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, 2020 |
Item 1.
Reports to Stockholders
Fidelity Advisor® Overseas Fund
October 31, 2020
See the inside front cover for important information about access to your fund’s shareholder reports.
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
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| Account Type | Website | Phone Number |
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Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2020 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
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, 2020 | Past 1 year | Past 5 years | Past 10 years |
| Class A (incl. 5.75% sales charge) | (2.61)% | 3.79% | 4.49% |
| Class M (incl. 3.50% sales charge) | (0.51)% | 4.05% | 4.53% |
| Class C (incl. contingent deferred sales charge) | 1.50% | 4.17% | 4.29% |
| Class I | 3.68% | 5.35% | 5.45% |
| Class Z | 3.77% | 5.44% | 5.50% |
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, 2010, 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 | ||
| $15,522 | Fidelity Advisor® Overseas Fund - Class A | |
| $14,800 | MSCI EAFE Index | |
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index returned -2.46% for the 12 months ending October 31, 2020, in what was a bumpy ride for non-U.S. equities, marked by a steep but brief decline due to the early-2020 outbreak and spread of the coronavirus, followed by a sharp upturn. Declared a pandemic on March 11, the crisis and containment efforts caused broad contraction in economic activity, elevated volatility and dislocation in financial markets. A historically rapid and expansive monetary- and fiscal-policy response around the world provided a partial offset to the economic disruption. Other supporting factors included resilient corporate earnings and near-term potential for a COVID-19 vaccine breakthrough. This was evident in the index’s 12.28% gain in the final six months of the year. Currency fluctuation generally boosted foreign developed-markets equities for the year, while the reverse was true for emerging-markets stocks. Late in the period, the index was pressured by a second wave of COVID-19 cases in some regions, and stretched valuations and crowded positioning in big tech. For the full year, the U.K. (-22%), Asia Pacific ex Japan (-8%), Canada (-5%) and Europe ex U.K. (-4%) notably lagged. Emerging markets (+9%) and Japan (+1%) outperformed. By sector, energy (-38%), financials and real estate (-20% each) lagged, whereas information technology (+ 25%) and communication services (+15%) topped the index.Comments from Portfolio Manager Vincent Montemaggiore: For the fiscal year ending October 31, 2020, the fund's share classes (excluding sales charges, if applicable) gained roughly 3% to 4%, outperforming the -6.69% result of the benchmark MSCI EAFE Index (Net MA). From a regional standpoint, an overweighting and stock picks in Europe ex U.K. and security selection in U.K. contributed most to the fund's relative result. By sector, the primary contributor to performance versus the benchmark was our security selection in industrials. Strong picks in the financials sector, especially within the banks industry, also lifted the fund's relative result. Also bolstering the fund's relative result was an overweighting in information technology. Not owning Royal Dutch Shell, a benchmark component that returned -55%, was the biggest individual contributor versus the benchmark. The fund's non-benchmark stake in Addlife gained 169%. Another notable relative contributor was an overweighting in DSV Panalpina (+68%), which was one of our largest holdings as of October 31. Conversely, an underweighting in Japan and an overweighting in the U.K. detracted from the fund's relative result. By sector, the primary detractor from performance versus the benchmark was our stock selection in information technology. Also hampering the fund's relative result was an underweighting in utilities and materials. The biggest individual relative detractor was an overweight position in Compass Group (-48%). Our second-largest relative detractor this period was avoiding SoftBank Group, a benchmark component that gained 69%. Another notable relative detractor was an out-of-benchmark stake in IRB Brasil Resseguros (-53%), a position not held at the end of the period. Notable changes in positioning include increased exposure to Sweden and a lower allocation to Germany. By sector, meaningful changes include increased exposure to information technology and a lower allocation to consumer staples.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.
Note to shareholders: On September 30, 2020, Andrew Sergeant came off of the fund, leaving Vincent Montemaggiore as sole portfolio manager.Investment Summary (Unaudited)
Top Five Stocks as of October 31, 2020
| % of fund's net assets | |
| Nestle SA (Reg. S) (Switzerland, Food Products) | 3.0 |
| Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.4 |
| LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 1.9 |
| ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 1.8 |
| AIA Group Ltd. (Hong Kong, Insurance) | 1.6 |
| 10.7 |
Top Five Market Sectors as of October 31, 2020
| % of fund's net assets | |
| Industrials | 18.2 |
| Information Technology | 17.5 |
| Financials | 16.4 |
| Health Care | 15.9 |
| Consumer Staples | 10.4 |
Top Five Countries as of October 31, 2020
| (excluding cash equivalents) | % of fund's net assets |
| Japan | 17.1 |
| France | 11.1 |
| Switzerland | 11.1 |
| United Kingdom | 10.0 |
| Netherlands | 7.5 |
Asset Allocation (% of fund's net assets)
| As of October 31, 2020 | ||
| Stocks | 98.3% | |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.7% | |
Percentages are adjusted for the effect of futures contracts and swaps, if applicable.
Schedule of Investments October 31, 2020
Showing Percentage of Net Assets
| Common Stocks - 98.3% | |||
| Shares | Value (000s) | ||
| Austria - 0.3% | |||
| Erste Group Bank AG | 57,400 | $1,175 | |
| Bailiwick of Jersey - 1.4% | |||
| Experian PLC | 93,571 | 3,428 | |
| Sanne Group PLC | 284,526 | 2,234 | |
| TOTAL BAILIWICK OF JERSEY | 5,662 | ||
| Belgium - 0.7% | |||
| KBC Groep NV | 55,475 | 2,735 | |
| Bermuda - 2.1% | |||
| Credicorp Ltd. (United States) | 11,733 | 1,346 | |
| Genpact Ltd. | 57,848 | 1,988 | |
| Hiscox Ltd. (a) | 158,473 | 1,693 | |
| IHS Markit Ltd. | 46,236 | 3,739 | |
| TOTAL BERMUDA | 8,766 | ||
| Canada - 1.0% | |||
| Constellation Software, Inc. | 3,780 | 3,968 | |
| Cayman Islands - 0.9% | |||
| Alibaba Group Holding Ltd. sponsored ADR (a) | 11,575 | 3,527 | |
| China - 0.4% | |||
| Gree Electric Appliances, Inc. of Zhuhai (A Shares) | 192,300 | 1,688 | |
| Yunnan Baiyao Group Co. Ltd. (A Shares) | 63 | 1 | |
| TOTAL CHINA | 1,689 | ||
| Denmark - 1.4% | |||
| DSV Panalpina A/S | 35,804 | 5,797 | |
| Finland - 0.7% | |||
| Nordea Bank ABP (Stockholm Stock Exchange) | 375,526 | 2,818 | |
| France - 11.1% | |||
| ALTEN (a) | 26,975 | 2,157 | |
| Amundi SA (b) | 30,516 | 2,001 | |
| BNP Paribas SA (a) | 59,600 | 2,079 | |
| Capgemini SA | 34,419 | 3,974 | |
| Dassault Systemes SA | 18,325 | 3,128 | |
| Edenred SA | 72,454 | 3,379 | |
| Kering SA | 6,219 | 3,755 | |
| Legrand SA | 46,285 | 3,422 | |
| LVMH Moet Hennessy Louis Vuitton SE | 16,560 | 7,762 | |
| Pernod Ricard SA | 23,643 | 3,811 | |
| Sanofi SA | 56,308 | 5,084 | |
| SR Teleperformance SA | 17,188 | 5,159 | |
| TOTAL FRANCE | 45,711 | ||
| Germany - 5.3% | |||
| adidas AG | 15,149 | 4,499 | |
| Allianz SE | 22,323 | 3,927 | |
| Deutsche Borse AG | 23,403 | 3,444 | |
| Hannover Reuck SE | 22,029 | 3,199 | |
| SAP SE | 23,549 | 2,512 | |
| Vonovia SE | 65,295 | 4,169 | |
| TOTAL GERMANY | 21,750 | ||
| Hong Kong - 1.6% | |||
| AIA Group Ltd. | 704,900 | 6,709 | |
| Dah Sing Banking Group Ltd. | 48,000 | 41 | |
| TOTAL HONG KONG | 6,750 | ||
| India - 1.4% | |||
| HDFC Bank Ltd. | 152,884 | 2,427 | |
| Reliance Industries Ltd. | 112,700 | 3,106 | |
| Reliance Industries Ltd. | 7,513 | 119 | |
| TOTAL INDIA | 5,652 | ||
| Indonesia - 0.3% | |||
| PT Bank Rakyat Indonesia Tbk | 5,374,027 | 1,217 | |
| Ireland - 2.1% | |||
| DCC PLC (United Kingdom) | 16,244 | 1,057 | |
| Kerry Group PLC Class A | 26,190 | 3,133 | |
| Linde PLC | 11,134 | 2,453 | |
| United Drug PLC (United Kingdom) | 218,992 | 2,058 | |
| TOTAL IRELAND | 8,701 | ||
| Italy - 1.8% | |||
| FinecoBank SpA | 213,663 | 2,924 | |
| GVS SpA (b) | 31,318 | 441 | |
| Recordati SpA | 80,820 | 4,188 | |
| TOTAL ITALY | 7,553 | ||
| Japan - 17.1% | |||
| A/S One Corp. | 8,937 | 1,292 | |
| Astellas Pharma, Inc. | 166,272 | 2,280 | |
| Curves Holdings Co. Ltd. | 57,600 | 354 | |
| Daikin Industries Ltd. | 20,325 | 3,803 | |
| Elecom Co. Ltd. | 35,768 | 1,791 | |
| Hoya Corp. | 54,531 | 6,154 | |
| Iriso Electronics Co. Ltd. | 28,984 | 1,104 | |
| IT Holdings Corp. | 73,727 | 1,410 | |
| Kao Corp. | 47,209 | 3,361 | |
| Keyence Corp. | 10,717 | 4,864 | |
| KH Neochem Co. Ltd. | 60,424 | 1,414 | |
| Koshidaka Holdings Co. Ltd. | 57,600 | 215 | |
| Nexon Co. Ltd. | 112,726 | 3,142 | |
| Nitori Holdings Co. Ltd. | 15,230 | 3,131 | |
| NOF Corp. | 55,071 | 2,070 | |
| Olympus Corp. | 126,076 | 2,414 | |
| Oracle Corp. Japan | 14,303 | 1,429 | |
| Otsuka Corp. | 21,395 | 983 | |
| Persol Holdings Co., Ltd. | 133,360 | 2,020 | |
| Recruit Holdings Co. Ltd. | 100,834 | 3,837 | |
| Relo Group, Inc. | 79,446 | 1,907 | |
| S Foods, Inc. | 40,192 | 1,339 | |
| SMC Corp. | 7,486 | 3,982 | |
| Sony Corp. | 70,824 | 5,904 | |
| Suzuki Motor Corp. | 55,271 | 2,374 | |
| Tokyo Electron Ltd. | 17,227 | 4,624 | |
| Tsuruha Holdings, Inc. | 25,051 | 3,508 | |
| TOTAL JAPAN | 70,706 | ||
| Kenya - 0.4% | |||
| Safaricom Ltd. | 5,711,600 | 1,620 | |
| Korea (South) - 1.2% | |||
| LG Chemical Ltd. | 4,410 | 2,399 | |
| Samsung Electronics Co. Ltd. | 53,156 | 2,666 | |
| TOTAL KOREA (SOUTH) | 5,065 | ||
| Mexico - 0.2% | |||
| Grupo Financiero Banorte S.A.B. de CV Series O (a) | 175,500 | 782 | |
| Netherlands - 7.5% | |||
| ASM International NV (Netherlands) | 11,900 | 1,702 | |
| ASML Holding NV (Netherlands) | 21,106 | 7,636 | |
| BE Semiconductor Industries NV | 38,222 | 1,544 | |
| Euronext NV (b) | 20,883 | 2,178 | |
| IMCD NV | 41,550 | 4,813 | |
| JDE Peet's BV | 100,046 | 3,565 | |
| Koninklijke Philips Electronics NV | 111,369 | 5,158 | |
| Wolters Kluwer NV | 55,541 | 4,501 | |
| TOTAL NETHERLANDS | 31,097 | ||
| New Zealand - 0.5% | |||
| EBOS Group Ltd. | 131,428 | 2,237 | |
| Norway - 1.1% | |||
| Adevinta ASA Class B (a) | 86,660 | 1,339 | |
| Schibsted ASA: | |||
| (A Shares) | 75,500 | 3,078 | |
| (B Shares) | 99 | 4 | |
| TOTAL NORWAY | 4,421 | ||
| South Africa - 0.9% | |||
| Naspers Ltd. Class N | 19,662 | 3,839 | |
| Spain - 2.4% | |||
| Amadeus IT Holding SA Class A | 70,196 | 3,351 | |
| Iberdrola SA | 550,950 | 6,497 | |
| Prosegur Cash SA (b) | 3,980 | 3 | |
| TOTAL SPAIN | 9,851 | ||
| Sweden - 6.2% | |||
| Addlife AB | 266,585 | 4,009 | |
| AddTech AB (B Shares) | 239,987 | 2,657 | |
| ASSA ABLOY AB (B Shares) | 144,563 | 3,098 | |
| Atlas Copco AB (A Shares) | 79,573 | 3,513 | |
| Hexagon AB (B Shares) | 60,391 | 4,414 | |
| Indutrade AB (a) | 89,275 | 4,529 | |
| Swedish Match Co. AB | 46,421 | 3,498 | |
| TOTAL SWEDEN | 25,718 | ||
| Switzerland - 11.1% | |||
| Alcon, Inc. (a) | 41,520 | 2,360 | |
| Julius Baer Group Ltd. | 72,357 | 3,231 | |
| Lonza Group AG | 8,747 | 5,300 | |
| Nestle SA (Reg. S) | 111,275 | 12,515 | |
| Roche Holding AG (participation certificate) | 30,484 | 9,795 | |
| Sika AG | 20,838 | 5,129 | |
| Sonova Holding AG Class B | 13,761 | 3,264 | |
| Zurich Insurance Group Ltd. | 12,382 | 4,113 | |
| TOTAL SWITZERLAND | 45,707 | ||
| Taiwan - 1.0% | |||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 267,300 | 4,043 | |
| United Kingdom - 10.0% | |||
| Beazley PLC | 415,544 | 1,583 | |
| Compass Group PLC | 236,554 | 3,238 | |
| Cranswick PLC | 42,556 | 1,774 | |
| Dechra Pharmaceuticals PLC | 50,084 | 2,266 | |
| Diageo PLC | 164,276 | 5,309 | |
| Diploma PLC | 92,167 | 2,658 | |
| Hilton Food Group PLC | 103,945 | 1,562 | |
| James Fisher and Sons PLC | 48,777 | 717 | |
| JTC PLC (b) | 136,300 | 950 | |
| Lloyds Banking Group PLC | 1 | 0 | |
| London Stock Exchange Group PLC | 50,790 | 5,475 | |
| Mondi PLC | 132,927 | 2,519 | |
| Prudential PLC | 135,287 | 1,655 | |
| RELX PLC (London Stock Exchange) | 191,384 | 3,787 | |
| Rentokil Initial PLC (a) | 571,733 | 3,896 | |
| Smith & Nephew PLC | 136,279 | 2,366 | |
| Ultra Electronics Holdings PLC | 21,260 | 518 | |
| Victrex PLC | 7,744 | 185 | |
| Volution Group PLC | 408,251 | 1,026 | |
| TOTAL UNITED KINGDOM | 41,484 | ||
| United States of America - 6.2% | |||
| Ares Management Corp. | 55,623 | 2,353 | |
| Aspen Technology, Inc. (a) | 1,147 | 126 | |
| Becton, Dickinson & Co. | 9,996 | 2,310 | |
| Black Knight, Inc. (a) | 25,565 | 2,248 | |
| Boston Scientific Corp. (a) | 57,622 | 1,975 | |
| Fidelity National Information Services, Inc. | 15,017 | 1,871 | |
| Global Payments, Inc. | 17,864 | 2,818 | |
| Intercontinental Exchange, Inc. | 25,278 | 2,386 | |
| Marsh & McLennan Companies, Inc. | 33,230 | 3,438 | |
| NICE Systems Ltd. sponsored ADR (a) | 14,637 | 3,341 | |
| Roper Technologies, Inc. | 7,544 | 2,801 | |
| TOTAL UNITED STATES OF AMERICA | 25,667 | ||
| TOTAL COMMON STOCKS | |||
| (Cost $329,441) | 405,708 | ||
| Money Market Funds - 1.5% | |||
| Fidelity Cash Central Fund 0.10% (c) | |||
| (Cost $6,062) | 6,060,978 | 6,062 | |
| TOTAL INVESTMENT IN SECURITIES - 99.8% | |||
| (Cost $335,503) | 411,770 | ||
| NET OTHER ASSETS (LIABILITIES) - 0.2% | 835 | ||
| NET ASSETS - 100% | $412,605 |
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
(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 $5,573,000 or 1.4% 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 |
| (Amounts in thousands) | |
| Fidelity Cash Central Fund | $31 |
| Fidelity Securities Lending Cash Central Fund | 25 |
| Total | $56 |
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, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: | ||||
| Description | Total | Level 1 | Level 2 | Level 3 |
| (Amounts in thousands) | ||||
| Investments in Securities: | ||||
| Equities: | ||||
| Communication Services | $9,183 | $6,041 | $3,142 | $-- |
| Consumer Discretionary | 40,286 | 11,781 | 28,505 | -- |
| Consumer Staples | 43,375 | 17,343 | 26,032 | -- |
| Energy | 3,225 | -- | 3,225 | -- |
| Financials | 67,163 | 40,670 | 26,493 | -- |
| Health Care | 64,952 | 22,871 | 42,081 | -- |
| Industrials | 75,711 | 55,543 | 20,168 | -- |
| Information Technology | 73,071 | 40,009 | 33,062 | -- |
| Materials | 16,169 | 10,286 | 5,883 | -- |
| Real Estate | 6,076 | 4,169 | 1,907 | -- |
| Utilities | 6,497 | 6,497 | -- | -- |
| Money Market Funds | 6,062 | 6,062 | -- | -- |
| Total Investments in Securities: | $411,770 | $221,272 | $190,498 | $-- |
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, 2020 | |
| Assets | ||
| Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $329,441) | $405,708 | |
| Fidelity Central Funds (cost $6,062) | 6,062 | |
| Total Investment in Securities (cost $335,503) | $411,770 | |
| Receivable for investments sold | 3,734 | |
| Receivable for fund shares sold | 184 | |
| Dividends receivable | 1,523 | |
| Distributions receivable from Fidelity Central Funds | 1 | |
| Prepaid expenses | 1 | |
| Other receivables | 87 | |
| Total assets | 417,300 | |
| Liabilities | ||
| Payable to custodian bank | $1,426 | |
| Payable for investments purchased | 2,035 | |
| Payable for fund shares redeemed | 470 | |
| Accrued management fee | 332 | |
| Distribution and service plan fees payable | 101 | |
| Other affiliated payables | 78 | |
| Other payables and accrued expenses | 253 | |
| Total liabilities | 4,695 | |
| Net Assets | $412,605 | |
| Net Assets consist of: | ||
| Paid in capital | $348,919 | |
| Total accumulated earnings (loss) | 63,686 | |
| Net Assets | $412,605 | |
| Net Asset Value and Maximum Offering Price | ||
| Class A: | ||
| Net Asset Value and redemption price per share ($45,695 ÷ 1,847.92 shares)(a) | $24.73 | |
| Maximum offering price per share (100/94.25 of $24.73) | $26.24 | |
| Class M: | ||
| Net Asset Value and redemption price per share ($193,693 ÷ 7,621.34 shares)(a) | $25.41 | |
| Maximum offering price per share (100/96.50 of $25.41) | $26.33 | |
| Class C: | ||
| Net Asset Value and offering price per share ($5,356 ÷ 223.88 shares)(a) | $23.92 | |
| Class I: | ||
| Net Asset Value, offering price and redemption price per share ($121,290 ÷ 4,785.22 shares) | $25.35 | |
| Class Z: | ||
| Net Asset Value, offering price and redemption price per share ($46,571 ÷ 1,842.11 shares) | $25.28 |
(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, 2020 | |
| Investment Income | ||
| Dividends | $6,303 | |
| Income from Fidelity Central Funds (including $25 from security lending) | 56 | |
| Income before foreign taxes withheld | 6,359 | |
| Less foreign taxes withheld | (494) | |
| Total income | 5,865 | |
| Expenses | ||
| Management fee | ||
| Basic fee | $2,739 | |
| Performance adjustment | 1,042 | |
| Transfer agent fees | 663 | |
| Distribution and service plan fees | 1,204 | |
| Accounting fees | 216 | |
| Custodian fees and expenses | 85 | |
| Independent trustees' fees and expenses | 2 | |
| Registration fees | 75 | |
| Audit | 95 | |
| Legal | 4 | |
| Miscellaneous | 16 | |
| Total expenses before reductions | 6,141 | |
| Expense reductions | (50) | |
| Total expenses after reductions | 6,091 | |
| Net investment income (loss) | (226) | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | 6,607 | |
| Foreign currency transactions | (34) | |
| Total net realized gain (loss) | 6,573 | |
| Change in net unrealized appreciation (depreciation) on: | ||
| Investment securities: | ||
| Unaffiliated issuers (net of increase in deferred foreign taxes of $142) | 5,798 | |
| Assets and liabilities in foreign currencies | 69 | |
| Total change in net unrealized appreciation (depreciation) | 5,867 | |
| Net gain (loss) | 12,440 | |
| Net increase (decrease) in net assets resulting from operations | $12,214 |
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, 2020 | Year ended October 31, 2019 |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $(226) | $9,500 |
| Net realized gain (loss) | 6,573 | 18,681 |
| Change in net unrealized appreciation (depreciation) | 5,867 | 39,138 |
| Net increase (decrease) in net assets resulting from operations | 12,214 | 67,319 |
| Distributions to shareholders | (5,689) | (26,504) |
| Share transactions - net increase (decrease) | (25,304) | (236,426) |
| Total increase (decrease) in net assets | (18,779) | (195,611) |
| Net Assets | ||
| Beginning of period | 431,384 | 626,995 |
| End of period | $412,605 | $431,384 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Overseas Fund Class A
| Years ended October 31, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $24.27 | $22.48 | $25.20 | $20.40 | $21.59 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | (.02) | .35 | .28 | .23 | .20 |
| Net realized and unrealized gain (loss) | .83 | 2.38 | (2.10) | 4.78 | (1.31) |
| Total from investment operations | .81 | 2.73 | (1.82) | 5.01 | (1.11) |
| Distributions from net investment income | (.35) | (.21) | (.22) | (.20) | (.08) |
| Distributions from net realized gain | – | (.73) | (.69) | (.02) | – |
| Total distributions | (.35) | (.94) | (.90)B | (.21)B | (.08) |
| Redemption fees added to paid in capitalA | – | – | – | –C | –C |
| Net asset value, end of period | $24.73 | $24.27 | $22.48 | $25.20 | $20.40 |
| Total ReturnD,E | 3.33% | 12.86% | (7.48)% | 24.86% | (5.16)% |
| Ratios to Average Net AssetsF,G | |||||
| Expenses before reductions | 1.49% | 1.21% | 1.21% | 1.25% | 1.36% |
| Expenses net of fee waivers, if any | 1.49% | 1.21% | 1.21% | 1.25% | 1.35% |
| Expenses net of all reductions | 1.48% | 1.19% | 1.20% | 1.23% | 1.35% |
| Net investment income (loss) | (.08)% | 1.53% | 1.13% | 1.05% | .96% |
| Supplemental Data | |||||
| Net assets, end of period (in millions) | $46 | $49 | $44 | $69 | $58 |
| Portfolio turnover rateH | 46% | 45%I | 39% | 42% | 94% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
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 M
| Years ended October 31, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $24.94 | $23.06 | $25.84 | $20.91 | $22.11 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | (.07) | .31 | .23 | .19 | .16 |
| Net realized and unrealized gain (loss) | .84 | 2.45 | (2.15) | 4.90 | (1.34) |
| Total from investment operations | .77 | 2.76 | (1.92) | 5.09 | (1.18) |
| Distributions from net investment income | (.30) | (.15) | (.17) | (.15) | (.02) |
| Distributions from net realized gain | – | (.73) | (.69) | (.02) | – |
| Total distributions | (.30) | (.88) | (.86) | (.16)B | (.02) |
| Redemption fees added to paid in capitalA | – | – | – | –C | –C |
| Net asset value, end of period | $25.41 | $24.94 | $23.06 | $25.84 | $20.91 |
| Total ReturnD,E | 3.09% | 12.65% | (7.71)% | 24.57% | (5.34)% |
| Ratios to Average Net AssetsF,G | |||||
| Expenses before reductions | 1.71% | 1.42% | 1.44% | 1.46% | 1.56% |
| Expenses net of fee waivers, if any | 1.70% | 1.42% | 1.43% | 1.46% | 1.56% |
| Expenses net of all reductions | 1.70% | 1.40% | 1.43% | 1.44% | 1.56% |
| Net investment income (loss) | (.29)% | 1.32% | .90% | .84% | .76% |
| Supplemental Data | |||||
| Net assets, end of period (in millions) | $194 | $221 | $218 | $272 | $237 |
| Portfolio turnover rateH | 46% | 45%I | 39% | 42% | 94% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
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, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $23.46 | $21.72 | $24.41 | $19.74 | $20.98 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | (.21) | .15 | .07 | .05 | .03 |
| Net realized and unrealized gain (loss) | .80 | 2.32 | (2.02) | 4.64 | (1.27) |
| Total from investment operations | .59 | 2.47 | (1.95) | 4.69 | (1.24) |
| Distributions from net investment income | (.13) | – | (.06) | (.01) | – |
| Distributions from net realized gain | – | (.73) | (.69) | (.02) | – |
| Total distributions | (.13) | (.73) | (.74)B | (.02)B | – |
| Redemption fees added to paid in capitalA | – | – | – | –C | –C |
| Net asset value, end of period | $23.92 | $23.46 | $21.72 | $24.41 | $19.74 |
| Total ReturnD,E | 2.50% | 11.94% | (8.23)% | 23.81% | (5.91)% |
| Ratios to Average Net AssetsF,G | |||||
| Expenses before reductions | 2.31% | 2.03% | 2.03% | 2.06% | 2.16% |
| Expenses net of fee waivers, if any | 2.31% | 2.03% | 2.03% | 2.05% | 2.16% |
| Expenses net of all reductions | 2.30% | 2.02% | 2.02% | 2.04% | 2.16% |
| Net investment income (loss) | (.89)% | .70% | .31% | .24% | .16% |
| Supplemental Data | |||||
| Net assets, end of period (in millions) | $5 | $6 | $13 | $17 | $16 |
| Portfolio turnover rateH | 46% | 45%I | 39% | 42% | 94% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
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.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
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 I
| Years ended October 31, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $24.79 | $22.99 | $25.74 | $20.86 | $22.06 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | .07 | .42 | .36 | .31 | .27 |
| Net realized and unrealized gain (loss) | .84 | 2.43 | (2.15) | 4.87 | (1.33) |
| Total from investment operations | .91 | 2.85 | (1.79) | 5.18 | (1.06) |
| Distributions from net investment income | (.35) | (.32) | (.28) | (.29) | (.14) |
| Distributions from net realized gain | – | (.73) | (.69) | (.02) | – |
| Total distributions | (.35) | (1.05) | (.96)B | (.30)B | (.14) |
| Redemption fees added to paid in capitalA | – | – | – | –C | –C |
| Net asset value, end of period | $25.35 | $24.79 | $22.99 | $25.74 | $20.86 |
| Total ReturnD | 3.68% | 13.21% | (7.23)% | 25.24% | (4.85)% |
| Ratios to Average Net AssetsE,F | |||||
| Expenses before reductions | 1.15% | .91% | .92% | .95% | 1.04% |
| Expenses net of fee waivers, if any | 1.15% | .91% | .92% | .94% | 1.04% |
| Expenses net of all reductions | 1.14% | .90% | .91% | .92% | 1.03% |
| Net investment income (loss) | .27% | 1.82% | 1.42% | 1.35% | 1.28% |
| Supplemental Data | |||||
| Net assets, end of period (in millions) | $121 | $117 | $305 | $306 | $311 |
| Portfolio turnover rateG | 46% | 45%H | 39% | 42% | 94% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
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 Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
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 Overseas Fund Class Z
| Years ended October 31, | 2020 | 2019 | 2018 | 2017 A |
| Selected Per–Share Data | ||||
| Net asset value, beginning of period | $24.79 | $23.00 | $25.76 | $20.88 |
| Income from Investment Operations | ||||
| Net investment income (loss)B | .09 | .45 | .38 | .19 |
| Net realized and unrealized gain (loss) | .84 | 2.43 | (2.14) | 4.69 |
| Total from investment operations | .93 | 2.88 | (1.76) | 4.88 |
| Distributions from net investment income | (.44) | (.36) | (.31) | – |
| Distributions from net realized gain | – | (.73) | (.69) | – |
| Total distributions | (.44) | (1.09) | (1.00) | – |
| Net asset value, end of period | $25.28 | $24.79 | $23.00 | $25.76 |
| Total ReturnC,D | 3.77% | 13.38% | (7.13)% | 23.37% |
| Ratios to Average Net AssetsE,F | ||||
| Expenses before reductions | 1.07% | .77% | .79% | .82%G |
| Expenses net of fee waivers, if any | 1.06% | .77% | .79% | .82%G |
| Expenses net of all reductions | 1.05% | .76% | .78% | .80%G |
| Net investment income (loss) | .35% | 1.96% | 1.55% | 1.02%G |
| Supplemental Data | ||||
| Net assets, end of period (in millions) | $47 | $38 | $47 | $2 |
| Portfolio turnover rateH | 46% | 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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Annualized
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
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, 2020
(Amounts in thousands except percentages)
