health Care 8,211,447 4,524,950 3,686,497 -- 
Industrials 10,062,888 4,561,785 5,501,103 -- 
Information Technology 29,172,548 27,355,453 1,817,095 -- 
Materials 3,280,324 -- 3,280,324 -- 
Real Estate 1,253,904 1,253,904 -- -- 
Money Market Funds 2,992,214 2,992,214 -- -- 
Total Investments in Securities: $98,743,784 $71,383,232 $26,598,437 $762,115 

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


Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $2,081,776) — See accompanying schedule:
Unaffiliated issuers (cost $77,826,584) 
$95,751,570  
Fidelity Central Funds (cost $2,992,214) 2,992,214  
Total Investment in Securities (cost $80,818,798)  $98,743,784 
Cash  2,225 
Foreign currency held at value (cost $13,715)  13,767 
Receivable for investments sold  98,197 
Receivable for fund shares sold  35,211 
Dividends receivable  39,285 
Reclaims receivable  74,618 
Distributions receivable from Fidelity Central Funds  175 
Prepaid expenses  38 
Other receivables  43,084 
Total assets  99,050,384 
Liabilities   
Payable for fund shares redeemed $48,945  
Accrued management fee 57,784  
Distribution and service plan fees payable 20,828  
Other affiliated payables 19,110  
Other payables and accrued expenses 33,593  
Collateral on securities loaned 2,184,150  
Total liabilities  2,364,410 
Net Assets  $96,685,974 
Net Assets consist of:   
Paid in capital  $75,325,762 
Total accumulated earnings (loss)  21,360,212 
Net Assets  $96,685,974 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($32,479,683 ÷ 1,737,164 shares)(a)  $18.70 
Maximum offering price per share (100/94.25 of $18.70)  $19.84 
Class M:   
Net Asset Value and redemption price per share ($18,305,586 ÷ 1,043,808 shares)(a)  $17.54 
Maximum offering price per share (100/96.50 of $17.54)  $18.18 
Class C:   
Net Asset Value and offering price per share ($6,149,886 ÷ 405,864 shares)(a)  $15.15 
Class I:   
Net Asset Value, offering price and redemption price per share ($39,750,819 ÷ 1,986,054 shares)  $20.01 

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

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


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $489,408 
Non-Cash dividends  26,556 
Income from Fidelity Central Funds (including $355 from security lending)  1,622 
Income before foreign taxes withheld  517,586 
Less foreign taxes withheld  (32,329) 
Total income  485,257 
Expenses   
Management fee   
Basic fee $381,325  
Performance adjustment 16,594  
Transfer agent fees 98,942  
Distribution and service plan fees 137,159  
Accounting fees 21,999  
Custodian fees and expenses 4,009  
Independent trustees' fees and expenses 196  
Registration fees 45,250  
Audit 36,941  
Legal 4,865  
Miscellaneous 303  
Total expenses before reductions 747,583  
Expense reductions (22,476)  
Total expenses after reductions  725,107 
Net investment income (loss)  (239,850) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 4,111,663  
Foreign currency transactions (2,865)  
Total net realized gain (loss)  4,108,798 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $15,085) (23,199,442)  
Assets and liabilities in foreign currencies (6,807)  
Total change in net unrealized appreciation (depreciation)  (23,206,249) 
Net gain (loss)  (19,097,451) 
Net increase (decrease) in net assets resulting from operations  $(19,337,301) 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(239,850) $(445,610) 
Net realized gain (loss) 4,108,798 12,394,934 
Change in net unrealized appreciation (depreciation) (23,206,249) 17,307,359 
Net increase (decrease) in net assets resulting from operations (19,337,301) 29,256,683 
Distributions to shareholders (9,072,211) – 
Share transactions - net increase (decrease) 4,889,998 (6,655,855) 
Total increase (decrease) in net assets (23,519,514) 22,600,828 
Net Assets   
Beginning of period 120,205,488 97,604,660 
End of period $96,685,974 $120,205,488 

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


Financial Highlights

Fidelity Advisor Global Capital Appreciation Fund Class A

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $24.21 $18.53 $15.65 $16.48 $20.21 $16.18 
Income from Investment Operations       
Net investment income (loss)A,B (.05) (.09)C (.08) .10 .05 .05 
Net realized and unrealized gain (loss) (3.63) 5.77 3.03 .50 (1.22) 4.15 
Total from investment operations (3.68) 5.68 2.95 .60 (1.17) 4.20 
Distributions from net investment income – – (.07) (.02) (.04) – 
Distributions from net realized gain (1.83) – – (1.41) (2.52) (.17) 
Total distributions (1.83) – (.07) (1.43) (2.56) (.17) 
Redemption fees added to paid in capitalA – – – – D D 
Net asset value, end of period $18.70 $24.21 $18.53 $15.65 $16.48 $20.21 
Total ReturnE,F,G (16.36)% 30.65% 18.89% 4.39% (6.74)% 26.17% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 1.36%J 1.15% 1.23% 1.14% 1.39% 1.48% 
Expenses net of fee waivers, if any 1.30%J 1.15% 1.23% 1.14% 1.39% 1.45% 
Expenses net of all reductions 1.30%J 1.15% 1.21% 1.14% 1.37% 1.44% 
Net investment income (loss) (.44)%J (.42)%C (.45)% .66% .26% .28% 
Supplemental Data       
Net assets, end of period (000 omitted) $32,480 $40,398 $31,247 $30,046 $33,589 $38,710 
Portfolio turnover rateK 37%J 58% 44% 142% 99% 137% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.50) %.

 D Amount represents less than $.005 per share.

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

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

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

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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


Fidelity Advisor Global Capital Appreciation Fund Class M

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $22.85 $17.54 $14.82 $15.70 $19.37 $15.56 
Income from Investment Operations       
Net investment income (loss)A,B (.07) (.14)C (.12) .05 – .01 
Net realized and unrealized gain (loss) (3.41) 5.45 2.87 .48 (1.15) 3.97 
Total from investment operations (3.48) 5.31 2.75 .53 (1.15) 3.98 
Distributions from net investment income – – (.03) – – – 
Distributions from net realized gain (1.83) – – (1.41) (2.52) (.17) 
Total distributions (1.83) – (.03) (1.41) (2.52) (.17) 
Redemption fees added to paid in capitalA – – – – D D 
Net asset value, end of period $17.54 $22.85 $17.54 $14.82 $15.70 $19.37 
Total ReturnE,F,G (16.47)% 30.27% 18.59% 4.10% (6.97)% 25.80% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 1.61%J 1.41% 1.51% 1.43% 1.67% 1.77% 
Expenses net of fee waivers, if any 1.55%J 1.41% 1.50% 1.43% 1.67% 1.70% 
Expenses net of all reductions 1.55%J 1.41% 1.49% 1.42% 1.65% 1.69% 
Net investment income (loss) (.69)%J (.68)%C (.73)% .37% (.01)% .03% 
Supplemental Data       
Net assets, end of period (000 omitted) $18,306 $22,618 $18,864 $18,611 $21,339 $25,535 
Portfolio turnover rateK 37%J 58% 44% 142% 99% 137% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.76) %.

 D Amount represents less than $.005 per share.

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

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

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

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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


Fidelity Advisor Global Capital Appreciation Fund Class C

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $20.04 $15.46 $13.10 $14.11 $17.65 $14.26 
Income from Investment Operations       
Net investment income (loss)A,B (.10) (.22)C (.17) (.01) (.08) (.07) 
Net realized and unrealized gain (loss) (2.96) 4.80 2.53 .41 (1.02) 3.63 
Total from investment operations (3.06) 4.58 2.36 .40 (1.10) 3.56 
Distributions from net investment income – – – – – – 
Distributions from net realized gain (1.83) – – (1.41) (2.44) (.17) 
Total distributions (1.83) – – (1.41) (2.44) (.17) 
Redemption fees added to paid in capitalA – – – – D D 
Net asset value, end of period $15.15 $20.04 $15.46 $13.10 $14.11 $17.65 
Total ReturnE,F,G (16.70)% 29.62% 18.02% 3.59% (7.39)% 25.20% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 2.13%J 1.92% 1.99% 1.90% 2.14% 2.23% 
Expenses net of fee waivers, if any 2.05%J 1.92% 1.98% 1.90% 2.14% 2.20% 
Expenses net of all reductions 2.05%J 1.92% 1.97% 1.89% 2.12% 2.19% 
Net investment income (loss) (1.19)%J (1.19)%C (1.21)% (.10)% (.48)% (.47)% 
Supplemental Data       
Net assets, end of period (000 omitted) $6,150 $8,044 $9,134 $12,540 $19,741 $24,215 
Portfolio turnover rateK 37%J 58% 44% 142% 99% 137% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.01 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (1.27) %.

 D Amount represents less than $.005 per share.

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

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

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

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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


Fidelity Advisor Global Capital Appreciation Fund Class I

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $25.75 $19.65 $16.57 $17.37 $21.16 $16.90 
Income from Investment Operations       
Net investment income (loss)A,B (.02) (.02)C (.02) .16 .11 .11 
Net realized and unrealized gain (loss) (3.89) 6.12 3.21 .52 (1.28) 4.33 
Total from investment operations (3.91) 6.10 3.19 .68 (1.17) 4.44 
Distributions from net investment income – – (.11) (.08) (.10) – 
Distributions from net realized gain (1.83) – – (1.41) (2.52) (.18) 
Total distributions (1.83) – (.11) (1.48)D (2.62) (.18) 
Redemption fees added to paid in capitalA – – – – E E 
Net asset value, end of period $20.01 $25.75 $19.65 $16.57 $17.37 $21.16 
Total ReturnF,G (16.27)% 31.04% 19.37% 4.69% (6.45)% 26.52% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 1.03%J .82% .89% .82% 1.09% 1.16% 
Expenses net of fee waivers, if any 1.03%J .82% .89% .82% 1.09% 1.16% 
Expenses net of all reductions 1.03%J .82% .87% .82% 1.07% 1.15% 
Net investment income (loss) (.17)%J (.09)%C (.11)% .97% .57% .57% 
Supplemental Data       
Net assets, end of period (000 omitted) $39,751 $49,146 $38,359 $37,068 $45,029 $50,881 
Portfolio turnover rateK 37%J 58% 44% 142% 99% 137% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.17) %.

 D Total distributions per share do not sum due to rounding.

 E Amount represents less than $.005 per share.

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

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

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

1. Organization.

Fidelity Advisor Global Capital Appreciation Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, 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. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

Funds may invest 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 Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission 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 - Investment 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 Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

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

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

  • Level 1 – unadjusted quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2022 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds 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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a 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 a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. 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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

Distributions are declared and recorded on the ex-dividend date. Income 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, net operating losses, capital loss carryforwards 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 $21,708,853 
Gross unrealized depreciation (3,857,782) 
Net unrealized appreciation (depreciation) $17,851,071 
Tax cost $80,892,713 

The Fund elected to defer to its next fiscal year approximately $352,516 of ordinary losses recognized during the period January 1,2021 to October 31, 2021.

Restricted Securities (including Private Placements). Funds 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 held at period end is included at the end of the Schedule of Investments, if applicable.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity Advisor Global Capital Appreciation Fund 20,212,233 20,519,750 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20 % of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Class I as compared to its benchmark index, the MSCI All Country World Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .70% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $47,494 $1,554 
Class M .25% .25% 53,008 521 
Class C .75% .25% 36,657 3,576 
   $137,159 $5,651 

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

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

 Retained by FDC 
Class A $4,605 
Class M 841 
Class C(a) 358 
 $5,804 

 (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 LLC (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 $39,307 .21 
Class M 22,103 .21 
Class C 8,109 .22 
Class I 29,423 .13 
 $98,942  

 (a) Annualized

Accounting 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. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Fidelity Advisor Global Capital Appreciation Fund .04 

Brokerage Commissions. A portion of portfolio transactions were placed 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 as follows:

 Amount 
Fidelity Advisor Global Capital Appreciation Fund $101 

Interfund Trades. Funds 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. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity Advisor Global Capital Appreciation Fund 1,709,049 177,868 19,754 

6. Committed Line of Credit.

Certain Funds participate 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 participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity Advisor Global Capital Appreciation Fund $96 

7. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a 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 a fund and any additional required collateral is delivered to a fund on the next business day. A 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, a fund may apply collateral received from the borrower against the obligation. A 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. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Advisor Global Capital Appreciation Fund $38 $– $– 

8. Expense Reductions.

The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2023. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

 Expense Limitations Reimbursement 
Class A 1.30% $11,450 
Class M 1.55% 6,555 
Class C 2.05% 2,780 
  $20,785 

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, custodian credits reduced the Fund's expenses by $13.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $1,678.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2022 
Year ended
October 31, 2021 
Fidelity Advisor Global Capital Appreciation Fund   
Distributions to shareholders   
Class A $3,042,311 $ - 
Class M 1,796,615 – 
Class C 718,694 – 
Class I 3,514,591 – 
Total $9,072,211 $– 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended April 30, 2022 Year ended October 31, 2021 Six months ended April 30, 2022 Year ended October 31, 2021 
Fidelity Advisor Global Capital Appreciation Fund     
Class A     
Shares sold 106,883 306,788 $2,325,893 $6,747,703 
Reinvestment of distributions 134,237 – 2,959,935 – 
Shares redeemed (172,709) (324,095) (3,647,003) (7,086,089) 
Net increase (decrease) 68,411 (17,307) $1,638,825 $(338,386) 
Class M     
Shares sold 31,741 62,615 $649,991 $1,290,422 
Reinvestment of distributions 86,174 – 1,783,793 – 
Shares redeemed (64,008) (148,393) (1,301,621) (3,082,706) 
Net increase (decrease) 53,907 (85,778) $1,132,163 $(1,792,284) 
Class C     
Shares sold 22,486 50,046 $401,785 $925,839 
Reinvestment of distributions 39,691 – 711,270 – 
Shares redeemed (57,721) (239,505) (1,015,374) (4,335,944) 
Net increase (decrease) 4,456 (189,459) $97,681 $(3,410,105) 
Class I     
Shares sold 130,505 259,945 $3,065,642 $5,994,641 
Reinvestment of distributions 135,399 – 3,191,354 – 
Shares redeemed (188,336) (303,759) (4,235,667) (7,109,721) 
Net increase (decrease) 77,568 (43,814) $2,021,329 $(1,115,080) 

11. Other.

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

12. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 to April 30, 2022).

