Fidelity Advisor Emerging Asia Fund - Class M NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-03855

Fidelity Advisor Series VIII

(Exact name of registrant as specified in charter)

245 Summer St., Boston, Massachusetts 02210

(Address of principal executive offices) (Zip code)

Cynthia Lo Bessette, Secretary

245 Summer St.

Boston, Massachusetts 02210

(Name and address of agent for service)

Registrant's telephone number, including area code:

617-563-7000


Date of fiscal year end:	October 31

Date of reporting period:	October 31, 2019

Item 1.

Reports to Stockholders

Fidelity Advisor® Overseas Fund

Annual Report

October 31, 2019

See the inside front cover for important information about access to your fund’s shareholder reports.

Fidelity Investments

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Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions

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

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

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

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended October 31, 2019	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	6.37%	3.61%	5.62%
Class M (incl. 3.50% sales charge)	8.71%	3.88%	5.67%
Class C (incl. contingent deferred sales charge)	10.94%	4.01%	5.42%
Class I	13.21%	5.17%	6.60%
Class Z	13.38%	5.24%	6.63%

Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.

The initial offering of Class Z shares took place on February 1, 2017. Returns prior to February 1, 2017, are those of Class I.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Overseas Fund - Class A on October 31, 2009, and the current 5.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.

	Period Ending Values
	$17,273	Fidelity Advisor® Overseas Fund - Class A
	$17,206	MSCI EAFE Index

Management's Discussion of Fund Performance

Market Recap: The MSCI ACWI (All Country World Index) ex USA Index gained 11.47% for the 12 months ending October 31, 2019, as international stocks reflected a confluence of factors, including escalating trade tension, and moderating but still positive global economic growth. Currency fluctuations were largely modest and varied by region, muting the overall impact on international equity returns. In late December, the U.S. Federal Reserve shifted from raising interest rates to a more dovish policy in 2019, joining many foreign central banks. In June, international stocks rose 6.03%, as policy stimulus in China stabilized that country’s economic growth. The Fed cut its policy rate in July for the first time since 2008. However, the index returned -1.21% for the month, followed by -3.08% in August. In September, the Fed cut its policy rate another quarter point, citing concerns about slowing economic growth and muted inflation, and did the same in October, leading to monthly gains of 2.59% and 3.49%, respectively. For the full 12 months, the growth-oriented information technology sector (+22%) led the way, followed by utilities (+20%) and real estate (+18%), two high-dividend-yielding categories. Conversely, energy was roughly flat, while materials (+6%) and communication services (7%) also lagged. By region, Asia Pacific ex Japan (+16%), Europe ex U.K (+13%), Canada (+12%) and emerging markets (+12%) fared best. Meanwhile, the U.K. (+7%) and Japan (+10%) trailed the broader market.

Comments from Lead Portfolio Manager Vincent Montemaggiore: For the year, the fund’s share classes (excluding sales charges, if applicable) returned roughly 12% to 13%, topping the 11.30% return of the benchmark MSCI EAFE Index. Favorable stock selection and a sizable overweighting in information technology jointly added the most value versus the benchmark. Picks in industrials, financials and consumer discretionary also contributed meaningfully. Geographically, security selection in the U.K. and Japan notably helped, as did non-benchmark exposure to the United States. At the stock level, Japan-based Hoya was our top relative contributor, delivering accelerating growth and a positive outlook in several of the firm’s technology businesses. The fund’s overweight in London Stock Exchange Group also contributed meaningfully, as did a non-benchmark stake in Canada-based Constellation Software. Conversely, positioning in consumer staples and real estate worked against the fund’s relative performance, along with avoiding utilities. Regionally, stock selection in Continental Europe weighed most on our result versus the benchmark. Among individual holdings, not owning shares of Swiss food and beverage giant Nestle earlier in the period hurt relative performance most during the past year. Overweighting Norwegian energy producer Equinor and Swedish bank Swedbank further detracted.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Investment Summary (Unaudited)

Top Five Stocks as of October 31, 2019

	% of fund's net assets
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)	2.4
Unilever NV (Netherlands, Personal Products)	1.8
Nestle SA (Reg. S) (Switzerland, Food Products)	1.8
SAP SE (Germany, Software)	1.8
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods)	1.7
	9.5

Top Five Market Sectors as of October 31, 2019

	% of fund's net assets
Financials	19.2
Industrials	18.3
Health Care	13.9
Consumer Staples	13.4
Information Technology	13.2

Top Five Countries as of October 31, 2019

(excluding cash equivalents)	% of fund's net assets
Japan	16.8
United Kingdom	14.5
Switzerland	9.2
France	9.1
Netherlands	8.2

Asset Allocation (% of fund's net assets)

As of October 31, 2019
	Stocks	98.4%
	Investment Companies	0.4%
	Short-Term Investments and Net Other Assets (Liabilities)	1.2%

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

Schedule of Investments October 31, 2019

Showing Percentage of Net Assets

Common Stocks - 98.1%
	Shares	Value (000s)
Australia - 0.2%
Insurance Australia Group Ltd.	55,268	$303
Lovisa Holdings Ltd. (a)	22,364	207
National Storage (REIT) unit	238,666	306
realestate.com.au Ltd.	2,302	173

TOTAL AUSTRALIA		989

Austria - 0.5%
Erste Group Bank AG	56,400	1,992
Mayr-Melnhof Karton AG	2,600	320

TOTAL AUSTRIA		2,312

Bailiwick of Jersey - 1.5%
Experian PLC	125,600	3,950
Glencore Xstrata PLC	106,700	322
Sanne Group PLC	296,819	2,030

TOTAL BAILIWICK OF JERSEY		6,302

Belgium - 1.3%
KBC Groep NV	77,213	5,415
Bermuda - 2.2%
Credicorp Ltd. (United States)	10,100	2,162
Hiscox Ltd.	140,800	2,716
Hongkong Land Holdings Ltd.	35,900	197
IHS Markit Ltd. (b)	58,201	4,075
SmarTone Telecommunications Holdings Ltd.	285,000	247

TOTAL BERMUDA		9,397

Brazil - 0.7%
IRB Brasil Resseguros SA	340,800	3,211
Canada - 1.0%
Constellation Software, Inc.	4,200	4,148
Cayman Islands - 0.3%
SITC International Holdings Co. Ltd.	536,000	590
Value Partners Group Ltd.	645,000	340
ZTO Express (Cayman), Inc. sponsored ADR	22,100	486

TOTAL CAYMAN ISLANDS		1,416

China - 0.3%
Gree Electric Appliances, Inc. of Zhuhai (A Shares)	75,100	626
Yunnan Baiyao Group Co. Ltd. (A Shares)	44,563	548

TOTAL CHINA		1,174

Denmark - 1.6%
A.P. Moller - Maersk A/S Series A	251	301
DSV A/S	43,909	4,261
Netcompany Group A/S (b)(c)	40,444	1,722
Scandinavian Tobacco Group A/S (c)	31,836	376
Vestas Wind Systems A/S	3,500	285

TOTAL DENMARK		6,945

Finland - 0.2%
Nokian Tyres PLC	14,300	408
UPM-Kymmene Corp.	13,300	432

TOTAL FINLAND		840

France - 9.1%
Altarea SCA	1,404	308
ALTEN	21,905	2,405
Amundi SA (c)	31,061	2,217
Capgemini SA	37,394	4,210
Danone SA	57,829	4,791
Edenred SA	55,469	2,920
Elior SA (c)	57,619	745
Essilor International SA	16,293	2,486
LVMH Moet Hennessy Louis Vuitton SE	16,907	7,220
Natixis SA	120,757	554
Sanofi SA	7,200	664
SR Teleperformance SA	19,579	4,437
Total SA	118,931	6,288

TOTAL FRANCE		39,245

Germany - 7.1%
adidas AG	15,233	4,704
Bayer AG	33,125	2,570
Bertrandt AG	6,526	326
Deutsche Borse AG	23,984	3,714
Deutsche Post AG	94,856	3,359
Hannover Reuck SE	22,027	3,901
Instone Real Estate Group BV (b)(c)	15,911	373
JOST Werke AG (c)	6,740	189
SAP SE	57,297	7,592
Scout24 AG (c)	3,405	211
Vonovia SE	69,506	3,698

TOTAL GERMANY		30,637

Hong Kong - 1.8%
AIA Group Ltd.	707,500	7,045
Dah Sing Banking Group Ltd.	226,000	292
Dah Sing Financial Holdings Ltd.	90,800	338

TOTAL HONG KONG		7,675

India - 0.7%
HDFC Bank Ltd.	150,800	2,611
Shriram Transport Finance Co. Ltd.	37,400	599

TOTAL INDIA		3,210

Indonesia - 0.5%
PT Astra International Tbk	1,089,900	539
PT Bank Rakyat Indonesia Tbk	6,095,000	1,826

TOTAL INDONESIA		2,365

Ireland - 2.9%
DCC PLC (United Kingdom)	40,109	3,759
Irish Residential Properties REIT PLC	153,300	300
Kerry Group PLC Class A	33,090	4,001
Kingspan Group PLC (Ireland)	41,744	2,163
United Drug PLC (United Kingdom)	217,143	2,174

TOTAL IRELAND		12,397

Israel - 0.4%
NICE Systems Ltd. sponsored ADR (b)	10,982	1,733
Italy - 1.4%
FinecoBank SpA	216,300	2,437
Recordati SpA	89,575	3,763

TOTAL ITALY		6,200

Japan - 16.8%
A/S One Corp.	8,100	677
AEON Financial Service Co. Ltd.	23,300	355
Arata Corp.	9,200	345
Daiichikosho Co. Ltd.	4,780	227
Elecom Co. Ltd.	35,100	1,363
GMO Internet, Inc.	26,000	437
Hoya Corp.	77,600	6,858
Iriso Electronics Co. Ltd.	36,100	1,785
Kao Corp.	55,100	4,430
Keyence Corp.	7,800	4,932
KH Neochem Co. Ltd.	92,600	2,255
Koshidaka Holdings Co. Ltd.	57,600	836
Miroku Jyoho Service Co., Ltd.	51,740	1,364
Nabtesco Corp.	16,730	533
Nakanishi, Inc.	11,740	196
Nitori Holdings Co. Ltd.	19,830	3,018
NOF Corp.	66,000	2,229
Olympus Corp.	233,320	3,175
Oracle Corp. Japan	22,100	1,943
ORIX Corp.	174,880	2,748
Otsuka Corp.	64,900	2,617
PALTAC Corp.	27,800	1,341
Paramount Bed Holdings Co. Ltd.	8,200	314
Persol Holdings Co., Ltd.	99,900	1,919
Recruit Holdings Co. Ltd.	104,040	3,458
Relo Group, Inc.	58,500	1,432
Renesas Electronics Corp. (b)	54,300	368
S Foods, Inc.	49,300	1,328
Shiseido Co. Ltd.	42,700	3,521
SMC Corp.	9,300	4,018
Subaru Corp.	23,300	668
Sundrug Co. Ltd.	10,680	353
Suzuki Motor Corp.	51,400	2,427
Tsuruha Holdings, Inc.	29,500	3,318
USS Co. Ltd.	127,100	2,462
Welcia Holdings Co. Ltd.	47,520	2,731
Zozo, Inc. (a)	22,000	512

TOTAL JAPAN		72,493

Kenya - 0.5%
Safaricom Ltd.	7,184,200	2,069
Korea (South) - 0.3%
LG Chemical Ltd.	5,534	1,454
Luxembourg - 0.3%
Eurofins Scientific SA	2,482	1,257
Malta - 0.1%
Kambi Group PLC (b)	25,800	426
Mexico - 0.2%
Grupo Financiero Banorte S.A.B. de CV Series O	181,900	993
Netherlands - 8.2%
ASML Holding NV (Netherlands)	23,300	6,107
ASR Nederland NV	11,500	421
Grandvision NV (c)	73,600	2,249
Heineken NV (Bearer)	41,100	4,192
IMCD Group BV	48,690	3,796
Intertrust NV (c)	22,624	430
Koninklijke Philips Electronics NV	109,130	4,788
Prosus NV (b)	11,500	793
QIAGEN NV (Germany) (b)	46,990	1,410
Unilever NV	132,300	7,813
Wolters Kluwer NV	48,100	3,542

TOTAL NETHERLANDS		35,541

New Zealand - 0.5%
EBOS Group Ltd.	129,228	2,041
Norway - 1.8%
Adevinta ASA:
rights 11/12/19 (b)	83,100	13
Class B	153,650	1,754
Equinor ASA	182,440	3,375
Schibsted ASA:
(A Shares)	72,700	2,134
(B Shares)	8,199	229
Skandiabanken ASA (c)	33,092	235

TOTAL NORWAY		7,740

South Africa - 0.4%
Naspers Ltd. Class N	11,400	1,613
Spain - 1.1%
Amadeus IT Holding SA Class A	42,756	3,163
Prosegur Cash SA (c)	904,900	1,413

TOTAL SPAIN		4,576

Sweden - 4.4%
Addlife AB	67,184	1,503
AddTech AB (B Shares)	52,474	1,459
ASSA ABLOY AB (B Shares)	137,500	3,265
EQT AB (b)	145,900	1,400
Ericsson (B Shares)	67,300	588
Hexagon AB (B Shares)	54,100	2,762
HEXPOL AB (B Shares)	37,040	330
Indutrade AB	106,120	3,266
Securitas AB (B Shares)	20,700	331
Svenska Handelsbanken AB (A Shares)	310,300	3,114
Swedbank AB (A Shares)	46,600	652
Swedish Match Co. AB	6,200	291

TOTAL SWEDEN		18,961

Switzerland - 9.2%
Alcon, Inc. (b)	56,400	3,343
Julius Baer Group Ltd.	75,540	3,345
Lonza Group AG	12,431	4,473
Nestle SA (Reg. S)	72,660	7,773
Roche Holding AG (participation certificate)	34,226	10,305
Sika AG	23,285	4,001
Sonova Holding AG Class B	10,690	2,449
Swiss Re Ltd.	37,750	3,953

TOTAL SWITZERLAND		39,642

Taiwan - 1.0%
Taiwan Semiconductor Manufacturing Co. Ltd.	419,300	4,101
United Kingdom - 14.5%
Aggreko PLC	35,579	364
AstraZeneca PLC (United Kingdom)	8,300	809
Beazley PLC	355,400	2,700
BP PLC	152,694	968
Cineworld Group PLC	719,195	2,075
Close Brothers Group PLC	11,318	203
Compass Group PLC	187,878	5,002
Cranswick PLC	55,270	2,222
Dechra Pharmaceuticals PLC	42,220	1,438
Diageo PLC	174,800	7,155
Diploma PLC	125,580	2,601
Hilton Food Group PLC	103,945	1,368
InterContinental Hotel Group PLC	44,755	2,708
Intertek Group PLC	44,490	3,084
James Fisher and Sons PLC	50,577	1,274
John Wood Group PLC	26,170	115
JTC PLC (c)	145,400	680
Keywords Studios PLC	19,900	286
Lloyds Banking Group PLC	902,366	664
London Stock Exchange Group PLC	51,230	4,617
M&G PLC (b)	86,369	239
Mondi PLC	110,300	2,282
Prudential PLC	253,409	4,426
RELX PLC (London Stock Exchange)	163,600	3,937
Rentokil Initial PLC	535,100	3,150
Rightmove PLC	40,600	315
Rolls-Royce Holdings PLC	36,707	338
Rolls-Royce Holdings PLC (b)	1,688,522	2
Rotork PLC	80,043	313
Sabre Insurance Group PLC (c)	154,481	590
St. James's Place Capital PLC	32,560	439
Standard Life PLC	130,061	511
The Weir Group PLC	9,891	173
Ultra Electronics Holdings PLC	63,909	1,614
Unilever PLC	12,300	736
Victrex PLC	61,170	1,740
Volution Group PLC	581,600	1,503

TOTAL UNITED KINGDOM		62,641

United States of America - 5.1%
Alphabet, Inc. Class C (b)	1,483	1,869
Becton, Dickinson & Co.	9,400	2,406
Boston Scientific Corp. (b)	58,900	2,456
Global Payments, Inc.	17,789	3,010
International Flavors & Fragrances, Inc.	15,500	1,891
Marsh & McLennan Companies, Inc.	34,300	3,554
Moody's Corp.	8,730	1,927
Roper Technologies, Inc.	6,600	2,224
S&P Global, Inc.	10,603	2,735

TOTAL UNITED STATES OF AMERICA		22,072

TOTAL COMMON STOCKS
(Cost $352,768)		423,231

Nonconvertible Preferred Stocks - 0.3%
Germany - 0.3%
Henkel AG & Co. KGaA
(Cost $1,573)	12,058	1,253

Investment Companies - 0.4%
United States of America - 0.4%
iShares MSCI Japan ETF
(Cost $1,594)	30,300	1,778

Money Market Funds - 1.2%
Fidelity Cash Central Fund 1.83% (d)	4,649,794	4,651
Fidelity Securities Lending Cash Central Fund 1.84% (d)(e)	646,077	646
TOTAL MONEY MARKET FUNDS
(Cost $5,297)		5,297
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $361,232)		431,559
NET OTHER ASSETS (LIABILITIES) - 0.0%		(175)
NET ASSETS - 100%		$431,384

Security Type Abbreviations

ETF – Exchange-Traded Fund

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

Legend

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

(b) Non-income producing

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $11,430,000 or 2.6% of net assets.

(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
	(Amounts in thousands)
Fidelity Cash Central Fund	$290
Fidelity Securities Lending Cash Central Fund	102
Total	$392

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
(Amounts in thousands)
Investments in Securities:
Equities:
Communication Services	$11,316	$10,669	$647	$--
Consumer Discretionary	41,335	11,811	29,524	--
Consumer Staples	57,652	22,252	35,400	--
Energy	10,746	3,490	7,256	--
Financials	83,524	47,187	36,337	--
Health Care	59,617	26,672	32,945	--
Industrials	79,788	65,382	14,406	--
Information Technology	56,636	23,439	33,197	--
Materials	17,256	12,450	4,806	--
Real Estate	6,614	4,679	1,935	--
Investment Companies	1,778	1,778	--	--
Money Market Funds	5,297	5,297	--	--
Total Investments in Securities:	$431,559	$235,106	$196,453	$--

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

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)		October 31, 2019
Assets
Investment in securities, at value (including securities loaned of $615) — See accompanying schedule: Unaffiliated issuers (cost $355,935)	$426,262
Fidelity Central Funds (cost $5,297)	5,297
Total Investment in Securities (cost $361,232)		$431,559
Foreign currency held at value (cost $23)		23
Receivable for investments sold		1,025
Receivable for fund shares sold		54
Dividends receivable		1,643
Distributions receivable from Fidelity Central Funds		11
Prepaid expenses		1
Other receivables		76
Total assets		434,392
Liabilities
Payable for investments purchased	$1,504
Payable for fund shares redeemed	206
Accrued management fee	290
Distribution and service plan fees payable	105
Other affiliated payables	111
Other payables and accrued expenses	146
Collateral on securities loaned	646
Total liabilities		3,008
Net Assets		$431,384
Net Assets consist of:
Paid in capital		$374,621
Total accumulated earnings (loss)		56,763
Net Assets		$431,384
Net Asset Value and Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($48,844 ÷ 2,012.46 shares)^(a)		$24.27
Maximum offering price per share (100/94.25 of $24.27)		$25.75
Class M:
Net Asset Value and redemption price per share ($220,953 ÷ 8,858.30 shares)^(a)		$24.94
Maximum offering price per share (100/96.50 of $24.94)		$25.84
Class C:
Net Asset Value and offering price per share ($6,153 ÷ 262.24 shares)^(a)		$23.46
Class I:
Net Asset Value, offering price and redemption price per share ($117,223 ÷ 4,728.94 shares)		$24.79
Class Z:
Net Asset Value, offering price and redemption price per share ($38,211 ÷ 1,541.25 shares)		$24.79

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

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

Statement of Operations

Amounts in thousands		Year ended October 31, 2019
Investment Income
Dividends		$14,114
Non-Cash dividends		2,936
Interest		3
Income from Fidelity Central Funds (including $102 from security lending)		392
Income before foreign taxes withheld		17,445
Less foreign taxes withheld		(1,332)
Total income		16,113
Expenses
Management fee
Basic fee	$3,926
Performance adjustment	(198)
Transfer agent fees	1,086
Distribution and service plan fees	1,286
Accounting and security lending fees	298
Custodian fees and expenses	105
Independent trustees' fees and expenses	3
Registration fees	80
Audit	88
Legal	6
Interest	1
Miscellaneous	4
Total expenses before reductions	6,685
Expense reductions	(72)
Total expenses after reductions		6,613
Net investment income (loss)		9,500
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers (net of foreign taxes of $69)	(17,362)
Redemptions in-kind with affiliated entities	37,143
Foreign currency transactions	(97)
Futures contracts	(1,003)
Total net realized gain (loss)		18,681
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers (net of increase in deferred foreign taxes of $31)	39,127
Assets and liabilities in foreign currencies	11
Total change in net unrealized appreciation (depreciation)		39,138
Net gain (loss)		57,819
Net increase (decrease) in net assets resulting from operations		$67,319

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

Statement of Changes in Net Assets

Amounts in thousands	Year ended October 31, 2019	Year ended October 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$9,500	$7,747
Net realized gain (loss)	18,681	21,240
Change in net unrealized appreciation (depreciation)	39,138	(78,971)
Net increase (decrease) in net assets resulting from operations	67,319	(49,984)
Distributions to shareholders	(26,504)	(23,429)
Share transactions - net increase (decrease)	(236,426)	35,007
Total increase (decrease) in net assets	(195,611)	(38,406)
Net Assets
Beginning of period	626,995	665,401
End of period	$431,384	$626,995

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

Financial Highlights

Fidelity Advisor Overseas Fund Class A

Years ended October 31,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$22.48	$25.20	$20.40	$21.59	$21.09
Income from Investment Operations
Net investment income (loss)^A	.35	.28	.23	.20	.19
Net realized and unrealized gain (loss)	2.38	(2.10)	4.78	(1.31)	.33
Total from investment operations	2.73	(1.82)	5.01	(1.11)	.52
Distributions from net investment income	(.21)	(.22)	(.20)	(.08)	(.02)
Distributions from net realized gain	(.73)	(.69)	(.02)	–	–
Total distributions	(.94)	(.90)^B	(.21)^C	(.08)	(.02)
Redemption fees added to paid in capital^A	–	–	–^D	–^D	–^D
Net asset value, end of period	$24.27	$22.48	$25.20	$20.40	$21.59
Total Return^E,^F	12.86%	(7.48)%	24.86%	(5.16)%	2.46%
Ratios to Average Net Assets^G,^H
Expenses before reductions	1.21%	1.21%	1.25%	1.36%	1.35%
Expenses net of fee waivers, if any	1.21%	1.21%	1.25%	1.35%	1.35%
Expenses net of all reductions	1.19%	1.20%	1.23%	1.35%	1.34%
Net investment income (loss)	1.53%	1.13%	1.05%	.96%	.89%
Supplemental Data
Net assets, end of period (in millions)	$49	$44	$69	$58	$78
Portfolio turnover rate^I	45%^J	39%	42%	94%	29%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.90 per share is comprised of distributions from net investment income of $.219 and distributions from net realized gain of $.685 per share.

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

^D Amount represents less than $.005 per share.

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

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

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

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

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

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

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

Fidelity Advisor Overseas Fund Class M

Years ended October 31,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$23.06	$25.84	$20.91	$22.11	$21.62
Income from Investment Operations
Net investment income (loss)^A	.31	.23	.19	.16	.15
Net realized and unrealized gain (loss)	2.45	(2.15)	4.90	(1.34)	.34
Total from investment operations	2.76	(1.92)	5.09	(1.18)	.49
Distributions from net investment income	(.15)	(.17)	(.15)	(.02)	–
Distributions from net realized gain	(.73)	(.69)	(.02)	–	–
Total distributions	(.88)	(.86)	(.16)^B	(.02)	–
Redemption fees added to paid in capital^A	–	–	–^C	–^C	–^C
Net asset value, end of period	$24.94	$23.06	$25.84	$20.91	$22.11
Total Return^D,^E	12.65%	(7.71)%	24.57%	(5.34)%	2.27%
Ratios to Average Net Assets^F,^G
Expenses before reductions	1.42%	1.44%	1.46%	1.56%	1.55%
Expenses net of fee waivers, if any	1.42%	1.43%	1.46%	1.56%	1.55%
Expenses net of all reductions	1.40%	1.43%	1.44%	1.56%	1.55%
Net investment income (loss)	1.32%	.90%	.84%	.76%	.69%
Supplemental Data
Net assets, end of period (in millions)	$221	$218	$272	$237	$285
Portfolio turnover rate^H	45%^I	39%	42%	94%	29%

^A Calculated based on average shares outstanding during the period.

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

^C Amount represents less than $.005 per share.

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

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

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

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

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

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

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

Fidelity Advisor Overseas Fund Class C

Years ended October 31,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$21.72	$24.41	$19.74	$20.98	$20.63
Income from Investment Operations
Net investment income (loss)^A	.15	.07	.05	.03	.02
Net realized and unrealized gain (loss)	2.32	(2.02)	4.64	(1.27)	.33
Total from investment operations	2.47	(1.95)	4.69	(1.24)	.35
Distributions from net investment income	–	(.06)	(.01)	–	–
Distributions from net realized gain	(.73)	(.69)	(.02)	–	–
Total distributions	(.73)	(.74)^B	(.02)^C	–	–
Redemption fees added to paid in capital^A	–	–	–^D	–^D	–^D
Net asset value, end of period	$23.46	$21.72	$24.41	$19.74	$20.98
Total Return^E,^F	11.94%	(8.23)%	23.81%	(5.91)%	1.70%
Ratios to Average Net Assets^G,^H
Expenses before reductions	2.03%	2.03%	2.06%	2.16%	2.15%
Expenses net of fee waivers, if any	2.03%	2.03%	2.05%	2.16%	2.15%
Expenses net of all reductions	2.02%	2.02%	2.04%	2.16%	2.14%
Net investment income (loss)	.70%	.31%	.24%	.16%	.09%
Supplemental Data
Net assets, end of period (in millions)	$6	$13	$17	$16	$19
Portfolio turnover rate^I	45%^J	39%	42%	94%	29%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.74 per share is comprised of distributions from net investment income of $.058 and distributions from net realized gain of $.685 per share.

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

^D Amount represents less than $.005 per share.

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

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

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

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

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

Fidelity Advisor Overseas Fund Class I

Years ended October 31,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$22.99	$25.74	$20.86	$22.06	$21.55
Income from Investment Operations
Net investment income (loss)^A	.42	.36	.31	.27	.27
Net realized and unrealized gain (loss)	2.43	(2.15)	4.87	(1.33)	.34
Total from investment operations	2.85	(1.79)	5.18	(1.06)	.61
Distributions from net investment income	(.32)	(.28)	(.29)	(.14)	(.10)
Distributions from net realized gain	(.73)	(.69)	(.02)	–	–
Total distributions	(1.05)	(.96)^B	(.30)^C	(.14)	(.10)
Redemption fees added to paid in capital^A	–	–	–^D	–^D	–^D
Net asset value, end of period	$24.79	$22.99	$25.74	$20.86	$22.06
Total Return^E	13.21%	(7.23)%	25.24%	(4.85)%	2.82%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.91%	.92%	.95%	1.04%	1.03%
Expenses net of fee waivers, if any	.91%	.92%	.94%	1.04%	1.03%
Expenses net of all reductions	.90%	.91%	.92%	1.03%	1.02%
Net investment income (loss)	1.82%	1.42%	1.35%	1.28%	1.21%
Supplemental Data
Net assets, end of period (in millions)	$117	$305	$306	$311	$298
Portfolio turnover rate^H	45%^I	39%	42%	94%	29%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.96 per share is comprised of distributions from net investment income of $.276 and distributions from net realized gain of $.685 per share.

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

^D Amount represents less than $.005 per share.

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

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

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

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

Fidelity Advisor Overseas Fund Class Z

Years ended October 31,	2019	2018	2017 ^A
Selected Per–Share Data
Net asset value, beginning of period	$23.00	$25.76	$20.88
Income from Investment Operations
Net investment income (loss)^B	.45	.38	.19
Net realized and unrealized gain (loss)	2.43	(2.14)	4.69
Total from investment operations	2.88	(1.76)	4.88
Distributions from net investment income	(.36)	(.31)	–
Distributions from net realized gain	(.73)	(.69)	–
Total distributions	(1.09)	(1.00)	–
Net asset value, end of period	$24.79	$23.00	$25.76
Total Return^C,^D	13.38%	(7.13)%	23.37%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.77%	.79%	.82%^G
Expenses net of fee waivers, if any	.77%	.79%	.82%^G
Expenses net of all reductions	.76%	.78%	.80%^G
Net investment income (loss)	1.96%	1.55%	1.02%^G
Supplemental Data
Net assets, end of period (in millions)	$38	$47	$2
Portfolio turnover rate^H	45%^I	39%	42%

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

^B Calculated based on average shares outstanding during the period.

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

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

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

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

^G Annualized

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

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

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

Notes to Financial Statements

For the period ended October 31, 2019
(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor Overseas Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective March 1, 2019, Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.

3. Significant Accounting Policies.

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

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

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

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

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

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

ETFs are valued at their last sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2019 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2019, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

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

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

Gross unrealized appreciation	$82,227
Gross unrealized depreciation	(13,458)
Net unrealized appreciation (depreciation)	$68,769
Tax Cost	$362,790

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$5,662
Capital loss carryforward	$(17,575)
Net unrealized appreciation (depreciation) on securities and other investments	$68,707

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

No expiration
Short-term	$(8,508)
Long-term	(9,067)
Total no expiration	$(17,575)

The tax character of distributions paid was as follows:

	October 31, 2019	October 31, 2018
Ordinary Income	$6,745	$ 7,102
Long-term Capital Gains	19,759	16,327
Total	$26,504	$ 23,429

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

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk

Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $261,329 and $323,916, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .424% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the investment performance of the asset-weighted return of all classes as compared to its benchmark index, the MSCI EAFE Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .63% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$116	$3
Class M	.25%	.25%	1,086	12
Class C	.75%	.25%	84	6
			$1,286	$21

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

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

	Retained by FDC
Class A	$4
Class M	2
Class C^(a)	–^(b)
	$6

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

(b) Amount is less than five hundred dollars.

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

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

	Amount	% of Class-Level Average Net Assets
Class A	$106	.23
Class M	410	.19
Class C	25	.30
Class I	532	.18
Class Z	13	.05
	$1,086

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Prior to April 1, 2019, FSC had a separate agreement with the Fund for administration of the security lending program, based on the number and duration of lending transactions. For the period, the total fees paid for accounting and administration of securities lending were equivalent to an annual rate of .05%.