1. Organization.
Fidelity Advisor Overseas Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.
Effective January 1, 2020:
Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".
Broker-dealer Fidelity Distributors Corporation merged with and into Fidelity Investments Institutional Services Company, Inc. ("FIISC"). FIISC was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Distributors Company LLC".
Fidelity Investments Institutional Operations Company, Inc. converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".
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 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 – Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The 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.
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, 2020 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
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, 2020, 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.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), certain foreign taxes, net operating losses, capital loss carryforwards 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 | $92,467 |
| Gross unrealized depreciation | (17,847) |
| Net unrealized appreciation (depreciation) | $74,620 |
| Tax Cost | $337,150 |
The tax-based components of distributable earnings as of period end were as follows:
| Capital loss carryforward | $(10,768) |
| Net unrealized appreciation (depreciation) on securities and other investments | $74,627 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. 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 | $(9,177) |
| Long-term | (1,591) |
| Total capital loss carryforward | $(10,768) |
The tax character of distributions paid was as follows:
| October 31, 2020 | October 31, 2019 | |
| Ordinary Income | $5,689 | $ 6,745 |
| Long-term Capital Gains | – | 19,759 |
| Total | $5,689 | $ 26,504 |
Restricted Securities (including Private Placements). 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. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
| Purchases ($) | Sales ($) | |
| Fidelity Advisor Overseas Fund | 187,043 | 220,168 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .424% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20 % of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the investment performance of the asset-weighted return of all classes as compared to its benchmark index, the MSCI EAFE Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .91% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
| Class A | -% | .25% | $117 | $3 |
| Class M | .25% | .25% | 1,030 | 100 |
| Class C | .75% | .25% | 57 | 4 |
| $1,204 | $107 |
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 | $3 |
| Class M | 1 |
| Class C(a) | 1 |
| $5 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Effective February 1, 2020, the Board approved to change the fee for Class Z from .046% to .044%.
For the period, transfer agent fees for each class were as follows:
| Amount | % of Class-Level Average Net Assets | |
| Class A | $103 | .22 |
| Class M | 376 | .18 |
| Class C | 16 | .28 |
| Class I | 150 | .13 |
| Class Z | 18 | .04 |
| $663 |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| % of Average Net Assets | |
| Fidelity Advisor Overseas Fund | .05 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount | |
| Fidelity Advisor Overseas Fund | $1 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Prior Fiscal Year Affiliated Redemptions In-Kind. During the prior period, 7,266 shares of the Fund were redeemed in-kind for investments and cash with a value of $175,742. The Fund had a net realized gain of $37,143 on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:
| Amount | |
| Fidelity Advisor Overseas Fund | $1 |
During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Income Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
| Fidelity Advisor Overseas Fund | $–(a) | $– | $– |
(a) Amount represents less than five hundred dollars.
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 $35 for the period.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $2.
In addition, during the period the investment adviser or an affiliate reimbursed the Fund $13 for an operational error which is included in the accompanying Statement of Operations.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Year ended October 31, 2020 | Year ended October 31, 2019 | |
| Distributions to shareholders | ||
| Class A | $677 | $1,792 |
| Class M | 2,629 | 8,320 |
| Class C | 33 | 405 |
| Class I | 1,659 | 13,825 |
| Class Z | 691 | 2,162 |
| Total | $5,689 | $26,504 |
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, 2020 | Year ended October 31, 2019 | Year ended October 31, 2020 | Year ended October 31, 2019 | |
| Class A | ||||
| Shares sold | 227 | 359 | $5,341 | $8,058 |
| Reinvestment of distributions | 26 | 82 | 636 | 1,682 |
| Shares redeemed | (417) | (370) | (10,062) | (8,415) |
| Net increase (decrease) | (164) | 71 | $(4,085) | $1,325 |
| Class M | ||||
| Shares sold | 1,034 | 1,153 | $25,668 | $26,662 |
| Reinvestment of distributions | 102 | 387 | 2,594 | 8,221 |
| Shares redeemed | (2,373) | (2,139) | (58,496) | (49,578) |
| Net increase (decrease) | (1,237) | (599) | $(30,234) | $(14,695) |
| Class C | ||||
| Shares sold | 25 | 20 | $580 | $442 |
| Reinvestment of distributions | 1 | 20 | 31 | 400 |
| Shares redeemed | (64) | (374) | (1,490) | (8,113) |
| Net increase (decrease) | (38) | (334) | $(879) | $(7,271) |
| Class I | ||||
| Shares sold | 570 | 1,668 | $14,164 | $37,446 |
| Reinvestment of distributions | 20 | 498 | 502 | 10,458 |
| Shares redeemed | (534) | (10,721)(a) | (12,562) | (255,996)(a) |
| Net increase (decrease) | 56 | (8,555) | $2,104 | $(208,092) |
| Class Z | ||||
| Shares sold | 720 | 1,247 | $17,668 | $28,907 |
| Reinvestment of distributions | 7 | 51 | 181 | 1,076 |
| Shares redeemed | (426) | (1,796) | (10,059) | (37,676) |
| Net increase (decrease) | 301 | (498) | $7,790 | $(7,693) |
(a) Amount includes in-kind redemptions (see the Prior Fiscal Year Affiliated Redemptions In-Kind note for additional details).
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, Strategic Advisers Fidelity International Fund was the owner of record of approximately 19% of the total outstanding shares of the Fund.
12. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
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, 2020, the related statement of operations for the year ended October 31, 2020, the statement of changes in net assets for each of the two years in the period ended October 31, 2020, 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, 2020, 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, 2020 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, 2020 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.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 14, 2020
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 305 funds. Mr. Chiel oversees 176 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. Robert A. Lawrence is an interested person and currently serves as Acting 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 and David M. Thomas serve as Co-Lead Independent Trustees and as such each (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.
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* 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 served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (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 Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as 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 currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York, a member of the Board of NYC Leadership Academy (2012-present) and a member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), 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). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Alan J. Lacy (1953)
Year of Election or Appointment: 2008
Trustee
Mr. Lacy also serves as Trustee of other Fidelity® funds. Previously, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity), Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail), Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005), Chairman (2014-2017) and a member of the Board (2010-2017) of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes) and a member of the Board of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-2020). Mr. Lacy currently serves as a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a member of the Board of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present).
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2000
Trustee
Co-Lead Independent Trustee
Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has in the past 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 at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010); as well as Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach had a 30-year career with IBM (technology company), during which time he served as Senior Vice President and as 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 Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board 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. Previously, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments and a member of Scudder, Stevens & Clark and Scudder Kemper Investments. Ms. Small previously served as a member of the Board (2009-2019) and Chair of the Investment Committee (2010-2019) of the Teagle Foundation and a member of the Investment Committee of the Berkshire Taconic Community Foundation (2008-2019).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Co-Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. 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). Mr. Thomas currently serves as Non-Executive Chairman of the Board of Fortune Brands Home and Security (home and security products, 2011-present), and a member of the Board (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ 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.
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
Lloyd James Austin, III (1953)
Year of Election or Appointment: 2020
Member of the Advisory Board
General Austin also serves as a Member of the Advisory Board of other Fidelity® funds. Prior to his retirement, General Austin (United States Army, Retired) held a variety of positions within the U.S. Government, including Commander, U.S. Central Command (2013-2016), Vice Chief of Staff, U.S. Army (2012-2013) and Commanding General, U.S. Forces – Iraq, Operation New Dawn (2010-2012). General Austin currently serves as a Partner of Pine Island Capital Partners (private equity, 2020-present) and as President of the Austin Strategy Group LLC (consulting, 2016-present). General Austin serves as a member of the Board of Directors of Nucor Corporation (steel products, 2017-present), as a member of the Board of Directors of Tenet Healthcare Corporation (2018-present) and as a member of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). In addition, General Austin currently serves as a member of the Board of Trustees of the Carnegie Corporation of New York (2017-present) and as a member of the Board of Trustees of Auburn University (2017-present). Previously, General Austin served as a member of the Board of Directors of United Technologies Corporation (aerospace, defense and building, 2016-2020).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2020
Member of the Advisory Board
Mr. Kennedy also serves as a Member of the Advisory Board of other Fidelity® funds. Previously, Mr. Kennedy held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (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 as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
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 certain funds (2017-2019), 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 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 Executive Vice President of Fidelity SelectCo, LLC (2019), 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).
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). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). 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: 2020
Assistant 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 Deputy Treasurer of certain Fidelity® funds (2016-2020) and 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 Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and 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 an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 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 CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was 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: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); 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).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
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 (2013-2019) 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 LLP (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, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2020 to October 31, 2020).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized Expense Ratio-A | Beginning Account Value May 1, 2020 | Ending Account Value October 31, 2020 | Expenses Paid During Period-B May 1, 2020 to October 31, 2020 | |
| Fidelity Advisor Overseas Fund | ||||
| Class A | 1.48% | |||
| Actual | $1,000.00 | $1,131.30 | $7.93 | |
| Hypothetical-C | $1,000.00 | $1,017.70 | $7.51 | |
| Class M | 1.69% | |||
| Actual | $1,000.00 | $1,129.80 | $9.05 | |
| Hypothetical-C | $1,000.00 | $1,016.64 | $8.57 | |
| Class C | 2.29% | |||
| Actual | $1,000.00 | $1,126.70 | $12.24 | |
| Hypothetical-C | $1,000.00 | $1,013.62 | $11.59 | |
| Class I | 1.16% | |||
| Actual | $1,000.00 | $1,133.20 | $6.22 | |
| Hypothetical-C | $1,000.00 | $1,019.30 | $5.89 | |
| Class Z | 1.06% | |||
| Actual | $1,000.00 | $1,133.60 | $5.68 | |
| Hypothetical-C | $1,000.00 | $1,019.81 | $5.38 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
Class A designates 4%; Class M designates 5%; Class C designates 9%; Class I designates 4%; and Class Z designates 3%; of the dividend distributed in December 2019, 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 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 | 12/09/19 | $0.4118 | $0.0648 |
| Class M | 12/09/19 | $0.3658 | $0.0648 |
| Class C | 12/09/19 | $0.1918 | $0.0648 |
| Class I | 12/09/19 | $0.4148 | $0.0648 |
| Class Z | 12/09/19 | $0.5048 | $0.0648 |
The fund will notify shareholders in January 2021 of amounts for use in preparing 2020 income tax returns.
Proxy Voting Results
A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1
To elect a Board of Trustees.
| # of Votes | % of Votes | |
| Dennis J. Dirks | ||
| Affirmative | 4,410,379,169.762 | 97.006 |
| Withheld | 136,107,923.804 | 2.994 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Donald F. Donahue | ||
| Affirmative | 4,416,009,117.039 | 97.130 |
| Withheld | 130,477,976.527 | 2.870 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Bettina Doulton | ||
| Affirmative | 4,424,274,282.548 | 97.312 |
| Withheld | 122,212,811.017 | 2.688 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Vicki L. Fuller | ||
| Affirmative | 4,429,249,259.957 | 97.421 |
| Withheld | 117,237,833.609 | 2.579 |
| TOTAL | 4,546,487,093.566 | 100.00 |
| Patricia L. Kampling | ||
| Affirmative | 4,406,048,180.368 | 96.911 |
| Withheld | 140,438,913.198 | 3.089 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Alan J. Lacy | ||
| Affirmative | 4,392,586,572.374 | 96.615 |
| Withheld | 153,900,521.192 | 3.385 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Ned C. Lautenbach | ||
| Affirmative | 4,347,069,615.094 | 95.614 |
| Withheld | 199,417,478.472 | 4.386 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Robert A. Lawrence | ||
| Affirmative | 4,404,777,106.740 | 96.883 |
| Withheld | 141,709,986.826 | 3.117 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Joseph Mauriello | ||
| Affirmative | 4,404,603,369.399 | 96.879 |
| Withheld | 141,883,724.167 | 3.121 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Cornelia M. Small | ||
| Affirmative | 4,408,319,197.270 | 96.961 |
| Withheld | 138,167,896.295 | 3.039 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Garnett A. Smith | ||
| Affirmative | 4,399,381,149.533 | 96.764 |
| Withheld | 147,105,944.033 | 3.236 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| David M. Thomas | ||
| Affirmative | 4,400,166,958.204 | 96.782 |
| Withheld | 146,320,135.361 | 3.218 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Susan Tomasky | ||
| Affirmative | 4,416,484,118.213 | 97.141 |
| Withheld | 130,002,975.353 | 2.859 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Michael E. Wiley | ||
| Affirmative | 4,398,113,731.182 | 96.737 |
| Withheld | 148,373,362.384 | 3.263 |
| TOTAL | 4,546,487,093.566 | 100.000 |
PROPOSAL 2
To convert a fundamental investment policy to a non-fundamental investment policy.
| # of Votes | % of Votes | |
| Affirmative | 142,674,245.091 | 49.253 |
| Against | 8,732,522.535 | 3.015 |
| Abstain | 13,037,737.092 | 4.501 |
| Broker Non-Vote | 125,229,036.630 | 43.231 |
| TOTAL | 289,673,541.348 | 100.000 |
| Proposal 1 reflects trust wide proposal and voting results. | ||
| Proposal 2 was not approved by shareholders. |
OS-ANN-1220
1.538536.123
Fidelity Advisor® International Capital Appreciation Fund
October 31, 2020
See the inside front cover for important information about access to your fund’s shareholder reports.