Actual Expenses

The first line of the accompanying table 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/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2021 
Ending
Account Value
April 30, 2022 
Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity Advisor Global Capital Appreciation Fund     
Class A 1.30%    
Actual  $1,000.00 $836.40 $5.92 
Hypothetical-C  $1,000.00 $1,018.35 $6.51 
Class M 1.55%    
Actual  $1,000.00 $835.30 $7.05 
Hypothetical-C  $1,000.00 $1,017.11 $7.75 
Class C 2.05%    
Actual  $1,000.00 $833.00 $9.32 
Hypothetical-C  $1,000.00 $1,014.63 $10.24 
Class I 1.03%    
Actual  $1,000.00 $837.30 $4.69 
Hypothetical-C  $1,000.00 $1,019.69 $5.16 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

  • Highly liquid investments – cash or convertible to cash within three business days or less
  • Moderately liquid investments – convertible to cash in three to seven calendar days
  • Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

AGLO-SANN-0622
1.719689.123


Fidelity Advisor® Emerging Asia Fund



Semi-Annual Report

April 30, 2022

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Liquidity Risk Management Program


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. © 2022 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-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Taiwan Semiconductor Manufacturing Co. Ltd. 9.7 
Alibaba Group Holding Ltd. sponsored ADR 6.5 
Meituan Class B 5.0 
Samsung Electronics Co. Ltd. 4.0 
Pinduoduo, Inc. ADR 3.9 
Reliance Industries Ltd. 3.8 
Alibaba Group Holding Ltd. 3.2 
Z Holdings Corp. 1.8 
Bilibili, Inc. ADR 1.8 
AIA Group Ltd. 1.6 
 41.3 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Information Technology 29.9 
Consumer Discretionary 26.8 
Health Care 10.6 
Financials 8.6 
Industrials 5.6 
Communication Services 5.1 
Energy 3.8 
Consumer Staples 2.5 
Real Estate 1.7 
Materials 1.6 

Asset Allocation (% of fund's net assets)

As of April 30, 2022 
   Stocks 95.7% 
   Bonds 0.5% 
   Short-Term Investments and Net Other Assets (Liabilities) 3.8% 


Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.4%   
 Shares Value 
Bermuda - 0.3%   
Huanxi Media Group Ltd. (a) 10,487,142 $1,818,873 
Cayman Islands - 29.6%   
Akeso, Inc. (a)(b)(c) 695,989 1,298,419 
Alibaba Group Holding Ltd. (a) 1,415,651 17,267,671 
Alibaba Group Holding Ltd. sponsored ADR (a) 358,436 34,800,551 
Antengene Corp. (a)(c) 1,628,498 1,280,988 
Archosaur Games, Inc. (c) 2,019,517 1,911,284 
Bairong, Inc. (a)(c) 965,327 1,306,293 
BC Technology Group Ltd. (a) 1,636,281 1,022,468 
Bilibili, Inc. ADR (a)(b) 399,645 9,727,359 
Boqii Holding Ltd. ADR (a) 451,641 166,204 
Frontage Holdings Corp. (a)(c) 5,367,510 1,585,278 
GDS Holdings Ltd. ADR (a)(b) 31,087 976,754 
Innovent Biologics, Inc. (a)(c) 377,646 1,171,247 
iQIYI, Inc. ADR (a)(b) 382,781 1,362,700 
Jacobio Pharmaceuticals Group Co. Ltd. (a)(c) 642,537 648,332 
Kangji Medical Holdings Ltd. (b) 723,005 665,452 
KE Holdings, Inc. ADR (a) 575,853 8,165,596 
Kindstar Globalgene Technology, Inc. (a)(c) 1,586,414 425,740 
Li Auto, Inc. Class A (a) 376,384 4,398,855 
Medlive Technology Co. Ltd. (c) 433,869 506,411 
Meituan Class B (a)(c) 1,247,005 26,718,836 
Microport Cardioflow Medtech Corp. (a)(c) 6,975,799 2,434,899 
Ming Yuan Cloud Group Holdings Ltd. (b) 3,078,730 3,998,716 
New Horizon Health Ltd. (a)(c) 1,005,869 2,159,719 
Pinduoduo, Inc. ADR (a) 484,747 20,887,748 
RLX Technology, Inc. ADR (a) 350,399 711,310 
Sea Ltd. ADR (a) 31,523 2,608,843 
Smoore International Holdings Ltd. (b)(c) 793,593 1,659,656 
Sunac China Holdings Ltd. (d) 2,393,047 1,187,222 
Wuxi Biologics (Cayman), Inc. (a)(c) 712,462 5,258,551 
Zai Lab Ltd. (a) 237,570 968,077 
Zai Lab Ltd. ADR (a) 54,049 2,159,798 
TOTAL CAYMAN ISLANDS  159,440,977 
China - 14.1%   
Anhui Korrun Co. Ltd. (A Shares) 679,306 1,470,693 
Asymchem Laboratories Tianjin Co. Ltd. (H Shares) (c) 13,616 293,299 
Beijing Shiji Information Technology Co. Ltd. (A Shares) 2,088,774 5,644,535 
Beijing Sinohytec Co. Ltd. (A Shares) (a) 162,800 2,603,841 
DBAPPSecurity Ltd. (A Shares) 35,500 654,662 
Estun Automation Co. Ltd.:   
(A Shares) 1,567,800 3,470,298 
(A Shares) 1,378,800 3,051,950 
Great Wall Motor Co. Ltd. (H Shares) 401,043 561,631 
Guangzhou GRG Metrology & Test Co. Ltd. (A Shares) 528,869 1,224,708 
Guangzhou Kingmed Diagnostics Group Co. Ltd. (A Shares) 288,656 3,538,727 
Hangzhou Tigermed Consulting Co. Ltd. (A Shares) 250,708 3,358,367 
Hundsun Technologies, Inc. (A Shares) 465,800 2,669,225 
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) 609,300 2,705,622 
Joinn Laboratories China Co. Ltd. (A Shares) 232,521 3,469,765 
MicroTech Medical (Hangzhou) Co. Ltd. (H Shares) (a)(c) 611,702 878,696 
Milkyway Chemical Supply Chain Service Co. Ltd. (A Shares) 172,367 2,834,713 
Pharmaron Beijing Co. Ltd. (A Shares) 193,299 3,645,360 
Shanghai Milkground Food Tech Co. Ltd. (A Shares) (a) 451,700 2,088,857 
Shenzhen Inovance Technology Co. Ltd. (A Shares) 591,326 5,108,366 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) 104,306 4,915,751 
Shenzhen Transsion Holdings Co. Ltd. (A Shares) 104,200 1,323,182 
Shijiazhuang Yiling Pharmaceutical Co. Ltd. (A Shares) 682,900 2,531,912 
Sungrow Power Supply Co. Ltd. (A Shares) 380,200 3,584,793 
Venus MedTech Hangzhou, Inc. (H Shares) (a)(b)(c) 1,115,587 2,048,002 
Weihai Guangwei Composites Co. Ltd. (A Shares) 363,428 2,723,155 
WuXi AppTec Co. Ltd. (H Shares) (c) 455,672 6,197,958 
Yunnan Energy New Material Co. Ltd. 108,700 3,299,960 
TOTAL CHINA  75,898,028 
Germany - 1.6%   
Delivery Hero AG (a)(c) 170,526 5,994,495 
Shop Apotheke Europe NV (a)(b)(c) 28,429 2,344,509 
TOTAL GERMANY  8,339,004 
Hong Kong - 2.2%   
AIA Group Ltd. 905,823 8,898,587 
Hong Kong Exchanges and Clearing Ltd. 75,045 3,183,332 
TOTAL HONG KONG  12,081,919 
India - 16.3%   
Amber Enterprises India Ltd. (a) 46,507 2,240,670 
Asian Paints Ltd. 66,493 2,799,438 
Aster DM Healthcare Ltd. (a)(c) 406,830 1,013,155 
Bajaj Finance Ltd. 25,403 2,187,142 
Computer Age Management Services Private Ltd. 174,005 5,580,751 
Devyani International Ltd. 997,983 2,223,131 
Dixon Technologies India Ltd. 84,782 4,829,374 
HDFC Asset Management Co. Ltd. (c) 91,931 2,431,261 
HDFC Bank Ltd. 147,723 2,645,153 
Hindustan Aeronautics Ltd. 193,300 4,001,328 
Housing Development Finance Corp. Ltd. 186,200 5,365,740 
Indian Energy Exchange Ltd. (c) 1,312,712 3,634,933 
Infosys Ltd. 320,606 6,489,932 
Kotak Mahindra Bank Ltd. (a) 127,115 2,944,252 
Page Industries Ltd. 6,660 3,944,469 
Reliance Industries Ltd. 560,507 20,284,000 
Sapphire Foods India Ltd. 143,122 2,464,444 
Tata Consultancy Services Ltd. 96,049 4,421,389 
Tata Motors Ltd. (a) 392,008 2,215,672 
Vijaya Diagnostic Centre Pvt Ltd. 58,123 345,453 
Voltas Ltd. 326,441 5,343,631 
Zomato Ltd. (a) 151,220 140,064 
TOTAL INDIA  87,545,382 
Indonesia - 0.4%   
PT Bank Central Asia Tbk 4,231,932 2,373,570 
Japan - 7.0%   
BASE, Inc. (a)(b) 687,808 1,870,392 
Demae-Can Co. Ltd. (a)(b) 504,659 2,076,988 
Freee KK (a) 265,994 7,674,805 
Hennge K.K. (a)(b) 286,011 2,244,148 
Lifenet Insurance Co. (a) 218,721 885,419 
Money Forward, Inc. (a) 219,010 7,446,703 
SHIFT, Inc. (a) 19,965 3,783,368 
Uzabase, Inc. (a) 272,639 1,586,756 
Z Holdings Corp. 2,515,347 9,874,847 
TOTAL JAPAN  37,443,426 
Korea (South) - 5.5%   
Gabia, Inc. 64,100 698,860 
ILJIN Hysolus Co. Ltd. (a) 2,200 69,104 
Kakao Pay Corp. (a) 74,459 6,551,127 
LG Energy Solution 1,614 524,481 
Samsung Electronics Co. Ltd. 406,338 21,540,045 
TOTAL KOREA (SOUTH)  29,383,617 
Mauritius - 1.1%   
MakeMyTrip Ltd. (a) 236,976 6,035,779 
Netherlands - 1.1%   
ASML Holding NV (Netherlands) 4,013 2,277,532 
NXP Semiconductors NV 20,586 3,518,147 
Yandex NV Series A (a)(d) 79,813 273,746 
TOTAL NETHERLANDS  6,069,425 
Singapore - 0.9%   
United Overseas Bank Ltd. 232,600 4,979,095 
Taiwan - 10.8%   
GlobalWafers Co. Ltd. 147,000 2,563,289 
MediaTek, Inc. 83,000 2,289,425 
Taiwan Semiconductor Manufacturing Co. Ltd. 2,901,393 52,494,285 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 9,200 854,956 
TOTAL TAIWAN  58,201,955 
United Kingdom - 1.2%   
Yunnan Botanee Bio-Technology Group Co. Ltd. ELS (UBS AG London Branch Bank Warrant Programme) Class A warrants 3/23/23 (a)(c) 160,800 4,714,373 
ZWSOFT Co. Ltd. (Guangzhou) ELS (UBS AG London Branch Bank Warrant Programme) Class A warrants 10/12/23 (a)(c) 52,300 1,531,787 
TOTAL UNITED KINGDOM  6,246,160 
United States of America - 2.0%   
Array Technologies, Inc. (a)(b) 178,500 1,165,605 
ATRenew, Inc. ADR (b) 86,546 245,791 
Li Auto, Inc. ADR (a) 125,420 2,813,171 
NVIDIA Corp. 16,009 2,969,189 
onsemi (a) 50,984 2,656,776 
Smart Share Global Ltd. ADR (a)(b) 337,584 405,101 
Space Exploration Technologies Corp. Class A (a)(d)(e) 6,000 336,000 
TOTAL UNITED STATES OF AMERICA  10,591,633 
Vietnam - 0.3%   
Vietnam Dairy Products Corp. 428,640 1,381,964 
TOTAL COMMON STOCKS   
(Cost $640,472,888)  507,830,807 
Preferred Stocks - 1.3%   
Convertible Preferred Stocks - 0.4%   
China - 0.4%   
ByteDance Ltd. Series E1 (a)(d)(e) 11,980 1,534,279 
dMed Biopharmaceutical Co. Ltd. Series C (a)(d)(e) 65,318 647,955 
  2,182,234 
Nonconvertible Preferred Stocks - 0.9%   
Korea (South) - 0.9%   
Samsung Electronics Co. Ltd. 107,064 4,992,856 
TOTAL PREFERRED STOCKS   
(Cost $5,863,105)  7,175,090 
 Principal Amount Value 
Convertible Bonds - 0.5%   
Cayman Islands - 0.5%   
ZKH Group Ltd. 8% 12/23/22
(Cost $2,658,520)(d)(e) 
2,658,520 2,658,520 
 Shares Value 
Money Market Funds - 7.5%   
Fidelity Cash Central Fund 0.32% (f) 22,274,003 22,278,458 
Fidelity Securities Lending Cash Central Fund 0.32% (f)(g) 18,119,777 18,121,589 
TOTAL MONEY MARKET FUNDS   
(Cost $40,400,047)  40,400,047 
TOTAL INVESTMENT IN SECURITIES - 103.7%   
(Cost $689,394,560)  558,064,464 
NET OTHER ASSETS (LIABILITIES) - (3.7)%  (19,772,982) 
NET ASSETS - 100%  $538,291,482 

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

Legend

 (a) Non-income producing

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

 (c) 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 $79,448,121 or 14.8% of net assets.

 (d) Level 3 security

 (e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $5,176,754 or 1.0% of net assets.

 (f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
ByteDance Ltd. Series E1 11/18/20 $1,312,699 
dMed Biopharmaceutical Co. Ltd. Series C 12/1/20 $927,721 
Space Exploration Technologies Corp. Class A 2/16/21 $251,994 
ZKH Group Ltd. 8% 12/23/22 2/24/22 $2,658,520 

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.32% $7,015,578 $132,018,850 $116,755,970 $3,111 $-- $-- $22,278,458 0.0% 
Fidelity Securities Lending Cash Central Fund 0.32% 67,864,930 89,551,762 139,295,103 106,671 -- -- 18,121,589 0.0% 
Total $74,880,508 $221,570,612 $256,051,073 $109,782 $-- $-- $40,400,047  

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. Amount for Fidelity Securities Lending Cash Central Fund 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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:     
Communication Services $27,577,652 $13,698,902 $13,605,004 $273,746 
Consumer Discretionary 144,574,283 65,354,345 79,219,938 -- 
Consumer Staples 12,900,669 711,310 12,189,359 -- 
Energy 20,284,000 -- 20,284,000 -- 
Financials 43,444,001 -- 43,444,001 -- 
Health Care 56,152,933 2,159,798 53,345,180 647,955 
Industrials 30,645,873 1,165,605 29,144,268 336,000 
Information Technology 161,251,115 10,975,822 148,741,014 1,534,279 
Materials 8,822,553 -- 8,822,553 -- 
Real Estate 9,352,818 8,165,596 -- 1,187,222 
Corporate Bonds 2,658,520 -- -- 2,658,520 
Money Market Funds 40,400,047 40,400,047 -- -- 
Total Investments in Securities: $558,064,464 $142,631,425 $408,795,317 $6,637,722 

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:  
Equities - Communication Services  
Beginning Balance $-- 
Net Realized Gain (Loss) on Investment Securities 18,765 
Net Unrealized Gain (Loss) on Investment Securities (6,623,664) 
Cost of Purchases -- 
Proceeds of Sales (1,145,900) 
Amortization/Accretion -- 
Transfers into Level 3 8,024,545 
Transfers out of Level 3 -- 
Ending Balance $273,746 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2022 $(6,623,664) 
Other Investments in Securities  
Beginning Balance $2,644,696 
Net Realized Gain (Loss) on Investment Securities (412,867) 
Net Unrealized Gain (Loss) on Investment Securities (3,951,619) 
Cost of Purchases 5,382,055 
Proceeds of Sales (846,836) 
Amortization/Accretion -- 
Transfers into Level 3 3,548,547 
Transfers out of Level 3 -- 
Ending Balance $6,363,976 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2022 $(3,951,619) 

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

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


Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $17,984,100) — See accompanying schedule:
Unaffiliated issuers (cost $648,994,513) 
$517,664,417  
Fidelity Central Funds (cost $40,400,047) 40,400,047  
Total Investment in Securities (cost $689,394,560)  $558,064,464 
Foreign currency held at value (cost $1,488,601)  1,490,009 
Receivable for fund shares sold  555,434 
Dividends receivable  352,551 
Interest receivable  39,582 
Distributions receivable from Fidelity Central Funds  22,999 
Prepaid expenses  479 
Other receivables  114,135 
Total assets  560,639,653 
Liabilities   
Payable for investments purchased $36,670  
Payable for fund shares redeemed 762,141  
Accrued management fee 318,515  
Distribution and service plan fees payable 61,280  
Other affiliated payables 100,155  
Deferred taxes 2,538,141  
Other payables and accrued expenses 414,219  
Collateral on securities loaned 18,117,050  
Total liabilities  22,348,171 
Net Assets  $538,291,482 
Net Assets consist of:   
Paid in capital  $698,087,604 
Total accumulated earnings (loss)  (159,796,122) 
Net Assets  $538,291,482 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($153,057,721 ÷ 4,325,110 shares)(a)  $35.39 
Maximum offering price per share (100/94.25 of $35.39)  $37.55 
Class M:   
Net Asset Value and redemption price per share ($34,916,165 ÷ 1,028,990 shares)(a)  $33.93 
Maximum offering price per share (100/96.50 of $33.93)  $35.16 
Class C:   
Net Asset Value and offering price per share ($14,018,752 ÷ 459,008 shares)(a)  $30.54 
Class I:   
Net Asset Value, offering price and redemption price per share ($198,070,048 ÷ 5,366,419 shares)  $36.91 
Class Z:   
Net Asset Value, offering price and redemption price per share ($138,228,796 ÷ 3,755,180 shares)  $36.81 

