SCHEDULE 14A INFORMATION | ||||
PROXY STATEMENT PURSUANT TO SECTION 14(a) | ||||
OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
Filed by the Registrant | [X] | |||
Filed by a Party other than the Registrant | [ ] | |||
Check the appropriate box: | ||||
[ ] | Preliminary Proxy Statement | |||
[ ] | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) | |||
[X] | Definitive Proxy Statement | |||
[ ] | Definitive Additional Materials | |||
[ ] | Soliciting Material under Rule 14a-12 | |||
Fidelity Advisor Series VIII | ||||
(Name of Registrant as Specified In Its Charter) | ||||
Payment of Filing Fee (Check the appropriate box): | ||||
[X] | No fee required. | |||
[ ] | Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. | |||
(1) | Title of each class of securities to which transaction applies: | |||
(2) | Aggregate number of securities to which transaction applies: | |||
(3) | Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11: | |||
(4) | Proposed maximum aggregate value of transaction: | |||
(5) | Total Fee Paid: | |||
[ ] | Fee paid previously with preliminary materials. | |||
[ ] | Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. | |||
(1) | Amount Previously Paid: | |||
(2) | Form, Schedule or Registration Statement No.: | |||
(3) | Filing Party: | |||
(4) | Date Filed: | |||
FIDELITY® ADVISOR DIVERSIFIED INTERNATIONAL FUND
FIDELITY ADVISOR EMERGING ASIA FUND
FIDELITY ADVISOR EMERGING MARKETS FUND
FIDELITY ADVISOR EMERGING MARKETS INCOME FUND
FIDELITY ADVISOR EUROPE CAPITAL APPRECIATION FUND
FIDELITY ADVISOR GLOBAL EQUITY FUND
FIDELITY ADVISOR INTERNATIONAL CAPITAL APPRECIATION FUND
FIDELITY ADVISOR JAPAN FUND
FIDELITY ADVISOR KOREA FUND
FIDELITY ADVISOR LATIN AMERICA FUND
FIDELITY ADVISOR OVERSEAS FUND
FIDELITY ADVISOR VALUE LEADERS FUND
FUNDS OF
FIDELITY ADVISOR SERIES VIII
82 Devonshire Street, Boston, Massachusetts 02109
1-877-208-0098
NOTICE OF SPECIAL MEETING OF SHAREHOLDERS
To the Shareholders of the above funds:
NOTICE IS HEREBY GIVEN that a Special Meeting of Shareholders (the Meeting) of Fidelity® Advisor Diversified International Fund, Fidelity Advisor Emerging Asia Fund, Fidelity Advisor Emerging Markets Fund, Fidelity Advisor Emerging Markets Income Fund, Fidelity Advisor Europe Capital Appreciation Fund, Fidelity Advisor Global Equity Fund, Fidelity Advisor International Capital Appreciation Fund, Fidelity Advisor Japan Fund, Fidelity Advisor Korea Fund, Fidelity Advisor Latin America Fund, Fidelity Advisor Overseas Fund, and Fidelity Advisor Value Leaders Fund (the funds), will be held at an office of Fidelity Advisor Series VIII (the trust), 27 State Street, 10th Floor, Boston, Massachusetts 02109 on September 15, 2004, at 11:00 a.m. Eastern Time (ET). The purpose of the Meeting is to consider and act upon the following proposals, and to transact such other business as may properly come before the Meeting or any adjournments thereof.
1. To amend the Declaration of Trust to allow the Board of Trustees, if permitted by applicable law, to authorize fund mergers without shareholder approval.
2. To elect a Board of Trustees.
3. To amend Fidelity Advisor Korea Fund's fundamental investment limitation concerning underwriting.
4. To amend Fidelity Advisor Diversified International Fund's, Fidelity Advisor Emerging Asia Fund's, Fidelity Advisor Emerging Markets Income Fund's, Fidelity Advisor Europe Capital Appreciation Fund's, Fidelity Advisor Global Equity Fund's, Fidelity Advisor International Capital Appreciation Fund's, Fidelity Advisor Japan Fund's, Fidelity Advisor Korea Fund's, Fidelity Advisor Latin America Fund's, and Fidelity Advisor Overseas Fund's fundamental investment limitation concerning lending.
The Board of Trustees has fixed the close of business on July 19, 2004 as the record date for the determination of the shareholders of each of the funds entitled to notice of, and to vote at, such Meeting and any adjournments thereof.
By order of the Board of Trustees,
ERIC D. ROITER Secretary
July 19, 2004
Your vote is important - please vote your shares promptly.
Shareholders are invited to attend the Meeting in person. Any shareholder who does not expect to attend the Meeting is urged to vote using the touch-tone telephone or internet voting instructions found below or indicate voting instructions on the enclosed proxy card, date and sign it, and return it in the envelope provided, which needs no postage if mailed in the United States. In order to avoid unnecessary expense,we ask your cooperation in responding promptly, no matter how large or small your holdings may be.
INSTRUCTIONS FOR EXECUTING PROXY CARD
The following general rules for executing proxy cards may be of assistance to you and help avoid the time and expense involved in validating your vote if you fail to execute your proxy card properly.
1.Individual Accounts: Your name should be signed exactly as it appears in the registration on the proxy card.
2.Joint Accounts: Either party may sign, but the name of the party signing should conform exactly to a name shown in the registration.
3.All other accounts should show the capacity of the individual signing. This can be shown either in the form of the account registration itself or by the individual executing the proxy card. For example:
REGISTRATION | VALID SIGNATURE | ||
A. | 1) | ABC Corp. | John Smith, Treasurer |
2) | ABC Corp. | John Smith, Treasurer | |
c/o John Smith, Treasurer | |||
B. | 1) | ABC Corp. Profit Sharing Plan | Ann B. Collins, Trustee |
2) | ABC Trust | Ann B. Collins, Trustee | |
3) | Ann B. Collins, Trustee | Ann B. Collins, Trustee | |
C. | 1) | Anthony B. Craft, Cust. | Anthony B. Craft |
f/b/o Anthony B. Craft, Jr. | |||
UGMA |
INSTRUCTIONS FOR VOTING BY TOUCH-TONE TELEPHONE
OR THROUGH THE INTERNET
1. Read the proxy statement, and have your proxy card handy.
2. Call the toll-free number or visit the web site indicated on your proxy card.
3. Enter the number found in the shaded box on the front of your proxy card.
4. Follow the recorded or on-line instructions to cast your vote.
SPECIAL MEETING OF SHAREHOLDERS OF
FIDELITY ADVISOR SERIES VIII:
FIDELITY ADVISOR DIVERSIFIED INTERNATIONAL FUND
FIDELITY ADVISOR EMERGING ASIA FUND
FIDELITY ADVISOR EMERGING MARKETS FUND
FIDELITY ADVISOR EMERGING MARKETS INCOME FUND
FIDELITY ADVISOR EUROPE CAPITAL APPRECIATION FUND
FIDELITY ADVISOR GLOBAL EQUITY FUND
FIDELITY ADVISOR INTERNATIONAL CAPITAL APPRECIATION FUND
FIDELITY ADVISOR JAPAN FUND
FIDELITY ADVISOR KOREA FUND
FIDELITY ADVISOR LATIN AMERICA FUND
FIDELITY ADVISOR OVERSEAS FUND
FIDELITY ADVISOR VALUE LEADERS FUND
TO BE HELD ON SEPTEMBER 15, 2004
This Proxy Statement is furnished in connection with a solicitation of proxies made by, and on behalf of, the Board of Trustees of Fidelity Advisor Series VIII (the trust) to be used at the Special Meeting of Shareholders of Fidelity Advisor Diversified International Fund, Fidelity Advisor Emerging Asia Fund, Fidelity Advisor Emerging Markets Fund, Fidelity Advisor Emerging Markets Income Fund, Fidelity Advisor Europe Capital Appreciation Fund, Fidelity Advisor Global Equity Fund, Fidelity Advisor International Capital Appreciation Fund, Fidelity Advisor Japan Fund, Fidelity Advisor Korea Fund, Fidelity Advisor Latin America Fund, Fidelity Advisor Overseas Fund, and Fidelity Advisor Value Leaders Fund (the funds) and at any adjournments thereof (the Meeting), to be held on September 15, 2004 at 11:00 a.m. ET at 27 State Street, 10th Floor, Boston, Massachusetts 02109, an office of the trust and Fidelity Management & Research Company (FMR), the funds' investment adviser.
The following table summarizes the proposals applicable to each fund:
Proposal # | Proposal Description | Applicable Funds | Page |
<R> 1. | To amend the Declaration of Trust to allow the Board of Trustees, if permitted by applicable law, to authorize fund mergers without shareholder approval. | All Funds | <Click Here></R> |
<R> 2. | To elect as Trustees the nominees presented in Proposal 2. | All Funds | <Click Here></R> |
Proposal # | Proposal Description | Applicable Funds | Page |
<R> 3. | To amend the underwriting limitation to exclude "securities of other investment companies" from the limit. | Fidelity Advisor Korea Fund | <Click Here></R> |
<R> 4. | To amend the lending limitation to clarify that acquisitions of loans, loan participations or other debt instruments are not considered lending. | All Funds (except Fidelity Advisor Emerging Markets Fund and Fidelity Advisor Value Leaders Fund) | <Click Here></R> |
The purpose of the Meeting is set forth in the accompanying Notice. The solicitation is being made primarily by the mailing of this Proxy Statement and the accompanying proxy on or about July 19, 2004. Supplementary solicitations may be made by mail, telephone, telegraph, facsimile, electronic means or by personal interview by representatives of thetrust.In addition, D.F. King & Co. Inc.may be paid on a per-call basis to solicit shareholders on behalf of the funds. The funds may also arrange to have votes recorded by telephone. D.F. King & Co., Inc. may be paid on a per-call basis for vote-by-phone solicitations on behalf of the funds. The approximate anticipated cost of these services is as follows:
Fund Name | Estimated cost | Estimated cost |
<R>Fidelity Advisor Diversified International Fund: Class A | $ 5,000 | $ 2,000</R> |
<R>Fidelity Advisor Diversified International Fund: Class T | $ 5,000 | $ 2,000</R> |
<R>Fidelity Advisor Diversified International Fund: Class B | $ 5,000 | $ 2,000</R> |
<R>Fidelity Advisor Diversified International Fund: Class C | $ 5,000 | $ 2,000</R> |
<R>Fidelity Advisor Diversified International Fund: Institutional Class | $ 5,000 | $ 2,000</R> |
<R>Fidelity Advisor Emerging Asia Fund: Class A | $ 200 | $ 200</R> |
<R>Fidelity Advisor Emerging Asia Fund: Class T | $ 200 | $ 200</R> |
<R>Fidelity Advisor Emerging Asia Fund: Class B | $ 200 | $ 200</R> |
<R>Fidelity Advisor Emerging Asia Fund: Class C | $ 200 | $ 200</R> |
<R>Fidelity Advisor Emerging Asia Fund: Institutional Class | $ 200 | $ 200</R> |
<R>Fidelity Advisor Emerging Markets Fund: Class A | $ 1,300 | $ 300</R> |
<R>Fidelity Advisor Emerging Markets Fund: Class T | $ 1,300 | $ 300</R> |
<R>Fidelity Advisor Emerging Markets Fund: Class B | $ 1,300 | $ 300</R> |
<R>Fidelity Advisor Emerging Markets Fund: Class C | $ 1,300 | $ 300</R> |
<R>Fidelity Advisor Emerging Markets Fund: Institutional Class | $ 1,300 | $ 300</R> |
<R>Fidelity Advisor Emerging Markets Income Fund: Class A | $ 1,800 | $ 500</R> |
<R>Fidelity Advisor Emerging Markets Income Fund: Class T | $ 1,800 | $ 500</R> |
<R>Fidelity Advisor Emerging Markets Income Fund: Class B | $ 1,800 | $ 500</R> |
<R>Fidelity Advisor Emerging Markets Income Fund: Class C | $ 1,800 | $ 500</R> |
<R>Fidelity Advisor Emerging Markets Income Fund: Institutional Class | $ 1,800 | $ 500</R> |
<R>Fidelity Advisor Europe Capital Appreciation Fund: Class A | $ 200 | $ 200</R> |
<R>Fidelity Advisor Europe Capital Appreciation Fund: Class T | $ 200 | $ 200</R> |
<R>Fidelity Advisor Europe Capital Appreciation Fund: Class B | $ 200 | $ 200</R> |
<R>Fidelity Advisor Europe Capital Appreciation Fund: Class C | $ 200 | $ 200</R> |
<R>Fidelity Advisor Europe Capital Appreciation Fund: Institutional Class | $ 200 | $ 200</R> |
<R>Fidelity Advisor Global Equity Fund: Class A | $ 200 | $ 200</R> |
<R>Fidelity Advisor Global Equity Fund: Class T | $ 200 | $ 200</R> |
<R>Fidelity Advisor Global Equity Fund: Class B | $ 200 | $ 200</R> |
<R>Fidelity Advisor Global Equity Fund: Class C | $ 200 | $ 200</R> |
<R>Fidelity Advisor Global Equity Fund: Institutional Class | $ 200 | $ 200</R> |
<R>Fidelity Advisor International Capital Appreciation Fund: Class A | $ 3,500 | $ 900</R> |
<R>Fidelity Advisor International Capital Appreciation Fund: Class T | $ 3,500 | $ 900</R> |
<R>Fidelity Advisor International Capital Appreciation Fund: Class B | $ 3,500 | $ 900</R> |
<R>Fidelity Advisor International Capital Appreciation Fund: Class C | $ 3,500 | $ 900</R> |
<R>Fidelity Advisor International Capital Appreciation Fund: Institutional Class | $ 3,500 | $ 900</R> |
<R>Fidelity Advisor Japan Fund: Class A | $ 3,200 | $ 800</R> |
<R>Fidelity Advisor Japan Fund: Class T | $ 3,200 | $ 800</R> |
<R>Fidelity Advisor Japan Fund: Class B | $ 3,200 | $ 800</R> |
<R>Fidelity Advisor Japan Fund: Class C | $ 3,200 | $ 800</R> |
<R>Fidelity Advisor Japan Fund: Institutional Class | $ 3,200 | $ 800</R> |
<R>Fidelity Advisor Korea Fund: Class A | $ 1,300 | $ 300</R> |
<R>Fidelity Advisor Korea Fund: Class T | $ 1,300 | $ 300</R> |
<R>Fidelity Advisor Korea Fund: Class B | $ 1,300 | $ 300</R> |
<R>Fidelity Advisor Korea Fund: Class C | $ 1,300 | $ 300</R> |
<R>Fidelity Advisor Korea Fund: Institutional Class | $ 1,300 | $ 300</R> |
<R>Fidelity Advisor Latin America Fund: Class A | $ 200 | $ 200</R> |
<R>Fidelity Advisor Latin America Fund: Class T | $ 200 | $ 200</R> |
<R>Fidelity Advisor Latin America Fund: Class B | $ 200 | $ 200</R> |
<R>Fidelity Advisor Latin America Fund: Class C | $ 200 | $ 200</R> |
<R>Fidelity Advisor Latin America Fund: Institutional Class | $ 200 | $ 200</R> |
<R>Fidelity Advisor Overseas Fund: Class A | $ 3,000 | $ 800</R> |
<R>Fidelity Advisor Overseas Fund: Class T | $ 3,000 | $ 800</R> |
<R>Fidelity Advisor Overseas Fund: Class B | $ 3,000 | $ 800</R> |
<R>Fidelity Advisor Overseas Fund: Class C | $ 3,000 | $ 800</R> |
<R>Fidelity Advisor Overseas Fund: Institutional Class | $ 3,000 | $ 800</R> |
<R>Fidelity Advisor Value Leaders Fund: Class A | $ 200 | $ 200</R> |
<R>Fidelity Advisor Value Leaders Fund: Class T | $ 200 | $ 200</R> |
<R>Fidelity Advisor Value Leaders Fund: Class B | $ 200 | $ 200</R> |
<R>Fidelity Advisor Value Leaders Fund: Class C | $ 200 | $ 200</R> |
<R>Fidelity Advisor Value Leaders Fund: Institutional Class | $ 200 | $ 200</R> |
If the funds record votes by telephone or through the internet, they will use procedures designed to authenticate shareholders' identities, to allow shareholders to authorize the voting of their shares in accordance with their instructions, and to confirm that their instructions have been properly recorded. Proxies voted by telephone or through the internet may be revoked at any time before they are voted in the same manner that proxies voted by mail may be revoked.The expenses in connection with preparing this Proxy Statement and its enclosures and all solicitations will be paid by each class of each fund, provided the expenses do not exceed each class' existing voluntary expense cap as follows:
Class A | Class T | Class B | Class C | Institutional Class | |
1.Fidelity Advisor Diversified International Fund | 1.75% | 2.00% | 2.50% | 2.50% | 1.50% |
1.Fidelity Advisor Emerging Asia Fund | 2.00% | 2.25% | 2.75% | 2.75% | 1.75% |
1.Fidelity Advisor Emerging Markets Fund | 2.00% | 2.25% | 2.75% | 2.75% | 1.75% |
1.Fidelity Advisor Emerging Markets Income Fund | 1.40% | 1.50% | 2.15% | 2.25% | 1.25% |
1.Fidelity Advisor Europe Capital Appreciation Fund | 1.75% | 2.00% | 2.50% | 2.50% | 1.50% |
1.Fidelity Advisor Global Equity Fund | 1.75% | 2.00% | 2.50% | 2.50% | 1.50% |
1.Fidelity Advisor International Capital Appreciation Fund | 1.70% | 1.95% | 2.45% | 2.45% | 1.45% |
1.Fidelity Advisor Japan Fund | 1.75% | 2.00% | 2.50% | 2.50% | 1.50% |
1.Fidelity Advisor Korea Fund | 2.00% | 2.25% | 2.75% | 2.75% | 1.75% |
1.Fidelity Advisor Latin America Fund | 2.00% | 2.25% | 2.75% | 2.75% | 1.75% |
1.Fidelity Advisor Overseas Fund | 1.55% | 1.80% | 2.30% | 2.30% | 1.30% |
1.Fidelity Advisor Value Leaders Fund | 1.75% | 2.00% | 2.50% | 2.50% | 1.25% |
Expenses exceeding each class' voluntary expense cap will be paid by FMR. The funds will reimburse brokerage firms and others for their reasonable expenses in forwarding solicitation material to the beneficial owners of shares. The costs are allocated among the funds based upon the number of shareholder accounts in each fund.
The principal business address of FMR, each fund's investment adviser and administrator, and FMR Co., Inc. (FMRC), sub-adviser to the funds, is One Federal Street, Boston, Massachusetts 02110. The principal business address of Fidelity Distributors Corporation (FDC), each fund's principal underwriter and distribution agent, is 82 Devonshire Street, Boston, Massachusetts, 02109. Fidelity Management & Research (U.K.) Inc. (FMR U.K.), located at 25 Lovat Lane, London, EC3R 8LL, England; Fidelity Management & Research (Far East) Inc. (FMR Far East), located at Shiroyama JT Mori Bldg. 4-3-1 Toranomon Minato-ku, Tokyo 105, Japan; Fidelity Investments Japan Limited (FIJ), located at 8-8 Shinkawa, 1-Chome Chuo-ku, Tokyo 104-0033, Japan; Fidelity International Investment Advisors (FIIA), located at Pembroke Hall, 42 Crow Lane, Pembroke HM19, Bermuda; and Fidelity International Investment Advisors (U.K.) Limited (FIIA(U.K.)L), located at 25 Cannon Street, London EC4M 5TA, England are also sub-advisers to the funds.
If the enclosed proxy is executed and returned, or an internet or telephonic vote is delivered, that vote may nevertheless be revoked at any time prior to its use by written notification received by the trust, by the execution of a later-dated proxy, by the trust's receipt of a subsequent valid internet or telephonic vote, or by attending the Meeting and voting in person.
All proxies solicited by the Board of Trustees that are properly executed and received by the Secretary prior to the Meeting, and are not revoked, will be voted at the Meeting. Shares represented by such proxies will be voted in accordance with the instructions thereon. If no specification is made on a proxy, it will be voted FOR the matters specified on the proxy. All shares that are voted and votes to ABSTAIN will be counted towards establishing a quorum, as will broker non-votes. (Broker non-votes are shares for which (i) the beneficial owner has not voted and (ii) the broker holding the shares does not have discretionary authority to vote on the particular matter.)
With respect to fund shares held in Fidelity individual retirement accounts (including Traditional, Rollover, SEP, SARSEP, Roth and SIMPLE IRAs), the IRA Custodian will vote those shares for which it has received instructions from shareholders only in accordance with such instructions. If Fidelity IRA shareholders do not vote their shares, the IRA Custodian will vote their shares for them, in the same proportion as other Fidelity IRA shareholders have voted.
If a quorum is not present at the Meeting, or if a quorum is present at the Meeting but sufficient votes to approve one or more of the proposed items are not received, or if other matters arise requiring shareholder attention, the persons named as proxy agents may propose one or more adjournments of the Meeting to permit further solicitation of proxies. Any such adjournment will require the affirmative vote of a majority of those shares present at the Meeting or represented by proxy. When voting on a proposed adjournment, the persons named as proxy agents will vote FOR the proposed adjournment all shares that they are entitled to vote with respect to each item, unless directed to vote AGAINST the item, in which case such shares will be voted AGAINST the proposed adjournment with respect to that item. A shareholder vote may be taken on one or more of the items in this Proxy Statement prior to such adjournment if sufficient votes have been received and it is otherwise appropriate.