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
| 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
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2020 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
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, 2020 | Past 1 year | Past 5 years | Past 10 years |
| Class A (incl. 5.75% sales charge) | 6.47% | 8.51% | 8.21% |
| Class M (incl. 3.50% sales charge) | 8.73% | 8.74% | 8.19% |
| Class C (incl. contingent deferred sales charge) | 11.09% | 8.98% | 8.04% |
| Class I | 13.28% | 10.09% | 9.14% |
| Class Z | 13.45% | 10.20% | 9.20% |
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, 2010, 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 | ||
| $22,013 | Fidelity Advisor® International Capital Appreciation Fund - Class A | |
| $14,220 | MSCI ACWI (All Country World Index) ex USA Index | |
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index returned -2.46% for the 12 months ending October 31, 2020, in what was a bumpy ride for non-U.S. equities, marked by a steep but brief decline due to the early-2020 outbreak and spread of the coronavirus, followed by a sharp upturn. Declared a pandemic on March 11, the crisis and containment efforts caused broad contraction in economic activity, elevated volatility and dislocation in financial markets. A historically rapid and expansive monetary- and fiscal-policy response around the world provided a partial offset to the economic disruption. Other supporting factors included resilient corporate earnings and near-term potential for a COVID-19 vaccine breakthrough. This was evident in the index’s 12.28% gain in the final six months of the year. Currency fluctuation generally boosted foreign developed-markets equities for the year, while the reverse was true for emerging-markets stocks. Late in the period, the index was pressured by a second wave of COVID-19 cases in some regions, and stretched valuations and crowded positioning in big tech. For the full year, the U.K. (-22%), Asia Pacific ex Japan (-8%), Canada (-5%) and Europe ex U.K. (-4%) notably lagged. Emerging markets (+9%) and Japan (+1%) outperformed. By sector, energy (-38%), financials and real estate (-20% each) lagged, whereas information technology (+ 25%) and communication services (+15%) topped the index.Comments from Portfolio Manager Sammy Simnegar: For the fiscal year ending October 31, 2020, the fund's share classes (excluding sales charges, if applicable) gained about 12% to 13%, outperforming the -2.46% result of the benchmark MSCI All Country World ex USA (Net MA) Index. From a regional standpoint, security selection in Europe ex U.K. and emerging markets contributed most to the fund's relative result. By sector, the top contributor to performance versus the benchmark was stock picking in industrials. An overweighting in information technology and security selection in consumer discretionary also lifted performance. Our non-benchmark stake in MercadoLibre was the fund's biggest individual relative contributor, driven by a roughly 145% gain. Also bolstering performance was our outsized position in Wuliangye Yibin, which advanced about 69%. Wuliangye Yibin was not held at period end. Another notable relative contributor was our overweighting in Orsted (+90%), a position we established this period. In contrast, an underweighting in emerging markets and an overweighting Europe ex U.K., primarily driven by France, hurt the portfolio's relative result. In terms of sectors, the largest detractor from performance versus the benchmark was security selection in information technology. An overweighting in industrials also weighed on the fund's relative result. Further pressuring relative performance was an underweighting in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry. The fund's biggest individual relative detractor was our outsized stake in Capitec Bank Holdings, which returned -62%. This is a position that was sold the past year. Also hurting performance was our overweighting in MTU Aero Engines, which returned roughly -64% and was not held at period end. Also hampering performance was our outsized stake in Aristocrat Leisure, which returned about -59% and was sold prior to October 31. Notable changes in positioning include a higher allocation to United States and China. By sector, meaningful changes in positioning include a lower allocation to consumer staples and financials.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, 2020
| % of fund's net assets | |
| Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet & Direct Marketing Retail) | 3.5 |
| Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) | 2.9 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 2.5 |
| Nestle SA (Reg. S) (Switzerland, Food Products) | 2.3 |
| Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 2.1 |
| 13.3 |
Top Five Market Sectors as of October 31, 2020
| % of fund's net assets | |
| Information Technology | 21.3 |
| Consumer Discretionary | 17.6 |
| Industrials | 15.2 |
| Communication Services | 11.3 |
| Health Care | 7.8 |
Top Five Countries as of October 31, 2020
| (excluding cash equivalents) | % of fund's net assets |
| United States of America | 13.2 |
| Cayman Islands | 12.6 |
| Japan | 10.7 |
| France | 8.0 |
| Switzerland | 6.8 |
Asset Allocation (% of fund's net assets)
| As of October 31, 2020 | ||
| Stocks | 99.2% | |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8% | |
Schedule of Investments October 31, 2020
Showing Percentage of Net Assets
| Common Stocks - 99.2% | |||
| Shares | Value | ||
| Bailiwick of Jersey - 1.7% | |||
| Experian PLC | 1,352,606 | $49,551,231 | |
| Ferguson PLC | 476,800 | 47,356,240 | |
| TOTAL BAILIWICK OF JERSEY | 96,907,471 | ||
| Bermuda - 0.8% | |||
| IHS Markit Ltd. | 556,600 | 45,012,242 | |
| Canada - 4.5% | |||
| Canadian National Railway Co. | 599,940 | 59,597,732 | |
| Canadian Pacific Railway Ltd. | 180,600 | 53,969,890 | |
| Constellation Software, Inc. | 46,680 | 49,002,613 | |
| Thomson Reuters Corp. | 617,400 | 47,999,919 | |
| Waste Connection, Inc. (Canada) | 445,430 | 44,151,832 | |
| TOTAL CANADA | 254,721,986 | ||
| Cayman Islands - 12.6% | |||
| Alibaba Group Holding Ltd. sponsored ADR (a) | 652,760 | 198,889,447 | |
| JD.com, Inc. sponsored ADR (a) | 815,700 | 66,495,864 | |
| Meituan Class B (a) | 2,259,500 | 83,997,149 | |
| NetEase, Inc. ADR | 597,700 | 51,874,383 | |
| New Oriental Education & Technology Group, Inc. sponsored ADR (a) | 327,000 | 52,444,260 | |
| Sea Ltd. ADR (a) | 286,000 | 45,102,200 | |
| Shenzhou International Group Holdings Ltd. | 2,838,900 | 49,033,049 | |
| Tencent Holdings Ltd. | 2,193,600 | 167,603,443 | |
| TOTAL CAYMAN ISLANDS | 715,439,795 | ||
| China - 0.8% | |||
| Kweichow Moutai Co. Ltd. (A Shares) | 188,900 | 47,249,006 | |
| Denmark - 3.1% | |||
| DSV Panalpina A/S | 339,144 | 54,914,587 | |
| Novo Nordisk A/S Series B | 1,075,200 | 68,560,838 | |
| ORSTED A/S (b) | 328,800 | 52,185,169 | |
| TOTAL DENMARK | 175,660,594 | ||
| France - 8.0% | |||
| Air Liquide SA | 423,070 | 61,837,423 | |
| Dassault Systemes SA | 284,900 | 48,626,577 | |
| Hermes International SCA | 54,968 | 51,150,766 | |
| Kering SA | 85,882 | 51,861,651 | |
| L'Oreal SA | 192,520 | 62,219,677 | |
| LVMH Moet Hennessy Louis Vuitton SE | 171,671 | 80,470,380 | |
| SR Teleperformance SA | 157,200 | 47,180,484 | |
| Worldline SA (a)(b) | 644,700 | 47,784,085 | |
| TOTAL FRANCE | 451,131,043 | ||
| Germany - 6.0% | |||
| Delivery Hero AG (a)(b) | 432,300 | 49,733,576 | |
| Deutsche Borse AG | 288,434 | 42,444,080 | |
| Infineon Technologies AG | 1,882,300 | 52,405,460 | |
| Merck KGaA | 324,000 | 47,979,620 | |
| RWE AG | 1,367,300 | 50,623,221 | |
| Symrise AG | 350,600 | 43,221,338 | |
| Vonovia SE | 841,200 | 53,707,350 | |
| TOTAL GERMANY | 340,114,645 | ||
| Hong Kong - 2.2% | |||
| AIA Group Ltd. | 7,421,000 | 70,626,966 | |
| Techtronic Industries Co. Ltd. | 3,952,000 | 52,710,326 | |
| TOTAL HONG KONG | 123,337,292 | ||
| India - 1.8% | |||
| HDFC Bank Ltd. | 3,134,732 | 49,764,333 | |
| Reliance Industries Ltd. | 1,986,000 | 54,734,598 | |
| TOTAL INDIA | 104,498,931 | ||
| Indonesia - 0.9% | |||
| PT Bank Central Asia Tbk | 24,910,900 | 49,016,076 | |
| Ireland - 1.8% | |||
| Flutter Entertainment PLC (Ireland) | 315,100 | 54,882,040 | |
| Linde PLC | 202,500 | 44,618,850 | |
| TOTAL IRELAND | 99,500,890 | ||
| Italy - 1.1% | |||
| Enel SpA | 7,769,700 | 61,773,039 | |
| Japan - 10.7% | |||
| Daikin Industries Ltd. | 296,600 | 55,503,724 | |
| Hoya Corp. | 501,000 | 56,541,326 | |
| Keyence Corp. | 139,368 | 63,248,334 | |
| Nitori Holdings Co. Ltd. | 231,900 | 47,668,594 | |
| Olympus Corp. | 2,534,800 | 48,526,418 | |
| Recruit Holdings Co. Ltd. | 1,452,700 | 55,276,217 | |
| SMC Corp. | 92,500 | 49,201,274 | |
| Sony Corp. | 917,600 | 76,497,083 | |
| Tokyo Electron Ltd. | 210,800 | 56,581,012 | |
| Unicharm Corp. | 1,074,800 | 49,731,963 | |
| Z Holdings Corp. | 7,170,000 | 49,996,841 | |
| TOTAL JAPAN | 608,772,786 | ||
| Korea (South) - 4.8% | |||
| LG Chemical Ltd. | 95,091 | 51,737,581 | |
| NAVER Corp. | 201,860 | 51,536,797 | |
| Samsung Electronics Co. Ltd. | 2,301,120 | 115,413,470 | |
| Samsung SDI Co. Ltd. | 128,150 | 50,372,176 | |
| TOTAL KOREA (SOUTH) | 269,060,024 | ||
| Luxembourg - 0.8% | |||
| Spotify Technology SA (a) | 185,800 | 44,571,562 | |
| Netherlands - 4.9% | |||
| ASML Holding NV (Netherlands) | 237,300 | 85,855,877 | |
| Ferrari NV | 258,600 | 46,125,485 | |
| Takeaway.com Holding BV (a)(b) | 406,700 | 45,244,304 | |
| Wolters Kluwer NV | 589,939 | 47,806,501 | |
| Yandex NV Series A (a)(c) | 865,500 | 49,826,835 | |
| TOTAL NETHERLANDS | 274,859,002 | ||
| Portugal - 0.8% | |||
| Energias de Portugal SA | 9,411,375 | 46,386,774 | |
| Spain - 2.0% | |||
| Cellnex Telecom SA (b) | 817,642 | 52,488,943 | |
| Iberdrola SA | 5,189,279 | 61,192,399 | |
| TOTAL SPAIN | 113,681,342 | ||
| Sweden - 2.7% | |||
| Atlas Copco AB (A Shares) | 1,223,900 | 54,040,087 | |
| Hexagon AB (B Shares) | 712,683 | 52,091,277 | |
| Swedish Match Co. AB | 651,300 | 49,083,181 | |
| TOTAL SWEDEN | 155,214,545 | ||
| Switzerland - 6.8% | |||
| Alcon, Inc. (Switzerland) (a) | 814,490 | 46,278,346 | |
| Givaudan SA | 12,035 | 49,035,127 | |
| Lonza Group AG | 91,844 | 55,649,217 | |
| Nestle SA (Reg. S) | 1,169,040 | 131,491,204 | |
| Partners Group Holding AG | 52,800 | 47,597,448 | |
| Sika AG | 232,772 | 57,294,989 | |
| TOTAL SWITZERLAND | 387,346,331 | ||
| Taiwan - 2.5% | |||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9,342,000 | 141,314,251 | |
| United Kingdom - 4.7% | |||
| Ashtead Group PLC | 1,344,500 | 48,770,393 | |
| AstraZeneca PLC (United Kingdom) | 768,900 | 77,201,791 | |
| Atlassian Corp. PLC (a) | 239,400 | 45,873,828 | |
| Aveva Group PLC | 727,800 | 40,448,904 | |
| London Stock Exchange Group PLC | 475,600 | 51,268,692 | |
| TOTAL UNITED KINGDOM | 263,563,608 | ||
| United States of America - 13.2% | |||
| Adobe, Inc. (a) | 97,600 | 43,636,960 | |
| Alphabet, Inc. Class A (a) | 27,600 | 44,604,636 | |
| American Tower Corp. | 191,600 | 44,000,940 | |
| Autodesk, Inc. (a) | 185,100 | 43,598,454 | |
| Charter Communications, Inc. Class A (a) | 73,100 | 44,139,242 | |
| MasterCard, Inc. Class A | 150,950 | 43,570,208 | |
| MercadoLibre, Inc. (a) | 37,400 | 45,405,470 | |
| Microsoft Corp. | 211,200 | 42,761,664 | |
| Netflix, Inc. (a) | 89,500 | 42,578,730 | |
| NextEra Energy, Inc. | 601,248 | 44,017,366 | |
| NICE Systems Ltd. sponsored ADR (a)(c) | 226,800 | 51,769,368 | |
| NVIDIA Corp. | 82,000 | 41,111,520 | |
| Roper Technologies, Inc. | 121,100 | 44,969,274 | |
| S&P Global, Inc. | 129,300 | 41,728,989 | |
| SolarEdge Technologies, Inc. (a) | 158,300 | 40,792,327 | |
| Thermo Fisher Scientific, Inc. | 95,000 | 44,946,400 | |
| Visa, Inc. Class A | 247,240 | 44,925,980 | |
| TOTAL UNITED STATES OF AMERICA | 748,557,528 | ||
| TOTAL COMMON STOCKS | |||
| (Cost $4,642,108,612) | 5,617,690,763 | ||
| Money Market Funds - 2.6% | |||
| Fidelity Cash Central Fund 0.10% (d) | 130,983,425 | 131,009,621 | |
| Fidelity Securities Lending Cash Central Fund 0.11% (d)(e) | 17,710,770 | 17,712,541 | |
| TOTAL MONEY MARKET FUNDS | |||
| (Cost $148,722,162) | 148,722,162 | ||
| TOTAL INVESTMENT IN SECURITIES - 101.8% | |||
| (Cost $4,790,830,774) | 5,766,412,925 | ||
| NET OTHER ASSETS (LIABILITIES) - (1.8)% | (101,279,161) | ||
| NET ASSETS - 100% | $5,665,133,764 |
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 $247,436,077 or 4.4% of net assets.
(c) Security or a portion of the security is on loan at period end.
(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 |
| Fidelity Cash Central Fund | $404,206 |
| Fidelity Securities Lending Cash Central Fund | 130,634 |
| Total | $534,840 |
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, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: | ||||
| Description | Total | Level 1 | Level 2 | Level 3 |
| Investments in Securities: | ||||
| Equities: | ||||
| Communication Services | $644,323,612 | $375,186,531 | $269,137,081 | $-- |
| Consumer Discretionary | 999,899,118 | 795,263,061 | 204,636,057 | -- |
| Consumer Staples | 339,775,031 | 49,083,181 | 290,691,850 | -- |
| Energy | 54,734,598 | -- | 54,734,598 | -- |
| Financials | 352,446,584 | 131,770,517 | 220,676,067 | -- |
| Health Care | 445,683,956 | 139,204,366 | 306,479,590 | -- |
| Industrials | 858,011,953 | 601,123,267 | 256,888,686 | -- |
| Information Technology | 1,201,184,345 | 635,993,765 | 565,190,580 | -- |
| Materials | 307,745,308 | 256,007,727 | 51,737,581 | -- |
| Real Estate | 97,708,290 | 97,708,290 | -- | -- |
| Utilities | 316,177,968 | 254,404,929 | 61,773,039 | -- |
| Money Market Funds | 148,722,162 | 148,722,162 | -- | -- |
| Total Investments in Securities: | $5,766,412,925 | $3,484,467,796 | $2,281,945,129 | $-- |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| October 31, 2020 | ||
| Assets | ||
| Investment in securities, at value (including securities loaned of $17,005,258) — See accompanying schedule: Unaffiliated issuers (cost $4,642,108,612) | $5,617,690,763 | |
| Fidelity Central Funds (cost $148,722,162) | 148,722,162 | |
| Total Investment in Securities (cost $4,790,830,774) | $5,766,412,925 | |
| Foreign currency held at value (cost $1,392,999) | 1,392,997 | |
| Receivable for investments sold | 41,464,431 | |
| Receivable for fund shares sold | 16,674,304 | |
| Dividends receivable | 6,514,146 | |
| Distributions receivable from Fidelity Central Funds | 11,179 | |
| Prepaid expenses | 7,675 | |
| Other receivables | 970,610 | |
| Total assets | 5,833,448,267 | |
| Liabilities | ||
| Payable for investments purchased | $134,857,312 | |
| Payable for fund shares redeemed | 8,107,714 | |
| Accrued management fee | 3,725,669 | |
| Distribution and service plan fees payable | 257,827 | |
| Other affiliated payables | 812,462 | |
| Other payables and accrued expenses | 2,840,963 | |
| Collateral on securities loaned | 17,712,556 | |
| Total liabilities | 168,314,503 | |
| Net Assets | $5,665,133,764 | |
| Net Assets consist of: | ||
| Paid in capital | $4,756,951,061 | |
| Total accumulated earnings (loss) | 908,182,703 | |
| Net Assets | $5,665,133,764 | |
| Net Asset Value and Maximum Offering Price | ||
| Class A: | ||
| Net Asset Value and redemption price per share ($382,794,617 ÷ 15,855,445 shares)(a) | $24.14 | |
| Maximum offering price per share (100/94.25 of $24.14) | $25.61 | |
| Class M: | ||
| Net Asset Value and redemption price per share ($143,071,788 ÷ 6,090,858 shares)(a) | $23.49 | |
| Maximum offering price per share (100/96.50 of $23.49) | $24.34 | |
| Class C: | ||
| Net Asset Value and offering price per share ($125,630,097 ÷ 5,970,039 shares)(a) | $21.04 | |
| Class I: | ||
| Net Asset Value, offering price and redemption price per share ($3,883,308,730 ÷ 150,333,000 shares) | $25.83 | |
| Class Z: | ||
| Net Asset Value, offering price and redemption price per share ($1,130,328,532 ÷ 43,678,801 shares) | $25.88 |
(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, 2020 | ||
| Investment Income | ||
| Dividends | $56,395,425 | |
| Income from Fidelity Central Funds (including $130,634 from security lending) | 534,840 | |
| Income before foreign taxes withheld | 56,930,265 | |
| Less foreign taxes withheld | (5,734,957) | |
| Total income | 51,195,308 | |
| Expenses | ||
| Management fee | ||
| Basic fee | $28,212,335 | |
| Performance adjustment | 4,044,401 | |
| Transfer agent fees | 6,220,423 | |
| Distribution and service plan fees | 2,720,609 | |
| Accounting fees | 1,501,250 | |
| Custodian fees and expenses | 455,416 | |
| Independent trustees' fees and expenses | 21,495 | |
| Registration fees | 362,442 | |
| Audit | 89,375 | |
| Legal | 9,695 | |
| Interest | 558 | |
| Miscellaneous | 169,851 | |
| Total expenses before reductions | 43,807,850 | |
| Expense reductions | (1,624,749) | |
| Total expenses after reductions | 42,183,101 | |
| Net investment income (loss) | 9,012,207 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | (52,688,994) | |
| Fidelity Central Funds | (4,121) | |
| Foreign currency transactions | (1,176,390) | |
| Total net realized gain (loss) | (53,869,505) | |
| Change in net unrealized appreciation (depreciation) on: | ||
| Investment securities: | ||
| Unaffiliated issuers (net of increase in deferred foreign taxes of $2,050,647) | 579,399,768 | |
| Assets and liabilities in foreign currencies | 214,766 | |
| Total change in net unrealized appreciation (depreciation) | 579,614,534 | |
| Net gain (loss) | 525,745,029 | |
| Net increase (decrease) in net assets resulting from operations | $534,757,236 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Year ended October 31, 2020 | Year ended October 31, 2019 | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $9,012,207 | $16,582,037 |
| Net realized gain (loss) | (53,869,505) | 23,446,536 |
| Change in net unrealized appreciation (depreciation) | 579,614,534 | 376,589,380 |
| Net increase (decrease) in net assets resulting from operations | 534,757,236 | 416,617,953 |
| Distributions to shareholders | (16,322,919) | (7,117,696) |
| Share transactions - net increase (decrease) | 2,204,850,214 | 877,461,117 |
| Total increase (decrease) in net assets | 2,723,284,531 | 1,286,961,374 |
| Net Assets | ||
| Beginning of period | 2,941,849,233 | 1,654,887,859 |
| End of period | $5,665,133,764 | $2,941,849,233 |
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, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $21.45 | $17.63 | $19.14 | $15.26 | $15.25 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | –B | .11C | .07 | .04 | .05 |
| Net realized and unrealized gain (loss) | 2.77 | 3.75 | (1.57) | 3.86 | (.03) |
| Total from investment operations | 2.77 | 3.86 | (1.50) | 3.90 | .02 |
| Distributions from net investment income | (.08) | (.04) | (.01) | (.02) | (.01) |
| Total distributions | (.08) | (.04) | (.01) | (.02) | (.01) |
| Redemption fees added to paid in capitalA | – | – | – | –B | –B |
| Net asset value, end of period | $24.14 | $21.45 | $17.63 | $19.14 | $15.26 |
| Total ReturnD,E | 12.97% | 21.93% | (7.85)% | 25.56% | .12% |
| Ratios to Average Net AssetsF,G | |||||
| Expenses before reductions | 1.28% | 1.27% | 1.29% | 1.38% | 1.50% |
| Expenses net of fee waivers, if any | 1.28% | 1.27% | 1.29% | 1.37% | 1.45% |
| Expenses net of all reductions | 1.24% | 1.25% | 1.23% | 1.35% | 1.43% |
| Net investment income (loss) | (.01)% | .57%C | .35% | .21% | .34% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $382,795 | $278,326 | $190,278 | $173,948 | $127,536 |
| Portfolio turnover rateH | 121% | 133% | 151% | 155% | 167% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .15%.
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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor International Capital Appreciation Fund Class M
| Years ended October 31, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $20.89 | $17.17 | $18.68 | $14.92 | $14.94 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | (.06) | .06B | .02 | (.01) | .01 |
| Net realized and unrealized gain (loss) | 2.70 | 3.66 | (1.53) | 3.77 | (.03) |
| Total from investment operations | 2.64 | 3.72 | (1.51) | 3.76 | (.02) |
| Distributions from net investment income | (.04) | – | – | – | – |
| Total distributions | (.04) | – | – | – | – |
| Redemption fees added to paid in capitalA | – | – | – | –C | –C |
| Net asset value, end of period | $23.49 | $20.89 | $17.17 | $18.68 | $14.92 |
| Total ReturnD,E | 12.67% | 21.67% | (8.08)% | 25.20% | (.13)% |
| Ratios to Average Net AssetsF,G | |||||
| Expenses before reductions | 1.53% | 1.53% | 1.55% | 1.63% | 1.76% |
| Expenses net of fee waivers, if any | 1.53% | 1.53% | 1.55% | 1.63% | 1.70% |
| Expenses net of all reductions | 1.49% | 1.51% | 1.49% | 1.61% | 1.68% |
| Net investment income (loss) | (.26)% | .31%B | .10% | (.04)% | .09% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $143,072 | $127,176 | $87,750 | $86,547 | $62,866 |
| Portfolio turnover rateH | 121% | 133% | 151% | 155% | 167% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend which amounted to $.08 per share. Excluding such non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.11)%.
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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor International Capital Appreciation Fund Class C
| Years ended October 31, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $18.77 | $15.51 | $16.95 | $13.61 | $13.69 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | (.15) | (.03)B | (.07) | (.08) | (.06) |
| Net realized and unrealized gain (loss) | 2.42 | 3.29 | (1.37) | 3.42 | (.02) |
| Total from investment operations | 2.27 | 3.26 | (1.44) | 3.34 | (.08) |
| Redemption fees added to paid in capitalA | – | – | – | –C | –C |
| Net asset value, end of period | $21.04 | $18.77 | $15.51 | $16.95 | $13.61 |
| Total ReturnD,E | 12.09% | 21.02% | (8.50)% | 24.54% | (.58)% |
| Ratios to Average Net AssetsF,G | |||||
| Expenses before reductions | 2.02% | 2.02% | 2.04% | 2.13% | 2.27% |
| Expenses net of fee waivers, if any | 2.02% | 2.01% | 2.04% | 2.12% | 2.20% |
| Expenses net of all reductions | 1.99% | 2.00% | 1.99% | 2.10% | 2.18% |
| Net investment income (loss) | (.75)% | (.17)%B | (.40)% | (.54)% | (.41)% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $125,630 | $112,150 | $107,858 | $85,022 | $42,146 |
| Portfolio turnover rateH | 121% | 133% | 151% | 155% | 167% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend which amounted to $.07 per share. Excluding such 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.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor International Capital Appreciation Fund Class I
| Years ended October 31, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $22.93 | $18.85 | $20.44 | $16.30 | $16.28 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | .06 | .18B | .13 | .09 | .10 |
| Net realized and unrealized gain (loss) | 2.97 | 4.00 | (1.68) | 4.11 | (.04) |
| Total from investment operations | 3.03 | 4.18 | (1.55) | 4.20 | .06 |
| Distributions from net investment income | (.13) | (.10) | (.04) | (.06) | (.04) |
| Total distributions | (.13) | (.10) | (.04) | (.06) | (.04) |
| Redemption fees added to paid in capitalA | – | – | – | –C | –C |
| Net asset value, end of period | $25.83 | $22.93 | $18.85 | $20.44 | $16.30 |
| Total ReturnD | 13.28% | 22.29% | (7.58)% | 25.87% | .36% |
| Ratios to Average Net AssetsE,F | |||||
| Expenses before reductions | 1.01% | .99% | 1.02% | 1.09% | 1.21% |
| Expenses net of fee waivers, if any | 1.01% | .99% | 1.02% | 1.08% | 1.20% |
| Expenses net of all reductions | .97% | .98% | .96% | 1.06% | 1.18% |
| Net investment income (loss) | .26% | .85%B | .63% | .50% | .59% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $3,883,309 | $2,020,956 | $1,115,089 | $652,774 | $169,594 |
| Portfolio turnover rateG | 121% | 133% | 151% | 155% | 167% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend which amounted to $.09 per share. Excluding such 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.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor International Capital Appreciation Fund Class Z
| Years ended October 31, | 2020 | 2019 | 2018 | 2017 A |
| Selected Per–Share Data | ||||
| Net asset value, beginning of period | $22.96 | $18.88 | $20.46 | $16.22 |
| Income from Investment Operations | ||||
| Net investment income (loss)B | .09 | .21C | .16 | .06 |
| Net realized and unrealized gain (loss) | 2.98 | 3.99 | (1.68) | 4.18 |
| Total from investment operations | 3.07 | 4.20 | (1.52) | 4.24 |
| Distributions from net investment income | (.15) | (.12) | (.06) | – |
| Total distributions | (.15) | (.12) | (.06) | – |
| Redemption fees added to paid in capitalB | – | – | – | –D |
| Net asset value, end of period | $25.88 | $22.96 | $18.88 | $20.46 |
| Total ReturnE,F | 13.45% | 22.41% | (7.46)% | 26.14% |
| Ratios to Average Net AssetsG,H | ||||
| Expenses before reductions | .88% | .87% | .89% | .96%I |
| Expenses net of fee waivers, if any | .88% | .87% | .89% | .96%I |
| Expenses net of all reductions | .84% | .85% | .83% | .94%I |
| Net investment income (loss) | .39% | .97%C | .76% | .42%I |
| Supplemental Data | ||||
| Net assets, end of period (000 omitted) | $1,130,329 | $403,241 | $153,913 | $59,734 |
| Portfolio turnover rateJ | 121% | 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 one or more large, non-recurring dividend which amounted to $.09 per share. Excluding such 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.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Annualized
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2020
1. Organization.
Fidelity Advisor International Capital Appreciation Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of 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.
Effective January 1, 2020:
Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".
Broker-dealer Fidelity Distributors Corporation merged with and into Fidelity Investments Institutional Services Company, Inc. ("FIISC"). FIISC was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Distributors Company LLC".
Fidelity Investments Institutional Operations Company, Inc. converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".
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 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 – Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The 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.
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, 2020 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. 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.
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, 2020, 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.
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, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $1,036,267,069 |
| Gross unrealized depreciation | (76,648,532) |
| Net unrealized appreciation (depreciation) | $959,618,537 |
| Tax Cost | $4,806,794,388 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $7,565,862 |
| Capital loss carryforward | $(56,451,560) |
| Net unrealized appreciation (depreciation) on securities and other investments | $959,707,127 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. 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 | $(56,451,560) |
The tax character of distributions paid was as follows:
| October 31, 2020 | October 31, 2019 | |
| Ordinary Income | $16,322,919 | $ 7,117,696 |
Restricted Securities (including Private Placements). 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. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
| Purchases ($) | Sales ($) | |
| Fidelity Advisor International Capital Appreciation Fund | 7,175,961,545 | 4,926,985,599 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20 % of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the investment performance of 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 .78% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
| Class A | -% | .25% | $833,584 | $72,836 |
| Class M | .25% | .25% | 673,842 | 2,891 |
| Class C | .75% | .25% | 1,213,183 | 286,470 |
| $2,720,609 | $362,197 |
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 | $228,300 |
| Class M | 19,016 |
| Class C(a) | 21,459 |
| $268,775 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Effective February 1, 2020, the Board approved to change the fee for Class Z from .046% to .044%.