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

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


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $1,675,909 
Interest  40,029 
Income from Fidelity Central Funds (including $106,671 from security lending)  109,782 
Income before foreign taxes withheld  1,825,720 
Less foreign taxes withheld  (310,772) 
Total income  1,514,948 
Expenses   
Management fee $2,629,826  
Transfer agent fees 568,178  
Distribution and service plan fees 482,570  
Accounting fees 187,628  
Custodian fees and expenses 149,702  
Independent trustees' fees and expenses 1,592  
Registration fees 88,808  
Audit 51,474  
Legal 2,704  
Interest 5,499  
Miscellaneous 2,279  
Total expenses before reductions 4,170,260  
Expense reductions (11,419)  
Total expenses after reductions  4,158,841 
Net investment income (loss)  (2,643,893) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $2,115,365) (19,734,003)  
Foreign currency transactions (141,861)  
Total net realized gain (loss)  (19,875,864) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $4,023,859) (307,924,186)  
Assets and liabilities in foreign currencies (320,052)  
Total change in net unrealized appreciation (depreciation)  (308,244,238) 
Net gain (loss)  (328,120,102) 
Net increase (decrease) in net assets resulting from operations  $(330,763,995) 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(2,643,893) $(5,738,773) 
Net realized gain (loss) (19,875,864) 150,353,753 
Change in net unrealized appreciation (depreciation) (308,244,238) (40,362,191) 
Net increase (decrease) in net assets resulting from operations (330,763,995) 104,252,789 
Distributions to shareholders (104,696,451) (67,519,322) 
Share transactions - net increase (decrease) (121,673,292) 249,334,845 
Total increase (decrease) in net assets (557,133,738) 286,068,312 
Net Assets   
Beginning of period 1,095,425,220 809,356,908 
End of period $538,291,482 $1,095,425,220 

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


Financial Highlights

Fidelity Advisor Emerging Asia Fund Class A

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $61.78 $56.33 $39.85 $33.52 $39.98 $30.26 
Income from Investment Operations       
Net investment income (loss)A,B (.20) (.40)C (.18) .23 .25 .27 
Net realized and unrealized gain (loss) (19.83) 10.17 18.77 8.23 (6.48) 9.75 
Total from investment operations (20.03) 9.77 18.59 8.46 (6.23) 10.02 
Distributions from net investment income – – (.13) (.19) (.22) (.24) 
Distributions from net realized gain (6.36) (4.32) (1.99) (1.93) (.01) (.07) 
Total distributions (6.36) (4.32) (2.11)D (2.13)D (.23) (.31) 
Redemption fees added to paid in capitalA – – – – E .01 
Net asset value, end of period $35.39 $61.78 $56.33 $39.85 $33.52 $39.98 
Total ReturnF,G,H (35.48)% 17.45% 49.18% 26.60% (15.67)% 33.54% 
Ratios to Average Net AssetsB,I,J       
Expenses before reductions 1.24%K 1.20% 1.26% 1.32% 1.32% 1.38% 
Expenses net of fee waivers, if any 1.24%K 1.20% 1.26% 1.32% 1.32% 1.37% 
Expenses net of all reductions 1.24%K 1.20% 1.23% 1.31% 1.30% 1.36% 
Net investment income (loss) (.85)%K (.61)%C (.40)% .62% .62% .80% 
Supplemental Data       
Net assets, end of period (000 omitted) $153,058 $271,275 $208,546 $144,577 $106,775 $137,165 
Portfolio turnover rateL 48%K 79% 110% 69%M 34% 43% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.71) %.

 D Total distributions per share do not sum due to rounding.

 E Amount represents less than $.005 per share.

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

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

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

 I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 K Annualized

 L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 M Portfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Advisor Emerging Asia Fund Class M

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $59.60 $54.51 $38.61 $32.50 $38.80 $29.39 
Income from Investment Operations       
Net investment income (loss)A,B (.25) (.55)C (.29) .12 .13 .16 
Net realized and unrealized gain (loss) (19.06) 9.87 18.19 7.98 (6.29) 9.49 
Total from investment operations (19.31) 9.32 17.90 8.10 (6.16) 9.65 
Distributions from net investment income – – (.01) (.05) (.13) (.18) 
Distributions from net realized gain (6.36) (4.23) (1.99) (1.93) (.01) (.07) 
Total distributions (6.36) (4.23) (2.00) (1.99)D (.14) (.25) 
Redemption fees added to paid in capitalA – – – – E .01 
Net asset value, end of period $33.93 $59.60 $54.51 $38.61 $32.50 $38.80 
Total ReturnF,G,H (35.58)% 17.18% 48.78% 26.21% (15.93)% 33.16% 
Ratios to Average Net AssetsB,I,J       
Expenses before reductions 1.50%K 1.45% 1.54% 1.61% 1.61% 1.68% 
Expenses net of fee waivers, if any 1.50%K 1.45% 1.53% 1.61% 1.61% 1.68% 
Expenses net of all reductions 1.50%K 1.45% 1.51% 1.60% 1.59% 1.66% 
Net investment income (loss) (1.11)%K (.87)%C (.68)% .32% .33% .50% 
Supplemental Data       
Net assets, end of period (000 omitted) $34,916 $60,893 $54,436 $39,197 $33,478 $44,730 
Portfolio turnover rateL 48%K 79% 110% 69%M 34% 43% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.96) %.

 D Total distributions per share do not sum due to rounding.

 E Amount represents less than $.005 per share.

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

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

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

 I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 K Annualized

 L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 M Portfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Advisor Emerging Asia Fund Class C

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $54.45 $50.22 $35.77 $30.32 $36.29 $27.52 
Income from Investment Operations       
Net investment income (loss)A,B (.32) (.80)C (.47) (.04) (.04) .02 
Net realized and unrealized gain (loss) (17.23) 9.10 16.79 7.42 (5.86) 8.89 
Total from investment operations (17.55) 8.30 16.32 7.38 (5.90) 8.91 
Distributions from net investment income – – – – (.05) (.08) 
Distributions from net realized gain (6.36) (4.07) (1.87) (1.93) (.01) (.07) 
Total distributions (6.36) (4.07) (1.87) (1.93) (.07)D (.14)D 
Redemption fees added to paid in capitalA – – – – E E 
Net asset value, end of period $30.54 $54.45 $50.22 $35.77 $30.32 $36.29 
Total ReturnF,G,H (35.72)% 16.58% 48.03% 25.67% (16.30)% 32.58% 
Ratios to Average Net AssetsB,I,J       
Expenses before reductions 1.99%K 1.96% 2.03% 2.08% 2.06% 2.11% 
Expenses net of fee waivers, if any 1.99%K 1.96% 2.02% 2.07% 2.05% 2.11% 
Expenses net of all reductions 1.99%K 1.96% 1.99% 2.06% 2.04% 2.09% 
Net investment income (loss) (1.60)%K (1.37)%C (1.17)% (.14)% (.11)% .07% 
Supplemental Data       
Net assets, end of period (000 omitted) $14,019 $26,377 $28,233 $23,584 $48,507 $60,852 
Portfolio turnover rateL 48%K 79% 110% 69%M 34% 43% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (1.47) %.

 D Total distributions per share do not sum due to rounding.

 E Amount represents less than $.005 per share.

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

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

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

 I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 K Annualized

 L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 M Portfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Advisor Emerging Asia Fund Class I

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $64.13 $58.29 $41.16 $34.60 $41.27 $31.19 
Income from Investment Operations       
Net investment income (loss)A,B (.14) (.24)C (.07) .34 .37 .38 
Net realized and unrealized gain (loss) (20.65) 10.53 19.42 8.48 (6.68) 10.06 
Total from investment operations (20.79) 10.29 19.35 8.82 (6.31) 10.44 
Distributions from net investment income (.07) – (.23) (.33) (.34) (.31) 
Distributions from net realized gain (6.36) (4.45) (1.99) (1.93) (.01) (.07) 
Total distributions (6.43) (4.45) (2.22) (2.26) (.36)D (.37)D 
Redemption fees added to paid in capitalA – – – – E .01 
Net asset value, end of period $36.91 $64.13 $58.29 $41.16 $34.60 $41.27 
Total ReturnF,G (35.39)% 17.77% 49.59% 26.93% (15.43)% 33.97% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions .96%J .94% 1.00% 1.04% 1.03% 1.08% 
Expenses net of fee waivers, if any .96%J .94% 1.00% 1.03% 1.03% 1.07% 
Expenses net of all reductions .96%J .94% .97% 1.03% 1.02% 1.06% 
Net investment income (loss) (.57)%J (.36)%C (.14)% .90% .91% 1.10% 
Supplemental Data       
Net assets, end of period (000 omitted) $198,070 $472,553 $414,664 $76,981 $59,527 $66,818 
Portfolio turnover rateK 48%J 79% 110% 69%L 34% 43% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.45) %.

 D Total distributions per share do not sum due to rounding.

 E Amount represents less than $.005 per share.

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

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

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 L Portfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Advisor Emerging Asia Fund Class Z

 Six months ended (Unaudited) April 30, Years endedOctober 31,    
 2022 2021 2020 2019 2018 A 
Selected Per–Share Data      
Net asset value, beginning of period $64.10 $58.22 $41.12 $34.60 $38.03 
Income from Investment Operations      
Net investment income (loss)B,C (.11) (.15)D E .40 – 
Net realized and unrealized gain (loss) (20.61) 10.50 19.38 8.47 (3.43) 
Total from investment operations (20.72) 10.35 19.38 8.87 (3.43) 
Distributions from net investment income (.21) – (.30) (.42) – 
Distributions from net realized gain (6.36) (4.47) (1.99) (1.93) – 
Total distributions (6.57) (4.47) (2.28)F (2.35) – 
Redemption fees added to paid in capitalB – – – – E 
Net asset value, end of period $36.81 $64.10 $58.22 $41.12 $34.60 
Total ReturnG,H (35.35)% 17.92% 49.80% 27.14% (9.02)% 
Ratios to Average Net AssetsC,I,J      
Expenses before reductions .84%K .81% .86% .89% .97%K 
Expenses net of fee waivers, if any .84%K .81% .85% .89% .97%K 
Expenses net of all reductions .84%K .81% .82% .89% .95%K 
Net investment income (loss) (.45)%K (.22)%D - %L 1.04% (.02)%K 
Supplemental Data      
Net assets, end of period (000 omitted) $138,229 $264,327 $103,477 $44,545 $573 
Portfolio turnover rateM 48%K 79% 110% 69%N 34% 

 A For the period October 2, 2018 (commencement of sale of shares) through October 31, 2018.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.32) %.

 E Amount represents less than $.005 per share.

 F Total distributions per share do not sum due to rounding.

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

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

 I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 K Annualized

 L Amount represents less than .005%.

 M Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 N Portfolio turnover rate excludes securities received or delivered in-kind.

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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

1. Organization.

Fidelity Advisor Emerging Asia Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

Funds may invest 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 Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission 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 - Investment 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 Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. 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 – unadjusted quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, 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. 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. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type Fair Value Valuation Technique(s) Unobservable Input Amount or Range/Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities $ 3,979,202 Market approach Transaction price $17.75 - $56.00 / $30.81 Increase 
   Discount rate 15.0% - 50.0% / 28.5% Decrease 
  Market comparable Enterprise value/Revenue multiple (EV/R) 3.4 Increase 
Corporate Bonds $ 2,658,520 Market approach Transaction price $100 Increase 

 (a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2022, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds 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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. 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. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a 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 a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. 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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

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

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 $110,327,227 
Gross unrealized depreciation (259,579,458) 
Net unrealized appreciation (depreciation) $(149,252,231) 
Tax cost $707,316,695 

Restricted Securities (including Private Placements). Funds 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 held at period end is included at the end of the Schedule of Investments, if applicable.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, and in-kind transactions, as applicable, are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity Advisor Emerging Asia Fund 188,308,040 426,235,811 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .67% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (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% $264,549 $10,694 
Class M .25% .25% 118,540 1,292 
Class C .75% .25% 99,481 19,468 
   $482,570 $31,454 

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

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

 Retained by FDC 
Class A $11,973 
Class M 935 
Class C(a) 157 
 $13,065 

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

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

 Amount % of Class-Level Average Net Assets(a) 
Class A $203,099 .19 
Class M 48,631 .21 
Class C 19,027 .19 
Class I 260,388 .17 
Class Z 37,033 .04 
 $568,178  

 (a) Annualized

Accounting 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. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Fidelity Advisor Emerging Asia Fund .05 

Brokerage Commissions. A portion of portfolio transactions were placed 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 as follows:

 Amount 
Fidelity Advisor Emerging Asia Fund $1,092 

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity Advisor Emerging Asia Fund Borrower $10,412,471 .33% $4,903 

Interfund Trades. Funds 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. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity Advisor Emerging Asia Fund 4,371,197 11,349,800 (202,054) 

Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:

 Amount ($) 
Fidelity Advisor Emerging Asia Fund 1,905 

6. Committed Line of Credit.

Certain Funds participate 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 participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity Advisor Emerging Asia Fund $748 

7. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a 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 a fund and any additional required collateral is delivered to a fund on the next business day. A 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, a fund may apply collateral received from the borrower against the obligation. A 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. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Advisor Emerging Asia Fund $11,123 $21 $– 

8. Bank Borrowings.

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:

 Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity Advisor Emerging Asia Fund $2,774,200 .77% $596 

9. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $11,419.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2022 
Year ended
October 31, 2021 
Fidelity Advisor Emerging Asia Fund   
Distributions to shareholders   
Class A $27,605,234 $16,330,766 
Class M 6,405,957 4,291,089 
Class C 3,015,354 2,394,785 
Class I 42,918,366 35,966,985 
Class Z 24,751,540 8,535,697 
Total $104,696,451 $67,519,322 

11. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended April 30, 2022 Year ended October 31, 2021 Six months ended April 30, 2022 Year ended October 31, 2021 
Fidelity Advisor Emerging Asia Fund     
Class A     
Shares sold 311,778 1,466,058 $15,259,256 $97,597,236 
Reinvestment of distributions 516,286 249,427 25,984,674 15,200,072 
Shares redeemed (893,676) (1,027,205) (41,336,175) (65,746,292) 
Net increase (decrease) (65,612) 688,280 $(92,245) $47,051,016 
Class M     
Shares sold 28,323 216,382 $1,264,609 $13,968,325 
Reinvestment of distributions 130,630 72,109 6,310,726 4,248,659 
Shares redeemed (151,680) (265,354) (6,857,511) (16,639,873) 
Net increase (decrease) 7,273 23,137 $717,824 $1,577,111 
Class C     
Shares sold 23,560 314,439 $1,000,881 $18,955,234 
Reinvestment of distributions 67,051 44,242 2,921,417 2,392,624 
Shares redeemed (115,988) (436,445) (4,721,051) (25,308,618) 
Net increase (decrease) (25,377) (77,764) $(798,753) $(3,960,760) 
Class I     
Shares sold 1,870,610 9,662,721 $88,608,293 $672,568,852 
Reinvestment of distributions 719,489 513,963 37,730,001 32,436,202 
Shares redeemed (4,592,169) (9,921,581) (226,073,649) (665,714,712) 
Net increase (decrease) (2,002,070) 255,103 $(99,735,355) $39,290,342 
Class Z     
Shares sold 1,084,577 3,868,616 $51,245,859 $266,599,478 
Reinvestment of distributions 434,767 128,161 22,725,288 8,074,147 
Shares redeemed (1,887,799) (1,650,559) (95,735,910) (109,296,489) 
Net increase (decrease) (368,455) 2,346,218 $(21,764,763) $165,377,136 

12. Other.

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

13. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 to April 30, 2022).