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

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

Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$6,725	2.67%	$1

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

Affiliated Redemptions In-Kind. During the period, 7,266 shares of the Fund were redeemed in-kind for investments and cash with a value of $175,742. The net realized gain of $37,143 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Total fees paid by the Fund to NFS, as lending agent, amounted to less than five hundred dollars. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. During the period, there were no securities loaned to NFS.

9. Expense Reductions.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $5.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended October 31, 2019	Year ended October 31, 2018
Distributions to shareholders
Class A	$1,792	$2,452
Class M	8,320	8,968
Class C	405	506
Class I	13,825	11,363
Class Z	2,162	140
Total	$26,504	$23,429

11. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended October 31, 2019	Year ended October 31, 2018	Year ended October 31, 2019	Year ended October 31, 2018
Class A
Shares sold	359	268	$8,058	$6,680
Reinvestment of distributions	82	97	1,682	2,369
Shares redeemed	(370)	(1,166)	(8,415)	(28,586)
Net increase (decrease)	71	(801)	$1,325	$(19,537)
Class M
Shares sold	1,153	1,484	$26,662	$37,742
Reinvestment of distributions	387	354	8,221	8,851
Shares redeemed	(2,139)	(2,899)	(49,578)	(73,413)
Net increase (decrease)	(599)	(1,061)	$(14,695)	$(26,820)
Class C
Shares sold	20	85	$442	$2,077
Reinvestment of distributions	20	20	400	477
Shares redeemed	(374)	(189)	(8,113)	(4,547)
Net increase (decrease)	(334)	(84)	$(7,271)	$(1,993)
Class I
Shares sold	1,668	3,512	$37,446	$87,065
Reinvestment of distributions	498	332	10,458	8,235
Shares redeemed	(10,721)^(a)	(2,465)	(255,996)^(a)	(61,772)
Net increase (decrease)	(8,555)	1,379	$(208,092)	$33,528
Class Z
Shares sold	1,247	3,080	$28,907	$77,109
Reinvestment of distributions	51	5	1,076	118
Shares redeemed	(1,796)	(1,104)	(37,676)	(27,398)
Net increase (decrease)	(498)	1,981	$(7,693)	$49,829

(a) Amount includes in-kind redemptions (see the Affiliated Redemptions In-Kind note for additional details).

12. Other.

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

At the end of the period, Strategic Advisers Fidelity International Fund was the owner of record of approximately 18% of the total outstanding shares of the Fund.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Advisor Series VIII and Shareholders of Fidelity Advisor Overseas Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Advisor Overseas Fund (one of the funds constituting Fidelity Advisor Series VIII, referred to hereafter as the “Fund”) as of October 31, 2019, the related statement of operations for the year ended October 31, 2019, the statement of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 11, 2019

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 298 funds. Mr. Chiel oversees 171 funds.

The Trustees 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) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or 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. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. James C. Curvey is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity^® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity^® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity^® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity^® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity^® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Mr. Chiel also serves as Trustee of other Fidelity^® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

Mr. Curvey also serves as Trustee of other Fidelity^® funds. Mr. Curvey is Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey is an Overseer Emeritus for the Boston Symphony Orchestra, a Director of Artis-Naples, and a Trustee of Brewster Academy in Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-2018), Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).

* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity^® funds. 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). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), as a member of the Independent Directors Council (IDC) Governing Council (2010-2015), and as a member of the Board of Directors for The Brookville Center for Children’s Services, Inc. (2009-2017). Mr. Dirks is a member of the Finance Committee (2016-present) and Board of Directors (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as a Trustee of other Fidelity^® funds. Mr. Donahue is President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as a Member of the Advisory Board of certain Fidelity^® funds (2015-2018) and Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006), and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue serves as a Member (2007-present) and Co-Chairman (2016-present) of the Board of Directors of United Way of New York, Member of the Board of Directors of NYC Leadership Academy (2012-present) and Member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). He also served as Chairman (2010-2012) and Member of the Board of Directors (2012-2013) of Omgeo, LLC (financial services), Treasurer of United Way of New York (2012-2016), and Member of the Board of Directors of XBRL US (financial services non-profit, 2009-2012) and the International Securities Services Association (2009-2012).

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Mr. Lacy also serves as Trustee of other Fidelity^® funds. Mr. Lacy serves as a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2014-2017) and a member (2010-2017) of the Board of Directors of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes), as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association, and as a member of the Board of Directors for The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), Earth Fare, Inc. (retail grocery, 2010-2014), and The Western Union Company (global money transfer, 2006-2011).

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Mr. Lautenbach also serves as Trustee of other Fidelity^® funds. Mr. Lautenbach currently serves as Chair (2018-present) and Member (2013-present) of the Board of Governors, State University System of Florida and is a member of the Council on Foreign Relations (1994-present). He is also a member and has most recently served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner and Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach also had a 30-year career with IBM (technology company) during which time he served as Senior Vice President and a member of the Corporate Executive Committee (1968-1998).

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Mr. Mauriello also serves as Trustee of other Fidelity^® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-2018).

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Ms. Small also serves as Trustee of other Fidelity^® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity^® funds. Prior to Mr. Smith's retirement, he served as Chairman and Chief Executive Officer of Inbrand Corp. (manufacturer of personal absorbent products, 1990-1997). He also served as President (1986-1990) of Inbrand Corp. Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank. In addition, Mr. Smith served as a Member of the Advisory Board of certain Fidelity^® funds (2012-2013) and as a board member of the Jackson Hole Land Trust (2009-2012).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Mr. Thomas also serves as Trustee of other Fidelity^® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present) and as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), a Director of Fortune Brands, Inc. (consumer products, 2000-2011), and a member of the Board of Trustees of the University of Florida (2013-2018).

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

Name, Year of Birth; Principal Occupation

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Ms. Fuller also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Fuller serves as a member of the Board of Directors, Audit Committee, and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present). Previously, Ms. Fuller served as the Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006).

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as Member of the Advisory Board of other Fidelity^® funds. Mr. Lynch is Vice Chairman and a Director of FMR (investment adviser firm) and FMR Co., Inc. (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Member of the Advisory Board

Mr. Wiley also serves as Trustee or Member of the Advisory Board of other Fidelity^® funds. Mr. Wiley serves as a Director of High Point Resources (exploration and production, 2005-present). Previously, Mr. Wiley served as a Director of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a Director of Andeavor Logistics LP (natural resources logistics, 2015-2018), a Director of Post Oak Bank (privately-held bank, 2004-2018), a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-2013), a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), an Advisory Director of Riverstone Holdings (private investment), a Director of Spinnaker Exploration Company (exploration and production, 2001-2005) and Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004).

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Executive Vice President of Fidelity SelectCo, LLC (2019-present), Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity^® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity^® funds (2016-2018).

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Executive Vice President of Fidelity SelectCo, LLC (2019-present), Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as Secretary and CLO of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2019-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity^® funds.

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2019 to October 31, 2019).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Annualized Expense Ratio-^A	Beginning Account Value May 1, 2019	Ending Account Value October 31, 2019	Expenses Paid During Period-^B May 1, 2019 to October 31, 2019
Class A	1.25%
Actual		$1,000.00	$1,038.50	$6.42
Hypothetical-^C		$1,000.00	$1,018.90	$6.36
Class M	1.46%
Actual		$1,000.00	$1,037.40	$7.50
Hypothetical-^C		$1,000.00	$1,017.85	$7.43
Class C	2.07%
Actual		$1,000.00	$1,034.40	$10.61
Hypothetical-^C		$1,000.00	$1,014.77	$10.51
Class I	.96%
Actual		$1,000.00	$1,039.80	$4.94
Hypothetical-^C		$1,000.00	$1,020.37	$4.89
Class Z	.82%
Actual		$1,000.00	$1,040.70	$4.22
Hypothetical-^C		$1,000.00	$1,021.07	$4.18

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

Class A designates 3%; Class M designates 4%; Class I designates 2%; and Class Z designates 2%; of the dividend distributed in December 2018 during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

Class A, Class M, Class I, and Class Z designate 100% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

	Pay Date	Income	Taxes
Fidelity Advisor Overseas Fund
Class A	12/10/18	$0.2425	$0.0365
Class M	12/10/18	$0.1895	$0.0365
Class I	12/10/18	$0.3545	$0.0365
Class Z	12/10/18	$0.3965	$0.0365

The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.

Fidelity Investments

OS-ANN-1219
1.538536.122

Fidelity Advisor® International Capital Appreciation Fund

Annual Report

October 31, 2019

See the inside front cover for important information about access to your fund’s shareholder reports.

Fidelity Investments

Account Type	Website	Phone Number
Brokerage, Mutual Fund, or Annuity Contracts:	fidelity.com/mailpreferences	1-800-343-3548
Employer Provided Retirement Accounts:	netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print)	1-800-343-0860
Advisor Sold Accounts Serviced Through Your Financial Intermediary:	Contact Your Financial Intermediary	Your Financial Intermediary's phone number
Advisor Sold Accounts Serviced by Fidelity:	institutional.fidelity.com	1-877-208-0098

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended October 31, 2019	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	14.92%	6.61%	8.77%
Class M (incl. 3.50% sales charge)	17.41%	6.86%	8.76%
Class C (incl. contingent deferred sales charge)	20.02%	7.08%	8.61%
Class I	22.29%	8.18%	9.70%
Class Z	22.41%	8.26%	9.74%

Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.

The initial offering of Class Z shares took place on February 1, 2017. Returns prior to February 1, 2017, are those of Class I.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® International Capital Appreciation Fund - Class A on October 31, 2009, and the current 5.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA Index performed over the same period.

	Period Ending Values
	$23,184	Fidelity Advisor® International Capital Appreciation Fund - Class A
	$16,440	MSCI ACWI (All Country World Index) ex USA Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Sammy Simnegar: For the year, the fund’s share classes (excluding sales charges, if applicable) gained roughly 21% to 22%, well ahead of the 11.47% advance of the benchmark MSCI ACWI (All Country World Index) ex USA Index. Stock selection in financials, industrials, and the consumer-oriented sectors all contributed meaningfully to performance versus the benchmark the past 12 months, as did a sizable overweighting among information technology stocks. Geographically, positioning in continental Europe proved rewarding, particularly in France, Germany and the Netherlands. In emerging markets, exposure to China and India stood out. The fund’s top relative contributor was B3 (Brasil Bolsa Balcao), Brazil’s stock exchange. The fund also benefited from overweightings in two China-based liquor manufacturers, Kweichow Moutai and Wuliangye Yibin, as well as out-of-benchmark positions in two suppliers of commercial and military aircraft parts, TransDigm Group and Heico. Conversely, picks in the retailing segment of consumer discretionary and the fund's positioning in semiconductors & semiconductor equipment detracted modestly, as did a cash position averaging about 2%. A non-benchmark stake in MercadoLibre, a Latin American operator of e-commerce marketplaces, was the portfolio's largest relative detractor. Overweighting Taiwan Semiconductor Manufacturing and Belgium-based Umicore – a producer of electric-vehicle battery cathodes – also hurt. We exited the Umicore position by period end.

Investment Summary (Unaudited)

Top Five Stocks as of October 31, 2019

	% of fund's net assets
Nestle SA (Reg. S) (Switzerland, Food Products)	2.5
Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet & Direct Marketing Retail)	2.1
Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services)	1.9
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment)	1.9
Unilever NV (Netherlands, Personal Products)	1.5
	9.9

Top Five Market Sectors as of October 31, 2019

	% of fund's net assets
Industrials	22.6
Information Technology	18.8
Consumer Discretionary	14.1
Consumer Staples	13.3
Financials	12.9

Top Five Countries as of October 31, 2019

(excluding cash equivalents)	% of fund's net assets
France	12.9
United Kingdom	9.0
Canada	8.7
Germany	6.3
Switzerland	6.3

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

Asset Allocation (% of fund's net assets)

As of October 31, 2019
	Stocks	96.5%
	Short-Term Investments and Net Other Assets (Liabilities)	3.5%

Schedule of Investments October 31, 2019

Showing Percentage of Net Assets

Common Stocks - 96.5%
	Shares	Value
Australia - 1.8%
Sydney Airport unit	4,358,697	$26,398,215
Transurban Group unit	2,600,700	26,636,233

TOTAL AUSTRALIA		53,034,448

Bailiwick of Jersey - 0.9%
Experian PLC	874,000	27,488,260
Bermuda - 1.6%
Hiscox Ltd.	1,231,000	23,743,234
IHS Markit Ltd. (a)	340,700	23,855,814

TOTAL BERMUDA		47,599,048

Brazil - 2.8%
BM&F BOVESPA SA	2,526,900	30,482,838
Lojas Renner SA	2,008,300	25,413,596
Rumo SA (a)	4,399,700	25,012,632

TOTAL BRAZIL		80,909,066

Canada - 8.7%
Alimentation Couche-Tard, Inc. Class B (sub. vtg.)	937,900	28,127,743
Brookfield Asset Management, Inc.	563,800	31,149,950
Canadian National Railway Co.	375,540	33,587,892
Canadian Pacific Railway Ltd.	129,600	29,471,184
CGI Group, Inc. Class A (sub. vtg.) (a)	343,700	26,716,275
Constellation Software, Inc.	27,380	27,041,778
Restaurant Brands International, Inc.	415,900	27,209,857
Thomson Reuters Corp.	386,800	25,993,218
Waste Connection, Inc. (Canada)	277,930	25,672,283

TOTAL CANADA		254,970,180

Cayman Islands - 5.9%
Alibaba Group Holding Ltd. sponsored ADR (a)	350,260	61,880,434
New Oriental Education & Technology Group, Inc. sponsored ADR (a)	231,800	28,293,508
Shenzhou International Group Holdings Ltd.	1,850,200	25,567,273
Tencent Holdings Ltd.	1,418,200	57,526,330

TOTAL CAYMAN ISLANDS		173,267,545

China - 1.1%
Ping An Insurance Group Co. of China Ltd. (H Shares)	2,868,500	33,107,627
Denmark - 1.9%
Coloplast A/S Series B	225,500	27,172,568
DSV A/S	288,200	27,964,710

TOTAL DENMARK		55,137,278

Finland - 0.8%
Kone OYJ (B Shares)	384,700	24,473,349
France - 12.9%
Air Liquide SA	241,770	32,114,848
Dassault Systemes SA	201,900	30,635,613
Edenred SA	536,736	28,254,943
Hermes International SCA	41,125	29,584,030
Kering SA	53,266	30,309,742
L'Oreal SA	125,620	36,679,224
LVMH Moet Hennessy Louis Vuitton SE	100,571	42,949,452
Pernod Ricard SA	172,600	31,858,879
Remy Cointreau SA	192,385	25,726,582
Safran SA	194,000	30,691,829
SR Teleperformance SA	121,100	27,444,767
VINCI SA	284,000	31,864,567

TOTAL FRANCE		378,114,476

Germany - 6.3%
adidas AG	100,657	31,079,943
Deutsche Borse AG	182,900	28,323,839
Nemetschek Se	511,109	25,993,818
SAP SE	332,100	44,003,742
Symrise AG	270,300	26,010,451
Vonovia SE	570,800	30,372,818

TOTAL GERMANY		185,784,611

Hong Kong - 1.4%
AIA Group Ltd.	4,193,800	41,762,803
India - 2.8%
HDFC Bank Ltd.	1,501,832	26,002,392
Housing Development Finance Corp. Ltd.	1,073,969	32,208,760
Kotak Mahindra Bank Ltd.	1,127,546	24,990,567

TOTAL INDIA		83,201,719

Indonesia - 0.9%
PT Bank Central Asia Tbk	11,705,300	26,200,297
Ireland - 2.7%
Kerry Group PLC Class A	217,740	26,324,444
Kingspan Group PLC (Ireland)	510,860	26,471,150
Linde PLC	128,600	25,507,810

TOTAL IRELAND		78,303,404

Israel - 0.9%
NICE Systems Ltd. sponsored ADR (a)	172,000	27,139,880
Italy - 3.6%
Amplifon SpA	1,053,300	26,455,269
Davide Campari-Milano SpA	2,597,500	23,798,787
Enel SpA	4,154,300	32,197,338
Moncler SpA	623,370	24,013,747

TOTAL ITALY		106,465,141

Japan - 6.2%
Hoya Corp.	330,200	29,182,161
Kao Corp.	377,900	30,382,664
Keyence Corp.	51,734	32,711,223
OBIC Co. Ltd.	233,400	29,222,899
Recruit Holdings Co. Ltd.	942,300	31,316,439
Shiseido Co. Ltd.	352,400	29,054,658

TOTAL JAPAN		181,870,044

Netherlands - 5.7%
ASML Holding NV (Netherlands)	152,900	40,077,324
Ferrari NV	177,000	28,318,192
InterXion Holding NV (a)	301,479	26,596,477
Unilever NV	757,000	44,704,737
Wolters Kluwer NV	366,200	26,964,077

TOTAL NETHERLANDS		166,660,807

Philippines - 0.9%
SM Prime Holdings, Inc.	35,443,800	27,195,346
Spain - 4.1%
Amadeus IT Holding SA Class A	398,191	29,461,755
Cellnex Telecom SA (b)	608,191	26,223,674
Cellnex Telecom SA (a)	176,571	7,613,300
Ferrovial SA	854,700	25,222,913
Iberdrola SA	3,068,151	31,537,518

TOTAL SPAIN		120,059,160

Sweden - 2.9%
ASSA ABLOY AB (B Shares)	1,171,500	27,821,226
Atlas Copco AB (A Shares)	787,700	27,826,514
Hexagon AB (B Shares)	565,100	28,846,981

TOTAL SWEDEN		84,494,721

Switzerland - 6.3%
Givaudan SA	9,178	26,952,525
Nestle SA (Reg. S)	677,670	72,498,050
Partners Group Holding AG	34,129	26,611,279
Sika AG	170,288	29,258,810
Temenos Group AG	202,300	28,863,381

TOTAL SWITZERLAND		184,184,045

Taiwan - 1.9%
Taiwan Semiconductor Manufacturing Co. Ltd.	5,796,000	56,692,575
United Kingdom - 9.0%
Ashtead Group PLC	923,300	28,082,001
Atlassian Corp. PLC (a)	232,600	28,095,754
Compass Group PLC	1,179,250	31,396,457
Diageo PLC	925,954	37,900,203
Halma PLC	1,099,900	26,692,793
London Stock Exchange Group PLC	290,800	26,206,556
Prudential PLC	1,613,800	28,187,982
RELX PLC (London Stock Exchange)	1,350,258	32,497,473
Rentokil Initial PLC	4,568,500	26,896,430

TOTAL UNITED KINGDOM		265,955,649

United States of America - 2.5%
MasterCard, Inc. Class A	84,550	23,404,286
MercadoLibre, Inc. (a)	50,700	26,441,064
Visa, Inc. Class A	133,040	23,795,534

TOTAL UNITED STATES OF AMERICA		73,640,884

TOTAL COMMON STOCKS
(Cost $2,443,580,627)		2,837,712,363

Money Market Funds - 3.3%
Fidelity Cash Central Fund 1.83% (c)
(Cost $98,136,298)	98,116,675	98,136,298
TOTAL INVESTMENT IN SECURITIES - 99.8%
(Cost $2,541,716,925)		2,935,848,661
NET OTHER ASSETS (LIABILITIES) - 0.2%		6,000,572
NET ASSETS - 100%		$2,941,849,233

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

Legend

(a) Non-income producing

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $26,223,674 or 0.9% of net assets.

(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$1,136,961
Fidelity Securities Lending Cash Central Fund	443,177
Total	$1,580,138

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$91,363,304	$33,836,974	$57,526,330	$--
Consumer Discretionary	412,457,295	312,544,113	99,913,182	--
Consumer Staples	387,055,971	217,220,396	169,835,575	--
Financials	378,978,124	111,987,301	266,990,823	--
Health Care	82,809,998	53,627,837	29,182,161	--
Industrials	667,908,119	555,736,006	112,172,113	--
Information Technology	555,992,088	353,284,325	202,707,763	--
Materials	139,844,444	139,844,444	--	--
Real Estate	57,568,164	30,372,818	27,195,346	--
Utilities	63,734,856	--	63,734,856	--
Money Market Funds	98,136,298	98,136,298	--	--
Total Investments in Securities:	$2,935,848,661	$1,906,590,512	$1,029,258,149	$--

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

Financial Statements

Statement of Assets and Liabilities

		October 31, 2019
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $2,443,580,627)	$2,837,712,363
Fidelity Central Funds (cost $98,136,298)	98,136,298
Total Investment in Securities (cost $2,541,716,925)		$2,935,848,661
Cash		904
Receivable for investments sold		34,985,590
Receivable for fund shares sold		12,828,358
Dividends receivable		2,381,978
Distributions receivable from Fidelity Central Funds		132,144
Prepaid expenses		4,296
Other receivables		607,943
Total assets		2,986,789,874
Liabilities
Payable for investments purchased	$40,060,711
Payable for fund shares redeemed	1,616,053
Accrued management fee	1,842,628
Distribution and service plan fees payable	198,724
Other affiliated payables	455,321
Other payables and accrued expenses	767,204
Total liabilities		44,940,641
Net Assets		$2,941,849,233
Net Assets consist of:
Paid in capital		$2,552,100,848
Total accumulated earnings (loss)		389,748,385
Net Assets		$2,941,849,233
Net Asset Value and Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($278,326,119 ÷ 12,974,026 shares)^(a)		$21.45
Maximum offering price per share (100/94.25 of $21.45)		$22.76
Class M:
Net Asset Value and redemption price per share ($127,176,060 ÷ 6,088,802 shares)^(a)		$20.89
Maximum offering price per share (100/96.50 of $20.89)		$21.65
Class C:
Net Asset Value and offering price per share ($112,149,692 ÷ 5,976,019 shares)^(a)		$18.77
Class I:
Net Asset Value, offering price and redemption price per share ($2,020,956,424 ÷ 88,133,271 shares)		$22.93
Class Z:
Net Asset Value, offering price and redemption price per share ($403,240,938 ÷ 17,560,294 shares)		$22.96

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

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

Statement of Operations

		Year ended October 31, 2019
Investment Income
Dividends		$31,459,621
Non-Cash dividends		9,774,968
Income from Fidelity Central Funds (including $443,177 from security lending)		1,580,138
Income before foreign taxes withheld		42,814,727
Less foreign taxes withheld		(3,014,230)
Total income		39,800,497
Expenses
Management fee
Basic fee	$14,893,688
Performance adjustment	1,437,150
Transfer agent fees	3,496,648
Distribution and service plan fees	2,136,285
Accounting and security lending fees	953,161
Custodian fees and expenses	248,606
Independent trustees' fees and expenses	11,497
Registration fees	240,295
Audit	95,258
Legal	5,672
Interest	28,438
Miscellaneous	12,863
Total expenses before reductions	23,559,561
Expense reductions	(341,101)
Total expenses after reductions		23,218,460
Net investment income (loss)		16,582,037
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	23,905,287
Fidelity Central Funds	688
Foreign currency transactions	(459,439)
Total net realized gain (loss)		23,446,536
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers (net of increase in deferred foreign taxes of $588,082)	376,465,642
Assets and liabilities in foreign currencies	123,738
Total change in net unrealized appreciation (depreciation)		376,589,380
Net gain (loss)		400,035,916
Net increase (decrease) in net assets resulting from operations		$416,617,953

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

Statement of Changes in Net Assets

	Year ended October 31, 2019	Year ended October 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$16,582,037	$7,599,775
Net realized gain (loss)	23,446,536	(43,030,217)
Change in net unrealized appreciation (depreciation)	376,589,380	(131,981,031)
Net increase (decrease) in net assets resulting from operations	416,617,953	(167,411,473)
Distributions to shareholders	(7,117,696)	(1,800,404)
Share transactions - net increase (decrease)	877,461,117	766,075,127
Total increase (decrease) in net assets	1,286,961,374	596,863,250
Net Assets
Beginning of period	1,654,887,859	1,058,024,609
End of period	$2,941,849,233	$1,654,887,859

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

Financial Highlights

Fidelity Advisor International Capital Appreciation Fund Class A

Years ended October 31,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$17.63	$19.14	$15.26	$15.25	$14.77
Income from Investment Operations
Net investment income (loss)^A	.11^B	.07	.04	.05	.05
Net realized and unrealized gain (loss)	3.75	(1.57)	3.86	(.03)	.46
Total from investment operations	3.86	(1.50)	3.90	.02	.51
Distributions from net investment income	(.04)	(.01)	(.02)	(.01)	(.03)
Total distributions	(.04)	(.01)	(.02)	(.01)	(.03)
Redemption fees added to paid in capital^A	–	–	–^C	–^C	–^C
Net asset value, end of period	$21.45	$17.63	$19.14	$15.26	$15.25
Total Return^D,^E	21.93%	(7.85)%	25.56%	.12%	3.46%
Ratios to Average Net Assets^F,^G
Expenses before reductions	1.27%	1.29%	1.38%	1.50%	1.58%
Expenses net of fee waivers, if any	1.27%	1.29%	1.37%	1.45%	1.45%
Expenses net of all reductions	1.25%	1.23%	1.35%	1.43%	1.42%
Net investment income (loss)	.57%^B	.35%	.21%	.34%	.30%
Supplemental Data
Net assets, end of period (000 omitted)	$278,326	$190,278	$173,948	$127,536	$89,753
Portfolio turnover rate^H	133%	151%	155%	167%	176%

^A Calculated based on average shares outstanding during the period.

^B Net investment income per share reflects a large, non-recurring dividend which amounted to $.08 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .15%.

^C Amount represents less than $.005 per share.

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

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

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

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

Fidelity Advisor International Capital Appreciation Fund Class M

Years ended October 31,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$17.17	$18.68	$14.92	$14.94	$14.47
Income from Investment Operations
Net investment income (loss)^A	.06^B	.02	(.01)	.01	.01
Net realized and unrealized gain (loss)	3.66	(1.53)	3.77	(.03)	.46
Total from investment operations	3.72	(1.51)	3.76	(.02)	.47
Redemption fees added to paid in capital^A	–	–	–^C	–^C	–^C
Net asset value, end of period	$20.89	$17.17	$18.68	$14.92	$14.94
Total Return^D,^E	21.67%	(8.08)%	25.20%	(.13)%	3.25%
Ratios to Average Net Assets^F,^G
Expenses before reductions	1.53%	1.55%	1.63%	1.76%	1.86%
Expenses net of fee waivers, if any	1.53%	1.55%	1.63%	1.70%	1.70%
Expenses net of all reductions	1.51%	1.49%	1.61%	1.68%	1.67%
Net investment income (loss)	.31%^B	.10%	(.04)%	.09%	.05%
Supplemental Data
Net assets, end of period (000 omitted)	$127,176	$87,750	$86,547	$62,866	$60,293
Portfolio turnover rate^H	133%	151%	155%	167%	176%

^A Calculated based on average shares outstanding during the period.

^C Amount represents less than $.005 per share.

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

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

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

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

Fidelity Advisor International Capital Appreciation Fund Class C

Years ended October 31,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$15.51	$16.95	$13.61	$13.69	$13.33
Income from Investment Operations
Net investment income (loss)^A	(.03)^B	(.07)	(.08)	(.06)	(.06)
Net realized and unrealized gain (loss)	3.29	(1.37)	3.42	(.02)	.42
Total from investment operations	3.26	(1.44)	3.34	(.08)	.36
Redemption fees added to paid in capital^A	–	–	–^C	–^C	–^C
Net asset value, end of period	$18.77	$15.51	$16.95	$13.61	$13.69
Total Return^D,^E	21.02%	(8.50)%	24.54%	(.58)%	2.70%
Ratios to Average Net Assets^F,^G
Expenses before reductions	2.02%	2.04%	2.13%	2.27%	2.33%
Expenses net of fee waivers, if any	2.01%	2.04%	2.12%	2.20%	2.20%
Expenses net of all reductions	2.00%	1.99%	2.10%	2.18%	2.17%
Net investment income (loss)	(.17)%^B	(.40)%	(.54)%	(.41)%	(.45)%
Supplemental Data
Net assets, end of period (000 omitted)	$112,150	$107,858	$85,022	$42,146	$36,491
Portfolio turnover rate^H	133%	151%	155%	167%	176%

^A Calculated based on average shares outstanding during the period.

^B Net investment income per share reflects a large, non-recurring dividend which amounted to $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.60) %.

^C Amount represents less than $.005 per share.

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

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

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

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

Fidelity Advisor International Capital Appreciation Fund Class I

Years ended October 31,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$18.85	$20.44	$16.30	$16.28	$15.75
Income from Investment Operations
Net investment income (loss)^A	.18^B	.13	.09	.10	.09
Net realized and unrealized gain (loss)	4.00	(1.68)	4.11	(.04)	.51
Total from investment operations	4.18	(1.55)	4.20	.06	.60
Distributions from net investment income	(.10)	(.04)	(.06)	(.04)	(.07)
Total distributions	(.10)	(.04)	(.06)	(.04)	(.07)
Redemption fees added to paid in capital^A	–	–	–^C	–^C	–^C
Net asset value, end of period	$22.93	$18.85	$20.44	$16.30	$16.28
Total Return^D	22.29%	(7.58)%	25.87%	.36%	3.80%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.99%	1.02%	1.09%	1.21%	1.27%
Expenses net of fee waivers, if any	.99%	1.02%	1.08%	1.20%	1.20%
Expenses net of all reductions	.98%	.96%	1.06%	1.18%	1.17%
Net investment income (loss)	.85%^B	.63%	.50%	.59%	.55%
Supplemental Data
Net assets, end of period (000 omitted)	$2,020,956	$1,115,089	$652,774	$169,594	$72,421
Portfolio turnover rate^G	133%	151%	155%	167%	176%

^A Calculated based on average shares outstanding during the period.

^B Net investment income per share reflects a large, non-recurring dividend which amounted to $.09 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .43%.

^C Amount represents less than $.005 per share.

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

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

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

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

Fidelity Advisor International Capital Appreciation Fund Class Z

Years ended October 31,	2019	2018	2017 ^A
Selected Per–Share Data
Net asset value, beginning of period	$18.88	$20.46	$16.22
Income from Investment Operations
Net investment income (loss)^B	.21^C	.16	.06
Net realized and unrealized gain (loss)	3.99	(1.68)	4.18
Total from investment operations	4.20	(1.52)	4.24
Distributions from net investment income	(.12)	(.06)	–
Total distributions	(.12)	(.06)	–
Redemption fees added to paid in capital^B	–	–	–^D
Net asset value, end of period	$22.96	$18.88	$20.46
Total Return^E,^F	22.41%	(7.46)%	26.14%
Ratios to Average Net Assets^G,^H
Expenses before reductions	.87%	.89%	.96%^I
Expenses net of fee waivers, if any	.87%	.89%	.96%^I
Expenses net of all reductions	.85%	.83%	.94%^I
Net investment income (loss)	.97%^C	.76%	.42%^I
Supplemental Data
Net assets, end of period (000 omitted)	$403,241	$153,913	$59,734
Portfolio turnover rate^J	133%	151%	155%

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

^B Calculated based on average shares outstanding during the period.