For the period, transfer agent fees for each class were as follows:
| Amount | % of Class-Level Average Net Assets | |
| Class A | $634,992 | .19 |
| Class M | 258,775 | .19 |
| Class C | 224,506 | .19 |
| Class I | 4,792,669 | .17 |
| Class Z | 309,481 | .04 |
| $6,220,423 |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| % of Average Net Assets | |
| Fidelity Advisor International Capital Appreciation Fund | .04 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount | |
| Fidelity Advisor International Capital Appreciation Fund | $28,736 |
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 LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
| Fidelity Advisor International Capital Appreciation Fund | Borrower | $17,868,333 | .37% | $558 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:
| Amount | |
| Fidelity Advisor International Capital Appreciation Fund | $9,038 |
During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Income Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
| Fidelity Advisor International Capital Appreciation Fund | $1,097 | $– | $– |
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 $1,591,069 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 $1,843.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $12,967.
In addition, during the period the investment adviser or an affiliate reimbursed the Fund $18,870 for an operational error which is included in the accompanying Statement of Operations.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Year ended October 31, 2020 | Year ended October 31, 2019 | |
| Distributions to shareholders | ||
| Class A | $1,134,328 | $402,278 |
| Class M | 266,828 | – |
| Class I | 12,038,964 | 5,699,242 |
| Class Z | 2,882,799 | 1,016,176 |
| Total | $16,322,919 | $7,117,696 |
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, 2020 | Year ended October 31, 2019 | Year ended October 31, 2020 | Year ended October 31, 2019 | |
| Class A | ||||
| Shares sold | 8,078,842 | 5,533,808 | $180,270,017 | $110,458,286 |
| Reinvestment of distributions | 49,995 | 22,478 | 1,099,382 | 392,018 |
| Shares redeemed | (5,247,418) | (3,374,729) | (116,402,682) | (64,580,390) |
| Net increase (decrease) | 2,881,419 | 2,181,557 | $64,966,717 | $46,269,914 |
| Class M | ||||
| Shares sold | 1,596,388 | 1,952,405 | $34,285,102 | $38,636,480 |
| Reinvestment of distributions | 12,373 | – | 265,276 | – |
| Shares redeemed | (1,606,705) | (973,543) | (33,691,271) | (18,369,399) |
| Net increase (decrease) | 2,056 | 978,862 | $859,107 | $20,267,081 |
| Class C | ||||
| Shares sold | 1,790,514 | 1,621,399 | $35,004,549 | $27,727,620 |
| Shares redeemed | (1,796,494) | (2,601,635) | (34,399,127) | (44,012,034) |
| Net increase (decrease) | (5,980) | (980,236) | $605,422 | $(16,284,414) |
| Class I | ||||
| Shares sold | 101,769,805 | 56,664,995 | $2,404,469,112 | $1,190,102,614 |
| Reinvestment of distributions | 424,968 | 250,184 | 9,973,988 | 4,653,416 |
| Shares redeemed | (39,995,044) | (27,933,337) | (909,703,489) | (567,157,476) |
| Net increase (decrease) | 62,199,729 | 28,981,842 | $1,504,739,611 | $627,598,554 |
| Class Z | ||||
| Shares sold | 34,619,740 | 12,961,355 | $830,772,225 | $273,077,124 |
| Reinvestment of distributions | 97,435 | 38,432 | 2,287,763 | 715,226 |
| Shares redeemed | (8,598,668) | (3,591,416) | (199,380,631) | (74,182,368) |
| Net increase (decrease) | 26,118,507 | 9,408,371 | $633,679,357 | $199,609,982 |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
12. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of 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, 2020, 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, 2020, 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, 2020, 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.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 11, 2020
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
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 305 funds. Mr. Chiel oversees 176.
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 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. Robert A. Lawrence is an interested person and currently serves as Acting 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 and David M. Thomas serve as Co-Lead Independent Trustees and as such each (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.
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* 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 served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (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 Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as 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 currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York, a member of the Board of NYC Leadership Academy (2012-present) and a member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), 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). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Alan J. Lacy (1953)
Year of Election or Appointment: 2008
Trustee
Mr. Lacy also serves as Trustee of other Fidelity® funds. Previously, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity), Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail), Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005), Chairman (2014-2017) and a member of the Board (2010-2017) of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes) and a member of the Board of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-2020). Mr. Lacy currently serves as a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a member of the Board of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present).
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2000
Trustee
Co-Lead Independent Trustee
Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has in the past 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 at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010); as well as Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach had a 30-year career with IBM (technology company), during which time he served as Senior Vice President and as 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 Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board 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. Previously, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments and a member of Scudder, Stevens & Clark and Scudder Kemper Investments. Ms. Small previously served as a member of the Board (2009-2019) and Chair of the Investment Committee (2010-2019) of the Teagle Foundation and a member of the Investment Committee of the Berkshire Taconic Community Foundation (2008-2019).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Co-Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. 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). Mr. Thomas currently serves as Non-Executive Chairman of the Board of Fortune Brands Home and Security (home and security products, 2011-present), and a member of the Board (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ 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.
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
Lloyd James Austin, III (1953)
Year of Election or Appointment: 2020
Member of the Advisory Board
General Austin also serves as a Member of the Advisory Board of other Fidelity® funds. Prior to his retirement, General Austin (United States Army, Retired) held a variety of positions within the U.S. Government, including Commander, U.S. Central Command (2013-2016), Vice Chief of Staff, U.S. Army (2012-2013) and Commanding General, U.S. Forces – Iraq, Operation New Dawn (2010-2012). General Austin currently serves as a Partner of Pine Island Capital Partners (private equity, 2020-present) and as President of the Austin Strategy Group LLC (consulting, 2016-present). General Austin serves as a member of the Board of Directors of Nucor Corporation (steel products, 2017-present), as a member of the Board of Directors of Tenet Healthcare Corporation (2018-present) and as a member of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). In addition, General Austin currently serves as a member of the Board of Trustees of the Carnegie Corporation of New York (2017-present) and as a member of the Board of Trustees of Auburn University (2017-present). Previously, General Austin served as a member of the Board of Directors of United Technologies Corporation (aerospace, defense and building, 2016-2020).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2020
Member of the Advisory Board
Mr. Kennedy also serves as a Member of the Advisory Board of other Fidelity® funds. Previously, Mr. Kennedy held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (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 as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
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 certain funds (2017-2019), 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 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 Executive Vice President of Fidelity SelectCo, LLC (2019), 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).
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). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). 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: 2020
Assistant 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 Deputy Treasurer of certain Fidelity® funds (2016-2020) and 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 Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and 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 an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 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 CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was 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: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); 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).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
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 (2013-2019) 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 LLP (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, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2020 to October 31, 2020).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized Expense Ratio-A | Beginning Account Value May 1, 2020 | Ending Account Value October 31, 2020 | Expenses Paid During Period-B May 1, 2020 to October 31, 2020 | |
| Fidelity Advisor International Capital Appreciation Fund | ||||
| Class A | 1.26% | |||
| Actual | $1,000.00 | $1,203.40 | $6.98 | |
| Hypothetical-C | $1,000.00 | $1,018.80 | $6.39 | |
| Class M | 1.51% | |||
| Actual | $1,000.00 | $1,202.10 | $8.36 | |
| Hypothetical-C | $1,000.00 | $1,017.55 | $7.66 | |
| Class C | 2.00% | |||
| Actual | $1,000.00 | $1,198.90 | $11.05 | |
| Hypothetical-C | $1,000.00 | $1,015.08 | $10.13 | |
| Class I | .99% | |||
| Actual | $1,000.00 | $1,205.30 | $5.49 | |
| Hypothetical-C | $1,000.00 | $1,020.16 | $5.03 | |
| Class Z | .87% | |||
| Actual | $1,000.00 | $1,206.00 | $4.82 | |
| Hypothetical-C | $1,000.00 | $1,020.76 | $4.42 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
Class A designates 17%, Class I designates 12%, Class M designates 28% and Class Z designates 10% of the dividends distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.
Class A, Class I, Class M 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 | 12/09/2019 | $0.1050 | $0.0210 |
| Class M | 12/09/2019 | $0.0640 | $0.0210 |
| Class C | 12/09/2019 | $0.0000 | $0.0000 |
| Class I | 12/09/2019 | $0.1520 | $0.0210 |
| Class Z | 12/09/2019 | $0.1730 | $0.0210 |
The fund will notify shareholders in January 2021 of amounts for use in preparing 2020 income tax returns.
Proxy Voting Results
A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1
To elect a Board of Trustees.
| # of Votes | % of Votes | |
| Dennis J. Dirks | ||
| Affirmative | 4,410,379,169.762 | 97.006 |
| Withheld | 136,107,923.804 | 2.994 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Donald F. Donahue | ||
| Affirmative | 4,416,009,117.039 | 97.130 |
| Withheld | 130,477,976.527 | 2.870 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Bettina Doulton | ||
| Affirmative | 4,424,274,282.548 | 97.312 |
| Withheld | 122,212,811.017 | 2.688 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Vicki L. Fuller | ||
| Affirmative | 4,429,249,259.957 | 97.421 |
| Withheld | 117,237,833.609 | 2.579 |
| TOTAL | 4,546,487,093.566 | 100.00 |
| Patricia L. Kampling | ||
| Affirmative | 4,406,048,180.368 | 96.911 |
| Withheld | 140,438,913.198 | 3.089 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Alan J. Lacy | ||
| Affirmative | 4,392,586,572.374 | 96.615 |
| Withheld | 153,900,521.192 | 3.385 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Ned C. Lautenbach | ||
| Affirmative | 4,347,069,615.094 | 95.614 |
| Withheld | 199,417,478.472 | 4.386 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Robert A. Lawrence | ||
| Affirmative | 4,404,777,106.740 | 96.883 |
| Withheld | 141,709,986.826 | 3.117 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Joseph Mauriello | ||
| Affirmative | 4,404,603,369.399 | 96.879 |
| Withheld | 141,883,724.167 | 3.121 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Cornelia M. Small | ||
| Affirmative | 4,408,319,197.270 | 96.961 |
| Withheld | 138,167,896.295 | 3.039 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Garnett A. Smith | ||
| Affirmative | 4,399,381,149.533 | 96.764 |
| Withheld | 147,105,944.033 | 3.236 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| David M. Thomas | ||
| Affirmative | 4,400,166,958.204 | 96.782 |
| Withheld | 146,320,135.361 | 3.218 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Susan Tomasky | ||
| Affirmative | 4,416,484,118.213 | 97.141 |
| Withheld | 130,002,975.353 | 2.859 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Michael E. Wiley | ||
| Affirmative | 4,398,113,731.182 | 96.737 |
| Withheld | 148,373,362.384 | 3.263 |
| TOTAL | 4,546,487,093.566 | 100.000 |
PROPOSAL 2
To convert a fundamental investment policy to a non-fundamental investment policy.
| # of Votes | % of Votes | |
| Affirmative | 562,513,175.144 | 20.685 |
| Against | 802,293,829.087 | 29.502 |
| Abstain | 75,569,301.464 | 2.779 |
| Broker Non-Vote | 1,279,112,308.980 | 47.035 |
| TOTAL | 2,719,488,614.674 | 100.000 |
| Proposal 1 reflects trust wide proposal and voting results. | ||
| Proposal 2 was not approved by shareholders. |
AICAP-ANN-1220
1.711985.122
Fidelity Advisor® Diversified International Fund
October 31, 2020
See the inside front cover for important information about access to your fund’s shareholder reports.
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
| 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
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2020 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
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, 2020 | Past 1 year | Past 5 years | Past 10 years |
| Class A (incl. 5.75% sales charge) | 3.03% | 5.14% | 5.94% |
| Class M (incl. 3.50% sales charge) | 5.22% | 5.36% | 5.92% |
| Class C (incl. contingent deferred sales charge) | 7.44% | 5.58% | 5.77% |
| Class I | 9.63% | 6.68% | 6.87% |
| Class Z | 9.78% | 6.84% | 6.99% |
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, 2010, 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 | ||
| $17,804 | Fidelity Advisor® Diversified International Fund - Class A | |
| $14,800 | MSCI EAFE Index | |
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index returned -2.46% for the 12 months ending October 31, 2020, in what was a bumpy ride for non-U.S. equities, marked by a steep but brief decline due to the early-2020 outbreak and spread of the coronavirus, followed by a sharp upturn. Declared a pandemic on March 11, the crisis and containment efforts caused broad contraction in economic activity, elevated volatility and dislocation in financial markets. A historically rapid and expansive monetary- and fiscal-policy response around the world provided a partial offset to the economic disruption. Other supporting factors included resilient corporate earnings and near-term potential for a COVID-19 vaccine breakthrough. This was evident in the index’s 12.28% gain in the final six months of the year. Currency fluctuation generally boosted foreign developed-markets equities for the year, while the reverse was true for emerging-markets stocks. Late in the period, the index was pressured by a second wave of COVID-19 cases in some regions, and stretched valuations and crowded positioning in big tech. For the full year, the U.K. (-22%), Asia Pacific ex Japan (-8%), Canada (-5%) and Europe ex U.K. (-4%) notably lagged. Emerging markets (+9%) and Japan (+1%) outperformed. By sector, energy (-38%), financials and real estate (-20% each) lagged, whereas information technology (+ 25%) and communication services (+15%) topped the index.Comments from Portfolio Manager Bill Bower: For the fiscal year ending October 31, 2020, the fund's share classes (excluding sales charges, if applicable) gained roughly 8% to 10%, outperforming the -6.69% result of the benchmark MSCI EAFE Index (Net MA). From a regional standpoint, stock picks in Europe ex U.K. and an overweighting and security selection in emerging markets, specifically China, contributed most to the fund's relative result. Versus the benchmark, security selection was the primary contributor, especially within the industrials sector. Strong picks in the communication services sector, especially within the media & entertainment industry, also boosted the fund's relative result. Also bolstering the fund's relative result was stock selection in consumer discretionary. Not owning Royal Dutch Shell, a benchmark component that returned -55%, was the top individual relative contributor versus the benchmark. Another key contributor was our out-of-benchmark position in Tencent Holdings (+87%). Another top relative contributor was an out-of-benchmark stake in Alibaba Group Holding (+72%). Conversely, an underweighting in Japan hurt the fund's relative result. By sector, the primary detractor from performance versus the benchmark was an underweighting in utilities. An underweighting in the consumer staples sector, especially within the household & personal products industry, also hindered the fund's relative performance. Also hampering the fund's relative performance was an underweighting in consumer staples and materials. The biggest individual relative detractor was an underweight position in Nestle (+8%), which was still the fund's largest holding at period end. Also hampering performance was our lighter-than-benchmark stake in SoftBank Group, which gained 69%. SoftBank was not held at period end. Another key detractor was our out-of-benchmark position in Axis Bank, a position not held at period end. Notable changes in positioning include increased exposure to Switzerland and a lower allocation to Netherlands. By sector, meaningful changes in positioning include increased exposure to communication services and a lower allocation to financials.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, 2020
| % of fund's net assets | |
| Nestle SA (Reg. S) (Switzerland, Food Products) | 2.8 |
| Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.5 |
| ASML Holding NV (Netherlands, Semiconductors & Semiconductor Equipment) | 2.5 |
| Hoya Corp. (Japan, Health Care Equipment & Supplies) | 1.9 |
| Keyence Corp. (Japan, Electronic Equipment & Components) | 1.8 |
| 11.5 |
Top Five Market Sectors as of October 31, 2020
| % of fund's net assets | |
| Information Technology | 16.8 |
| Industrials | 15.6 |
| Health Care | 14.5 |
| Financials | 12.1 |
| Consumer Discretionary | 11.5 |
Top Five Countries as of October 31, 2020
| (excluding cash equivalents) | % of fund's net assets |
| Japan | 19.5 |
| Germany | 8.8 |
| Switzerland | 8.8 |
| United Kingdom | 7.6 |
| France | 7.2 |
Asset Allocation (% of fund's net assets)
| As of October 31, 2020 | ||
| Stocks | 96.3% | |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.7% | |
Schedule of Investments October 31, 2020
Showing Percentage of Net Assets
| Common Stocks - 96.1% | |||
| Shares | Value (000s) | ||
| Australia - 0.8% | |||
| Aristocrat Leisure Ltd. | 205,425 | $4,137 | |
| CSL Ltd. | 43,133 | 8,733 | |
| TOTAL AUSTRALIA | 12,870 | ||
| Bailiwick of Jersey - 1.2% | |||
| Experian PLC | 299,500 | 10,972 | |
| Ferguson PLC | 86,646 | 8,606 | |
| TOTAL BAILIWICK OF JERSEY | 19,578 | ||
| Belgium - 1.0% | |||
| KBC Groep NV | 181,280 | 8,937 | |
| UCB SA | 66,100 | 6,520 | |
| TOTAL BELGIUM | 15,457 | ||
| Bermuda - 1.5% | |||
| Credicorp Ltd. (United States) | 30,205 | 3,464 | |
| Hiscox Ltd. (a) | 366,273 | 3,912 | |
| IHS Markit Ltd. | 116,088 | 9,388 | |
| Marvell Technology Group Ltd. | 217,000 | 8,140 | |
| TOTAL BERMUDA | 24,904 | ||
| Canada - 2.2% | |||
| Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 340,900 | 10,498 | |
| Constellation Software, Inc. | 7,500 | 7,873 | |
| Fairfax India Holdings Corp. (a)(b) | 247,900 | 1,896 | |
| Franco-Nevada Corp. | 53,800 | 7,333 | |
| Wheaton Precious Metals Corp. | 180,100 | 8,265 | |
| TOTAL CANADA | 35,865 | ||
| Cayman Islands - 4.7% | |||
| Alibaba Group Holding Ltd. sponsored ADR (a) | 76,400 | 23,278 | |
| Anta Sports Products Ltd. | 540,000 | 5,942 | |
| JD.com, Inc. Class A | 108,800 | 4,438 | |
| KE Holdings, Inc. ADR (a) | 72,100 | 5,029 | |
| Li Ning Co. Ltd. | 337,500 | 1,741 | |
| New Oriental Education & Technology Group, Inc. sponsored ADR (a) | 42,800 | 6,864 | |
| Tencent Holdings Ltd. | 313,900 | 23,984 | |
| Zai Lab Ltd. ADR (a) | 47,054 | 3,861 | |
| TOTAL CAYMAN ISLANDS | 75,137 | ||
| China - 0.7% | |||
| Kweichow Moutai Co. Ltd. (A Shares) | 48,076 | 12,025 | |
| Denmark - 2.7% | |||
| DSV Panalpina A/S | 112,600 | 18,232 | |
| GN Store Nord A/S | 44,100 | 3,172 | |
| ORSTED A/S (b) | 104,100 | 16,522 | |
| Vestas Wind Systems A/S | 28,100 | 4,821 | |
| TOTAL DENMARK | 42,747 | ||
| France - 7.2% | |||
| Amundi SA (b) | 112,658 | 7,387 | |
| Capgemini SA | 93,000 | 10,738 | |
| Dassault Systemes SA | 32,200 | 5,496 | |
| Legrand SA | 123,300 | 9,116 | |
| LVMH Moet Hennessy Louis Vuitton SE | 50,743 | 23,786 | |
| Pernod Ricard SA | 67,700 | 10,912 | |
| Sanofi SA | 245,555 | 22,172 | |
| Sartorius Stedim Biotech | 10,000 | 3,792 | |
| SR Teleperformance SA | 54,800 | 16,447 | |
| Worldline SA (a)(b) | 87,000 | 6,448 | |
| TOTAL FRANCE | 116,294 | ||
| Germany - 8.8% | |||
| adidas AG | 58,809 | 17,465 | |
| Allianz SE | 74,100 | 13,037 | |
| Deutsche Borse AG | 75,000 | 11,037 | |
| Deutsche Post AG | 329,326 | 14,590 | |
| Hannover Reuck SE | 59,200 | 8,598 | |
| Linde PLC | 81,938 | 17,960 | |
| RWE AG | 260,500 | 9,645 | |
| SAP SE | 250,073 | 26,679 | |
| Symrise AG | 87,600 | 10,799 | |
| Vonovia SE | 192,200 | 12,271 | |
| TOTAL GERMANY | 142,081 | ||
| Hong Kong - 2.1% | |||
| AIA Group Ltd. | 2,730,200 | 25,984 | |
| Techtronic Industries Co. Ltd. | 536,500 | 7,156 | |
| TOTAL HONG KONG | 33,140 | ||
| India - 3.6% | |||
| HDFC Bank Ltd. | 742,642 | 11,790 | |
| Housing Development Finance Corp. Ltd. | 328,987 | 8,484 | |
| Kotak Mahindra Bank Ltd. (a) | 461,340 | 9,570 | |
| Reliance Industries Ltd. | 950,508 | 26,196 | |
| Reliance Industries Ltd. | 63,367 | 1,004 | |
| TOTAL INDIA | 57,044 | ||
| Indonesia - 0.7% | |||
| PT Bank Central Asia Tbk | 3,528,800 | 6,943 | |
| PT Bank Rakyat Indonesia Tbk | 20,037,400 | 4,536 | |
| TOTAL INDONESIA | 11,479 | ||
| Ireland - 1.9% | |||
| Aon PLC | 42,500 | 7,820 | |
| DCC PLC (United Kingdom) | 10,788 | 702 | |
| Kerry Group PLC Class A | 57,300 | 6,854 | |
| Kingspan Group PLC (Ireland) | 98,981 | 8,629 | |
| Ryanair Holdings PLC (a) | 57,100 | 787 | |
| Ryanair Holdings PLC sponsored ADR (a) | 77,436 | 6,241 | |
| TOTAL IRELAND | 31,033 | ||
| Italy - 1.6% | |||
| Enel SpA | 1,129,400 | 8,979 | |
| FinecoBank SpA | 388,200 | 5,312 | |
| GVS SpA (b) | 130,400 | 1,838 | |
| Recordati SpA | 147,200 | 7,627 | |
| Reply SpA | 21,500 | 2,311 | |
| TOTAL ITALY | 26,067 | ||
| Japan - 19.5% | |||
| Astellas Pharma, Inc. | 207,200 | 2,841 | |
| Bandai Namco Holdings, Inc. | 105,400 | 7,877 | |
| Daikin Industries Ltd. | 86,100 | 16,112 | |
| Fast Retailing Co. Ltd. | 8,200 | 5,720 | |
| Hoya Corp. | 270,900 | 30,573 | |
| Iriso Electronics Co. Ltd. | 26,351 | 1,003 | |
| Itochu Corp. | 532,300 | 12,785 | |
| Kao Corp. | 171,500 | 12,211 | |
| Keyence Corp. | 63,800 | 28,954 | |
| KH Neochem Co. Ltd. | 86,000 | 2,012 | |
| Minebea Mitsumi, Inc. | 829,500 | 14,982 | |
| Misumi Group, Inc. | 178,800 | 5,310 | |
| Murata Manufacturing Co. Ltd. | 89,500 | 6,277 | |
| Nabtesco Corp. | 77,400 | 2,892 | |
| Nexon Co. Ltd. | 95,500 | 2,662 | |
| Nintendo Co. Ltd. | 8,800 | 4,758 | |
| Nitori Holdings Co. Ltd. | 67,403 | 13,855 | |
| NOF Corp. | 44,900 | 1,687 | |
| Oracle Corp. Japan | 32,900 | 3,288 | |
| ORIX Corp. | 497,000 | 5,813 | |
| PALTAC Corp. | 24,500 | 1,370 | |
| Park24 Co. Ltd. | 19,500 | 263 | |
| Persol Holdings Co., Ltd. | 344,400 | 5,216 | |
| Recruit Holdings Co. Ltd. | 301,500 | 11,472 | |
| Relo Group, Inc. | 71,100 | 1,706 | |
| Shin-Etsu Chemical Co. Ltd. | 125,900 | 16,816 | |
| Shiseido Co. Ltd. | 52,200 | 3,232 | |
| SMC Corp. | 30,400 | 16,170 | |
| Sony Corp. | 311,800 | 25,994 | |
| Tokyo Electron Ltd. | 51,900 | 13,931 | |
| Tsuruha Holdings, Inc. | 100,100 | 14,017 | |
| Welcia Holdings Co. Ltd. | 247,012 | 9,681 | |
| Z Holdings Corp. | 1,601,100 | 11,165 | |
| TOTAL JAPAN | 312,645 | ||
| Korea (South) - 1.8% | |||
| LG Chemical Ltd. | 10,943 | 5,954 | |
| Samsung Electronics Co. Ltd. | 268,740 | 13,479 | |
| SK Hynix, Inc. | 133,500 | 9,450 | |
| TOTAL KOREA (SOUTH) | 28,883 | ||
| Luxembourg - 1.3% | |||
| B&M European Value Retail SA | 2,316,895 | 14,551 | |
| Eurofins Scientific SA (a) | 5,053 | 4,024 | |
| Globant SA (a) | 13,300 | 2,402 | |
| TOTAL LUXEMBOURG | 20,977 | ||
| Netherlands - 5.9% | |||
| Adyen BV (a)(b) | 2,473 | 4,156 | |
| ASML Holding NV | 109,500 | 39,552 | |
| IMCD NV | 11,550 | 1,338 | |
| JDE Peet's BV | 129,400 | 4,612 | |
| Koninklijke Philips Electronics NV | 320,462 | 14,843 | |
| NXP Semiconductors NV | 116,100 | 15,687 | |
| Wolters Kluwer NV | 173,600 | 14,068 | |
| TOTAL NETHERLANDS | 94,256 | ||
| New Zealand - 0.4% | |||
| Ryman Healthcare Group Ltd. | 643,145 | 5,952 | |
| Norway - 1.2% | |||
| Adevinta ASA Class B (a) | 405,618 | 6,267 | |
| NEL ASA (a) | 1,064,400 | 2,016 | |
| Schibsted ASA (A Shares) | 281,900 | 11,493 | |
| TOTAL NORWAY | 19,776 | ||
| Spain - 1.7% | |||
| Cellnex Telecom SA (b) | 267,249 | 17,156 | |
| Iberdrola SA | 866,902 | 10,223 | |
| TOTAL SPAIN | 27,379 | ||
| Sweden - 1.3% | |||
| Hexagon AB (B Shares) | 127,300 | 9,305 | |
| Indutrade AB (a) | 164,000 | 8,319 | |
| Svenska Handelsbanken AB (A Shares) (a) | 324,200 | 2,627 | |
| TOTAL SWEDEN | 20,251 | ||
| Switzerland - 8.8% | |||
| Dufry AG (a)(c) | 113,144 | 4,282 | |
| Idorsia Ltd. (a) | 30,216 | 792 | |
| Lonza Group AG | 26,106 | 15,818 | |
| Nestle SA (Reg. S) | 403,350 | 45,364 | |
| Roche Holding AG (participation certificate) | 125,797 | 40,423 | |
| Sika AG | 85,278 | 20,991 | |
| Sonova Holding AG Class B | 26,293 | 6,237 | |
| Straumann Holding AG | 1,571 | 1,638 | |
| Swiss Re Ltd. | 70,050 | 5,022 | |
| TOTAL SWITZERLAND | 140,567 | ||
| Taiwan - 1.1% | |||
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 206,400 | 17,311 | |
| United Kingdom - 7.6% | |||
| AstraZeneca PLC (United Kingdom) | 232,279 | 23,322 | |
| Beazley PLC | 707,000 | 2,693 | |
| Big Yellow Group PLC | 283,037 | 4,033 | |
| Compass Group PLC | 234,392 | 3,208 | |
| John David Group PLC | 286,697 | 2,753 | |
| London Stock Exchange Group PLC | 228,900 | 24,675 | |
| Ocado Group PLC (a) | 269,500 | 7,946 | |
| Prudential PLC | 697,194 | 8,527 | |
| Reckitt Benckiser Group PLC | 102,700 | 9,047 | |
| RELX PLC (Euronext N.V.) | 721,747 | 14,294 | |
| Rentokil Initial PLC (a) | 1,404,000 | 9,567 | |
| S4 Capital PLC (a) | 314,300 | 1,629 | |
| Smith & Nephew PLC | 393,700 | 6,836 | |
| THG Holdings Ltd. | 412,400 | 3,524 | |
| TOTAL UNITED KINGDOM | 122,054 | ||
| United States of America - 4.8% | |||
| Alphabet, Inc. Class C (a) | 5,549 | 8,995 | |
| Danaher Corp. | 25,300 | 5,807 | |
| IQVIA Holdings, Inc. (a) | 56,700 | 8,731 | |
| Marsh & McLennan Companies, Inc. | 76,800 | 7,946 | |
| MasterCard, Inc. Class A | 39,200 | 11,315 | |
| Microsoft Corp. | 40,700 | 8,241 | |
| NICE Systems Ltd. sponsored ADR (a) | 33,000 | 7,533 | |
| Regeneron Pharmaceuticals, Inc. (a) | 11,700 | 6,360 | |
| Visa, Inc. Class A | 65,400 | 11,884 | |
| TOTAL UNITED STATES OF AMERICA | 76,812 | ||
| TOTAL COMMON STOCKS | |||
| (Cost $1,005,152) | 1,542,584 | ||
| Convertible Preferred Stocks - 0.2% | |||
| United States of America - 0.2% | |||
| Rivian Automotive, Inc. Series E (d)(e) | |||
| (Cost $2,370) | 152,975 | 2,370 | |
| Money Market Funds - 3.7% | |||
| Fidelity Cash Central Fund 0.10% (f) | 55,787,560 | 55,799 | |
| Fidelity Securities Lending Cash Central Fund 0.11% (f)(g) | 3,812,970 | 3,813 | |
| TOTAL MONEY MARKET FUNDS | |||
| (Cost $59,611) | 59,612 | ||
| TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
| (Cost $1,067,133) | 1,604,566 | ||
| NET OTHER ASSETS (LIABILITIES) - 0.0% | (38) | ||
| NET ASSETS - 100% | $1,604,528 |
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 $55,403,000 or 3.5% of net assets.