Actual Expenses

The first line of the accompanying table 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/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2021 
Ending
Account Value
April 30, 2022 
Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity Advisor Emerging Asia Fund     
Class A 1.24%    
Actual  $1,000.00 $645.20 $5.06 
Hypothetical-C  $1,000.00 $1,018.65 $6.21 
Class M 1.50%    
Actual  $1,000.00 $644.20 $6.12 
Hypothetical-C  $1,000.00 $1,017.36 $7.50 
Class C 1.99%    
Actual  $1,000.00 $642.80 $8.11 
Hypothetical-C  $1,000.00 $1,014.93 $9.94 
Class I .96%    
Actual  $1,000.00 $646.10 $3.92 
Hypothetical-C  $1,000.00 $1,020.03 $4.81 
Class Z .84%    
Actual  $1,000.00 $646.50 $3.43 
Hypothetical-C  $1,000.00 $1,020.63 $4.21 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

  • Highly liquid investments – cash or convertible to cash within three business days or less
  • Moderately liquid investments – convertible to cash in three to seven calendar days
  • Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

AEA-SANN-0622
1.703637.124


Fidelity Advisor® Value Leaders Fund



Semi-Annual Report

April 30, 2022

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Liquidity Risk Management Program


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. © 2022 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-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Exxon Mobil Corp. 5.1 
Berkshire Hathaway, Inc. Class B 4.7 
Cigna Corp. 4.1 
Centene Corp. 4.1 
Comcast Corp. Class A 3.6 
UnitedHealth Group, Inc. 2.9 
Samsung Electronics Co. Ltd. 2.9 
PG&E Corp. 2.6 
Anthem, Inc. 2.4 
Bank of America Corp. 2.4 
 34.8 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Health Care 21.6 
Financials 18.2 
Utilities 10.8 
Communication Services 10.0 
Consumer Staples 8.5 
Information Technology 7.3 
Industrials 6.1 
Energy 6.1 
Materials 2.6 
Consumer Discretionary 2.6 
Real Estate 0.4 

Asset Allocation (% of fund's net assets)

As of April 30, 2022 * 
   Stocks 94.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 5.8% 


 * Foreign investments - 20.2%

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   United States of America* 79.8% 
   United Kingdom 5.6% 
   Switzerland 4.1% 
   Korea (South) 2.9% 
   Canada 2.5% 
   Germany 1.9% 
   France 1.7% 
   Bailiwick of Guernsey 1.5% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 91.3%   
 Shares Value 
COMMUNICATION SERVICES - 10.0%   
Diversified Telecommunication Services - 2.4%   
Verizon Communications, Inc. 15,577 $721,215 
Entertainment - 1.5%   
Activision Blizzard, Inc. 5,700 430,920 
Interactive Media & Services - 2.2%   
Alphabet, Inc. Class A (a) 287 654,989 
Media - 3.9%   
Comcast Corp. Class A 26,958 1,071,850 
Interpublic Group of Companies, Inc. 2,913 95,022 
  1,166,872 
TOTAL COMMUNICATION SERVICES  2,973,996 
CONSUMER DISCRETIONARY - 2.6%   
Diversified Consumer Services - 1.0%   
H&R Block, Inc. 11,000 286,770 
Specialty Retail - 1.6%   
Ross Stores, Inc. 4,800 478,896 
TOTAL CONSUMER DISCRETIONARY  765,666 
CONSUMER STAPLES - 8.5%   
Food Products - 2.1%   
Mondelez International, Inc. 9,795 631,582 
Household Products - 6.4%   
Procter & Gamble Co. 3,415 548,278 
Reckitt Benckiser Group PLC 7,562 589,727 
Spectrum Brands Holdings, Inc. 4,000 340,280 
The Clorox Co. 2,900 416,063 
  1,894,348 
TOTAL CONSUMER STAPLES  2,525,930 
ENERGY - 6.1%   
Oil, Gas & Consumable Fuels - 6.1%   
Exxon Mobil Corp. 17,827 1,519,749 
Parex Resources, Inc. 15,400 300,172 
  1,819,921 
FINANCIALS - 18.2%   
Banks - 7.5%   
Bank of America Corp. 20,280 723,590 
JPMorgan Chase & Co. 4,719 563,260 
M&T Bank Corp. 3,159 526,416 
PNC Financial Services Group, Inc. 2,504 415,914 
  2,229,180 
Diversified Financial Services - 4.7%   
Berkshire Hathaway, Inc. Class B (a) 4,365 1,409,153 
Insurance - 6.0%   
Chubb Ltd. 3,413 704,614 
The Travelers Companies, Inc. 3,236 553,550 
Willis Towers Watson PLC 2,466 529,845 
  1,788,009 
TOTAL FINANCIALS  5,426,342 
HEALTH CARE - 21.6%   
Biotechnology - 1.1%   
Regeneron Pharmaceuticals, Inc. (a) 500 329,555 
Health Care Providers & Services - 15.3%   
Anthem, Inc. 1,450 727,799 
Centene Corp. (a) 14,995 1,207,847 
Cigna Corp. 5,014 1,237,355 
Humana, Inc. 1,200 533,472 
UnitedHealth Group, Inc. 1,706 867,586 
  4,574,059 
Pharmaceuticals - 5.2%   
AstraZeneca PLC sponsored ADR 8,142 540,629 
Roche Holding AG (participation certificate) 1,311 486,137 
Sanofi SA sponsored ADR 9,850 514,663 
  1,541,429 
TOTAL HEALTH CARE  6,445,043 
INDUSTRIALS - 6.1%   
Aerospace & Defense - 1.8%   
Northrop Grumman Corp. 1,254 551,008 
Air Freight & Logistics - 1.1%   
Deutsche Post AG 7,500 320,419 
Electrical Equipment - 1.4%   
Regal Rexnord Corp. 3,202 407,422 
Industrial Conglomerates - 0.8%   
Siemens AG 2,050 252,058 
Machinery - 1.0%   
Oshkosh Corp. 3,131 289,430 
TOTAL INDUSTRIALS  1,820,337 
INFORMATION TECHNOLOGY - 4.4%   
IT Services - 3.1%   
Amdocs Ltd. 5,606 446,742 
Cognizant Technology Solutions Corp. Class A 6,051 489,526 
  936,268 
Software - 1.3%   
NortonLifeLock, Inc. 15,070 377,353 
TOTAL INFORMATION TECHNOLOGY  1,313,621 
MATERIALS - 2.6%   
Chemicals - 1.1%   
DuPont de Nemours, Inc. 4,900 323,057 
Metals & Mining - 1.5%   
Lundin Mining Corp. 49,144 448,729 
TOTAL MATERIALS  771,786 
REAL ESTATE - 0.4%   
Equity Real Estate Investment Trusts (REITs) - 0.4%   
American Tower Corp. 500 120,510 
UTILITIES - 10.8%   
Electric Utilities - 10.8%   
Constellation Energy Corp. 10,740 635,915 
Evergy, Inc. 5,253 356,416 
Exelon Corp. 12,164 569,032 
PG&E Corp. (a) 60,778 768,842 
PPL Corp. 9,657 273,390 
Southern Co. 8,507 624,329 
  3,227,924 
TOTAL COMMON STOCKS   
(Cost $22,509,959)  27,211,076 
Nonconvertible Preferred Stocks - 2.9%   
INFORMATION TECHNOLOGY - 2.9%   
Technology Hardware, Storage & Peripherals - 2.9%   
Samsung Electronics Co. Ltd.   
(Cost $842,702) 18,602 867,492 
Money Market Funds - 5.7%   
Fidelity Cash Central Fund 0.32% (b)   
(Cost $1,694,793) 1,694,454 1,694,793 
TOTAL INVESTMENT IN SECURITIES - 99.9%   
(Cost $25,047,454)  29,773,361 
NET OTHER ASSETS (LIABILITIES) - 0.1%  33,688 
NET ASSETS - 100%  $29,807,049 

Legend

 (a) Non-income producing

 (b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.32% $301,089 $4,684,294 $3,290,590 $453 $-- $-- $1,694,793 0.0% 
Total $301,089 $4,684,294 $3,290,590 $453 $-- $-- $1,694,793  

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 April 30, 2022, 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:     
Communication Services $2,973,996 $2,973,996 $-- $-- 
Consumer Discretionary 765,666 765,666 -- -- 
Consumer Staples 2,525,930 1,936,203 589,727 -- 
Energy 1,819,921 1,819,921 -- -- 
Financials 5,426,342 5,426,342 -- -- 
Health Care 6,445,043 5,958,906 486,137 -- 
Industrials 1,820,337 1,247,860 572,477 -- 
Information Technology 2,181,113 1,313,621 867,492 -- 
Materials 771,786 771,786 -- -- 
Real Estate 120,510 120,510 -- -- 
Utilities 3,227,924 3,227,924 -- -- 
Money Market Funds 1,694,793 1,694,793 -- -- 
Total Investments in Securities: $29,773,361 $27,257,528 $2,515,833 $-- 

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


Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $23,352,661) 
$28,078,568  
Fidelity Central Funds (cost $1,694,793) 1,694,793  
Total Investment in Securities (cost $25,047,454)  $29,773,361 
Receivable for fund shares sold  30,332 
Dividends receivable  35,445 
Reclaims receivable  18,345 
Distributions receivable from Fidelity Central Funds  319 
Prepaid expenses  
Receivable from investment adviser for expense reductions  7,181 
Other receivables  
Total assets  29,864,992 
Liabilities   
Payable for fund shares redeemed $8,980  
Accrued management fee 10,643  
Transfer agent fee payable 4,625  
Distribution and service plan fees payable 8,272  
Other affiliated payables 975  
Other payables and accrued expenses 24,448  
Total liabilities  57,943 
Net Assets  $29,807,049 
Net Assets consist of:   
Paid in capital  $24,003,677 
Total accumulated earnings (loss)  5,803,372 
Net Assets  $29,807,049 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($19,133,857 ÷ 927,558 shares)(a)  $20.63 
Maximum offering price per share (100/94.25 of $20.63)  $21.89 
Class M:   
Net Asset Value and redemption price per share ($5,347,358 ÷ 257,878 shares)(a)  $20.74 
Maximum offering price per share (100/96.50 of $20.74)  $21.49 
Class C:   
Net Asset Value and offering price per share ($2,483,676 ÷ 123,993 shares)(a)  $20.03 
Class I:   
Net Asset Value, offering price and redemption price per share ($2,842,158 ÷ 136,981 shares)  $20.75 

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

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


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $270,240 
Income from Fidelity Central Funds  453 
Total income  270,693 
Expenses   
Management fee   
Basic fee $72,881  
Performance adjustment (21,532)  
Transfer agent fees 26,980  
Distribution and service plan fees 45,464  
Accounting fees and expenses 5,407  
Custodian fees and expenses 1,932  
Independent trustees' fees and expenses 46  
Registration fees 27,391  
Audit 21,733  
Legal 1,183  
Miscellaneous 140  
Total expenses before reductions 181,625  
Expense reductions (11,635)  
Total expenses after reductions  169,990 
Net investment income (loss)  100,703 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 1,030,963  
Foreign currency transactions (17)  
Total net realized gain (loss)  1,030,946 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (1,244,033)  
Assets and liabilities in foreign currencies (1,293)  
Total change in net unrealized appreciation (depreciation)  (1,245,326) 
Net gain (loss)  (214,380) 
Net increase (decrease) in net assets resulting from operations  $(113,677) 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $100,703 $176,961 
Net realized gain (loss) 1,030,946 2,237,725 
Change in net unrealized appreciation (depreciation) (1,245,326) 5,344,958 
Net increase (decrease) in net assets resulting from operations (113,677) 7,759,644 
Distributions to shareholders (1,882,632) (114,402) 
Share transactions - net increase (decrease) 5,099,826 622,413 
Total increase (decrease) in net assets 3,103,517 8,267,655 
Net Assets   
Beginning of period 26,703,532 18,435,877 
End of period $29,807,049 $26,703,532 

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


Financial Highlights

Fidelity Advisor Value Leaders Fund Class A

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $22.22 $15.67 $18.62 $19.31 $18.81 $16.03 
Income from Investment Operations       
Net investment income (loss)A,B .09 .17 .15 .20 .16 .11 
Net realized and unrealized gain (loss) (.08) 6.49 (2.81) .58C .47D 2.75 
Total from investment operations .01 6.66 (2.66) .78 .63 2.86 
Distributions from net investment income (.15) (.11) (.20) (.19) (.13) (.08) 
Distributions from net realized gain (1.45) – (.09) (1.28) – – 
Total distributions (1.60) (.11) (.29) (1.47) (.13) (.08) 
Net asset value, end of period $20.63 $22.22 $15.67 $18.62 $19.31 $18.81 
Total ReturnE,F,G .27% 42.68% (14.57)% 4.64%C 3.33%D 17.87% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 1.23%J 1.27% 1.35% 1.29% 1.25% 1.39% 
Expenses net of fee waivers, if any 1.15%J 1.15% 1.25% 1.25% 1.25% 1.25% 
Expenses net of all reductions 1.15%J 1.15% 1.24% 1.25% 1.25% 1.25% 
Net investment income (loss) .80%J .83% .91% 1.12% .81% .61% 
Supplemental Data       
Net assets, end of period (000 omitted) $19,134 $16,513 $10,954 $16,648 $15,105 $17,848 
Portfolio turnover rateK 47%J 51% 144% 37% 35% 34% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.03 per share. Excluding these litigation proceeds, the total return would have been 4.45%.

 D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been 3.21%.

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

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

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

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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


Fidelity Advisor Value Leaders Fund Class M

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $22.30 $15.72 $18.68 $19.34 $18.82 $16.04 
Income from Investment Operations       
Net investment income (loss)A,B .06 .12 .11 .16 .11 .07 
Net realized and unrealized gain (loss) (.08) 6.52 (2.83) .59C .47D 2.75 
Total from investment operations (.02) 6.64 (2.72) .75 .58 2.82 
Distributions from net investment income (.09) (.06) (.15) (.13) (.06) (.04) 
Distributions from net realized gain (1.45) – (.09) (1.28) – – 
Total distributions (1.54) (.06) (.24) (1.41) (.06) (.04) 
Net asset value, end of period $20.74 $22.30 $15.72 $18.68 $19.34 $18.82 
Total ReturnE,F,G .13% 42.32% (14.79)% 4.42%C 3.09%D 17.60% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 1.49%J 1.54% 1.64% 1.58% 1.54% 1.67% 
Expenses net of fee waivers, if any 1.40%J 1.41% 1.50% 1.50% 1.50% 1.50% 
Expenses net of all reductions 1.40%J 1.41% 1.49% 1.50% 1.50% 1.50% 
Net investment income (loss) .55%J .57% .66% .87% .56% .37% 
Supplemental Data       
Net assets, end of period (000 omitted) $5,347 $5,275 $3,821 $5,146 $4,987 $5,866 
Portfolio turnover rateK 47%J 51% 144% 37% 35% 34% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.03 per share. Excluding these litigation proceeds, the total return would have been 4.23%.

 D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been 2.97%.