Shares of each class of each fundof the trust issued and outstanding as of May 31, 2004 are indicated in the following table:
Number of Shares | |
<R>Fidelity Advisor Diversified International Fund: Class A | 53,356,194</R> |
<R>Fidelity Advisor Diversified International Fund: Class T | 69,352,520</R> |
<R>Fidelity Advisor Diversified International Fund: Class B | 10,129,491</R> |
<R>Fidelity Advisor Diversified International Fund: Class C | 18,416,867</R> |
<R>Fidelity Advisor Diversified International Fund: Institutional Class | 54,326,823</R> |
<R>Fidelity Advisor Emerging Asia Fund: Class A | 1,600,971</R> |
<R>Fidelity Advisor Emerging Asia Fund: Class T | 551,397</R> |
<R>Fidelity Advisor Emerging Asia Fund: Class B | 504,501</R> |
<R>Fidelity Advisor Emerging Asia Fund: Class C | 522,812</R> |
<R>Fidelity Advisor Emerging Asia: Institutional Class | 32,226</R> |
<R>Fidelity Advisor Emerging Markets Fund: Class A | 61,035</R> |
<R>Fidelity Advisor Emerging Markets Fund: Class T | 56,737</R> |
<R>Fidelity Advisor Emerging Markets Fund: Class B | 54,884</R> |
<R>Fidelity Advisor Emerging Markets Fund: Class C | 51,380</R> |
<R>Fidelity Advisor Emerging Markets Fund: Institutional Class | 45,480</R> |
<R>Fidelity Advisor Emerging Markets Income Fund: Class A | 2,162,706</R> |
<R>Fidelity Advisor Emerging Markets Income Fund: Class T | 6,976,349</R> |
<R>Fidelity Advisor Emerging Markets Income Fund: Class B | 2,458,989</R> |
<R>Fidelity Advisor Emerging Markets Income Fund: Class C | 1,190,857</R> |
<R>Fidelity Advisor Emerging Markets Income Fund: Institutional Class | 977,806</R> |
<R>Fidelity Advisor Europe Capital Appreciation Fund: Class A | 274,649</R> |
<R>Fidelity Advisor Europe Capital Appreciation Fund: Class T | 773,741</R> |
<R>Fidelity Advisor Europe Capital Appreciation Fund: Class B | 590,790</R> |
<R>Fidelity Advisor Europe Capital Appreciation Fund: Class C | 329,140</R> |
<R>Fidelity Advisor Europe Capital Appreciation Fund: Institutional Class | 35,442</R> |
<R>Fidelity Advisor Global Equity Fund: Class A | 672,436</R> |
<R>Fidelity Advisor Global Equity Fund: Class T | 1,790,840</R> |
<R>Fidelity Advisor Global Equity Fund: Class B | 495,109</R> |
<R>Fidelity Advisor Global Equity Fund: Class C | 335,444</R> |
<R>Fidelity Advisor Global Equity Fund: Institutional Class | 97,408</R> |
<R>Fidelity Advisor International Capital Appreciation Fund: Class A | 6,103,607</R> |
<R>Fidelity Advisor International Capital Appreciation Fund: Class T | 13,780,523</R> |
<R>Fidelity Advisor International Capital Appreciation Fund: Class B | 4,225,660</R> |
<R>Fidelity Advisor International Capital Appreciation Fund: Class C | 5,543,456</R> |
<R>Fidelity Advisor International Capital Appreciation Fund: Institutional Class | 18,959,697</R> |
<R>Fidelity Advisor Japan Fund: Class A | 1,177,588</R> |
<R>Fidelity Advisor Japan Fund: Class T | 896,133</R> |
<R>Fidelity Advisor Japan Fund: Class B | 1,456,283</R> |
<R>Fidelity Advisor Japan Fund: Class C | 1,436,876</R> |
<R>Fidelity Advisor Japan Fund: Institutional Class | 338,759</R> |
<R>Fidelity Advisor Korea Fund: Class A | 936,755</R> |
<R>Fidelity Advisor Korea Fund: Class T | 122,135</R> |
<R>Fidelity Advisor Korea Fund: Class B | 212,860</R> |
<R>Fidelity Advisor Korea Fund: Class C | 90,591</R> |
<R>Fidelity Advisor Korea: Institutional Class | 25,085</R> |
<R>Fidelity Advisor Latin America Fund: Class A | 79,829</R> |
<R>Fidelity Advisor Latin America Fund: Class T | 129,487</R> |
<R>Fidelity Advisor Latin America Fund: Class B | 181,785</R> |
<R>Fidelity Advisor Latin America Fund: Class C | 113,732</R> |
<R>Fidelity Advisor Latin America Fund: Institutional Class | 192,852</R> |
<R>Fidelity Advisor Overseas Fund: Class A | 7,122,803</R> |
<R>Fidelity Advisor Overseas Fund: Class T | 73,043,771</R> |
<R>Fidelity Advisor Overseas Fund: Class B | 4,130,016</R> |
<R>Fidelity Advisor Overseas Fund: Class C | 2,977,751</R> |
<R>Fidelity Advisor Overseas Fund: Institutional Class | 10,927,995</R> |
<R>Fidelity Advisor Value Leaders Fund: Class A | 191,533</R> |
<R>Fidelity Advisor Value Leaders Fund: Class T | 190,353</R> |
<R>Fidelity Advisor Value Leaders Fund: Class B | 136,297</R> |
<R>Fidelity Advisor Value Leaders Fund: Class C | 127,447</R> |
<R>Fidelity Advisor Value Leaders Fund: Institutional Class | 100,084</R> |
To the knowledge of the trust, substantial (5% or more) record ownership of each fund on May 31, 2004 was as follows:
<R>Fidelity Advisor Diversified International Fund: Class A | US Bancorp, Inc. | Saint Paul, MN | 20.93%</R> |
<R>Fidelity Advisor Diversified International Fund: Class A | Wells Fargo Bank | Minneapolis, MN | 12.28%</R> |
<R>Fidelity Advisor Diversified International Fund: Class A | Wells Fargo Bank | Des Moines, IA | 6.31%</R> |
<R>Fidelity Advisor Diversified International Fund: Class A | American Express Financial Services | Minneapolis, MN | 5.55%</R> |
<R>Fidelity Advisor Diversified International Fund: Class A | Regions Financial Corporation | Gainesville, GA | 5.19%</R> |
<R>Fidelity Advisor Diversified International Fund: Class T | American Express Financial Services | Minneapolis, MN | 20.77%</R> |
<R>Fidelity Advisor Diversified International Fund: Class T | Merrill Lynch | Jacksonville, FL | 7.91%</R> |
<R>Fidelity Advisor Diversified International Fund: Class B | American Express Financial Services | Minneapolis, MN | 13.25%</R> |
<R>Fidelity Advisor Diversified International Fund: Class B | Merrill Lynch | Jacksonville, FL | 11.23%</R> |
<R>Fidelity Advisor Diversified International Fund: Class C | Merrill Lynch | Jacksonville, FL | 23.39%</R> |
<R>Fidelity Advisor Diversified International Fund: Class C | Citigroup, Inc. | New York, NY | 9.26%</R> |
<R>Fidelity Advisor Diversified International Fund: Class C | American Express | Minneapolis, MN | 5.23%</R> |
<R>Fidelity Advisor Diversified International Fund: Institutional Class | Merrill Lynch | Jacksonville, FL | 24.99%</R> |
<R>Fidelity Advisor Diversified International Fund: Institutional Class | Wells Fargo Bank | Minneapolis, MN | 8.16%</R> |
<R>Fidelity Advisor Diversified International Fund: Institutional Class | BB & T Corporation | Wilson, NC | 6.32%</R> |
<R>Fidelity Advisor Diversified International Fund: Institutional Class | UnionBanCal | Los Angeles, CA | 6.01%</R> |
<R>Fidelity Advisor Diversified International Fund: Institutional Class | Charles Schwab & Co., Inc. | San Francisco, CA | 5.10%</R> |
<R>Fidelity Advisor Emerging Asia Fund: Class A | Merrill Lynch | Jacksonville, FL | 9.95%</R> |
<R>Fidelity Advisor Emerging Asia Fund: Class A | Brown Harriman Corporation | Boston, MA | 9.73%</R> |
<R>Fidelity Advisor Emerging Asia Fund: Class A | Citigroup, Inc. | New York, NY | 7.05%</R> |
<R>Fidelity Advisor Emerging Asia Fund: Class A | Morgan Stanley DW | New York, NY | 6.08%</R> |
<R>Fidelity Advisor Emerging Asia Fund: Class T | Citigroup, Inc. | New York, NY | 17.17%</R> |
<R>Fidelity Advisor Emerging Asia Fund: Class T | A. G. Edwards & Sons Inc. | Saint Louis, MO | 10.01%</R> |
<R>Fidelity Advisor Emerging Asia Fund: Class T | ADP | Roseland, NJ | 7.07%</R> |
<R>Fidelity Advisor Emerging Asia Fund: Class T | RBC Dain Rauscher Corp. | Minneapolis, MN | 5.40%</R> |
<R>Fidelity Advisor Emerging Asia Fund: Class B | Morgan Stanley DW | New York, NY | 6.62%</R> |
<R>Fidelity Advisor Emerging Asia Fund: Class B | Citigroup, Inc. | Long Island City, NY | 5.82%</R> |
<R>Fidelity Advisor Emerging Asia Fund: Class B | 1st Global Capital Corp. | Dallas, TX | 5.27%</R> |
<R>Fidelity Advisor Emerging Asia Fund: Class C | Morgan Stanley DW | New York, NY | 15.59%</R> |
<R>Fidelity Advisor Emerging Asia Fund: Class C | Citigroup, Inc. | Long Island City, NY | 9.08%</R> |
<R>Fidelity Advisor Emerging Asia Fund: Class C | Merrill Lynch | Jacksonville, FL | 8.88%</R> |
<R>Fidelity Advisor Emerging Asia Fund: Class C | ING | Denver, CO | 8.29%</R> |
<R>Fidelity Advisor Emerging Asia Fund: Class C | Citigroup, Inc. | New York, NY | 6.62%</R> |
<R>Fidelity Advisor Emerging Asia Fund: Class C | Wachovia/Prudential Financial Advisors, LLC | Charlotte, NC | 6.43%</R> |
<R>Fidelity Advisor Emerging Asia Fund: Institutional Class | Merrill Lynch | Jacksonville, FL | 71.23%</R> |
<R>Fidelity Advisor Emerging Asia Fund: Institutional Class | Amsouth Bank | Birmingham, AL | 5.25%</R> |
<R>Fidelity Advisor Emerging Markets Fund: Class A | Fidelity Investments Distributors Corp. | Boston, MA | 65.54%</R> |
<R>Fidelity Advisor Emerging Markets Fund: Class A | American Express | Minneapolis, MN | 10.75%</R> |
<R>Fidelity Advisor Emerging Markets Fund: Class A | Merrill Lynch | Jacksonville, FL | 8.88%</R> |
<R>Fidelity Advisor Emerging Markets Fund: Class A | American International Group, Inc. (AIG) | Atlanta, GA | 6.84%</R> |
<R>Fidelity Advisor Emerging Markets Fund: Class T | Fidelity Investments Distributors Corp. | Boston, MA | 70.50%</R> |
<R>Fidelity Advisor Emerging Markets Fund: Class T | Foothill Securities, Inc. | Los Altos, CA | 10.86%</R> |
<R>Fidelity Advisor Emerging Markets Fund: Class B | Fidelity Investments Distributors Corp. | Boston, MA | 72.88%</R> |
<R>Fidelity Advisor Emerging Markets Fund: Class B | American Express Financial Services | Minneapolis, MN | 14.98%</R> |
<R>Fidelity Advisor Emerging Markets Fund: Class C | Fidelity Investments Distributors Corp. | Boston, MA | 77.85%</R> |
<R>Fidelity Advisor Emerging Markets Fund: Class C | GE Financial Assurance Holdings, Inc. | Norwalk, CT | 8.89%</R> |
<R>Fidelity Advisor Emerging Markets Fund: Institutional Class | Fidelity Investments Distributors Corp. | Boston, MA | 87.95%</R> |
<R>Fidelity Advisor Emerging Markets Income Fund: Class A | American Express Financial Services | Minneapolis, MN | 11.13%</R> |
<R>Fidelity Advisor Emerging Markets Income Fund: Class A | Citigroup, Inc. | New York, NY | 8.75%</R> |
<R>Fidelity Advisor Emerging Markets Income Fund: Class T | American Express Financial Services | Minneapolis, MN | 11.09%</R> |
<R>Fidelity Advisor Emerging Markets Income Fund: Class T | Wachovia/Prudential Financial Advisors, LLC | New York, NY | 6.66%</R> |
<R>Fidelity Advisor Emerging Markets Income Fund: Class T | Fidelity Investment Advisor Group (FIAG) | Boston, MA | 5.20%</R> |
<R>Fidelity Advisor Emerging Markets Income Fund: Class B | Merrill Lynch | Jacksonville, FL | 7.42%</R> |
<R>Fidelity Advisor Emerging Markets Income Fund: Class B | American Express Financial Services | Minneapolis, MN | 6.13%</R> |
<R>Fidelity Advisor Emerging Markets Income Fund: Class B | Metropolitan Life Insurance Company | Boston, MA | 5.65%</R> |
<R>Fidelity Advisor Emerging Markets Income Fund: Class C | Merrill Lynch | Jacksonville, FL | 12.33%</R> |
<R>Fidelity Advisor Emerging Markets Income Fund: Class C | ING | Denver, CO | 7.42%</R> |
<R>Fidelity Advisor Emerging Markets Income Fund: Class C | Morgan Stanley DW | New York, NY | 5.71%</R> |
<R>Fidelity Advisor Emerging Markets Income Fund: Institutional Class | Charles Schwab & Co., Inc. | San Francisco, CA | 55.51%</R> |
<R>Fidelity Advisor Emerging Markets Income Fund: Institutional Class | National Investor Services Corp. | New York, NY | 13.94%</R> |
<R>Fidelity Advisor Emerging Markets Income Fund: Institutional Class | Merrill Lynch | Jacksonville, FL | 11.58%</R> |
<R>Fidelity Advisor Europe Capital Appreciation Fund: Class A | American International Group, Inc. (AIG) | Phoenix, AZ | 8.54%</R> |
<R>Fidelity Advisor Europe Capital Appreciation Fund: Class A | American Express Financial Services | Minneapolis, MN | 5.82%</R> |
<R>Fidelity Advisor Europe Capital Appreciation Fund: Class T | Sanders, Morris, Harris, Inc. | Houston, TX | 14.91%</R> |
<R>Fidelity Advisor Europe Capital Appreciation Fund: Class T | ADP | Roseland, NJ | 5.02%</R> |
<R>Fidelity Advisor Europe Capital Appreciation Fund: Class B | BankAmerica Corp. | Charlotte, NC | 7.34%</R> |
<R>Fidelity Advisor Europe Capital Appreciation Fund: Class B | Merrill Lynch | Jacksonville, FL | 5.26%</R> |
<R>Fidelity Advisor Europe Capital Appreciation Fund: Class C | Merrill Lynch | Jacksonville, FL | 18.51%</R> |
<R>Fidelity Advisor Europe Capital Appreciation Fund: Class C | Raymond James & Associates, Inc. | Saint Petersburg, FL | 7.43%</R> |
<R>Fidelity Advisor Europe Capital Appreciation Fund: Class C | LPL Financial Services, Inc. | San Diego, CA | 7.01%</R> |
<R>Fidelity Advisor Europe Capital Appreciation Fund: Institutional Class | Fidelity Investments | Boston, MA | 59.26%</R> |
<R>Fidelity Advisor Europe Capital Appreciation Fund: Institutional Class | Merrill Lynch | Jacksonville, FL | 14.61%</R> |
<R>Fidelity Advisor Europe Capital Appreciation Fund: Institutional Class | E*Trade Clearing, LLC | Rancho Cordova, CA | 9.54%</R> |
<R>Fidelity Advisor Global Equity Fund: Class A | Citigroup, Inc. | New York, NY | 27.65%</R> |
<R>Fidelity Advisor Global Equity Fund: Class A | Smith Hayes Financial Services Corp. | Lincoln, NE | 24.77%</R> |
<R>Fidelity Advisor Global Equity Fund: Class A | American Express FInancial Services | Minneapolis, MN | 5.83%</R> |
<R>Fidelity Advisor Global Equity Fund: Class A | Fidelity Investments | Boston, MA | 5.54%</R> |
<R>Fidelity Advisor Global Equity Fund: Class T | Woodruff-Sawyer Retirement Plan Services, Inc. | San Francisco, CA | 8.20%</R> |
<R>Fidelity Advisor Global Equity Fund: Class T | JP Morgan Chase | New York, NY | 6.37%</R> |
<R>Fidelity Advisor Global Equity Fund: Class T | Wachovia/Prudential Financial Advisors, LLC | New York, NY | 5.50%</R> |
<R>Fidelity Advisor Global Equity Fund: Class T | Raymond James & Associates, Inc. | Saint Petersburg, FL | 5.23%</R> |
<R>Fidelity Advisor Global Equity Fund: Class C | HRC Investment Services, Inc. | Glenwood Landing, NY | 8.75%</R> |
<R>Fidelity Advisor Global Equity Fund: Class C | Merrill Lynch | Jacksonville, FL | 7.92%</R> |
<R>Fidelity Advisor Global Equity Fund: Class C | Fidelity Investments Distributors Corp. | Boston, MA | 7.28%</R> |
<R>Fidelity Advisor Global Equity Fund: Class C | American Express Financial Services | Omaha, NE | 6.79%</R> |
<R>Fidelity Advisor Global Equity Fund: Institutional Class | Wachovia/Prudential Financial Advisors, LLC | Charlotte, NC | 81.34%</R> |
<R>Fidelity Advisor Global Equity Fund: Institutional Class | Fidelity Investments | Boston, MA | 11.89%</R> |
<R>Fidelity Advisor International Capital Appreciation Fund: Class A | UBS AG | Jersey City, NJ | 10.59%</R> |
<R>Fidelity Advisor International Capital Appreciation Fund: Class A | Citigroup, Inc. | New York, NY | 9.64%</R> |
<R>Fidelity Advisor International Capital Appreciation Fund: Class A | Legg Mason | Baltimore, MD | 6.34%</R> |
<R>Fidelity Advisor International Capital Appreciation Fund: Class A | American Express Financial Services | Minneapolis, MN | 5.82%</R> |
<R>Fidelity Advisor International Capital Appreciation Fund: Class A | Nationwide Insurance Enterprises | Columbus, OH | 5.61%</R> |
<R>Fidelity Advisor International Capital Appreciation Fund: Class A | Wells Fargo Bank | Minneapolis, MN | 5.28%</R> |
<R>Fidelity Advisor International Capital Appreciation Fund: Class T | American Express Financial Services | Minneapolis, MN | 10.35%</R> |
<R>Fidelity Advisor International Capital Appreciation Fund: Class B | Merrill Lynch | Jacksonville, FL | 10.85%</R> |
<R>Fidelity Advisor International Capital Appreciation Fund: Class C | Citigroup, Inc. | New York, NY | 32.54%</R> |
<R>Fidelity Advisor International Capital Appreciation Fund: Class C | Merrill Lynch | Jacksonville, FL | 9.77%</R> |
<R>Fidelity Advisor Japan Fund: Class A | Morgan Stanley DW | New York, NY | 13.71%</R> |
<R>Fidelity Advisor Japan Fund: Class A | UBS AG | Jersey City, NJ | 9.75%</R> |
<R>Fidelity Advisor Japan Fund: Class A | Raymond James & Associates, Inc. | Port Charlotte, FL | 8.30%</R> |
<R>Fidelity Advisor Japan Fund: Class A | Merrill Lynch | Jacksonville, FL | 7.82%</R> |
<R>Fidelity Advisor Japan Fund: Class A | American International Group, Inc. (AIG) | Phoenix, AZ | 5.58%</R> |
<R>Fidelity Advisor Japan Fund: Class T | RBC Dain Rauscher Corp. | Minneapolis, MN | 5.67%</R> |
<R>Fidelity Advisor Japan Fund: Class T | Pan-American Financial Advisers | New Orleans, LA | 5.07%</R> |
<R>Fidelity Advisor Japan Fund: Class B | Citigroup, Inc. | Long Island City, NY | 8.56%</R> |
<R>Fidelity Advisor Japan Fund: Class B | Morgan Stanley DW | New York, NY | 7.99%</R> |
<R>Fidelity Advisor Japan Fund: Class B | Protected Investors of America | San Francisco, CA | 7.58%</R> |
<R>Fidelity Advisor Japan Fund: Class B | Merrill Lynch | Jacksonville, FL | 7.44%</R> |
<R>Fidelity Advisor Japan Fund: Class C | Merrill Lynch | Jacksonville, FL | 39.99%</R> |
<R>Fidelity Advisor Japan Fund: Class C | Wachovia/Prudential Financial Advisors, LLC | New York, NY | 6.88%</R> |
<R>Fidelity Advisor Japan Fund: Class C | Morgan Stanley DW | New York, NY | 6.50%</R> |
<R>Fidelity Advisor Korea Fund: Class A | Fiduciary Trust Company | Boston, MA | 12.86%</R> |
<R>Fidelity Advisor Korea Fund: Class A | Charles Schwab & Co., Inc. | San Francisco, CA | 11.11%</R> |
<R>Fidelity Advisor Korea Fund: Class A | National Investor Services Corp. | New York, NY | 8.76%</R> |
<R>Fidelity Advisor Korea Fund: Class A | Fidelity Investments Distributors Corp. | Boston, MA | 6.40%</R> |
<R>Fidelity Advisor Korea Fund: Class T | ADP | Roseland, NJ | 20.61%</R> |
<R>Fidelity Advisor Korea Fund: Class T | Metropolitan Life Insurance Company | Iselin, NJ | 6.51%</R> |
<R>Fidelity Advisor Korea Fund: Class T | US Bancorp, Inc. | Minneapolis, MN | 5.87%</R> |
<R>Fidelity Advisor Korea Fund: Class T | The Leaders Group, Inc. | Littleton, CO | 5.30%</R> |
<R>Fidelity Advisor Korea Fund: Class B | Middlegate Securities, Ltd. | New York, NY | 44.62%</R> |
<R>Fidelity Advisor Korea Fund: Class B | Merrill Lynch | Jacksonville, FL | 6.14%</R> |
<R>Fidelity Advisor Korea Fund: Institutional Class | Merrill Lynch | Jacksonville, FL | 34.07%</R> |
<R>Fidelity Advisor Korea Fund: Institutional Class | Fidelity Investments | Boston, MA | 31.69%</R> |
<R>Fidelity Advisor Korea Fund: Institutional Class | National Investor Services Corp. | New York, NY | 26.00%</R> |
<R>Fidelity Advisor Korea Fund: Institutional Class | American International Group, Inc. (AIG) | Phoenix, AZ | 5.07%</R> |
<R>Fidelity Advisor Latin America Fund: Class A | Fidelity Investments | Boston, MA | 17.79%</R> |
<R>Fidelity Advisor Latin America Fund: Class A | Allstate Corporation | Lincoln, NE | 8.41%</R> |
<R>Fidelity Advisor Latin America Fund: Class A | United Planners Financial Services | Scottsdale, AZ | 7.01%</R> |
<R>Fidelity Advisor Latin America Fund: Class B | RBC Dain Rauscher Corp. | Minneapolis, MN | 17.82%</R> |
<R>Fidelity Advisor Latin America Fund: Class B | American Express Financial Services | Minneapolis, MN | 17.48%</R> |
<R>Fidelity Advisor Latin America Fund: Class B | Fidelity Investments Distributors Corp. | Boston, MA | 9.59%</R> |
<R>Fidelity Advisor Latin America Fund: Institutional Class | Lehman Brothers, Inc. | Jersey City, NJ | 91.01%</R> |
<R>Fidelity Advisor Latin America Fund: Institutional Class | Fidelity Investments | Boston, MA | 7.34%</R> |
<R>Fidelity Advisor Latin America Fund: Class T | ADP | Roseland, NJ | 12.13%</R> |
<R>Fidelity Advisor Latin America Fund: Class T | Fidelity Investments | Boston, MA | 10.59%</R> |
<R>Fidelity Advisor Latin America Fund: Class T | Citigroup, Inc. | New York, NY | 5.65%</R> |
<R>Fidelity Advisor Overseas Fund: Class A | Morgan Stanley DW | New York, NY | 33.26%</R> |
<R>Fidelity Advisor Overseas Fund: Class A | Nationwide Insurance Enterprises | Columbus, OH | 11.18%</R> |
<R>Fidelity Advisor Overseas Fund: Class A | National Fiduciary Services, NA | Houston, TX | 7.61%</R> |
<R>Fidelity Advisor Overseas Fund: Class A | Merrill Lynch | Jacksonville, FL | 7.27%</R> |
<R>Fidelity Advisor Overseas Fund: Class T | Manulife Financial Group | Toronto, ON | 34.85%</R> |
<R>Fidelity Advisor Overseas Fund: Class T | Paychex Management Corporation | Fairport, NY | 7.80%</R> |
<R>Fidelity Advisor Overseas Fund: Class T | State Street Bank | North Quincy, MA | 6.84%</R> |
<R>Fidelity Advisor Overseas Fund: Class B | Merrill Lynch | Jacksonville, FL | 7.27%</R> |
<R>Fidelity Advisor Overseas Fund: Institutional Class | Merrill Lynch | Jacksonville, FL | 49.20%</R> |
<R>Fidelity Advisor Value Leaders Fund: Class A | Fidelity Investments Distributors Corp. | Boston, MA | 52.40%</R> |
<R>Fidelity Advisor Value Leaders Fund: Class A | RBC Dain Rauscher Corp. | Minneapolis, MN | 27.31%</R> |
<R>Fidelity Advisor Value Leaders Fund: Class T | Fidelity Investments Distributors Corp. | Boston, MA | 52.53%</R> |
<R>Fidelity Advisor Value Leaders Fund: Class T | Thoroughbred Financial Services, LLC | Brentwood, TN | 10.79%</R> |
<R>Fidelity Advisor Value Leaders Fund: Class T | American Express Financial Services | Omaha, NE | 9.81%</R> |
<R>Fidelity Advisor Value Leaders Fund: Class T | Lasalle Street Securities, Inc. | Chicago, IL | 6.17%</R> |
<R>Fidelity Advisor Value Leaders Fund: Class B | Fidelity Investments Distributors Corp. | Boston, MA | 73.37%</R> |
<R>Fidelity Advisor Value Leaders Fund: Class C | Fidelity Investments Distributors Corp. | Boston, MA | 78.46%</R> |
<R>Fidelity Advisor Value Leaders Fund: Institutional Class | Fidelity Investments Distributors Corp. | Boston, MA | 99.92%</R> |
To the knowledge of the trust, no other shareholder owned of record or beneficially more than 5% of the outstanding shares of each class of the funds on that date.