^C Net investment income per share reflects a large, non-recurring dividend which amounted to $.09 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .55%.

^D Amount represents less than $.005 per share.

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

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

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

^I Annualized

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

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

Notes to Financial Statements

For the period ended October 31, 2019

1. Organization.

Fidelity Advisor International Capital Appreciation Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective March 1, 2019, Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

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

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

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

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

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

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

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

Gross unrealized appreciation	$412,497,915
Gross unrealized depreciation	(22,681,780)
Net unrealized appreciation (depreciation)	$389,816,135
Tax Cost	$2,546,032,526

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$16,089,820
Capital loss carryforward	$(15,443,313)
Net unrealized appreciation (depreciation) on securities and other investments	$389,689,959

No expiration
Short-term	$(15,443,313)

The tax character of distributions paid was as follows:

	October 31, 2019	October 31, 2018
Ordinary Income	$7,117,696	$ 1,800,404

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $3,617,681,141 and $2,826,924,772, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Class I of the Fund as compared to its benchmark index, the MSCI All Country World ex USA Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .75% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$555,520	$40,367
Class M	.25%	.25%	506,522	1,658
Class C	.75%	.25%	1,074,243	254,230
			$2,136,285	$296,255

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

	Retained by FDC
Class A	$166,998
Class M	16,137
Class C^(a)	21,916
	$205,051

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

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

	Amount	% of Class-Level Average Net Assets
Class A	$444,363	.20
Class M	209,291	.21
Class C	207,929	.19
Class I	2,511,635	.17
Class Z	123,430	.05
	$3,496,648

Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$17,295,652	2.57%	$28,438

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $5,435 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. At period end, there were no security loans outstanding. Total fees paid by the Fund to NFS, as lending agent, amounted to $239. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds, and includes $72,876 from securities loaned to NFS, as affiliated borrower.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $326,616 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $1,920.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $12,565.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended October 31, 2019	Year ended October 31, 2018
Distributions to shareholders
Class A	$402,278	$85,926
Class I	5,699,242	1,520,196
Class Z	1,016,176	194,282
Total	$7,117,696	$1,800,404

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended October 31, 2019	Year ended October 31, 2018	Year ended October 31, 2019	Year ended October 31, 2018
Class A
Shares sold	5,533,808	5,619,393	$110,458,286	$111,188,105
Reinvestment of distributions	22,478	4,343	392,018	84,071
Shares redeemed	(3,374,729)	(3,921,150)	(64,580,390)	(75,740,806)
Net increase (decrease)	2,181,557	1,702,586	$46,269,914	$35,531,370
Class M
Shares sold	1,952,405	1,392,282	$38,636,480	$26,802,724
Shares redeemed	(973,543)	(915,804)	(18,369,399)	(17,480,449)
Net increase (decrease)	978,862	476,478	$20,267,081	$9,322,275
Class C
Shares sold	1,621,399	3,456,992	$27,727,620	$60,466,658
Shares redeemed	(2,601,635)	(1,517,181)	(44,012,034)	(25,987,529)
Net increase (decrease)	(980,236)	1,939,811	$(16,284,414)	$34,479,129
Class I
Shares sold	56,664,995	42,034,960	$1,190,102,614	$884,843,888
Reinvestment of distributions	250,184	64,781	4,653,416	1,337,720
Shares redeemed	(27,933,337)	(14,886,018)	(567,157,476)	(307,898,733)
Net increase (decrease)	28,981,842	27,213,723	$627,598,554	$578,282,875
Class Z
Shares sold	12,961,355	6,965,818	$273,077,124	$144,277,729
Reinvestment of distributions	38,432	6,285	715,226	129,857
Shares redeemed	(3,591,416)	(1,739,970)	(74,182,368)	(35,948,108)
Net increase (decrease)	9,408,371	5,232,133	$199,609,982	$108,459,478

11. Other.

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Advisor Series VIII and Shareholders of Fidelity Advisor International Capital Appreciation Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor International Capital Appreciation Fund (the “Fund”), a fund of Fidelity Advisor Series VIII, including the schedule of investments, as of October 31, 2019, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2019, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2019, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 12, 2019

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

Trustees and Officers

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2019 to October 31, 2019).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value May 1, 2019	Ending Account Value October 31, 2019	Expenses Paid During Period-^B May 1, 2019 to October 31, 2019
Class A	1.30%
Actual		$1,000.00	$1,051.50	$6.72
Hypothetical-^C		$1,000.00	$1,018.65	$6.61
Class M	1.55%
Actual		$1,000.00	$1,050.30	$8.01
Hypothetical-^C		$1,000.00	$1,017.39	$7.88
Class C	2.04%
Actual		$1,000.00	$1,048.00	$10.53
Hypothetical-^C		$1,000.00	$1,014.92	$10.36
Class I	1.02%
Actual		$1,000.00	$1,053.30	$5.28
Hypothetical-^C		$1,000.00	$1,020.06	$5.19
Class Z	.89%
Actual		$1,000.00	$1,053.70	$4.61
Hypothetical-^C		$1,000.00	$1,020.72	$4.53

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

Class A designates 28%, Class I designates 15% and Class Z designates 12% of the dividends distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

Class A, Class I and Class Z designate 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

	Pay Date	Income	Taxes
Class A	12/10/18	$0.0676	$0.0296
Class M	12/10/18	$0.0000	$0.0000
Class C	12/10/18	$0.0000	$0.0000
Class I	12/10/18	$0.1276	$0.0296
Class Z	12/10/18	$0.1526	$0.0296

The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.

Fidelity Investments

AICAP-ANN-1219
1.711985.121

Fidelity Advisor® Diversified International Fund

Annual Report

October 31, 2019

See the inside front cover for important information about access to your fund’s shareholder reports.

Fidelity Investments

Account Type	Website	Phone Number
Brokerage, Mutual Fund, or Annuity Contracts:	fidelity.com/mailpreferences	1-800-343-3548
Employer Provided Retirement Accounts:	netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print)	1-800-343-0860
Advisor Sold Accounts Serviced Through Your Financial Intermediary:	Contact Your Financial Intermediary	Your Financial Intermediary's phone number
Advisor Sold Accounts Serviced by Fidelity:	institutional.fidelity.com	1-877-208-0098

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended October 31, 2019	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	8.93%	4.08%	6.12%
Class M (incl. 3.50% sales charge)	11.24%	4.30%	6.10%
Class C (incl. contingent deferred sales charge)	13.72%	4.53%	5.95%
Class I	15.89%	5.61%	7.06%
Class Z	16.04%	5.76%	7.16%

Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.

The initial offering of Class Z shares took place on August 13, 2013. Returns prior to August 13, 2013, are those of Class I.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Diversified International Fund - Class A on October 31, 2009, and the current 5.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.

	Period Ending Values
	$18,106	Fidelity Advisor® Diversified International Fund - Class A
	$17,206	MSCI EAFE Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Bill Bower: For the fiscal year, the fund’s share classes (excluding sales charges, if applicable) gained roughly 15% to 16%, handily outperforming the 11.30% result of benchmark MSCI EAFE Index. Favorable stock selection was the primary driver of the fund’s outperformance the past 12 months, as our picks in 10 of 11 equity sectors outperformed the index. By sector, the biggest contribution to the fund’s relative result came from picks in the financials sector, followed by choices in information technology and industrials. Regionally, choices in emerging markets added the most value, with notable outperformance in China and India. Stock picking in the non-benchmark U.S. region, along with Japan, also contributed meaningfully. In terms of individual stocks, an overweighted stake in Japanese optical and glass products manufacturer Hoya (+58%) was the fund’s largest contributor the past year. A large position in photolithography systems manufacturer ASML (+53%) also helped. Conversely, being underweighted in the higher-dividend-yielding and strong-performing utilities and real estate sectors held back the fund’s performance relative to the index. At the stock level, not owning Switzerland-based food and beverage manufacturer Nestle (+29%), an index constituent, weighed on the fund’s relative result. An overweighting in Norway-based oil & gas company Equinor (-26%) also hurt this period. Elsewhere, a cash position of roughly 4%, on average, also detracted in an uptrending market.

Investment Summary (Unaudited)

Top Five Stocks as of October 31, 2019

	% of fund's net assets
SAP SE (Germany, Software)	2.5
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)	2.2
ASML Holding NV (Netherlands, Semiconductors & Semiconductor Equipment)	2.0
AIA Group Ltd. (Hong Kong, Insurance)	1.8
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)	1.8
	10.3

Top Five Market Sectors as of October 31, 2019

	% of fund's net assets
Financials	19.3
Information Technology	16.6
Industrials	16.0
Health Care	14.4
Consumer Discretionary	8.7

Top Five Countries as of October 31, 2019

(excluding cash equivalents)	% of fund's net assets
Japan	17.4
Germany	11.4
United Kingdom	11.0
France	7.9
Netherlands	7.1

Asset Allocation (% of fund's net assets)

As of October 31, 2019
	Stocks	99.0%
	Short-Term Investments and Net Other Assets (Liabilities)	1.0%

Schedule of Investments October 31, 2019

Showing Percentage of Net Assets

Common Stocks - 99.0%
	Shares	Value (000s)
Australia - 1.1%
CSL Ltd.	65,351	$11,525
Magellan Financial Group Ltd.	202,401	6,713

TOTAL AUSTRALIA		18,238

Bailiwick of Jersey - 0.8%
Experian PLC	285,900	8,992
Ferguson PLC	54,546	4,658

TOTAL BAILIWICK OF JERSEY		13,650

Belgium - 0.9%
KBC Groep NV	214,480	15,041
Bermuda - 1.8%
China Gas Holdings Ltd.	592,800	2,525
Credicorp Ltd. (United States)	30,205	6,465
Hiscox Ltd.	308,500	5,950
IHS Markit Ltd. (a)	120,088	8,409
Marvell Technology Group Ltd.	251,500	6,134

TOTAL BERMUDA		29,483

Brazil - 0.8%
BM&F BOVESPA SA	388,900	4,691
Notre Dame Intermedica Participacoes SA	206,600	3,091
Rumo SA (a)	820,500	4,665

TOTAL BRAZIL		12,447

Canada - 3.2%
Alimentation Couche-Tard, Inc. Class B (sub. vtg.)	612,700	18,375
Cenovus Energy, Inc. (Canada)	515,400	4,391
Constellation Software, Inc.	7,500	7,407
Fairfax India Holdings Corp. (a)(b)	315,500	3,565
Franco-Nevada Corp.	49,700	4,822
Kirkland Lake Gold Ltd.	99,100	4,654
Waste Connection, Inc. (Canada)	35,200	3,251
Wheaton Precious Metals Corp.	161,400	4,524

TOTAL CANADA		50,989

Cayman Islands - 1.9%
Alibaba Group Holding Ltd. sponsored ADR (a)	75,800	13,392
Anta Sports Products Ltd.	669,000	6,544
Tencent Holdings Ltd.	217,600	8,826
Zai Lab Ltd. ADR (a)	62,254	2,104

TOTAL CAYMAN ISLANDS		30,866

China - 1.0%
Kweichow Moutai Co. Ltd. (A Shares)	47,076	7,879
Ping An Insurance Group Co. of China Ltd. (H Shares)	598,500	6,908
Yantai Jereh Oilfield Services (A Shares)	212,323	923

TOTAL CHINA		15,710

Denmark - 1.5%
DSV A/S	121,500	11,789
Netcompany Group A/S (a)(b)	66,300	2,823
ORSTED A/S (b)	118,900	10,430

TOTAL DENMARK		25,042

France - 7.9%
Amundi SA (b)	120,158	8,577
Capgemini SA	115,600	13,015
Danone SA	131,300	10,877
Dassault Systemes SA	25,600	3,884
Edenred SA	52,900	2,785
Essilor International SA	18,700	2,853
Kering SA	9,271	5,275
Legrand SA	83,700	6,533
LVMH Moet Hennessy Louis Vuitton SE	50,343	21,499
Pernod Ricard SA	27,800	5,131
Sanofi SA	173,555	16,000
SR Teleperformance SA	65,100	14,754
VINCI SA	143,500	16,101

TOTAL FRANCE		127,284

Germany - 11.4%
adidas AG	57,409	17,726
Allianz SE	69,100	16,876
Bayer AG	145,726	11,305
Deutsche Borse AG	93,400	14,464
Deutsche Post AG	287,026	10,164
Hannover Reuck SE	61,400	10,875
Linde PLC	95,138	18,808
Morphosys AG (a)	14,783	1,610
Morphosys AG sponsored ADR (a)	93,817	2,554
MTU Aero Engines Holdings AG	9,200	2,456
RWE AG	425,100	12,958
SAP SE	301,373	39,930
Scout24 AG (b)	107,200	6,630
Symrise AG	95,100	9,151
Vonovia SE	181,000	9,631

TOTAL GERMANY		185,138

Hong Kong - 2.0%
AIA Group Ltd.	2,856,200	28,443
Techtronic Industries Co. Ltd.	472,000	3,689

TOTAL HONG KONG		32,132

India - 4.3%
Axis Bank Ltd.	705,358	7,303
HDFC Bank Ltd.	1,132,942	19,616
Housing Development Finance Corp. Ltd.	539,087	16,167
Kotak Mahindra Bank Ltd.	303,740	6,732
Reliance Industries Ltd.	849,408	17,495
Tech Mahindra Ltd.	163,700	1,703

TOTAL INDIA		69,016

Indonesia - 1.1%
PT Bank Central Asia Tbk	4,048,900	9,063
PT Bank Rakyat Indonesia Tbk	29,051,600	8,705

TOTAL INDONESIA		17,768

Ireland - 2.7%
CRH PLC	257,400	9,383
DCC PLC (United Kingdom)	27,400	2,568
Kerry Group PLC Class A	92,700	11,207
Kingspan Group PLC (Ireland)	200,181	10,373
Ryanair Holdings PLC sponsored ADR (a)	132,936	9,922

TOTAL IRELAND		43,453

Italy - 1.4%
Enel SpA	1,089,100	8,441
FinecoBank SpA	380,400	4,285
Moncler SpA	82,500	3,178
Recordati SpA	153,300	6,441

TOTAL ITALY		22,345

Japan - 17.4%
Astellas Pharma, Inc.	101,800	1,747
Bandai Namco Holdings, Inc.	77,800	4,784
Daikin Industries Ltd.	83,300	11,659
Hoya Corp.	308,700	27,282
Iriso Electronics Co. Ltd.	26,351	1,303
Itochu Corp.	428,400	8,957
Kao Corp.	160,500	12,904
Keyence Corp.	37,500	23,711
KH Neochem Co. Ltd.	86,000	2,094
Minebea Mitsumi, Inc.	940,600	17,863
Misumi Group, Inc.	198,700	4,995
Nabtesco Corp.	77,400	2,464
Nidec Corp.	24,100	3,548
Nitori Holdings Co. Ltd.	79,403	12,086
Oracle Corp. Japan	26,600	2,338
ORIX Corp.	846,400	13,301
PALTAC Corp.	49,600	2,392
Persol Holdings Co., Ltd.	320,200	6,150
Recruit Holdings Co. Ltd.	468,800	15,580
Renesas Electronics Corp. (a)	1,096,000	7,420
ROHM Co. Ltd.	21,100	1,672
Shin-Etsu Chemical Co. Ltd.	129,000	14,384
Shiseido Co. Ltd.	137,600	11,345
SMC Corp.	32,400	13,998
SoftBank Corp.	116,800	4,493
Sony Corp.	181,900	11,072
Suzuki Motor Corp.	139,100	6,567
Tokyo Electron Ltd.	46,900	9,502
Tsuruha Holdings, Inc.	114,100	12,835
Welcia Holdings Co. Ltd.	131,306	7,545
Yahoo! Japan Corp.	1,649,500	5,078

TOTAL JAPAN		281,069

Korea (South) - 0.7%
LG Chemical Ltd.	11,573	3,041
SK Hynix, Inc.	116,090	8,134

TOTAL KOREA (SOUTH)		11,175

Luxembourg - 0.7%
B&M European Value Retail SA	1,946,595	9,337
Globant SA (a)	17,100	1,595

TOTAL LUXEMBOURG		10,932

Mexico - 0.1%
Grupo Financiero Banorte S.A.B. de CV Series O	292,800	1,598
Netherlands - 7.1%
Adyen BV (a)(b)	2,093	1,469
ASML Holding NV (c)	120,600	31,594
Ferrari NV	21,500	3,440
Heineken NV (Bearer)	78,500	8,007
InterXion Holding NV (a)	54,700	4,826
Koninklijke Philips Electronics NV	294,500	12,921
NXP Semiconductors NV	118,900	13,517
Unilever NV	415,800	24,555
Wolters Kluwer NV	196,900	14,498

TOTAL NETHERLANDS		114,827

New Zealand - 0.3%
Ryman Healthcare Group Ltd.	666,045	5,505
Norway - 1.4%
Adevinta ASA:
rights 11/12/19 (a)	392,000	60
Class B	549,000	6,268
Equinor ASA	441,300	8,163
Schibsted ASA (A Shares)	292,800	8,597

TOTAL NORWAY		23,088

South Africa - 0.1%
Capitec Bank Holdings Ltd.	26,600	2,417
Spain - 0.7%
Amadeus IT Holding SA Class A	29,600	2,190
Cellnex Telecom SA (a)	48,969	2,111
Cellnex Telecom SA (b)	151,800	6,545
Masmovil Ibercom SA (a)	24,650	570

TOTAL SPAIN		11,416

Sweden - 2.3%
ASSA ABLOY AB (B Shares)	501,900	11,919
Coor Service Management Holding AB (b)	129,589	1,107
EQT AB (a)	103,000	988
Ericsson (B Shares)	961,000	8,398
Hexagon AB (B Shares)	128,700	6,570
Indutrade AB	147,400	4,537
Svenska Handelsbanken AB (A Shares)	381,300	3,827

TOTAL SWEDEN		37,346

Switzerland - 6.4%
Alcon, Inc. (Switzerland) (a)	205,812	12,155
Julius Baer Group Ltd.	151,580	6,713
Lonza Group AG	26,786	9,639
Medacta Group SA (b)	21,200	1,732
Roche Holding AG (participation certificate)	116,437	35,042
Sika AG	110,178	18,931
Sonova Holding AG Class B	27,033	6,193
Swiss Re Ltd.	96,350	10,089
Temenos Group AG	22,260	3,176

TOTAL SWITZERLAND		103,670

Taiwan - 1.0%
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	298,900	15,432
United Kingdom - 11.0%
Aon PLC	41,600	8,035
Ascential PLC (b)	622,177	2,814
AstraZeneca PLC (United Kingdom)	290,779	28,356
Beazley PLC	583,600	4,434
Big Yellow Group PLC	181,700	2,688
BP PLC sponsored ADR	373,900	14,175
Coca-Cola European Partners PLC	120,100	6,427
Compass Group PLC	472,092	12,569
InterContinental Hotel Group PLC	86,053	5,207
Lloyds Banking Group PLC	11,016,200	8,104
London Stock Exchange Group PLC	200,800	18,096
M&G PLC (a)	1,022,894	2,833
Network International Holdings PLC (b)	574,000	4,023
Ocado Group PLC (a)	123,300	2,123
Prudential PLC	1,022,894	17,867
RELX PLC (Euronext N.V.)	627,647	15,092
Rentokil Initial PLC	1,425,000	8,389
Smith & Nephew PLC	481,800	10,343
Standard Chartered PLC (United Kingdom)	802,488	7,287

TOTAL UNITED KINGDOM		178,862

United States of America - 6.0%
10X Genomics, Inc. (a)	2,600	151
Alphabet, Inc. Class C (a)	7,249	9,135
Amgen, Inc.	27,400	5,843
Becton, Dickinson & Co.	27,800	7,117
Boston Scientific Corp. (a)	196,300	8,186
Coty, Inc. Class A	408,864	4,780
IQVIA Holdings, Inc. (a)	55,600	8,030
Marsh & McLennan Companies, Inc.	79,900	8,279
MasterCard, Inc. Class A	58,400	16,166
Microsoft Corp.	70,400	10,093
The Booking Holdings, Inc. (a)	1,600	3,278
Visa, Inc. Class A	90,000	16,097

TOTAL UNITED STATES OF AMERICA		97,155

TOTAL COMMON STOCKS
(Cost $1,156,682)		1,603,094

Money Market Funds - 1.1%
Fidelity Cash Central Fund 1.83% (d)	13,881,353	13,884
Fidelity Securities Lending Cash Central Fund 1.84% (d)(e)	3,849,081	3,849
TOTAL MONEY MARKET FUNDS
(Cost $17,733)		17,733
TOTAL INVESTMENT IN SECURITIES - 100.1%
(Cost $1,174,415)		1,620,827
NET OTHER ASSETS (LIABILITIES) - (0.1)%		(1,926)
NET ASSETS - 100%		$1,618,901

Forward Foreign Currency Contracts
Currency Purchased (000s)		Currency Sold (000s)		Counterparty	Settlement	Unrealized Appreciation/Depreciation (000s)
JPY	1,000	USD	9	State Street Bank And Trust Co.	11/13/19	$0
TOTAL FORWARD FOREIGN CURRENCY CONTRACTS						$0
					Unrealized Appreciation	0

Currency Abbreviations

JPY – Japanese yen

USD – U.S. dollar

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

Values shown as $0 in the Schedule of Investments may reflect amounts less than $500.

Legend

(a) Non-income producing

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
	(Amounts in thousands)
Fidelity Cash Central Fund	$1,476
Fidelity Securities Lending Cash Central Fund	136
Total	$1,612

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
(Amounts in thousands)
Investments in Securities:
Equities:
Communication Services	$61,127	$42,730	$18,397	$--
Consumer Discretionary	143,322	60,602	82,720	--
Consumer Staples	141,867	78,482	63,385	--
Energy	45,147	26,729	18,418	--
Financials	314,307	105,409	208,898	--
Health Care	234,872	74,846	160,026	--
Industrials	261,865	156,385	105,480	--
Information Technology	264,122	168,145	95,977	--
Materials	89,792	63,931	25,861	--
Real Estate	12,319	12,319	--	--
Utilities	34,354	23,388	10,966	--
Money Market Funds	17,733	17,733	--	--
Total Investments in Securities:	$1,620,827	$830,699	$790,128	$--
Derivative Instruments:
Assets
Forward Foreign Currency Contracts	$0	$--	$0	$--
Total Assets	$0	$--	$0	$--
Total Derivative Instruments:	$0	$--	$0	$--

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2019. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type	Value
	Asset	Liability
(Amounts in thousands)
Foreign Exchange Risk
Forward Foreign Currency Contracts	$0	$--
Total Foreign Exchange Risk	0	--
Total Value of Derivatives	$0	$--

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

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)		October 31, 2019
Assets
Investment in securities, at value (including securities loaned of $3,720) — See accompanying schedule: Unaffiliated issuers (cost $1,156,682)	$1,603,094
Fidelity Central Funds (cost $17,733)	17,733
Total Investment in Securities (cost $1,174,415)		$1,620,827
Receivable for investments sold		3,587
Receivable for fund shares sold		593
Dividends receivable		4,457
Distributions receivable from Fidelity Central Funds		28
Prepaid expenses		3
Other receivables		99
Total assets		1,629,594
Liabilities
Payable to custodian bank	$30
Payable for investments purchased	2,534
Payable for fund shares redeemed	1,390
Accrued management fee	955
Distribution and service plan fees payable	227
Other affiliated payables	330
Other payables and accrued expenses	1,379
Collateral on securities loaned	3,848
Total liabilities		10,693
Net Assets		$1,618,901
Net Assets consist of:
Paid in capital		$1,200,977
Total accumulated earnings (loss)		417,924
Net Assets		$1,618,901
Net Asset Value and Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($529,831 ÷ 22,761 shares)^(a)		$23.28
Maximum offering price per share (100/94.25 of $23.28)		$24.70
Class M:
Net Asset Value and redemption price per share ($172,790 ÷ 7,481 shares)^(a)		$23.10
Maximum offering price per share (100/96.50 of $23.10)		$23.94
Class C:
Net Asset Value and offering price per share ($59,219 ÷ 2,668 shares)^(a)		$22.20
Class I:
Net Asset Value, offering price and redemption price per share ($582,722 ÷ 24,606 shares)		$23.68
Class Z:
Net Asset Value, offering price and redemption price per share ($274,339 ÷ 11,589 shares)		$23.67

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

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

Statement of Operations

Amounts in thousands		Year ended October 31, 2019
Investment Income
Dividends		$37,363
Non-Cash dividends		2,976
Income from Fidelity Central Funds (including $136 from security lending)		1,612
Income before foreign taxes withheld		41,951
Less foreign taxes withheld		(3,192)
Total income		38,759
Expenses
Management fee	$11,887
Transfer agent fees	3,261
Distribution and service plan fees	3,016
Accounting and security lending fees	798
Custodian fees and expenses	188
Independent trustees' fees and expenses	10
Registration fees	97
Audit	94
Legal	5
Miscellaneous	15
Total expenses before reductions	19,371
Expense reductions	(106)
Total expenses after reductions		19,265
Net investment income (loss)		19,494
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(31,868)
Redemptions in-kind with affiliated entities	59,872
Fidelity Central Funds	1
Foreign currency transactions	(93)
Total net realized gain (loss)		27,912
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers (net of increase in deferred foreign taxes of $1,223)	210,542
Assets and liabilities in foreign currencies	99
Total change in net unrealized appreciation (depreciation)		210,641
Net gain (loss)		238,553
Net increase (decrease) in net assets resulting from operations		$258,047

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

Statement of Changes in Net Assets

Amounts in thousands	Year ended October 31, 2019	Year ended October 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$19,494	$21,211
Net realized gain (loss)	27,912	65,951
Change in net unrealized appreciation (depreciation)	210,641	(274,393)
Net increase (decrease) in net assets resulting from operations	258,047	(187,231)
Distributions to shareholders	(82,038)	(24,045)
Share transactions - net increase (decrease)	(449,235)	(148,877)
Total increase (decrease) in net assets	(273,226)	(360,153)
Net Assets
Beginning of period	1,892,127	2,252,280
End of period	$1,618,901	$1,892,127

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

Financial Highlights

Fidelity Advisor Diversified International Fund Class A

Years ended October 31,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$21.08	$23.43	$19.38	$20.10	$19.56
Income from Investment Operations
Net investment income (loss)^A	.21	.21	.17	.18	.15
Net realized and unrealized gain (loss)	2.90	(2.33)^B	4.11	(.77)	.61
Total from investment operations	3.11	(2.12)	4.28	(.59)	.76
Distributions from net investment income	(.17)	(.16)	(.19)	(.13)	(.20)
Distributions from net realized gain	(.74)	(.07)	(.05)	–	(.02)
Total distributions	(.91)	(.23)	(.23)^C	(.13)	(.22)
Redemption fees added to paid in capital^A	–	–	–^D	–^D	–^D
Net asset value, end of period	$23.28	$21.08	$23.43	$19.38	$20.10
Total Return^E,^F	15.57%	(9.14)^B	22.39%	(2.97)%	3.93%
Ratios to Average Net Assets^G,^H
Expenses before reductions	1.19%	1.19%	1.21%	1.23%	1.22%
Expenses net of fee waivers, if any	1.19%	1.19%	1.21%	1.23%	1.22%
Expenses net of all reductions	1.19%	1.17%	1.20%	1.22%	1.21%
Net investment income (loss)	.97%	.89%	.82%	.92%	.75%
Supplemental Data
Net assets, end of period (in millions)	$530	$463	$579	$574	$662
Portfolio turnover rate^I	37%^J	32%	44%	31%	34%

^A Calculated based on average shares outstanding during the period.

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

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

^D Amount represents less than $.005 per share.

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

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

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

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

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

Fidelity Advisor Diversified International Fund Class M

Years ended October 31,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$20.91	$23.24	$19.21	$19.92	$19.38
Income from Investment Operations
Net investment income (loss)^A	.15	.14	.12	.13	.10
Net realized and unrealized gain (loss)	2.88	(2.31)^B	4.08	(.77)	.61
Total from investment operations	3.03	(2.17)	4.20	(.64)	.71
Distributions from net investment income	(.11)	(.09)	(.13)	(.07)	(.15)
Distributions from net realized gain	(.74)	(.07)	(.05)	–	(.02)
Total distributions	(.84)^C	(.16)	(.17)^D	(.07)	(.17)
Redemption fees added to paid in capital^A	–	–	–^E	–^E	–^E
Net asset value, end of period	$23.10	$20.91	$23.24	$19.21	$19.92
Total Return^F,^G	15.27%	(9.40)%^B	22.10%	(3.22)%	3.67%
Ratios to Average Net Assets^H,^I
Expenses before reductions	1.46%	1.46%	1.48%	1.49%	1.48%
Expenses net of fee waivers, if any	1.46%	1.46%	1.47%	1.49%	1.48%
Expenses net of all reductions	1.46%	1.44%	1.47%	1.48%	1.47%
Net investment income (loss)	.70%	.62%	.56%	.66%	.49%
Supplemental Data
Net assets, end of period (in millions)	$173	$175	$224	$224	$271
Portfolio turnover rate^J	37%^K	32%	44%	31%	34%

^A Calculated based on average shares outstanding during the period.

^C Total distributions of $.84 per share is comprised of distributions from net investment income of $.109 and distributions from net realized gain of $.735 per share.

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

^E Amount represents less than $.005 per share.

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

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

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

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

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

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

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

Fidelity Advisor Diversified International Fund Class C

Years ended October 31,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$20.11	$22.35	$18.48	$19.19	$18.68
Income from Investment Operations
Net investment income (loss)^A	.04	.03	.01	.03	–^B
Net realized and unrealized gain (loss)	2.79	(2.23)^C	3.94	(.74)	.59
Total from investment operations	2.83	(2.20)	3.95	(.71)	.59
Distributions from net investment income	–	–	(.03)	–	(.06)
Distributions from net realized gain	(.74)	(.04)	(.05)	–	(.02)
Total distributions	(.74)	(.04)	(.08)	–	(.08)
Redemption fees added to paid in capital^A	–	–	–^B	–^B	–^B
Net asset value, end of period	$22.20	$20.11	$22.35	$18.48	$19.19
Total Return^D,^E	14.72%	(9.85)%^C	21.46%	(3.70)%	3.15%
Ratios to Average Net Assets^F,^G
Expenses before reductions	1.98%	1.95%	1.96%	1.98%	1.97%
Expenses net of fee waivers, if any	1.98%	1.95%	1.96%��	1.98%	1.97%
Expenses net of all reductions	1.97%	1.94%	1.96%	1.98%	1.96%
Net investment income (loss)	.18%	.13%	.07%	.17%	- %^H
Supplemental Data
Net assets, end of period (in millions)	$59	$150	$211	$206	$251
Portfolio turnover rate^I	37%^J	32%	44%	31%	34%

^A Calculated based on average shares outstanding during the period.