(c) Security or a portion of the security is on loan at period end.
(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,370,000 or 0.2% of net assets.
(e) Level 3 security
(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, 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.
(g) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Acquisition Cost (000s) |
| Rivian Automotive, Inc. Series E | 7/10/20 | $2,370 |
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 | $213 |
| Fidelity Securities Lending Cash Central Fund | 103 |
| Total | $316 |
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, 2020, 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 | $88,109 | $45,540 | $42,569 | $-- |
| Consumer Discretionary | 181,101 | 88,346 | 90,385 | 2,370 |
| Consumer Staples | 138,453 | 32,876 | 105,577 | -- |
| Energy | 27,200 | -- | 27,200 | -- |
| Financials | 196,010 | 87,061 | 108,949 | -- |
| Health Care | 231,912 | 60,399 | 171,513 | -- |
| Industrials | 250,491 | 140,103 | 110,388 | -- |
| Information Technology | 271,453 | 164,236 | 107,217 | -- |
| Materials | 91,817 | 65,348 | 26,469 | -- |
| Real Estate | 23,039 | 21,333 | 1,706 | -- |
| Utilities | 45,369 | 36,390 | 8,979 | -- |
| Money Market Funds | 59,612 | 59,612 | -- | -- |
| Total Investments in Securities: | $1,604,566 | $801,244 | $800,952 | $2,370 |
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, 2020 | |
| Assets | ||
| Investment in securities, at value (including securities loaned of $3,684) — See accompanying schedule: Unaffiliated issuers (cost $1,007,522) | $1,544,954 | |
| Fidelity Central Funds (cost $59,611) | 59,612 | |
| Total Investment in Securities (cost $1,067,133) | $1,604,566 | |
| Foreign currency held at value (cost $1,168) | 1,166 | |
| Receivable for investments sold | 4,753 | |
| Receivable for fund shares sold | 496 | |
| Dividends receivable | 4,778 | |
| Distributions receivable from Fidelity Central Funds | 7 | |
| Prepaid expenses | 3 | |
| Other receivables | 110 | |
| Total assets | 1,615,879 | |
| Liabilities | ||
| Payable for investments purchased | $3,122 | |
| Payable for fund shares redeemed | 1,546 | |
| Accrued management fee | 920 | |
| Distribution and service plan fees payable | 225 | |
| Other affiliated payables | 305 | |
| Other payables and accrued expenses | 1,421 | |
| Collateral on securities loaned | 3,812 | |
| Total liabilities | 11,351 | |
| Net Assets | $1,604,528 | |
| Net Assets consist of: | ||
| Paid in capital | $1,077,699 | |
| Total accumulated earnings (loss) | 526,829 | |
| Net Assets | $1,604,528 | |
| Net Asset Value and Maximum Offering Price | ||
| Class A: | ||
| Net Asset Value and redemption price per share ($513,615 ÷ 20,463 shares)(a) | $25.10 | |
| Maximum offering price per share (100/94.25 of $25.10) | $26.63 | |
| Class M: | ||
| Net Asset Value and redemption price per share ($158,867 ÷ 6,381 shares)(a) | $24.90 | |
| Maximum offering price per share (100/96.50 of $24.90) | $25.80 | |
| Class C: | ||
| Net Asset Value and offering price per share ($47,750 ÷ 1,990 shares)(a) | $23.99 | |
| Class I: | ||
| Net Asset Value, offering price and redemption price per share ($595,094 ÷ 23,275 shares) | $25.57 | |
| Class Z: | ||
| Net Asset Value, offering price and redemption price per share ($289,202 ÷ 11,318 shares) | $25.55 |
(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, 2020 | |
| Investment Income | ||
| Dividends | $23,307 | |
| Income from Fidelity Central Funds (including $103 from security lending) | 316 | |
| Income before foreign taxes withheld | 23,623 | |
| Less foreign taxes withheld | (2,262) | |
| Total income | 21,361 | |
| Expenses | ||
| Management fee | $10,541 | |
| Transfer agent fees | 2,811 | |
| Distribution and service plan fees | 2,638 | |
| Accounting fees | 719 | |
| Custodian fees and expenses | 197 | |
| Independent trustees' fees and expenses | 9 | |
| Registration fees | 83 | |
| Audit | 91 | |
| Legal | 3 | |
| Miscellaneous | 62 | |
| Total expenses before reductions | 17,154 | |
| Expense reductions | (200) | |
| Total expenses after reductions | 16,954 | |
| Net investment income (loss) | 4,407 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers (net of foreign taxes of $5) | 37,029 | |
| Fidelity Central Funds | 3 | |
| Foreign currency transactions | (253) | |
| Total net realized gain (loss) | 36,779 | |
| Change in net unrealized appreciation (depreciation) on: | ||
| Investment securities: | ||
| Unaffiliated issuers (net of increase in deferred foreign taxes of $93) | 90,927 | |
| Fidelity Central Funds | 1 | |
| Assets and liabilities in foreign currencies | 199 | |
| Total change in net unrealized appreciation (depreciation) | 91,127 | |
| Net gain (loss) | 127,906 | |
| Net increase (decrease) in net assets resulting from operations | $132,313 |
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, 2020 | Year ended October 31, 2019 |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $4,407 | $19,494 |
| Net realized gain (loss) | 36,779 | 27,912 |
| Change in net unrealized appreciation (depreciation) | 91,127 | 210,641 |
| Net increase (decrease) in net assets resulting from operations | 132,313 | 258,047 |
| Distributions to shareholders | (23,410) | (82,038) |
| Share transactions - net increase (decrease) | (123,276) | (449,235) |
| Total increase (decrease) in net assets | (14,373) | (273,226) |
| Net Assets | ||
| Beginning of period | 1,618,901 | 1,892,127 |
| End of period | $1,604,528 | $1,618,901 |
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, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $23.28 | $21.08 | $23.43 | $19.38 | $20.10 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | .04 | .21 | .21 | .17 | .18 |
| Net realized and unrealized gain (loss) | 2.11 | 2.90 | (2.33)B | 4.11 | (.77) |
| Total from investment operations | 2.15 | 3.11 | (2.12) | 4.28 | (.59) |
| Distributions from net investment income | (.26) | (.17) | (.16) | (.19) | (.13) |
| Distributions from net realized gain | (.07) | (.74) | (.07) | (.05) | – |
| Total distributions | (.33) | (.91) | (.23) | (.23)C | (.13) |
| Redemption fees added to paid in capitalA | – | – | – | –D | –D |
| Net asset value, end of period | $25.10 | $23.28 | $21.08 | $23.43 | $19.38 |
| Total ReturnE,F | 9.32% | 15.57% | (9.14)%B | 22.39% | (2.97)% |
| Ratios to Average Net AssetsG,H | |||||
| Expenses before reductions | 1.18% | 1.19% | 1.19% | 1.21% | 1.23% |
| Expenses net of fee waivers, if any | 1.18% | 1.19% | 1.19% | 1.21% | 1.23% |
| Expenses net of all reductions | 1.17% | 1.19% | 1.17% | 1.20% | 1.22% |
| Net investment income (loss) | .16% | .97% | .89% | .82% | .92% |
| Supplemental Data | |||||
| Net assets, end of period (in millions) | $514 | $530 | $463 | $579 | $574 |
| Portfolio turnover rateI | 30% | 37%J | 32% | 44% | 31% |
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 per share do not sum due to rounding.
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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Diversified International Fund Class M
| Years ended October 31, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $23.10 | $20.91 | $23.24 | $19.21 | $19.92 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | (.03) | .15 | .14 | .12 | .13 |
| Net realized and unrealized gain (loss) | 2.10 | 2.88 | (2.31)B | 4.08 | (.77) |
| Total from investment operations | 2.07 | 3.03 | (2.17) | 4.20 | (.64) |
| Distributions from net investment income | (.20) | (.11) | (.09) | (.13) | (.07) |
| Distributions from net realized gain | (.07) | (.74) | (.07) | (.05) | – |
| Total distributions | (.27) | (.84)C | (.16) | (.17)C | (.07) |
| Redemption fees added to paid in capitalA | – | – | – | –D | –D |
| Net asset value, end of period | $24.90 | $23.10 | $20.91 | $23.24 | $19.21 |
| Total ReturnE,F | 9.04% | 15.27% | (9.40)B | 22.10% | (3.22)% |
| Ratios to Average Net AssetsG,H | |||||
| Expenses before reductions | 1.45% | 1.46% | 1.46% | 1.48% | 1.49% |
| Expenses net of fee waivers, if any | 1.45% | 1.46% | 1.46% | 1.47% | 1.49% |
| Expenses net of all reductions | 1.44% | 1.46% | 1.44% | 1.47% | 1.48% |
| Net investment income (loss) | (.11)% | .70% | .62% | .56% | .66% |
| Supplemental Data | |||||
| Net assets, end of period (in millions) | $159 | $173 | $175 | $224 | $224 |
| Portfolio turnover rateI | 30% | 37%J | 32% | 44% | 31% |
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 (9.88)%.
C Total distributions per share do not sum due to rounding.
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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Diversified International Fund Class C
| Years ended October 31, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $22.20 | $20.11 | $22.35 | $18.48 | $19.19 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | (.14) | .04 | .03 | .01 | .03 |
| Net realized and unrealized gain (loss) | 2.01 | 2.79 | (2.23)B | 3.94 | (.74) |
| Total from investment operations | 1.87 | 2.83 | (2.20) | 3.95 | (.71) |
| Distributions from net investment income | (.01) | – | – | (.03) | – |
| Distributions from net realized gain | (.07) | (.74) | (.04) | (.05) | – |
| Total distributions | (.08) | (.74) | (.04) | (.08) | – |
| Redemption fees added to paid in capitalA | – | – | – | –C | –C |
| Net asset value, end of period | $23.99 | $22.20 | $20.11 | $22.35 | $18.48 |
| Total ReturnD,E | 8.44% | 14.72% | (9.85)B | 21.46% | (3.70)% |
| Ratios to Average Net AssetsF,G | |||||
| Expenses before reductions | 1.98% | 1.98% | 1.95% | 1.96% | 1.98% |
| Expenses net of fee waivers, if any | 1.98% | 1.98% | 1.95% | 1.96% | 1.98% |
| Expenses net of all reductions | 1.96% | 1.97% | 1.94% | 1.96% | 1.98% |
| Net investment income (loss) | (.64)% | .18% | .13% | .07% | .17% |
| Supplemental Data | |||||
| Net assets, end of period (in millions) | $48 | $59 | $150 | $211 | $206 |
| Portfolio turnover rateH | 30% | 37%I | 32% | 44% | 31% |
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 (10.33)%.
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.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
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 I
| Years ended October 31, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $23.68 | $21.44 | $23.85 | $19.73 | $20.46 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | .10 | .27 | .27 | .24 | .24 |
| Net realized and unrealized gain (loss) | 2.16 | 2.95 | (2.37)B | 4.18 | (.78) |
| Total from investment operations | 2.26 | 3.22 | (2.10) | 4.42 | (.54) |
| Distributions from net investment income | (.30) | (.24) | (.24) | (.25) | (.19) |
| Distributions from net realized gain | (.07) | (.74) | (.07) | (.05) | – |
| Total distributions | (.37) | (.98) | (.31) | (.30) | (.19) |
| Redemption fees added to paid in capitalA | – | – | – | –C | –C |
| Net asset value, end of period | $25.57 | $23.68 | $21.44 | $23.85 | $19.73 |
| Total ReturnD | 9.63% | 15.89% | (8.94)B | 22.75% | (2.69)% |
| Ratios to Average Net AssetsE,F | |||||
| Expenses before reductions | .92% | .92% | .92% | .93% | .94% |
| Expenses net of fee waivers, if any | .92% | .92% | .92% | .93% | .94% |
| Expenses net of all reductions | .91% | .91% | .91% | .92% | .94% |
| Net investment income (loss) | .42% | 1.24% | 1.16% | 1.10% | 1.21% |
| Supplemental Data | |||||
| Net assets, end of period (in millions) | $595 | $583 | $807 | $953 | $757 |
| Portfolio turnover rateG | 30% | 37%H | 32% | 44% | 31% |
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 (9.42)%.
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 Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
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 Diversified International Fund Class Z
| Years ended October 31, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $23.67 | $21.44 | $23.85 | $19.73 | $20.46 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | .14 | .30 | .31 | .27 | .27 |
| Net realized and unrealized gain (loss) | 2.15 | 2.94 | (2.37)B | 4.18 | (.78) |
| Total from investment operations | 2.29 | 3.24 | (2.06) | 4.45 | (.51) |
| Distributions from net investment income | (.34) | (.28) | (.28) | (.28) | (.22) |
| Distributions from net realized gain | (.07) | (.74) | (.07) | (.05) | – |
| Total distributions | (.41) | (1.01)C | (.35) | (.33) | (.22) |
| Redemption fees added to paid in capitalA | – | – | – | –D | –D |
| Net asset value, end of period | $25.55 | $23.67 | $21.44 | $23.85 | $19.73 |
| Total ReturnE,F | 9.78% | 16.04% | (8.78)%B | 22.94% | (2.54)% |
| Ratios to Average Net AssetsG,H | |||||
| Expenses before reductions | .77% | .77% | .78% | .78% | .79% |
| Expenses net of fee waivers, if any | .77% | .77% | .78% | .78% | .79% |
| Expenses net of all reductions | .76% | .77% | .76% | .78% | .79% |
| Net investment income (loss) | .57% | 1.39% | 1.30% | 1.25% | 1.36% |
| Supplemental Data | |||||
| Net assets, end of period (in millions) | $289 | $274 | $298 | $286 | $93 |
| Portfolio turnover rateI | 30% | 37%J | 32% | 44% | 31% |
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 (9.26)%.
C Total distributions per share do not sum due to rounding.
D Amount represents less than $.005 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2020
(Amounts in thousands except percentages)
1. Organization.
Fidelity Advisor Diversified International Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.
Effective January 1, 2020:
Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".
Broker-dealer Fidelity Distributors Corporation merged with and into Fidelity Investments Institutional Services Company, Inc. ("FIISC"). FIISC was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Distributors Company LLC".
Fidelity Investments Institutional Operations Company, Inc. converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".
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 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 – Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The 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.
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, 2020 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Realized gains and losses on foreign currency transactions arise from the disposition of foreign currency, realized changes in the value of foreign currency between the trade and settlement dates on security transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on transaction date and the U.S. dollar equivalent of the amounts actually received or paid. Unrealized gains and losses on assets and liabilities in foreign currencies arise from changes in the value of foreign currency, and from assets and liabilities denominated in foreign currencies, other than investments, which are held at period end.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. 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.
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, 2020, 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.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $560,173 |
| Gross unrealized depreciation | (26,752) |
| Net unrealized appreciation (depreciation) | $533,421 |
| Tax Cost | $1,071,145 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $572 |
| Capital loss carryforward | $(5,985) |
| Net unrealized appreciation (depreciation) on securities and other investments | $533,560 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. 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 | $(5,985) |
The tax character of distributions paid was as follows:
| October 31, 2020 | October 31, 2019 | |
| Ordinary Income | $23,410 | $ 17,407 |
| Long-term Capital Gains | – | 64,631 |
| Total | $23,410 | $ 82,038 |
Restricted Securities (including Private Placements). 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 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 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:
| 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. |
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.
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.
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.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
| Purchases ($) | Sales ($) | |
| Fidelity Advisor Diversified International Fund | 461,380 | 647,881 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .424% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .66% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
| Class A | -% | .25% | $1,291 | $13 |
| Class M | .25% | .25% | 818 | 13 |
| Class C | .75% | .25% | 529 | 29 |
| $2,638 | $55 |
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 | $33 |
| Class M | 7 |
| Class C(a) | 2 |
| $42 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Effective February 1, 2020, the Board approved to change the fee for Class Z from .046% to .044%.
For the period, transfer agent fees for each class were as follows:
| Amount | % of Class-Level Average Net Assets | |
| Class A | $1,061 | .21 |
| Class M | 360 | .22 |
| Class C | 130 | .25 |
| Class I | 1,133 | .19 |
| Class Z | 127 | .04 |
| $2,811 |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| % of Average Net Assets | |
| Fidelity Advisor Diversified International Fund | .04 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount | |
| Fidelity Advisor Diversified International Fund | $2 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Prior Fiscal Year Affiliated Redemptions In-Kind. During the prior period, 7,626 shares of the Fund were redeemed in-kind for investments and cash with a value of $178,533. The Fund had a net realized gain of $59,872 on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets 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.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:
| Amount | |
| Fidelity Advisor Diversified International Fund | $4 |
During the period, there were no borrowings on this line of credit.
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Income Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
| Fidelity Advisor Diversified International Fund | $6 | $11 | $– |
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 $171 for the period. In addition, through arrangements with the Fund's custodian and each class' transfer agent, 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 $2.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $7.
In addition, during the period the investment adviser or an affiliate reimbursed the Fund $20 for an operational error which is included in the accompanying Statement of Operations.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Year ended October 31, 2020 | Year ended October 31, 2019 | |
| Distributions to shareholders | ||
| Class A | $7,383 | $19,552 |
| Class M | 1,999 | 6,962 |
| Class C | 209 | 5,360 |
| Class I | 9,229 | 36,042 |
| Class Z | 4,590 | 14,122 |
| Total | $23,410 | $82,038 |
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, 2020 | Year ended October 31, 2019 | Year ended October 31, 2020 | Year ended October 31, 2019 | |
| Class A | ||||
| Shares sold | 1,999 | 4,974 | $45,151 | $105,441 |
| Reinvestment of distributions | 295 | 940 | 6,962 | 18,360 |
| Shares redeemed | (4,592) | (5,125) | (107,952) | (108,261) |
| Net increase (decrease) | (2,298) | 789 | $(55,839) | $15,540 |
| Class M | ||||
| Shares sold | 277 | 400 | $6,529 | $8,353 |
| Reinvestment of distributions | 83�� | 353 | 1,957 | 6,857 |
| Shares redeemed | (1,460) | (1,625) | (33,466) | (34,489) |
| Net increase (decrease) | (1,100) | (872) | $(24,980) | $(19,279) |
| Class C | ||||
| Shares sold | 121 | 213 | $2,737 | $4,251 |
| Reinvestment of distributions | 9 | 280 | 200 | 5,253 |
| Shares redeemed | (808) | (5,276) | (17,926) | (106,762) |
| Net increase (decrease) | (678) | (4,783) | $(14,989) | $(97,258) |
| Class I | ||||
| Shares sold | 7,900 | 4,341 | $192,033 | $92,727 |
| Reinvestment of distributions | 311 | 1,548 | 7,450 | 30,665 |
| Shares redeemed | (9,542) | (18,901)(a) | (225,440) | (420,405)(a) |
| Net increase (decrease) | (1,331) | (13,012) | $(25,957) | $(297,013) |
| Class Z | ||||
| Shares sold | 5,705 | 4,031 | $137,712 | $85,902 |
| Reinvestment of distributions | 148 | 636 | 3,531 | 12,575 |
| Shares redeemed | (6,124) | (6,981) | (142,755) | (149,702) |
| Net increase (decrease) | (271) | (2,314) | $(1,512) | $(51,225) |
(a) Amount includes in-kind exchanges (see the Prior Fiscal Year 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.
13. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
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, 2020, the related statement of operations for the year ended October 31, 2020, the statement of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2020 (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, 2020, 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, 2020 and the financial highlights for each of the five years in the period ended October 31, 2020 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, 2020 by correspondence with the custodian, issuers of privately offered securities 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/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 14, 2020
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 305 funds. Mr. Chiel oversees 176 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. Robert A. Lawrence is an interested person and currently serves as Acting 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 and David M. Thomas serve as Co-Lead Independent Trustees and as such each (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.
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust[s] 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 served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (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 Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as 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 currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York, a member of the Board of NYC Leadership Academy (2012-present) and a member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), 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). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Alan J. Lacy (1953)
Year of Election or Appointment: 2008
Trustee
Mr. Lacy also serves as Trustee of other Fidelity® funds. Previously, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity), Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail), Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005), Chairman (2014-2017) and a member of the Board (2010-2017) of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes) and a member of the Board of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-2020). Mr. Lacy currently serves as a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a member of the Board of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present).
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2000
Trustee
Co-Lead Independent Trustee
Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has in the past 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 at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010); as well as Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach had a 30-year career with IBM (technology company), during which time he served as Senior Vice President and as 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 Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board 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. Previously, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments and a member of Scudder, Stevens & Clark and Scudder Kemper Investments. Ms. Small previously served as a member of the Board (2009-2019) and Chair of the Investment Committee (2010-2019) of the Teagle Foundation and a member of the Investment Committee of the Berkshire Taconic Community Foundation (2008-2019).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Co-Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. 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). Mr. Thomas currently serves as Non-Executive Chairman of the Board of Fortune Brands Home and Security (home and security products, 2011-present), and a member of the Board (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ 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.
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
Lloyd James Austin, III (1953)
Year of Election or Appointment: 2020
Member of the Advisory Board
General Austin also serves as a Member of the Advisory Board of other Fidelity® funds. Prior to his retirement, General Austin (United States Army, Retired) held a variety of positions within the U.S. Government, including Commander, U.S. Central Command (2013-2016), Vice Chief of Staff, U.S. Army (2012-2013) and Commanding General, U.S. Forces – Iraq, Operation New Dawn (2010-2012). General Austin currently serves as a Partner of Pine Island Capital Partners (private equity, 2020-present) and as President of the Austin Strategy Group LLC (consulting, 2016-present). General Austin serves as a member of the Board of Directors of Nucor Corporation (steel products, 2017-present), as a member of the Board of Directors of Tenet Healthcare Corporation (2018-present) and as a member of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). In addition, General Austin currently serves as a member of the Board of Trustees of the Carnegie Corporation of New York (2017-present) and as a member of the Board of Trustees of Auburn University (2017-present). Previously, General Austin served as a member of the Board of Directors of United Technologies Corporation (aerospace, defense and building, 2016-2020).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2020
Member of the Advisory Board
Mr. Kennedy also serves as a Member of the Advisory Board of other Fidelity® funds. Previously, Mr. Kennedy held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (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 as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
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 certain funds (2017-2019), 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 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 Executive Vice President of Fidelity SelectCo, LLC (2019), 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).
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). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). 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: 2020
Assistant 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 Deputy Treasurer of certain Fidelity® funds (2016-2020) and 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 Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and 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 an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 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 CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was 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: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); 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).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
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 (2013-2019) 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 LLP (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, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2020 to October 31, 2020).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized Expense Ratio-A | Beginning Account Value May 1, 2020 | Ending Account Value October 31, 2020 | Expenses Paid During Period-B May 1, 2020 to October 31, 2020 | |
| Fidelity Advisor Diversified International Fund | ||||
| Class A | 1.17% | |||
| Actual | $1,000.00 | $1,175.60 | $6.40 | |
| Hypothetical-C | $1,000.00 | $1,019.25 | $5.94 | |
| Class M | 1.44% | |||
| Actual | $1,000.00 | $1,174.00 | $7.87 | |
| Hypothetical-C | $1,000.00 | $1,017.90 | $7.30 | |
| Class C | 1.96% | |||
| Actual | $1,000.00 | $1,170.80 | $10.70 | |
| Hypothetical-C | $1,000.00 | $1,015.28 | $9.93 | |
| Class I | .91% | |||
| Actual | $1,000.00 | $1,177.30 | $4.98 | |
| Hypothetical-C | $1,000.00 | $1,020.56 | $4.62 | |
| Class Z | .76% | |||
| Actual | $1,000.00 | $1,178.00 | $4.16 | |
| Hypothetical-C | $1,000.00 | $1,021.32 | $3.86 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
Class A designates 5%, Class M designates 5%, Class C designates 14%, Class I designates 4% and Class Z designates 4%; of the dividends distributed in December 2019, respectively, 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 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 | 12/09/2019 | $0.3672 | $0.0392 |
| Class M | 12/09/2019 | $0.3102 | $0.0392 |
| Class C | 12/09/2019 | $0.1192 | $0.0392 |
| Class I | 12/09/2019 | $0.4052 | $0.0392 |
| Class Z | 12/09/2019 | $0.4452 | $0.0392 |
The fund will notify shareholders in January 2021 of amounts for use in preparing 2020 income tax returns.
Proxy Voting Results
A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1
To elect a Board of Trustees.
| # of Votes | % of Votes | |
| Dennis J. Dirks | ||
| Affirmative | 4,410,379,169.762 | 97.006 |
| Withheld | 136,107,923.804 | 2.994 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Donald F. Donahue | ||
| Affirmative | 4,416,009,117.039 | 97.130 |
| Withheld | 130,477,976.527 | 2.870 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Bettina Doulton | ||
| Affirmative | 4,424,274,282.548 | 97.312 |
| Withheld | 122,212,811.017 | 2.688 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Vicki L. Fuller | ||
| Affirmative | 4,429,249,259.957 | 97.421 |
| Withheld | 117,237,833.609 | 2.579 |
| TOTAL | 4,546,487,093.566 | 100.00 |
| Patricia L. Kampling | ||
| Affirmative | 4,406,048,180.368 | 96.911 |
| Withheld | 140,438,913.198 | 3.089 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Alan J. Lacy | ||
| Affirmative | 4,392,586,572.374 | 96.615 |
| Withheld | 153,900,521.192 | 3.385 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Ned C. Lautenbach | ||
| Affirmative | 4,347,069,615.094 | 95.614 |
| Withheld | 199,417,478.472 | 4.386 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Robert A. Lawrence | ||
| Affirmative | 4,404,777,106.740 | 96.883 |
| Withheld | 141,709,986.826 | 3.117 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Joseph Mauriello | ||
| Affirmative | 4,404,603,369.399 | 96.879 |
| Withheld | 141,883,724.167 | 3.121 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Cornelia M. Small | ||
| Affirmative | 4,408,319,197.270 | 96.961 |
| Withheld | 138,167,896.295 | 3.039 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Garnett A. Smith | ||
| Affirmative | 4,399,381,149.533 | 96.764 |
| Withheld | 147,105,944.033 | 3.236 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| David M. Thomas | ||
| Affirmative | 4,400,166,958.204 | 96.782 |
| Withheld | 146,320,135.361 | 3.218 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Susan Tomasky | ||
| Affirmative | 4,416,484,118.213 | 97.141 |
| Withheld | 130,002,975.353 | 2.859 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Michael E. Wiley | ||
| Affirmative | 4,398,113,731.182 | 96.737 |
| Withheld | 148,373,362.384 | 3.263 |
| TOTAL | 4,546,487,093.566 | 100.000 |
PROPOSAL 2
To convert a fundamental investment policy to a non-fundamental investment policy.
| # of Votes | % of Votes | |
| Affirmative | 336,368,304.342 | 45.477 |
| Against | 99,681,064.154 | 13.477 |
| Abstain | 43,868,990.307 | 5.931 |
| Broker Non-Vote | 259,729,913.560 | 35.115 |
| TOTAL | 739,648,272.363 | 100.000 |
| Proposal 1 reflects trust wide proposal and voting results. | ||
| Proposal 2 was not approved by shareholders. |
ADIF-ANN-1220
1.728709.121
Fidelity Advisor® Global Capital Appreciation Fund
October 31, 2020
See the inside front cover for important information about access to your fund’s shareholder reports.
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
| 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
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2020 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
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, 2020 | Past 1 year | Past 5 years | Past 10 years |
| Class A (incl. 5.75% sales charge) | 12.05% | 7.10% | 7.08% |
| Class M (incl. 3.50% sales charge) | 14.44% | 7.33% | 7.06% |
| Class C (incl. contingent deferred sales charge) | 17.02% | 7.57% | 6.92% |
| Class I | 19.37% | 8.71% | 8.05% |
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, 2010, 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 | ||
| $19,825 | Fidelity Advisor® Global Capital Appreciation Fund - Class A | |
| $22,217 | MSCI ACWI (All Country World Index) Index | |
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) Index gained 5.29% for the year ending October 31, 2020, a volatile period for global equities, marked by a steep but brief decline due to the early-2020 outbreak and spread of the coronavirus, followed by a historic rebound. Declared a pandemic in March, the COVID-19 crisis caused broad contraction in economic activity, along with elevated uncertainty and dislocation in financial markets. A historically rapid and expansive monetary/fiscal-policy response partially offset the economic disruption and fueled a sharp uptrend from March 24 into September. Other supporting factors included resilient corporate earnings and near-term potential for a COVID-19 vaccine breakthrough. Currency fluctuation generally supported global equities for the year. Late in the period, markets digested the inability of the U.S. Congress to reach a deal on additional fiscal stimulus, U.S. election uncertainty and a second wave of COVID-19 cases. By region for the full period, the U.S. (+12%), which represented 57% of the index, on average, led the way, followed by emerging markets (+9%). In contrast, the following regions lagged: U.K. (-22%), Asia-Pacific ex Japan (-8%), Canada (-5%) and Europe ex U.K. (-4%). Among sectors, information technology (+33%), consumer discretionary (+24%) and communication services (+16%) stood out. Conversely, energy (-42%), financials (-18%) and real estate (-15%) trailed the index.Comments from Portfolio Manager Bill Bower: For the fiscal year ending October 31, 2020, the fund's share classes (excluding sales charges, if applicable) gained roughly 18% to 19%, outperforming the 5.29% result of the benchmark MSCI ACWI (All Country World Index) Index. From a regional standpoint, stock picks in Europe ex U.K. and the U.K. contributed most to the fund's relative result. By sector, the primary contributor to performance versus the benchmark was our stock selection in communication services. Also bolstering the fund's relative result was an overweighting in information technology and an underweighting in energy. Our top individual relative contributor was an out-of-benchmark stake in S4 Capital (+139%), which was among the fund's largest holdings. Also helping performance was our overweighting in Cellnex Telecom, which gained 60%, and was among our biggest holdings. Another notable relative contributor was an outsized stake in Amazon.com (+71%), which was the fund's largest holding. Conversely, an overweighting in Europe ex U.K., specifically Spain, and the U.K. detracted from the fund's relative result. By sector, the primary detractor from performance versus the benchmark was our stock picks in information technology, especially within the software & services industry. An underweighting in the health care sector, primarily within the pharmaceuticals, biotechnology & life sciences industry, also hampered the fund's relative result. Also detracting from the fund's relative result were stock picks in consumer discretionary. Our lighter-than-benchmark stake in Apple, a position we established this period, was the fund's biggest individual relative detractor and gained 77% the past year. A second notable relative detractor was our outsized stake in MTU Aero Engines (-63%), a position that was sold the past 12 months. Another key detractor was our out-of-benchmark position in Aritzia (-55%), a position not held at period end.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, 2020
| % of fund's net assets | |
| Amazon.com, Inc. (United States of America, Internet & Direct Marketing Retail) | 5.9 |
| Microsoft Corp. (United States of America, Software) | 5.0 |
| Alphabet, Inc. Class A (United States of America, Interactive Media & Services) | 3.3 |
| S4 Capital PLC (United Kingdom, Media) | 3.3 |
| Cellnex Telecom SA (Spain, Diversified Telecommunication Services) | 3.1 |
| 20.6 |
Top Five Market Sectors as of October 31, 2020
| % of fund's net assets | |
| Information Technology | 30.4 |
| Health Care | 15.7 |
| Communication Services | 15.4 |
| Consumer Discretionary | 14.3 |
| Industrials | 8.7 |
Top Five Countries as of October 31, 2020
| (excluding cash equivalents) | % of fund's net assets |
| United States of America | 56.2 |
| United Kingdom | 6.9 |
| Cayman Islands | 6.5 |
| France | 4.9 |
| Netherlands | 4.4 |
Percentages are adjusted for the effect of futures contracts, if applicable.
Asset Allocation (% of fund's net assets)
| As of October 31, 2020 | ||
| Stocks | 98.0% | |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.0% | |
Schedule of Investments October 31, 2020
Showing Percentage of Net Assets
| Common Stocks - 95.2% | |||
| Shares | Value | ||
| Canada - 1.0% | |||
| Canadian Pacific Railway Ltd. | 3,300 | $987,129 | |
| Cayman Islands - 6.5% | |||
| Alibaba Group Holding Ltd. sponsored ADR (a) | 8,200 | 2,498,458 | |
| New Oriental Education & Technology Group, Inc. sponsored ADR (a) | 7,700 | 1,234,926 | |
| Tencent Holdings Ltd. | 34,500 | 2,635,995 | |
| ZTO Express, Inc. sponsored ADR | 100 | 2,898 | |
| TOTAL CAYMAN ISLANDS | 6,372,277 | ||
| Denmark - 1.8% | |||
| DSV Panalpina A/S | 10,600 | 1,716,364 | |
| France - 4.9% | |||
| LVMH Moet Hennessy Louis Vuitton SE | 3,800 | 1,781,241 | |
| Sartorius Stedim Biotech | 3,500 | 1,327,235 | |
| SR Teleperformance SA | 5,600 | 1,680,730 | |
| TOTAL FRANCE | 4,789,206 | ||
| Hong Kong - 1.2% | |||
| AIA Group Ltd. | 122,400 | 1,164,902 | |
| India - 1.0% | |||
| Kotak Mahindra Bank Ltd. (a) | 46,944 | 973,838 | |
| Praxis Home Retail Ltd. (a) | 5 | 2 | |
| TOTAL INDIA | 973,840 | ||
| Ireland - 1.7% | |||
| Accenture PLC Class A | 7,500 | 1,626,825 | |
| Japan - 2.6% | |||
| Hoya Corp. | 11,900 | 1,342,998 | |
| Keyence Corp. | 2,700 | 1,225,321 | |
| TOTAL JAPAN | 2,568,319 | ||
| Kenya - 0.0% | |||
| Safaricom Ltd. | 100 | 28 | |
| Netherlands - 4.4% | |||
| ASML Holding NV (Netherlands) | 7,700 | 2,785,884 | |
| NXP Semiconductors NV | 11,200 | 1,513,344 | |
| TOTAL NETHERLANDS | 4,299,228 | ||
| Spain - 3.1% | |||
| Cellnex Telecom SA (b) | 47,042 | 3,019,885 | |
| Sweden - 0.5% | |||
| Readly International AB (c) | 78,300 | 492,763 | |
| Switzerland - 3.4% | |||
| Roche Holding AG (participation certificate) | 5,070 | 1,629,151 | |
| Sika AG | 6,710 | 1,651,614 | |
| TOTAL SWITZERLAND | 3,280,765 | ||
| United Kingdom - 6.9% | |||
| Avon Rubber PLC | 21,900 | 1,113,579 | |
| ConvaTec Group PLC (b) | 1,192 | 2,790 | |
| Diageo PLC | 80 | 2,585 | |
| Discoverie Group PLC | 123,275 | 916,694 | |
| London Stock Exchange Group PLC | 14,500 | 1,563,070 | |
| S4 Capital PLC (a) | 611,532 | 3,168,959 | |
| TOTAL UNITED KINGDOM | 6,767,677 | ||
| United States of America - 56.2% | |||
| Adobe, Inc. (a) | 5,700 | 2,548,470 | |
| Alphabet, Inc. Class A (a) | 2,000 | 3,232,220 | |
| Amazon.com, Inc. (a) | 1,900 | 5,768,686 | |
| AMETEK, Inc. | 17,500 | 1,718,500 | |
| Apple, Inc. | 16,200 | 1,763,532 | |
| Cintas Corp. | 4,000 | 1,258,200 | |
| Costco Wholesale Corp. | 4,100 | 1,466,242 | |
| Danaher Corp. | 7,200 | 1,652,688 | |
| Darling Ingredients, Inc. (a) | 11,400 | 490,200 | |
| Deckers Outdoor Corp. (a) | 5,600 | 1,418,872 | |
| Dollar General Corp. | 6,800 | 1,419,228 | |
| Equinix, Inc. | 2,100 | 1,535,604 | |
| Facebook, Inc. Class A (a) | 9,400 | 2,473,234 | |
| Fidelity National Information Services, Inc. | 16,600 | 2,068,194 | |
| Inphi Corp. (a) | 7,000 | 978,320 | |
| Intercontinental Exchange, Inc. | 12,400 | 1,170,560 | |
| Intuitive Surgical, Inc. (a) | 2,100 | 1,400,868 | |
| Marsh & McLennan Companies, Inc. | 14,800 | 1,531,208 | |
| MasterCard, Inc. Class A | 8,000 | 2,309,120 | |
| Microsoft Corp. | 24,100 | 4,879,527 | |
| NVIDIA Corp. | 4,100 | 2,055,576 | |
| Regeneron Pharmaceuticals, Inc. (a) | 3,200 | 1,739,392 | |
| S&P Global, Inc. | 5,000 | 1,613,650 | |
| Salesforce.com, Inc. (a) | 9,900 | 2,299,473 | |
| Thermo Fisher Scientific, Inc. | 5,300 | 2,507,536 | |
| UnitedHealth Group, Inc. | 6,400 | 1,952,896 | |
| Zoetis, Inc. Class A | 10,300 | 1,633,065 | |
| TOTAL UNITED STATES OF AMERICA | 54,885,061 | ||
| TOTAL COMMON STOCKS | |||
| (Cost $69,490,887) | 92,944,269 | ||
| Nonconvertible Preferred Stocks - 2.8% | |||
| Korea (South) - 2.8% | |||
| Samsung Electronics Co. Ltd. | |||
| (Cost $2,363,868) | 61,390 | 2,724,937 | |
| Money Market Funds - 3.3% | |||
| Fidelity Cash Central Fund 0.10% (d) | 2,966,467 | 2,967,060 | |
| Fidelity Securities Lending Cash Central Fund 0.11% (d)(e) | 226,413 | 226,436 | |
| TOTAL MONEY MARKET FUNDS | |||
| (Cost $3,193,496) | 3,193,496 | ||
| TOTAL INVESTMENT IN SECURITIES - 101.3% | |||
| (Cost $75,048,251) | 98,862,702 | ||
| NET OTHER ASSETS (LIABILITIES) - (1.3)% | (1,258,042) | ||
| NET ASSETS - 100% | $97,604,660 |
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 $3,022,675 or 3.1% of net assets.
(c) Security or a portion of the security is on loan at period end.