FMR has advised the trust that certain shares are registered to FMR or an FMR affiliate. To the extent that FMR or an FMR affiliate has discretion to vote, these shares will be voted at the Meeting FOR each proposal. Otherwise, these shares will be voted in accordance with the plan or agreement governing the shares. Although the terms of the plans and agreements vary, generally the shares must be voted either (i) in accordance with instructions received from shareholders or (ii) in accordance with instructions received from shareholders and, for shareholders who do not vote, in the same proportion as certain other shareholders have voted.
Shareholders of record at the close of business on July 19, 2004 will be entitled to vote at the Meeting. Each such shareholder will be entitled to one vote for each dollar of net asset value held on that date.
Only one copy of this Proxy Statement may be mailed to households, even if more than one person in a household is a fund shareholder of record. If you need additional copies of this Proxy Statement, please contact Fidelity at 1-877-208-0098. If you do not want the mailing of this Proxy Statement to be combined with those for other members of your household, call Fidelity at 1-877-208-0098.
For a free copy of Fidelity Advisor Diversified International Fund's, Fidelity Advisor Emerging Asia Fund's, Fidelity Advisor Europe Capital Appreciation Fund's, Fidelity Advisor Global Equity Fund's, Fidelity Advisor International Capital Appreciation Fund's, Fidelity Advisor Japan Fund's, Fidelity Advisor Korea Fund's, Fidelity Advisor Latin America Fund's, Fidelity Advisor Overseas Fund's, and Fidelity Advisor Value Leaders Fund'sannual reports for the fiscal year ended October 31, 2003 and Fidelity Advisor Emerging Markets Income Fund's annual report for fiscal year ended December 31, 2003 and the semiannual reports for the fiscal periods ended April 30, 2004 and June 30, 2004, respectively, call 1-877-208-0098 or write to FDC at 82 Devonshire Street, Boston, Massachusetts 02109. Please note that an annual report for Fidelity Advisor Emerging Markets Fund is not available because the fund has not yet completed its first fiscal year.
VOTE REQUIRED: Approval of Proposal 1 requires the affirmative vote of a "majority of the outstanding voting securities" of the entire trust. Approval of Proposal 2requires the affirmative vote of a plurality of the shares of the entire trust voted in person or by proxy at the Meeting.Approval of Proposals3and 4require the affirmative vote of a "majority of the outstanding voting securities" of the appropriate fund.Under the Investment Company Act of 1940 (1940 Act), the vote of a "majority of the outstanding voting securities" means the affirmative vote of the lesser of (a) 67% or more of the voting securities present at the Meeting or represented by proxy if the holders of more than 50% of the outstanding voting securities are present or represented by proxy or (b) more than 50% of the outstanding voting securities.With respect to each Proposal, votes to ABSTAIN and broker non-votes will have the same effect as votes cast AGAINST the proposal.
1. TO AMEND THE DECLARATION OF TRUST TO ALLOW THE BOARD OF TRUSTEES, IF PERMITTED BY APPLICABLE LAW, TO AUTHORIZE FUND MERGERS WITHOUT SHAREHOLDER APPROVAL.
The Securities and Exchange Commission (SEC) has recently changed the rules for mutual fund mergers to reduce the need for affiliated funds to incur the expense of soliciting proxies when a merger does not raise significant issues for shareholders - for example, merging two small Fidelity funds, with the same portfolio manager, the same investment principles and the same fee structures in order to achieve economies of scale and thereby reduce fund expenses borne by shareholders. The rules still require the board of trustees (including a majority of non-interested trustees) to determine that any merger is in the best interest of the affiliated funds and will not dilute the interest of their existing shareholders. The new SEC rules also require shareholder approval by the acquired affiliated fund for mergers that could have a material impact on a shareholder, like changing a fundamental investment policy or increasing fund expenses (see below).
The fund's current Declaration of Trust was drafted to be consistent with the old SEC rules which required approval of all mergers between affiliated funds by the shareholders of the fund to be acquired. You are being asked now to approve an amendment to the Declaration of Trust (Article XII, Section 4.3), consistent with the new affiliated fund merger rules, to permit the Trustees in limited circumstances to authorize a fund's or class's merger or consolidation with, or sale of a fund's or class's assets to, another operating mutual fund without a shareholder vote.You are not being asked to approve any fund mergers at this time.
Shareholders have the right to vote on any Declaration of Trust amendment affecting their right to vote or on any matter submitted to the shareholders by the Trustees. On April 15, 2004, the Trustees approved the proposed amendment and also authorized its submission to the trust's shareholders for their approval at this Meeting.
The amendment will give the Trustees more flexibility and, subject to applicable requirements of Federal law, namely the 1940 Act, and Massachusetts law, broader authority to act. The amendment will not alter in any way the Trustees' existing fiduciary obligations to act with due care and in the shareholders' interests. Before using any new flexibility that the proposed amendment may afford, the Trustees must first consider the shareholders' interests and then act in accordance with such interests. Shareholders of an acquired affiliated fund will still be required to approve a merger that would result in a change of a fundamental investment policy, a material change to the terms of an investment management contract, the institution of, or an increase in, a 12b-1 fee or where the board of trustees of the surviving fund does not have a majority of non-interested trustees who were elected by the acquired fund's shareholders. Shareholder approval will also continue to be required for all mergers of non-affiliated funds.
Article XII, Section 4.3 of the Declaration of Trust addresses mergers, consolidations, and sales of fund assets. If approved, Article XII, Section 4.3 will be amended as follows (new language isunderlined; language to be deleted is [bracketed]):
ARTICLE XII
MISCELLANEOUS
Section 4.3. Merger, Consolidation, and Sale of Assets.Subject to applicable Federal and state law and except as otherwise provided in Section 4.4 below, the Trust or any Series or Class thereof may merge or consolidate with any other corporation, association, trust, or other organization or may sell, lease, or exchange all or a portion of the Trust property or Trust property allocated or belonging to such Series or Class, including its good will, upon such terms and conditions and for such consideration when and as authorizedby the Trustees without the vote or consent of Shareholders[at any meeting of Shareholders called for such purpose by a Majority Shareholder Vote of the Trust or affected Series or Class, as the case may be]. Such transactions may be effected through share-for-share exchanges, transfers or sale of assets, shareholder in-kind redemptions and purchases, exchange offers, or any other method approved by the Trustees.
Section 4.4. Incorporation; Reorganization.Subject to applicable Federal and state law, the Trustees may without the vote or consent of Shareholders cause to be organized or assist in organizing a corporation or corporations under the laws of any jurisdiction or any other trust, partnership, limited liability company, association, or other organization to take over all or a portion of the Trust property or all or a portion of the Trust property allocated or belonging to such Series or Class or to carry on any business in which the Trust shall directly or indirectly have any interest, and to sell, convey and transfer the Trust property or the Trust property allocated or belonging to such Series or Class to any such corporation, trust, limited liability company, partnership, association, or organization in exchange for the shares or securities thereof or otherwise, and to lend money to, subscribe for the shares or securities of, and enter into any contracts with any such corporation, trust, partnership, limited liability company, association, or organization, or any corporation, partnership, limited liability company, trust, association, or organization in which the Trust or such Series holds or is about to acquire shares or any other interest. Subject to applicable Federal and state law, the Trustees may also cause a merger or consolidation between the Trust or any successor thereto or any Series or Class thereof and any such corporation, trust, partnership, limited liability company, association, or other organization. Nothing contained herein shall be construed as requiring approval of Shareholders for the Trustees to organize or assist in organizing one or more corporations, trusts, partnerships, limited liability companies, associations, or other organizations and selling, conveying, or transferring the Trust property or a portion of the Trust property to such organization or entities; provided, however, that the Trustees shall provide written notice to the affected Shareholders of any transaction whereby, pursuant to this Section 4.4, the Trust or any Series or Class thereof sells, conveys, or transfers all or a portion of its assets to another entity or merges or consolidates with another entity. Such transactions may be effected through share-for-share exchanges, transfers or sale of assets, shareholder in-kind redemptions and purchases, exchange offers, or any other method approved by the Trustees.
Conclusion. The Board of Trustees has concluded that the proposal will benefit the trust and its shareholders. The Trustees recommend voting FOR the proposal. The amended Declaration of Trust will become effective upon shareholder approval. If the proposal is not approved by shareholders of the trust, Article XII, Section 4.3 of the Declaration of Trust will remain unchanged.
<R>2. TO ELECT A BOARD OF TRUSTEES.</R>
<R>The purpose of this proposal is to elect a Board of Trustees of the trust. Pursuant to the provisions of the Declaration of Trust of the trust, the Trustees have determined that the number of Trustees shall be fixed at 14. It is intended that the enclosed proxy will be voted for the nominees listed below unless such authority has been withheld in the proxy. A nominee shall be elected immediately upon shareholder approval, unless he or she is proposed to begin service at a later date. It is proposed that Dennis J. Dirks and Cornelia M. Small begin serving as Trustees on or about January 1, 2005, replacing Ralph F. Cox and Donald J. Kirk, who are scheduled to retire at the end of 2004.</R>
<R>Except for Mr. Dirks and Ms. Small, all nominees named below are currently Trustees of the trust and have served in that capacity continuously since originally elected or appointed. Laura B. Cronin, Robert L. Reynolds, and George H. Heilmeierwere selected by the trust's Governance and Nominating Committee (see page<Click Here>)and were appointed to the Board onMarch 1, 2003, March 1, 2003, and January 1, 2004, respectively. Mr. Dirks and Ms. Small are currently Members of the Advisory Board of the trust. Mr. Dirks and Ms. Small were selected by the trust's Governance and Nominating Committee and were appointed as Members of the Advisory Board on July 1, 2004 and January 1, 2004, respectively.</R>
<R>Except for William O. McCoy, Mr. Dirks, and Ms. Small, each of the nominees oversees 292 funds advised by FMR or an affiliate. Mr. McCoy oversees 294 funds advised by FMR or an affiliate. Mr. Dirks and Ms. Small do not currently serve as Trustees of any fund advised by FMR or an affiliate; Mr. Dirks and Ms. Small are currently Members of the Advisory Board of each Fidelity fund.</R>
In the election of Trustees, those nominees receiving the highest number of votes cast at the Meeting, provided a quorum is present, shall be elected.
Interested Nominees*:
Correspondence intended for each nominee who is an "interested person" (as defined in the 1940 Act) may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupation** | |
Edward C. Johnson 3d (74)*** | |
Year of Election or Appointment: 1983 Trustee of Fidelity Advisor Series VIII. Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR Corp.; a Director and Chairman of the Board and of the Executive Committee of FMR; Chairman and a Director of Fidelity Management & Research (Far East) Inc.; Chairman (1998) and a Director of Fidelity Investments Money Management, Inc.; and Chairman (2001) and a Director (2000) of FMR Co., Inc. | |
Abigail P. Johnson (42)*** | |
Year of Election or Appointment: 2001 Trustee of Fidelity Advisor Series VIII. Senior Vice President of Advisor Diversified International (2001), Advisor Emerging Asia (2001), Advisor Emerging Markets (2004), Advisor Emerging Markets Income (2001), Advisor Europe Capital Appreciation (2001), Advisor Global Equity (2001), Advisor International Capital Appreciation (2001), Advisor Japan (2001), Advisor Korea (2001), Advisor Latin America (2001), Advisor Overseas (2001), and Advisor Value Leaders (2003). Ms. Johnson also serves as Senior Vice President of other Fidelity funds (2001). She is President and a Director of FMR (2001), Fidelity Investments Money Management, Inc. (2001), FMR Co., Inc. (2001), and a Director of FMR Corp. Previously, Ms. Johnson managed a number of Fidelity funds. | |
Laura B. Cronin (50) | |
Year of Election or Appointment: 2003 Trustee of Fidelity Advisor Series VIII. Ms. Cronin is an Executive Vice President (2002) and Chief Financial Officer (2002) of FMR Corp. and is a member of the Fidelity Management Committee (2003). Previously, Ms. Cronin served as Vice President of Finance of FMR (1997-1999), and Chief Financial Officer of FMR (1999-2001), Fidelity Personal Investments (2001), and Fidelity Brokerage Company (2001-2002). | |
Robert L. Reynolds (52) | |
Year of Election or Appointment: 2003 Trustee of Fidelity Advisor Series VIII. Mr. Reynolds is a Director (2003) and Chief Operating Officer (2002) of FMR Corp. and is the head of the Fidelity Management Committee (2003). He also serves on the Board at Fidelity Investments Canada, Ltd. (2000). Previously, Mr. Reynolds served as President of Fidelity Investments Institutional Retirement Group (1996-2000). | |
* Nominees have been determined to be "interested" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.
** Except as otherwise indicated, each individual has held the office shown or other offices in the same company for the last five years.
*** Edward C. Johnson 3d, Trustee, is Abigail P. Johnson's father.
Non-Interested Nominees:
Correspondence intended for each non-interested nominee (that is, the nominees other than the interested nominees) may be sent to Fidelity Investments, P. O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Age; Principal Occupation* | |
J. Michael Cook (61)** | |
Year of Election or Appointment: 2001 Trustee of Fidelity Advisor Series VIII. Prior to Mr. Cook's retirement in May 1999, he served as Chairman and Chief Executive Officer of Deloitte & Touche LLP (accounting/consulting), Chairman of the Deloitte & Touche Foundation, and a member of the Board of Deloitte Touche Tohmatsu. He currently serves as a Director of Comcast (telecommunications, 2002), International Flavors & Fragrances, Inc. (2000), The Dow Chemical Company (2000), and Northrop Grumman Corporation (global defense technology, 2003). He is a Member of the Diversity Advisory Council of Marakon (2003) and the Advisory Board of the Directorship Search Group, Chairman Emeritus of the Board of Catalyst (a leading organization for the advancement of women in business), and is Chairman of the Accountability Advisory Council to the Comptroller General of the United States. He also serves as a Member of the Advisory Board of the Graduate School of Business of the University of Florida, his alma mater. | |
Ralph F. Cox (72)*** | |
Year of Election or Appointment: 1991 Trustee of Fidelity Advisor Series VIII. Mr. Cox is President of RABAR Enterprises (management consulting for the petroleum industry). Prior to February 1994, he was President of Greenhill Petroleum Corporation (petroleum exploration and production). Until March 1990, Mr. Cox was President and Chief Operating Officer of Union Pacific Resources Company (exploration and production). He is a Director of CH2M Hill Companies (engineering), and Abraxas Petroleum (petroleum exploration and production, 1999). In addition, he is a member of advisory boards of Texas A&M University and the University of Texas at Austin. | |
Dennis J. Dirks (56)+ | |
<R> | Year of Election or Appointment to the Advisory Board: 2004</R> <R>Member of the Advisory Board of Fidelity Advisor Series VIII. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC) (1999-2003). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) (1999-2003) and President and Board member of the National Securities Clearing Corporation (NSCC) (1999-2003). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation (2001-2003) and Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation (2001-2003).</R> |
Robert M. Gates (60) | |
Year of Election or Appointment: 1997 Trustee of Fidelity Advisor Series VIII. Dr. Gates is President of Texas A&M University (2002). He was Director of the Central Intelligence Agency (CIA) from 1991 to 1993. From 1989 to 1991, Dr. Gates served as Assistant to the President of the United States and Deputy National Security Advisor. Dr. Gates is a Director of NACCO Industries, Inc. (mining and manufacturing), Parker Drilling Co., Inc. (drilling and rental tools for the energy industry, 2001), and Brinker International (restaurant management, 2003). He also serves as a member of the Advisory Board of VoteHere.net (secure internet voting, 2001). Previously, Dr. Gates served as a Director of LucasVarity PLC (automotive components and diesel engines), a Director of TRW Inc. (automotive, space, defense, and information technology), and Dean of the George Bush School of Government and Public Service at Texas A&M University (1999-2001). Dr. Gates also is a Trustee of the Forum for International Policy. | |
George H. Heilmeier (68) | |
<R> | Year of Election or Appointment: 2004</R> <R>Trustee of Fidelity Advisor Series VIII.Dr. Heilmeier is Chairman Emeritus of Telcordia Technologies (communication software and systems), where prior to his retirement, he served as company Chairman and Chief Executive Officer. He currently serves on the Boards of Directors of The Mitre Corporation (systems engineering and information technology support for the government), INET Technologies Inc. (telecommunications network surveillance, 2001) and Teletech Holdings (customer management services, 1998). He is Chairman of the General Motors Technology Advisory Committee and a Life Fellow of the IEEE (2000). Dr. Heilmeier is a member of the Defense Science Board and the National Security Agency Advisory Board. He is also a member of the National Academy of Engineering, the American Academy of Arts and Sciences and The Board of Overseers of the School of Engineering and Applied Science of the University of Pennsylvania. Previously, Dr. Heilmeier served as a Director of TRW Inc. (automotive, space, defense, and information technology, 1992-2002), Compaq (1994-2002), and Automatic Data Processing, Inc. (ADP) (technology-based business outsourcing, 1995-2002).</R> |
Donald J. Kirk (71)*** | |
<R> | Year of Election or Appointment: 1987</R> <R>Trustee of Fidelity Advisor Series VIII. Mr. Kirk is a Governor of the American Stock Exchange (2001), a Trustee and former Chairman of the Board of Trustees of the Greenwich Hospital Association, a Director of the Yale-New Haven Health Services Corp. (1998), and a Director Emeritus and former Chairman of the Board of Directors of National Arts Strategies Inc. (leadership education for arts and culture). Mr. Kirk was an Executive-in-Residence (1995-2000) and a Professor (1987-1995) at Columbia University Graduate School of Business. Prior to 1987, he was Chairman of the Financial Accounting Standards Board. Previously, Mr. Kirk served as a Governor of the National Association of Securities Dealers, Inc. (1996-2002), a member and Vice Chairman of the Public Oversight Board of the American Institute of Certified Public Accountants' SEC Practice Section (1995-2002), a Director of General Re Corporation (reinsurance, 1987-1998) and as a Director of Valuation Research Corp. (appraisals and valuations).</R> |
Marie L. Knowles (57) | |
Year of Election or Appointment: 2001 Trustee of Fidelity Advisor Series VIII. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. She currently serves as a Director of Phelps Dodge Corporation (copper mining and manufacturing) and McKesson Corporation (healthcare service, 2002). Ms. Knowles is a Trustee of the Brookings Institution and the Catalina Island Conservancy and also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. | |
Ned C. Lautenbach (60) | |
Year of Election or Appointment: 2000 Trustee of Fidelity Advisor Series VIII. Mr. Lautenbach has been a partner of Clayton, Dubilier & Rice, Inc. (private equity investment firm) since September 1998. Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. He was most recently Senior Vice President and Group Executive of Worldwide Sales and Services. From 1993 to 1995, he was Chairman of IBM World Trade Corporation, and from 1994 to 1998 was a member of IBM's Corporate Executive Committee. Mr. Lautenbach serves as Co-Chairman and a Director of Covansys, Inc. (global provider of business and technology solutions, 2000). In addition, he is a Director of Eaton Corporation (diversified industrial) and the Philharmonic Center for the Arts in Naples, Florida (1999). He also is a member of the Council on Foreign Relations. | |
Marvin L. Mann (71) | |
Year of Election or Appointment: 1993 Trustee of Fidelity Advisor Series VIII. Mr. Mann is Chairman of the non-interested Trustees (2001). He is Chairman Emeritus of Lexmark International, Inc. (computer peripherals) where he served as CEO until April 1998 and retired as Chairman May 1999, and remains a member of the Board. Prior to 1991, he held the positions of Vice President of International Business Machines Corporation (IBM) and President and General Manager of various IBM divisions and subsidiaries. He is also a member of the Director Services Committee of the Investment Company Institute. In addition, Mr. Mann is a member of the President's Cabinet at the University of Alabama and the Board of Visitors of the Culverhouse College of Commerce and Business Administration at the University of Alabama. | |
William O. McCoy (70) | |
Year of Election or Appointment: 1997 Trustee of Fidelity Advisor Series VIII. Prior to his retirement in December 1994, Mr. McCoy was Vice Chairman of the Board of BellSouth Corporation (telecommunications) and President of BellSouth Enterprises. He is currently a Director of Liberty Corporation (holding company), Duke Realty Corporation (real estate), and Progress Energy, Inc. (electric utility). He is also a partner of Franklin Street Partners (private investment management firm) and a member of the Research Triangle Foundation Board. In addition, Mr. McCoy served as the Interim Chancellor (1999-2000) and a member of the Board of Visitors (1994-1998) for the University of North Carolina at Chapel Hill and currently serves on the Board of Directors of the University of North Carolina Health Care System and the Board of Visitors of the Kenan-Flagler Business School (University of North Carolina at Chapel Hill). He also served as Vice President of Finance for the University of North Carolina (16-school system, 1995-1998). | |
<R>Cornelia M. Small (59)+</R> | |
<R> | Year of Election or Appointment to the Advisory Board: 2004</R> <R>Member of the Advisory Board of Fidelity Advisor Series VIII. Ms. Small is a member (2000) and Chairperson (2002) of the Investment Committee, and a member (2002) of the Board of Trustees of Smith College. Previously, she served as Chief Investment Officer (1999-2000), Director of Global Equity Investments (1996-1999), and a member of the Board of Directors of Scudder, Stevens & Clark (1990-1997) and Scudder Kemper Investments (1997-1998). In addition, Ms. Small served as Co-Chair (2000-2003) of the Annual Fund for the Fletcher School of Law and Diplomacy.</R> |
William S. Stavropoulos (65) | |
Year of Election or Appointment: 2001 Trustee of Fidelity Advisor Series VIII. Mr. Stavropoulos is Chairman of the Board (2000), CEO (2002), a position he previously held from 1995-2000, Chairman of the Executive Committee (2000), and a Member of the Board of Directors of The Dow Chemical Company. Since joining The Dow Chemical Company in 1967, Mr. Stavropoulos served in numerous senior management positions, including President (1993-2000; 2002-2003). Currently, he is a Director of NCR Corporation (data warehousing and technology solutions), BellSouth Corporation (telecommunications), Chemical Financial Corporation, and Maersk Inc. (industrial conglomerate, 2002). He also serves as a member of the Board of Trustees of the American Enterprise Institute for Public Policy Research. In addition, Mr. Stavropoulos is a member of The Business Council, J.P. Morgan International Council and the University of Notre Dame Advisory Council for the College of Science. | |
* Except as otherwise indicated, each individual has held the office shown or other offices in the same company for the last five years.