^B Amount represents less than $.005 per share.

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

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

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

^H Amount represents less than .005%.

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

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

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

Fidelity Advisor Diversified International Fund Class I

Years ended October 31,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$21.44	$23.85	$19.73	$20.46	$19.91
Income from Investment Operations
Net investment income (loss)^A	.27	.27	.24	.24	.21
Net realized and unrealized gain (loss)	2.95	(2.37)^B	4.18	(.78)	.63
Total from investment operations	3.22	(2.10)	4.42	(.54)	.84
Distributions from net investment income	(.24)	(.24)	(.25)	(.19)	(.26)
Distributions from net realized gain	(.74)	(.07)	(.05)	–	(.02)
Total distributions	(.98)	(.31)	(.30)	(.19)	(.29)^C
Redemption fees added to paid in capital^A	–	–	–^D	–^D	–^D
Net asset value, end of period	$23.68	$21.44	$23.85	$19.73	$20.46
Total Return^E	15.89%	(8.94)%^B	22.75%	(2.69)%	4.24%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.92%	.92%	.93%	.94%	.94%
Expenses net of fee waivers, if any	.92%	.92%	.93%	.94%	.94%
Expenses net of all reductions	.91%	.91%	.92%	.94%	.94%
Net investment income (loss)	1.24%	1.16%	1.10%	1.21%	1.03%
Supplemental Data
Net assets, end of period (in millions)	$583	$807	$953	$757	$747
Portfolio turnover rate^H	37%^I	32%	44%	31%	34%

^A Calculated based on average shares outstanding during the period.

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

^D Amount represents less than $.005 per share.

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

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

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

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

Fidelity Advisor Diversified International Fund Class Z

Years ended October 31,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$21.44	$23.85	$19.73	$20.46	$19.93
Income from Investment Operations
Net investment income (loss)^A	.30	.31	.27	.27	.24
Net realized and unrealized gain (loss)	2.94	(2.37)^B	4.18	(.78)	.61
Total from investment operations	3.24	(2.06)	4.45	(.51)	.85
Distributions from net investment income	(.28)	(.28)	(.28)	(.22)	(.30)
Distributions from net realized gain	(.74)	(.07)	(.05)	–	(.02)
Total distributions	(1.01)^C	(.35)	(.33)	(.22)	(.32)
Redemption fees added to paid in capital^A	–	–	–^D	–^D	–^D
Net asset value, end of period	$23.67	$21.44	$23.85	$19.73	$20.46
Total Return^E	16.04%	(8.78)%^B	22.94%	(2.54)%	4.34%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.77%	.78%	.78%	.79%	.79%
Expenses net of fee waivers, if any	.77%	.78%	.78%	.79%	.79%
Expenses net of all reductions	.77%	.76%	.78%	.79%	.78%
Net investment income (loss)	1.39%	1.30%	1.25%	1.36%	1.18%
Supplemental Data
Net assets, end of period (in millions)	$274	$298	$286	$93	$83
Portfolio turnover rate^H	37%^I	32%	44%	31%	34%

^A Calculated based on average shares outstanding during the period.

^C Total distributions of $1.01 per share is comprised of distributions from net investment income of $.276 and distributions from net realized gain of $.735 per share.

^D Amount represents less than $.005 per share.

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

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

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

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

Notes to Financial Statements

For the period ended October 31, 2019
(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor Diversified International Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective March 1, 2019, Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

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

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

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

The U.S. dollar value of foreign currency contracts is determined using currency exchange rates supplied by a pricing service and are categorized as Level 2 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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

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

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

Gross unrealized appreciation	$ 467,990
Gross unrealized depreciation	(29,200)
Net unrealized appreciation (depreciation)	$438,790
Tax Cost	$1,182,037

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$23,307
Capital loss carryforward	$(42,890)
Net unrealized appreciation (depreciation) on securities and other investments	$438,731

No expiration
Short-term	$(42,890)

The tax character of distributions paid was as follows:

	October 31, 2019	October 31, 2018
Ordinary Income	$17,407	$ 24,045
Long-term Capital Gains	64,631	–
Total	$82,038	$ 24,045

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Foreign Exchange Risk

Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in currency exchange rates.

Forward Foreign Currency Contracts. Forward foreign currency contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. The Fund used forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to manage exposure to certain foreign currencies.

Forward foreign currency contracts are valued daily and fluctuations in exchange rates on open contracts are recorded as unrealized appreciation or (depreciation) and reflected in the Statement of Assets and Liabilities. When the contract is closed, the Fund realizes a gain or loss equal to the difference between the closing value and the value at the time it was opened. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on forward foreign currency contracts during the period is less than five hundred dollars.

Any open forward foreign currency contracts at period end are presented in the Schedule of Investments under the caption "Forward Foreign Currency Contracts." The contract amount and unrealized appreciation (depreciation) reflects each contract's exposure to the underlying currency at period end and is representative of volume of activity during the period.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $631,298 and $884,687, respectively.

6. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$1,222	$11
Class M	.25%	.25%	857	11
Class C	.75%	.25%	937	52
			$3,016	$74

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

	Retained by FDC
Class A	$42
Class M	8
Class C^(a)	7
	$57

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

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

	Amount	% of Class-Level Average Net Assets
Class A	$1,057	.22
Class M	400	.23
Class C	220	.24
Class I	1,456	.19
Class Z	128	.05
	$3,261

Affiliated Redemptions In-Kind. During the period, 7,626 shares of the Fund were redeemed in-kind for investments, and cash with a value of $178,533. The net realized gain of $59,872 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $5 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with NFS, as affiliated borrower. Total fees paid by the Fund to NFS, as lending agent, amounted to $1. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds, and includes $3 from securities loaned to NFS, as affiliated borrower.

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $94 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses in an amount less than five hundred dollars.

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

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended October 31, 2019	Year ended October 31, 2018
Distributions to shareholders
Class A	$19,552	$5,653
Class M	6,962	1,520
Class C	5,360	401
Class I	36,042	12,234
Class Z	14,122	4,237
Total	$82,038	$24,045

11. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended October 31, 2019	Year ended October 31, 2018	Year ended October 31, 2019	Year ended October 31, 2018
Class A
Shares sold	4,974	2,464	$105,441	$58,230
Reinvestment of distributions	940	235	18,360	5,469
Shares redeemed	(5,125)	(5,429)	(108,261)	(126,599)
Net increase (decrease)	789	(2,730)	$15,540	$(62,900)
Class M
Shares sold	400	557	$8,353	$13,025
Reinvestment of distributions	353	64	6,857	1,487
Shares redeemed	(1,625)	(1,889)	(34,489)	(44,045)
Net increase (decrease)	(872)	(1,268)	$(19,279)	$(29,533)
Class C
Shares sold	213	462	$4,251	$10,419
Reinvestment of distributions	280	16	5,253	361
Shares redeemed	(5,276)	(2,468)	(106,762)	(55,659)
Net increase (decrease)	(4,783)	(1,990)	$(97,258)	$(44,879)
Class I
Shares sold	4,341	6,999	$92,727	$164,832
Reinvestment of distributions	1,548	434	30,665	10,246
Shares redeemed	(18,901)^(a)	(9,766)	(420,405)^(a)	(231,388)
Net increase (decrease)	(13,012)	(2,333)	$(297,013)	$(56,310)
Class Z
Shares sold	4,031	5,480	$85,902	$130,793
Reinvestment of distributions	636	164	12,575	3,858
Shares redeemed	(6,981)	(3,743)	(149,702)	(89,906)
Net increase (decrease)	(2,314)	1,901	$(51,225)	$44,745

(a) Amount includes in-kind exchanges (see the Affiliated Redemptions In-Kind note for additional details).

12. Other.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Advisor Series VIII and Shareholders of Fidelity Advisor Diversified International Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Advisor Diversified International Fund (one of the funds constituting Fidelity Advisor Series VIII, referred to hereafter as the “Fund”) as of October 31, 2019, the related statement of operations for the year ended October 31, 2019, the statement of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2019 and the financial highlights for each of the five years in the period ended October 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 11, 2019

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2019 to October 31, 2019).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value May 1, 2019	Ending Account Value October 31, 2019	Expenses Paid During Period-^B May 1, 2019 to October 31, 2019
Class A	1.19%
Actual		$1,000.00	$1,057.70	$6.17
Hypothetical-^C		$1,000.00	$1,019.21	$6.06
Class M	1.45%
Actual		$1,000.00	$1,056.20	$7.51
Hypothetical-^C		$1,000.00	$1,017.90	$7.38
Class C	1.93%
Actual		$1,000.00	$1,053.60	$9.99
Hypothetical-^C		$1,000.00	$1,015.48	$9.80
Class I	.91%
Actual		$1,000.00	$1,059.00	$4.72
Hypothetical-^C		$1,000.00	$1,020.62	$4.63
Class Z	.76%
Actual		$1,000.00	$1,060.00	$3.95
Hypothetical-^C		$1,000.00	$1,021.37	$3.87

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity Advisor Diversified International Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

	Pay Date	Record Date	Dividends	Capital Gains
Fidelity Advisor Diversified International Fund
Class A	12/09/19	12/06/19	$0.261	$0.067
Class M	12/09/19	12/06/19	$0.204	$0.067
Class C	12/09/19	12/06/19	$0.013	$0.067
Class I	12/09/19	12/06/19	$0.299	$0.067
Class Z	12/09/19	12/06/19	$0.339	$0.067

Class A designates 9%, Class M designates 13%, Class I designates 7% and Class Z designates 6% of the dividends distributed in December 2018, respectively, during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

Class A, Class M, Class I and Class Z designate 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

	Pay Date	Income	Taxes
Fidelity Advisor Diversified International Fund
Class A	12/10/2018	0.2118	0.0388
Class M	12/10/2018	0.1478	0.0388
Class C	12/10/2018	0.0000	0.0000
Class I	12/10/2018	0.2808	0.0388
Class Z	12/10/2018	0.3148	0.0388

The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.

Fidelity Investments

ADIF-ANN-1219
1.728709.120

Fidelity Advisor® Global Capital Appreciation Fund

Annual Report

October 31, 2019

See the inside front cover for important information about access to your fund’s shareholder reports.

Fidelity Investments

Account Type	Website	Phone Number
Brokerage, Mutual Fund, or Annuity Contracts:	fidelity.com/mailpreferences	1-800-343-3548
Employer Provided Retirement Accounts:	netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print)	1-800-343-0860
Advisor Sold Accounts Serviced Through Your Financial Intermediary:	Contact Your Financial Intermediary	Your Financial Intermediary's phone number
Advisor Sold Accounts Serviced by Fidelity:	institutional.fidelity.com	1-877-208-0098

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended October 31, 2019	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	(1.61)%	4.22%	7.85%
Class M (incl. 3.50% sales charge)	0.46%	4.44%	7.81%
Class C (incl. contingent deferred sales charge)	2.67%	4.67%	7.68%
Class I	4.69%	5.75%	8.81%

Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Global Capital Appreciation Fund - Class A on October 31, 2009, and the current 5.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) Index performed over the same period.

	Period Ending Values
	$21,291	Fidelity Advisor® Global Capital Appreciation Fund - Class A
	$24,154	MSCI ACWI (All Country World Index) Index

Management's Discussion of Fund Performance

Market Recap: Global equities gained 13.06% for the 12 months ending October 31, 2019, according to the MSCI ACWI (All Country World Index) Index. Currency fluctuations were largely modest and varied by region, muting the overall impact on international equity returns. The period began amid a challenging fourth quarter of 2018, when concerns about slowing global economic growth resulted in a -12.67% return for the index. The tide shifted as the calendar turned, as the U.S. Federal Reserve moved from raising interest rates to a more dovish policy, joining many foreign central banks. The index rallied 12.29% in the first quarter of 2019. After a down month in May (-5.88%), due to U.S.–China trade tension, stocks reversed course in June (+6.58%) and finished the second quarter with a 3.73% gain. In July, the Fed cut its policy rate for the first time since 2008, but global stocks retreated in August. Low interest rates around the world and two additional rate cuts by the Fed lifted stocks through the end of October. By sector for the full period, falling U.S. interest rates sparked demand for two high-dividend-yielding sectors, real estate (+23%) and utilities (+22%). Investors favoring growth-oriented stocks boosted information technology (+22%) and consumer discretionary (+16%). Conversely, falling commodity prices hurt energy (-6%). By region, Asia-Pacific ex Japan (+16%), the U.S. (+14%) and Europe ex U.K. (+13%) fared best, while the U.K. (+7%) was held back by its inability to approve a plan to “Brexit” the European Union.

Comments from Portfolio Manager Bill Bower: For the fiscal year, the fund’s share classes (excluding sales charges, if applicable) returned roughly 4% to 5%, well behind the benchmark, the MSCI ACWI (All Country World Index) Index. Unfavorable stock selection was the primary reason for the fund’s underperformance the past year. More specifically, choices in the industrials, health care and information technology sectors notably underperformed. To a lesser extent, sector positioning also detracted. Regionally, most of the relative weakness was derived from picks in the U.S., which represented roughly 55% of the MSCI ACWI index. A position in cash of 2%, on average, also detracted in a rising market. Non-benchmark exposure to New Jersey-based information technology processing company Conduent (-53%) was the fund’s biggest individual relative detractor, as the company reported two consecutive quarters of weaker-than-expected earnings. I sold Conduent by period end. An overweighting in Delaware-based specialty chemicals manufacturer Chemours also hurt, returning about -58% until I eliminated the position, due largely to disappointing earnings. Conversely, security selection in emerging markets and Japan added value versus the benchmark, as did my choices in the consumer discretionary and consumer staples sectors. The fund’s biggest contributor was an overweighting in Philadelphia-based metal can, container and specialty packaging company Crown Holdings. Shares of the company advanced roughly 45% while held in the fund. A non-benchmark position in London-based digital advertising company S4 Capital, which I established this period, gained 24% and was the fund’s biggest relative contributor.

Note to Shareholders: On August 15, 2019, Bill Bower assumed co-management responsibilities for the fund, joining Tom Allen until October 1, 2019, at which point Tom came off the fund, leaving Bill sole portfolio manager.

Investment Summary (Unaudited)

Top Five Stocks as of October 31, 2019

	% of fund's net assets
Microsoft Corp. (United States of America, Software)	3.1
MasterCard, Inc. Class A (United States of America, IT Services)	3.1
Alphabet, Inc. Class A (United States of America, Interactive Media & Services)	2.6
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment)	2.1
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment)	2.1
	13.0

Top Five Market Sectors as of October 31, 2019

	% of fund's net assets
Information Technology	31.1
Financials	14.5
Consumer Discretionary	13.2
Communication Services	10.5
Health Care	10.1

Top Five Countries as of October 31, 2019

(excluding cash equivalents)	% of fund's net assets
United States of America	51.9
Cayman Islands	5.2
Japan	4.7
Germany	4.5
United Kingdom	4.1

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

Asset Allocation (% of fund's net assets)

As of October 31, 2019
	Stocks	98.2%
	Short-Term Investments and Net Other Assets (Liabilities)	1.8%

Schedule of Investments October 31, 2019

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares	Value
Bailiwick of Jersey - 1.1%
WNS Holdings Ltd. sponsored ADR (a)	16,700	$1,032,728
Bermuda - 1.5%
Genpact Ltd.	25,000	979,250
Marvell Technology Group Ltd.	21,200	517,068

TOTAL BERMUDA		1,496,318

Brazil - 1.0%
Rumo SA (a)	166,300	945,428
Canada - 1.3%
Alimentation Couche-Tard, Inc. Class B (sub. vtg.)	39,000	1,169,615
Canada Goose Holdings, Inc. (a)	3,100	129,686
Pan American Silver Corp. rights (a)(b)	38,400	0

TOTAL CANADA		1,299,301

Cayman Islands - 5.2%
Alibaba Group Holding Ltd. sponsored ADR (a)	8,600	1,519,362
Anta Sports Products Ltd.	115,000	1,124,944
New Oriental Education & Technology Group, Inc. sponsored ADR (a)	8,600	1,049,716
Tencent Holdings Ltd.	34,500	1,399,421
ZTO Express (Cayman), Inc. sponsored ADR	100	2,200

TOTAL CAYMAN ISLANDS		5,095,643

China - 1.2%
Ping An Insurance Group Co. of China Ltd. (H Shares)	103,500	1,194,575
Yunnan Baiyao Group Co. Ltd. (A Shares)	300	3,687

TOTAL CHINA		1,198,262

Denmark - 1.0%
DSV A/S	10,600	1,028,542
France - 3.2%
LVMH Moet Hennessy Louis Vuitton SE	3,800	1,622,813
SR Teleperformance SA	6,800	1,541,077

TOTAL FRANCE		3,163,890

Germany - 4.5%
Allianz SE	6,300	1,538,603
Deutsche Borse AG	6,300	975,616
MTU Aero Engines Holdings AG	3,700	987,910
RWE AG	31,600	963,204

TOTAL GERMANY		4,465,333

Hong Kong - 1.8%
AIA Group Ltd.	176,000	1,752,648
India - 3.0%
HDFC Bank Ltd.	54,232	938,961
Housing Development Finance Corp. Ltd.	37,300	1,118,642
Kotak Mahindra Bank Ltd.	41,100	910,927
Praxis Home Retail Ltd. (a)	5	5

TOTAL INDIA		2,968,535

Ireland - 1.7%
Accenture PLC Class A	9,100	1,687,322
Italy - 1.1%
FinecoBank SpA	93,100	1,048,728
Japan - 4.7%
Hoya Corp.	14,800	1,307,983
Kao Corp.	12,900	1,037,143
Keyence Corp.	2,000	1,264,593
Shiseido Co. Ltd.	11,800	972,886

TOTAL JAPAN		4,582,605

Kenya - 0.0%
Safaricom Ltd.	100	29
Netherlands - 3.4%
ASML Holding NV (Netherlands)	8,000	2,096,917
NXP Semiconductors NV	11,200	1,273,216

TOTAL NETHERLANDS		3,370,133

Spain - 1.7%
Cellnex Telecom SA (c)	29,100	1,254,719
Cellnex Telecom SA (a)	8,442	363,998

TOTAL SPAIN		1,618,717

Switzerland - 2.7%
Roche Holding AG (participation certificate)	5,070	1,525,847
Sika AG	6,710	1,152,909

TOTAL SWITZERLAND		2,678,756

Taiwan - 2.1%
Taiwan Semiconductor Manufacturing Co. Ltd.	212,000	2,073,641
United Kingdom - 4.1%
ConvaTec Group PLC (c)	1,192	3,044
Dechra Pharmaceuticals PLC	27,900	950,489
Diageo PLC	80	3,274
Discoverie Group PLC	88,475	520,312
Lloyds Banking Group PLC	1	1
London Stock Exchange Group PLC	11,100	1,000,319
S4 Capital PLC (a)(d)	698,932	1,502,900

TOTAL UNITED KINGDOM		3,980,339

United States of America - 51.9%
Activision Blizzard, Inc.	22,900	1,283,087
Adobe, Inc. (a)	5,400	1,500,822
Alphabet, Inc. Class A (a)	2,000	2,517,600
Amazon.com, Inc. (a)	1,100	1,954,326
AMETEK, Inc.	12,200	1,118,130
Amphenol Corp. Class A	11,200	1,123,696
Autodesk, Inc. (a)	8,400	1,237,824
Boston Scientific Corp. (a)	30,500	1,271,850
Cintas Corp.	4,600	1,235,882
Costco Wholesale Corp.	4,200	1,247,862
Dollar General Corp.	7,600	1,218,584
Ecolab, Inc.	6,200	1,190,834
Equinix, Inc.	2,100	1,190,238
Euronet Worldwide, Inc. (a)	6,700	938,469
Fidelity National Information Services, Inc.	14,800	1,950,048
Intercontinental Exchange, Inc.	13,200	1,245,024
Intuitive Surgical, Inc. (a)	2,300	1,271,785
Marsh & McLennan Companies, Inc.	12,400	1,284,888
MasterCard, Inc. Class A	10,900	3,017,229
Maximus, Inc.	12,800	982,272
Micron Technology, Inc. (a)	28,400	1,350,420
Microsoft Corp.	21,300	3,053,782
Northrop Grumman Corp.	4,600	1,621,408
Penn National Gaming, Inc. (a)	3,148	67,100
Qualcomm, Inc.	12,900	1,037,676
S&P Global, Inc.	5,000	1,289,950
Salesforce.com, Inc. (a)	9,900	1,549,251
Starbucks Corp.	16,900	1,429,064
Stryker Corp.	5,700	1,232,739
Synopsys, Inc. (a)	9,000	1,221,750
The Booking Holdings, Inc. (a)	600	1,229,262
The RealReal, Inc.	11,200	258,832
The Walt Disney Co.	14,900	1,935,808
Thermo Fisher Scientific, Inc.	4,300	1,298,514
TJX Companies, Inc.	26,200	1,510,430
UnitedHealth Group, Inc.	4,400	1,111,880
Verisk Analytics, Inc.	6,900	998,430

TOTAL UNITED STATES OF AMERICA		50,976,746

TOTAL COMMON STOCKS
(Cost $89,513,657)		96,463,644

Money Market Funds - 1.7%
Fidelity Cash Central Fund 1.83% (e)	1,188,540	1,188,778
Fidelity Securities Lending Cash Central Fund 1.84% (e)(f)	525,140	525,192
TOTAL MONEY MARKET FUNDS
(Cost $1,713,970)		1,713,970
TOTAL INVESTMENT IN SECURITIES - 99.9%
(Cost $91,227,627)		98,177,614
NET OTHER ASSETS (LIABILITIES) - 0.1%		86,760
NET ASSETS - 100%		$98,264,374

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

Legend

(a) Non-income producing

(b) Level 3 security

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

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$46,025
Fidelity Securities Lending Cash Central Fund	17,273
Total	$63,298

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$10,257,562	$8,858,141	$1,399,421	$--
Consumer Discretionary	13,114,124	10,366,362	2,747,762	--
Consumer Staples	4,430,780	2,417,477	2,013,303	--
Financials	14,298,882	4,868,590	9,430,292	--
Health Care	9,977,818	7,140,301	2,837,517	--
Industrials	9,479,007	9,479,007	--	--
Information Technology	30,408,286	24,973,135	5,435,151	--
Materials	2,343,743	2,343,743	--	0
Real Estate	1,190,238	1,190,238	--	--
Utilities	963,204	963,204	--	--
Money Market Funds	1,713,970	1,713,970	--	--
Total Investments in Securities:	$98,177,614	$74,314,168	$23,863,446	$0

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

Financial Statements

Statement of Assets and Liabilities

		October 31, 2019
Assets
Investment in securities, at value (including securities loaned of $501,352) — See accompanying schedule: Unaffiliated issuers (cost $89,513,657)	$96,463,644
Fidelity Central Funds (cost $1,713,970)	1,713,970
Total Investment in Securities (cost $91,227,627)		$98,177,614
Foreign currency held at value (cost $99,325)		99,871
Receivable for investments sold		1,194,231
Receivable for fund shares sold		14,430
Dividends receivable		112,537
Distributions receivable from Fidelity Central Funds		1,126
Prepaid expenses		194
Other receivables		49,516
Total assets		99,649,519
Liabilities
Payable for investments purchased	$412,832
Payable for fund shares redeemed	302,005
Accrued management fee	33,726
Distribution and service plan fees payable	24,179
Other affiliated payables	20,569
Other payables and accrued expenses	66,684
Collateral on securities loaned	525,150
Total liabilities		1,385,145
Net Assets		$98,264,374
Net Assets consist of:
Paid in capital		$92,620,554
Total accumulated earnings (loss)		5,643,820
Net Assets		$98,264,374
Net Asset Value and Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($30,045,826 ÷ 1,920,039 shares)^(a)		$15.65
Maximum offering price per share (100/94.25 of $15.65)		$16.60
Class M:
Net Asset Value and redemption price per share ($18,610,792 ÷ 1,255,965 shares)^(a)		$14.82
Maximum offering price per share (100/96.50 of $14.82)		$15.36
Class C:
Net Asset Value and offering price per share ($12,539,943 ÷ 957,375 shares)^(a)		$13.10
Class I:
Net Asset Value, offering price and redemption price per share ($37,067,813 ÷ 2,236,410 shares)		$16.57

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

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

Statement of Operations

		Year ended October 31, 2019
Investment Income
Dividends		$1,962,339
Interest		167
Income from Fidelity Central Funds (including $17,273 from security lending)		63,298
Income before foreign taxes withheld		2,025,804
Less foreign taxes withheld		(107,397)
Total income		1,918,407
Expenses
Management fee
Basic fee	$737,032
Performance adjustment	(262,735)
Transfer agent fees	227,474
Distribution and service plan fees	334,707
Accounting and security lending fees	41,813
Custodian fees and expenses	35,789
Independent trustees' fees and expenses	626
Registration fees	59,675
Audit	90,409
Legal	4,996
Miscellaneous	728
Total expenses before reductions	1,270,514
Expense reductions	(6,265)
Total expenses after reductions		1,264,249
Net investment income (loss)		654,158
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(1,423,451)
Fidelity Central Funds	(5)
Foreign currency transactions	(15,401)
Total net realized gain (loss)		(1,438,857)
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	4,800,740
Assets and liabilities in foreign currencies	5,056
Total change in net unrealized appreciation (depreciation)		4,805,796
Net gain (loss)		3,366,939
Net increase (decrease) in net assets resulting from operations		$4,021,097

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

Statement of Changes in Net Assets

	Year ended October 31, 2019	Year ended October 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$654,158	$281,292
Net realized gain (loss)	(1,438,857)	12,417,623
Change in net unrealized appreciation (depreciation)	4,805,796	(21,261,349)
Net increase (decrease) in net assets resulting from operations	4,021,097	(8,562,434)
Distributions to shareholders	(10,356,661)	(17,875,671)
Share transactions - net increase (decrease)	(15,097,541)	6,794,419
Redemption fees	–	407
Total increase (decrease) in net assets	(21,433,105)	(19,643,279)
Net Assets
Beginning of period	119,697,479	139,340,758
End of period	$98,264,374	$119,697,479

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

Financial Highlights

Fidelity Advisor Global Capital Appreciation Fund Class A

Years ended October 31,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$16.48	$20.21	$16.18	$15.89	$15.32
Income from Investment Operations
Net investment income (loss)^A	.10	.05	.05	–^B	(.01)
Net realized and unrealized gain (loss)	.50	(1.22)	4.15	.38	.58
Total from investment operations	.60	(1.17)	4.20	.38	.57
Distributions from net investment income	(.02)	(.04)	–	–	–
Distributions from net realized gain	(1.41)	(2.52)	(.17)	(.09)	–
Total distributions	(1.43)	(2.56)	(.17)	(.09)	–
Redemption fees added to paid in capital^A	–	–^B	–^B	–^B	–^B
Net asset value, end of period	$15.65	$16.48	$20.21	$16.18	$15.89
Total Return^C,^D	4.39%	(6.74)%	26.17%	2.39%	3.72%
Ratios to Average Net Assets^E,^F
Expenses before reductions	1.14%	1.39%	1.48%	1.55%	1.57%
Expenses net of fee waivers, if any	1.14%	1.39%	1.45%	1.45%	1.45%
Expenses net of all reductions	1.14%	1.37%	1.44%	1.44%	1.44%
Net investment income (loss)	.66%	.26%	.28%	(.02)%	(.07)%
Supplemental Data
Net assets, end of period (000 omitted)	$30,046	$33,589	$38,710	$39,565	$41,225
Portfolio turnover rate^G	142%	99%	137%	122%	176%

^A Calculated based on average shares outstanding during the period.

^B Amount represents less than $.005 per share.

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

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

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

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

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

Fidelity Advisor Global Capital Appreciation Fund Class M

Years ended October 31,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$15.70	$19.37	$15.56	$15.32	$14.81
Income from Investment Operations
Net investment income (loss)^A	.05	–	.01	(.04)	(.05)
Net realized and unrealized gain (loss)	.48	(1.15)	3.97	.37	.56
Total from investment operations	.53	(1.15)	3.98	.33	.51
Distributions from net investment income	–	–	–	–	–
Distributions from net realized gain	(1.41)	(2.52)	(.17)	(.09)	–
Total distributions	(1.41)	(2.52)	(.17)	(.09)	–
Redemption fees added to paid in capital^A	–	–^B	–^B	–^B	–^B
Net asset value, end of period	$14.82	$15.70	$19.37	$15.56	$15.32
Total Return^C,^D	4.10%	(6.97)%	25.80%	2.15%	3.44%
Ratios to Average Net Assets^E,^F
Expenses before reductions	1.43%	1.67%	1.77%	1.85%	1.89%
Expenses net of fee waivers, if any	1.43%	1.67%	1.70%	1.70%	1.70%
Expenses net of all reductions	1.42%	1.65%	1.69%	1.69%	1.69%
Net investment income (loss)	.37%	(.01)%	.03%	(.27)%	(.32)%
Supplemental Data
Net assets, end of period (000 omitted)	$18,611	$21,339	$25,535	$21,351	$24,017
Portfolio turnover rate^G	142%	99%	137%	122%	176%

^A Calculated based on average shares outstanding during the period.

^B Amount represents less than $.005 per share.

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

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

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

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

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

Fidelity Advisor Global Capital Appreciation Fund Class C

Years ended October 31,	2019��	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$14.11	$17.65	$14.26	$14.12	$13.72
Income from Investment Operations
Net investment income (loss)^A	(.01)	(.08)	(.07)	(.11)	(.12)
Net realized and unrealized gain (loss)	.41	(1.02)	3.63	.34	.52
Total from investment operations	.40	(1.10)	3.56	.23	.40
Distributions from net investment income	–	–	–	–	–
Distributions from net realized gain	(1.41)	(2.44)	(.17)	(.09)	–
Total distributions	(1.41)	(2.44)	(.17)	(.09)	–
Redemption fees added to paid in capital^A	–	–^B	–^B	–^B	–^B
Net asset value, end of period	$13.10	$14.11	$17.65	$14.26	$14.12
Total Return^C,^D	3.59%	(7.39)%	25.20%	1.62%	2.92%
Ratios to Average Net Assets^E,^F
Expenses before reductions	1.90%	2.14%	2.23%	2.31%	2.34%
Expenses net of fee waivers, if any	1.90%	2.14%	2.20%	2.20%	2.20%
Expenses net of all reductions	1.89%	2.12%	2.19%	2.19%	2.19%
Net investment income (loss)	(.10)%	(.48)%	(.47)%	(.77)%	(.82)%
Supplemental Data
Net assets, end of period (000 omitted)	$12,540	$19,741	$24,215	$19,942	$21,186
Portfolio turnover rate^G	142%	99%	137%	122%	176%

^A Calculated based on average shares outstanding during the period.