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

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

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

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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


Fidelity Advisor Value Leaders Fund Class C

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $21.49 $15.18 $17.99 $18.67 $18.21 $15.56 
Income from Investment Operations       
Net investment income (loss)A,B .01 .01 .03 .06 .01 (.02) 
Net realized and unrealized gain (loss) (.07) 6.30 (2.75) .58C .45D 2.67 
Total from investment operations (.06) 6.31 (2.72) .64 .46 2.65 
Distributions from net investment income – – – (.04) – – 
Distributions from net realized gain (1.40) – (.09) (1.28) – – 
Total distributions (1.40) – (.09) (1.32) – – 
Net asset value, end of period $20.03 $21.49 $15.18 $17.99 $18.67 $18.21 
Total ReturnE,F,G (.11)% 41.57% (15.22)% 3.90%C 2.53%D 17.03% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 2.06%J 2.09% 2.18% 2.13% 2.09% 2.22% 
Expenses net of fee waivers, if any 1.90%J 1.93% 2.00% 2.00% 2.00% 1.99% 
Expenses net of all reductions 1.90%J 1.93% 1.99% 2.00% 2.00% 1.99% 
Net investment income (loss) .05%J .05% .16% .37% .06% (.13)% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,484 $1,875 $1,763 $2,733 $5,298 $5,619 
Portfolio turnover rateK 47%J 51% 144% 37% 35% 34% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.03 per share. Excluding these litigation proceeds, the total return would have been 3.71%.

 D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been 2.41%.

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

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

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

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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


Fidelity Advisor Value Leaders Fund Class I

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $22.39 $15.80 $18.78 $19.47 $18.97 $16.16 
Income from Investment Operations       
Net investment income (loss)A,B .11 .23 .20 .25 .22 .16 
Net realized and unrealized gain (loss) (.08) 6.54 (2.82) .59C .46D 2.77 
Total from investment operations .03 6.77 (2.62) .84 .68 2.93 
Distributions from net investment income (.22) (.18) (.27) (.26) (.18) (.12) 
Distributions from net realized gain (1.45) – (.09) (1.28) – – 
Total distributions (1.67) (.18) (.36) (1.53)E (.18) (.12) 
Net asset value, end of period $20.75 $22.39 $15.80 $18.78 $19.47 $18.97 
Total ReturnF,G .37% 43.08% (14.31)% 4.96%C 3.61%D 18.19% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions .91%J .94% .99% .97% .96% 1.12% 
Expenses net of fee waivers, if any .90%J .87% .99% .97% .96% 1.00% 
Expenses net of all reductions .90%J .87% .98% .96% .96% 1.00% 
Net investment income (loss) 1.05%J 1.11% 1.17% 1.41% 1.10% .87% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,842 $3,041 $1,898 $2,342 $4,225 $4,052 
Portfolio turnover rateK 47%J 51% 144% 37% 35% 34% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.03 per share. Excluding these litigation proceeds, the total return would have been 4.77%.

 D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been 3.49%.

 E Total distributions per share do not sum due to rounding.

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

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

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

1. Organization.

Fidelity Advisor Value Leaders Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, 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. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

Funds may invest 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 Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission 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 - Investment 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 Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

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

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

  • Level 1 – unadjusted quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2022 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds 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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a 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 a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. 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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

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

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 $5,465,295 
Gross unrealized depreciation (754,623) 
Net unrealized appreciation (depreciation) $4,710,672 
Tax cost $25,062,689 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity Advisor Value Leaders Fund 8,157,158 6,338,980 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Class I as compared to its benchmark index, the Russell 1000 Value Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .37% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (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% $21,739 $459 
Class M .25% .25% 13,554 84 
Class C .75% .25% 10,171 1,476 
   $45,464 $2,019 

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

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

 Retained by FDC 
Class A $4,388 
Class M 493 
Class C(a) 221 
 $5,102 

 (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 LLC (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 $16,755 .19 
Class M 5,626 .21 
Class C 2,752 .27 
Class I 1,847 .13 
 $26,980  

 (a) Annualized

Accounting 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. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Fidelity Advisor Value Leaders Fund .04 

Brokerage Commissions. A portion of portfolio transactions were placed 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 as follows:

 Amount 
Fidelity Advisor Value Leaders Fund $97 

Interfund Trades. Funds 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. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity Advisor Value Leaders Fund 1,055,006 553,310 29,302 

6. Committed Line of Credit.

Certain Funds participate 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 participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity Advisor Value Leaders Fund $22 

7. Expense Reductions.

The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2023. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

 Expense Limitations Reimbursement 
Class A 1.15% $6,969 
Class M 1.40% 2,545 
Class C 1.90% 1,599 
Class I .90% 116 
  $11,229 

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, custodian credits reduced the Fund's expenses by $3.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $403.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2022 
Year ended
October 31, 2021 
Fidelity Advisor Value Leaders Fund   
Distributions to shareholders   
Class A $1,169,693 $78,530 
Class M 368,978 14,324 
Class C 121,226 – 
Class I 222,735 21,548 
Total $1,882,632 $114,402 

9. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended April 30, 2022 Year ended October 31, 2021 Six months ended April 30, 2022 Year ended October 31, 2021 
Fidelity Advisor Value Leaders Fund     
Class A     
Shares sold 196,989 160,485 $4,226,088 $3,329,008 
Reinvestment of distributions 57,208 4,232 1,145,881 76,850 
Shares redeemed (69,680) (120,673) (1,480,769) (2,393,031) 
Net increase (decrease) 184,517 44,044 $3,891,200 $1,012,827 
Class M     
Shares sold 22,613 28,263 $492,324 $591,751 
Reinvestment of distributions 18,182 775 366,362 14,155 
Shares redeemed (19,466) (35,596) (414,006) (725,370) 
Net increase (decrease) 21,329 (6,558) $444,680 $(119,464) 
Class C     
Shares sold 50,248 17,522 $1,035,598 $335,639 
Reinvestment of distributions 6,217 – 121,226 – 
Shares redeemed (19,688) (46,418) (406,481) (911,467) 
Net increase (decrease) 36,777 (28,896) $750,343 $(575,828) 
Class I     
Shares sold 9,257 32,280 $199,362 $647,210 
Reinvestment of distributions 10,963 1,174 220,577 21,417 
Shares redeemed (19,084) (17,730) (406,336) (363,749) 
Net increase (decrease) 1,136 15,724 $13,603 $304,878 

10. Other.

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

11. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 to April 30, 2022).

Actual Expenses

The first line of the accompanying table 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/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2021 
Ending
Account Value
April 30, 2022 
Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity Advisor Value Leaders Fund     
Class A 1.15%    
Actual  $1,000.00 $1,002.70 $5.71 
Hypothetical-C  $1,000.00 $1,019.09 $5.76 
Class M 1.40%    
Actual  $1,000.00 $1,001.30 $6.95 
Hypothetical-C  $1,000.00 $1,017.85 $7.00 
Class C 1.90%    
Actual  $1,000.00 $998.90 $9.42 
Hypothetical-C  $1,000.00 $1,015.37 $9.49 
Class I .90%    
Actual  $1,000.00 $1,003.70 $4.47 
Hypothetical-C  $1,000.00 $1,020.33 $4.51 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

  • Highly liquid investments – cash or convertible to cash within three business days or less
  • Moderately liquid investments – convertible to cash in three to seven calendar days
  • Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

AVLF-SANN-0622
1.800656.118


Fidelity Advisor® Focused Emerging Markets Fund



Semi-Annual Report

April 30, 2022

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Liquidity Risk Management Program


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. © 2022 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-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) 8.8 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 7.5 
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) 7.4 
JD.com, Inc. sponsored ADR (Cayman Islands, Internet & Direct Marketing Retail) 4.2 
Haier Smart Home Co. Ltd. (A Shares) (China, Household Durables) 3.4 
Industrial & Commercial Bank of China Ltd. (H Shares) (China, Banks) 3.0 
Barrick Gold Corp. (Canada, Metals & Mining) 2.7 
Meituan Class B (Cayman Islands, Internet & Direct Marketing Retail) 2.5 
China Life Insurance Co. Ltd. (H Shares) (China, Insurance) 2.4 
China Resources Beer Holdings Co. Ltd. (Hong Kong, Beverages) 2.2 
 44.1 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Information Technology 20.3 
Financials 18.5 
Consumer Discretionary 17.8 
Materials 9.1 
Communication Services 8.9 
Industrials 6.6 
Consumer Staples 6.4 
Energy 4.9 
Health Care 3.6 

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   Cayman Islands 18.2% 
   Korea (South) 15.3% 
   China 15.0% 
   Taiwan 12.8% 
   India 9.0% 
   Brazil 4.2% 
   Mexico 4.2% 
   United States of America* 3.9% 
   Indonesia 2.7% 
   Other 14.7% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation (% of fund's net assets)

As of April 30, 2022 
   Stocks 96.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 3.9% 


Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 91.9%   
 Shares Value 
Bermuda - 2.3%   
Credicorp Ltd. (United States) 208,700 $28,986,343 
Shangri-La Asia Ltd. (a) 20,892,000 15,818,203 
TOTAL BERMUDA  44,804,546 
Canada - 2.7%   
Barrick Gold Corp. 2,394,700 53,425,757 
Cayman Islands - 18.2%   
Alibaba Group Holding Ltd. sponsored ADR (a) 348,400 33,826,156 
JD.com, Inc. sponsored ADR 1,316,818 81,194,998 
Li Ning Co. Ltd. 2,573,500 20,058,294 
Meituan Class B (a)(b) 2,268,300 48,601,517 
Tencent Holdings Ltd. 3,662,400 172,590,179 
TOTAL CAYMAN ISLANDS  356,271,144 
China - 15.0%   
China Life Insurance Co. Ltd. (H Shares) 32,405,000 47,090,063 
China Merchants Bank Co. Ltd. (H Shares) 6,231,500 37,558,810 
Guangzhou Automobile Group Co. Ltd. (H Shares) 36,978,000 31,353,506 
Haier Smart Home Co. Ltd. (A Shares) 17,162,056 66,555,010 
Industrial & Commercial Bank of China Ltd. (H Shares) 98,183,000 59,185,371 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) 638,300 30,081,910 
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) 8,570,877 21,501,174 
TOTAL CHINA  293,325,844 
Greece - 1.6%   
National Bank of Greece SA (a) 8,081,921 32,056,755 
Hong Kong - 2.2%   
China Resources Beer Holdings Co. Ltd. 7,190,000 42,232,914 
Hungary - 2.0%   
Richter Gedeon PLC 1,911,308 38,120,994 
India - 9.0%   
Axis Bank Ltd. (a) 2,100,700 19,778,416 
Housing Development Finance Corp. Ltd. 999,798 28,811,255 
Infosys Ltd. sponsored ADR 1,406,100 27,939,207 
Larsen & Toubro Ltd. 1,399,200 30,713,834 
Shree Cement Ltd. 68,983 23,182,258 
Solar Industries India Ltd. 745,246 26,655,760 
Voltas Ltd. 1,200,800 19,656,330 
TOTAL INDIA  176,737,060 
Indonesia - 2.7%   
PT Bank Mandiri (Persero) Tbk 38,439,669 23,603,305 
PT United Tractors Tbk (c) 14,326,100 29,894,266 
TOTAL INDONESIA  53,497,571 
Korea (South) - 15.3%   
Hyundai Motor Co. 180,070 25,987,020 
Korea Aerospace Industries Ltd. 689,778 23,656,822 
Korea Zinc Co. Ltd. 44,900 20,389,554 
LG Innotek Co. Ltd. 120,970 32,649,234 
POSCO 138,770 31,516,412 
Samsung Electronics Co. Ltd. 2,731,491 144,796,794 
Shinhan Financial Group Co. Ltd. 609,880 20,155,276 
TOTAL KOREA (SOUTH)  299,151,112 
Mexico - 4.2%   
Fomento Economico Mexicano S.A.B. de CV unit 4,304,000 32,362,520 
Grupo Financiero Banorte S.A.B. de CV Series O 3,932,900 25,962,363 
Wal-Mart de Mexico SA de CV Series V 6,464,800 22,860,362 
TOTAL MEXICO  81,185,245 
Netherlands - 0.1%   
Yandex NV Series A (a)(d) 798,300 2,738,041 
Russia - 0.0%   
LUKOIL PJSC sponsored ADR (d) 782,000 221,220 
Sberbank of Russia sponsored ADR (d) 3,242,100 57,709 
TOTAL RUSSIA  278,929 
South Africa - 1.2%   
Impala Platinum Holdings Ltd. 1,749,100 22,625,338 
Taiwan - 12.8%   
ECLAT Textile Co. Ltd. 1,522,000 24,987,760 
HIWIN Technologies Corp. 3,898,660 28,886,479 
Sporton International, Inc. 736,350 4,528,946 
Taiwan Semiconductor Manufacturing Co. Ltd. 8,150,554 147,466,239 
Unimicron Technology Corp. 3,601,000 25,272,033 
Yageo Corp. 1,410,000 19,042,174 
TOTAL TAIWAN  250,183,631 
Thailand - 2.6%   
Kasikornbank PCL (For. Reg.) 4,598,200 20,372,753 
PTT PCL (For. Reg.) 28,429,500 30,925,032 
TOTAL THAILAND  51,297,785 
Turkey - 0.0%   
Turkiye Petrol Rafinerileri A/S (a) 14,800 233,439 
TOTAL COMMON STOCKS   
(Cost $1,990,591,947)  1,798,166,105 
Nonconvertible Preferred Stocks - 4.2%   
Brazil - 4.2%   
Ambev SA sponsored ADR 8,703,900 25,328,349 
Itau Unibanco Holding SA 4,391,580 21,203,090 
Petroleo Brasileiro SA - Petrobras sponsored ADR 2,609,778 35,414,687 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $65,002,143)  81,946,126 
Money Market Funds - 4.7%   
Fidelity Cash Central Fund 0.32% (e)   
(Cost $92,786,657) 92,768,103 92,786,657 
TOTAL INVESTMENT IN SECURITIES - 100.8%   
(Cost $2,148,380,747)  1,972,898,888 
NET OTHER ASSETS (LIABILITIES) - (0.8)%  (16,616,249) 
NET ASSETS - 100%  $1,956,282,639 

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

Legend

 (a) Non-income producing

 (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $48,601,517 or 2.5% of net assets.