<R>** Mr. Cook has advised the Board of Trustees that he intends to resign effective on or about December 31, 2004 to pursue other opportunities.</R>
<R>*** Scheduled to retire at the end of 2004 in accordance with policy that each non-interested Trustee retire no later than the last day of the calendar year in which his or her 72nd birthday occurs.</R>
<R>+ Nominated to serve as Trustee effective on or about January 1, 2005 following the retirement of Ralph F. Cox and Donald J. Kirk.</R>
As of May 31, 2004, the nominees, Trustees and officers of the trust and each fund owned, in the aggregate, less than 1% of each fund's outstanding shares.
In a transaction during the period November 1, 2002 through May 31, 2004, Edward C. Johnson 3d, acting on behalf of an entity organized for the benefit of his family, redeemed $183,851,688 of FMR Corp. securities for cash.
<R>If elected, the Trustees will hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) a Trustee may be removed at any Special Meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. In any event, each non-interested Trustee shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. In case a vacancy shall for any reason exist, the remaining Trustees will fill such vacancy by appointing another Trustee, so long as, immediately after such appointment, at least two-thirds of the Trustees have been elected by shareholders. If, at any time, less than a majority of the Trustees holding office has been elected by the shareholders, the Trustees then in office will promptly call a shareholders' meeting for the purpose of electing a Board of Trustees. Otherwise, there will normally be no meeting of shareholders for the purpose of electing Trustees. The Advisory Board Members hold office without limit in time except that any Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees.</R>
<R>The trust's Board, which is currently composed of four interested and ten non-interested Trustees, met 11times during the fiscal year ended October 31, 2003 for Advisor Diversified International, Advisor Emerging Asia, Advisor Emerging Markets, Advisor Europe Capital Appreciation, Advisor Global Equity, Advisor International Capital Appreciation, Advisor Japan, Advisor Korea, Advisor Latin America, Advisor Overseas, and Advisor Value Leaders, and met 11 times during the fiscal year ended December 31, 2003 for Advisor Emerging Markets Income. It is expected that the Trustees will meet at least 11 times a year at regularly scheduled meetings. For additional information on the committees of the funds' Trustees, refer to the section entitled "Standing Committees of the Funds' Trustees" beginning on page<Click Here>.</R>
The following table sets forth information describing the dollar range of equity securities beneficially owned by each nominee in each fund and in all funds in the aggregate within the same fund family overseen by the nominee as of June 30, 2004.
Interested Nominees | ||||
DOLLAR RANGE OF | Edward C. | Abigail P. | Laura B. | Robert L. |
<R>Advisor Diversified International | none | none | none | none</R> |
<R>Advisor Emerging Asia | none | none | none | none</R> |
<R>Advisor Emerging Markets | none | none | none | none</R> |
<R>Advisor Emerging Markets Income | none | none | none | none</R> |
<R>Advisor Europe Capital Appreciation | none | none | none | none</R> |
<R>Advisor Global Equity | none | none | none | none</R> |
<R>Advisor International Capital Appreciation | none | none | none | none</R> |
<R>Advisor Japan | over $100,000 | none | none | none</R> |
<R>Advisor Korea | none | none | none | none</R> |
<R>Advisor Latin America | none | none | none | none</R> |
<R>Advisor Overseas | none | none | none | none</R> |
<R>Advisor Value Leaders | none | none | none | none</R> |
<R>AGGREGATE DOLLAR RANGE OF FUND SHARES IN ALL FUNDS OVERSEEN WITHIN FUND FAMILY | over $100,000 | over $100,000 | over $100,000 | over $100,000</R> |
Non-Interested Nominees | ||||||
DOLLAR RANGE OF | J. Michael | Ralph F. | Dennis J. | Robert M. | George H. | Donald J. |
<R>Advisor Diversified International | none | none | none | none | none | none</R> |
<R>Advisor Emerging Asia | none | none | none | none | none | none</R> |
<R>Advisor Emerging Markets | none | none | none | none | none | none</R> |
<R>Advisor Emerging Markets Income | none | none | none | none | none | none</R> |
<R>Advisor Europe Capital Appreciation | none | none | none | none | none | none</R> |
<R>Advisor Global Equity | none | none | none | none | none | none</R> |
<R>Advisor International Capital Appreciation | none | none | none | none | none | none</R> |
<R>Advisor Japan | none | none | none | none | none | none</R> |
<R>Advisor Korea | none | none | none | none | none | none</R> |
<R>Advisor Latin America | none | none | none | none | none | none</R> |
<R>Advisor Overseas | none | none | none | none | none | none</R> |
<R>Advisor Value Leaders | none | none | none | none | none | none</R> |
<R>AGGREGATE DOLLAR RANGE OF FUND SHARES IN ALL FUNDS OVERSEEN WITHIN FUND FAMILY | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000</R> |
Non-Interested Nominees | ||||||
DOLLAR RANGEOF FUND SHARES | Marie L. | Ned C. | Marvin L. | William O. | Cornelia M. | William S. |
<R>Advisor Diversified International | none | none | none | none | none | none</R> |
<R>Advisor Emerging Asia | none | none | none | none | none | none</R> |
<R>Advisor Emerging Markets | none | none | none | none | none | none</R> |
<R>Advisor Emerging Markets Income | none | none | none | none | none | none</R> |
<R>Advisor Europe Capital Appreciation | none | none | none | none | none | none</R> |
<R>Advisor Global Equity | none | none | none | none | none | none</R> |
<R>Advisor International Capital Appreciation | none | none | none | over $100,000 | none | none</R> |
<R>Advisor Japan | none | none | none | none | none | none</R> |
<R>Advisor Korea | none | none | none | none | none | none</R> |
<R>Advisor Latin America | none | none | none | none | none | none</R> |
<R>Advisor Overseas | none | none | none | none | none | none</R> |
<R>Advisor Value Leaders | none | none | none | none | none | none</R> |
<R>AGGREGATE DOLLAR RANGE OF FUND SHARES IN ALL FUNDS OVERSEEN WITHIN FUND FAMILY | over $100,000 | over $100,000 | over $100,000 | over $100,000 | $10,001 - $50,000 | over $100,000</R> |
The following table sets forth information describing the compensation of each Trustee and Member of the Advisory Board for his or her services for the fiscal year ended October 31, 2003 for Advisor Diversified International, Advisor Emerging Asia, Advisor Emerging Markets, Advisor Europe Capital Appreciation, Advisor Global Equity, Advisor International Capital Appreciation, Advisor Japan, Advisor Korea, Advisor Latin America, Advisor Overseas, and Advisor Value Leaders, for the fiscal year ended December 31, 2003 for Advisor Emerging Markets Income, or calendar year ended December 31, 2003, as applicable.
Compensation Table* | |||||||
<R>AGGREGATE | J. | Ralph | Phyllis | Dennis J. | Robert | George H. | Donald |
<R>Advisor Diversified | $ 218 | $ 230 | $ 217 | $ 0 | $ 228 | $ 171 | $ 226</R> |
<R>Advisor Emerging Asia | $ 10 | $ 10 | $ 10 | $ 0 | $ 10 | $ 7 | $ 10</R> |
<R>Advisor Emerging | $ 2 | $ 2 | $ 0 | $ 0 | $ 2 | $ 2 | $ 2</R> |
<R>Advisor Emerging | $ 43 | $ 44 | $ 42 | $ 0 | $ 44 | $ 37 | $ 44</R> |
<R>Advisor Europe Capital Appreciation | $ 6 | $ 6 | $ 6 | $ 0 | $ 6 | $ 4 | $ 6</R> |
<R>Advisor Global Equity | $ 8 | $ 9 | $ 8 | $ 0 | $ 9 | $ 6 | $ 8</R> |
<R>Advisor International | $ 90 | $ 95 | $ 90 | $ 0 | $ 94 | $ 71 | $ 94</R> |
<R>Advisor Japan | $ 11 | $ 11 | $ 11 | $ 0 | $ 11 | $ 7 | $ 11</R> |
<R>Advisor Korea | $ 5 | $ 5 | $ 5 | $ 0 | $ 5 | $ 3 | $ 5</R> |
<R>Advisor Latin America | $ 1 | $ 1 | $ 1 | $ 0 | $ 1 | $ 1 | $ 1</R> |
<R>Advisor Overseas | $ 364 | $ 384 | $ 365 | $ 0 | $ 380 | $ 247 | $ 376</R> |
<R>Advisor Value Leaders+ | $ 2 | $ 2 | $ 1 | $ 0 | $ 3 | $ 2 | $ 2</R> |
<R>TOTAL COMPENSATION | $ 253,500 | $ 261,000 | $ 250,500 | $ 0 | $ 259,500 | $ 212,000 | $ 261,000</R> |
Compensation Table* | |||||||
<R>AGGREGATE | Marie | Ned | Marvin | William | Cornelia M. | William S. | |
<R>Advisor Diversified International | $ 226 | $ 223 | $ 281 | $ 227 | $ 0 | $ 217</R> | |
<R>Advisor Emerging Asia | $ 10 | $ 10 | $ 12 | $ 10 | $ 0 | $ 10</R> | |
<R>Advisor Emerging Markets+ | $ 2 | $ 2 | $ 3 | $ 2 | $ 2 | $ 2</R> | |
<R>Advisor Emerging Markets Income | $ 44 | $ 43 | $ 55 | $ 44 | $ 0 | $ 43</R> | |
<R>Advisor Europe Capital Appreciation | $ 6 | $ 6 | $ 8 | $ 6 | $ 0 | $ 6</R> | |
<R>Advisor Global Equity | $ 8 | $ 8 | $ 11 | $ 8 | $ 0 | $ 8</R> | |
<R>Advisor International Capital Appreciation | $ 94 | $ 92 | $ 117 | $ 94 | $ 0 | $ 90</R> | |
<R>Advisor Japan | $ 11 | $ 11 | $ 14 | $ 11 | $ 0 | $ 11</R> | |
<R>Advisor Korea | $ 5 | $ 5 | $ 7 | $ 5 | $ 0 | $ 5</R> | |
<R>Advisor Latin America | $ 1 | $ 1 | $ 2 | $ 1 | $ 0 | $ 1</R> | |
<R>Advisor Overseas | $ 376 | $ 369 | $ 470 | $ 378 | $ 0 | $ 365</R> | |
<R>Advisor Value Leaders+ | $ 3 | $ 2 | $ 3 | $ 2 | $ 2 | $ 2</R> | |
<R>TOTAL COMPENSATION | $ 258,000 | $ 256,500 | $ 324,000 | $298,500B | $ 0 | $ 253,500</R> | |
*Edward C. Johnson 3d, Abigail P. Johnson, Laura B. Cronin, Peter S. Lynch, and Robert L. Reynolds are interested persons and are compensated by FMR.
** Ms. Davis served on the Board of Trustees through December 31, 2003.
*** Effective July 1, 2004, Mr. Dirks serves as a Member of the Advisory Board.
**** During the period from March 1, 2003 through December 31, 2003, Dr. Heilmeier served as a Member of the Advisory Board. Effective January 1, 2004, Dr. Heilmeier serves as a Member of the Board of Trustees.
***** Effective January 1, 2004, Ms. Small serves as a Member of the Advisory Board.
+Estimated for the fund's first full year.
A Information is for the calendar year ended December 31, 2003 for 293 funds of 57 trusts in the fund complex. Compensation figures include cash, amounts required to be deferred, and may include amounts deferred at the election of Trustees. For the calendar year ended December 31, 2003, the Trustees accrued required deferred compensation from the funds as follows: J. Michael Cook, $111,000; Ralph F. Cox, $111,000; Phyllis Burke Davis, $111,000; Robert M. Gates, $111,000; Donald J. Kirk, $111,000; Marie L. Knowles, $111,000; Ned C. Lautenbach, $111,000; Marvin L. Mann, $141,000; William O. McCoy, $111,000; and William S. Stavropoulos, $111,000. Certain of the non-interested Trustees elected voluntarily to defer a portion of their compensation as follows: J. Michael Cook, $35,316.47; Ralph F. Cox, $35,316.47; Phyllis Burke Davis, $44,989.93; Ned C. Lautenbach, $44,989.93; and William O. McCoy, $82,489.93.
B Compensation figures include cash and may include amounts deferred at Mr. McCoy's election under a deferred compensation plan adopted by the other open-end registered investment companies in the fund complex (Other Open-End Funds). Pursuant to the deferred compensation plan, Mr. McCoy, as a non-interested Trustee, may elect to defer receipt of all or a portion of his annual fees. Amounts deferred under the deferred compensation plan are credited to an account established for Mr. McCoy on the books of the Other Open-End Funds. Interest is accrued on amounts deferred under the deferred compensation plan. For the calendar year ended December 31, 2003, Mr. McCoy voluntarily elected to defer $37,500.
Under a deferred compensation plan adopted in September 1995 and amended in November 1996 and January 2000 (the Plan), non-interested Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, their annual fees. Amounts deferred under the Plan are treated as though equivalent dollar amounts had been invested in shares of a cross-section of Fidelity funds including funds in each major investment discipline and representing a majority of Fidelity's assets under management (the Reference Funds). The amounts ultimately received by the non-interested Trustees under the Plan will be directly linked to the investment performance of the Reference Funds. Deferral of fees in accordance with the Plan will have a negligible effect on a fund's assets, liabilities, and net income per share, and will not obligate a fund to retain the services of any non-interested Trustee or to pay any particular level of compensation to the non-interested Trustee. A fund may invest in the Reference Funds under the Plan without shareholder approval.
3. TO AMEND FIDELITY ADVISOR KOREA FUND'S FUNDAMENTAL INVESTMENT LIMITATION CONCERNING UNDERWRITING.
Fidelity Advisor Korea Fund's current fundamental investment limitation concerning underwriting states:
"The fund may not underwrite securities issued by others, except to the extent that the fund may be considered an underwriter within the meaning of the Securities Act of 1933 in the disposition of restricted securities."
The Trustees recommend that shareholders of the fund vote to replace this limitation with the following amended fundamental investment limitation governing underwriting (additional language isunderlined):
"The fund may not underwrite securities issued by others, except to the extent that the fund may be considered an underwriter within the meaning of the Securities Act of 1933 in the disposition of restricted securitiesor in connection with investments in other investment companies."
Discussion of Proposed Modification. The primary purpose of the proposal is to clarify that the fundis not prohibited from investing in other investment companies, even if as a result of such investment, the fundis technically considered an underwriter under federal securities laws.
The proposal also serves to conform the fund's fundamental investment limitation concerning underwriting to a more modern limitation that is the standard for all funds managed by FMR or its affiliates. If the proposal is approved, the new limitation may not be changed without the approval of shareholders.
Adoption of the proposed limitation concerning underwriting is not expected to affect the way in which the fund is managed, the investment performance of the fund, or the securities or instruments in which the fund invests.
Conclusion.The Board of Trustees has concluded that the proposal will benefit the fund and its shareholders. The Trustees recommend voting FOR the proposal. Upon shareholder approval, the amended fundamental limitation will become effective when disclosure is revised to reflect the changes. If the proposal is not approved by the shareholders of the fund, the fund's current limitation will remain unchanged.
4. TO AMEND THE FUNDAMENTAL INVESTMENT LIMITATION CONCERNING LENDING FOR EACH FUND (EXCEPT FOR FIDELITY ADVISOR EMERGING MARKETS FUND AND FIDELITY ADVISOR VALUE LEADERS FUND).
Each fund's current fundamental investment limitation concerning lending is as follows:
"The fund may not lend any security or make any other loan if, as a result, more than 33 1/3% of its total assets would be lent to other parties, but this limitation does not apply to purchases of debt securities or to repurchase agreements."
The Trustees recommend that the shareholders of each fund vote to replace each fund's limitation with the following more modern fundamental investment limitation governing lending (additional language isunderlined):
"The fund may not lend any security or make any other loan if, as a result, more than 33 1/3% of its total assets would be lent to other parties, but this limitation does not apply to purchases of debt securities or to repurchase agreements, or to acquisitions of loans, loan participations or other forms of debt instruments."
Discussion of Proposed Modifications. The primary purpose of this proposal is to reviseeach fund's fundamental lending limitation to conform to a more modern limitation that is the standard for all funds managed by FMR or its affiliates. If the proposal is approved, the new fundamental lending limitation cannot be changed without the approval of shareholders.
Adoption of the proposed limitation on lending is not expected to affect the way in whicheach fund is managed, the investment performance of each fund, or the instruments in whicheach invests. However, the proposed limitation would clarify that acquisitions of loans, loan participations or other debt instruments are not subject to each fund's 33 1/3% limitation.
If shareholders approve the proposed fundamental investment limitation on lending set forth above, the Board intends to adopt the following non-fundamental limitation:
"The fund does not currently intend to lend assets other than securities to other parties, except by (a) lending money (up to 15% of the fund's net assets) to a registered investment company or portfolio for which FMR or an affiliate serves as investment adviser or (b) assuming any unfunded commitments in connection with the acquisition of loans, loan participations, or other forms of debt instruments. (This limitation does not apply to purchases of debt securities, to repurchase agreements, or to acquisitions of loans, loan participations or other forms of debt instruments.)"
Loans and other forms of debt instruments are used by issuers to borrow money. Loans may be subject to restrictions on resale. Purchasers of loans and other forms of debt instruments depend primarily upon the creditworthiness of the borrower for payment of interest and principal. If scheduled interest or principal payments are not made, the value of the instrument may be adversely affected. Loans, loan participations, and other forms of direct debt instruments involve a risk of loss in case of default or insolvency of the borrower, lending bank, or other intermediary.
When a fund lends a security, it receives in return collateral in an amount at least equal in value to the security loaned. A fund could incur expenses if the borrower defaults on its obligation to return the securities loaned for any reason.
The Trustees may change non-fundamental limitations in response to regulatory, market, legal or other developments without the approval of shareholders.
Conclusion. The Board of Trustees has concluded that the proposal will benefit each fund and its shareholders. The Trustees recommend voting FOR the proposal. Upon shareholder approval, the amended fundamental limitation will become effective when the prospectus and/or statement of additional information are revised to reflect it. If the proposal is not approved by the shareholders of a fund, that fund's current limitation will remain unchanged.
OTHER BUSINESS
The Board knows of no other business to be brought before the Meeting. However, if any other matters properly come before the Meeting, it is the intention that proxies that do not contain specific instructions to the contrary will be voted on such matters in accordance with the judgment of the persons therein designated.