^B Amount represents less than $.005 per share.

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

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

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

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

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

Fidelity Advisor Global Capital Appreciation Fund Class I

Years ended October 31,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$17.37	$21.16	$16.90	$16.55	$15.92
Income from Investment Operations
Net investment income (loss)^A	.16	.11	.11	.04	.03
Net realized and unrealized gain (loss)	.52	(1.28)	4.33	.40	.60
Total from investment operations	.68	(1.17)	4.44	.44	.63
Distributions from net investment income	(.08)	(.10)	–	–	–
Distributions from net realized gain	(1.41)	(2.52)	(.18)	(.09)	–
Total distributions	(1.48)^B	(2.62)	(.18)	(.09)	–
Redemption fees added to paid in capital^A	–	–^C	–^C	–^C	–^C
Net asset value, end of period	$16.57	$17.37	$21.16	$16.90	$16.55
Total Return^D	4.69%	(6.45)%	26.52%	2.66%	3.96%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.82%	1.09%	1.16%	1.22%	1.26%
Expenses net of fee waivers, if any	.82%	1.09%	1.16%	1.20%	1.20%
Expenses net of all reductions	.82%	1.07%	1.15%	1.19%	1.19%
Net investment income (loss)	.97%	.57%	.57%	.23%	.18%
Supplemental Data
Net assets, end of period (000 omitted)	$37,068	$45,029	$50,881	$57,060	$59,117
Portfolio turnover rate^G	142%	99%	137%	122%	176%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $1.48 per share is comprised of distributions from net investment income of $.076 and distributions from net realized gain of $1.406 per share.

^C Amount represents less than $.005 per share.

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

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

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

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

Notes to Financial Statements

For the period ended October 31, 2019

1. Organization.

Fidelity Advisor Global Capital Appreciation Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C and Class I shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective March 1, 2019, Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

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

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

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

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

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

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

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

Gross unrealized appreciation	$7,292,303
Gross unrealized depreciation	(499,706)
Net unrealized appreciation (depreciation)	$6,792,597
Tax Cost	$91,385,017

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$407,005
Capital Loss Carryforward	$(1,527,900)
Net unrealized appreciation (depreciation) on securities and other investments	$6,764,718

No expiration
Short-term	$(1,527,900)

The tax character of distributions paid was as follows:

	October 31, 2019	October 31, 2018
Ordinary Income	$235,858	$ 5,723,707
Long-term Capital Gains	10,120,802	12,151,964
Total	$10,356,660	$17,875,671

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $148,045,229 and $170,722,724, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Class I of the Fund as compared to its benchmark index, the MSCI All Country World Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .44% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$80,590	$1,227
Class M	.25%	.25%	100,238	1,050
Class C	.75%	.25%	153,879	19,568
			$334,707	$ 21,845

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

	Retained by FDC
Class A	$3,662
Class M	2,432
Class C^(a)	1,035
	$7,129

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

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

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

	Amount	% of Class-Level Average Net Assets
Class A	$74,316	.23
Class M	53,957	.27
Class C	35,561	.23
Class I	63,640	.16
	$227,474

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $292 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Total fees paid by the Fund to NFS, as lending agent, amounted to $7. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. During the period, there were no securities loaned to NFS.

8. Expense Reductions.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $848.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended October 31, 2019	Year ended October 31, 2018
Distributions to shareholders
Class A	$2,906,974	$4,934,393
Class M	1,898,257	3,322,710
Class C	1,864,569	3,329,453
Class I	3,686,861	6,289,115
Total	$10,356,661	$17,875,671

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended October 31, 2019	Year ended October 31, 2018	Year ended October 31, 2019	Year ended October 31, 2018
Class A
Shares sold	361,379	327,844	$5,512,165	$6,088,684
Reinvestment of distributions	198,251	267,705	2,854,816	4,779,482
Shares redeemed	(678,050)	(472,747)	(10,201,045)	(8,656,517)
Net increase (decrease)	(118,420)	122,802	$(1,834,064)	$2,211,649
Class M
Shares sold	157,333	148,419	$2,304,552	$2,645,272
Reinvestment of distributions	138,334	194,710	1,891,020	3,320,374
Shares redeemed	(398,868)	(301,937)	(5,717,418)	(5,316,454)
Net increase (decrease)	(103,201)	41,192	$(1,521,846)	$649,192
Class C
Shares sold	116,326	336,353	$1,442,132	$5,409,086
Reinvestment of distributions	150,390	209,356	1,825,734	3,222,495
Shares redeemed	(708,736)	(517,958)	(9,141,834)	(8,241,987)
Net increase (decrease)	(442,020)	27,751	$(5,873,968)	$389,594
Class I
Shares sold	315,717	523,929	$5,071,601	$10,283,715
Reinvestment of distributions	229,038	322,367	3,483,673	6,048,866
Shares redeemed	(901,180)	(658,439)	(14,422,937)	(12,788,597)
Net increase (decrease)	(356,425)	187,857	$(5,867,663)	$3,543,984

11. Other.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Advisor Series VIII and Shareholders of Fidelity Advisor Global Capital Appreciation Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Advisor Global Capital Appreciation Fund (one of the funds constituting Fidelity Advisor Series VIII, referred to hereafter as the “Fund”) as of October 31, 2019, the related statement of operations for the year ended October 31, 2019, the statement of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2019 and the financial highlights for each of the five years in the period ended October 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 11, 2019

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2019 to October 31, 2019).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value May 1, 2019	Ending Account Value October 31, 2019	Expenses Paid During Period-^B May 1, 2019 to October 31, 2019
Class A	1.07%
Actual		$1,000.00	$983.70	$5.35
Hypothetical-^C		$1,000.00	$1,019.81	$5.45
Class M	1.36%
Actual		$1,000.00	$982.10	$6.79
Hypothetical-^C		$1,000.00	$1,018.35	$6.92
Class C	1.80%
Actual		$1,000.00	$979.80	$8.98
Hypothetical-^C		$1,000.00	$1,016.13	$9.15
Class I	.74%
Actual		$1,000.00	$984.60	$3.70
Hypothetical-^C		$1,000.00	$1,021.48	$3.77

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

Class A and Class I designate 100% of the dividend distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

Class A and Class I designate 100% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.

Fidelity Investments

AGLO-ANN-1219
1.728713.120

Fidelity Advisor® Emerging Asia Fund

Annual Report

October 31, 2019

See the inside front cover for important information about access to your fund’s shareholder reports.

Fidelity Investments

Account Type	Website	Phone Number
Brokerage, Mutual Fund, or Annuity Contracts:	fidelity.com/mailpreferences	1-800-343-3548
Employer Provided Retirement Accounts:	netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print)	1-800-343-0860
Advisor Sold Accounts Serviced Through Your Financial Intermediary:	Contact Your Financial Intermediary	Your Financial Intermediary's phone number
Advisor Sold Accounts Serviced by Fidelity:	institutional.fidelity.com	1-877-208-0098

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended October 31, 2019	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	19.32%	6.47%	7.46%
Class M (incl. 3.50% sales charge)	21.80%	6.66%	7.39%
Class C (incl. contingent deferred sales charge)	24.67%	6.95%	7.30%
Class I	26.93%	8.06%	8.42%
Class Z	27.14%	8.10%	8.43%

Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.

The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Emerging Asia Fund - Class A on October 31, 2009, and the current 5.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the MSCI AC (All Country) Asia ex Japan Index performed over the same period.

	Period Ending Values
	$20,532	Fidelity Advisor® Emerging Asia Fund - Class A
	$18,064	MSCI AC (All Country) Asia ex Japan Index

Management's Discussion of Fund Performance

Comments from Co-Portfolio Manager John Dance: For the year, the fund’s share classes (excluding sales charges, if applicable) returned roughly 26% to 27%, well ahead of the 13.24% return of the benchmark MSCI AC (All Country) Asia ex Japan Index. Stock selection mainly drove the fund’s advantage over the benchmark, especially in the consumer staples, industrials and financials sectors. Geographically, picks in emerging markets lifted relative performance. A large overweighting in China-based liquor manufacturer Kweichow Moutai was our top relative contributor. In the same category, Wuliangye Yibin lifted our relative result. We exited this position. Overweighting India-based conglomerate Reliance Industries also proved timely, as did avoiding China-based internet search provider Baidu. Conversely, picks in real estate detracted mildly, along with a cash position averaging roughly 4%. Geographically, Australia hampered our relative result. The largest relative detractor this period was Dah Sing Banking Group, a Hong-Kong-based bank. South Korea’s Hyundai Marine & Fire Insurance and Hong Kong-based Vtech Holdings, a provider of consumer electronics, toys and contract manufacturing services, were other meaningful detractors. By period end, we sold Hyundai Marine & Fire and Vtech Holdings, and significantly reduced the fund’s stake in Dah Sing Banking Group.

Note to shareholders: On June 1, 2019, Xiaoting Zhao assumed co-management responsibilities, joining John Dance until year-end, when John comes off of the fund.

Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2019

	% of fund's net assets
Tencent Holdings Ltd.	8.6
Taiwan Semiconductor Manufacturing Co. Ltd.	7.6
Samsung Electronics Co. Ltd.	4.8
AIA Group Ltd.	4.5
Alibaba Group Holding Ltd. sponsored ADR	3.7
SK Hynix, Inc.	2.8
Housing Development Finance Corp. Ltd.	2.6
Reliance Industries Ltd.	2.4
Ping An Insurance Group Co. of China Ltd. (H Shares)	2.3
Pinduoduo, Inc. ADR	2.1
	41.4

Top Five Market Sectors as of October 31, 2019

	% of fund's net assets
Information Technology	23.5
Financials	20.5
Consumer Discretionary	16.5
Communication Services	12.4
Real Estate	5.3

Asset Allocation (% of fund's net assets)

As of October 31, 2019
	Stocks	98.2%
	Short-Term Investments and Net Other Assets (Liabilities)	1.8%

Schedule of Investments October 31, 2019

Showing Percentage of Net Assets

Common Stocks - 96.9%
	Shares	Value
Australia - 0.5%
Blue Sky Alternative Investments Ltd. (a)(b)	347,682	$2
HUB24 Ltd. (c)	183,191	1,555,082

TOTAL AUSTRALIA		1,555,084

Bermuda - 0.4%
Tai Cheung Holdings Ltd.	1,608,146	1,291,600
Cayman Islands - 25.3%
Alibaba Group Holding Ltd. sponsored ADR (a)	68,232	12,054,547
Bilibili, Inc. ADR (a)	29,800	470,542
CStone Pharmaceuticals Co. Ltd. (a)(d)	1,027,000	1,369,127
Geely Automobile Holdings Ltd.	1,082,000	2,047,373
Hansoh Pharmaceutical Group Co. Ltd. (d)	519,130	1,577,148
International Housewares Retail Co. Ltd.	7,264,395	1,694,483
Kingsoft Corp. Ltd. (a)	741,800	1,707,209
Longfor Properties Co. Ltd. (d)	522,000	2,166,380
Meituan Dianping Class B (a)	331,256	3,951,269
New Oriental Education & Technology Group, Inc. sponsored ADR (a)	43,000	5,248,580
Pinduoduo, Inc. ADR (a)	169,655	6,935,496
Shenzhou International Group Holdings Ltd.	292,008	4,035,157
SITC International Holdings Co. Ltd.	1,851,625	2,038,822
Sunny Optical Technology Group Co. Ltd.	110,800	1,780,986
TAL Education Group ADR (a)	125,200	5,359,812
Tencent Holdings Ltd.	699,360	28,368,087
Wuxi Biologics (Cayman), Inc. (a)(d)	191,500	2,250,406

TOTAL CAYMAN ISLANDS		83,055,424

China - 13.9%
AVIC Jonhon OptronicTechnology Co. Ltd.	283,510	1,623,159
Chongqing Fuling Zhacai Group Co. Ltd. Group (A Shares)	492,442	1,624,184
Contemporary Amperex Technology Co. Ltd.	131,600	1,283,660
Foshan Haitian Flavouring & Food Co. Ltd. (A Shares)	107,888	1,711,062
Great Wall Motor Co. Ltd. (H Shares)	3,109,500	2,519,477
Hangzhou Tigermed Consulting Co. Ltd. (A Shares)	288,708	2,799,419
Industrial & Commercial Bank of China Ltd. (H Shares)	7,785,000	5,577,122
Inner Mongoli Yili Industries Co. Ltd. (A Shares)	404,000	1,662,785
Kweichow Moutai Co. Ltd. (A Shares)	15,394	2,576,488
Ping An Insurance Group Co. of China Ltd. (H Shares)	663,409	7,656,928
Qingdao Port International Co. Ltd. (H Shares) (d)	2,152,797	1,234,590
Shanghai Bairun Investment Holding Group Co. Ltd. (A Shares)	929,800	3,518,945
Shanghai M&G Stationery, Inc. (A Shares)	260,400	1,849,141
Shenzhen Inovance Technology Co. Ltd. (A Shares)	576,600	2,039,987
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)	87,706	2,214,529
WuXi AppTec Co. Ltd. (H Shares) (d)	156,400	1,885,672
Yunnan Baiyao Group Co. Ltd. (A Shares)	168,658	2,072,595
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares)	889,093	1,766,373

TOTAL CHINA		45,616,116

Hong Kong - 8.0%
AIA Group Ltd.	1,500,950	14,946,798
China Overseas Land and Investment Ltd.	750,000	2,366,620
CNOOC Ltd.	1,270,000	1,890,078
Dah Sing Banking Group Ltd.	238,025	307,718
Hong Kong Exchanges and Clearing Ltd.	138,759	4,322,903
Sino Land Ltd.	1,689,022	2,524,864

TOTAL HONG KONG		26,358,981

India - 15.3%
Asian Paints Ltd.	66,400	1,691,353
Aster DM Healthcare Ltd. (a)(d)	14,600	27,757
Bajaj Finance Ltd.	43,000	2,436,679
CCL Products (India) Ltd. (a)	291,279	846,063
HDFC Asset Management Co. Ltd. (d)	71,296	3,003,114
HDFC Bank Ltd.	325,454	5,634,840
Housing Development Finance Corp. Ltd.	280,606	8,415,486
Indraprastha Gas Ltd. (a)	405,036	2,231,915
Kotak Mahindra Bank Ltd.	116,700	2,586,501
Maruti Suzuki India Ltd.	26,200	2,789,563
Oberoi Realty Ltd. (a)	349,907	2,495,825
Page Industries Ltd.	3,900	1,412,937
Petronet LNG Ltd.	732,933	2,955,388
Power Grid Corp. of India Ltd.	993,632	2,776,594
Reliance Industries Ltd.	375,496	7,733,875
Shree Cement Ltd.	6,600	1,848,852
TCNS Clothing Co. Ltd. (a)(d)	139,631	1,482,127

TOTAL INDIA		50,368,869

Indonesia - 3.1%
PT Bank Central Asia Tbk	2,690,623	6,022,496
PT Bank Rakyat Indonesia Tbk	13,900,645	4,165,124

TOTAL INDONESIA		10,187,620

Korea (South) - 9.9%
Kakao Corp.	17,200	2,079,655
LG Chemical Ltd.	6,753	1,774,387
Samsung Electronics Co. Ltd.	364,696	15,706,089
Samsung SDI Co. Ltd.	20,300	3,946,244
SK Hynix, Inc.	129,894	9,101,426

TOTAL KOREA (SOUTH)		32,607,801

Malaysia - 0.3%
Bursa Malaysia Bhd	671,600	971,674
Multi-National - 1.7%
HKT Trust/HKT Ltd. unit	3,588,332	5,582,225
Netherlands - 1.0%
ASML Holding NV (Netherlands)	13,045	3,419,285
Philippines - 2.2%
Ayala Land, Inc.	4,842,664	4,624,596
Jollibee Food Corp.	593,500	2,710,035

TOTAL PHILIPPINES		7,334,631

Singapore - 0.5%
Wing Tai Holdings Ltd.	1,198,378	1,787,227
Taiwan - 8.7%
Micro-Star International Co. Ltd.	567,000	1,673,224
Taiwan Semiconductor Manufacturing Co. Ltd.	2,555,393	24,995,136
Voltronic Power Technology Corp.	88,350	1,955,415

TOTAL TAIWAN		28,623,775

Thailand - 1.6%
Home Product Center PCL (For. Reg.)	4,525,167	2,577,522
Thai Beverage PCL	3,809,893	2,557,920

TOTAL THAILAND		5,135,442

United States of America - 4.0%
DouYu International Holdings Ltd. ADR	545,283	4,236,849
Lam Research Corp.	12,483	3,383,392
Micron Technology, Inc. (a)	56,800	2,700,840
NVIDIA Corp.	13,700	2,753,974

TOTAL UNITED STATES OF AMERICA		13,075,055

Vietnam - 0.5%
Vietnam Dairy Products Corp.	285,600	1,597,737
TOTAL COMMON STOCKS
(Cost $234,817,046)		318,568,546

Nonconvertible Preferred Stocks - 1.3%
Korea (South) - 1.3%
Samsung Electronics Co. Ltd.
(Cost $4,080,205)	118,570	4,159,053

Money Market Funds - 2.3%
Fidelity Cash Central Fund 1.83% (e)	7,091,551	7,092,970
Fidelity Securities Lending Cash Central Fund 1.84% (e)(f)	596,245	596,304
TOTAL MONEY MARKET FUNDS
(Cost $7,689,274)		7,689,274
TOTAL INVESTMENT IN SECURITIES - 100.5%
(Cost $246,586,525)		330,416,873
NET OTHER ASSETS (LIABILITIES) - (0.5)%		(1,533,757)
NET ASSETS - 100%		$328,883,116

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

Legend

(a) Non-income producing

(b) Level 3 security

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $14,996,321 or 4.6% of net assets.

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$237,279
Fidelity Securities Lending Cash Central Fund	27,596
Total	$264,875

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$40,737,358	$6,787,046	$33,950,312	$--
Consumer Discretionary	54,818,378	29,598,435	25,219,943	--
Consumer Staples	16,095,184	--	16,095,184	--
Energy	12,579,341	--	12,579,341	--
Financials	67,602,467	--	67,602,465	2
Health Care	14,196,653	--	14,196,653	--
Industrials	12,167,988	1,955,415	10,212,573	--
Information Technology	76,950,017	43,424,242	33,525,775	--
Materials	5,314,592	1,774,387	3,540,205	--
Real Estate	17,257,112	--	17,257,112	--
Utilities	5,008,509	--	5,008,509	--
Money Market Funds	7,689,274	7,689,274	--	--
Total Investments in Securities:	$330,416,873	$91,228,799	$239,188,072	$2

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

Financial Statements

Statement of Assets and Liabilities

		October 31, 2019
Assets
Investment in securities, at value (including securities loaned of $567,744) — See accompanying schedule: Unaffiliated issuers (cost $238,897,251)	$322,727,599
Fidelity Central Funds (cost $7,689,274)	7,689,274
Total Investment in Securities (cost $246,586,525)		$330,416,873
Foreign currency held at value (cost $305,060)		304,950
Receivable for investments sold		3,092,494
Receivable for fund shares sold		156,417
Dividends receivable		193,060
Distributions receivable from Fidelity Central Funds		10,291
Prepaid expenses		519
Other receivables		131,235
Total assets		334,305,839
Liabilities
Payable for investments purchased	$3,770,746
Payable for fund shares redeemed	166,805
Accrued management fee	182,453
Distribution and service plan fees payable	64,513
Other affiliated payables	65,248
Other payables and accrued expenses	576,658
Collateral on securities loaned	596,300
Total liabilities		5,422,723
Net Assets		$328,883,116
Net Assets consist of:
Paid in capital		$229,328,297
Total accumulated earnings (loss)		99,554,819
Net Assets		$328,883,116
Net Asset Value and Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($144,576,711 ÷ 3,628,349 shares)^(a)		$39.85
Maximum offering price per share (100/94.25 of $39.85)		$42.28
Class M:
Net Asset Value and redemption price per share ($39,196,629 ÷ 1,015,088 shares)^(a)		$38.61
Maximum offering price per share (100/96.50 of $38.61)		$40.01
Class C:
Net Asset Value and offering price per share ($23,583,500 ÷ 659,321 shares)^(a)		$35.77
Class I:
Net Asset Value, offering price and redemption price per share ($76,981,227 ÷ 1,870,118 shares)		$41.16
Class Z:
Net Asset Value, offering price and redemption price per share ($44,545,049 ÷ 1,083,282 shares)		$41.12

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

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

Statement of Operations

		Year ended October 31, 2019
Investment Income
Dividends		$5,732,713
Income from Fidelity Central Funds (including $27,596 from security lending)		264,875
Income before foreign taxes withheld		5,997,588
Less foreign taxes withheld		(526,550)
Total income		5,471,038
Expenses
Management fee	$1,945,828
Transfer agent fees	605,725
Distribution and service plan fees	861,806
Accounting and security lending fees	146,671
Custodian fees and expenses	91,993
Independent trustees' fees and expenses	1,562
Registration fees	98,205
Audit	114,204
Legal	1,713
Interest	439
Miscellaneous	2,049
Total expenses before reductions	3,870,195
Expense reductions	(25,689)
Total expenses after reductions		3,844,506
Net investment income (loss)		1,626,532
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	16,007,301
Fidelity Central Funds	4
Foreign currency transactions	(175,253)
Total net realized gain (loss)		15,832,052
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers (net of increase in deferred foreign taxes of $471,713)	48,040,874
Assets and liabilities in foreign currencies	(3,475)
Total change in net unrealized appreciation (depreciation)		48,037,399
Net gain (loss)		63,869,451
Net increase (decrease) in net assets resulting from operations		$65,495,983

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

Statement of Changes in Net Assets

	Year ended October 31, 2019	Year ended October 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$1,626,532	$1,583,642
Net realized gain (loss)	15,832,052	20,926,638
Change in net unrealized appreciation (depreciation)	48,037,399	(71,369,376)
Net increase (decrease) in net assets resulting from operations	65,495,983	(48,859,096)
Distributions to shareholders	(15,626,454)	(1,669,451)
Share transactions - net increase (decrease)	30,152,901	(10,181,121)
Redemption fees	–	5,359
Total increase (decrease) in net assets	80,022,430	(60,704,309)
Net Assets
Beginning of period	248,860,686	309,564,995
End of period	$328,883,116	$248,860,686

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

Financial Highlights

Fidelity Advisor Emerging Asia Fund Class A

Years ended October 31,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$33.52	$39.98	$30.26	$28.75	$32.05
Income from Investment Operations
Net investment income (loss)^A	.23	.25	.27	.29	.31
Net realized and unrealized gain (loss)	8.23	(6.48)	9.75	1.67	(1.76)
Total from investment operations	8.46	(6.23)	10.02	1.96	(1.45)
Distributions from net investment income	(.19)	(.22)	(.24)	(.22)	(.18)
Distributions from net realized gain	(1.93)	(.01)	(.07)	(.23)	(1.67)
Total distributions	(2.13)^B	(.23)	(.31)	(.45)	(1.86)^C
Redemption fees added to paid in capital^A	–	–^D	.01	–^D	.01
Net asset value, end of period	$39.85	$33.52	$39.98	$30.26	$28.75
Total Return^E,^F	26.60%	(15.67)%	33.54%	6.95%	(4.78)%
Ratios to Average Net Assets^G,^H
Expenses before reductions	1.32%	1.32%	1.38%	1.42%	1.37%
Expenses net of fee waivers, if any	1.32%	1.32%	1.37%	1.42%	1.37%
Expenses net of all reductions	1.31%	1.30%	1.36%	1.42%	1.36%
Net investment income (loss)	.62%	.62%	.80%	1.03%	1.00%
Supplemental Data
Net assets, end of period (000 omitted)	$144,577	$106,775	$137,165	$119,449	$125,528
Portfolio turnover rate^I	69%^J	34%	43%	75%	70%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $2.13 per share is comprised of distributions from net investment income of $.194 and distributions from net realized gain of $1.933 per share.

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

^D Amount represents less than $.005 per share.

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

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

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

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

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

Fidelity Advisor Emerging Asia Fund Class M

Years ended October 31,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$32.50	$38.80	$29.39	$27.93	$31.17
Income from Investment Operations
Net investment income (loss)^A	.12	.13	.16	.20	.21
Net realized and unrealized gain (loss)	7.98	(6.29)	9.49	1.62	(1.71)
Total from investment operations	8.10	(6.16)	9.65	1.82	(1.50)
Distributions from net investment income	(.05)	(.13)	(.18)	(.13)	(.08)
Distributions from net realized gain	(1.93)	(.01)	(.07)	(.23)	(1.67)
Total distributions	(1.99)^B	(.14)	(.25)	(.36)	(1.75)
Redemption fees added to paid in capital^A	–	–^C	.01	–^C	.01
Net asset value, end of period	$38.61	$32.50	$38.80	$29.39	$27.93
Total Return^D,^E	26.21%	(15.93)%	33.16%	6.62%	(5.05)%
Ratios to Average Net Assets^F,^G
Expenses before reductions	1.61%	1.61%	1.68%	1.72%	1.68%
Expenses net of fee waivers, if any	1.61%	1.61%	1.68%	1.72%	1.68%
Expenses net of all reductions	1.60%	1.59%	1.66%	1.72%	1.67%
Net investment income (loss)	.32%	.33%	.50%	.72%	.69%
Supplemental Data
Net assets, end of period (000 omitted)	$39,197	$33,478	$44,730	$35,791	$37,720
Portfolio turnover rate^H	69%^I	34%	43%	75%	70%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $1.99 per share is comprised of distributions from net investment income of $.054 and distributions from net realized gain of $1.933 per share.

^C Amount represents less than $.005 per share.

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

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

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

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

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

Fidelity Advisor Emerging Asia Fund Class C

Years ended October 31,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$30.32	$36.29	$27.52	$26.17	$29.30
Income from Investment Operations
Net investment income (loss)^A	(.04)	(.04)	.02	.07	.07
Net realized and unrealized gain (loss)	7.42	(5.86)	8.89	1.52	(1.59)
Total from investment operations	7.38	(5.90)	8.91	1.59	(1.52)
Distributions from net investment income	–	(.05)	(.08)	(.01)	–
Distributions from net realized gain	(1.93)	(.01)	(.07)	(.23)	(1.62)
Total distributions	(1.93)	(.07)^B	(.14)^C	(.24)	(1.62)
Redemption fees added to paid in capital^A	–	–^D	–^D	–^D	.01
Net asset value, end of period	$35.77	$30.32	$36.29	$27.52	$26.17
Total Return^E,^F	25.67%	(16.30)%	32.58%	6.14%	(5.46)%
Ratios to Average Net Assets^G,^H
Expenses before reductions	2.08%	2.06%	2.11%	2.16%	2.11%
Expenses net of fee waivers, if any	2.07%	2.05%	2.11%	2.16%	2.11%
Expenses net of all reductions	2.06%	2.04%	2.09%	2.16%	2.10%
Net investment income (loss)	(.14)%	(.11)%	.07%	.29%	.26%
Supplemental Data
Net assets, end of period (000 omitted)	$23,584	$48,507	$60,852	$43,016	$51,651
Portfolio turnover rate^I	69%^J	34%	43%	75%	70%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.07 per share is comprised of distributions from net investment income of $.054 and distributions from net realized gain of $.013 per share.

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

^D Amount represents less than $.005 per share.

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

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

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

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

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

Fidelity Advisor Emerging Asia Fund Class I

Years ended October 31,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$34.60	$41.27	$31.19	$29.63	$33.00
Income from Investment Operations
Net investment income (loss)^A	.34	.37	.38	.39	.41
Net realized and unrealized gain (loss)	8.48	(6.68)	10.06	1.72	(1.81)
Total from investment operations	8.82	(6.31)	10.44	2.11	(1.40)
Distributions from net investment income	(.33)	(.34)	(.31)	(.32)	(.31)
Distributions from net realized gain	(1.93)	(.01)	(.07)	(.23)	(1.67)
Total distributions	(2.26)	(.36)^B	(.37)^C	(.55)	(1.98)
Redemption fees added to paid in capital^A	–	–^D	.01	–^D	.01
Net asset value, end of period	$41.16	$34.60	$41.27	$31.19	$29.63
Total Return^E	26.93%	(15.43)%	33.97%	7.27%	(4.47)%
Ratios to Average Net Assets^F,^G
Expenses before reductions	1.04%	1.03%	1.08%	1.11%	1.07%
Expenses net of fee waivers, if any	1.03%	1.03%	1.07%	1.11%	1.07%
Expenses net of all reductions	1.03%	1.02%	1.06%	1.11%	1.06%
Net investment income (loss)	.90%	.91%	1.10%	1.34%	1.30%
Supplemental Data
Net assets, end of period (000 omitted)	$76,981	$59,527	$66,818	$37,364	$51,569
Portfolio turnover rate^H	69%^I	34%	43%	75%	70%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.36 per share is comprised of distributions from net investment income of $.342 and distributions from net realized gain of $.013 per share.

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

^D Amount represents less than $.005 per share.

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

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

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

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

Fidelity Advisor Emerging Asia Fund Class Z

Years ended October 31,	2019	2018 ^A
Selected Per–Share Data
Net asset value, beginning of period	$34.60	$38.03
Income from Investment Operations
Net investment income (loss)^B	.40	–
Net realized and unrealized gain (loss)	8.47	(3.43)
Total from investment operations	8.87	(3.43)
Distributions from net investment income	(.42)	–
Distributions from net realized gain	(1.93)	–
Total distributions	(2.35)	–
Redemption fees added to paid in capital^B	–	–^C
Net asset value, end of period	$41.12	$34.60
Total Return^D,^E	27.14%	(9.02)%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.89%	.97%^H
Expenses net of fee waivers, if any	.89%	.97%^H
Expenses net of all reductions	.89%	.95%^H
Net investment income (loss)	1.04%	(.02)%^H
Supplemental Data
Net assets, end of period (000 omitted)	$44,545	$573
Portfolio turnover rate^I	69%^J	34%

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

^B Calculated based on average shares outstanding during the period.

^C Amount represents less than $.005 per share.