 (c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (d) Level 3 security

 (e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.32% $30,848,669 $587,276,222 $525,338,234 $31,147 $-- $-- $92,786,657 0.2% 
Fidelity Securities Lending Cash Central Fund 0.32% 28,269,950 175,607,130 203,877,080 22,284 -- -- -- 0.0% 
Total $59,118,619 $762,883,352 $729,215,314 $53,431 $-- $-- $92,786,657  

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. Amount for Fidelity Securities Lending Cash Central Fund 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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:     
Communication Services $175,328,220 $-- $172,590,179 $2,738,041 
Consumer Discretionary 348,382,464 115,021,154 233,361,310 -- 
Consumer Staples 122,784,145 80,551,231 42,232,914 -- 
Energy 96,688,644 35,648,126 60,819,298 221,220 
Financials 364,821,509 76,151,796 288,612,004 57,709 
Health Care 68,202,904 38,120,994 30,081,910 -- 
Industrials 128,943,585 -- 128,943,585 -- 
Information Technology 397,165,681 27,939,207 369,226,474 -- 
Materials 177,795,079 53,425,757 124,369,322 -- 
Money Market Funds 92,786,657 92,786,657 -- -- 
Total Investments in Securities: $1,972,898,888 $519,644,922 $1,450,236,996 $3,016,970 

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


Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $2,055,594,090) 
$1,880,112,231  
Fidelity Central Funds (cost $92,786,657) 92,786,657  
Total Investment in Securities (cost $2,148,380,747)  $1,972,898,888 
Foreign currency held at value (cost $15,334,670)  15,334,718 
Receivable for investments sold  24,862 
Receivable for fund shares sold  20,580,077 
Dividends receivable  5,070,611 
Distributions receivable from Fidelity Central Funds  14,199 
Prepaid expenses  694 
Other receivables  93,952 
Total assets  2,014,018,001 
Liabilities   
Payable for investments purchased   
Regular delivery $40,535,367  
Delayed delivery 771,575  
Payable for fund shares redeemed 11,565,253  
Accrued management fee 1,202,792  
Distribution and service plan fees payable 70,923  
Other affiliated payables 240,398  
Other payables and accrued expenses 3,349,054  
Total liabilities  57,735,362 
Net Assets  $1,956,282,639 
Net Assets consist of:   
Paid in capital  $2,204,753,377 
Total accumulated earnings (loss)  (248,470,738) 
Net Assets  $1,956,282,639 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($148,282,689 ÷ 5,307,906 shares)(a)  $27.94 
Maximum offering price per share (100/94.25 of $27.94)  $29.64 
Class M:   
Net Asset Value and redemption price per share ($36,726,505 ÷ 1,329,538 shares)(a)  $27.62 
Maximum offering price per share (100/96.50 of $27.62)  $28.62 
Class C:   
Net Asset Value and offering price per share ($26,992,346 ÷ 1,038,909 shares)(a)  $25.98 
Class I:   
Net Asset Value, offering price and redemption price per share ($661,858,586 ÷ 23,559,612 shares)  $28.09 
Class Z:   
Net Asset Value, offering price and redemption price per share ($1,082,422,513 ÷ 38,632,274 shares)  $28.02 

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

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


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $21,180,326 
Non-Cash dividends  5,215,205 
Income from Fidelity Central Funds (including $22,284 from security lending)  53,431 
Income before foreign taxes withheld  26,448,962 
Less foreign taxes withheld  (2,501,205) 
Total income  23,947,757 
Expenses   
Management fee $7,767,509  
Transfer agent fees 1,046,353  
Distribution and service plan fees 495,146  
Accounting fees 442,055  
Custodian fees and expenses 189,938  
Independent trustees' fees and expenses 3,446  
Registration fees 172,241  
Audit 36,767  
Legal 3,260  
Interest 2,588  
Miscellaneous 3,876  
Total expenses before reductions 10,163,179  
Expense reductions (28,778)  
Total expenses after reductions  10,134,401 
Net investment income (loss)  13,813,356 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $2,943,776) (55,865,281)  
Foreign currency transactions 7,433  
Total net realized gain (loss)  (55,857,848) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $6,486,038) (381,501,705)  
Assets and liabilities in foreign currencies (786,406)  
Total change in net unrealized appreciation (depreciation)  (382,288,111) 
Net gain (loss)  (438,145,959) 
Net increase (decrease) in net assets resulting from operations  $(424,332,603) 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $13,813,356 $19,904,180 
Net realized gain (loss) (55,857,848) 96,713,422 
Change in net unrealized appreciation (depreciation) (382,288,111) 51,154,765 
Net increase (decrease) in net assets resulting from operations (424,332,603) 167,772,367 
Distributions to shareholders (103,925,954) (27,152,600) 
Share transactions - net increase (decrease) 418,308,733 841,937,805 
Total increase (decrease) in net assets (109,949,824) 982,557,572 
Net Assets   
Beginning of period 2,066,232,463 1,083,674,891 
End of period $1,956,282,639 $2,066,232,463 

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


Financial Highlights

Fidelity Advisor Focused Emerging Markets Fund Class A

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $36.01 $30.73 $26.18 $24.48 $28.86 $22.30 
Income from Investment Operations       
Net investment income (loss)A,B .17 .31 .15 .44C .09 .08 
Net realized and unrealized gain (loss) (6.60) 5.64 4.48 4.26 (4.39) 6.49 
Total from investment operations (6.43) 5.95 4.63 4.70 (4.30) 6.57 
Distributions from net investment income (.52) (.05) (.08) (.06)D (.05) (.01) 
Distributions from net realized gain (1.12) (.62) – (2.94)D (.03) – 
Total distributions (1.64) (.67) (.08) (3.00) (.08) (.01) 
Redemption fees added to paid in capitalA – – – – E E 
Net asset value, end of period $27.94 $36.01 $30.73 $26.18 $24.48 $28.86 
Total ReturnF,G,H (18.58)% 19.43% 17.71% 19.42% (14.93)% 29.46% 
Ratios to Average Net AssetsB,I,J       
Expenses before reductions 1.33%K 1.32% 1.39% 1.41% 1.44% 1.47% 
Expenses net of fee waivers, if any 1.33%K 1.32% 1.39% 1.41% 1.44% 1.47% 
Expenses net of all reductions 1.33%K 1.32% 1.36% 1.39% 1.40% 1.46% 
Net investment income (loss) 1.06%K .83% .54% 1.62%C .30% .34% 
Supplemental Data       
Net assets, end of period (000 omitted) $148,283 $191,955 $150,749 $144,062 $120,499 $142,129 
Portfolio turnover rateL 63%K 51% 66% 166%M 87% 86% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.32 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been .44%.

 D The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

 E Amount represents less than $.005 per share.

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

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

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

 I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 K Annualized

 L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 M Portfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Advisor Focused Emerging Markets Fund Class M

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $35.56 $30.36 $25.86 $24.25 $28.61 $22.16 
Income from Investment Operations       
Net investment income (loss)A,B .12 .20 .07 .36C D .02 
Net realized and unrealized gain (loss) (6.54) 5.58 4.43 4.20 (4.34) 6.43 
Total from investment operations (6.42) 5.78 4.50 4.56 (4.34) 6.45 
Distributions from net investment income (.41) – – (.02)E – – 
Distributions from net realized gain (1.12) (.58) – (2.93)E (.02) – 
Total distributions (1.52)F (.58) – (2.95) (.02) – 
Redemption fees added to paid in capitalA – – – – D D 
Net asset value, end of period $27.62 $35.56 $30.36 $25.86 $24.25 $28.61 
Total ReturnG,H,I (18.72)% 19.10% 17.40% 19.03% (15.17)% 29.11% 
Ratios to Average Net AssetsB,J,K       
Expenses before reductions 1.62%L 1.61% 1.68% 1.70% 1.73% 1.75% 
Expenses net of fee waivers, if any 1.62%L 1.60% 1.67% 1.70% 1.73% 1.75% 
Expenses net of all reductions 1.62%L 1.60% 1.64% 1.68% 1.69% 1.73% 
Net investment income (loss) .78%L .55% .25% 1.33%C - %M .06% 
Supplemental Data       
Net assets, end of period (000 omitted) $36,727 $48,494 $42,509 $45,310 $40,616 $53,572 
Portfolio turnover rateN 63%L 51% 66% 166%O 87% 86% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.32 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been .15%.

 D Amount represents less than $.005 per share.

 E The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

 F Total distributions per share do not sum due to rounding.

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

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

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

 J Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 K Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 L Annualized

 M Amount represents less than .005%.

 N Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 O Portfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Advisor Focused Emerging Markets Fund Class C

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $33.42 $28.57 $24.46 $23.18 $27.46 $21.37 
Income from Investment Operations       
Net investment income (loss)A,B .04 .01 (.06) .22C (.13) (.10) 
Net realized and unrealized gain (loss) (6.15) 5.27 4.17 4.02 (4.15) 6.19 
Total from investment operations (6.11) 5.28 4.11 4.24 (4.28) 6.09 
Distributions from net investment income (.21) – – (.02)D – – 
Distributions from net realized gain (1.12) (.43) – (2.94)D – – 
Total distributions (1.33) (.43) – (2.96) – – 
Redemption fees added to paid in capitalA – – – – E E 
Net asset value, end of period $25.98 $33.42 $28.57 $24.46 $23.18 $27.46 
Total ReturnF,G,H (18.93)% 18.52% 16.80% 18.48% (15.59)% 28.50% 
Ratios to Average Net AssetsB,I,J       
Expenses before reductions 2.12%K 2.11% 2.18% 2.20% 2.22% 2.24% 
Expenses net of fee waivers, if any 2.12%K 2.11% 2.17% 2.20% 2.22% 2.24% 
Expenses net of all reductions 2.12%K 2.11% 2.14% 2.17% 2.19% 2.22% 
Net investment income (loss) .27%K .04% (.25)% .83%C (.49)% (.43)% 
Supplemental Data       
Net assets, end of period (000 omitted) $26,992 $37,777 $35,268 $41,615 $50,617 $57,599 
Portfolio turnover rateL 63%K 51% 66% 166%M 87% 86% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.30 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been (.34)%.

 D The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

 E Amount represents less than $.005 per share.

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

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

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

 I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 K Annualized

 L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 M Portfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Advisor Focused Emerging Markets Fund Class I

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $36.27 $30.94 $26.34 $24.65 $29.03 $22.44 
Income from Investment Operations       
Net investment income (loss)A,B .22 .42 .24 .54C .18 .17 
Net realized and unrealized gain (loss) (6.65) 5.67 4.51 4.26 (4.41) 6.51 
Total from investment operations (6.43) 6.09 4.75 4.80 (4.23) 6.68 
Distributions from net investment income (.63) (.15) (.15) (.17)D (.12) (.09) 
Distributions from net realized gain (1.12) (.62) – (2.94)D (.03) – 
Total distributions (1.75) (.76)E (.15) (3.11) (.15) (.09) 
Redemption fees added to paid in capitalA – – – – F F 
Net asset value, end of period $28.09 $36.27 $30.94 $26.34 $24.65 $29.03 
Total ReturnG,H (18.49)% 19.77% 18.13% 19.78% (14.64)% 29.94% 
Ratios to Average Net AssetsB,I,J       
Expenses before reductions 1.02%K 1.03% 1.06% 1.09% 1.12% 1.13% 
Expenses net of fee waivers, if any 1.02%K 1.03% 1.06% 1.09% 1.12% 1.13% 
Expenses net of all reductions 1.02%K 1.03% 1.03% 1.06% 1.08% 1.11% 
Net investment income (loss) 1.37%K 1.13% .86% 1.94%C .62% .68% 
Supplemental Data       
Net assets, end of period (000 omitted) $661,859 $660,307 $312,731 $288,485 $394,904 $340,526 
Portfolio turnover rateL 63%K 51% 66% 166%M 87% 86% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.33 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been .77%.

 D The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

 E Total distributions per share do not sum due to rounding.

 F Amount represents less than $.005 per share.

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

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

 I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 K Annualized

 L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 M Portfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Advisor Focused Emerging Markets Fund Class Z

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $36.21 $30.89 $26.33 $24.65 $29.02 $22.44 
Income from Investment Operations       
Net investment income (loss)A,B .24 .47 .28 .57C .22 .21 
Net realized and unrealized gain (loss) (6.63) 5.66 4.50 4.26 (4.41) 6.50 
Total from investment operations (6.39) 6.13 4.78 4.83 (4.19) 6.71 
Distributions from net investment income (.68) (.20) (.22) (.21)D (.15) (.13) 
Distributions from net realized gain (1.12) (.62) – (2.94)D (.03) – 
Total distributions (1.80) (.81)E (.22) (3.15) (.18) (.13) 
Redemption fees added to paid in capitalA – – – – F F 
Net asset value, end of period $28.02 $36.21 $30.89 $26.33 $24.65 $29.02 
Total ReturnG,H (18.43)% 19.94% 18.29% 19.93% (14.52)% 30.13% 
Ratios to Average Net AssetsB,I,J       
Expenses before reductions .90%K .90% .94% .95% .98% .98% 
Expenses net of fee waivers, if any .90%K .90% .93% .95% .98% .98% 
Expenses net of all reductions .90%K .90% .90% .92% .94% .97% 
Net investment income (loss) 1.49%K 1.25% .99% 2.09%C .76% .82% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,082,423 $1,127,699 $542,418 $90,032 $65,453 $14,387 
Portfolio turnover rateL 63%K 51% 66% 166%M 87% 86% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.32 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been .91%.

 D The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

 E Total distributions per share do not sum due to rounding.

 F Amount represents less than $.005 per share.

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

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

 I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 K Annualized

 L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 M Portfolio turnover rate excludes securities received or delivered in-kind.

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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

1. Organization.

Fidelity Advisor Focused Emerging Markets Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

Funds may invest 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 Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission 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 - Investment 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 Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

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

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

  • Level 1 – unadjusted quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, 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. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2022 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds 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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a 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 a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. 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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

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

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 $213,950,676 
Gross unrealized depreciation (417,149,701) 
Net unrealized appreciation (depreciation) $(203,199,025) 
Tax cost $2,176,097,913 

Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities (including Private Placements). Funds 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 held at period end is included at the end of the Schedule of Investments, if applicable.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity Advisor Focused Emerging Markets Fund 897,792,885 619,310,047 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (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 .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. 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 .78% 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 Company LLC (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% $219,491 $8,886 
Class M .25% .25% 109,802 986 
Class C .75% .25% 165,853 28,655 
   $495,146 $38,527 

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

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

 Retained by FDC 
Class A $12,752 
Class M 1,496 
Class C(a) 401 
 $14,649 

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

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

 Amount % of Class-Level Average Net Assets(a) 
Class A $193,108 .22 
Class M 56,460 .26 
Class C 42,616 .26 
Class I 536,200 .16 
Class Z 217,969 .04 
 $1,046,353  

 (a) Annualized

Accounting 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. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Fidelity Advisor Focused Emerging Markets Fund .04 

Brokerage Commissions. A portion of portfolio transactions were placed 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 as follows:

 Amount 
Fidelity Advisor Focused Emerging Markets Fund $3,547 

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity Advisor Focused Emerging Markets Fund Borrower $10,486,700 .32% $1,867 

Interfund Trades. Funds 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. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity Advisor Focused Emerging Markets Fund 8,367,965 11,334,735 (8,952,506) 

6. Committed Line of Credit.

Certain Funds participate 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 participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity Advisor Focused Emerging Markets Fund $1,697 

7. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a 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 a fund and any additional required collateral is delivered to a fund on the next business day. A 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, a fund may apply collateral received from the borrower against the obligation. A 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. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Advisor Focused Emerging Markets Fund $2,398 $– $– 

8. Bank Borrowings.

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:

 Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity Advisor Focused Emerging Markets Fund $8,945,600 .58% $721 

9. 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, custodian credits reduced the Fund's expenses by $183.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $28,595.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2022 
Year ended
October 31, 2021 
Fidelity Advisor Focused Emerging Markets Fund   
Distributions to shareholders   
Class A $8,660,415 $3,269,063 
Class M 2,051,478 815,657 
Class C 1,462,486 524,769 
Class I 31,181,994 7,975,616 
Class Z 60,569,581 14,567,495 
Total $103,925,954 $27,152,600 

11. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended April 30, 2022 Year ended October 31, 2021 Six months ended April 30, 2022 Year ended October 31, 2021 
Fidelity Advisor Focused Emerging Markets Fund     
Class A     
Shares sold 385,323 1,446,101 $12,487,663 $54,725,907 
Reinvestment of distributions 253,984 91,216 8,427,188 3,177,059 
Shares redeemed (661,747) (1,111,936) (21,175,243) (41,562,562) 
Net increase (decrease) (22,440) 425,381 $(260,392) $16,340,404 
Class M     
Shares sold 61,440 268,448 $1,999,537 $9,992,297 
Reinvestment of distributions 60,785 23,091 1,996,161 796,190 
Shares redeemed (156,415) (327,828) (5,040,683) (12,069,870) 
Net increase (decrease) (34,190) (36,289) $(1,044,985) $(1,281,383) 
Class C     
Shares sold 90,502 361,253 $2,747,362 $12,691,027 
Reinvestment of distributions 46,491 16,009 1,438,907 521,091 
Shares redeemed (228,630) (481,004) (6,910,202) (16,888,679) 
Net increase (decrease) (91,637) (103,742) $(2,723,933) $(3,676,561) 
Class I     
Shares sold 11,849,318 14,527,820 $382,640,585 $555,294,070 
Reinvestment of distributions 853,376 217,624 28,434,488 7,614,673 
Shares redeemed (7,348,895) (6,647,608) (239,000,883) (251,550,539) 
Net increase (decrease) 5,353,799 8,097,836 $172,074,190 $311,358,204 
Class Z     
Shares sold 44,045,534 26,390,119 $1,379,956,270 $988,674,538 
Reinvestment of distributions 617,102 161,741 20,493,941 5,643,146 
Shares redeemed (37,177,260) (12,964,561) (1,150,186,358) (475,120,543) 
Net increase (decrease) 7,485,376 13,587,299 $250,263,853 $519,197,141 

12. Other.

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

13. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 to April 30, 2022).