ADVISORY BOARD MEMBERS AND EXECUTIVE OFFICERS OF THE FUNDS
<R>Peter S. Lynch, Dennis J. Dirks, and Cornelia M. Small are Members of the Advisory Board of Fidelity Advisor Series VIII. The executive officers of the funds include: Ms. Johnson,Philip L. Bullen, Bart A. Grenier, William Bower, John H. Carlson, Richard C. Habermann, Ian Hart, Richard R. Mace, Jr., Kevin R. McCarey, Eric D. Roiter, Stuart Fross, Christine Reynolds, Timothy F. Hayes, John R. Hebble, Kimberley H. Monasterio, John H. Costello, Francis V. Knox, Jr., Peter L. Lydecker, Mark Osterheld, and Thomas J. Simpson. Additional information about Ms. Johnson, Mr. Dirks, and Ms. Small can be found in Proposal 2. Additional information about the Members of the Advisory Board and other executive officers of the funds can be found in the following table.</R>
<R>The executive officers and Advisory Board Members hold office without limit in time, except that any officer may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Correspondence intended for each executive officer and Mr. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.Correspondence intended for Mr. Dirks and Ms. Small may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.</R>
Name, Age; Principal Occupation* | |
Peter S. Lynch (61) | |
Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity Advisor Series VIII. Vice Chairman and a Director of FMR, and Vice Chairman (2001) and a Director (2000) of FMR Co., Inc. Previously, Mr. Lynch served as a Trustee of the Fidelity funds (1990-2003). Prior to May 31, 1990, he was a Director of FMR and Executive Vice President of FMR (a position he held until March 31, 1991), Vice President of Fidelity® Magellan® Fund and FMR Growth Group Leader, and Managing Director of FMR Corp. Mr. Lynch was also Vice President of Fidelity Investments Corporate Services. In addition, he serves as a Trustee of Boston College, Massachusetts Eye & Ear Infirmary, Historic Deerfield, John F. Kennedy Library, and the Museum of Fine Arts of Boston. | |
Philip L. Bullen (44) | |
Year of Election or Appointment: 2001 or 2004 Vice President of Advisor Diversified International (2001), Advisor Emerging Asia (2001), Advisor Emerging Markets (2004), Advisor Emerging Markets Income (2001), Advisor Europe Capital Appreciation (2001), Advisor Global Equity (2001), Advisor International Capital Appreciation (2001), Advisor Japan (2001), Advisor Korea (2001), Advisor Latin America (2001), and Advisor Overseas (2001). Mr. Bullen also serves as Vice President of certain Equity Funds (2001) and certain High Income Funds (2001). He is Senior Vice President of FMR (2001) and FMR Co., Inc. (2001), President and a Director of Fidelity Management & Research (Far East) Inc. (2001), President and a Director of Fidelity Management & Research (U.K.) Inc. (2002), and a Director of Strategic Advisers, Inc. (2002). Before joining Fidelity Investments, Mr. Bullen was President and Chief Investment Officer of Santander Global Advisors (1997-2000) and President and Chief Executive Officer of Boston's Baring Asset Management Inc. (1994-1997). | |
Bart A. Grenier (45) | |
Year of Election or Appointment: 2003 Vice President of Advisor Value Leaders. Mr. Grenier also serves as Vice President of certain Equity Funds (2001), a position he previously held from 1999 to 2000, and Vice President of certain High Income Funds (2002). He is Senior Vice President of FMR (1999) and FMR Co., Inc. (2001), and President and Director of Strategic Advisers, Inc. (2002). He also heads Fidelity's Asset Allocation Group (2000), Fidelity's Growth and Income Group (2001), Fidelity's Value Group (2001), and Fidelity's High Income Division (2001). Previously, Mr. Grenier served as President of Fidelity Ventures (2000), Vice President of certain High Income Funds (1997-2000), High Income Division Head (1997-2000), Group Leader of the Income-Growth and Asset Allocation-Income Groups (1996-2000), and Assistant Equity Division Head (1997-2000). | |
William Bower (37) | |
Year of Election or Appointment: 2001 Vice President of Advisor Diversified International. Mr. Bower is also Vice President of another fund advised by FMR. Prior to assuming his current responsibilities, Mr. Bower managed a variety of Fidelity funds. | |
John H. Carlson (54) | |
Year of Election or Appointment: 1996 Vice President of Advisor Emerging Markets Income. Mr. Carlson also serves as Vice President of another fund advised by FMR. | |
Richard C. Habermann (63) | |
Year of Election or Appointment: 1998 Vice President of Advisor Global Equity. Mr. Habermann is also Vice President of other funds advised by FMR. Prior to assuming his current responsibilities, Mr. Habermann managed a variety of Fidelity funds. | |
Ian Hart (36) | |
Year of Election or Appointment: 2001 Vice President of Advisor Europe Capital Appreciation. Mr. Hart is also Vice President of another fund advised by FMR. Prior to assuming his current responsibilities, Mr. Hart managed a variety of Fidelity funds. | |
Richard R. Mace, Jr. (42) | |
Year of Election or Appointment: 1996 Vice President of Advisor Overseas. Mr. Mace is also Vice President of other funds advised by FMR. | |
Kevin R. McCarey (44) | |
Year of Election or Appointment: 1997 Vice President of Advisor International Capital Appreciation. Mr. McCarey is also Vice President of another fund advised by FMR. | |
Eric D. Roiter (55) | |
Year of Election or Appointment: 1998, 2003, or 2004 Secretary of Advisor Diversified International (1998), Advisor Emerging Asia (1998), Advisor Emerging Markets (2004), Advisor Emerging Markets Income (1998), Advisor Europe Capital Appreciation (1998), Advisor Global Equity (1998), Advisor International Capital Appreciation (1998), Advisor Japan (1998), Advisor Korea (1998), Advisor Latin America (1998), Advisor Overseas (1998), and Advisor Value Leaders (2003). He also serves as Secretary of other Fidelity funds (1998); Vice President, General Counsel, and Clerk of FMR Co., Inc. (2001) and FMR (1998); Vice President and Clerk of FDC (1998); Assistant Clerk of Fidelity Management & Research (U.K.) Inc. (2001) and Fidelity Management & Research (Far East) Inc. (2001); and Assistant Secretary of Fidelity Investments Money Management, Inc. (2001). Prior to joining Fidelity, Mr. Roiter was with the law firm of Debevoise & Plimpton, as an associate (1981-1984) and as a partner (1985-1997), and served as an Assistant General Counsel of the U.S. Securities and Exchange Commission (1979-1981). Mr. Roiter is an Adjunct Member, Faculty of Law, at Boston College Law School (2003). | |
Stuart Fross (44) | |
Year of Election or Appointment: 2003 or 2004 Assistant Secretary of Advisor Diversified International (2003), Advisor Emerging Asia (2003), Advisor Emerging Markets (2004), Advisor Emerging Markets Income (2003), Advisor Europe Capital Appreciation (2003), Advisor Global Equity (2003), Advisor International Capital Appreciation (2003), Advisor Japan (2003), Advisor Korea (2003), Advisor Latin America (2003), Advisor Overseas (2003), and Advisor Value Leaders (2003). Mr. Fross also serves as Assistant Secretary of other Fidelity funds (2003) and is an employee of FMR. | |
Christine Reynolds (45) | |
Year of Election or Appointment: 2004 President, Treasurer, and Anti-Money Laundering (AML) officer of Advisor Diversified International, Advisor Emerging Asia, Advisor Emerging Markets, Advisor Emerging Markets Income, Advisor Europe Capital Appreciation, Advisor Global Equity, Advisor International Capital Appreciation, Advisor Japan, Advisor Korea, Advisor Latin America, Advisor Overseas, and Advisor Value Leaders. Ms. Reynolds also serves as President, Treasurer, and AML officer of other Fidelity funds (2004) and is a Vice President (2003) and employee (2002) of FMR. Before joining Fidelity Investments, Ms. Reynolds worked at PricewaterhouseCoopers LLP (PwC) (1980-2002), where she was most recently an audit partner with PwC's investment management practice. | |
Timothy F. Hayes (53) | |
Year of Election or Appointment: 2002, 2003, or 2004 Chief Financial Officer of Advisor Diversified International (2002), Advisor Emerging Asia (2002), Advisor Emerging Markets (2004), Advisor Emerging Markets Income (2002), Advisor Europe Capital Appreciation (2002), Advisor Global Equity (2002), Advisor International Capital Appreciation (2002), Advisor Japan (2002), Advisor Korea (2002), Advisor Latin America (2002), Advisor Overseas (2002), and Advisor Value Leaders (2003). Mr. Hayes also serves as Chief Financial Officer of other Fidelity funds (2002). In 2001, Mr. Hayes was appointed President of Fidelity Investments Operations Group (FIOG), which includes Fidelity Pricing and Cash Management Services Group (FPCMS), where he was appointed President in 1998. Previously, Mr. Hayes served as Chief Financial Officer of Fidelity Investments Corporate Systems and Service Group (1998) and Fidelity Systems Company (1997-1998). | |
John R. Hebble (46) | |
Year of Election or Appointment: 2003 or 2004 Deputy Treasurer of Advisor Diversified International (2003), Advisor Emerging Asia (2003), Advisor Emerging Markets (2004), Advisor Emerging Markets Income (2003), Advisor Europe Capital Appreciation (2003), Advisor Global Equity (2003), Advisor International Capital Appreciation (2003), Advisor Japan (2003), Advisor Korea (2003), Advisor Latin America (2003), Advisor Overseas (2003), and Advisor Value Leaders (2003). Mr. Hebble also serves as Deputy Treasurer of other Fidelity funds (2003), and is an employee of FMR. Before joining Fidelity Investments, Mr. Hebble worked at Deutsche Asset Management where he served as Director of Fund Accounting (2002-2003) and Assistant Treasurer of the Scudder Funds (1998-2003). | |
Kimberley H. Monasterio (40) | |
Year of Election or Appointment: 2004 Deputy Treasurer of Advisor Diversified International, Advisor Emerging Asia, Advisor Emerging Markets, Advisor Emerging Markets Income, Advisor Europe Capital Appreciation, Advisor Global Equity, Advisor International Capital Appreciation, Advisor Japan, Advisor Korea, Advisor Latin America, Advisor Overseas, and Advisor Value Leaders. Ms. Monasterio also serves as Deputy Treasurer of other Fidelity funds (2004) and is an employee of FMR (2004). Before joining Fidelity Investments, Ms. Monasterio served as Treasurer (2000-2004) and Chief Financial Officer (2002-2004) of the Franklin Templeton Funds and Senior Vice President of Franklin Templeton Services, LLC (2000-2004). | |
John H. Costello (57) | |
Year of Election or Appointment: 1990, 1994, 1997, 1998, 2003, or 2004 Assistant Treasurer of Advisor Diversified International (1998), Advisor Emerging Asia (1994), Advisor Emerging Markets (2004), Advisor Emerging Markets Income (1994), Advisor Europe Capital Appreciation (1998), Advisor Global Equity (1998), Advisor International Capital Appreciation (1997), Advisor Japan (1998), Advisor Korea (1994), Advisor Latin America (1998), Advisor Overseas (1990), and Advisor Value Leaders (2003). Mr. Costello also serves as Assistant Treasurer of other Fidelity funds and is an employee of FMR. | |
Francis V. Knox, Jr. (57) | |
Year of Election or Appointment: 2002, 2003, or 2004 Assistant Treasurer of Advisor Diversified International (2002), Advisor Emerging Asia (2002), Advisor Emerging Markets (2004), Advisor Emerging Markets Income (2002), Advisor Europe Capital Appreciation (2002), Advisor Global Equity (2002), Advisor International Capital Appreciation (2002), Advisor Japan (2002), Advisor Korea (2002), Advisor Latin America (2002), Advisor Overseas (2002), and Advisor Value Leaders (2003). Mr. Knox also serves as Assistant Treasurer of other Fidelity funds (2002), and is a Vice President and an employee of FMR. Previously, Mr. Knox served as Vice President of Investment & Advisor Compliance (1990-2001), and Compliance Officer of Fidelity Management & Research (U.K.) Inc. (1992-2002), Fidelity Management & Research (Far East) Inc. (1991-2002), and FMR Corp. (1995-2002). | |
Peter L. Lydecker (50) | |
Year of Election or Appointment: 2004 Assistant Treasurer of Advisor Diversified International, Advisor Emerging Asia, Advisor Emerging Markets, Advisor Emerging Markets Income, Advisor Europe Capital Appreciation, Advisor Global Equity, Advisor International Capital Appreciation, Advisor Japan, Advisor Korea, Advisor Latin America, Advisor Overseas, and Advisor Value Leaders. Mr. Lydecker also serves as Assistant Treasurer of other Fidelity funds (2004) and is an employee of FMR. | |
Mark Osterheld (49) | |
Year of Election or Appointment: 2002, 2003, or 2004 Assistant Treasurer of Advisor Diversified International (2002), Advisor Emerging Asia (2002), Advisor Emerging Markets (2004), Advisor Emerging Markets Income (2002), Advisor Europe Capital Appreciation (2002), Advisor Global Equity (2002), Advisor International Capital Appreciation (2002), Advisor Japan (2002), Advisor Korea (2002), Advisor Latin America (2002), Advisor Overseas (2002), and Advisor Value Leaders (2003). Mr. Osterheld also serves as Assistant Treasurer of other Fidelity funds (2002) and is an employee of FMR. | |
Thomas J. Simpson (46) | |
Year of Election or Appointment: 2000, 2003, or 2004 Assistant Treasurer of Advisor Diversified International (2000), Advisor Emerging Asia (2000), Advisor Emerging Markets (2004), Advisor Emerging Markets Income (2000), Advisor Europe Capital Appreciation (2000), Advisor Global Equity (2000), Advisor International Capital Appreciation (2000), Advisor Japan (2000), Advisor Korea (2000), Advisor Latin America (2000), Advisor Overseas (2000), and Advisor Value Leaders (2003). Mr. Simpson is Assistant Treasurer of other Fidelity funds (2000) and an employee of FMR (1996). Prior to joining FMR, Mr. Simpson was Vice President and Fund Controller of Liberty Investment Services (1987-1995). | |
* Except as otherwise indicated, each individual has held the office shown or other offices in the same company for the last five years.
STANDING COMMITTEES OF THE FUNDS' TRUSTEES
Correspondence intended for each non-interested (independent) Trustee may be sent to the attention of the individual Trustee or to the Board of Trustees at Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for each interested Trustee may be sent to the attention of the individual Trustee or to the Board of Trustees at Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts, 02109. The current process for collecting and organizing shareholder communications requires that the Board of Trustees receive copies of all communications addressed to it. All communications addressed to the Board of Trustees or any individual Trustee are logged and sent to the Board or individual Trustee. The fund does not hold annual meetings and therefore does not have a policy with regard to Trustees' attendance at such meetings. However, as a matter of practice, at least one Trustee attends special meetings.
The Board of Trustees has established various committees to facilitate the timely and efficient consideration of all matters of importance to non-interested Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements. Currently, the Board of Trustees has 10 standing committees.
The Operations Committee is composed of all of the non-interested Trustees, with Mr. Mann currently serving as Chair. The committee normally meets monthly (except August), or more frequently as called by the Chair, and serves as a forum for consideration of issues of importance to, or calling for particular determinations by, the non-interested Trustees. The committee also considers matters involving potential conflicts of interest between the funds and FMR and its affiliates and reviews proposed contracts and the proposed continuation of contracts between the Fidelity funds and FMR and its affiliates, and annually reviews and makes recommendations regarding transfer agent and other service agreements, insurance coverage, and custody agreements. The committee also monitors additional issues including the nature, levels and quality of services provided to shareholders, significant litigation, and the voting of proxies of portfolio companies. The committee also has oversight of compliance issues not specifically in the scope of the charters of the Audit Committee or Fund Oversight Committees and considers other operating matters not specifically within the scope of oversight of any other committee. The committee is also responsible for definitive action on all compliance matters involving the potential for significant reimbursement by FMR. During the fiscal year ended October 31, 2003,the committee held 12 meetings. During the fiscal year ended December 31, 2003,the committee held 12 meetings.
The Fair Value Oversight Committee is composed of all of the non-interested Trustees, with Mr. Mann serving as Chair. The committee normally meets quarterly, or more frequently as called by the Chair, in conjunction with meetings of the Board of Trustees. The Fair Value Oversight Committee monitors and establishes policies concerning procedures and controls regarding the valuation of fund investments and their classification as liquid or illiquid and monitors matters of disclosure to the extent required to fulfill its statutory responsibilities. The committee provides oversight regarding the investment policies relating to, and Fidelity funds' investment in, non-traditional securities. The committee also reviews actions taken by FMR's Fair Value Committee. During the fiscal year ended October 31, 2003,the committee held five meetings. During the fiscal year ended December 31, 2003,the committee held four meetings.
The Board of Trustees has established three Fund Oversight Committees: the Equity Committee (composed of Messrs. Lautenbach (Chair), Kirk, and Stavropoulos), the Fixed-Income and International Committee (composed of Messrs. Cook (Chair) and Cox, and Ms. Knowles), and the Select and Special Committee (composed of Messrs. McCoy (Chair), Gates, and Heilmeier). Each committee normally meets monthly (except August) or more frequently as called by the Chair of the respective committee. Each committee oversees investment advisory services provided by FMR to the relevant funds and develops an understanding of and monitors the investment objectives, policies, and practices of the relevant Fidelity funds. Each committee also monitors investment performance, compliance by each relevant Fidelity fund with its investment policies and restrictions and reviews appropriate benchmarks, competitive universes, unusual or exceptional investment matters and the personnel and other resources devoted to the management of each fund. The Fixed-Income and International Committee also receives reports required under Rule 2a-7 of the 1940 Act and has oversight of research bearing on credit quality, investment structures and other fixed-income issues, and of international research. The Select and Special Committee has oversight of FMR's equity investment research. Each committee will review and recommend any required action to the Board in respect of specific funds, including new funds, changes in fundamental and non-fundamental investment policies and restrictions, partial or full closing to new investors, fund mergers, fund name changes, and liquidations of funds. The non-interested Trustees of each committee may organize working groups to make recommendations concerning issues related to funds that are within the scope of the committee's review. These working groups report to the committee or to the non-interested Trustees, or both, as appropriate. Each working group may request from FMR such information from FMR as may be appropriate to the working group's deliberations. Prior to December 2003, the Fixed-Income and International Committee was known as the Fixed-Income/International Committee, and the Select and Special Committee was known as the Select Committee. During the fiscal year ended October 31, 2003,the Equity Committee held 10 meetings, the Fixed-Income and International Committee held 11 meetings, and the Select and Special Committee held 10 meetings. During the fiscal year ended December 31, 2003,the Equity Committee held 10 meetings, the Fixed-Income and International Committee held 11 meetings, and the Select and Special Committee held 10 meetings.
The Board of Trustees established in December 2003 two Fund Contract Committees: the Equity Contract Committee (composed of Messrs. Lautenbach (Chair), Cook, and McCoy) and the Fixed-Income Contract Committee (composed of Messrs. Cook (Chair) and Cox, and Ms. Knowles). Each committee ordinarily meets monthly during the first six months of each year and more frequently as necessary to consider matters related to the renewal of fund investment advisory agreements. The committees will assist the Board of Trustees in its consideration of investment advisory agreements of each fund. Each committee receives information on and makes recommendations concerning the approval of investment advisory agreements between the Fidelity funds and FMR and its affiliates and any non-FMR affiliate that serves as a sub-adviser to a Fidelity fund (collectively, "investment advisers") and the annual review of these contracts. The Fixed-Income Contract Committee will be responsible for investment advisory agreements of the fixed-income funds. The Equity Contract Committee will be responsible for the investment advisory agreements of all other funds. With respect to each fund under its purview, each committee: requests and receives information on the nature, levels, and quality of services provided to the shareholders of the Fidelity funds by the investment advisers and their respective affiliates, fund performance, and such other information as the committee determines to be reasonably necessary to evaluate the terms of the investment advisory agreements; considers the profitability and other benefits that the investment advisers and their respective affiliates derive from their contractual arrangements with each of the funds (including tangible and intangible "fall-out benefits"); considers methodologies for determining the extent to which the funds benefit from economies of scale and refinements to these methodologies; considers such other matters and information as may be necessary and appropriate to evaluate investment advisory agreements of the funds; and makes recommendations to the Board concerning the approval or renewal of investment advisory agreements. Each committee will consult with the other committees of the Board of Trustees, and in particular with the Audit Committee and the applicable Fund Oversight Committees, in carrying out its responsibilities. Each committee's responsibilities are guided by Sections 15(c) and 36(b) of the 1940 Act. While each committee consists solely of non-interested Trustees, its meetings may, depending upon the subject matter, be attended by one or more senior members of FMR's management or representatives of a sub-adviser not affiliated with FMR. During the fiscal year ended October 31, 2003, each Fund Contract Committee held no meetings. During the fiscal year ended December 31, 2003, each Fund Contract Committee held no meetings.
The Shareholder Services, Brokerage, and Distribution Committee is composed of Messrs. Cox (Chair), Cook, Heilmeier, Lautenbach, and Stavropoulos. The committee normally meets in conjunction with in-person meetings of the Board of Trustees, or more frequently as called by the Chair. Regarding shareholder services, the committee considers the structure and amount of the Fidelity funds' transfer agency fees, custody fees, and direct fees to investors (other than sales loads), such as small account and exchange fees, and the nature and quality of services rendered by FMR and its affiliates or third parties (such as custodians) in consideration of these fees. The committee also considers other non-investment management services rendered to the Fidelity funds by FMR and its affiliates, including pricing and bookkeeping services and fees. Regarding brokerage, the committee monitors and recommends policies concerning the securities transactions of the Fidelity funds. The committee periodically reviews the policies and practices with respect to efforts to achieve best execution and commissions paid to firms supplying research and brokerage services or paying fund expenses. The committee also monitors brokerage and other similar relationships between the Fidelity funds and firms affiliated with FMR that participate in the execution of securities transactions. Regarding the distribution of fund shares, the committee considers issues bearing on the various distribution channels employed by the Fidelity funds, including issues regarding Rule 18f-3 plans and related consideration of classes of shares, sales load structures (including breakpoints), load waivers, selling concessions, and service charges paid to intermediaries, Rule 12b-1 plans, contingent deferred sales charges, and finders' fees. The committee also oversees and receives reports on the preparation and use of advertisements and sales literature for the Fidelity funds. Prior to January 2003, the Shareholder Services, Brokerage, and Distribution Committee was broken out into three separate committees: the Committee on Service Fees and the Committee on Distribution Channels, both of which conferred periodically and met at least annually, and the Brokerage Committee, which normally met four times a year, or more often as required, in conjunction with meetings of the Board of Trustees. During the fiscal year ended October 31, 2003,the Shareholder Services, Brokerage, and Distribution Committee held seven meetings, the Committee on Service Fees held one meeting, the Committee on Distribution Channels held no meetings, and the Brokerage Committee held one meeting. During the fiscal year ended December 31, 2003,the Shareholder Services, Brokerage, and Distribution Committee held nine meetings, the Committee on Service Fees held no meetings, the Committee on Distribution Channels held no meetings, and the Brokerage Committee held no meetings.