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

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

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

^H Annualized

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

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

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

Notes to Financial Statements

For the period ended October 31, 2019

1. Organization.

Fidelity Advisor Emerging Asia Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective March 1, 2019, Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

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

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

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

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

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

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

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

Gross unrealized appreciation	$89,356,529
Gross unrealized depreciation	(6,785,212)
Net unrealized appreciation (depreciation)	$82,571,317
Tax Cost	$247,845,556

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$1,968,766
Undistributed long-term capital gain	$15,564,259
Net unrealized appreciation (depreciation) on securities and other investments	$82,493,507

The tax character of distributions paid was as follows:

	October 31, 2019	October 31, 2018
Ordinary Income	$1,232,122	$ 1,669,451
Long-term Capital Gains	14,394,332	–
Total	$15,626,454	$ 1,669,451

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $191,469,157 and $187,962,978, respectively.

5. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$319,565	$6,546
Class M	.25%	.25%	190,012	3,682
Class C	.75%	.25%	352,229	26,081
			$861,806	$ 36,309

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

	Retained by FDC
Class A	$16,939
Class M	3,975
Class C^(a)	4,200
	$25,114

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

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

	Amount	% of Class-Level Average Net Assets
Class A	$289,162	.23
Class M	101,439	.27
Class C	76,810	.22
Class I	132,528	.19
Class Z	5,786	.04
	$605,725

Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$1,194,500	2.20%	$439

Affiliated Exchanges In-Kind. During the period, the Fund received investments, including accrued interest and cash valued at $27,823,070 in exchange for 730,264 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $735 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. During the period, there were no securities loaned to NFS.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $7,467 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $143.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $2,016 and portion of class-level operating expenses as follows:

	Amount
Class A	$6,907
Class M	2,269
Class C	2,951
Class I	3,879
Class Z	57
	$16,063

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended October 31, 2019	Year ended October 31, 2018
Distributions to shareholders
Class A	$6,691,786	$782,369
Class M	2,031,064	164,115
Class C	3,030,598	114,683
Class I	3,816,719	608,284
Class Z	56,287	–
Total	$15,626,454	$1,669,451

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended October 31, 2019	Year ended October 31, 2018^(a)	Year ended October 31, 2019	Year ended October 31, 2018^(a)
Class A
Shares sold	890,097	347,979	$33,055,278	$13,983,752
Reinvestment of distributions	188,292	18,295	6,170,338	726,143
Shares redeemed	(635,645)	(611,537)	(23,172,423)	(24,140,514)
Net increase (decrease)	442,744	(245,263)	$16,053,193	$(9,430,619)
Class M
Shares sold	96,541	106,289	$3,369,385	$4,193,456
Reinvestment of distributions	63,400	4,228	2,018,654	163,108
Shares redeemed	(174,962)	(233,325)	(6,248,124)	(8,901,416)
Net increase (decrease)	(15,021)	(122,808)	$(860,085)	$(4,544,852)
Class C
Shares sold	102,684	264,089	$3,392,318	$9,881,327
Reinvestment of distributions	97,571	2,994	2,890,051	108,193
Shares redeemed	(1,140,615)	(344,108)	(37,957,664)	(12,330,390)
Net increase (decrease)	(940,360)	(77,025)	$(31,675,295)	$(2,340,870)
Class I
Shares sold	937,770	916,032	$35,923,043	$38,220,251
Reinvestment of distributions	96,243	13,464	3,250,123	550,139
Shares redeemed	(884,566)	(828,029)	(33,418,045)	(33,233,325)
Net increase (decrease)	149,447	101,467	$5,755,121	$5,537,065
Class Z
Shares sold	1,143,097^(b)	16,569	$43,891,849^(b)	$598,155
Reinvestment of distributions	783	–	26,366	–
Shares redeemed	(77,167)	–	(3,038,248)	–
Net increase (decrease)	1,066,713	16,569	$40,879,967	$598,155

(a) Share transactions for Class Z are for the period October 2, 2018 (commencement of sale of shares) to October 31, 2018.

(b) Amount includes in-kind exchanges (see the Affiliated Exchanges In-Kind note for additional details).

11. Other.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Advisor Series VIII and Shareholders of Fidelity Advisor Emerging Asia Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Advisor Emerging Asia Fund (one of the funds constituting Fidelity Advisor Series VIII, referred to hereafter as the “Fund”) as of October 31, 2019, the related statement of operations for the year ended October 31, 2019, the statement of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 11, 2019

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2019 to October 31, 2019).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value May 1, 2019	Ending Account Value October 31, 2019	Expenses Paid During Period-^B May 1, 2019 to October 31, 2019
Class A	1.29%
Actual		$1,000.00	$1,020.00	$6.57
Hypothetical-^C		$1,000.00	$1,018.70	$6.56
Class M	1.57%
Actual		$1,000.00	$1,018.20	$7.99
Hypothetical-^C		$1,000.00	$1,017.29	$7.98
Class C	1.97%
Actual		$1,000.00	$1,016.20	$10.01
Hypothetical-^C		$1,000.00	$1,015.27	$10.01
Class I	1.01%
Actual		$1,000.00	$1,021.10	$5.15
Hypothetical-^C		$1,000.00	$1,020.11	$5.14
Class Z	.91%
Actual		$1,000.00	$1,022.10	$4.64
Hypothetical-^C		$1,000.00	$1,020.62	$4.63

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity Advisor Emerging Asia Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

	Pay Date	Record Date	Dividends	Capital Gains
Fidelity Advisor Emerging Asia Fund
Class A	12/09/2019	12/06/2019	$0.156	$1.958
Class M	12/09/2019	12/06/2019	$0.037	$1.958
Class C	12/09/2019	12/06/2019	$0.000	$1.866
Class I	12/09/2019	12/06/2019	$0.263	$1.958
Class Z	12/09/2019	12/06/2019	$0.326	$1.958

The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2019, $15,566,408, or, if subsequently determined to be different, the net capital gain of such year.

Class A, Class M, Class I, and Class Z designate 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

	Pay Date	Income	Taxes
Fidelity Advisor Emerging Asia Fund
Class A	12/10/2018	$0.2827	$0.0887
Class M	12/10/2018	$0.1427	$0.0887
Class C	12/10/2018	$0.0000	$0.0000
Class I	12/10/2018	$0.4187	$0.0887
Class Z	12/10/2018	$0.5067	$0.0887

The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.

Fidelity Investments

AEA-ANN-1219
1.703376.122

Fidelity Advisor® Value Leaders Fund

Annual Report

October 31, 2019

See the inside front cover for important information about access to your fund’s shareholder reports.

Fidelity Investments

Account Type	Website	Phone Number
Brokerage, Mutual Fund, or Annuity Contracts:	fidelity.com/mailpreferences	1-800-343-3548
Employer Provided Retirement Accounts:	netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print)	1-800-343-0860
Advisor Sold Accounts Serviced Through Your Financial Intermediary:	Contact Your Financial Intermediary	Your Financial Intermediary's phone number
Advisor Sold Accounts Serviced by Fidelity:	institutional.fidelity.com	1-877-208-0098

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended October 31, 2019	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	(1.38)%	4.57%	8.39%
Class M (incl. 3.50% sales charge)	0.76%	4.81%	8.38%
Class C (incl. contingent deferred sales charge)	2.94%	5.03%	8.23%
Class I	4.96%	6.10%	9.34%

Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Value Leaders Fund - Class A on October 31, 2009, and the current 5.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the Russell 1000® Value Index performed over the same period.

	Period Ending Values
	$22,381	Fidelity Advisor® Value Leaders Fund - Class A
	$30,959	Russell 1000® Value Index

Management's Discussion of Fund Performance

Market Recap: The S&P 500^® index gained 14.33% for the 12 months ending October 31, 2019, ending the period just shy of a record close after seesawing due to trade tension, interest rates, economic data and an inverted yield curve, among other factors. Upbeat company earnings and outlooks, along with signs the Federal Reserve may pause on rates, boosted stocks to an all-time high on April 30. In May, however, volatility spiked and the index sunk as trade negotiations between the U.S. and China broke down. The bull market roared back in June and recorded a series of highs in July, when the Fed, affirming a dovish shift in policy, cut interest rates for the first time since 2008. Volatility intensified in August, however, as the U.S. Treasury yield curve inverted for the first time since 2007, which some investors viewed as a sign the U.S. economy could be heading for recession. The market proved resilient, rising in the final two months and reaching a new high on October 30, when the Fed cut interest rates for the third time this year. For the full 12 months, the defensive real estate (+27%) and utilities (+24%) sectors led the way, followed by information technology (+23%). Communication services and consumer discretionary each gained about 16%, while industrials advanced 15%. In contrast, energy (-11%) was by far the weakest sector – slipping on lower oil prices. Other notable laggards included health care (+9%) and financials (+12%). Lastly, consumer staples and materials finished roughly in line with the index.

Comments from Portfolio Manager Sean Gavin: For the fiscal year, the fund share classes (excluding sales charges, if applicable) gained roughly 4% to 5%, trailing the 11.21% advance of the benchmark Russell 1000^® Value Index. Versus the benchmark, stock selection in the health care, financials and industrials sectors detracted most. Security selection and an underweighting in information technology also hurt relative performance. Within health care, our biggest individual detractor by far was an untimely early-period overweighting in CVS Health (-27%), which combines a retail drug store chain, pharmacy-benefit-management division and health insurance business. I sold CVS from the fund in April. Health insurer Cigna (-1%), one of the fund's largest holdings, also hurt our relative result. Other individual detractors were PVH (-28%), a leading global apparel company that struggled in a difficult environment for retailers, and C.H. Robinson Worldwide (-15%), a provider of truck-brokerage services that faced mounting competitive challenges. In contrast, security selection within the food, beverage & tobacco segment of the consumer staples sector notably contributed, especially C&C Group (+40%), an Ireland-based maker of alcoholic drinks, and chocolate maker Hershey (+41%). Elsewhere, discount retailer (+45%) Dollar General was the top individual contributor, reflecting the company's sales growth and strong market position.

Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2019

	% of fund's net assets
Comcast Corp. Class A	5.7
Cigna Corp.	5.5
Berkshire Hathaway, Inc. Class B	5.0
UnitedHealth Group, Inc.	4.2
Exxon Mobil Corp.	4.0
Roche Holding AG (participation certificate)	3.9
The Walt Disney Co.	3.6
Wells Fargo & Co.	3.5
Celgene Corp.	3.4
CBRE Group, Inc.	3.3
	42.1

Top Five Market Sectors as of October 31, 2019

	% of fund's net assets
Financials	26.2
Health Care	24.8
Communication Services	11.4
Energy	7.9
Consumer Staples	6.9

Asset Allocation (% of fund's net assets)

As of October 31, 2019^*
	Stocks	95.4%
	Short-Term Investments and Net Other Assets (Liabilities)	4.6%

* Foreign investments – 17.1%

Schedule of Investments October 31, 2019

Showing Percentage of Net Assets

Common Stocks - 95.4%
	Shares	Value
COMMUNICATION SERVICES - 11.4%
Diversified Telecommunication Services - 0.5%
Verizon Communications, Inc.	2,200	$133,034
Entertainment - 3.6%
The Walt Disney Co.	7,408	962,447
Media - 7.3%
Comcast Corp. Class A	34,400	1,541,810
Fox Corp. Class A	5,800	185,832
Interpublic Group of Companies, Inc.	11,600	252,300
		1,979,942

TOTAL COMMUNICATION SERVICES		3,075,423

CONSUMER DISCRETIONARY - 3.7%
Multiline Retail - 2.3%
Dollar General Corp.	3,900	625,326
Textiles, Apparel & Luxury Goods - 1.4%
PVH Corp.	4,100	357,356

TOTAL CONSUMER DISCRETIONARY		982,682

CONSUMER STAPLES - 6.9%
Beverages - 2.5%
C&C Group PLC (United Kingdom)	135,402	666,493
Food Products - 4.4%
Danone SA	6,200	513,616
The Hershey Co.	4,500	660,915
		1,174,531

TOTAL CONSUMER STAPLES		1,841,024

ENERGY - 7.9%
Oil, Gas & Consumable Fuels - 7.9%
Exxon Mobil Corp.	15,900	1,074,363
GasLog Partners LP	16,600	328,846
Golar LNG Partners LP	30,700	312,526
Teekay LNG Partners LP	28,900	415,871
		2,131,606
FINANCIALS - 26.2%
Banks - 9.0%
M&T Bank Corp.	900	140,877
SunTrust Banks, Inc.	9,200	628,728
U.S. Bancorp	12,171	693,990
Wells Fargo & Co.	18,326	946,171
		2,409,766
Capital Markets - 2.8%
Goldman Sachs Group, Inc.	3,500	746,830
Consumer Finance - 0.5%
Discover Financial Services	1,700	136,442
Diversified Financial Services - 5.0%
Berkshire Hathaway, Inc. Class B (a)	6,400	1,360,512
Insurance - 5.4%
Chubb Ltd.	5,100	777,342
The Travelers Companies, Inc.	5,100	668,406
		1,445,748
Mortgage Real Estate Investment Trusts - 3.5%
AGNC Investment Corp.	34,000	579,700
MFA Financial, Inc.	48,100	365,079
		944,779

TOTAL FINANCIALS		7,044,077

HEALTH CARE - 24.8%
Biotechnology - 4.3%
Amgen, Inc.	1,100	234,575
Celgene Corp. (a)	8,600	929,058
		1,163,633
Health Care Providers & Services - 15.1%
Anthem, Inc.	2,200	591,976
Centene Corp. (a)	15,900	843,972
Cigna Corp.	8,300	1,481,218
UnitedHealth Group, Inc.	4,500	1,137,150
		4,054,316
Pharmaceuticals - 5.4%
Bristol-Myers Squibb Co.	7,300	418,801
Roche Holding AG (participation certificate)	3,450	1,038,298
		1,457,099

TOTAL HEALTH CARE		6,675,048

INDUSTRIALS - 3.4%
Aerospace & Defense - 2.1%
General Dynamics Corp.	800	141,440
United Technologies Corp.	2,900	416,382
		557,822
Air Freight & Logistics - 1.3%
C.H. Robinson Worldwide, Inc. (b)	4,700	355,508

TOTAL INDUSTRIALS		913,330

INFORMATION TECHNOLOGY - 5.0%
IT Services - 5.0%
Amdocs Ltd.	8,200	534,640
Cognizant Technology Solutions Corp. Class A	7,600	463,144
The Western Union Co.	13,900	348,334
		1,346,118
REAL ESTATE - 4.4%
Equity Real Estate Investment Trusts (REITs) - 1.1%
Simon Property Group, Inc.	2,000	301,360
Real Estate Management & Development - 3.3%
CBRE Group, Inc. (a)	16,400	878,220

TOTAL REAL ESTATE		1,179,580

UTILITIES - 1.7%
Electric Utilities - 1.7%
Exelon Corp.	10,100	459,449
TOTAL COMMON STOCKS
(Cost $21,652,959)		25,648,337

Money Market Funds - 8.6%
Fidelity Cash Central Fund 1.83% (c)	1,843,307	1,843,675
Fidelity Securities Lending Cash Central Fund 1.84% (c)(d)	464,580	464,627
TOTAL MONEY MARKET FUNDS
(Cost $2,308,302)		2,308,302
TOTAL INVESTMENT IN SECURITIES - 104.0%
(Cost $23,961,261)		27,956,639
NET OTHER ASSETS (LIABILITIES) - (4.0)%		(1,087,891)
NET ASSETS - 100%		$26,868,748

Legend

(a) Non-income producing

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

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$17,108
Fidelity Securities Lending Cash Central Fund	206
Total	$17,314

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$3,075,423	$3,075,423	$--	$--
Consumer Discretionary	982,682	982,682	--	--
Consumer Staples	1,841,024	1,327,408	513,616	--
Energy	2,131,606	2,131,606	--	--
Financials	7,044,077	7,044,077	--	--
Health Care	6,675,048	5,636,750	1,038,298	--
Industrials	913,330	913,330	--	--
Information Technology	1,346,118	1,346,118	--	--
Real Estate	1,179,580	1,179,580	--	--
Utilities	459,449	459,449	--	--
Money Market Funds	2,308,302	2,308,302	--	--
Total Investments in Securities:	$27,956,639	$26,404,725	$1,551,914	$--

Other Information

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

United States of America	82.9%
Switzerland	6.8%
Marshall Islands	3.9%
Ireland	2.5%
Bailiwick of Guernsey	2.0%
France	1.9%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

		October 31, 2019
Assets
Investment in securities, at value (including securities loaned of $216,474) — See accompanying schedule: Unaffiliated issuers (cost $21,652,959)	$25,648,337
Fidelity Central Funds (cost $2,308,302)	2,308,302
Total Investment in Securities (cost $23,961,261)		$27,956,639
Cash		22,605
Receivable for investments sold		229,802
Receivable for fund shares sold		24,262
Dividends receivable		28,061
Distributions receivable from Fidelity Central Funds		2,233
Prepaid expenses		48
Other receivables		129
Total assets		28,263,779
Liabilities
Payable for investments purchased	$866,258
Payable for fund shares redeemed	10
Accrued management fee	10,286
Distribution and service plan fees payable	7,717
Other affiliated payables	5,625
Other payables and accrued expenses	40,510
Collateral on securities loaned	464,625
Total liabilities		1,395,031
Net Assets		$26,868,748
Net Assets consist of:
Paid in capital		$22,754,878
Total accumulated earnings (loss)		4,113,870
Net Assets		$26,868,748
Net Asset Value and Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($16,647,788 ÷ 893,889 shares)^(a)		$18.62
Maximum offering price per share (100/94.25 of $18.62)		$19.76
Class M:
Net Asset Value and redemption price per share ($5,145,855 ÷ 275,484 shares)^(a)		$18.68
Maximum offering price per share (100/96.50 of $18.68)		$19.36
Class C:
Net Asset Value and offering price per share ($2,733,030 ÷ 151,893 shares)^(a)		$17.99
Class I:
Net Asset Value, offering price and redemption price per share ($2,342,075 ÷ 124,684 shares)		$18.78

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

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

Statement of Operations

		Year ended October 31, 2019
Investment Income
Dividends		$631,742
Income from Fidelity Central Funds (including $206 from security lending)		17,314
Total income		649,056
Expenses
Management fee
Basic fee	$147,299
Performance adjustment	(50,697)
Transfer agent fees	61,832
Distribution and service plan fees	103,220
Accounting and security lending fees	10,657
Custodian fees and expenses	3,698
Independent trustees' fees and expenses	157
Registration fees	56,818
Audit	53,682
Legal	3,580
Miscellaneous	170
Total expenses before reductions	390,416
Expense reductions	(15,485)
Total expenses after reductions		374,931
Net investment income (loss)		274,125
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(40,420)
Fidelity Central Funds	2
Foreign currency transactions	126
Futures contracts	40,741
Total net realized gain (loss)		449
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	946,035
Assets and liabilities in foreign currencies	81
Total change in net unrealized appreciation (depreciation)		946,116
Net gain (loss)		946,565
Net increase (decrease) in net assets resulting from operations		$1,220,690

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

Statement of Changes in Net Assets

	Year ended October 31, 2019	Year ended October 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$274,125	$217,634
Net realized gain (loss)	449	2,239,985
Change in net unrealized appreciation (depreciation)	946,116	(1,305,995)
Net increase (decrease) in net assets resulting from operations	1,220,690	1,151,624
Distributions to shareholders	(2,172,169)	(177,168)
Share transactions - net increase (decrease)	(1,793,974)	(4,744,571)
Total increase (decrease) in net assets	(2,745,453)	(3,770,115)
Net Assets
Beginning of period	29,614,201	33,384,316
End of period	$26,868,748	$29,614,201

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

Financial Highlights

Fidelity Advisor Value Leaders Fund Class A

Years ended October 31,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$19.31	$18.81	$16.03	$16.34	$15.79
Income from Investment Operations
Net investment income (loss)^A	.20	.16	.11	.12	.29
Net realized and unrealized gain (loss)	.58^B	.47^C	2.75	(.15)^D	.39^E
Total from investment operations	.78	.63	2.86	(.03)	.68
Distributions from net investment income	(.19)	(.13)	(.08)	(.27)	(.12)
Distributions from net realized gain	(1.28)	–	–	(.02)	(.01)
Total distributions	(1.47)	(.13)	(.08)	(.28)^F	(.13)
Net asset value, end of period	$18.62	$19.31	$18.81	$16.03	$16.34
Total Return^G,^H	4.64%^B	3.33%^C	17.87%	(.18)%^D	4.32%^E
Ratios to Average Net Assets^I,^J
Expenses before reductions	1.29%	1.25%	1.39%	1.47%	1.49%
Expenses net of fee waivers, if any	1.25%	1.25%	1.25%	1.25%	1.25%
Expenses net of all reductions	1.25%	1.25%	1.25%	1.24%	1.25%
Net investment income (loss)	1.12%	.81%	.61%	.77%	1.78%
Supplemental Data
Net assets, end of period (000 omitted)	$16,648	$15,105	$17,848	$16,448	$18,237
Portfolio turnover rate^K	37%	35%	34%	63%	54%

^A Calculated based on average shares outstanding during the period.

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

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

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

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

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

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

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

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

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

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

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

Fidelity Advisor Value Leaders Fund Class M

Years ended October 31,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$19.34	$18.82	$16.04	$16.33	$15.78
Income from Investment Operations
Net investment income (loss)^A	.16	.11	.07	.08	.25
Net realized and unrealized gain (loss)	.59^B	.47^C	2.75	(.16)^D	.39^E
Total from investment operations	.75	.58	2.82	(.08)	.64
Distributions from net investment income	(.13)	(.06)	(.04)	(.20)	(.08)
Distributions from net realized gain	(1.28)	–	–	(.02)	(.01)
Total distributions	(1.41)	(.06)	(.04)	(.21)^F	(.09)
Net asset value, end of period	$18.68	$19.34	$18.82	$16.04	$16.33
Total Return^G,^H	4.42%^B	3.09%^C	17.60%	(.49)%^D	4.04%^E
Ratios to Average Net Assets^I,^J
Expenses before reductions	1.58%	1.54%	1.67%	1.77%	1.78%
Expenses net of fee waivers, if any	1.50%	1.50%	1.50%	1.50%	1.50%
Expenses net of all reductions	1.50%	1.50%	1.50%	1.49%	1.50%
Net investment income (loss)	.87%	.56%	.37%	.52%	1.53%
Supplemental Data
Net assets, end of period (000 omitted)	$5,146	$4,987	$5,866	$6,732	$7,672
Portfolio turnover rate^K	37%	35%	34%	63%	54%

^A Calculated based on average shares outstanding during the period.

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

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

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

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

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

Fidelity Advisor Value Leaders Fund Class C

Years ended October 31,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$18.67	$18.21	$15.56	$15.88	$15.35
Income from Investment Operations
Net investment income (loss)^A	.06	.01	(.02)	–^B	.17
Net realized and unrealized gain (loss)	.58^C	.45^D	2.67	(.16)^E	.37^F
Total from investment operations	.64	.46	2.65	(.16)	.54
Distributions from net investment income	(.04)	–	–	(.15)	–
Distributions from net realized gain	(1.28)	–	–	(.02)	(.01)
Total distributions	(1.32)	–	–	(.16)^G	(.01)
Net asset value, end of period	$17.99	$18.67	$18.21	$15.56	$15.88
Total Return^H,^I	3.90%^C	2.53%^D	17.03%	(1.00)%^E	3.54%^F
Ratios to Average Net Assets^J,^K
Expenses before reductions	2.13%	2.09%	2.22%	2.29%	2.29%
Expenses net of fee waivers, if any	2.00%	2.00%	1.99%	2.00%	2.00%
Expenses net of all reductions	2.00%	2.00%	1.99%	1.99%	2.00%
Net investment income (loss)	.37%	.06%	(.13)%	.02%	1.03%
Supplemental Data
Net assets, end of period (000 omitted)	$2,733	$5,298	$5,619	$5,057	$5,662
Portfolio turnover rate^L	37%	35%	34%	63%	54%

^A Calculated based on average shares outstanding during the period.

^B Amount represents less than $.005 per share.

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

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

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

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

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

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

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

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

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

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

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

Fidelity Advisor Value Leaders Fund Class I

Years ended October 31,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$19.47	$18.97	$16.16	$16.48	$15.93
Income from Investment Operations
Net investment income (loss)^A	.25	.22	.16	.16	.34
Net realized and unrealized gain (loss)	.59^B	.46^C	2.77	(.15)^D	.39^E
Total from investment operations	.84	.68	2.93	.01	.73
Distributions from net investment income	(.26)	(.18)	(.12)	(.31)	(.17)
Distributions from net realized gain	(1.28)	–	–	(.02)	(.01)
Total distributions	(1.53)^F	(.18)	(.12)	(.33)	(.18)
Net asset value, end of period	$18.78	$19.47	$18.97	$16.16	$16.48
Total Return^G	4.96%^B	3.61%^C	18.19%	.03%^D	4.58%^E
Ratios to Average Net Assets^H,^I
Expenses before reductions	.97%	.96%	1.12%	1.18%	1.18%
Expenses net of fee waivers, if any	.97%	.96%	1.00%	1.00%	1.00%
Expenses net of all reductions	.96%	.96%	1.00%	.99%	1.00%
Net investment income (loss)	1.41%	1.10%	.87%	1.02%	2.03%
Supplemental Data
Net assets, end of period (000 omitted)	$2,342	$4,225	$4,052	$3,287	$3,052
Portfolio turnover rate^J	37%	35%	34%	63%	54%

^A Calculated based on average shares outstanding during the period.

^F Total distributions of $1.53 per share is comprised of distributions from net investment income of $.255 and distributions from net realized gain of $1.278 per share.

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

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

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

Notes to Financial Statements

For the period ended October 31, 2019

1. Organization.

Fidelity Advisor Value Leaders Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C and Class I shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective March 1, 2019, Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

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

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

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

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

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

Book-tax differences are primarily due to foreign currency transactions, partnerships, futures transactions and losses deferred due to wash sales.

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

Gross unrealized appreciation	$4,524,325
Gross unrealized depreciation	(654,980)
Net unrealized appreciation (depreciation)	$3,869,345
Tax Cost	$24,087,294

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$251,456
Undistributed long-term capital gain	$22,477
Net unrealized appreciation (depreciation) on securities and other investments	$3,839,938

The tax character of distributions paid was as follows:

	October 31, 2019	October 31, 2018
Ordinary Income	$257,014	$ 177,168
Long-term Capital Gains	1,915,155	–
Total	$2,172,169	$ 177,168

4. Derivative Instruments.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $9,753,086 and $13,337,103, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Class I of the Fund as compared to its benchmark index, the Russell 1000 Value Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .35% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$38,899	$783
Class M	.25%	.25%	25,626	213
Class C	.75%	.25%	38,695	2,831
			$103,220	$3,827

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

	Retained by FDC
Class A	$2,656
Class M	615
Class C^(a)	292
	$3,563

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

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

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

	Amount	% of Class-Level Average Net Assets
Class A	$33,292	.21
Class M	13,188	.26
Class C	11,266	.29
Class I	4,086	.14
	$61,832

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $74 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Total fees paid by the Fund to NFS, as lending agent, amounted to $20. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. During the period, there were no securities loaned to NFS.

9. Expense Reductions.

The investment adviser contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2021. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement
Class A	1.25%	$5,562
Class M	1.50%	4,011
Class C	2.00%	4,729
		$14,302

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $788 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $176.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $219.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended October 31, 2019	Year ended October 31, 2018
Distributions to shareholders
Class A	$1,115,067	$113,174
Class M	369,129	19,042
Class C	369,297	–
Class I	318,676	44,952
Total	$2,172,169	$177,168

11. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended October 31, 2019	Year ended October 31, 2018	Year ended October 31, 2019	Year ended October 31, 2018
Class A
Shares sold	229,385	65,937	$4,056,134	$1,294,206
Reinvestment of distributions	63,431	5,767	1,096,720	111,530
Shares redeemed	(181,162)	(238,442)	(3,251,975)	(4,673,543)
Net increase (decrease)	111,654	(166,738)	$1,900,879	$(3,267,807)
Class M
Shares sold	38,519	13,950	$680,239	$273,190
Reinvestment of distributions	20,833	959	362,077	18,619
Shares redeemed	(41,676)	(68,747)	(745,887)	(1,339,051)
Net increase (decrease)	17,676	(53,838)	$296,429	$(1,047,242)
Class C
Shares sold	45,474	24,252	$751,074	$460,882
Reinvestment of distributions	21,782	–	366,152	–
Shares redeemed	(199,068)	(49,189)	(3,443,473)	(931,780)
Net increase (decrease)	(131,812)	(24,937)	$(2,326,247)	$(470,898)
Class I
Shares sold	28,564	105,068	$515,965	$2,041,577
Reinvestment of distributions	18,169	2,283	315,952	44,422
Shares redeemed	(139,027)	(103,976)	(2,496,952)	(2,044,623)
Net increase (decrease)	(92,294)	3,375	$(1,665,035)	$41,376

12. Other.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Advisor Series VIII and Shareholders of Fidelity Advisor Value Leaders Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Advisor Value Leaders Fund (one of the funds constituting Fidelity Advisor Series VIII, referred to hereafter as the “Fund”) as of October 31, 2019, the related statement of operations for the year ended October 31, 2019, the statement of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2019 and the financial highlights for each of the five years in the period ended October 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 11, 2019

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2019 to October 31, 2019).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value May 1, 2019	Ending Account Value October 31, 2019	Expenses Paid During Period-^B May 1, 2019 to October 31, 2019
Class A	1.25%
Actual		$1,000.00	$1,023.60	$6.38
Hypothetical-^C		$1,000.00	$1,018.90	$6.36
Class M	1.50%
Actual		$1,000.00	$1,022.40	$7.65
Hypothetical-^C		$1,000.00	$1,017.64	$7.63
Class C	2.00%
Actual		$1,000.00	$1,019.80	$10.18
Hypothetical-^C		$1,000.00	$1,015.12	$10.16
Class I	.90%
Actual		$1,000.00	$1,025.10	$4.59
Hypothetical-^C		$1,000.00	$1,020.67	$4.58

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity Advisor Value Leaders Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

	Pay Date	Record Date	Dividends	Capital Gains
Fidelity Advisor^® Value Leaders Fund
Class A	12/09/19	12/06/19	$0.200	$0.090
Class M	12/09/19	12/06/19	$0.152	$0.090
Class C	12/09/19	12/06/19	$0.000	$0.089
Class I	12/09/19	12/06/19	$0.267	$0.090

The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2019, $22,477, or, if subsequently determined to be different, the net capital gain of such year.

Class A designates 92%; Class M designates 100%; Class C designates 100%; and Class I designates 70%; of the dividends distributed in December, respectively during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

Class A, Class M, Class C, and Class I designate 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.