Actual Expenses

The first line of the accompanying table 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/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2021 
Ending
Account Value
April 30, 2022 
Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity Advisor Focused Emerging Markets Fund     
Class A 1.33%    
Actual  $1,000.00 $814.20 $5.98 
Hypothetical-C  $1,000.00 $1,018.20 $6.66 
Class M 1.62%    
Actual  $1,000.00 $812.80 $7.28 
Hypothetical-C  $1,000.00 $1,016.76 $8.10 
Class C 2.12%    
Actual  $1,000.00 $810.70 $9.52 
Hypothetical-C  $1,000.00 $1,014.28 $10.59 
Class I 1.02%    
Actual  $1,000.00 $815.10 $4.59 
Hypothetical-C  $1,000.00 $1,019.74 $5.11 
Class Z .90%    
Actual  $1,000.00 $815.70 $4.05 
Hypothetical-C  $1,000.00 $1,020.33 $4.51 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

  • Highly liquid investments – cash or convertible to cash within three business days or less
  • Moderately liquid investments – convertible to cash in three to seven calendar days
  • Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

FAEM-SANN-0622
1.800638.118


Fidelity Advisor® Global Equity Income Fund



Semi-Annual Report

April 30, 2022

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Liquidity Risk Management Program


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. © 2022 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-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Apple, Inc. (United States of America, Technology Hardware, Storage & Peripherals) 4.7 
Microsoft Corp. (United States of America, Software) 3.9 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 1.7 
UnitedHealth Group, Inc. (United States of America, Health Care Providers & Services) 1.4 
The Coca-Cola Co. (United States of America, Beverages) 1.4 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 1.4 
Walmart, Inc. (United States of America, Food & Staples Retailing) 1.4 
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) 1.3 
Eli Lilly & Co. (United States of America, Pharmaceuticals) 1.3 
Accenture PLC Class A (Ireland, IT Services) 1.3 
 19.8 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Information Technology 19.9 
Health Care 12.3 
Consumer Staples 11.3 
Industrials 10.2 
Financials 8.8 
Consumer Discretionary 8.0 
Communication Services 6.9 
Energy 6.2 
Materials 4.5 
Utilities 3.8 
Real Estate 1.4 

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   United States of America* 52.7% 
   United Kingdom 8.5% 
   Japan 5.9% 
   Canada 5.0% 
   France 4.2% 
   Switzerland 3.7% 
   Ireland 2.4% 
   Taiwan 2.4% 
   Germany 2.2% 
   Other 13.0% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and include the effect of futures, if applicable.

Asset Allocation (% of fund's net assets)

As of April 30, 2022 
   Stocks 93.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 6.7% 


Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.3%   
 Shares Value 
Bailiwick of Guernsey - 0.3%   
Amdocs Ltd. 1,309 $104,314 
Bailiwick of Jersey - 0.5%   
Clarivate Analytics PLC (a) 4,095 64,210 
Experian PLC 1,551 53,563 
WPP PLC 7,130 88,875 
TOTAL BAILIWICK OF JERSEY  206,648 
Belgium - 0.7%   
KBC Group NV 2,276 154,841 
UCB SA 936 106,398 
TOTAL BELGIUM  261,239 
Bermuda - 0.0%   
Hiscox Ltd. 1,193 14,166 
Brazil - 0.7%   
Equatorial Energia SA 50,883 263,886 
Canada - 5.0%   
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) 6,268 279,039 
Canadian Natural Resources Ltd. 5,591 346,040 
Constellation Software, Inc. 86 135,353 
George Weston Ltd. 95 11,819 
Imperial Oil Ltd. 6,269 315,634 
Lundin Mining Corp. 11,474 104,768 
Nutrien Ltd. 1,005 98,759 
Open Text Corp. 4,480 179,423 
Shaw Communications, Inc. Class B 5,282 157,311 
Suncor Energy, Inc. 10,022 360,266 
TOTAL CANADA  1,988,412 
Cayman Islands - 1.0%   
HKBN Ltd. 290,944 339,921 
SITC International Holdings Co. Ltd. 15,007 49,890 
TOTAL CAYMAN ISLANDS  389,811 
China - 0.7%   
Kweichow Moutai Co. Ltd. (A Shares) 743 205,051 
TravelSky Technology Ltd. (H Shares) 46,313 69,941 
TOTAL CHINA  274,992 
Finland - 1.2%   
Elisa Corp. (A Shares) 6,986 409,529 
Neste OYJ 1,331 57,112 
TOTAL FINLAND  466,641 
France - 4.2%   
Capgemini SA 2,273 462,735 
Edenred SA 2,968 149,059 
Elior SA (a)(b) 997 3,044 
LVMH Moet Hennessy Louis Vuitton SE 486 314,508 
Sanofi SA 3,763 397,730 
Teleperformance 431 154,691 
Vicat SA 2,163 65,044 
VINCI SA 1,578 153,119 
TOTAL FRANCE  1,699,930 
Germany - 2.2%   
Deutsche Post AG 5,283 225,703 
Deutsche Telekom AG 8,879 163,561 
Linde PLC 546 171,246 
Rheinmetall AG 601 135,480 
Siemens AG 1,516 186,400 
TOTAL GERMANY  882,390 
Hong Kong - 0.6%   
AIA Group Ltd. 25,087 246,449 
India - 1.5%   
HDFC Bank Ltd. sponsored ADR 1,469 81,103 
Redington (India) Ltd. 70,886 140,296 
Reliance Industries Ltd. 10,088 365,071 
TOTAL INDIA  586,470 
Indonesia - 0.3%   
PT Bank Central Asia Tbk (c) 239,446 134,298 
Ireland - 2.4%   
Accenture PLC Class A 1,753 526,531 
Johnson Controls International PLC 2,434 145,724 
Linde PLC 843 262,982 
Seagate Technology Holdings PLC 385 31,585 
TOTAL IRELAND  966,822 
Japan - 5.9%   
Capcom Co. Ltd. 2,736 72,195 
Daiichikosho Co. Ltd. 4,548 124,047 
FUJIFILM Holdings Corp. 1,599 87,899 
Fujitsu Ltd. 726 109,734 
Hitachi Ltd. 5,142 243,867 
Hoya Corp. 4,222 419,000 
Inaba Denki Sangyo Co. Ltd. 8,718 170,981 
Jm Holdings Co. Ltd. 3,454 43,223 
Minebea Mitsumi, Inc. 7,656 146,889 
NSD Co. Ltd. 3,805 67,544 
Renesas Electronics Corp. (a) 11,489 122,679 
Roland Corp. 2,904 100,217 
Shin-Etsu Chemical Co. Ltd. 594 81,636 
Sony Group Corp. 4,250 366,780 
Toyota Motor Corp. 12,644 216,639 
TOTAL JAPAN  2,373,330 
Kenya - 0.4%   
Safaricom Ltd. 551,201 160,410 
Korea (South) - 1.3%   
Samsung Electronics Co. Ltd. 10,159 538,530 
Luxembourg - 0.3%   
B&M European Value Retail SA 19,204 117,665 
Netherlands - 1.1%   
Airbus Group NV 2,028 222,009 
NXP Semiconductors NV 1,337 228,493 
TOTAL NETHERLANDS  450,502 
New Zealand - 0.5%   
Auckland International Airport Ltd. (a) 40,727 204,572 
South Africa - 0.0%   
Thungela Resources Ltd. 644 10,922 
Spain - 1.6%   
Aena SME SA (a)(b) 1,782 252,883 
Amadeus IT Holding SA Class A (a) 6,496 407,058 
TOTAL SPAIN  659,941 
Sweden - 0.3%   
EQT AB 878 24,849 
HEXPOL AB (B Shares) 12,422 106,657 
TOTAL SWEDEN  131,506 
Switzerland - 3.7%   
Barry Callebaut AG 26 59,840 
Chubb Ltd. 725 149,676 
Nestle SA (Reg. S) 3,096 399,675 
Roche Holding AG (participation certificate) 1,517 562,525 
Sika AG 1,089 332,644 
TOTAL SWITZERLAND  1,504,360 
Taiwan - 2.4%   
International Games Systems Co. Ltd. 4,698 115,410 
MediaTek, Inc. 5,884 162,301 
Taiwan Semiconductor Manufacturing Co. Ltd. 37,420 677,032 
TOTAL TAIWAN  954,743 
United Kingdom - 8.5%   
Anglo American PLC (United Kingdom) 5,089 225,397 
AstraZeneca PLC sponsored ADR 6,004 398,666 
BAE Systems PLC 24,030 221,957 
Compass Group PLC 19,954 421,066 
Cranswick PLC 1,225 48,711 
Diageo PLC 9,530 475,441 
Electrocomponents PLC 15,826 206,569 
Informa PLC (a) 28,633 203,120 
JD Sports Fashion PLC 66,660 109,834 
Reckitt Benckiser Group PLC 3,259 254,155 
RELX PLC (London Stock Exchange) 16,966 505,425 
Starling Bank Ltd. Series D (a)(d)(e) 20,800 61,673 
Unilever PLC 3,857 179,312 
WH Smith PLC (a) 6,221 111,924 
TOTAL UNITED KINGDOM  3,423,250 
United States of America - 46.0%   
AbbVie, Inc. 2,416 354,862 
Albertsons Companies, Inc. 2,228 69,692 
Ameren Corp. 2,715 252,224 
American Tower Corp. 926 223,185 
Amgen, Inc. 2,043 476,407 
Apple, Inc. 11,986 1,889,595 
Bank of America Corp. 10,102 360,439 
BJ's Wholesale Club Holdings, Inc. (a) 4,946 318,275 
BlackRock, Inc. Class A 343 214,265 
Bristol-Myers Squibb Co. 6,131 461,480 
Burlington Stores, Inc. (a) 262 53,333 
Capital One Financial Corp. 2,910 362,644 
Cisco Systems, Inc. 5,644 276,443 
Comcast Corp. Class A 7,449 296,172 
Costco Wholesale Corp. 501 266,392 
Crane Co. 1,054 101,426 
Crown Holdings, Inc. 1,461 160,768 
Danaher Corp. 1,930 484,681 
Dollar Tree, Inc. (a) 745 121,025 
Dominion Energy, Inc. 2,715 221,653 
Eli Lilly & Co. 1,820 531,677 
Exxon Mobil Corp. 3,655 311,589 
General Electric Co. 2,398 178,771 
Hartford Financial Services Group, Inc. 1,892 132,308 
Hess Corp. 1,721 177,383 
JPMorgan Chase & Co. 3,289 392,575 
Keurig Dr. Pepper, Inc. 4,593 171,778 
Kohl's Corp. 3,812 220,639 
Lamar Advertising Co. Class A 2,912 321,514 
Lowe's Companies, Inc. 1,934 382,410 
M&T Bank Corp. 1,277 212,799 
Merck & Co., Inc. 2,465 218,621 
Microsoft Corp. 5,639 1,564,935 
Mondelez International, Inc. 3,200 206,336 
MSCI, Inc. 225 94,781 
NextEra Energy, Inc. 3,970 281,949 
Northrop Grumman Corp. 436 191,578 
NRG Energy, Inc. 3,275 117,573 
Packaging Corp. of America 1,567 252,553 
PG&E Corp. (a) 3,305 41,808 
Phillips 66 Co. 2,708 234,946 
PNC Financial Services Group, Inc. 1,372 227,889 
Procter & Gamble Co. 3,065 492,086 
PVH Corp. 1,102 80,204 
T-Mobile U.S., Inc. (a) 3,469 427,173 
Target Corp. 2,034 465,074 
Tempur Sealy International, Inc. 3,107 84,231 
The Coca-Cola Co. 8,743 564,885 
The Travelers Companies, Inc. 1,253 214,338 
United Parcel Service, Inc. Class B 1,330 239,373 
UnitedHealth Group, Inc. 1,111 564,999 
Valero Energy Corp. 2,445 272,569 
Verizon Communications, Inc. 4,481 207,470 
Vistra Corp. 8,076 202,062 
Walmart, Inc. 3,578 547,398 
Watsco, Inc. 85 22,676 
WEC Energy Group, Inc. 1,363 136,368 
Wells Fargo & Co. 11,520 502,618 
TOTAL UNITED STATES OF AMERICA  18,454,897 
TOTAL COMMON STOCKS   
(Cost $29,757,815)  37,471,096 
Money Market Funds - 15.4%   
Fidelity Cash Central Fund 0.32% (f) 6,078,665 6,079,881 
Fidelity Securities Lending Cash Central Fund 0.32% (f)(g) 80,592 80,600 
TOTAL MONEY MARKET FUNDS   
(Cost $6,160,481)  6,160,481 
TOTAL INVESTMENT IN SECURITIES - 108.7%   
(Cost $35,918,296)  43,631,577 
NET OTHER ASSETS (LIABILITIES) - (8.7)%  (3,489,235) 
NET ASSETS - 100%  $40,142,342 

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

Legend

 (a) Non-income producing

 (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $255,927 or 0.6% of net assets.

 (c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $61,673 or 0.2% of net assets.

 (e) Level 3 security

 (f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Starling Bank Ltd. Series D 6/18/21 - 4/5/22 $40,298 

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.32% $3,121,618 $9,103,300 $6,145,037 $1,643 $-- $-- $6,079,881 0.0% 
Fidelity Securities Lending Cash Central Fund 0.32% --  462,383  381,783 401 -- -- 80,600 0.0% 
Total $3,121,618 $9,565,683 $ 6,526,820 $2,044 $-- $-- $6,160,481  

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. Amount for Fidelity Securities Lending Cash Central Fund 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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:     
Communication Services $2,765,194 $1,248,536 $1,516,658 $-- 
Consumer Discretionary 3,168,593 1,406,916 1,761,677 -- 
Consumer Staples 4,593,108 2,927,700 1,665,408 -- 
Energy 2,451,532 2,018,427 433,105 -- 
Financials 3,581,711 2,945,435 574,603 61,673 
Health Care 4,977,046 3,491,393 1,485,653 -- 
Industrials 4,077,756 943,758 3,133,998 -- 
Information Technology 7,931,480 4,936,672 2,994,808 -- 
Materials 1,862,454 879,830 982,624 -- 
Real Estate 544,699 544,699 -- -- 
Utilities 1,517,523 1,517,523 -- -- 
Money Market Funds 6,160,481 6,160,481 -- -- 
Total Investments in Securities: $43,631,577 $29,021,370 $14,548,534 $61,673 

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


Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $79,105) — See accompanying schedule:
Unaffiliated issuers (cost $29,757,815) 
$37,471,096  
Fidelity Central Funds (cost $6,160,481) 6,160,481  
Total Investment in Securities (cost $35,918,296)  $43,631,577 
Cash  422 
Foreign currency held at value (cost $203,415)  203,285 
Receivable for investments sold  2,182,943 
Receivable for fund shares sold  128,425 
Dividends receivable  61,260 
Reclaims receivable  20,728 
Distributions receivable from Fidelity Central Funds  1,330 
Prepaid expenses  10 
Receivable from investment adviser for expense reductions  35,687 
Total assets  46,265,667 
Liabilities   
Payable for investments purchased   
Regular delivery $5,899,714  
Delayed delivery 21,047  
Payable for fund shares redeemed 11,886  
Accrued management fee 21,814  
Distribution and service plan fees payable 11,102  
Other affiliated payables 6,857  
Other payables and accrued expenses 70,305  
Collateral on securities loaned 80,600  
Total liabilities  6,123,325 
Net Assets  $40,142,342 
Net Assets consist of:   
Paid in capital  $32,568,825 
Total accumulated earnings (loss)  7,573,517 
Net Assets  $40,142,342 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($13,572,483 ÷ 738,565 shares)(a)  $18.38 
Maximum offering price per share (100/94.25 of $18.38)  $19.50 
Class M:   
Net Asset Value and redemption price per share ($8,935,297 ÷ 486,740 shares)(a)  $18.36 
Maximum offering price per share (100/96.50 of $18.36)  $19.03 
Class C:   
Net Asset Value and offering price per share ($5,062,612 ÷ 278,546 shares)(a)  $18.18 
Class I:   
Net Asset Value, offering price and redemption price per share ($7,601,352 ÷ 413,228 shares)  $18.40 
Class Z:   
Net Asset Value, offering price and redemption price per share ($4,970,598 ÷ 268,752 shares)  $18.50 