The Audit Committee is composed of Ms. Knowles (Chair) and Messrs. Gates, Kirk, and McCoy. All committee members must be able to read and understand fundamental financial statements, including a company's balance sheet, income statement, and cash flow statement. At least one committee member will be an "audit committee financial expert" as defined by the SEC. The committee normally meets in conjunction with in-person meetings of the Board of Trustees, or more frequently as called by the Chair. The committee meets separately at least four times a year with the Fidelity funds' Treasurer, with personnel responsible for the internal audit function of FMR Corp., and with the Fidelity funds' outside auditors. The committee has direct responsibility for the appointment, compensation, and oversight of the work of the outside auditors employed by the Fidelity funds. The committee assists the Trustees in overseeing and monitoring: (i) the systems of internal accounting and financial controls of the Fidelity funds and the funds' service providers, (ii) the financial reporting processes of the Fidelity funds, (iii) the independence, objectivity, and qualification of the auditors to the Fidelity funds, (iv) the annual audits of the Fidelity funds' financial statements, and (v) the accounting policies and disclosures of the Fidelity funds. The committee considers and acts upon (i) the provision by any outside auditor of any non-audit services for any Fidelity fund, and (ii) the provision by any outside auditor of certain non-audit services to Fidelity fund service providers and their affiliates to the extent that such approval (in the case of this clause (ii)) is required under applicable regulations of the SEC. In furtherance of the foregoing, the committee has adopted (and may from time to time amend or supplement) and provides oversight of policies and procedures for non-audit engagements by outside auditors of the Fidelity funds. It is responsible for approving all audit engagement fees and terms for the Fidelity funds, resolving disagreements between a fund and any outside auditor regarding any fund's financial reporting, and has sole authority to hire and fire any auditor. Auditors of the funds report directly to the committee. The committee will obtain assurance of independence and objectivity from the outside auditors, including a formal written statement delineating all relationships between the auditor and the Fidelity funds and any service providers consistent with Independent Standards Board Standard No. 1. The committee will receive reports of compliance with provisions of the Auditor Independence Regulations relating to the hiring of employees or former employees of the outside auditors. It oversees and receives reports on the Fidelity funds' service providers' internal controls and reviews the adequacy and effectiveness of the service providers' accounting and financial controls, including: (i) any significant deficiencies or material weaknesses in the design or operation of internal controls over financial reporting that are reasonably likely to adversely affect the Fidelity funds' ability to record, process, summarize, and report financial data; (ii) any change in the fund's internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the fund's internal control over financial reporting; and (iii) any fraud, whether material or not, that involves management or other employees who have a significant role in the Fidelity funds' or service providers internal controls over financial reporting. The committee reviews at least annually a report from each outside auditor describing any material issues raised by the most recent internal quality control, peer review, or Public Company Accounting Oversight Board examination of the auditing firm and any material issues raised by any inquiry or investigation by governmental or professional authorities of the auditing firm and in each case any steps taken to deal with such issues. The committee will oversee and receive reports on the Fidelity funds' financial reporting process, will discuss with FMR, the Fidelity funds' Treasurer, outside auditors and, if appropriate, internal audit personnel of FMR Corp. their qualitative judgments about the appropriateness and acceptability of accounting principles and financial disclosure practices used or proposed for adoption by the Fidelity funds, and will review with FMR, the Fidelity funds' Treasurer, outside auditor, and internal auditor personnel of FMR Corp. (to the extent relevant) the results of audits of the Fidelity funds' financial statements. The committee will review periodically the Fidelity funds' major internal controls exposures and the steps that have been taken to monitor and control such exposures. The committee also plays an oversight role in respect of each Fidelity fund's compliance with its name test and investment restrictions, the code of ethics relating to personal securities transactions, the code of ethics applicable to certain senior officers of the Fidelity funds, and anti-money laundering requirements. During the fiscal year ended October 31, 2003, the committee held 11 meetings. During the fiscal year ended December 31, 2003, the committee held 10 meetings.
The Governance and Nominating Committee is composed of Messrs. Mann (Chair), Cox, and Gates, each of whom is not an "interested person" (as defined in the 1940 Act). The committee has two charters: one addressing fund governance and Board administrative matters and one addressing the nomination for the appointment or election of non-interested Trustees. The committee meets as called by the Chairman. The committee also recommends the establishment of committees (including ad hoc and standing committees). A current copy of the Governance and Nominating Committee Charter With Respect to Nominations of Independent Trustees is attached as Exhibit I to this proxy statement. The committee is also responsible for other fund governance and board administration matters. With respect to fund governance and board administration matters, the committee periodically reviews procedures and policies of the Board of Trustees and its committees (including committee charters) and periodically reviews compensation of non-interested Trustees. It acts as the administrative committee under the retirement plan for non-interested Trustees who retired prior to December 30, 1996 and under the fee deferral plan for non-interested Trustees. It reviews the performance of legal counsel employed by the Fidelity funds and the non-interested Trustees. On behalf of the non-interested Trustees, the committee will make such findings and determinations as to the independence of counsel for the non-interested Trustees as may be necessary or appropriate under applicable regulations or otherwise. The committee is also responsible for Board administrative matters applicable to non-interested Trustees, such as expense reimbursement policies and compensation for attendance at meetings, conferences and other events. The committee monitors compliance with, acts as the administrator of, and makes determinations in respect of, the provisions of the code of ethics and any supplemental policies regarding personal securities transactions applicable to the non-interested Trustees. The committee monitors regulatory and other developments to determine whether to recommend modifications to the committee's responsibilities or other Trustee policies and procedures in light of rule changes, reports concerning "best practices" in corporate governance and other developments in mutual fund governance. The committee meets with non-interested Trustees at least once a year to discuss the Statement of Policies and other matters relating to fund governance. The committee also oversees the annual self-evaluation of the non-interested Trustees. The committee makes nominations for the election or appointment of non-interested Trustees and non-management Members of any Advisory Board, and for membership on committees. The committee will have sole authority to retain and terminate any search firm used to identify non-interested Trustee candidates, including sole authority to approve such firm's fees and other retention terms. The committee will consider nominees to the Board of Trustees recommended by shareholders based upon the criteria applied to candidates presented to the committee by a search firm or other source. Recommendations, along with appropriate background material concerning the candidate that demonstrates his or her ability to serve as a non-interested Trustee of the Fidelity funds, should be submitted to the Chair of the committee at the address maintained for communications with non-interested Trustees. If the committee retains a search firm, the Chair will forward all such submissions to the search firm for evaluation. With respect to the criteria for selecting non-interested Trustees, it is expected that all candidates will possess the following minimum qualifications: (i) unquestioned personal integrity; (ii) not an "interested person" of FMR or its affiliates within the meaning of the 1940 Act; (iii) does not have a material relationship (e.g., commercial, banking, consulting, legal, or accounting) that could create an appearance of lack of independence in respect of FMR and its affiliates; (iv) has the disposition to act independently in respect of FMR and its affiliates and others in order to protect the interests of the funds and all shareholders; (v) ability to attend 11 meetings per year; (vi) demonstrates sound business judgment gained through broad experience in significant positions where the candidate has dealt with management, technical, financial, or regulatory issues; (vii) sufficient financial or accounting knowledge to add value in the complex financial environment of the Fidelity funds; (viii) experience on corporate or other institutional oversight bodies having similar responsibilities, but which board memberships or other relationships could not result in business or regulatory conflicts with the funds; and (ix) capacity for the hard work and attention to detail that is required to be an effective non-interested Trustee in light of the Fidelity funds' complex regulatory, operational, and marketing setting. The Governance and Nominating Committee may determine that a candidate who does not have the type of previous experience or knowledge referred to above should nevertheless be considered as a nominee if the Governance and Nominating Committee finds that the candidate has additional qualifications such that his or her qualifications, taken as a whole, demonstrate the same level of fitness to serve as a non-interested Trustee. During the fiscal year ended October 31, 2003, the committee held nine meetings. During the fiscal year ended December 31, 2003, the committee held 10 meetings.
INDEPENDENT ACCOUNTANTS
The firm of PricewaterhouseCoopers LLP (PwC) has been selected as the independent accountant for Advisor Diversified International, Advisor Emerging Asia, Advisor Emerging Markets Income, Advisor Global Equity, Advisor Japan, Advisor Korea, Advisor Latin America, Advisor Overseas, and Advisor Value Leaders. The firm of Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities"), has been selected as independent accountant for Advisor Emerging Markets, Advisor Europe Capital Appreciation, and Advisor International Capital Appreciation. PwC and Deloitte Entities, in accordance with Independence Standards Board Standard No. 1 (ISB No.1), have confirmed to the trust's Audit Committee that they are the independent accountants with respect to the funds.
The independent accountant examines annual financial statements for the funds and provides other audit-related, non-audit, and tax-related services to the funds. Representatives of PwC and Deloitte Entities are not expected to be present at the Meeting, but have been given the opportunity to make a statement if they so desire and will be available should any matter arise requiring their presence.
The trust's Audit Committee must pre-approve all audit and non-audit services provided by the independent accountants relating to the operations or financial reporting of Advisor Diversified International, Advisor Emerging Asia, Advisor Emerging Markets, Advisor Emerging Markets Income, Advisor Europe Capital Appreciation, Advisor Global Equity, Advisor International Capital Appreciation, Advisor Japan, Advisor Korea, Advisor Latin America, Advisor Overseas, and Advisor Value Leaders. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The trust's Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity Fund and any non-audit service provided by a fund auditor to FMR and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the funds ("Fund Service Providers") that relates directly to the operations and financial reporting of a Fidelity fund (Covered Service) are subject to approval by the Audit Committee before such service is provided. Non-audit services provided by a fund audit firm for a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund (Non-Covered Service) but that are expected to exceed $50,000 are also subject to pre-approval by the Audit Committee.
<R>All Covered Services, as well as Non-Covered Services that are expected to exceed $50,000, must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee. Neither pre-approval nor advance notice of Non-Covered Service engagements for which fees are not expected to exceed $50,000 is required; such engagements are to be reported to the Audit Committee monthly.</R>
The trust's Audit Committee has considered Non-Covered Services that were not pre-approved that were provided by PwC and Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of PwC and Deloitte Entities in their audit of the funds, taking into account representations from PwC and Deloitte Entities, in accordance with ISB No.1, regarding their independence from the funds and their related entities.
<R>Audit Fees. For each of the fiscal years ended October 31, 2003 and October 31, 2002,the aggregate Audit Fees billed by PwC or Deloitte Entities for professional services rendered for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for those fiscal years, for each fund and for all funds in the Fidelity Group of Funds are shown in the table below.</R>
<R>Fund | 2003A,B | 2002A,B,C</R> |
<R>Fidelity Advisor Diversified International Fund | $ 39,000 | $ 24,000</R> |
<R>Fidelity Advisor Emerging Asia Fund | $ 68,000 | $ 50,000</R> |
<R>Fidelity Advisor Emerging Markets Fund | $ 0 | $ 0</R> |
<R>Fidelity Advisor Europe Capital Appreciation Fund | $ 41,000 | $ 26,000</R> |
<R>Fidelity Advisor Global Equity Fund | $ 38,000 | $ 24,000</R> |
<R>Fidelity Advisor International Capital Appreciation Fund | $ 41,000 | $ 26,000</R> |
<R>Fidelity Advisor Japan Fund | $ 38,000 | $ 24,000</R> |
<R>Fidelity Advisor Korea Fund | $ 70,000 | $ 51,000</R> |
<R>Fidelity Advisor Latin America Fund | $ 38,000 | $ 24,000</R> |
<R>Fidelity Advisor Overseas Fund | $ 61,000 | $ 44,000</R> |
<R>Fidelity Advisor Value Leaders Fund | $ 21,000 | $ 0</R> |
<R>All funds in the Fidelity Group of Funds audited by PwC | $ 10,500,000 | $ 7,900,000</R> |
<R>All funds in the Fidelity Group of Funds audited by Deloitte Entities | $ 4,200,000 | $ 1,900,000</R> |
<R>AAggregate amounts may reflect rounding.</R>
<R>BNo Audit Fees were billed by Deloitte Entities for professional services rendered for the audit of the annual financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements, to Fidelity Advisor Emerging Markets Fund, as the fund did not commence operations until March 25, 2004.</R>
<R>CNo Audit Fees were billed by PwC for professional services rendered for the audit of the annual financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements, to Fidelity Advisor Value Leaders Fund, as the fund did not commence operations until June 17, 2003.</R>
For each of the fiscal years ended December 31, 2003 and December 31, 2002,the aggregate Audit Fees billed by PwC for professional services rendered for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for those fiscal years, for the fund and for all funds in the Fidelity Group of Funds are shown in the table below.
<R>Fund | 2003A | 2002A</R> |
<R>Fidelity Advisor Emerging Markets Income Fund | $ 77,000 | $ 43,000</R> |
<R>All funds in the Fidelity Group of Funds audited by PwC | $ 10,600,000 | $ 7,900,000</R> |
<R>AAggregate amounts may reflect rounding.</R>
<R>Audit-Related Fees. In each of the fiscal years ended October 31, 2003 and October 31, 2002, the aggregate Audit-Related Fees billed by PwC or Deloitte Entities for services rendered for assurance and related services to each fund that are reasonably related to the performance of the audit or review of the fund's financial statements, but not reported as Audit Fees, are shown in the table below.</R>
<R>Fund | 2003A,B,C | 2002A,B,C,D</R> |
<R>Fidelity Advisor Diversified International Fund | $ 0 | $ 0</R> |
<R>Fidelity Advisor Emerging Asia Fund | $ 0 | $ 0</R> |
<R>Fidelity Advisor Emerging Markets Fund | $ 0 | $ 0</R> |
<R>Fidelity Advisor Europe Capital Appreciation Fund | $ 0 | $ 0</R> |
<R>Fidelity Advisor Global Equity Fund | $ 0 | $ 0</R> |
<R>Fidelity Advisor International Capital Appreciation Fund | $ 0 | $ 0</R> |
<R>Fidelity Advisor Japan Fund | $ 0 | $ 0</R> |
<R>Fidelity Advisor Korea Fund | $ 0 | $ 0</R> |
<R>Fidelity Advisor Latin America Fund | $ 0 | $ 0</R> |
<R>Fidelity Advisor Overseas Fund | $ 0 | $ 0</R> |
<R>Fidelity Advisor Value Leaders Fund | $ 0 | $ 0</R> |
<R>A Aggregate amounts may reflect rounding.</R>
<R>B Includes amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time.</R>
<R>CNo Audit-Related Fees were billed by Deloitte Entities for professional services rendered for the audit of the annual financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements, to Fidelity Advisor Emerging Markets Fund, as the fund did not commence operations until March 25, 2004.</R>
<R>DNo Audit-Related Fees were billed by PwC for professional services rendered for the audit of the annual financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements, to Fidelity Advisor Value Leaders Fund, as the fund did not commence operations until June 17, 2003.</R>
<R>In each of the fiscal years ended December 31, 2003 and December 31, 2002, the aggregate Audit-Related Fees billed by PwC for services rendered for assurance and related services to the fund that are reasonably related to the performance of the audit or review of the fund's financial statements, but not reported as Audit Fees, are shown in the table below.</R>
<R>Fund | 2003A,B | 2002A,B</R> |
<R>Fidelity Advisor Emerging Markets Income Fund | $ 0 | $ 0</R> |
<R>A Aggregate amounts may reflect rounding.</R>
<R>B Includes amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time.</R>
<R>In each of the fiscal years ended October 31, 2003 and October 31, 2002, the aggregate Audit-Related Fees that were billed by PwC and Deloitte Entities that were required to be approved by the Audit Committee for services rendered on behalf of the Fund Service Providers for assurance and related services that relate directly to the operations and financial reporting of each fund that are reasonably related to the performance of the audit or review of the fund's financial statements, but not reported as Audit Fees, are shown in the table below.</R>
<R>Billed By | 2003A,B,C | 2002A,B,C</R> |
<R>PwC | $ 50,000 | $ 0</R> |
<R>Deloitte Entities | $ 0 | $ 0</R> |
<R>AAggregate amounts may reflect rounding.</R>
<R>BIncludes amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time.</R>
<R>CMay include amounts billed prior to Fidelity Advisor Emerging Markets Fund's and Fidelity Advisor Value Leaders Fund's commencement of operations.</R>
<R>In each of the fiscal years ended December 31, 2003 and December 31, 2002, the aggregate Audit-Related Fees that were billed by PwC that were required to be approved by the Audit Committee for services rendered on behalf of the Fund Service Providers for assurance and related services that relate directly to the operations and financial reporting of the fund that are reasonably related to the performance of the audit or review of the fund's financial statements, but not reported as Audit Fees, are shown in the table below.</R>
<R>Billed By | 2003A,B | 2002A,B</R> |
<R>PwC | $ 50,000 | $ 0</R> |
<R>AAggregate amounts may reflect rounding.</R>
<R>BIncludes amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time.</R>
<R>Fees included in the audit-related category comprise assurance and related services (e.g., due diligence services) that are traditionally performed by the independent accountant. These audit-related services include due diligence related to mergers and acquisitions, accounting consultations and audits in connection with acquisitions, internal control reviews, attest services that are not required by statute or regulation and consultation concerning financial accounting and reporting standards.</R>
<R>There were no amounts, including amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time, that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2003 and October 31, 2002 on behalf of each fund.</R>
<R>There were no amounts, including amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time, that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2003 and December 31, 2002 on behalf of the fund.</R>
<R>There were no amounts, including amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time, that were required to be approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2003 and October 31, 2002 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of each fund.</R>
<R>There were no amounts, including amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time, that were required to be approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2003 and December 31, 2002 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the fund.</R>
<R>Tax Fees. In each of the fiscal years ended October 31, 2003 and October 31, 2002,the aggregate Tax Fees billed by PwC or Deloitte Entities for professional services rendered for tax compliance, tax advice, and tax planning for each fund is shown in the table below.</R>
<R>Fund | 2003A,B,C | 2002A,B,C,D</R> |
<R>Fidelity Advisor Diversified International Fund | $ 2,000 | $ 1,900</R> |
<R>Fidelity Advisor Emerging Asia Fund | $ 3,700 | $ 3,400</R> |
<R>Fidelity Advisor Emerging Markets Fund | $ 0 | $ 0</R> |
<R>Fidelity Advisor Europe Capital Appreciation Fund | $ 2,700 | $ 2,200</R> |
<R>Fidelity Advisor Global Equity Fund | $ 2,000 | $ 1,900</R> |
<R>Fidelity Advisor International Capital Appreciation Fund | $ 2,700 | $ 2,200</R> |
<R>Fidelity Advisor Japan Fund | $ 2,000 | $ 1,900</R> |
<R>Fidelity Advisor Korea Fund | $ 3,700 | $ 3,400</R> |
<R>Fidelity Advisor Latin America Fund | $ 2,000 | $ 1,900</R> |
<R>Fidelity Advisor Overseas Fund | $ 3,700 | $ 3,400</R> |
<R>Fidelity Advisor Value Leaders Fund | $ 2,000 | $ 0</R> |
<R>AAggregate amounts may reflect rounding.</R>
<R>BIncludes amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time.</R>
<R>CNo Tax Fees were billed by Deloitte Entities for professional services rendered for the audit of the annual financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements, to Fidelity Advisor Emerging Markets Fund, as the fund did not commence operations until March 25, 2004.</R>
<R>DNo Tax Fees were billed by PwC for professional services rendered for the audit of the annual financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements, to Fidelity Advisor Value Leaders Fund, as the fund did not commence operations until June 17, 2003.</R>
<R>In each of the fiscal years ended December 31, 2003 and December 31, 2002,the aggregate Tax Fees billed by PwC for professional services rendered for tax compliance, tax advice, and tax planning for the fund is shown in the table below.</R>
<R>Fund | 2003A,B | 2002A,B</R> |
<R>Fidelity Advisor Emerging Markets Income Fund | $ 2,500 | $ 2,300</R> |
<R>AAggregate amounts may reflect rounding.</R>
<R>BIncludes amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time.</R>
<R>In each of the fiscal years ended October 31, 2003 and October 31, 2002, the aggregate Tax Fees billed by PwC or Deloitte Entities that were required to be approved by the Audit Committee for professional services rendered on behalf of the Fund Service Providers for tax compliance, tax advice, and tax planning that relate directly to the operations and financial reporting of each fund is shown in the table below.</R>
<R>Billed By | 2003A,B,C | 2002A,B,C</R> |
<R>PwC | $ 0 | $ 0</R> |
<R>Deloitte Entities | $ 0 | $ 0</R> |
<R>AAggregate amounts may reflect rounding.</R>
<R>BIncludes amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time.</R>
<R>CMay include amounts billed prior to Fidelity Advisor Emerging Markets Fund's and Fidelity Advisor Value Leaders Fund's commencement of operations.</R>
<R>In each of the fiscal years ended December 31, 2003 and December 31, 2002, the aggregate Tax Fees billed by PwC that were required to be approved by the Audit Committee for professional services rendered on behalf of the Fund Service Providers for tax compliance, tax advice, and tax planning that relate directly to the operations and financial reporting of each fund is shown in the table below.</R>
<R>Billed By | 2003A,B | 2002A,B</R> |
<R>PwC | $ 0 | $ 0</R> |
<R>AAggregate amounts may reflect rounding.</R>
<R>BIncludes amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time.</R>
<R>Fees included in the Tax Fees category comprise all services performed by professional staff in the independent accountant's tax division except those services related to the audit. Typically, this category would include fees for tax compliance, tax planning, and tax advice. Tax compliance, tax advice, and tax planning services include preparation of original and amended tax returns, claims for refund and tax payment-planning services, assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities.</R>
<R>There were no amounts, including amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time, that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2003 and October 31, 2002 on behalf of each fund.</R>
<R>There were no amounts, including amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time, that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2003 and December 31, 2002 on behalf of the fund.</R>
<R>There were no amounts, including amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time, that were required to be approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2003 and October 31, 2002 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of each fund.</R>
<R>There were no amounts, including amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time, that were required to be approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2003 and December 31, 2002 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the fund.</R>
<R>All Other Fees. In each of the fiscal years ended October 31, 2003 and October 31, 2002, the aggregate Other Fees billed by PwC or Deloitte Entities for all other non-audit services rendered to the funds is shown in the table below.</R>
<R>Fund | 2003A,B,C | 2002A,B,C,D</R> |
<R>Fidelity Advisor Diversified International Fund | $ 2,000 | $ 1,300</R> |
<R>Fidelity Advisor Emerging Asia Fund | $ 1,400 | $ 1,100</R> |
<R>Fidelity Advisor Emerging Markets Fund | $ 0 | $ 0</R> |
<R>Fidelity Advisor Europe Capital Appreciation Fund | $ 0 | $ 0</R> |
<R>Fidelity Advisor Global Equity Fund | $ 1,400 | $ 1,100</R> |
<R>Fidelity Advisor International Capital Appreciation Fund | $ 0 | $ 0</R> |
<R>Fidelity Advisor Japan Fund | $ 1,400 | $ 1,100</R> |
<R>Fidelity Advisor Korea Fund | $ 1,400 | $ 1,100</R> |
<R>Fidelity Advisor Latin America Fund | $ 1,400 | $ 1,100</R> |
<R>Fidelity Advisor Overseas Fund | $ 2,500 | $ 2,200</R> |
<R>Fidelity Advisor Value Leaders Fund | $ 500 | $ 0</R> |
<R>AAggregate amounts may reflect rounding.</R>
<R>BIncludes amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time.</R>
<R>CNo Other Fees were billed by Deloitte Entities for professional services rendered for the audit of the annual financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements, to Fidelity Advisor Emerging Markets Fund, as the fund did not commence operations until March 25, 2004.</R>
<R>DNo Other Fees were billed by PwC for professional services rendered for the audit of the annual financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements, to Fidelity Advisor Value Leaders Fund, as the fund did not commence operations until June 17, 2003.</R>
<R>In each of the fiscal years ended December 31, 2003 and December 31, 2002, the aggregate Other Fees billed by PwC for all other non-audit services rendered to the fund is shown in the table below.</R>
<R>Fund | 2003A,B | 2002A,B</R> |
<R>Fidelity Advisor Emerging Markets Income Fund | $ 1,300 | $ 1,100</R> |
<R>AAggregate amounts may reflect rounding.</R>
<R>BIncludes amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time.</R>
<R>In each of the fiscal years ended October 31, 2003 and October 31, 2002, the aggregate Other Fees billed by PwC or Deloitte Entities that were required to be approved by the Audit Committee for all other non-audit services rendered on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of each fund is shown in the table below.</R>
<R>Billed By | 2003A,B,C | 2002A,B,C</R> |
<R>PwC | $ 300,000 | $ 0</R> |
<R>Deloitte Entities | $ 130,000 | $ 750,000</R> |
<R>AAggregate amounts may reflect rounding.</R>
<R>BIncludes amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time.</R>
<R>CMay include amounts billed prior to Fidelity Advisor Emerging Markets Fund's and Fidelity Advisor Value Leaders Fund's commencement of operations.</R>
<R>In each of the fiscal years ended December 31, 2003 and December 31, 2002, the aggregate Other Fees billed by PwC that were required to be approved by the Audit Committee for all other non-audit services rendered on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the fund is shown in the table below.</R>
<R>Billed By | 2003A,B | 2002A,B</R> |
<R>PwC | $ 190,000 | $ 150,000</R> |
<R>AAggregate amounts may reflect rounding.</R>
<R>BIncludes amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time.</R>
<R>Fees included in the All Other Fees category include services related to internal control reviews, strategy and other consulting, financial information systems design and implementation, consulting on other information systems, and other tax services unrelated to the fund.</R>
<R>There were no amounts, including amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time, that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2003 and October 31, 2002 on behalf of each fund.</R>
<R>There were no amounts, including amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time, that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2003 and December 31, 2002 on behalf of the fund.</R>
<R>There were no amounts, including amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time, that were required to be approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2003 and October 31, 2002 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of each fund.</R>
<R>There were no amounts, including amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time, that were required to be approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2003 and December 31, 2002 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the fund.</R>
<R>For the fiscal years ended October 31, 2003 and October 31, 2002, the aggregate fees billed by PwC of $2,050,000A,B,Cand $1,700,000A,B,C and Deloitte Entities of $1,050,000A,B,C and $2,000,000A,B,C, respectively, for non-audit services rendered on behalf of the funds, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and Fund Service Providers relating to Covered Services and Non-Covered Services are shown in the table below.</R>
<R>Billed By | 2003A,B,C | 2003A,B,C | 2002A,B,C | 2002A,B,C</R> |
<R> | Covered Services | Non-Covered Services | Covered Services | Non-Covered Services</R> |
<R>PwC | $ 400,000 | $ 1,650,000 | $ 50,000 | $ 1,650,000</R> |
<R>Deloitte Entities | $ 150,000 | $ 900,000 | $ 750,000 | $ 1,250,000</R> |
<R>AAggregate amounts may reflect rounding.</R>
<R>BIncludes amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time.</R>
<R>CMay include amounts billed prior to Fidelity Advisor Emerging Markets Fund's and Fidelity Advisor Value Leaders Fund's commencement of operations.</R>
<R>For the fiscal years ended December 31, 2003 and December 31, 2002, the aggregate fees billed by PwC of $1,900,000A,Band $1,550,000A,B for non-audit services rendered on behalf of the fund, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and Fund Service Providers relating to Covered Services and Non-Covered Services are shown in the table below.</R>
<R>Billed By | 2003A,B | 2003A,B | 2002A,B | 2002A,B</R> |
<R> | Covered Services | Non-Covered Services | Covered Services | Non-Covered Services</R> |
<R>PwC | $ 250,000 | $ 1,650,000 | $ 150,000 | $ 1,400,000</R> |
<R>AAggregate amounts may reflect rounding.</R>
<R>BIncludes amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time.</R>
SUBMISSION OF CERTAIN SHAREHOLDER PROPOSALS
The trust does not hold annual shareholder meetings. Shareholders wishing to submit proposals for inclusion in a proxy statement for a subsequent shareholder meeting should send their written proposals to the Secretary of the Trust, 82 Devonshire Street, Boston, Massachusetts 02109.