Fidelity Investments

AVLF-ANN-1219
1.793577.116

Fidelity Advisor® Emerging Markets Fund

Annual Report

October 31, 2019

See the inside front cover for important information about access to your fund’s shareholder reports.

Fidelity Investments

Account Type	Website	Phone Number
Brokerage, Mutual Fund, or Annuity Contracts:	fidelity.com/mailpreferences	1-800-343-3548
Employer Provided Retirement Accounts:	netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print)	1-800-343-0860
Advisor Sold Accounts Serviced Through Your Financial Intermediary:	Contact Your Financial Intermediary	Your Financial Intermediary's phone number
Advisor Sold Accounts Serviced by Fidelity:	institutional.fidelity.com	1-877-208-0098

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended October 31, 2019	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	12.56%	3.45%	4.14%
Class M (incl. 3.50% sales charge)	14.86%	3.65%	4.11%
Class C (incl. contingent deferred sales charge)	17.48%	3.88%	3.97%
Class I	19.78%	5.04%	5.11%
Class Z	19.93%	5.19%	5.21%

Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.

The initial offering of Class Z shares took place on August 13, 2013. Returns prior to August 13, 2013, are those of Class I.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Emerging Markets Fund - Class A on October 31, 2009, and the current 5.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the MSCI Emerging Markets Index performed over the same period.

	Period Ending Values
	$15,006	Fidelity Advisor® Emerging Markets Fund - Class A
	$14,574	MSCI Emerging Markets Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Sam Polyak: For the year, the fund’s share classes (excluding sales charges, if applicable) gained roughly 18% to 20%, well ahead of the 11.89% advance of the benchmark MSCI Emerging Markets Index. Stock selection mainly drove the fund’s advantage over the benchmark, especially in the financials, consumer staples and consumer discretionary sectors. Geographically, China, South Korea and South Africa added significant value. Among individual holdings, Wuliangye Yibin, a China-based liquor manufacturer, contributed more on a relative basis than any other stock. I sold this position from the fund by period end. A non-benchmark investment in South Africa’s Impala Platinum Holdings also helped, as did a stake in South Korea-based Samsung Electronics, which I built into the fund’s largest position by October 31. Conversely, overweighting the materials sector detracted modestly. By country, non-benchmark exposure to the U.K. and Germany, as well as positioning in India, Thailand and Chile, weighed on the fund's relative return. Thailand-based Siam Cement detracted more than any other individual stock investment, followed by State Bank of India and China-based internet company Tencent Holdings.

Note to shareholders: On February 22, 2019, Sam Polyak assumed co-management responsibilities for the fund, joining Co-Manager Sammy Simnegar. As of October 1, 2019, Simnegar no longer manages the fund, leaving Polyak as sole Portfolio Manager.

Investment Summary (Unaudited)

Top Five Stocks as of October 31, 2019

	% of fund's net assets
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals)	9.2
Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services)	6.8
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment)	5.9
Industrial & Commercial Bank of China Ltd. (H Shares) (China, Banks)	4.4
Haier Smart Home Co. Ltd. (A Shares) (China, Household Durables)	3.7
	30.0

Top Five Market Sectors as of October 31, 2019

	% of fund's net assets
Financials	24.2
Information Technology	20.9
Materials	11.6
Consumer Discretionary	9.2
Industrials	8.1

Top Five Countries as of October 31, 2019

(excluding cash equivalents)	% of fund's net assets
China	19.4
Cayman Islands	14.0
Taiwan	12.3
Korea (South)	12.1
Brazil	9.0

Asset Allocation (% of fund's net assets)

As of October 31, 2019
	Stocks	98.9%
	Short-Term Investments and Net Other Assets (Liabilities)	1.1%

Schedule of Investments October 31, 2019

Showing Percentage of Net Assets

Common Stocks - 95.8%
	Shares	Value
Brazil - 5.9%
BM&F BOVESPA SA	624,200	$7,529,933
IRB Brasil Resseguros SA	1,216,000	11,458,083
Natura Cosmeticos SA	710,600	5,521,081
Suzano Papel e Celulose SA	1,409,100	11,468,152

TOTAL BRAZIL		35,977,249

Cayman Islands - 14.0%
Airtac International Group	745,037	10,199,126
JD.com, Inc. sponsored ADR (a)	207,633	6,467,768
Li Ning Co. Ltd.	4,318,000	14,641,571
Meituan Dianping Class B (a)	602,300	7,184,320
PagSeguro Digital Ltd. (a)	145,041	5,378,120
Tencent Holdings Ltd.	1,018,300	41,305,219

TOTAL CAYMAN ISLANDS		85,176,124

Chile - 0.9%
Banco de Chile	43,720,200	5,630,096
China - 19.4%
AVIC Jonhon OptronicTechnology Co. Ltd.	1,327,620	7,600,923
C&S Paper Co. Ltd. (A Shares)	2,525,436	4,465,698
China Life Insurance Co. Ltd. (H Shares)	3,874,000	9,962,733
China Merchants Bank Co. Ltd. (H Shares)	4,076,000	19,439,387
China Petroleum & Chemical Corp. (H Shares)	15,050,000	8,560,067
Haier Smart Home Co. Ltd. (A Shares)	9,807,742	22,275,972
Industrial & Commercial Bank of China Ltd. (H Shares)	37,809,000	27,086,115
Shenzhen Inovance Technology Co. Ltd. (A Shares)	3,437,394	12,161,361
Yantai Jereh Oilfield Services (A Shares)	1,601,500	6,965,481

TOTAL CHINA		118,517,737

Hong Kong - 4.4%
China Resources Beer Holdings Co. Ltd.	3,514,000	18,016,369
CNOOC Ltd. sponsored ADR	58,473	8,685,579

TOTAL HONG KONG		26,701,948

India - 4.9%
Housing Development Finance Corp. Ltd.	211,598	6,345,909
Infosys Ltd. sponsored ADR	571,560	5,481,260
Larsen & Toubro Ltd.	286,800	5,946,245
Shree Cement Ltd.	18,218	5,103,392
Solar Industries India Ltd. (a)	484,753	7,239,489

TOTAL INDIA		30,116,295

Indonesia - 1.1%
PT Bank Mandiri (Persero) Tbk	12,856,000	6,426,321
Israel - 2.3%
Elbit Systems Ltd. (Israel)	86,300	14,140,717
Korea (South) - 12.1%
Samsung Electronics Co. Ltd.	1,296,011	55,814,331
Shinhan Financial Group Co. Ltd.	492,190	17,828,170

TOTAL KOREA (SOUTH)		73,642,501

Mexico - 3.8%
CEMEX S.A.B. de CV sponsored ADR	1,366,900	5,153,213
Grupo Financiero Banorte S.A.B. de CV Series O	3,248,900	17,733,709

TOTAL MEXICO		22,886,922

Peru - 3.1%
Compania de Minas Buenaventura SA sponsored ADR	1,249,548	19,168,066
Philippines - 1.5%
Ayala Land, Inc.	9,677,000	9,241,239
Russia - 5.8%
Lukoil PJSC sponsored ADR	122,400	11,255,904
MMC Norilsk Nickel PJSC sponsored ADR	409,835	11,352,430
Sberbank of Russia sponsored ADR	862,400	12,677,280

TOTAL RUSSIA		35,285,614

Singapore - 1.6%
CapitaLand Ltd.	3,594,700	9,501,595
South Africa - 1.1%
Impala Platinum Holdings Ltd. (a)	948,900	6,521,509
Taiwan - 12.3%
Realtek Semiconductor Corp.	1,067,000	7,924,307
Sporton International, Inc.	1,069,000	6,659,781
Taiwan Semiconductor Manufacturing Co. Ltd.	3,719,000	36,376,757
Unified-President Enterprises Corp.	6,397,000	15,773,310
Yageo Corp.	813,000	8,370,451

TOTAL TAIWAN		75,104,606

Thailand - 0.7%
Siam Cement PCL (For. Reg.)	371,300	4,515,974
United States of America - 0.9%
MercadoLibre, Inc. (a)	10,518	5,485,347
TOTAL COMMON STOCKS
(Cost $540,573,560)		584,039,860

Nonconvertible Preferred Stocks - 3.1%
Brazil - 3.1%
Itau Unibanco Holding SA	680,880	6,150,924
Petroleo Brasileiro SA - Petrobras sponsored ADR	767,578	12,465,467
TOTAL NONCONVERTIBLE PREFERRED STOCKS
(Cost $14,925,916)		18,616,391

Money Market Funds - 2.5%
Fidelity Cash Central Fund 1.83% (b)
(Cost $15,115,630)	15,112,608	15,115,630
TOTAL INVESTMENT IN SECURITIES - 101.4%
(Cost $570,615,106)		617,771,881
NET OTHER ASSETS (LIABILITIES) - (1.4)%		(8,268,179)
NET ASSETS - 100%		$609,503,702

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

Legend

(a) Non-income producing

(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$510,902
Fidelity Securities Lending Cash Central Fund	375,266
Total	$886,168

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$41,305,219	$--	$41,305,219	$--
Consumer Discretionary	56,054,978	11,953,115	44,101,863	--
Consumer Staples	43,776,458	21,294,391	22,482,067	--
Energy	47,932,498	32,406,950	15,525,548	--
Financials	148,268,660	61,180,025	87,088,635	--
Industrials	49,107,230	30,999,624	18,107,606	--
Information Technology	126,946,149	82,968,469	43,977,680	--
Materials	70,522,225	53,663,370	16,858,855	--
Real Estate	18,742,834	--	18,742,834	--
Money Market Funds	15,115,630	15,115,630	--	--
Total Investments in Securities:	$617,771,881	$309,581,574	$308,190,307	$--

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

Financial Statements

Statement of Assets and Liabilities

		October 31, 2019
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $555,499,476)	$602,656,251
Fidelity Central Funds (cost $15,115,630)	15,115,630
Total Investment in Securities (cost $570,615,106)		$617,771,881
Cash		310,578
Foreign currency held at value (cost $12,309)		12,454
Receivable for investments sold		385,156
Receivable for fund shares sold		964,703
Dividends receivable		827,672
Distributions receivable from Fidelity Central Funds		23,910
Prepaid expenses		1,525
Other receivables		127,190
Total assets		620,425,069
Liabilities
Payable for investments purchased	$5,788,864
Payable for fund shares redeemed	4,224,096
Accrued management fee	482,994
Distribution and service plan fees payable	82,860
Other affiliated payables	166,155
Other payables and accrued expenses	176,398
Total liabilities		10,921,367
Net Assets		$609,503,702
Net Assets consist of:
Paid in capital		$564,558,983
Total accumulated earnings (loss)		44,944,719
Net Assets		$609,503,702
Net Asset Value and Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($144,062,232 ÷ 5,502,917 shares)^(a)		$26.18
Maximum offering price per share (100/94.25 of $26.18)		$27.78
Class M:
Net Asset Value and redemption price per share ($45,309,928 ÷ 1,751,903 shares)^(a)		$25.86
Maximum offering price per share (100/96.50 of $25.86)		$26.80
Class C:
Net Asset Value and offering price per share ($41,614,584 ÷ 1,701,334 shares)^(a)		$24.46
Class I:
Net Asset Value, offering price and redemption price per share ($288,485,355 ÷ 10,951,878 shares)		$26.34
Class Z:
Net Asset Value, offering price and redemption price per share ($90,031,603 ÷ 3,418,926 shares)		$26.33

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

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

Statement of Operations

		Year ended October 31, 2019
Investment Income
Dividends		$15,214,591
Non-Cash dividends		9,212,728
Income from Fidelity Central Funds (including $375,266 from security lending)		886,168
Income before foreign taxes withheld		25,313,487
Less foreign taxes withheld		(1,754,063)
Total income		23,559,424
Expenses
Management fee	$6,167,136
Transfer agent fees	1,559,721
Distribution and service plan fees	1,046,857
Accounting and security lending fees	377,406
Custodian fees and expenses	267,915
Independent trustees' fees and expenses	4,352
Registration fees	116,495
Audit	121,970
Legal	2,861
Interest	10,351
Miscellaneous	5,117
Total expenses before reductions	9,680,181
Expense reductions	(212,120)
Total expenses after reductions		9,468,061
Net investment income (loss)		14,091,363
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	110,616,983
Redemptions in-kind with affiliated entities	21,790,807
Fidelity Central Funds	98
Foreign currency transactions	(604,631)
Futures contracts	(240,361)
Total net realized gain (loss)		131,562,896
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	(14,002,984)
Assets and liabilities in foreign currencies	29,317
Total change in net unrealized appreciation (depreciation)		(13,973,667)
Net gain (loss)		117,589,229
Net increase (decrease) in net assets resulting from operations		$131,680,592

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

Statement of Changes in Net Assets

	Year ended October 31, 2019	Year ended October 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$14,091,363	$2,986,977
Net realized gain (loss)	131,562,896	(29,147,894)
Change in net unrealized appreciation (depreciation)	(13,973,667)	(95,549,261)
Net increase (decrease) in net assets resulting from operations	131,680,592	(121,710,178)
Distributions to shareholders	(87,939,723)	(2,511,924)
Share transactions - net increase (decrease)	(106,326,281)	188,083,026
Redemption fees	–	14,852
Total increase (decrease) in net assets	(62,585,412)	63,875,776
Net Assets
Beginning of period	672,089,114	608,213,338
End of period	$609,503,702	$672,089,114

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

Financial Highlights

Fidelity Advisor Emerging Markets Fund Class A

Years ended October 31,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$24.48	$28.86	$22.30	$20.73	$23.38
Income from Investment Operations
Net investment income (loss)^A	.44^B	.09	.08	.02	.06
Net realized and unrealized gain (loss)	4.26	(4.39)	6.49	1.55	(2.66)
Total from investment operations	4.70	(4.30)	6.57	1.57	(2.60)
Distributions from net investment income	(.06)^C	(.05)	(.01)	–	(.02)
Distributions from net realized gain	(2.94)^C	(.03)	–	–	(.03)
Total distributions	(3.00)	(.08)	(.01)	–	(.05)
Redemption fees added to paid in capital^A	–	–^D	–^D	–^D	–^D
Net asset value, end of period	$26.18	$24.48	$28.86	$22.30	$20.73
Total Return^E,^F	19.42%	(14.93)%	29.46%	7.57%	(11.13)%
Ratios to Average Net Assets^G,^H
Expenses before reductions	1.41%	1.44%	1.47%	1.51%	1.52%
Expenses net of fee waivers, if any	1.41%	1.44%	1.47%	1.51%	1.52%
Expenses net of all reductions	1.39%	1.40%	1.46%	1.51%	1.50%
Net investment income (loss)	1.62%^B	.30%	.34%	.11%	.28%
Supplemental Data
Net assets, end of period (000 omitted)	$144,062	$120,499	$142,129	$118,092	$112,931
Portfolio turnover rate^I	166%^J	87%	86%	85%	110%

^A Calculated based on average shares outstanding during the period.

^B Net investment income per share reflects a large, non-recurring dividend which amounted to $.32 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .44%.

^C The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

^D Amount represents less than $.005 per share.

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

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

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

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

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

Fidelity Advisor Emerging Markets Fund Class M

Years ended October 31,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$24.25	$28.61	$22.16	$20.65	$23.30
Income from Investment Operations
Net investment income (loss)^A	.36^B	–^C	.02	(.03)	.01
Net realized and unrealized gain (loss)	4.20	(4.34)	6.43	1.54	(2.66)
Total from investment operations	4.56	(4.34)	6.45	1.51	(2.65)
Distributions from net investment income	(.02)^D	–	–	–	–
Distributions from net realized gain	(2.93)^D	(.02)	–	–	–
Total distributions	(2.95)	(.02)	–	–	–
Redemption fees added to paid in capital^A	–	–^C	–^C	–^C	–^C
Net asset value, end of period	$25.86	$24.25	$28.61	$22.16	$20.65
Total Return^E,^F	19.03%	(15.17)%	29.11%	7.31%	(11.37)%
Ratios to Average Net Assets^G,^H
Expenses before reductions	1.70%	1.73%	1.75%	1.77%	1.78%
Expenses net of fee waivers, if any	1.70%	1.73%	1.75%	1.77%	1.78%
Expenses net of all reductions	1.68%	1.69%	1.73%	1.77%	1.76%
Net investment income (loss)	1.33%^B	- %^I	.06%	(.15)%	.02%
Supplemental Data
Net assets, end of period (000 omitted)	$45,310	$40,616	$53,572	$44,575	$43,365
Portfolio turnover rate^J	166%^K	87%	86%	85%	110%

^A Calculated based on average shares outstanding during the period.

^C Amount represents less than $.005 per share.

^D The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

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

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

^I Amount represents less than .005%.

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

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

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

Fidelity Advisor Emerging Markets Fund Class C

Years ended October 31,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$23.18	$27.46	$21.37	$20.02	$22.70
Income from Investment Operations
Net investment income (loss)^A	.22^B	(.13)	(.10)	(.13)	(.10)
Net realized and unrealized gain (loss)	4.01	(4.15)	6.19	1.48	(2.58)
Total from investment operations	4.23	(4.28)	6.09	1.35	(2.68)
Distributions from net investment income	(.02)^C	–	–	–	–
Distributions from net realized gain	(2.93)^C	–	–	–	–
Total distributions	(2.95)	–	–	–	–
Redemption fees added to paid in capital^A	–	–^D	–^D	–^D	–^D
Net asset value, end of period	$24.46	$23.18	$27.46	$21.37	$20.02
Total Return^E,^F	18.48%	(15.59)%	28.50%	6.74%	(11.81)%
Ratios to Average Net Assets^G,^H
Expenses before reductions	2.20%	2.22%	2.24%	2.26%	2.27%
Expenses net of fee waivers, if any	2.20%	2.22%	2.24%	2.26%	2.27%
Expenses net of all reductions	2.17%	2.19%	2.22%	2.26%	2.26%
Net investment income (loss)	.83%^B	(.49)%	(.43)%	(.64)%	(.47)%
Supplemental Data
Net assets, end of period (000 omitted)	$41,615	$50,617	$57,599	$43,848	$46,595
Portfolio turnover rate^I	166%^J	87%	86%	85%	110%

^A Calculated based on average shares outstanding during the period.

^B Net investment income per share reflects a large, non-recurring dividend which amounted to $.30 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.34)%.

^C The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

^D Amount represents less than $.005 per share.

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

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

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

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

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

Fidelity Advisor Emerging Markets Fund Class I

Years ended October 31,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$24.65	$29.03	$22.44	$20.83	$23.50
Income from Investment Operations
Net investment income (loss)^A	.54^B	.18	.17	.10	.14
Net realized and unrealized gain (loss)	4.26	(4.41)	6.51	1.55	(2.67)
Total from investment operations	4.80	(4.23)	6.68	1.65	(2.53)
Distributions from net investment income	(.17)^C	(.12)	(.09)	(.04)	(.11)
Distributions from net realized gain	(2.94)^C	(.03)	–	–	(.03)
Total distributions	(3.11)	(.15)	(.09)	(.04)	(.14)
Redemption fees added to paid in capital^A	–	–^D	–^D	–^D	–^D
Net asset value, end of period	$26.34	$24.65	$29.03	$22.44	$20.83
Total Return^E	19.78%	(14.64)%	29.94%	7.93%	(10.83)%
Ratios to Average Net Assets^F,^G
Expenses before reductions	1.09%	1.12%	1.13%	1.16%	1.17%
Expenses net of fee waivers, if any	1.09%	1.12%	1.13%	1.16%	1.17%
Expenses net of all reductions	1.06%	1.08%	1.11%	1.15%	1.16%
Net investment income (loss)	1.94%^B	.62%	.68%	.46%	.63%
Supplemental Data
Net assets, end of period (000 omitted)	$288,485	$394,904	$340,526	$242,116	$209,270
Portfolio turnover rate^H	166%^I	87%	86%	85%	110%

^A Calculated based on average shares outstanding during the period.

^B Net investment income per share reflects a large, non-recurring dividend which amounted to $.33 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .77%.

^C The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

^D Amount represents less than $.005 per share.

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

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

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

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

Fidelity Advisor Emerging Markets Fund Class Z

Years ended October 31,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$24.65	$29.02	$22.44	$20.83	$23.50
Income from Investment Operations
Net investment income (loss)^A	.57^B	.22	.21	.13	.17
Net realized and unrealized gain (loss)	4.26	(4.41)	6.50	1.55	(2.66)
Total from investment operations	4.83	(4.19)	6.71	1.68	(2.49)
Distributions from net investment income	(.21)^C	(.15)	(.13)	(.07)	(.14)
Distributions from net realized gain	(2.94)^C	(.03)	–	–	(.03)
Total distributions	(3.15)	(.18)	(.13)	(.07)	(.18)^D
Redemption fees added to paid in capital^A	–	–^E	–^E	–^E	–^E
Net asset value, end of period	$26.33	$24.65	$29.02	$22.44	$20.83
Total Return^F,^G	19.93%	(14.52)%	30.13%	8.09%	(10.68)%
Ratios to Average Net Assets^H,^I
Expenses before reductions	.95%	.98%	.98%	1.01%	1.02%
Expenses net of fee waivers, if any	.95%	.98%	.98%	1.01%	1.02%
Expenses net of all reductions	.92%	.94%	.97%	1.00%	1.00%
Net investment income (loss)	2.09%^B	.76%	.82%	.61%	.78%
Supplemental Data
Net assets, end of period (000 omitted)	$90,032	$65,453	$14,387	$6,261	$6,114
Portfolio turnover rate^J	166%^K	87%	86%	85%	110%

^A Calculated based on average shares outstanding during the period.

^C The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

^D Total distributions of $.18 per share is comprised of distributions from net investment income of $.143 and distributions from net realized gain of $.033 per share.

^E Amount represents less than $.005 per share.

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

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

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

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

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

Notes to Financial Statements

For the period ended October 31, 2019

1. Organization.

Fidelity Advisor Emerging Markets Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective March 1, 2019, Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

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

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

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

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

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

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences resulted in distribution reclassifications. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Book-tax differences are primarily due to foreign currency transactions, futures transactions, redemptions in kind and losses deferred due to wash sales.

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

Gross unrealized appreciation	$65,514,995
Gross unrealized depreciation	(21,975,036)
Net unrealized appreciation (depreciation)	$43,539,959
Tax Cost	$574,231,922

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$1,402,661
Net unrealized appreciation (depreciation) on securities and other investments	$43,542,059

The tax character of distributions paid was as follows:

	October 31, 2019	October 31, 2018
Ordinary Income	$3,791,593	$ 2,511,924
Long-term Capital Gains	84,148,130	–
Total	$87,939,723	$ 2,511,924

4. Derivative Instruments.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $1,247,807,593 and $1,313,266,985, respectively.

6. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$349,710	$15,083
Class M	.25%	.25%	226,626	1,359
Class C	.75%	.25%	470,521	73,683
			$1,046,857	$90,125

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

	Retained by FDC
Class A	$46,456
Class M	5,660
Class C^(a)	11,261
	$63,377

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

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

	Amount	% of Class-Level Average Net Assets
Class A	$366,160	.26
Class M	137,145	.30
Class C	138,393	.29
Class I	882,198	.19
Class Z	35,825	.05
	$1,559,721

Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$6,029,667	2.46%	$9,876

Affiliated Redemptions In-Kind. During the period, 8,278,452 shares of the Fund were redeemed in-kind for investments and cash with a value of $216,946,766. The net realized gain of $21,790,807 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2,053 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. At period end, there were no security loans outstanding. Total fees paid by the Fund to NFS, as lending agent, amounted to $61. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds, and includes $1,616 from securities loaned to NFS, as affiliated borrower.

9. Bank Borrowings.

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. The average loan balance during the period for which loans were outstanding amounted to $5,894,000. The weighted average interest rate was 2.90%. The interest expense amounted to $475 under the bank borrowing program. At period end, there were no bank borrowings outstanding.

10. Expense Reductions.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $5,346.

11. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended October 31, 2019	Year ended October 31, 2018
Distributions to shareholders
Class A	$14,899,450	$422,265
Class M	4,711,016	43,443
Class C	4,549,289	–
Class I	54,137,961	1,940,128
Class Z	9,642,007	106,088
Total	$87,939,723	$2,511,924

12. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended October 31, 2019	Year ended October 31, 2018	Year ended October 31, 2019	Year ended October 31, 2018
Class A
Shares sold	1,430,815	1,818,267	$39,176,287	$54,273,489
Reinvestment of distributions	566,067	14,191	14,535,345	413,945
Shares redeemed	(1,415,545)	(1,835,818)	(38,558,494)	(52,952,761)
Net increase (decrease)	581,337	(3,360)	$15,153,138	$1,734,673
Class M
Shares sold	275,556	368,577	$7,483,344	$10,833,460
Reinvestment of distributions	181,883	1,470	4,618,003	42,562
Shares redeemed	(380,538)	(567,779)	(10,326,369)	(16,368,292)
Net increase (decrease)	76,901	(197,732)	$1,774,978	$(5,492,270)
Class C
Shares sold	374,961	802,559	$9,619,101	$22,631,257
Reinvestment of distributions	184,738	–	4,437,414	–
Shares redeemed	(1,041,747)	(716,551)	(27,016,202)	(19,774,590)
Net increase (decrease)	(482,048)	86,008	$(12,959,687)	$2,856,667
Class I
Shares sold	9,079,219	11,185,060	$250,388,511	$325,175,327
Reinvestment of distributions	2,016,037	64,636	52,007,429	1,892,548
Shares redeemed	(16,164,775)^(a)	(6,959,175)	(434,388,374)^(a)	(201,129,363)
Net increase (decrease)	(5,069,519)	4,290,521	$(131,992,434)	$125,938,512
Class Z
Shares sold	2,185,898	3,269,160	$59,546,339	$93,628,959
Reinvestment of distributions	290,594	3,332	7,490,854	97,427
Shares redeemed	(1,713,122)	(1,112,760)	(45,339,469)	(30,680,942)
Net increase (decrease)	763,370	2,159,732	$21,697,724	$63,045,444

(a) Amount includes in-kind redemptions (see the Affiliated Redemptions In-Kind note for additional details).

13. Other.

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Advisor Series VIII and Shareholders of Fidelity Advisor Emerging Markets Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Emerging Markets Fund (the “Fund”), a fund of Fidelity Advisor Series VIII, including the schedule of investments, as of October 31, 2019, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2019, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 11, 2019

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

Trustees and Officers

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2019 to October 31, 2019).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value May 1, 2019	Ending Account Value October 31, 2019	Expenses Paid During Period-^B May 1, 2019 to October 31, 2019
Class A	1.39%
Actual		$1,000.00	$994.80	$6.99
Hypothetical-^C		$1,000.00	$1,018.20	$7.07
Class M	1.68%
Actual		$1,000.00	$992.90	$8.44
Hypothetical-^C		$1,000.00	$1,016.74	$8.54
Class C	2.16%
Actual		$1,000.00	$990.80	$10.84
Hypothetical-^C		$1,000.00	$1,014.32	$10.97
Class I	1.07%
Actual		$1,000.00	$996.20	$5.38
Hypothetical-^C		$1,000.00	$1,019.81	$5.45
Class Z	.93%
Actual		$1,000.00	$996.80	$4.68
Hypothetical-^C		$1,000.00	$1,020.52	$4.74

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2019, $84,148,130, or, if subsequently determined to be different, the net capital gain of such year.

Class A designates 16%; Class I designates 8%; and Class Z designates 6% of the dividend distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

Class A, Class I, and Class Z designate 100% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

	Pay Date	Income	Taxes
Fidelity Advisor Emerging Markets Fund
Class A	12/10/18	$0.0965	$0.0555
Class M	12/10/18	$0.0000	$0.0000
Class C	12/10/18	$0.0000	$0.0000
Class I	12/10/18	$0.2065	$0.0555
Class Z	12/10/18	$0.2465	$0.0555

The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.

Fidelity Investments

FAEM-ANN-1219
1.809299.115

Fidelity Advisor® Global Equity Income Fund

Annual Report

October 31, 2019

See the inside front cover for important information about access to your fund’s shareholder reports.

Fidelity Investments

Account Type	Website	Phone Number
Brokerage, Mutual Fund, or Annuity Contracts:	fidelity.com/mailpreferences	1-800-343-3548
Employer Provided Retirement Accounts:	netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print)	1-800-343-0860
Advisor Sold Accounts Serviced Through Your Financial Intermediary:	Contact Your Financial Intermediary	Your Financial Intermediary's phone number
Advisor Sold Accounts Serviced by Fidelity:	institutional.fidelity.com	1-877-208-0098

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended October 31, 2019	Past 1 year	Past 5 years	Life of fund^A
Class A (incl. 5.75% sales charge)	7.94%	5.53%	8.15%
Class M (incl. 3.50% sales charge)	10.24%	5.77%	8.22%
Class C (incl. contingent deferred sales charge)	12.71%	6.00%	8.19%
Class I	14.84%	7.07%	9.29%
Class Z	15.00%	7.10%	9.31%

^A From May 2, 2012

Class C shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 1% and 0%, respectively.

The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Global Equity Income Fund - Class A on May 2, 2012, when the fund started, and the current 5.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) Index performed over the same period.

	Period Ending Values
	$18,000	Fidelity Advisor® Global Equity Income Fund - Class A
	$19,542	MSCI ACWI (All Country World Index) Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Ramona Persaud: For the fiscal year, the fund’s share classes (excluding sales charges, if applicable) gained roughly 14% to 15%, topping the benchmark MSCI ACWI (All Country World Index) Index. Versus the benchmark, security selection contributed the past 12 months, led by the health care, information technology, industrials and financials sectors. Conversely, picks in consumer staples and positioning in consumer discretionary detracted from relative performance. By region, my choices in Japan, emerging markets and Asia Pacific ex Japan helped most, whereas an overweighting in the U.K. hurt. A sizable stake in Hoya was the top individual contributor, as shares of the Japanese manufacturer of optical products gained about 58%, due in part to strong sales of its contact lenses. It also helped to overweight American Tower (+44%), a real estate investment trust (REIT) that rents towers used to build out current- and next-generation cellular service networks. Conversely, ConocoPhillips was the fund’s largest relative detractor this period. Our shares of the multinational energy giant returned about -20%, falling along with the broader energy sector amid a decline in oil prices. An overweighting in tobacco firm Altria Group also detracted, returning about -26%.