(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 |
| Fidelity Cash Central Fund | $6,273 |
| Fidelity Securities Lending Cash Central Fund | 8,420 |
| Total | $14,693 |
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, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: | ||||
| Description | Total | Level 1 | Level 2 | Level 3 |
| Investments in Securities: | ||||
| Equities: | ||||
| Communication Services | $15,023,084 | $12,387,089 | $2,635,995 | $-- |
| Consumer Discretionary | 14,121,413 | 12,340,170 | 1,781,243 | -- |
| Consumer Staples | 1,959,027 | 1,956,442 | 2,585 | -- |
| Financials | 8,017,228 | 4,315,418 | 3,701,810 | -- |
| Health Care | 15,188,619 | 12,216,470 | 2,972,149 | -- |
| Industrials | 8,477,400 | 8,477,400 | -- | -- |
| Information Technology | 29,695,217 | 22,959,075 | 6,736,142 | -- |
| Materials | 1,651,614 | 1,651,614 | -- | -- |
| Real Estate | 1,535,604 | 1,535,604 | -- | -- |
| Money Market Funds | 3,193,496 | 3,193,496 | -- | -- |
| Total Investments in Securities: | $98,862,702 | $81,032,778 | $17,829,924 | $-- |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| October 31, 2020 | ||
| Assets | ||
| Investment in securities, at value (including securities loaned of $222,939) — See accompanying schedule: Unaffiliated issuers (cost $71,854,755) | $95,669,206 | |
| Fidelity Central Funds (cost $3,193,496) | 3,193,496 | |
| Total Investment in Securities (cost $75,048,251) | $98,862,702 | |
| Foreign currency held at value (cost $122,317) | 122,036 | |
| Receivable for fund shares sold | 43,456 | |
| Dividends receivable | 114,463 | |
| Distributions receivable from Fidelity Central Funds | 1,092 | |
| Prepaid expenses | 165 | |
| Other receivables | 46,371 | |
| Total assets | 99,190,285 | |
| Liabilities | ||
| Payable for investments purchased | $1,105,237 | |
| Payable for fund shares redeemed | 101,717 | |
| Accrued management fee | 54,611 | |
| Distribution and service plan fees payable | 23,230 | |
| Other affiliated payables | 19,330 | |
| Other payables and accrued expenses | 55,064 | |
| Collateral on securities loaned | 226,436 | |
| Total liabilities | 1,585,625 | |
| Net Assets | $97,604,660 | |
| Net Assets consist of: | ||
| Paid in capital | $76,738,517 | |
| Total accumulated earnings (loss) | 20,866,143 | |
| Net Assets | $97,604,660 | |
| Net Asset Value and Maximum Offering Price | ||
| Class A: | ||
| Net Asset Value and redemption price per share ($31,247,280 ÷ 1,686,060 shares)(a) | $18.53 | |
| Maximum offering price per share (100/94.25 of $18.53) | $19.66 | |
| Class M: | ||
| Net Asset Value and redemption price per share ($18,863,840 ÷ 1,075,679 shares)(a) | $17.54 | |
| Maximum offering price per share (100/96.50 of $17.54) | $18.18 | |
| Class C: | ||
| Net Asset Value and offering price per share ($9,134,278 ÷ 590,867 shares)(a) | $15.46 | |
| Class I: | ||
| Net Asset Value, offering price and redemption price per share ($38,359,262 ÷ 1,952,300 shares) | $19.65 |
(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, 2020 | ||
| Investment Income | ||
| Dividends | $763,434 | |
| Income from Fidelity Central Funds (including $8,420 from security lending) | 14,693 | |
| Income before foreign taxes withheld | 778,127 | |
| Less foreign taxes withheld | (45,400) | |
| Total income | 732,727 | |
| Expenses | ||
| Management fee | ||
| Basic fee | $658,242 | |
| Performance adjustment | (134,846) | |
| Transfer agent fees | 192,169 | |
| Distribution and service plan fees | 276,720 | |
| Accounting fees | 37,564 | |
| Custodian fees and expenses | 12,895 | |
| Independent trustees' fees and expenses | 551 | |
| Registration fees | 57,028 | |
| Audit | 83,799 | |
| Legal | 6,304 | |
| Miscellaneous | 4,157 | |
| Total expenses before reductions | 1,194,583 | |
| Expense reductions | (16,363) | |
| Total expenses after reductions | 1,178,220 | |
| Net investment income (loss) | (445,493) | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | (803,808) | |
| Fidelity Central Funds | (359) | |
| Foreign currency transactions | (25,859) | |
| Total net realized gain (loss) | (830,026) | |
| Change in net unrealized appreciation (depreciation) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | 16,864,464 | |
| Assets and liabilities in foreign currencies | 518 | |
| Total change in net unrealized appreciation (depreciation) | 16,864,982 | |
| Net gain (loss) | 16,034,956 | |
| Net increase (decrease) in net assets resulting from operations | $15,589,463 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Year ended October 31, 2020 | Year ended October 31, 2019 | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $(445,493) | $654,158 |
| Net realized gain (loss) | (830,026) | (1,438,857) |
| Change in net unrealized appreciation (depreciation) | 16,864,982 | 4,805,796 |
| Net increase (decrease) in net assets resulting from operations | 15,589,463 | 4,021,097 |
| Distributions to shareholders | (414,235) | (10,356,661) |
| Share transactions - net increase (decrease) | (15,834,942) | (15,097,541) |
| Total increase (decrease) in net assets | (659,714) | (21,433,105) |
| Net Assets | ||
| Beginning of period | 98,264,374 | 119,697,479 |
| End of period | $97,604,660 | $98,264,374 |
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, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $15.65 | $16.48 | $20.21 | $16.18 | $15.89 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | (.08) | .10 | .05 | .05 | –B |
| Net realized and unrealized gain (loss) | 3.03 | .50 | (1.22) | 4.15 | .38 |
| Total from investment operations | 2.95 | .60 | (1.17) | 4.20 | .38 |
| Distributions from net investment income | (.07) | (.02) | (.04) | – | – |
| Distributions from net realized gain | – | (1.41) | (2.52) | (.17) | (.09) |
| Total distributions | (.07) | (1.43) | (2.56) | (.17) | (.09) |
| Redemption fees added to paid in capitalA | – | – | –B | –B | –B |
| Net asset value, end of period | $18.53 | $15.65 | $16.48 | $20.21 | $16.18 |
| Total ReturnC,D | 18.89% | 4.39% | (6.74)% | 26.17% | 2.39% |
| Ratios to Average Net AssetsE,F | |||||
| Expenses before reductions | 1.23% | 1.14% | 1.39% | 1.48% | 1.55% |
| Expenses net of fee waivers, if any | 1.23% | 1.14% | 1.39% | 1.45% | 1.45% |
| Expenses net of all reductions | 1.21% | 1.14% | 1.37% | 1.44% | 1.44% |
| Net investment income (loss) | (.45)% | .66% | .26% | .28% | (.02)% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $31,247 | $30,046 | $33,589 | $38,710 | $39,565 |
| Portfolio turnover rateG | 44% | 142% | 99% | 137% | 122% |
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.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Global Capital Appreciation Fund Class M
| Years ended October 31, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $14.82 | $15.70 | $19.37 | $15.56 | $15.32 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | (.12) | .05 | – | .01 | (.04) |
| Net realized and unrealized gain (loss) | 2.87 | .48 | (1.15) | 3.97 | .37 |
| Total from investment operations | 2.75 | .53 | (1.15) | 3.98 | .33 |
| Distributions from net investment income | (.03) | – | – | – | – |
| Distributions from net realized gain | – | (1.41) | (2.52) | (.17) | (.09) |
| Total distributions | (.03) | (1.41) | (2.52) | (.17) | (.09) |
| Redemption fees added to paid in capitalA | – | – | –B | –B | –B |
| Net asset value, end of period | $17.54 | $14.82 | $15.70 | $19.37 | $15.56 |
| Total ReturnC,D | 18.59% | 4.10% | (6.97)% | 25.80% | 2.15% |
| Ratios to Average Net AssetsE,F | |||||
| Expenses before reductions | 1.51% | 1.43% | 1.67% | 1.77% | 1.85% |
| Expenses net of fee waivers, if any | 1.50% | 1.43% | 1.67% | 1.70% | 1.70% |
| Expenses net of all reductions | 1.49% | 1.42% | 1.65% | 1.69% | 1.69% |
| Net investment income (loss) | (.73)% | .37% | (.01)% | .03% | (.27)% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $18,864 | $18,611 | $21,339 | $25,535 | $21,351 |
| Portfolio turnover rateG | 44% | 142% | 99% | 137% | 122% |
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.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Global Capital Appreciation Fund Class C
| Years ended October 31, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $13.10 | $14.11 | $17.65 | $14.26 | $14.12 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | (.17) | (.01) | (.08) | (.07) | (.11) |
| Net realized and unrealized gain (loss) | 2.53 | .41 | (1.02) | 3.63 | .34 |
| Total from investment operations | 2.36 | .40 | (1.10) | 3.56 | .23 |
| 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 capitalA | – | – | –B | –B | –B |
| Net asset value, end of period | $15.46 | $13.10 | $14.11 | $17.65 | $14.26 |
| Total ReturnC,D | 18.02% | 3.59% | (7.39)% | 25.20% | 1.62% |
| Ratios to Average Net AssetsE,F | |||||
| Expenses before reductions | 1.99% | 1.90% | 2.14% | 2.23% | 2.31% |
| Expenses net of fee waivers, if any | 1.98% | 1.90% | 2.14% | 2.20% | 2.20% |
| Expenses net of all reductions | 1.97% | 1.89% | 2.12% | 2.19% | 2.19% |
| Net investment income (loss) | (1.21)% | (.10)% | (.48)% | (.47)% | (.77)% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $9,134 | $12,540 | $19,741 | $24,215 | $19,942 |
| Portfolio turnover rateG | 44% | 142% | 99% | 137% | 122% |
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.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Global Capital Appreciation Fund Class I
| Years ended October 31, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $16.57 | $17.37 | $21.16 | $16.90 | $16.55 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | (.02) | .16 | .11 | .11 | .04 |
| Net realized and unrealized gain (loss) | 3.21 | .52 | (1.28) | 4.33 | .40 |
| Total from investment operations | 3.19 | .68 | (1.17) | 4.44 | .44 |
| Distributions from net investment income | (.11) | (.08) | (.10) | – | – |
| Distributions from net realized gain | – | (1.41) | (2.52) | (.18) | (.09) |
| Total distributions | (.11) | (1.48)B | (2.62) | (.18) | (.09) |
| Redemption fees added to paid in capitalA | – | – | –C | –C | –C |
| Net asset value, end of period | $19.65 | $16.57 | $17.37 | $21.16 | $16.90 |
| Total ReturnD | 19.37% | 4.69% | (6.45)% | 26.52% | 2.66% |
| Ratios to Average Net AssetsE,F | |||||
| Expenses before reductions | .89% | .82% | 1.09% | 1.16% | 1.22% |
| Expenses net of fee waivers, if any | .89% | .82% | 1.09% | 1.16% | 1.20% |
| Expenses net of all reductions | .87% | .82% | 1.07% | 1.15% | 1.19% |
| Net investment income (loss) | (.11)% | .97% | .57% | .57% | .23% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $38,359 | $37,068 | $45,029 | $50,881 | $57,060 |
| Portfolio turnover rateG | 44% | 142% | 99% | 137% | 122% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
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 Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2020
1. Organization.
Fidelity Advisor Global Capital Appreciation Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C and Class I shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of 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.
Effective January 1, 2020:
Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".
Broker-dealer Fidelity Distributors Corporation merged with and into Fidelity Investments Institutional Services Company, Inc. ("FIISC"). FIISC was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Distributors Company LLC".
Fidelity Investments Institutional Operations Company, Inc. converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".
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 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 – Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The 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.
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, 2020 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. 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.
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, 2020, 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.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, net operating losses, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $24,644,857 |
| Gross unrealized depreciation | (866,903) |
| Net unrealized appreciation (depreciation) | $23,777,954 |
| Tax Cost | $75,084,748 |
The tax-based components of distributable earnings as of period end were as follows:
| Capital loss carryforward | $(2,449,430) |
| Net unrealized appreciation (depreciation) on securities and other investments | $23,751,940 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. 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 | $(2,449,430) |
The Fund intends to elect to defer to its next fiscal year $436,365 of ordinary losses recognized during the period January 1, 2020 to October 31, 2020.
The tax character of distributions paid was as follows:
| October 31, 2020 | October 31, 2019 | |
| Ordinary Income | $414,235 | $ 235,858 |
| Long-term Capital Gains | – | 10,120,802 |
| Total | $414,235 | $ 10,356,660 |
Restricted Securities (including Private Placements). 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. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
| Purchases ($) | Sales ($) | |
| Fidelity Advisor Global Capital Appreciation Fund | 41,383,658 | 58,226,399 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Class I 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 .54% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
| Class A | -% | .25% | $74,202 | $1,353 |
| Class M | .25% | .25% | 91,974 | 1,329 |
| Class C | .75% | .25% | 110,544 | 8,275 |
| $276,720 | $10,957 |
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 | $5,933 |
| Class M | 2,068 |
| Class C(a) | 912 |
| $8,913 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of Class-Level Average Net Assets | |
| Class A | $67,862 | .23 |
| Class M | 46,939 | .26 |
| Class C | 25,514 | .23 |
| Class I | 51,854 | .14 |
| $192,169 |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| % of Average Net Assets | |
| Fidelity Advisor Global Capital Appreciation Fund | .04 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount | |
| Fidelity Advisor Global Capital Appreciation Fund | $637 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:
| Amount | |
| Fidelity Advisor Global Capital Appreciation Fund | $227 |
During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Income Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
| Fidelity Advisor Global Capital Appreciation Fund | $762 | $– | $– |
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 $11,356 for the period.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $407.
In addition, during the period the investment adviser or an affiliate reimbursed the Fund $4,600 for an operational error which is included in the accompanying Statement of Operations.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Year ended October 31, 2020 | Year ended October 31, 2019 | |
| Distributions to shareholders | ||
| Class A | $124,469 | $2,906,974 |
| Class M | 38,315 | 1,898,257 |
| Class C | – | 1,864,569 |
| Class I | 251,451 | 3,686,861 |
| Total | $414,235 | $10,356,661 |
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, 2020 | Year ended October 31, 2019 | Year ended October 31, 2020 | Year ended October 31, 2019 | |
| Class A | ||||
| Shares sold | 195,509 | 361,379 | $3,319,193 | $5,512,165 |
| Reinvestment of distributions | 7,586 | 198,251 | 122,204 | 2,854,816 |
| Shares redeemed | (437,074) | (678,050) | (6,973,542) | (10,201,045) |
| Net increase (decrease) | (233,979) | (118,420) | $(3,532,145) | $(1,834,064) |
| Class M | ||||
| Shares sold | 63,841 | 157,333 | $1,001,511 | $2,304,552 |
| Reinvestment of distributions | 2,496 | 138,334 | 38,135 | 1,891,020 |
| Shares redeemed | (246,623) | (398,868) | (3,763,269) | (5,717,418) |
| Net increase (decrease) | (180,286) | (103,201) | $(2,723,623) | $(1,521,846) |
| Class C | ||||
| Shares sold | 49,916 | 116,326 | $699,239 | $1,442,132 |
| Reinvestment of distributions | – | 150,390 | – | 1,825,734 |
| Shares redeemed | (416,424) | (708,736) | (5,800,548) | (9,141,834) |
| Net increase (decrease) | (366,508) | (442,020) | $(5,101,309) | $(5,873,968) |
| Class I | ||||
| Shares sold | 466,353 | 315,717 | $7,964,598 | $5,071,601 |
| Reinvestment of distributions | 14,002 | 229,038 | 238,453 | 3,483,673 |
| Shares redeemed | (764,465) | (901,180) | (12,680,916) | (14,422,937) |
| Net increase (decrease) | (284,110) | (356,425) | $(4,477,865) | $(5,867,663) |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
12. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
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, 2020, the related statement of operations for the year ended October 31, 2020, the statement of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2020 (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, 2020, 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, 2020 and the financial highlights for each of the five years in the period ended October 31, 2020 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, 2020 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.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 14, 2020
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 305 funds. Mr. Chiel oversees 176 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. Robert A. Lawrence is an interested person and currently serves as Acting 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 and David M. Thomas serve as Co-Lead Independent Trustees and as such each (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.
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* 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 served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (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 Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as 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 currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York, a member of the Board of NYC Leadership Academy (2012-present) and a member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), 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). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Alan J. Lacy (1953)
Year of Election or Appointment: 2008
Trustee
Mr. Lacy also serves as Trustee of other Fidelity® funds. Previously, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity), Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail), Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005), Chairman (2014-2017) and a member of the Board (2010-2017) of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes) and a member of the Board of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-2020). Mr. Lacy currently serves as a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a member of the Board of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present).
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2000
Trustee
Co-Lead Independent Trustee
Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has in the past 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 at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010); as well as Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach had a 30-year career with IBM (technology company), during which time he served as Senior Vice President and as 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 Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board 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. Previously, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments and a member of Scudder, Stevens & Clark and Scudder Kemper Investments. Ms. Small previously served as a member of the Board (2009-2019) and Chair of the Investment Committee (2010-2019) of the Teagle Foundation and a member of the Investment Committee of the Berkshire Taconic Community Foundation (2008-2019).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Co-Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. 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). Mr. Thomas currently serves as Non-Executive Chairman of the Board of Fortune Brands Home and Security (home and security products, 2011-present), and a member of the Board (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ 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.
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
Lloyd James Austin, III (1953)
Year of Election or Appointment: 2020
Member of the Advisory Board
General Austin also serves as a Member of the Advisory Board of other Fidelity® funds. Prior to his retirement, General Austin (United States Army, Retired) held a variety of positions within the U.S. Government, including Commander, U.S. Central Command (2013-2016), Vice Chief of Staff, U.S. Army (2012-2013) and Commanding General, U.S. Forces – Iraq, Operation New Dawn (2010-2012). General Austin currently serves as a Partner of Pine Island Capital Partners (private equity, 2020-present) and as President of the Austin Strategy Group LLC (consulting, 2016-present). General Austin serves as a member of the Board of Directors of Nucor Corporation (steel products, 2017-present), as a member of the Board of Directors of Tenet Healthcare Corporation (2018-present) and as a member of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). In addition, General Austin currently serves as a member of the Board of Trustees of the Carnegie Corporation of New York (2017-present) and as a member of the Board of Trustees of Auburn University (2017-present). Previously, General Austin served as a member of the Board of Directors of United Technologies Corporation (aerospace, defense and building, 2016-2020).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2020
Member of the Advisory Board
Mr. Kennedy also serves as a Member of the Advisory Board of other Fidelity® funds. Previously, Mr. Kennedy held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (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 as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
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 certain funds (2017-2019), 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 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 Executive Vice President of Fidelity SelectCo, LLC (2019), 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).
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). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). 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: 2020
Assistant 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 Deputy Treasurer of certain Fidelity® funds (2016-2020) and 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 Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and 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 an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 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 CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was 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: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); 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).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
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 (2013-2019) 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 LLP (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, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2020 to October 31, 2020).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized Expense Ratio-A | Beginning Account Value May 1, 2020 | Ending Account Value October 31, 2020 | Expenses Paid During Period-B May 1, 2020 to October 31, 2020 | |
| Fidelity Advisor Global Capital Appreciation Fund | ||||
| Class A | 1.23% | |||
| Actual | $1,000.00 | $1,215.90 | $6.85 | |
| Hypothetical-C | $1,000.00 | $1,018.95 | $6.24 | |
| Class M | 1.50% | |||
| Actual | $1,000.00 | $1,214.70 | $8.35 | |
| Hypothetical-C | $1,000.00 | $1,017.60 | $7.61 | |
| Class C | 1.98% | |||
| Actual | $1,000.00 | $1,211.60 | $11.01 | |
| Hypothetical-C | $1,000.00 | $1,015.18 | $10.03 | |
| Class I | .88% | |||
| Actual | $1,000.00 | $1,218.20 | $4.91 | |
| Hypothetical-C | $1,000.00 | $1,020.71 | $4.47 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
Class A, Class M, 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, Class M, 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 2021 of amounts for use in preparing 2020 income tax returns.
Proxy Voting Results
A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1
To elect a Board of Trustees.
| # of Votes | % of Votes | |
| Dennis J. Dirks | ||
| Affirmative | 4,410,379,169.762 | 97.006 |
| Withheld | 136,107,923.804 | 2.994 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Donald F. Donahue | ||
| Affirmative | 4,416,009,117.039 | 97.130 |
| Withheld | 130,477,976.527 | 2.870 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Bettina Doulton | ||
| Affirmative | 4,424,274,282.548 | 97.312 |
| Withheld | 122,212,811.017 | 2.688 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Vicki L. Fuller | ||
| Affirmative | 4,429,249,259.957 | 97.421 |
| Withheld | 117,237,833.609 | 2.579 |
| TOTAL | 4,546,487,093.566 | 100.00 |
| Patricia L. Kampling | ||
| Affirmative | 4,406,048,180.368 | 96.911 |
| Withheld | 140,438,913.198 | 3.089 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Alan J. Lacy | ||
| Affirmative | 4,392,586,572.374 | 96.615 |
| Withheld | 153,900,521.192 | 3.385 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Ned C. Lautenbach | ||
| Affirmative | 4,347,069,615.094 | 95.614 |
| Withheld | 199,417,478.472 | 4.386 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Robert A. Lawrence | ||
| Affirmative | 4,404,777,106.740 | 96.883 |
| Withheld | 141,709,986.826 | 3.117 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Joseph Mauriello | ||
| Affirmative | 4,404,603,369.399 | 96.879 |
| Withheld | 141,883,724.167 | 3.121 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Cornelia M. Small | ||
| Affirmative | 4,408,319,197.270 | 96.961 |
| Withheld | 138,167,896.295 | 3.039 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Garnett A. Smith | ||
| Affirmative | 4,399,381,149.533 | 96.764 |
| Withheld | 147,105,944.033 | 3.236 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| David M. Thomas | ||
| Affirmative | 4,400,166,958.204 | 96.782 |
| Withheld | 146,320,135.361 | 3.218 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Susan Tomasky | ||
| Affirmative | 4,416,484,118.213 | 97.141 |
| Withheld | 130,002,975.353 | 2.859 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Michael E. Wiley | ||
| Affirmative | 4,398,113,731.182 | 96.737 |
| Withheld | 148,373,362.384 | 3.263 |
| TOTAL | 4,546,487,093.566 | 100.000 |
PROPOSAL 2
To convert a fundamental investment policy to a non-fundamental investment policy.
| # of Votes | % of Votes | |
| Affirmative | 24,014,037.109 | 44.190 |
| Against | 4,684,382.559 | 8.620 |
| Abstain | 4,099,474.054 | 7.544 |
| Broker Non-Vote | 21,544,807.100 | 39.646 |
| TOTAL | 54,342,700.822 | 100.000 |
| Proposal 1 reflects trust wide proposal and voting results. | ||
| Proposal 2 was not approved by shareholders. |
AGLO-ANN-1220
1.728713.121
Fidelity Advisor® Emerging Asia Fund
October 31, 2020
See the inside front cover for important information about access to your fund’s shareholder reports.
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
| 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
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2020 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
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, 2020 | Past 1 year | Past 5 years | Past 10 years |
| Class A (incl. 5.75% sales charge) | 40.60% | 16.47% | 9.07% |
| Class M (incl. 3.50% sales charge) | 43.57% | 16.68% | 9.01% |
| Class C (incl. contingent deferred sales charge) | 47.03% | 16.99% | 8.91% |
| Class I | 49.59% | 18.20% | 10.04% |
| Class Z | 49.80% | 18.28% | 10.08% |
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, 2010, 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 | ||
| $23,831 | Fidelity Advisor® Emerging Asia Fund - Class A | |
| $16,933 | MSCI AC (All Country) Asia ex Japan Index | |
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index returned -2.46% for the 12 months ending October 31, 2020, in what was a bumpy ride for non-U.S. equities, marked by a steep but brief decline due to the early-2020 outbreak and spread of the coronavirus, followed by a sharp upturn. Declared a pandemic on March 11, the crisis and containment efforts caused broad contraction in economic activity, elevated volatility and dislocation in financial markets. A historically rapid and expansive monetary- and fiscal-policy response around the world provided a partial offset to the economic disruption. Other supporting factors included resilient corporate earnings and near-term potential for a COVID-19 vaccine breakthrough. This was evident in the index’s 12.28% gain in the final six months of the year. Currency fluctuation generally boosted foreign developed-markets equities for the year, while the reverse was true for emerging-markets stocks. Late in the period, the index was pressured by a second wave of COVID-19 cases in some regions, and stretched valuations and crowded positioning in big tech. For the full year, the U.K. (-22%), Asia Pacific ex Japan (-8%), Canada (-5%) and Europe ex U.K. (-4%) notably lagged. Emerging markets (+9%) and Japan (+1%) outperformed. By sector, energy (-38%), financials and real estate (-20% each) lagged, whereas information technology (+ 25%) and communication services (+15%) topped the index.Comments from Comments from Portfolio Manager Xiaoting Zhao: For the fiscal year ending October 31, 2020, the fund's share classes (excluding sales charges, if applicable) gained about 48% to 50%, outperforming the 15.85% result of the benchmark MSCI AC Asia Ex Japan (Net Mass) Linked Index. From a regional standpoint, stock picks in emerging markets, especially China, contributed the most by far to the fund's relative result. Picks in Japan contributed to a significant, but lesser extent. By sector, stock picks in communication services, as well as positioning in the financials, information technology and industrials sectors, bolstered the fund's relative result. An overweighting in Pinduoduo, which gained about 113% the past year, added more value than any other individual position. Outsized stakes in Bilibili (+187%) and Tencent Holdings (+88%) also contributed on a relative basis. Conversely, a lighter-than-benchmark stake in Alibaba Group Holding, on average, detracted. Also hampering performance was an underweighting in JD.com, which gained 162% within the benchmark. JD.com was not held at period end. Another notable relative detractor was an out-of-benchmark stake in Thai Beverage Public (-36%). We increased the fund’s stake in Thai Beverage Public by period end.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.