NOTICE TO BANKS, BROKER-DEALERS AND
VOTING TRUSTEES AND THEIR NOMINEES
Please advise the trust, in care of Fidelity Investments Institutional Operations Company, Inc., 100 Salem St., Smithfield, RI, 02197, whether other persons are beneficial owners of shares for which proxies are being solicited and, if so, the number of copies of the Proxy Statement and Annual Reports you wish to receive in order to supply copies to the beneficial owners of the respective shares.
GOVERNANCE AND NOMINATING COMMITTEE CHARTER
WITH RESPECT TO NOMINATIONS OF INDEPENDENT TRUSTEES
This charter relates to the responsibilities of the Governance and Nominating Committee in connection with the nomination of Independent Trustees.
The Governance and Nominating Committee will consist solely of Independent Trustees. The Chair of the Independent Trustees will be the Chair of the Committee. If a Vice Chair of the Independent Trustees has been designated, such Vice Chair will normally serve on the Committee. The Committee will meet as called by the Chair. A quorum will include at least two Independent Trustees.
The Committee will make nominations for the appointment or election of Independent Trustees in accordance with the Independent Trustee's Statement of Policy on Criteria for Selecting Independent Trustees ("Statement of Policy") (attached as Appendix A). The selection of Independent Trustees will be committed solely to the discretion of the Independent Trustees; persons so selected will be "disinterested" in terms of both the letter and spirit of the Investment Company Act. The Committee will also make nominations for the appointment of any non-management member of any Advisory Board.
The Committee will periodically review the Statement of Policy, which may from time to time be revised by vote of a majority of Independent Trustees upon the recommendation of the Governance and Nominating Committee.
The Committee will have sole authority to retain and terminate any search firm used to identify Independent Trustee candidates, including sole authority to approve such firm's fees and other retention terms.
The Committee will consider Independent Trustee candidates recommended by Fund shareholders. Any such candidates will be considered based upon the criteria applied to candidates presented to the Committee by a search firm or other sources, as set forth in the Statement of Policy. The names of such candidates should be submitted to the Chairman of the Committee in writing at the address maintained for communications with Independent Trustees. The submission should be accompanied by appropriate background material concerning the candidate that demonstrates his or her ability to serve as an Independent Trustee of the Fidelity Funds. If the Committee retains a search firm, the Chairman will forward all such submissions to the search firm for evaluation.
APPENDIX A
December 2003
STATEMENT OF POLICY ON CRITERIA
FOR SELECTING INDEPENDENT TRUSTEES
The Governance and Nominating Committee of the Board of Trustees of the Fidelity Funds has adopted this Statement of Policy to memorialize its views as to the appropriate criteria for selecting Independent Trustees of the Funds. This Statement has been prepared in connection with filling vacancies among the Independent Trustees that are expected to arise through the end of 2004.
The Governance and Nominating Committee expects that all candidates will have the following characteristics:
- Unquestioned personal integrity is a given.
- The candidate may not be an "interested person" of FMR or its affiliates within the meaning of the Investment Company Act of 1940.
- The candidate should have no material relationship that could create an appearance of lack of independence in respect of FMR and its affiliates. Material relationships can include commercial, industrial, banking, consulting, legal, accounting, charitable and familial relationships (among others).
- The candidate needs the disposition to act independently in fact in respect of FMR and its affiliates and others in order to protect the interests of the Funds and all shareholders. It is expected that Independent Trustees will play an active and, if necessary, an adversarial role in pursuing the best interests of the Funds and shareholders.
- The candidate needs to be able to attend 11 meetings per year. The effect of this requirement is to limit the number of other boards on which a candidate can participate and other commitments.
- The candidate needs to have demonstrated sound business judgment gained through broad experience in significant positions where the candidate has dealt with management, technical, financial or regulatory issues.
- The candidate should have sufficient financial or accounting knowledge to add value in the complex financial environment of the Fidelity Funds.
- Candidates should have experience on corporate or other institutional oversight bodies having similar responsibilities. This helps assure that they have other exposure to current governance issues and business practices. Candidates should not, however, have board memberships or other relationships that could result in business or regulatory conflicts with the Fidelity Mutual Funds.
- The candidate needs the capacity for the hard work and attention to detail that is required to be an effective Independent Trustee in light of the Fidelity Funds' complex regulatory, operational and marketing setting.
The Governance and Nominating Committee may determine that a candidate who does not have the type of previous experience or knowledge referred to above should nevertheless be considered as a nominee if the Governance and Nominating Committee finds that the candidate has additional qualifications such that his or her qualifications, taken as a whole, demonstrate the same level of fitness to serve as an Independent Trustee.
The following characteristics are desirable, but not mandatory:
- The candidate should have the ability to serve seven or more years before reaching mandatory retirement age.
- The candidate should have diversity of interests evidenced by participation in community, charitable or other similar activities.
The following are desirable characteristics of the Independent Trustees as a group:
- The Independent Trustees will generally be drawn from the ranks of respected and accomplished senior business leaders.
- The Independent Trustees will strive to achieve diversity in terms of gender, race and geographic location.
- The Independent Trustees as a whole should reflect a diversity of business experience. At least one Independent Trustee will be a "audit committee financial expert," as such term is defined by the SEC. The Governance and Nominating Committee will strive to achieve a balance of experience of Independent Trustees in respect of industries, management roles and other experience. For each candidate, the Committee will evaluate specific experience in light of the makeup of the current board.
Fidelity and Magellan are registered trademarks of FMR Corp.
AS-PXS-0704 | \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ | CUSIP 315920736 / FUND # 731 |
1.750870.101 | CUSIP 315920694 / FUND # 735 | |
CUSIP 315920728 / FUND # 732 | ||
CUSIP 315920710 / FUND # 733 | ||
CUSIP 315920686 / FUND # 734 | ||
CUSIP 315920413 / FUND # 756 | ||
CUSIP 315920447 / FUND # 760 | ||
CUSIP 315920421 / FUND # 757 | ||
CUSIP 315920439 / FUND # 758 | ||
CUSIP 315920454 / FUND # 759 | ||
CUSIP 315920280 / FUND # 1286 | ||
CUSIP 315920256 / FUND # 1289 | ||
CUSIP 315920272 / FUND # 1287 | ||
CUSIP 315920264 / FUND # 1288 | ||
CUSIP 315920249 / FUND # 1290 | ||
CUSIP 315920876 / FUND # 255 | ||
CUSIP 315920207 / FUND # 635 | ||
CUSIP 315920405 / FUND # 637 | ||
CUSIP 315920751 / FUND # 488 | ||
CUSIP 315920702 / FUND # 607 | ||
CUSIP 315920678 / FUND # 736 | ||
CUSIP 315920645 / FUND # 740 | ||
CUSIP 315920660 / FUND # 737 | ||
CUSIP 315920652 / FUND # 738 | ||
CUSIP 315920637 / FUND # 739 | ||
CUSIP 315920629 / FUND # 751 | ||
CUSIP 315920587 / FUND # 755 | ||
CUSIP 315920611 / FUND # 752 | ||
CUSIP 315920595 / FUND # 753 | ||
CUSIP 315920579 / FUND # 754 | ||
CUSIP 315920843 / FUND # 288 | ||
CUSIP 315920827 / FUND # 292 | ||
CUSIP 315920835 / FUND # 290 | ||
CUSIP 315920744 / FUND # 281 | ||
CUSIP 315920819 / FUND # 291 | ||
CUSIP 315920512 / FUND # 741 | ||
CUSIP 315920470 / FUND # 745 | ||
CUSIP 315920496 / FUND # 742 | ||
CUSIP 315920488 / FUND # 743 | ||
CUSIP 315920462 / FUND # 744 | ||
CUSIP 315920397 / FUND # 603 | ||
CUSIP 315920389 / FUND # 390 | ||
CUSIP 315920371 / FUND # 388 | ||
CUSIP 315920363 / FUND # 389 | ||
CUSIP 315920355 / FUND # 391 | ||
CUSIP 315920561 / FUND # 746 | ||
CUSIP 315920538 / FUND # 750 | ||
CUSIP 315920553 / FUND # 747 | ||
CUSIP 315920546 / FUND # 748 | ||
CUSIP 315920520 / FUND # 749 | ||
CUSIP 315918607 / FUND # 252 | ||
CUSIP 315918102 / FUND # 175 | ||
CUSIP 315918409 / FUND # 654 | ||
CUSIP 315918540 / FUND # 485 | ||
CUSIP 315918508 / FUND # 655 | ||
CUSIP 315920348 / FUND # 1266 | ||
CUSIP 315920314 / FUND # 1269 | ||
CUSIP 315920330 / FUND # 1267 | ||
CUSIP 315920322 / FUND # 1268 | ||
CUSIP 315920298 / FUND # 1270 |
Form of Proxy Card: Fidelity Advisor Diversified International Fund, Fidelity Advisor Emerging Asia Fund, Fidelity Advisor Emerging Markets Income Fund, Fidelity Advisor Europe Capital Appreciation Fund, Fidelity Advisor Global Equity Fund, Fidelity Advisor International Capital Appreciation Fund, Fidelity Advisor Japan Fund, Fidelity Advisor Latin America Fund, and Fidelity Advisor Overseas Fund
Fidelity Investments®(logo) | Vote this proxy card TODAY! | |
Your prompt response will save the expense | ||
PO Box 145421 Cincinnati, Ohio 45250-5421 | of additional mailings. | |
Vote by Touch-Tone Phone, by Mail, or via the Internet!! | ||
CALL: | To vote by phone call toll-free1-888-221-0697 and follow the recorded instructions. | |
LOG-ON: | Vote on the internet at www.proxyweb.com and follow the on-screen instructions. | |
[Control # Prints Here] | MAIL: | Return the signed proxy card in the enclosed envelope. |
[TRUST NAME: FUND NAME Prints Here]
PROXY SOLICITED BY THE TRUSTEES
The undersigned, revoking previous proxies, hereby appoint(s) Edward C. Johnson 3d, Eric D. Roiter and Ned C. Lautenbach, or any one or more of them, attorneys, with full power of substitution, to vote all shares of Fidelity Advisor Series VIII as indicated above which the undersigned is entitled to vote at the Special Meeting of Shareholders of the fund to be held at an office of the trust at 27 State Street, 10th Floor, Boston, MA 02109, on September 15, 2004 at 11:00 a.m. Eastern Time and at any adjournments thereof. All powers may be exercised by a majority of said proxy holders or substitutes voting or acting or, if only one votes and acts, then by that one. This Proxy shall be voted on the proposals described in the Proxy Statement as specified on the reverse side. Receipt of the Notice of the Meeting and the accompanying Proxy Statement is hereby acknowledged.
........................................................................... | ........................................................................... | (down arrow) | |
........................................................................... | ........................................................................... | PLEASE SIGN, DATE, AND RETURN PROMPTLY IN ENCLOSED ENVELOPE IF YOU ARE NOT VOTING BY PHONE OR INTERNET. | |
........................................................................... | ........................................................................... | Date _____________________ | |
........................................................................... | ........................................................................... | _____________________________________ _____________________________________ _____________________________________ Signature(s) (Title(s), if applicable)(Sign in the Box) NOTE: Please sign exactly as your name appears on this Proxy. When signing in a fiduciary capacity, such as executor, administrator, trustee, attorney, guardian, etc., please so indicate. Corporate or partnership proxies should be signed by an authorized person indicating the person's title. | |
(down arrow) | ........................................................................... | (down arrow) | |
........................................................................... | ........................................................................... | FIDELITY ADVISOR SERIES VIII-SP | |
Please refer to the Proxy Statement discussion of each of these matters.
IF NO SPECIFICATION IS MADE, THE PROXY SHALL BE VOTEDFOR THE PROPOSALS.
As to any other matter, said attorneys shall vote in accordance with their best judgment.
THE BOARD OF TRUSTEES RECOMMENDS A VOTEFOR EACH OF THE FOLLOWING:
(down arrow) | ........................................................................... | (down arrow) | |
Please fill in box(es) as shown using black or blue ink or number 2 pencil. [X] PLEASE DO NOT USE FINE POINT PENS. | ||||||
FOR | AGAINST | ABSTAIN | ||||
1. | To amend the Declaration of Trust to allow the Board of Trustees, if permitted by applicable law, to authorize fund mergers without shareholder approval. | (_) | (_) | (_) | ||
<R>2. | To elect the nominees specified below as Trustees: | </R> | ||||
<R> | (01) J. Michael Cook (02) Ralph F. Cox (03) Laura B. Cronin (04) Robert M. Gates (05) George H. Heilmeier | (06) Abigail P. Johnson (07) Edward C. Johnson 3d (08) Donald J. Kirk (09) Marie L. Knowles (10) Ned C. Lautenbach | (11) Marvin L. Mann (12) William O. McCoy (13) Robert L. Reynolds (14) William S. Stavropoulos (15) Dennis J. Dirks(effective 01/01/05 (16) Corneila M. Small(effective 01/01/05 | FOR all nominees listed (except as marked to the contrary at left) (_) | WITHHOLD</R> authority to vote for all nominees (_) | |
___________________________________________________________ (Instruction: To withhold authority to vote for any individual nominee(s), write the name(s) of the nominee(s) on the line above.) | ||||||
FOR | AGAINST | ABSTAIN | ||||
4. | To amend the fund's fundamental investment limitation concerning lending. | (_) | (_) | (_) | ||
PLEASE SIGN ON THE REVERSE SIDE. | ||||
(down arrow) | AS-PXC-0704-SP | 731, 735, 732, 733, 734, 756, 760, 757, 758, 759, 255, 635, 637, 488, 607, 736, 740, 737, 738, 739, 751, 755, 752, 753, 754, 288, 292, 290, 281, 291, 741, 745, 742, 743, 744, 746, 750, 747, 748, 749, 252, 175, 654, 485, 655 | (down arrow) | |
Form of Proxy Card: Fidelity Advisor Emerging Markets Fund and Fidelity Advisor Value Leaders Fund
Fidelity Investments®(logo) | Vote this proxy card TODAY! | |
Your prompt response will save the expense | ||
PO Box 145421 Cincinnati, Ohio 45250-5421 | of additional mailings. | |
Vote by Touch-Tone Phone, by Mail, or via the Internet!! | ||
CALL: | To vote by phone call toll-free1-888-221-0697 and follow the recorded instructions. | |
LOG-ON: | Vote on the internet at www.proxyweb.com and follow the on-screen instructions. | |
[Control # Prints Here] | MAIL: | Return the signed proxy card in the enclosed envelope. |
[TRUST NAME: FUND NAME Prints Here]
PROXY SOLICITED BY THE TRUSTEES
The undersigned, revoking previous proxies, hereby appoint(s) Edward C. Johnson 3d, Eric D. Roiter and Ned C. Lautenbach, or any one or more of them, attorneys, with full power of substitution, to vote all shares of Fidelity Advisor Series VIII as indicated above which the undersigned is entitled to vote at the Special Meeting of Shareholders of the fund to be held at an office of the trust at 27 State Street, 10th Floor, Boston, MA 02109, on September 15, 2004 at 11:00 a.m. Eastern Time and at any adjournments thereof. All powers may be exercised by a majority of said proxy holders or substitutes voting or acting or, if only one votes and acts, then by that one. This Proxy shall be voted on the proposals described in the Proxy Statement as specified on the reverse side. Receipt of the Notice of the Meeting and the accompanying Proxy Statement is hereby acknowledged.
........................................................................... | ........................................................................... | (down arrow) | |
........................................................................... | ........................................................................... | PLEASE SIGN, DATE, AND RETURN PROMPTLY IN ENCLOSED ENVELOPE IF YOU ARE NOT VOTING BY PHONE OR INTERNET. | |
........................................................................... | ........................................................................... | Date _____________________ | |
........................................................................... | ........................................................................... | _____________________________________ _____________________________________ _____________________________________ Signature(s) (Title(s), if applicable)(Sign in the Box) NOTE: Please sign exactly as your name appears on this Proxy. When signing in a fiduciary capacity, such as executor, administrator, trustee, attorney, guardian, etc., please so indicate. Corporate or partnership proxies should be signed by an authorized person indicating the person's title. | |
(down arrow) | ........................................................................... | (down arrow) | |
........................................................................... | ........................................................................... | FIDELITY ADVISOR SERIES VIII-SP | |
Please refer to the Proxy Statement discussion of each of these matters.
IF NO SPECIFICATION IS MADE, THE PROXY SHALL BE VOTEDFOR THE PROPOSALS.
As to any other matter, said attorneys shall vote in accordance with their best judgment.