Investment Summary (Unaudited)

Top Five Stocks as of October 31, 2019

	% of fund's net assets
Microsoft Corp. (United States of America, Software)	4.1
Apple, Inc. (United States of America, Technology Hardware, Storage & Peripherals)	4.1
Hoya Corp. (Japan, Health Care Equipment & Supplies)	2.6
American Tower Corp. (United States of America, Equity Real Estate Investment Trusts (REITs))	2.2
JPMorgan Chase & Co. (United States of America, Banks)	2.1
	15.1

Top Five Market Sectors as of October 31, 2019

	% of fund's net assets
Financials	18.7
Health Care	15.7
Information Technology	15.4
Consumer Staples	11.7
Industrials	9.7

Top Five Countries as of October 31, 2019

(excluding cash equivalents)	% of fund's net assets
United States of America	52.7
Japan	8.1
United Kingdom	7.2
Switzerland	4.7
Canada	4.3

Asset Allocation (% of fund's net assets)

As of October 31, 2019
	Stocks	97.1%
	Short-Term Investments and Net Other Assets (Liabilities)	2.9%

Schedule of Investments October 31, 2019

Showing Percentage of Net Assets

Common Stocks - 96.7%
	Shares	Value
Bailiwick of Guernsey - 0.2%
Amdocs Ltd.	708	$46,162
Bailiwick of Jersey - 0.3%
WPP PLC	6,064	75,676
Belgium - 0.8%
KBC Groep NV	2,458	172,380
Bermuda - 0.9%
Dairy Farm International Holdings Ltd.	1,279	7,709
Hiscox Ltd.	3,743	72,194
IHS Markit Ltd. (a)	1,479	103,560

TOTAL BERMUDA		183,463

Brazil - 0.5%
Equatorial Energia SA	2,500	63,508
Ultrapar Participacoes SA	10,300	48,463

TOTAL BRAZIL		111,971

Canada - 4.3%
Alimentation Couche-Tard, Inc. Class B (sub. vtg.)	5,138	154,089
Constellation Software, Inc.	410	404,935
Fairfax Financial Holdings Ltd. (sub. vtg.)	108	45,755
Imperial Oil Ltd.	4,233	105,415
Suncor Energy, Inc.	6,758	200,929

TOTAL CANADA		911,123

Cayman Islands - 1.0%
Best Pacific International Holdings Ltd.	42,184	14,245
SITC International Holdings Co. Ltd.	172,006	189,396
Value Partners Group Ltd.	16,375	8,620

TOTAL CAYMAN ISLANDS		212,261

China - 0.5%
Kweichow Moutai Co. Ltd. (A Shares)	600	100,422
France - 2.1%
Amundi SA (b)	296	21,128
Elior SA (b)	4,500	58,168
Sanofi SA	2,158	198,940
SR Teleperformance SA	100	22,663
VINCI SA	1,359	152,479

TOTAL FRANCE		453,378

Germany - 1.9%
Deutsche Post AG	2,101	74,398
Hannover Reuck SE	640	113,350
Linde PLC	561	110,902
SAP SE	774	102,556

TOTAL GERMANY		401,206

Hong Kong - 1.4%
AIA Group Ltd.	17,894	178,192
Techtronic Industries Co. Ltd.	15,830	123,712

TOTAL HONG KONG		301,904

India - 1.1%
HDFC Asset Management Co. Ltd. (b)	1,000	42,122
HDFC Bank Ltd. sponsored ADR	1,162	70,987
Housing Development Finance Corp. Ltd.	1,500	44,986
Reliance Industries Ltd.	4,200	86,505

TOTAL INDIA		244,600

Ireland - 1.2%
Accenture PLC Class A	1,431	265,336
Japan - 8.1%
Aucnet, Inc.	791	10,864
Daiichikosho Co. Ltd.	3,397	161,484
Daiwa Industries Ltd.	4,700	52,726
Hoya Corp.	6,178	545,995
Inaba Denki Sangyo Co. Ltd.	2,336	107,313
Japan Meat Co. Ltd.	8,550	174,888
Minebea Mitsumi, Inc.	6,863	130,339
Mitani Shoji Co. Ltd.	1,279	64,257
Nippon Telegraph & Telephone Corp.	2,576	127,880
Nitori Holdings Co. Ltd.	463	70,474
Ryohin Keikaku Co. Ltd.	90	2,004
Sony Corp.	2,576	156,799
Tsuruha Holdings, Inc.	1,175	132,174

TOTAL JAPAN		1,737,197

Kenya - 0.5%
Safaricom Ltd.	395,500	113,902
Liberia - 0.5%
Royal Caribbean Cruises Ltd.	970	105,565
Luxembourg - 1.4%
B&M European Value Retail SA	61,298	294,027
Multi-National - 0.8%
HKT Trust/HKT Ltd. unit	109,037	169,625
Netherlands - 2.3%
NXP Semiconductors NV	1,891	214,969
Unilever NV	4,831	285,295

TOTAL NETHERLANDS		500,264

Nigeria - 0.1%
Guaranty Trust Bank PLC	186,272	12,804
Norway - 0.4%
Equinor ASA	4,860	89,895
Sweden - 0.3%
Indutrade AB	1,764	54,295
Switzerland - 4.7%
Alcon, Inc. (a)	354	20,982
Banque Cantonale Vaudoise	140	109,701
Chubb Ltd.	1,350	205,767
Nestle SA (Reg. S)	2,959	316,558
Roche Holding AG (participation certificate)	1,194	359,341

TOTAL SWITZERLAND		1,012,349

Taiwan - 1.5%
Taiwan Semiconductor Manufacturing Co. Ltd.	33,000	322,784
United Kingdom - 7.2%
AstraZeneca PLC sponsored ADR	6,268	307,320
BP PLC	27,237	172,720
British American Tobacco PLC (United Kingdom)	2,871	100,416
Cineworld Group PLC	16,361	47,197
Cranswick PLC	604	24,285
Diageo PLC	3,520	144,077
Hilton Food Group PLC	16,107	211,980
Imperial Brands PLC	1,885	41,324
London Stock Exchange Group PLC	600	54,071
Micro Focus International PLC	5,579	76,573
Moneysupermarket.com Group PLC	17,438	77,501
Reckitt Benckiser Group PLC	1,672	129,382
St. James's Place Capital PLC	3,531	47,614
Standard Life PLC	12,185	47,904
Victrex PLC	1,760	50,065

TOTAL UNITED KINGDOM		1,532,429

United States of America - 52.7%
Altria Group, Inc.	3,466	155,242
Ameren Corp.	2,353	182,828
American Tower Corp.	2,120	462,330
AMETEK, Inc.	3,452	316,376
Amgen, Inc.	2,040	435,030
Apple, Inc.	3,492	868,670
Bank of America Corp.	10,861	339,623
Becton, Dickinson & Co.	1,140	291,840
Berkshire Hathaway, Inc. Class B (a)	476	101,188
Bristol-Myers Squibb Co.	3,741	214,621
Capital One Financial Corp.	2,806	261,660
Charter Communications, Inc. Class A (a)	291	136,147
Chevron Corp.	2,490	289,189
Cigna Corp.	458	81,735
Citigroup, Inc.	1,587	114,042
Comcast Corp. Class A	5,691	255,071
ConocoPhillips Co.	3,362	185,582
Corteva, Inc.	749	19,759
Danaher Corp.	1,168	160,974
Diamond Hill Investment Group, Inc.	310	43,667
Dow, Inc.	1,094	55,236
DowDuPont, Inc.	748	49,301
Eli Lilly & Co.	1,262	143,805
Equifax, Inc.	476	65,074
Fortive Corp.	1,289	88,941
General Dynamics Corp.	466	82,389
General Electric Co.	14,436	144,071
Huntington Bancshares, Inc.	1,878	26,536
Interpublic Group of Companies, Inc.	3,283	71,405
Johnson & Johnson	1,775	234,371
JPMorgan Chase & Co.	3,616	451,711
Kroger Co.	1,797	44,278
Lowe's Companies, Inc.	2,614	291,749
M&T Bank Corp.	349	54,629
Marsh & McLennan Companies, Inc.	712	73,777
McCormick & Co., Inc. (non-vtg.)	231	37,119
MetLife, Inc.	1,727	80,806
Microsoft Corp.	6,169	884,446
MSCI, Inc.	545	127,835
NextEra Energy, Inc.	467	111,305
Northrop Grumman Corp.	288	101,514
NRG Energy, Inc.	2,597	104,192
PepsiCo, Inc.	2,072	284,216
Philip Morris International, Inc.	898	73,133
Phillips 66 Co.	1,084	126,633
PVH Corp.	581	50,640
Qualcomm, Inc.	1,280	102,963
S&P Global, Inc.	530	136,735
SunTrust Banks, Inc.	3,822	261,195
T-Mobile U.S., Inc. (a)	363	30,006
The J.M. Smucker Co.	1,074	113,500
The Travelers Companies, Inc.	953	124,900
The Walt Disney Co.	1,397	181,498
U.S. Bancorp	2,635	150,248
United Technologies Corp.	1,215	174,450
UnitedHealth Group, Inc.	1,373	346,957
Valero Energy Corp.	1,462	141,785
Verizon Communications, Inc.	3,929	237,587
Vistra Energy Corp.	2,323	62,791
WEC Energy Group, Inc.	817	77,125
Wells Fargo & Co.	6,984	360,584

TOTAL UNITED STATES OF AMERICA		11,277,010

TOTAL COMMON STOCKS
(Cost $15,893,001)		20,702,028

Nonconvertible Preferred Stocks - 0.4%
Brazil - 0.4%
Itau Unibanco Holding SA
(Cost $76,922)	8,500	76,787

Money Market Funds - 2.3%
Fidelity Cash Central Fund 1.83% (c)
(Cost $502,911)	502,811	502,911
TOTAL INVESTMENT IN SECURITIES - 99.4%
(Cost $16,472,834)		21,281,726
NET OTHER ASSETS (LIABILITIES) - 0.6%		126,598
NET ASSETS - 100%		$21,408,324

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

Legend

(a) Non-income producing

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$11,567
Total	$11,567

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$1,607,478	$1,072,813	$534,665	$--
Consumer Discretionary	1,132,036	877,650	254,386	--
Consumer Staples	2,530,087	1,424,461	1,105,626	--
Energy	1,447,116	1,187,891	259,225	--
Financials	4,033,498	3,705,507	327,991	--
Health Care	3,341,911	2,237,635	1,104,276	--
Industrials	2,047,953	1,380,210	667,743	--
Information Technology	3,289,394	2,787,481	501,913	--
Materials	285,263	285,263	--	--
Real Estate	462,330	462,330	--	--
Utilities	601,749	601,749	--	--
Money Market Funds	502,911	502,911	--	--
Total Investments in Securities:	$21,281,726	$16,525,901	$4,755,825	$--

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

Financial Statements

Statement of Assets and Liabilities

		October 31, 2019
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $15,969,923)	$20,778,815
Fidelity Central Funds (cost $502,911)	502,911
Total Investment in Securities (cost $16,472,834)		$21,281,726
Cash		7,057
Foreign currency held at value (cost $2,008)		2,009
Receivable for investments sold		137,410
Receivable for fund shares sold		9,199
Dividends receivable		46,400
Distributions receivable from Fidelity Central Funds		662
Prepaid expenses		32
Receivable from investment adviser for expense reductions		2,660
Other receivables		72
Total assets		21,487,227
Liabilities
Accrued management fee	$11,903
Distribution and service plan fees payable	6,360
Audit fees payable	47,099
Other affiliated payables	4,707
Other payables and accrued expenses	8,834
Total liabilities		78,903
Net Assets		$21,408,324
Net Assets consist of:
Paid in capital		$16,739,488
Total accumulated earnings (loss)		4,668,836
Net Assets		$21,408,324
Net Asset Value and Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($8,313,931 ÷ 542,297 shares)^(a)		$15.33
Maximum offering price per share (100/94.25 of $15.33)		$16.27
Class M:
Net Asset Value and redemption price per share ($3,135,154 ÷ 204,609 shares)^(a)		$15.32
Maximum offering price per share (100/96.50 of $15.32)		$15.88
Class C:
Net Asset Value and offering price per share ($4,173,060 ÷ 273,784 shares)^(a)		$15.24
Class I:
Net Asset Value, offering price and redemption price per share ($2,187,631 ÷ 142,553 shares)		$15.35
Class Z:
Net Asset Value, offering price and redemption price per share ($3,598,548 ÷ 234,144 shares)		$15.37

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

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

Statement of Operations

		Year ended October 31, 2019
Investment Income
Dividends		$516,950
Interest		14
Income from Fidelity Central Funds		11,567
Income before foreign taxes withheld		528,531
Less foreign taxes withheld		(21,278)
Total income		507,253
Expenses
Management fee	$125,936
Transfer agent fees	46,645
Distribution and service plan fees	76,477
Accounting fees and expenses	9,489
Custodian fees and expenses	6,229
Independent trustees' fees and expenses	103
Registration fees	82,572
Audit	78,193
Legal	1,342
Miscellaneous	112
Total expenses before reductions	427,098
Expense reductions	(132,470)
Total expenses after reductions		294,628
Net investment income (loss)		212,625
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(128,608)
Foreign currency transactions	(325)
Total net realized gain (loss)		(128,933)
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers (net of increase in deferred foreign taxes of $5,944)	2,461,748
Assets and liabilities in foreign currencies	330
Total change in net unrealized appreciation (depreciation)		2,462,078
Net gain (loss)		2,333,145
Net increase (decrease) in net assets resulting from operations		$2,545,770

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

Statement of Changes in Net Assets

	Year ended October 31, 2019	Year ended October 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$212,625	$228,323
Net realized gain (loss)	(128,933)	465,547
Change in net unrealized appreciation (depreciation)	2,462,078	(1,263,147)
Net increase (decrease) in net assets resulting from operations	2,545,770	(569,277)
Distributions to shareholders	(584,031)	(539,380)
Share transactions - net increase (decrease)	814,416	2,003,577
Total increase (decrease) in net assets	2,776,155	894,920
Net Assets
Beginning of period	18,632,169	17,737,249
End of period	$21,408,324	$18,632,169

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

Financial Highlights

Fidelity Advisor Global Equity Income Fund Class A

Years ended October 31,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$13.86	$14.63	$12.44	$12.50	$12.96
Income from Investment Operations
Net investment income (loss)^A	.19	.19	.13	.12	.12
Net realized and unrealized gain (loss)	1.76	(.52)	2.20	.09	.24
Total from investment operations	1.95	(.33)	2.33	.21	.36
Distributions from net investment income	(.20)	(.18)	(.13)	(.11)	(.11)
Distributions from net realized gain	(.28)	(.26)	(.01)	(.16)	(.71)
Total distributions	(.48)	(.44)	(.14)	(.27)	(.82)
Net asset value, end of period	$15.33	$13.86	$14.63	$12.44	$12.50
Total Return^B,^C	14.52%	(2.41)%	18.79%	1.72%	2.85%
Ratios to Average Net Assets^D,^E
Expenses before reductions	2.18%	1.91%	2.05%	2.13%	2.42%
Expenses net of fee waivers, if any	1.45%	1.45%	1.45%	1.45%	1.45%
Expenses net of all reductions	1.45%	1.44%	1.45%	1.45%	1.44%
Net investment income (loss)	1.32%	1.33%	.96%	.96%	.95%
Supplemental Data
Net assets, end of period (000 omitted)	$8,314	$8,427	$7,441	$6,068	$4,552
Portfolio turnover rate^F	18%^G	37%	48%	43%	87%

^A Calculated based on average shares outstanding during the period.

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

^C Total returns do not include the effect of the sales charges.

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

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

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

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

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

Fidelity Advisor Global Equity Income Fund Class M

Years ended October 31,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$13.85	$14.62	$12.44	$12.49	$12.95
Income from Investment Operations
Net investment income (loss)^A	.15	.16	.10	.09	.09
Net realized and unrealized gain (loss)	1.76	(.53)	2.18	.10	.24
Total from investment operations	1.91	(.37)	2.28	.19	.33
Distributions from net investment income	(.16)	(.14)	(.10)	(.08)	(.08)
Distributions from net realized gain	(.28)	(.26)	(.01)	(.16)	(.71)
Total distributions	(.44)	(.40)	(.10)^B	(.24)	(.79)
Net asset value, end of period	$15.32	$13.85	$14.62	$12.44	$12.49
Total Return^C,^D	14.23%	(2.64)%	18.42%	1.53%	2.59%
Ratios to Average Net Assets^E,^F
Expenses before reductions	2.49%	2.21%	2.35%	2.46%	2.73%
Expenses net of fee waivers, if any	1.70%	1.70%	1.70%	1.70%	1.70%
Expenses net of all reductions	1.70%	1.69%	1.69%	1.70%	1.69%
Net investment income (loss)	1.07%	1.08%	.71%	.71%	.70%
Supplemental Data
Net assets, end of period (000 omitted)	$3,135	$3,279	$3,573	$2,508	$2,484
Portfolio turnover rate^G	18%^H	37%	48%	43%	87%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.10 per share is comprised of distributions from net investment income of $.096 and distributions from net realized gain of $.007 per share.

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

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

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

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

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

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

Fidelity Advisor Global Equity Income Fund Class C

Years ended October 31,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$13.77	$14.57	$12.39	$12.46	$12.93
Income from Investment Operations
Net investment income (loss)^A	.08	.08	.03	.03	.03
Net realized and unrealized gain (loss)	1.75	(.53)	2.19	.09	.24
Total from investment operations	1.83	(.45)	2.22	.12	.27
Distributions from net investment income	(.09)	(.09)	(.03)	(.03)	(.05)
Distributions from net realized gain	(.28)	(.26)	(.01)	(.16)	(.70)
Total distributions��	(.36)^B	(.35)	(.04)	(.19)	(.74)^C
Net asset value, end of period	$15.24	$13.77	$14.57	$12.39	$12.46
Total Return^D,^E	13.71%	(3.22)%	17.91%	.99%	2.10%
Ratios to Average Net Assets^F,^G
Expenses before reductions	2.99%	2.72%	2.85%	2.93%	3.23%
Expenses net of fee waivers, if any	2.20%	2.20%	2.20%	2.20%	2.20%
Expenses net of all reductions	2.20%	2.19%	2.20%	2.20%	2.19%
Net investment income (loss)	.57%	.58%	.21%	.21%	.20%
Supplemental Data
Net assets, end of period (000 omitted)	$4,173	$4,340	$4,190	$3,588	$3,225
Portfolio turnover rate^H	18%^I	37%	48%	43%	87%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.36 per share is comprised of distributions from net investment income of $.085 and distributions from net realized gain of $.278 per share.

^C Total distributions of $.74 per share is comprised of distributions from net investment income of $.046 and distributions from net realized gain of $.695 per share.

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

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

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

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

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

Fidelity Advisor Global Equity Income Fund Class I

Years ended October 31,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$13.88	$14.66	$12.46	$12.51	$12.97
Income from Investment Operations
Net investment income (loss)^A	.22	.23	.16	.15	.15
Net realized and unrealized gain (loss)	1.77	(.53)	2.21	.10	.24
Total from investment operations	1.99	(.30)	2.37	.25	.39
Distributions from net investment income	(.24)	(.22)	(.16)	(.14)	(.14)
Distributions from net realized gain	(.28)	(.26)	(.01)	(.16)	(.71)
Total distributions	(.52)	(.48)	(.17)	(.30)	(.85)
Net asset value, end of period	$15.35	$13.88	$14.66	$12.46	$12.51
Total Return^B	14.84%	(2.20)%	19.12%	2.04%	3.09%
Ratios to Average Net Assets^C,^D
Expenses before reductions	1.83%	1.51%	1.77%	1.68%	2.11%
Expenses net of fee waivers, if any	1.20%	1.20%	1.20%	1.20%	1.20%
Expenses net of all reductions	1.20%	1.19%	1.20%	1.20%	1.19%
Net investment income (loss)	1.57%	1.58%	1.21%	1.21%	1.20%
Supplemental Data
Net assets, end of period (000 omitted)	$2,188	$2,493	$2,533	$7,159	$1,167
Portfolio turnover rate^E	18%^F	37%	48%	43%	87%

^A Calculated based on average shares outstanding during the period.

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

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

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

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

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

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

Fidelity Advisor Global Equity Income Fund Class Z

Years ended October 31,	2019	2018 ^A
Selected Per–Share Data
Net asset value, beginning of period	$13.88	$14.88
Income from Investment Operations
Net investment income (loss)^B	.25	.01
Net realized and unrealized gain (loss)	1.76	(.94)
Total from investment operations	2.01	(.93)
Distributions from net investment income	(.24)	(.07)
Distributions from net realized gain	(.28)	–
Total distributions	(.52)	(.07)
Net asset value, end of period	$15.37	$13.88
Total Return^C,^D	15.00%	(6.31)%
Ratios to Average Net Assets^E,^F
Expenses before reductions	1.37%^G	1.08%^H
Expenses net of fee waivers, if any	1.04%^G	1.05%^H
Expenses net of all reductions	1.04%^G	1.04%^H
Net investment income (loss)	1.73%	.45%^H
Supplemental Data
Net assets, end of period (000 omitted)	$3,599	$94
Portfolio turnover rate^I	18%^J	37%

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

^B Calculated based on average shares outstanding during the period.

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

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

^G On certain classes, the size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.

^H Annualized

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

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

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

Notes to Financial Statements

For the period ended October 31, 2019

1. Organization.

Fidelity Advisor Global Equity Income Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective March 1, 2019, Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

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

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

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

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

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

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

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

Gross unrealized appreciation	$5,289,859
Gross unrealized depreciation	(486,087)
Net unrealized appreciation (depreciation)	$4,803,772
Tax Cost	$16,477,954

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$3,930
Capital loss carryforward	$(132,714)
Net unrealized appreciation (depreciation) on securities and other investments	$4,803,563

No expiration
Short-term	$(132,714)
Total capital loss carryforward	$(132,714)

The tax character of distributions paid was as follows:

	October 31, 2019	October 31, 2018
Ordinary Income	$219,427	$ 214,748
Long-term Capital Gains	364,604	324,632
Total	$584,031	$ 539,380

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $3,247,391 and $5,987,396, respectively.

5. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$19,718	$451
Class M	.25%	.25%	15,642	116
Class C	.75%	.25%	41,117	4,535
			$76,477	$5,102

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

	Retained by FDC
Class A	$2,641
Class M	867
Class C^(a)	254
	$3,762

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

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

	Amount	% of Class-Level Average Net Assets
Class A	$20,927	.27
Class M	9,686	.31
Class C	12,556	.31
Class I	3,010	.14
Class Z	466	.04
	$46,645

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month. For the period, the fees were equivalent to an annual rate of .05%.

Affiliated Exchanges In-Kind. During the period, the Fund received cash valued at $2,873,785 in exchange for 199,985 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $48 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Expense Reductions.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement
Class A	1.45%	$50,888
Class M	1.70%	21,880
Class C	2.20%	28,553
Class I	1.20%	11,515
Class Z	1.05%	3,093
		$115,929

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $174 for the period. Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $166.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $138 and a portion of class-level operating expenses as follows:

	Amount
Class A	$6,911
Class M	2,824
Class C	3,929
Class I	2,073
Class Z	326
	$16,063

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended October 31, 2019	Year ended October 31, 2018^(a)
Distributions to shareholders
Class A	$270,065	$248,761
Class M	99,489	101,394
Class C	110,999	108,482
Class I	83,903	80,306
Class Z	19,575	437
Total	$584,031	$539,380

(a) Distributions for Class Z are for the period October 2, 2018 (commencement of sale of shares) to October 31, 2018.

9. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended October 31, 2019	Year ended October 31, 2018^(a)	Year ended October 31, 2019	Year ended October 31, 2018^(a)
Class A
Shares sold	129,393	239,391	$1,827,794	$3,544,767
Reinvestment of distributions	19,302	16,454	261,557	240,039
Shares redeemed	(214,567)	(156,221)	(2,969,152)	(2,283,605)
Net increase (decrease)	(65,872)	99,624	$(879,801)	$1,501,201
Class M
Shares sold	17,076	74,172	$241,489	$1,084,407
Reinvestment of distributions	7,299	6,928	98,432	101,155
Shares redeemed	(56,580)	(88,594)	(793,802)	(1,286,364)
Net increase (decrease)	(32,205)	(7,494)	$(453,881)	$(100,802)
Class C
Shares sold	30,573	79,555	$427,156	$1,159,649
Reinvestment of distributions	8,318	7,417	110,537	107,901
Shares redeemed	(80,242)	(59,540)	(1,120,787)	(861,126)
Net increase (decrease)	(41,351)	27,432	$(583,094)	$406,424
Class I
Shares sold	22,259	70,175	$319,348	$1,032,359
Reinvestment of distributions	5,822	4,702	78,959	68,667
Shares redeemed	(65,197)	(68,072)	(914,344)	(1,004,709)
Net increase (decrease)	(37,116)	6,805	$(516,037)	$96,317
Class Z
Shares sold	238,795^(b)	6,720	$3,417,153^(b)	$100,000
Reinvestment of distributions	1,186	30	17,015	437
Shares redeemed	(12,587)	–	(186,939)	–
Net increase (decrease)	227,394	6,750	$3,247,229	$100,437

(a) Share transactions for Class Z are for the period October 2, 2018 (commencement of sale of shares) to October 31, 2018.

(b) Amount includes in-kind exchanges (see the Affiliated Exchanges In-Kind note for additional details).

10. Other.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Advisor Series VIII and Shareholders of Fidelity Advisor Global Equity Income Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Advisor Global Equity Income Fund (one of the funds constituting Fidelity Advisor Series VIII, referred to hereafter as the “Fund”) as of October 31, 2019, the related statement of operations for the year ended October 31, 2019, the statement of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 13, 2019

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2019 to October 31, 2019).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value May 1, 2019	Ending Account Value October 31, 2019	Expenses Paid During Period-^B May 1, 2019 to October 31, 2019
Class A	1.45%
Actual		$1,000.00	$1,052.50	$7.50
Hypothetical-^C		$1,000.00	$1,017.90	$7.38
Class M	1.70%
Actual		$1,000.00	$1,050.40	$8.79
Hypothetical-^C		$1,000.00	$1,016.64	$8.64
Class C	2.20%
Actual		$1,000.00	$1,048.10	$11.36
Hypothetical-^C		$1,000.00	$1,014.12	$11.17
Class I	1.20%
Actual		$1,000.00	$1,053.70	$6.21
Hypothetical-^C		$1,000.00	$1,019.16	$6.11
Class Z	1.05%
Actual		$1,000.00	$1,054.30	$5.44
Hypothetical-^C		$1,000.00	$1,019.91	$5.35

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

A total of 0.59% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

Class A, Class M, Class C, Class I and Class Z designate 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class A, Class M, Class C, Class I and Class Z designate 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.

Fidelity Investments

AGED-ANN-1219
1.938151.107

Item 2.

Code of Ethics

As of the end of the period, October 31, 2019, Fidelity Advisor Series VIII (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

Audit Committee Financial Expert

The Board of Trustees of the trust has determined that Joseph Mauriello is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Mauriello is independent for purposes of Item 3 of Form N-CSR.

Item 4.

Principal Accountant Fees and Services

Fees and Services

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity Advisor Emerging Markets Fund and Fidelity Advisor International Capital Appreciation Fund (the “Fund(s)”):

Services Billed by Deloitte Entities

October 31, 2019 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Advisor Emerging Markets Fund	$46,000	$100	$7,100	$1,200
Fidelity Advisor International Capital Appreciation Fund	$54,000	$100	$7,100	$1,400

October 31, 2018 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Advisor Emerging Markets Fund	$46,000	$100	$7,100	$1,400
Fidelity Advisor International Capital Appreciation Fund	$55,000	$100	$7,100	$1,600

^AAmounts may reflect rounding.

The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity Advisor Diversified International Fund, Fidelity Advisor Emerging Asia Fund, Fidelity Advisor Global Capital Appreciation Fund, Fidelity Advisor Global Equity Income Fund, Fidelity Advisor Overseas Fund and Fidelity Advisor Value Leaders Fund (the “Fund(s)”):

Services Billed by PwC

October 31, 2019 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Advisor Diversified International Fund	$56,000	$4,800	$6,400	$2,100
Fidelity Advisor Emerging Asia Fund	$71,000	$5,200	$5,300	$2,400
Fidelity Advisor Global Capital Appreciation Fund	$55,000	$4,600	$5,500	$2,100
Fidelity Advisor Global Equity Income Fund	$55,000	$4,000	$5,300	$1,800
Fidelity Advisor Overseas Fund	$63,000	$5,300	$5,500	$2,400
Fidelity Advisor Value Leaders Fund	$43,000	$3,600	$4,600	$1,600

October 31, 2018 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Advisor Diversified International Fund	$58,000	$5,200	$6,300	$2,600
Fidelity Advisor Emerging Asia Fund	$65,000	$5,700	$5,200	$2,800
Fidelity Advisor Global Capital Appreciation Fund	$57,000	$5,000	$5,200	$2,500
Fidelity Advisor Global Equity Income Fund	$48,000	$4,300	$5,200	$2,100
Fidelity Advisor Overseas Fund	$66,000	$5,800	$5,400	$2,900
Fidelity Advisor Value Leaders Fund	$43,000	$3,900	$4,400	$1,900

^AAmounts may reflect rounding.

The following table(s) present(s) fees billed by Deloitte Entities and PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company ("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 Fund(s) (“Fund Service Providers”):

Services Billed by Deloitte Entities


	October 31, 2019^A	October 31, 2018^A
Audit-Related Fees	$290,000	$5,000
Tax Fees	$5,000	$5,000
All Other Fees	$-	$-

^A Amounts may reflect rounding.

Services Billed by PwC


	October 31, 2019^A	October 31, 2018^A
Audit-Related Fees	$7,890,000	$7,745,000
Tax Fees	$10,000	$20,000
All Other Fees	$-	$-

^A Amounts may reflect rounding.

“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

* * *

The aggregate non-audit fees billed by Deloitte Entities and PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:


Billed By	October 31, 2019^A	October 31, 2018^A
Deloitte Entities	$590,000	$495,000
PwC	$12,615,000	$11,015,000

^A Amounts may reflect rounding.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities and PwC to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities and PwC in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities and PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

Audit Committee Pre-Approval Policies and Procedures

The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. 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 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 a Fund Service Provider 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.

All Covered Services 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.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.

Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

Item 5.

Audit Committee of Listed Registrants

Not applicable.

Item 6.

Investments

(a)

Not applicable.

(b)

Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9.

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.

Item 11.

Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the

Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies

Not applicable.

Item 13.

Exhibits


(a)	(1)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.
(a)	(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)	(3)	Not applicable.
(b)		Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Advisor Series VIII


By:	/s/Stacie M. Smith
	Stacie M. Smith
	President and Treasurer

Date:	December 26, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:	/s/Stacie M. Smith
	Stacie M. Smith
	President and Treasurer

Date:	December 26, 2019


By:	/s/John J. Burke III
	John J. Burke III
	Chief Financial Officer

Date:	December 26, 2019

Fidelity Advisor Emerging Asia Fund - Class M (FEATX) N-CSRCertified annual shareholder report (management investment company)