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

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


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $362,512 
Income from Fidelity Central Funds (including $401 from security lending)  2,044 
Income before foreign taxes withheld  364,556 
Less foreign taxes withheld  (22,044) 
Total income  342,512 
Expenses   
Management fee $122,081  
Transfer agent fees 30,329  
Distribution and service plan fees 65,791  
Accounting fees 9,378  
Custodian fees and expenses 3,692  
Independent trustees' fees and expenses 59  
Registration fees 56,498  
Audit 30,946  
Legal 1,409  
Miscellaneous 152  
Total expenses before reductions 320,335  
Expense reductions (68,848)  
Total expenses after reductions  251,487 
Net investment income (loss)  91,025 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $8,292) (85,996)  
Foreign currency transactions 1,011  
Total net realized gain (loss)  (84,985) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $2,476) (2,079,443)  
Assets and liabilities in foreign currencies (4,203)  
Total change in net unrealized appreciation (depreciation)  (2,083,646) 
Net gain (loss)  (2,168,631) 
Net increase (decrease) in net assets resulting from operations  $(2,077,606) 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $91,025 $112,330 
Net realized gain (loss) (84,985) 3,052,387 
Change in net unrealized appreciation (depreciation) (2,083,646) 4,519,727 
Net increase (decrease) in net assets resulting from operations (2,077,606) 7,684,444 
Distributions to shareholders (2,822,226) (393,317) 
Share transactions - net increase (decrease) 10,668,400 5,360,910 
Total increase (decrease) in net assets 5,768,568 12,652,037 
Net Assets   
Beginning of period 34,373,774 21,721,737 
End of period $40,142,342 $34,373,774 

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


Financial Highlights

Fidelity Advisor Global Equity Income Fund Class A

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $21.07 $15.95 $15.33 $13.86 $14.63 $12.44 
Income from Investment Operations       
Net investment income (loss)A,B .06 .10 .13 .19 .19 .13 
Net realized and unrealized gain (loss) (1.03) 5.32 .61 1.76 (.52) 2.20 
Total from investment operations (.97) 5.42 .74 1.95 (.33) 2.33 
Distributions from net investment income (.03) (.10)C (.12) (.20) (.18) (.13) 
Distributions from net realized gain (1.69) (.20)C – (.28) (.26) (.01) 
Total distributions (1.72) (.30) (.12) (.48) (.44) (.14) 
Net asset value, end of period $18.38 $21.07 $15.95 $15.33 $13.86 $14.63 
Total ReturnD,E,F (5.12)% 34.23% 4.87% 14.52% (2.41)% 18.79% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions 1.69%I 1.72% 1.97% 2.18% 1.91% 2.05% 
Expenses net of fee waivers, if any 1.30%I 1.34% 1.39% 1.45% 1.45% 1.45% 
Expenses net of all reductions 1.30%I 1.34% 1.38% 1.45% 1.44% 1.45% 
Net investment income (loss) .60%I .49% .81% 1.32% 1.33% .96% 
Supplemental Data       
Net assets, end of period (000 omitted) $13,572 $12,640 $8,362 $8,314 $8,427 $7,441 
Portfolio turnover rateJ 15%I 40% 52% 18%K 37% 48% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

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

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

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

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 K Portfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Advisor Global Equity Income Fund Class M

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $21.05 $15.94 $15.32 $13.85 $14.62 $12.44 
Income from Investment Operations       
Net investment income (loss)A,B .03 .05 .09 .15 .16 .10 
Net realized and unrealized gain (loss) (1.03) 5.31 .61 1.76 (.53) 2.18 
Total from investment operations (1.00) 5.36 .70 1.91 (.37) 2.28 
Distributions from net investment income – (.06)C (.08) (.16) (.14) (.10) 
Distributions from net realized gain (1.69) (.20)C – (.28) (.26) (.01) 
Total distributions (1.69) (.25)D (.08) (.44) (.40) (.10)D 
Net asset value, end of period $18.36 $21.05 $15.94 $15.32 $13.85 $14.62 
Total ReturnE,F,G (5.24)% 33.89% 4.63% 14.23% (2.64)% 18.42% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 1.90%J 1.95% 2.24% 2.49% 2.21% 2.35% 
Expenses net of fee waivers, if any 1.55%J 1.60% 1.64% 1.70% 1.70% 1.70% 
Expenses net of all reductions 1.55%J 1.60% 1.63% 1.70% 1.69% 1.69% 
Net investment income (loss) .35%J .23% .56% 1.07% 1.08% .71% 
Supplemental Data       
Net assets, end of period (000 omitted) $8,935 $8,442 $3,545 $3,135 $3,279 $3,573 
Portfolio turnover rateK 15%J 40% 52% 18%L 37% 48% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

 D Total distributions per share do not sum due to rounding.

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

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

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

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 L Portfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Advisor Global Equity Income Fund Class C

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $20.88 $15.84 $15.24 $13.77 $14.57 $12.39 
Income from Investment Operations       
Net investment income (loss)A,B (.02) (.05) .01 .08 .08 .03 
Net realized and unrealized gain (loss) (1.02) 5.28 .62 1.75 (.53) 2.19 
Total from investment operations (1.04) 5.23 .63 1.83 (.45) 2.22 
Distributions from net investment income – C,D (.03) (.09) (.09) (.03) 
Distributions from net realized gain (1.66) (.19)C – (.28) (.26) (.01) 
Total distributions (1.66) (.19) (.03) (.36)E (.35) (.04) 
Net asset value, end of period $18.18 $20.88 $15.84 $15.24 $13.77 $14.57 
Total ReturnF,G,H (5.49)% 33.22% 4.12% 13.71% (3.22)% 17.91% 
Ratios to Average Net AssetsB,I,J       
Expenses before reductions 2.43%K 2.47% 2.75% 2.99% 2.72% 2.85% 
Expenses net of fee waivers, if any 2.05%K 2.09% 2.14% 2.20% 2.20% 2.20% 
Expenses net of all reductions 2.05%K 2.09% 2.13% 2.20% 2.19% 2.20% 
Net investment income (loss) (.16)%K (.26)% .06% .57% .58% .21% 
Supplemental Data       
Net assets, end of period (000 omitted) $5,063 $5,891 $4,082 $4,173 $4,340 $4,190 
Portfolio turnover rateL 15%K 40% 52% 18%M 37% 48% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

 D Amount represents less than $.005 per share.

 E Total distributions per share do not sum due to rounding.

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

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

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

 I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 K Annualized

 L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 M Portfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Advisor Global Equity Income Fund Class I

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $21.09 $15.96 $15.35 $13.88 $14.66 $12.46 
Income from Investment Operations       
Net investment income (loss)A,B .08 .15 .17 .22 .23 .16 
Net realized and unrealized gain (loss) (1.02) 5.32 .60 1.77 (.53) 2.21 
Total from investment operations (.94) 5.47 .77 1.99 (.30) 2.37 
Distributions from net investment income (.05) (.15)C (.16) (.24) (.22) (.16) 
Distributions from net realized gain (1.69) (.20)C – (.28) (.26) (.01) 
Total distributions (1.75)D (.34)D (.16) (.52) (.48) (.17) 
Net asset value, end of period $18.40 $21.09 $15.96 $15.35 $13.88 $14.66 
Total ReturnE,F (4.98)% 34.59% 5.08% 14.84% (2.20)% 19.12% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions 1.45%I 1.37% 1.63% 1.83% 1.51% 1.77% 
Expenses net of fee waivers, if any 1.05%I 1.07% 1.13% 1.20% 1.20% 1.20% 
Expenses net of all reductions 1.05%I 1.07% 1.12% 1.20% 1.19% 1.20% 
Net investment income (loss) .85%I .75% 1.06% 1.57% 1.58% 1.21% 
Supplemental Data       
Net assets, end of period (000 omitted) $7,601 $2,823 $2,378 $2,188 $2,493 $2,533 
Portfolio turnover rateJ 15%I 40% 52% 18%K 37% 48% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

 D Total distributions per share do not sum due to rounding.

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

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

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 K Portfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Advisor Global Equity Income Fund Class Z

 Six months ended (Unaudited) April 30, Years endedOctober 31,    
 2022 2021 2020 2019 2018 A 
Selected Per–Share Data      
Net asset value, beginning of period $21.18 $16.01 $15.37 $13.88 $14.88 
Income from Investment Operations      
Net investment income (loss)B,C .10 .18 .19 .25 .01 
Net realized and unrealized gain (loss) (1.03) 5.34 .61 1.76 (.94) 
Total from investment operations (.93) 5.52 .80 2.01 (.93) 
Distributions from net investment income (.05) (.15)D (.16) (.24) (.07) 
Distributions from net realized gain (1.69) (.20)D – (.28) – 
Total distributions (1.75)E (.35) (.16) (.52) (.07) 
Net asset value, end of period $18.50 $21.18 $16.01 $15.37 $13.88 
Total ReturnF,G (4.91)% 34.75% 5.29% 15.00% (6.31)% 
Ratios to Average Net AssetsC,H,I      
Expenses before reductions 1.26%J 1.29% 1.50% 1.37% 1.08%J 
Expenses net of fee waivers, if any .90%J .93% .98% 1.04% 1.05%J 
Expenses net of all reductions .90%J .93% .97% 1.04% 1.04%J 
Net investment income (loss) 1.00%J .90% 1.21% 1.73% .45%J 
Supplemental Data      
Net assets, end of period (000 omitted) $4,971 $4,579 $3,354 $3,599 $94 
Portfolio turnover rateK 15%J 40% 52% 18%L 37%J 

 A For the period October 2, 2018 (commencement of sale of shares) through October 31, 2018.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

 E Total distributions per share do not sum due to rounding.

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

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

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 L Portfolio turnover rate excludes securities received or delivered in-kind.

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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

1. Organization.

Fidelity Advisor Global Equity Income Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

Funds may invest 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 Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission 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 - Investment 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 Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

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

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

  • Level 1 – unadjusted quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, 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. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2022 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds 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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a 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 a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. 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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

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

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 $9,128,549 
Gross unrealized depreciation (1,477,309) 
Net unrealized appreciation (depreciation) $7,651,240 
Tax cost $35,980,337 

Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities (including Private Placements). Funds 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 held at period end is included at the end of the Schedule of Investments, if applicable.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity Advisor Global Equity Income Fund 10,911,866 2,572,681 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .67% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (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% $16,751 $637 
Class M .25% .25% 22,272 205 
Class C .75% .25% 26,768 4,824 
   $65,791 $5,666 

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

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

 Retained by FDC 
Class A $1,753 
Class M 986 
Class C(a) 
 $2,740 

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

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

 Amount % of Class-Level Average Net Assets(a) 
Class A $14,135 .21 
Class M 7,461 .17 
Class C 5,574 .21 
Class I 2,201 .12 
Class Z 958 .04 
 $30,329  

 (a) Annualized

Accounting 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. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Fidelity Advisor Global Equity Income Fund .05 

Brokerage Commissions. A portion of portfolio transactions were placed 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 as follows:

 Amount 
Fidelity Advisor Global Equity Income Fund $61 

Interfund Trades. Funds 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. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity Advisor Global Equity Income Fund 328,323 21,451 10,016 

6. Committed Line of Credit.

Certain Funds participate 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 participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity Advisor Global Equity Income Fund $29 

7. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a 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 a fund and any additional required collateral is delivered to a fund on the next business day. A 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, a fund may apply collateral received from the borrower against the obligation. A 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. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Advisor Global Equity Income Fund $49 $– $– 

8. Expense Reductions.

The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2023. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

 Expense Limitations Reimbursement 
Class A 1.30% $26,400 
Class M 1.55% 15,436 
Class C 2.05% 10,246 
Class I 1.05% 7,504 
Class Z .90% 8,734 
  $68,320 

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, custodian credits reduced the Fund's expenses by $3.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $525.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2022 
Year ended
October 31, 2021 
Fidelity Advisor Global Equity Income Fund   
Distributions to shareholders   
Class A $1,095,875 $159,603 
Class M 701,688 63,027 
Class C 433,098 49,095 
Class I 228,836 47,915 
Class Z 362,729 73,677 
Total $2,822,226 $393,317 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended April 30, 2022 Year ended October 31, 2021 Six months ended April 30, 2022 Year ended October 31, 2021 
Fidelity Advisor Global Equity Income Fund     
Class A     
Shares sold 147,183 150,442 $2,898,008 $2,985,593 
Reinvestment of distributions 54,795 8,392 1,075,524 155,239 
Shares redeemed (63,235) (83,330) (1,242,004) (1,637,388) 
Net increase (decrease) 138,743 75,504 $2,731,528 $1,503,444 
Class M     
Shares sold 85,500 204,169 $1,682,781 $4,037,840 
Reinvestment of distributions 35,782 3,428 701,688 62,978 
Shares redeemed (35,540) (29,024) (694,353) (563,106) 
Net increase (decrease) 85,742 178,573 $1,690,116 $3,537,712 
Class C     
Shares sold 38,285 79,044 $732,752 $1,527,924 
Reinvestment of distributions 22,213 2,756 432,262 48,927 
Shares redeemed (64,107) (57,448) (1,263,100) (1,112,359) 
Net increase (decrease) (3,609) 24,352 $(98,086) $464,492 
Class I     
Shares sold 283,844 16,112 $5,427,378 $322,451 
Reinvestment of distributions 9,124 1,960 179,137 36,296 
Shares redeemed (13,573) (33,236) (274,544) (623,246) 
Net increase (decrease) 279,395 (15,164) $5,331,971 $(264,499) 
Class Z     
Shares sold 80,289 52,488 $1,566,331 $1,041,371 
Reinvestment of distributions 17,626 3,913 347,863 72,992 
Shares redeemed (45,296) (49,793) (901,323) (994,602) 
Net increase (decrease) 52,619 6,608 $1,012,871 $119,761 

11. Other.

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

12. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 to April 30, 2022).

Actual Expenses

The first line of the accompanying table 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/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2021 
Ending
Account Value
April 30, 2022 
Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity Advisor Global Equity Income Fund     
Class A 1.30%    
Actual  $1,000.00 $948.80 $6.28 
Hypothetical-C  $1,000.00 $1,018.35 $6.51 
Class M 1.55%    
Actual  $1,000.00 $947.60 $7.48 
Hypothetical-C  $1,000.00 $1,017.11 $7.75 
Class C 2.05%    
Actual  $1,000.00 $945.10 $9.89 
Hypothetical-C  $1,000.00 $1,014.63 $10.24 
Class I 1.05%    
Actual  $1,000.00 $950.20 $5.08 
Hypothetical-C  $1,000.00 $1,019.59 $5.26 
Class Z .90%    
Actual  $1,000.00 $950.90 $4.35 
Hypothetical-C  $1,000.00 $1,020.33 $4.51 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

  • Highly liquid investments – cash or convertible to cash within three business days or less
  • Moderately liquid investments – convertible to cash in three to seven calendar days
  • Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

AGED-SANN-0622
1.938154.109


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:

June 21, 2022


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

June 21, 2022



By:

/s/John J. Burke III


John J. Burke III


Chief Financial Officer



Date:

June 21, 2022