THE BOARD OF TRUSTEES RECOMMENDS A VOTEFOR EACH OF THE FOLLOWING:
(down arrow) | ........................................................................... | (down arrow) | |
Please fill in box(es) as shown using black or blue ink or number 2 pencil. [X] PLEASE DO NOT USE FINE POINT PENS. | ||||||
FOR | AGAINST | ABSTAIN | ||||
1. | To amend the Declaration of Trust to allow the Board of Trustees, if permitted by applicable law, to authorize fund mergers without shareholder approval. | (_) | (_) | (_) | ||
<R>2. | To elect the nominees specified below as Trustees: | </R> | ||||
<R> | (01) J. Michael Cook (02) Ralph F. Cox (03) Laura B. Cronin (04) Robert M. Gates (05) George H. Heilmeier | (06) Abigail P. Johnson (07) Edward C. Johnson 3d (08) Donald J. Kirk (09) Marie L. Knowles (10) Ned C. Lautenbach | (11) Marvin L. Mann (12) William O. McCoy (13) Robert L. Reynolds (14) William S. Stavropoulos (15) Dennis J. Dirks(effective 01/01/05 (16) Corneila M. Small(effective 01/01/05 | FOR all nominees listed (except as marked to the contrary at left) (_) | WITHHOLD</R> authority to vote for all nominees (_) | |
___________________________________________________________ (Instruction: To withhold authority to vote for any individual nominee(s), write the name(s) of the nominee(s) on the line above.) | ||||||
FOR | AGAINST | ABSTAIN | ||||
PLEASE SIGN ON THE REVERSE SIDE. | ||||
(down arrow) | AS-PXC-0704-SP | 1286, 1289, 1287, 1288, 1290, 1266, 1269, 1267, 1268, 1270 | (down arrow) | |
Form of Proxy Card: Fidelity Advisor Korea Fund
Fidelity Investments®(logo) | Vote this proxy card TODAY! | |
Your prompt response will save the expense | ||
PO Box 145421 Cincinnati, Ohio 45250-5421 | of additional mailings. | |
Vote by Touch-Tone Phone, by Mail, or via the Internet!! | ||
CALL: | To vote by phone call toll-free1-888-221-0697 and follow the recorded instructions. | |
LOG-ON: | Vote on the internet at www.proxyweb.com and follow the on-screen instructions. | |
[Control # Prints Here] | MAIL: | Return the signed proxy card in the enclosed envelope. |
[TRUST NAME: FUND NAME Prints Here]
PROXY SOLICITED BY THE TRUSTEES
The undersigned, revoking previous proxies, hereby appoint(s) Edward C. Johnson 3d, Eric D. Roiter and Ned C. Lautenbach, or any one or more of them, attorneys, with full power of substitution, to vote all shares of Fidelity Advisor Series VIII as indicated above which the undersigned is entitled to vote at the Special Meeting of Shareholders of the fund to be held at an office of the trust at 27 State Street, 10th Floor, Boston, MA 02109, on September 15, 2004 at 11:00 a.m. Eastern Time and at any adjournments thereof. All powers may be exercised by a majority of said proxy holders or substitutes voting or acting or, if only one votes and acts, then by that one. This Proxy shall be voted on the proposals described in the Proxy Statement as specified on the reverse side. Receipt of the Notice of the Meeting and the accompanying Proxy Statement is hereby acknowledged.
........................................................................... | ........................................................................... | (down arrow) | |
........................................................................... | ........................................................................... | PLEASE SIGN, DATE, AND RETURN PROMPTLY IN ENCLOSED ENVELOPE IF YOU ARE NOT VOTING BY PHONE OR INTERNET. | |
........................................................................... | ........................................................................... | Date _____________________ | |
........................................................................... | ........................................................................... | _____________________________________ _____________________________________ _____________________________________ Signature(s) (Title(s), if applicable)(Sign in the Box) NOTE: Please sign exactly as your name appears on this Proxy. When signing in a fiduciary capacity, such as executor, administrator, trustee, attorney, guardian, etc., please so indicate. Corporate or partnership proxies should be signed by an authorized person indicating the person's title. | |
(down arrow) | ........................................................................... | (down arrow) | |
........................................................................... | ........................................................................... | FIDELITY ADVISOR SERIES VIII-SP | |
Please refer to the Proxy Statement discussion of each of these matters.
IF NO SPECIFICATION IS MADE, THE PROXY SHALL BE VOTEDFOR THE PROPOSALS.
As to any other matter, said attorneys shall vote in accordance with their best judgment.
THE BOARD OF TRUSTEES RECOMMENDS A VOTEFOR EACH OF THE FOLLOWING:
(down arrow) | ........................................................................... | (down arrow) | |
Please fill in box(es) as shown using black or blue ink or number 2 pencil. [X] PLEASE DO NOT USE FINE POINT PENS. | ||||||
FOR | AGAINST | ABSTAIN | ||||
1. | To amend the Declaration of Trust to allow the Board of Trustees, if permitted by applicable law, to authorize fund mergers without shareholder approval. | (_) | (_) | (_) | ||
<R>2. | To elect the nominees specified below as Trustees: | </R> | ||||
<R> | (01) J. Michael Cook (02) Ralph F. Cox (03) Laura B. Cronin (04) Robert M. Gates (05) George H. Heilmeier | (06) Abigail P. Johnson (07) Edward C. Johnson 3d (08) Donald J. Kirk (09) Marie L. Knowles (10) Ned C. Lautenbach | (11) Marvin L. Mann (12) William O. McCoy (13) Robert L. Reynolds (14) William S. Stavropoulos (15) Dennis J. Dirks(effective 01/01/05 (16) Corneila M. Small(effective 01/01/05 | FOR all nominees listed (except as marked to the contrary at left) (_) | WITHHOLD</R> authority to vote for all nominees (_) | |
___________________________________________________________ (Instruction: To withhold authority to vote for any individual nominee(s), write the name(s) of the nominee(s) on the line above.) | ||||||
FOR | AGAINST | ABSTAIN | ||||
3. | To amend the fund's fundamental investment limitation concerning underwriting. | (_) | (_) | (_) | ||
4. | To amend the fund's fundamental investment limitation concerning lending. | (_) | (_) | (_) | ||
PLEASE SIGN ON THE REVERSE SIDE. | ||||
(down arrow) | AS-PXC-0704-SP | 603, 390, 388, 389, 391 | (down arrow) | |
Important Proxy Materials
PLEASE CAST YOUR VOTE NOW!
Fidelity® Advisor Diversified International Fund
Fidelity Advisor Emerging Asia Fund
Fidelity Advisor Emerging Markets Fund
Fidelity Advisor Emerging Markets Income Fund
Fidelity Advisor Europe Capital Appreciation Fund
Fidelity Advisor Global Equity Fund
Fidelity Advisor International Capital Appreciation Fund
Fidelity Advisor Japan Fund
Fidelity Advisor Korea Fund
Fidelity Advisor Latin America Fund
Fidelity Advisor Overseas Fund
Fidelity Advisor Value Leaders Fund
Dear Shareholder:
I am writing to let you know that a special meeting of shareholders of the Fidelity funds mentioned above will be held on September 15, 2004. The purpose of the meeting is to vote on several important proposals that affect the funds and your investment in them. As a shareholder, you have the opportunity to voice your opinion on the matters that affect your funds. This package contains information about the proposals and the materials to use when voting by mail.
Please read the enclosed materials and cast your vote on the proxy card(s).Please vote your shares promptly. Your vote is extremely important, no matter how large or small your holdings may be.
All of the proposals have been carefully reviewed by the Board of Trustees. The Trustees, most of whom are not affiliated with Fidelity, are responsible for protecting your interests as a shareholder. The Trustees believe these proposals are in the best interests of shareholders. They recommend that you votefor each proposal.
The following Q&A is provided to assist you in understanding the proposals. Each of the proposals is described in greater detail in the enclosed proxy statement.
Voting is quick and easy. Everything you need is enclosed. To cast your vote, simply complete the proxy card(s) enclosed in this package. Be sure to sign the card(s) before mailing it in the postage-paid envelope. You may also vote your shares by touch-tone telephone or through the Internet. Simply call the toll-free number or visit the web site indicated on your proxy card(s), enter the control number found on the card(s), and follow the recorded or online instructions.
If you have any questions before you vote, please call Fidelity at 1-877-208-0098. We'll be glad to help you get your vote in quickly. Thank you for your participation in this important initiative.
Sincerely,
Edward C. Johnson 3d
Chairman and Chief Executive Officer
Important information to help you understand and vote on the proposals
Please read the full text of the proxy statement. Below is a brief overview of the proposals to be voted upon. Your vote is important. We appreciate you placing your trust in Fidelity and look forward to helping you achieve your financial goals.
What proposals am I being asked to vote on?
You may be asked to vote on the following proposals:
1. To amend the Declaration of Trust to allow the Board of Trustees, if permitted by applicable law, to authorize fund mergers without shareholder approval.
2. To elect a Board of Trustees.
3. To amend Fidelity Advisor Korea Fund's fundamental investment limitation concerning underwriting.
4. To amend Fidelity Advisor Diversified International Fund's, Fidelity Advisor Emerging Asia Fund's, Fidelity Advisor Emerging Markets Income Fund's, Fidelity Advisor Europe Capital Appreciation Fund's, Fidelity Advisor Global Equity Fund's, Fidelity Advisor International Capital Appreciation Fund's, Fidelity Advisor Japan Fund's, Fidelity Advisor Korea Fund's, Fidelity Advisor Latin America Fund's, and Fidelity Advisor Overseas Fund's fundamental limitation concerning lending.
1. To amend the Declaration of Trust to allow the Board of Trustees, if permitted by applicable law, to authorize fund mergers without shareholder approval.
Why are you making this change?
The Investment Company Act of 1940 (1940 Act) prohibits or limits certain transactions between affiliated funds (affiliated funds are defined as funds in a fund complex that are usually under common control of an investment adviser or other person when the adviser or other person exercise a controlling influence over the management or policies of the funds).On July 26, 2002, the SEC amended Rule 17a-8 under the 1940 Act to permit mergers of affiliated funds without shareholder approval in certain cases, while still requiring shareholder approval in other cases. For example, Rule 17a-8 now permits affiliated funds to merge without shareholder approval if the advisory contracts and fundamental policies of the funds are not materially different (fundamental policies are those that can only be changed by shareholder vote). In all cases, the Board of Trustees must first consider that the action is in the best interests of the fund and its shareholders, and that the action will not dilute the shareholders' interests.
As of the record date for this meeting, the Trustees have no current plans to merge existing funds without shareholder vote. If shareholders approve the proposed change to the Declaration of Trust, the Board of Trustees may approve such a merger transaction in the future, but again, only if they find that the transaction is in the best interests of the fund and its shareholders and that the transaction will not dilute the shareholders' interests.
How will this change benefit me as a shareholder?
The amendment will give the Trustees increased flexibility, which may allow them to react more quickly to changes in competitive and regulatory conditions. This may allow the funds to operate in a more efficient and economical manner since each time a fund requires a shareholder vote, it is an expense to the fund and ultimately to you as a shareholder.
Under what circumstances would the Board of Trustees need to get shareholder approval?
The Board of Trustees would still need to get shareholder approval if the merger, consolidation or asset sale was not permitted by the 1940 Act and Massachusetts law. For example, Rule 17a-8 still requires shareholder approval of a merger of affiliated funds if they have materially different advisory contracts or fundamental policies. It also requires shareholder approval if, post-merger, the shareholder-elected disinterested trustees of the acquired fund would not comprise a majority of the disinterested trustees of the surviving fund.
2. To elect a Board of Trustees.
What role does the Board play?
The Trustees serve as the fund shareholders' representatives. Members of the Board are fiduciaries and have an obligation to serve the best interests of shareholders, including approving policy changes. In addition, the Trustees review fund performance, oversee fund activities, and review contractual arrangements with companies that provide services to the fund.
What is the affiliation of the Board and Fidelity?
The Board consists of 14 individuals. The purpose of the Board is to ensure that the shareholders' best interests are protected in the operation of a mutual fund. There are four "interested" trustees and ten "non-interested" trustees. Trustees are determined to be "interested" by virtue of, among other things, their affiliation with the funds, trust, or various other entities under common control with Fidelity Management & Research Co. (FMR). Interested Trustees are compensated by FMR. Non-interested Trustees have no affiliation with FMR and are compensated by each individual fund.
Are Board members paid?
Each non-interested Trustee receives a fee for his or her service on the Board. Under a deferred compensation plan adopted in September 1995 and amended in November 1996 and January 2000 (the Plan), non-interested Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, their annual fees. You can find the compensation table, which details these fees, in the proxy statement.
Where is the compensation deferred to?
Amounts deferred under the Plan are treated as though equivalent dollar amounts had been invested in shares of a cross-section of Fidelity funds including funds in each major investment discipline and representing a majority of Fidelity's assets under management (the Reference Funds). The amounts ultimately received by non-interested Trustees under the Plan will directly be linked to the performance of the Referenced Funds. This aligns the interest of the Trustees with the interests of the shareholders at-large.
3. To amend Fidelity Advisor Korea Fund's fundamental investment limitation concerning underwriting.
Why are you amending the fundamental investment limitation concerning underwriting?
The primary purpose of the proposal is to clarify that each fund is not prohibited from investing in other investment companies, even if as a result of such investment, the fund is technically considered an underwriter under federal securities laws.
The proposal also serves to conform the fund's fundamental investment limitation concerning underwriting to a limitation which is expected to become a standard for all funds managed by FMR or its affiliates. If the proposal is approved, the new limitation may not be changed without the approval of shareholders.
How will this change affect the fund?
Adoption of the proposed limitation concerning underwriting is not expected to affect the way in which the fund is managed, the investment performance of the fund, or the securities or instruments in which the fund invests.
4. To amend the fundamental investment limitation concerning lending for each fund (except for Fidelity Advisor Emerging Markets Fund and Fidelity Advisor Value Leaders Fund).
Why are you amending the fundamental investment limitation concerning lending?
The 1940 Act requires that mutual funds adopt a policy regarding making loans to other parties and further requires that the policy be fundamental (changeable only by shareholder vote). The extent to which a mutual fund reserves the right to lend must be disclosed in its prospectus and/or statement of additional information.
The investment limitation of each fund (except for Fidelity Advisor Emerging Markets Fund and Fidelity Advisor Value Leaders Fund) explicitly does not apply to, among other things, the purchase of debt securities. While the term "debt securities" is commonly understood to include corporate bonds, government securities, and mortgage and other asset-backed securities, we believe that the term also includes loans and loan participations. The amendment clarifies that along with investments in other types of debt securities, investments in loans, loan participations and other forms of debt instruments also are excluded from this limitation.
How will this change affect the funds?
Adoption of this proposal is not expected to affect the way in which each fund (except for Fidelity Advisor Emerging Markets Fund and Fidelity Advisor Value Leaders Fund) is managed.
Has the funds' Board of Trustees approved each proposal?
Yes. The Board of Trustees has unanimously approved all of the proposals and recommends that you vote to approve them.
How many votes am I entitled to cast?
As a shareholder, you are entitled to one vote for each dollar of net asset value you own of each of the funds on the record date. The record date is July 19, 2004.
How do I vote my shares?
You can vote your shares by completing and signing the enclosed proxy card(s) and mailing it in the enclosed postage-paid envelope. You may also vote by touch-tone telephone by calling the toll-free number printed on your proxy card(s) and following the recorded instructions. In addition, you may also vote through the internet by visitingwww.proxyweb.comand following the on-line instructions. If you need any assistance, or have any questions regarding the proposals or how to vote your shares, please call Fidelity at 1-877-208-0098.
How do I sign the proxy card?
Individual Accounts: Shareholders should sign exactly as their names appear on the account registration shown on the card.
Joint Accounts: Either owner may sign, but the name of the person signing should conform exactly to a name shown in the registration.
All Other Accounts: The person signing must indicate his or her capacity. For example, a trustee for a trust or other entity should sign, "Ann B. Collins, Trustee."
FORM OF
SCRIPT FOR REGISTERED SHAREHOLDER TOUCH-TONE TELEPHONE VOTING
FIDELITY INVESTMENTS
When connected to the toll-free number, shareholder will hear:
Speech 1 | Welcome. Please enter the control number labeled as such or located in the box, indicated by an arrow on the upper portion of your card. |
When shareholder enters the control number, he/she will hear:
Speech 2 | To vote as the[Fund Name]Board of Trustees recommends on all proposals, press 1 now. To vote on each proposal separately, press 0 now. |
If shareholder has pressed 1, he/she will hear:
Closing A | You voted as the Board of Trustees recommended for every proposal affecting your fund. If correct, press 1. If incorrect, press 0. |
If the shareholder elects to vote each proposal separately, he/she will hear:
Speech 3 | Proposal 1: To vote FOR, press 1; AGAINST, press 9, ABSTAIN, press 0 |
Speech 4 | Proposal 2: To vote FOR, press 1; AGAINST, press 9, ABSTAIN, press 0 |
Speech 5 | Proposal 3: To vote FOR all nominees, press 1. To WITHHOLD for all nominees, press 9. To WITHHOLD for an individual nominee, press 0. |
If the shareholder presses 0 to withhold from an individual nominee, he/she will hear:
Speech 5a | Enter the two digit number that appears next to the nominee you DO NOT wish to vote for. |
After the Shareholder enters the first nominee number, he/she hears:
Speech 5b | Press 1 to withhold for another nominee or Press 0 if you have completed voting for Trustees. |
Speech 6 | Proposal 4: To vote FOR, press 1; AGAINST, press 9, ABSTAIN, press 0 |
Speech 7 | Proposal 5: To vote FOR, press 1; AGAINST, press 9, ABSTAIN, press 0 |
When shareholder has finished voting on all proposals, he/she will hear:
Closing B | You voted as follows: (Vote for each proposal is given). If this is correct, Press 1 now. If incorrect, Press 0 |
If shareholder presses 0 to indicate an incorrect vote, Speech 2 will be repeated.
If shareholder presses 1, he/she will hear:
Speech 8 | If you have received more than one proxy card, you must vote each card separately. If you would like to vote another proxy, press 1 now. To end this call, press 0. |
If shareholder elects to vote another proxy, he/she is returned to Speech 1. If shareholder elects to end the call he/she will hear:
Speech 9 | Thank you for voting. |
FORM OF
SCREEN SCRIPT FOR REGISTERED SHAREHOLDER INTERNET VOTING
FIDELITY INVESTMENTS
[Upon login to www.ProxyWeb.com shareholder sees Screen 1]
SCREEN 1
Text 1 - (centered)
Internet Proxy Voting Service
Input A
Please Enter Control Number from Your ProxyCard:
Input B
Check here [ ] to vote all proposals as the Board recommends,
then click the VOTE button below.
-OR-
Input C
To vote each proposal separately, click the VOTE button only.
[VOTE]
Graphic I - Example Proxy Card (left justified)
Text 2 - (right justified)
proxyweb.com is a service of:
MIS, an ADP company
Full service proxy specialists
This site is best viewed using
Netscape version 4.7 or Internet Explorer versions 5.0 or higher
and using a display resolution of 800 X 600.
Graphic II - (right justified)
[Upon input of control number and selection of input B or input C shareholder is directed to ProxyWeb Voting Ballot (Screen 2) ]
SCREEN 2
Text 1 - (centered)
Internet Proxy Voting Service
Proxy Voting Form
Fidelity Investments
[Trust Name: Fund Name]
Text 2 - (centered)
THE BOARD OF TRUSTEES RECOMMENDS A VOTE "FOR" EACH OF THE FOLLOWING:
Input A - (left justified)
Proposal 1. | [Title of proposal to be inserted] | [FOR][AGAINST][ABSTAIN] |
Input B - (left justified)
Proposal 2. | [Title of proposal to be inserted] | [FOR][AGAINST][ABSTAIN] |
Input C - (left justified)
Proposal 3. | [Title of proposal to be inserted] | [FOR ALL][WITHHOLD AUTHORITY] [FOR ALL NOMINEES (EXCEPT AS INDICATED:] |
Input D - (left justified)
Proposal 4. | [Title of proposal to be inserted] | [FOR][AGAINST][ABSTAIN] |
Input E - (left justified)
Proposal 5. | [Title of proposal to be inserted] | [FOR][AGAINST][ABSTAIN] |
Text 3 - (centered)
Please refer to the proxy statement for discussion of each of these matters.
If no specification is made on a proposal, the proposal will be voted "For".
Input F - (centered)
You will have an opportunity to confirm that your selections were properly recorded after you submit your vote. If you would also like to receive an email confirmation, enter your email address here:
Text 4- (centered)
Please review your selections carefully before voting.
If you vote more than once on the same Proxy, only your last (most recent) vote will be considered valid.
Input G - (centered)
Click here to sign and [SUBMIT] your proxy vote and to appoint [Proxy Agents 1, 2, and 3 ] or any one or more of them, attorneys, with full power of substitution, to vote all Fund shares that you are entitled to vote.
[Upon submission of vote shareholder is directed to ProxyWeb Confirmation Screen (Screen 3)]
SCREEN 3
Text 1 - (centered)
Internet Proxy Voting Service
Proxy Voting Form
Fidelity Investments
[Trust Name: Fund Name]
Thank you! Your vote has been submitted
Text 2 - (centered)
THE BOARD OF TRUSTEES RECOMMENDS A VOTE "FOR" EACH OF THE FOLLOWING PROPOSALS :
Text 3 - (left justified)
Proposal 1. | [Title of proposal to be inserted] | [FOR][AGAINST][ABSTAIN] |
Proposal 2. | [Title of proposal to be inserted] | [FOR][AGAINST][ABSTAIN] |
Proposal 3. | [Title of proposal to be inserted] | [FOR ALL][WITHHOLD ALL] [FOR ALL EXCEPT: ] |
Proposal 4. | [Title of proposal to be inserted] | [FOR][AGAINST][ABSTAIN] |
Proposal 5. | [Title of proposal to be inserted] | [FOR][AGAINST][ABSTAIN] |
Text 4 - (centered)
Please refer to the proxy statement for discussion of each of these matters.
Text 5 - (centered)
[If no email confirmation was requested]: No email confirmation has been sent.
[If email confirmation was requested ]: Your email confirmation has been sent to: [internet address]
Hyperlink 1 - (left justified)
[Change Vote]
[Directs shareholder to Screen 2 to change vote]
Hyperlink 2 - (centered)
[Exit Internet Voting Service]
[Directs shareholder to www.Fidelity.com]
Hyperlink 3 -(left justified)
[Vote Another Proxy]
[Directs shareholder to Screen 1]
[If shareholder requests email confirmation, a confirmation in the following form will be sent to the designated email address]
Form Of
ProxyWeb Email Confirmation
Text - (left justified)
Your vote for Control Number [control number] has been submitted to
[trust name: fund name], as follows:
- ---------------------------------------------------------------------------------
Proposal 1. [proposal title].......... [FOR] [AGAINST][ABSTAIN]
Proposal 2. [proposal title].......... [FOR] [AGAINST][ABSTAIN]
Proposal 3. [proposal title].......... [FOR ALL] [WITHHOLD ALL][FOR ALL EXCEPT: ]
Proposal 4. [proposal title].......... [FOR] [AGAINST][ABSTAIN]
Proposal 5. [proposal title].......... [FOR] [AGAINST][ABSTAIN]
Thank you for voting.