Note to shareholders: On January 1, 2020, John Dance came off the fund, leaving Xiaoting Zhao as sole portfolio manager.Investment Summary (Unaudited)
Top Ten Stocks as of October 31, 2020
| % of fund's net assets | |
| Alibaba Group Holding Ltd. | 9.9 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 7.3 |
| Tencent Holdings Ltd. | 4.8 |
| Samsung Electronics Co. Ltd. | 4.6 |
| Bilibili, Inc. ADR | 2.7 |
| SK Hynix, Inc. | 2.3 |
| Micron Technology, Inc. | 1.9 |
| Reliance Industries Ltd. | 1.8 |
| HDFC Bank Ltd. | 1.6 |
| MakeMyTrip Ltd. | 1.6 |
| 38.5 |
Top Five Market Sectors as of October 31, 2020
| % of fund's net assets | |
| Information Technology | 31.5 |
| Consumer Discretionary | 23.5 |
| Communication Services | 15.2 |
| Financials | 10.0 |
| Health Care | 7.1 |
Asset Allocation (% of fund's net assets)
| As of October 31, 2020 | ||
| Stocks | 97.4% | |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.6% | |
Schedule of Investments October 31, 2020
Showing Percentage of Net Assets
| Common Stocks - 96.4% | |||
| Shares | Value | ||
| Australia - 0.0% | |||
| Blue Sky Alternative Investments Ltd. (a)(b) | 347,682 | $2 | |
| Cayman Islands - 30.7% | |||
| Agora, Inc. ADR (a) | 1,500 | 57,750 | |
| Akeso, Inc. (c) | 971,000 | 3,043,573 | |
| Alibaba Group Holding Ltd.(a) | 1,354,200 | 51,315,883 | |
| Alibaba Group Holding Ltd. sponsored ADR (a) | 95,700 | 29,158,833 | |
| Archosaur Games, Inc. (a)(c) | 3,458,000 | 8,144,867 | |
| Bilibili, Inc. ADR (a)(d) | 489,900 | 21,883,833 | |
| China Literature Ltd. (a)(c) | 370,000 | 3,030,635 | |
| CMGE Technology Group Ltd. | 11,606,000 | 4,401,372 | |
| CStone Pharmaceuticals Co. Ltd. (a)(c) | 72,280 | 106,101 | |
| Ctrip.com International Ltd. ADR (a) | 372,800 | 10,721,728 | |
| Frontage Holdings Corp. (a)(c)(d) | 5,094,000 | 2,234,066 | |
| GSX Techedu, Inc. ADR (a)(d) | 43,300 | 2,875,986 | |
| Hua Medicine (a)(c) | 2,922,000 | 1,594,332 | |
| Huazhu Group Ltd. ADR | 48,600 | 1,926,018 | |
| iClick Interactive Asia Group Ltd. (A Shares) ADR (a)(d) | 440,000 | 3,506,800 | |
| Innovent Biologics, Inc. (a)(c) | 538,500 | 3,973,196 | |
| iQIYI, Inc. ADR (a) | 143,800 | 3,551,860 | |
| Kangji Medical Holdings Ltd. | 762,000 | 2,073,937 | |
| Kangji Medical Holdings Ltd. | 202,500 | 523,588 | |
| KE Holdings, Inc. ADR (a) | 26,300 | 1,834,425 | |
| Li Ning Co. Ltd. | 697,000 | 3,596,259 | |
| Lufax Holding Ltd. ADR (a) | 131,000 | 1,768,500 | |
| Meituan Class B (a) | 34,856 | 1,295,775 | |
| Phoenix Tree Holdings Ltd. ADR (d) | 74,300 | 138,941 | |
| Pinduoduo, Inc. ADR (a) | 109,900 | 9,888,802 | |
| Semiconductor Manufacturing International Corp. (a) | 2,736,500 | 8,073,037 | |
| So-Young International, Inc. ADR (a) | 173,900 | 2,029,413 | |
| Sunny Optical Technology Group Co. Ltd. | 223,900 | 3,702,545 | |
| TAL Education Group ADR (a) | 117,000 | 7,775,820 | |
| Tencent Holdings Ltd. | 503,835 | 38,495,843 | |
| Wuxi Biologics (Cayman), Inc. (a)(c) | 213,000 | 5,951,087 | |
| YY, Inc. ADR | 49,600 | 4,532,448 | |
| Zai Lab Ltd. (a) | 8,500 | 707,191 | |
| Zai Lab Ltd. ADR (a) | 57,916 | 4,752,008 | |
| TOTAL CAYMAN ISLANDS | 248,666,452 | ||
| China - 11.1% | |||
| Anhui Korrun Co. Ltd. (A Shares) | 801,076 | 3,680,865 | |
| AVIC Jonhon OptronicTechnology Co. Ltd. | 446,600 | 3,705,356 | |
| Bafang Electric Suzhou Co. Ltd. (A Shares) | 36,200 | 998,097 | |
| Beijing Enlight Media Co. Ltd. (A Shares) | 1,644,538 | 2,992,357 | |
| Beijing Shiji Information Technology Co. Ltd. (A Shares) | 1,013,306 | 5,608,105 | |
| China Jushi Co. Ltd. (A Shares) | 1,818,100 | 3,800,367 | |
| Guangzhou Automobile Group Co. Ltd. | 3,243,700 | 6,524,709 | |
| Guangzhou GRG Metrology & Test Co. Ltd. (A Shares) | 879,269 | 4,009,953 | |
| Hangzhou Tigermed Consulting Co. Ltd. (A Shares) | 251,708 | 4,680,500 | |
| Leader Harmonious Drive Systems Co. Ltd. (A Shares) (a) | 459,489 | 5,588,191 | |
| Milkyway Chemical Supply Chain Service Co. Ltd. (A Shares) | 351,208 | 5,758,451 | |
| Pharmaron Beijing Co. Ltd. (A Shares) | 319,418 | 5,495,968 | |
| Shanghai Bairun Investment Holding Group Co. Ltd. (A Shares) | 537,242 | 5,361,769 | |
| Shenzhen Inovance Technology Co. Ltd. (A Shares) | 789,984 | 7,602,832 | |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | 82,906 | 4,804,473 | |
| Shenzhen New Industries Biomedical Engineering Co. Ltd. | 187,400 | 4,790,854 | |
| Sungrow Power Supply Co. Ltd. (A Shares) | 791,800 | 4,609,843 | |
| TravelSky Technology Ltd. (H Shares) | 1,161,000 | 2,438,063 | |
| WuXi AppTec Co. Ltd. (H Shares) (c) | 436,600 | 6,955,189 | |
| TOTAL CHINA | 89,405,942 | ||
| France - 0.8% | |||
| LVMH Moet Hennessy Louis Vuitton SE | 6,000 | 2,812,486 | |
| Ubisoft Entertainment SA (a) | 44,400 | 3,916,550 | |
| TOTAL FRANCE | 6,729,036 | ||
| Germany - 0.6% | |||
| Delivery Hero AG (a)(c) | 38,000 | 4,371,677 | |
| Hong Kong - 0.9% | |||
| AIA Group Ltd. | 769,950 | 7,327,750 | |
| India - 11.6% | |||
| Asian Paints Ltd. | 105,900 | 3,139,917 | |
| Aster DM Healthcare Ltd. (a)(c) | 516,499 | 929,731 | |
| Bajaj Finance Ltd. | 267,200 | 11,848,631 | |
| Computer Age Management Services Private Ltd. (a) | 340,842 | 5,958,834 | |
| Eicher Motors Ltd. | 145,000 | 4,076,781 | |
| HDFC Asset Management Co. Ltd. (c) | 333,660 | 10,065,258 | |
| HDFC Bank Ltd. | 634,787 | 10,077,337 | |
| HDFC Bank Ltd. sponsored ADR (a) | 62,700 | 3,601,488 | |
| Housing Development Finance Corp. Ltd. | 252,346 | 6,507,817 | |
| Indian Energy Exchange Ltd. (c) | 512,100 | 1,313,331 | |
| Kotak Mahindra Bank Ltd. (a) | 262,795 | 5,451,598 | |
| Maruti Suzuki India Ltd. | 46,200 | 4,313,524 | |
| Mindspace Business Parks (a)(c) | 81,600 | 335,479 | |
| Mindspace Business Parks | 78,600 | 289,384 | |
| Oberoi Realty Ltd. (a) | 392,307 | 2,329,935 | |
| Page Industries Ltd. | 10,600 | 2,852,738 | |
| Reliance Industries Ltd. | 518,496 | 14,289,864 | |
| Reliance Industries Ltd. | 34,566 | 547,598 | |
| TCNS Clothing Co. Ltd. (a)(c) | 317,827 | 1,588,521 | |
| Titan Co. Ltd. (a) | 284,800 | 4,455,913 | |
| TOTAL INDIA | 93,973,679 | ||
| Indonesia - 1.3% | |||
| PT Bank Central Asia Tbk | 2,825,323 | 5,559,263 | |
| PT Bank Rakyat Indonesia Tbk | 21,872,545 | 4,951,331 | |
| TOTAL INDONESIA | 10,510,594 | ||
| Japan - 9.2% | |||
| BASE, Inc. | 15,100 | 1,618,507 | |
| Capcom Co. Ltd. | 72,300 | 3,954,200 | |
| Freee KK (a)(d) | 113,600 | 8,889,070 | |
| Hennge K.K. (a)(d) | 112,500 | 8,138,497 | |
| Iriso Electronics Co. Ltd. | 77,400 | 2,946,950 | |
| Lifenet Insurance Co. (a) | 310,900 | 4,578,451 | |
| Money Forward, Inc. (a) | 118,300 | 10,702,549 | |
| Rakus Co. Ltd. | 426,000 | 8,371,617 | |
| Square Enix Holdings Co. Ltd. | 64,900 | 3,770,872 | |
| Uzabase, Inc. (a) | 280,700 | 9,527,074 | |
| Yume No Machi Souzou Iinkai Co. Ltd. (d) | 233,400 | 6,920,586 | |
| Z Holdings Corp. | 690,000 | 4,811,411 | |
| TOTAL JAPAN | 74,229,784 | ||
| Korea (South) - 9.7% | |||
| Kakao Corp. | 24,666 | 7,176,603 | |
| Kakao Games Corp. | 1,500 | 59,912 | |
| LG Chemical Ltd. | 15,363 | 8,358,777 | |
| Samsung Electronics Co. Ltd. | 746,256 | 37,428,728 | |
| Samsung SDI Co. Ltd. | 19,140 | 7,523,398 | |
| SK Hynix, Inc. | 257,594 | 18,234,365 | |
| TOTAL KOREA (SOUTH) | 78,781,783 | ||
| Mauritius - 1.6% | |||
| MakeMyTrip Ltd. (a) | 676,140 | 12,691,148 | |
| Netherlands - 0.8% | |||
| ASML Holding NV (Netherlands) | 8,945 | 3,236,329 | |
| NXP Semiconductors NV | 26,200 | 3,540,144 | |
| TOTAL NETHERLANDS | 6,776,473 | ||
| Philippines - 0.5% | |||
| Jollibee Food Corp. | 1,236,400 | 4,322,842 | |
| Spain - 1.3% | |||
| Amadeus IT Holding SA Class A | 210,300 | 10,039,512 | |
| Switzerland - 1.0% | |||
| Compagnie Financiere Richemont SA Series A | 62,660 | 3,916,488 | |
| Dufry AG (a)(d) | 114,477 | 4,332,136 | |
| TOTAL SWITZERLAND | 8,248,624 | ||
| Taiwan - 7.8% | |||
| eMemory Technology, Inc. | 212,000 | 4,223,846 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3,270,393 | 49,470,471 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 115,200 | 9,661,824 | |
| TOTAL TAIWAN | 63,356,141 | ||
| Thailand - 1.8% | |||
| Airports of Thailand PCL (For. Reg.) | 4,181,200 | 6,932,050 | |
| Home Product Center PCL (For. Reg.) | 6,979,067 | 3,121,029 | |
| Thai Beverage PCL | 10,444,693 | 4,441,798 | |
| TOTAL THAILAND | 14,494,877 | ||
| United States of America - 5.4% | |||
| Advanced Micro Devices, Inc. (a) | 46,700 | 3,516,043 | |
| ANSYS, Inc. (a) | 13,900 | 4,230,743 | |
| Aspen Technology, Inc. (a) | 32,000 | 3,513,920 | |
| DouYu International Holdings Ltd. ADR (a) | 118,986 | 1,820,486 | |
| Eventbrite, Inc. (a)(d) | 544,400 | 5,024,812 | |
| Lam Research Corp. | 9,683 | 3,312,361 | |
| Micron Technology, Inc. (a) | 295,400 | 14,870,436 | |
| New Frontier Health Corp. (a)(d) | 242,700 | 2,099,355 | |
| ON Semiconductor Corp. (a) | 218,300 | 5,477,147 | |
| TOTAL UNITED STATES OF AMERICA | 43,865,303 | ||
| Vietnam - 0.3% | |||
| Vietnam Dairy Products Corp. | 428,640 | 2,002,737 | |
| TOTAL COMMON STOCKS | |||
| (Cost $565,166,655) | 779,794,356 | ||
| Preferred Stocks - 1.0% | |||
| Convertible Preferred Stocks - 0.1% | |||
| Hong Kong - 0.1% | |||
| Antengene Corp. Series C1 (b)(e) | 365,844 | 1,033,833 | |
| Nonconvertible Preferred Stocks - 0.9% | |||
| Korea (South) - 0.9% | |||
| Samsung Electronics Co. Ltd. | 166,330 | 7,382,941 | |
| TOTAL PREFERRED STOCKS | |||
| (Cost $6,893,394) | 8,416,774 | ||
| Money Market Funds - 8.3% | |||
| Fidelity Cash Central Fund 0.10% (f) | 20,946,371 | 20,950,560 | |
| Fidelity Securities Lending Cash Central Fund 0.11% (f)(g) | 45,972,687 | 45,977,284 | |
| TOTAL MONEY MARKET FUNDS | |||
| (Cost $66,927,844) | 66,927,844 | ||
| TOTAL INVESTMENT IN SECURITIES - 105.7% | |||
| (Cost $638,987,893) | 855,138,974 | ||
| NET OTHER ASSETS (LIABILITIES) - (5.7)% | (45,782,066) | ||
| NET ASSETS - 100% | $809,356,908 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Level 3 security
(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 $53,637,043 or 6.6% of net assets.
(d) Security or a portion of the security is on loan at period end.
(e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,033,833 or 0.1% of net assets.
(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, 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.
(g) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Acquisition Cost |
| Antengene Corp. Series C1 | 7/11/20 | $1,033,833 |
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 | $64,754 |
| Fidelity Securities Lending Cash Central Fund | 203,075 |
| Total | $267,829 |
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.
The value, beginning of period, for the Fidelity Securities Lending Cash Central Fund was $596,304. Net realized gain (loss) and change in net unrealized appreciation (depreciation) on Fidelity Securities Lending Cash Central Fund is presented in the Statement of Operations, if applicable. Purchases and sales of the Fidelity Securities Lending Cash Central Fund were $171,544,479 and $126,163,434, respectively, during the period.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: | ||||
| Description | Total | Level 1 | Level 2 | Level 3 |
| Investments in Securities: | ||||
| Equities: | ||||
| Communication Services | $123,104,274 | $61,843,076 | $61,261,198 | $-- |
| Consumer Discretionary | 191,303,144 | 90,402,682 | 100,900,462 | -- |
| Consumer Staples | 11,806,304 | -- | 11,806,304 | -- |
| Energy | 14,837,462 | -- | 14,837,462 | -- |
| Financials | 80,809,331 | 3,601,488 | 77,207,841 | 2 |
| Health Care | 55,748,982 | 33,490,035 | 21,225,114 | 1,033,833 |
| Industrials | 34,501,320 | -- | 34,501,320 | -- |
| Information Technology | 255,873,088 | 68,584,334 | 187,288,754 | -- |
| Materials | 15,299,061 | -- | 15,299,061 | -- |
| Real Estate | 4,928,164 | 1,973,366 | 2,954,798 | -- |
| Money Market Funds | 66,927,844 | 66,927,844 | -- | -- |
| Total Investments in Securities: | $855,138,974 | $326,822,825 | $527,282,314 | $1,033,835 |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| October 31, 2020 | ||
| Assets | ||
| Investment in securities, at value (including securities loaned of $43,224,669) — See accompanying schedule: Unaffiliated issuers (cost $572,060,049) | $788,211,130 | |
| Fidelity Central Funds (cost $66,927,844) | 66,927,844 | |
| Total Investment in Securities (cost $638,987,893) | $855,138,974 | |
| Foreign currency held at value (cost $5,261) | 5,261 | |
| Receivable for investments sold | 3,196,113 | |
| Receivable for fund shares sold | 2,884,874 | |
| Dividends receivable | 295,714 | |
| Distributions receivable from Fidelity Central Funds | 30,530 | |
| Prepaid expenses | 831 | |
| Other receivables | 193,893 | |
| Total assets | 861,746,190 | |
| Liabilities | ||
| Payable for investments purchased | $3,359,716 | |
| Payable for fund shares redeemed | 490,516 | |
| Accrued management fee | 457,889 | |
| Distribution and service plan fees payable | 91,082 | |
| Other affiliated payables | 143,830 | |
| Other payables and accrued expenses | 1,873,504 | |
| Collateral on securities loaned | 45,972,745 | |
| Total liabilities | 52,389,282 | |
| Net Assets | $809,356,908 | |
| Net Assets consist of: | ||
| Paid in capital | $529,472,224 | |
| Total accumulated earnings (loss) | 279,884,684 | |
| Net Assets | $809,356,908 | |
| Net Asset Value and Maximum Offering Price | ||
| Class A: | ||
| Net Asset Value and redemption price per share ($208,545,672 ÷ 3,702,442 shares)(a) | $56.33 | |
| Maximum offering price per share (100/94.25 of $56.33) | $59.77 | |
| Class M: | ||
| Net Asset Value and redemption price per share ($54,436,248 ÷ 998,580 shares)(a) | $54.51 | |
| Maximum offering price per share (100/96.50 of $54.51) | $56.49 | |
| Class C: | ||
| Net Asset Value and offering price per share ($28,233,480 ÷ 562,149 shares)(a) | $50.22 | |
| Class I: | ||
| Net Asset Value, offering price and redemption price per share ($414,664,479 ÷ 7,113,386 shares) | $58.29 | |
| Class Z: | ||
| Net Asset Value, offering price and redemption price per share ($103,477,029 ÷ 1,777,417 shares) | $58.22 |
(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, 2020 | ||
| Investment Income | ||
| Dividends | $4,354,192 | |
| Income from Fidelity Central Funds (including $203,075 from security lending) | 267,829 | |
| Income before foreign taxes withheld | 4,622,021 | |
| Less foreign taxes withheld | (572,265) | |
| Total income | 4,049,756 | |
| Expenses | ||
| Management fee | $3,307,955 | |
| Transfer agent fees | 863,067 | |
| Distribution and service plan fees | 876,297 | |
| Accounting fees | 244,709 | |
| Custodian fees and expenses | 161,218 | |
| Independent trustees' fees and expenses | 2,420 | |
| Registration fees | 127,140 | |
| Audit | 100,542 | |
| Legal | 968 | |
| Miscellaneous | 19,345 | |
| Total expenses before reductions | 5,703,661 | |
| Expense reductions | (148,843) | |
| Total expenses after reductions | 5,554,818 | |
| Net investment income (loss) | (1,505,062) | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers (net of foreign taxes of $205,003) | 75,733,366 | |
| Fidelity Central Funds | (1,408) | |
| Foreign currency transactions | (143,906) | |
| Total net realized gain (loss) | 75,588,052 | |
| Change in net unrealized appreciation (depreciation) on: | ||
| Investment securities: | ||
| Unaffiliated issuers (net of increase in deferred foreign taxes of $1,269,794) | 131,050,939 | |
| Assets and liabilities in foreign currencies | 12,718 | |
| Total change in net unrealized appreciation (depreciation) | 131,063,657 | |
| Net gain (loss) | 206,651,709 | |
| Net increase (decrease) in net assets resulting from operations | $205,146,647 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Year ended October 31, 2020 | Year ended October 31, 2019 | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $(1,505,062) | $1,626,532 |
| Net realized gain (loss) | 75,588,052 | 15,832,052 |
| Change in net unrealized appreciation (depreciation) | 131,063,657 | 48,037,399 |
| Net increase (decrease) in net assets resulting from operations | 205,146,647 | 65,495,983 |
| Distributions to shareholders | (17,760,369) | (15,626,454) |
| Share transactions - net increase (decrease) | 293,087,514 | 30,152,901 |
| Total increase (decrease) in net assets | 480,473,792 | 80,022,430 |
| Net Assets | ||
| Beginning of period | 328,883,116 | 248,860,686 |
| End of period | $809,356,908 | $328,883,116 |
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, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $39.85 | $33.52 | $39.98 | $30.26 | $28.75 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | (.18) | .23 | .25 | .27 | .29 |
| Net realized and unrealized gain (loss) | 18.77 | 8.23 | (6.48) | 9.75 | 1.67 |
| Total from investment operations | 18.59 | 8.46 | (6.23) | 10.02 | 1.96 |
| Distributions from net investment income | (.13)B | (.19) | (.22) | (.24) | (.22) |
| Distributions from net realized gain | (1.99)B | (1.93) | (.01) | (.07) | (.23) |
| Total distributions | (2.11)C | (2.13)C | (.23) | (.31) | (.45) |
| Redemption fees added to paid in capitalA | – | – | –D | .01 | –D |
| Net asset value, end of period | $56.33 | $39.85 | $33.52 | $39.98 | $30.26 |
| Total ReturnE,F | 49.18% | 26.60% | (15.67)% | 33.54% | 6.95% |
| Ratios to Average Net AssetsG,H | |||||
| Expenses before reductions | 1.26% | 1.32% | 1.32% | 1.38% | 1.42% |
| Expenses net of fee waivers, if any | 1.26% | 1.32% | 1.32% | 1.37% | 1.42% |
| Expenses net of all reductions | 1.23% | 1.31% | 1.30% | 1.36% | 1.42% |
| Net investment income (loss) | (.40)% | .62% | .62% | .80% | 1.03% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $208,546 | $144,577 | $106,775 | $137,165 | $119,449 |
| Portfolio turnover rateI | 110% | 69%J | 34% | 43% | 75% |
A Calculated based on average shares outstanding during the period.
B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
C Total distributions per share do not sum due to rounding.
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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Emerging Asia Fund Class M
| Years ended October 31, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $38.61 | $32.50 | $38.80 | $29.39 | $27.93 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | (.29) | .12 | .13 | .16 | .20 |
| Net realized and unrealized gain (loss) | 18.19 | 7.98 | (6.29) | 9.49 | 1.62 |
| Total from investment operations | 17.90 | 8.10 | (6.16) | 9.65 | 1.82 |
| Distributions from net investment income | (.01)B | (.05) | (.13) | (.18) | (.13) |
| Distributions from net realized gain | (1.99)B | (1.93) | (.01) | (.07) | (.23) |
| Total distributions | (2.00) | (1.99)C | (.14) | (.25) | (.36) |
| Redemption fees added to paid in capitalA | – | – | –D | .01 | –D |
| Net asset value, end of period | $54.51 | $38.61 | $32.50 | $38.80 | $29.39 |
| Total ReturnE,F | 48.78% | 26.21% | (15.93)% | 33.16% | 6.62% |
| Ratios to Average Net AssetsG,H | |||||
| Expenses before reductions | 1.54% | 1.61% | 1.61% | 1.68% | 1.72% |
| Expenses net of fee waivers, if any | 1.53% | 1.61% | 1.61% | 1.68% | 1.72% |
| Expenses net of all reductions | 1.51% | 1.60% | 1.59% | 1.66% | 1.72% |
| Net investment income (loss) | (.68)% | .32% | .33% | .50% | .72% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $54,436 | $39,197 | $33,478 | $44,730 | $35,791 |
| Portfolio turnover rateI | 110% | 69%J | 34% | 43% | 75% |
A Calculated based on average shares outstanding during the period.
B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
C Total distributions per share do not sum due to rounding.
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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Emerging Asia Fund Class C
| Years ended October 31, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $35.77 | $30.32 | $36.29 | $27.52 | $26.17 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | (.47) | (.04) | (.04) | .02 | .07 |
| Net realized and unrealized gain (loss) | 16.79 | 7.42 | (5.86) | 8.89 | 1.52 |
| Total from investment operations | 16.32 | 7.38 | (5.90) | 8.91 | 1.59 |
| Distributions from net investment income | – | – | (.05) | (.08) | (.01) |
| Distributions from net realized gain | (1.87) | (1.93) | (.01) | (.07) | (.23) |
| Total distributions | (1.87) | (1.93) | (.07)B | (.14)B | (.24) |
| Redemption fees added to paid in capitalA | – | – | –C | –C | –C |
| Net asset value, end of period | $50.22 | $35.77 | $30.32 | $36.29 | $27.52 |
| Total ReturnD,E | 48.03% | 25.67% | (16.30)% | 32.58% | 6.14% |
| Ratios to Average Net AssetsF,G | |||||
| Expenses before reductions | 2.03% | 2.08% | 2.06% | 2.11% | 2.16% |
| Expenses net of fee waivers, if any | 2.02% | 2.07% | 2.05% | 2.11% | 2.16% |
| Expenses net of all reductions | 1.99% | 2.06% | 2.04% | 2.09% | 2.16% |
| Net investment income (loss) | (1.17)% | (.14)% | (.11)% | .07% | .29% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $28,233 | $23,584 | $48,507 | $60,852 | $43,016 |
| Portfolio turnover rateH | 110% | 69%I | 34% | 43% | 75% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
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.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
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 I
| Years ended October 31, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $41.16 | $34.60 | $41.27 | $31.19 | $29.63 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | (.07) | .34 | .37 | .38 | .39 |
| Net realized and unrealized gain (loss) | 19.42 | 8.48 | (6.68) | 10.06 | 1.72 |
| Total from investment operations | 19.35 | 8.82 | (6.31) | 10.44 | 2.11 |
| Distributions from net investment income | (.23)B | (.33) | (.34) | (.31) | (.32) |
| Distributions from net realized gain | (1.99)B | (1.93) | (.01) | (.07) | (.23) |
| Total distributions | (2.22) | (2.26) | (.36)C | (.37)C | (.55) |
| Redemption fees added to paid in capitalA | – | – | –D | .01 | –D |
| Net asset value, end of period | $58.29 | $41.16 | $34.60 | $41.27 | $31.19 |
| Total ReturnE | 49.59% | 26.93% | (15.43)% | 33.97% | 7.27% |
| Ratios to Average Net AssetsF,G | |||||
| Expenses before reductions | 1.00% | 1.04% | 1.03% | 1.08% | 1.11% |
| Expenses net of fee waivers, if any | 1.00% | 1.03% | 1.03% | 1.07% | 1.11% |
| Expenses net of all reductions | .97% | 1.03% | 1.02% | 1.06% | 1.11% |
| Net investment income (loss) | (.14)% | .90% | .91% | 1.10% | 1.34% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $414,664 | $76,981 | $59,527 | $66,818 | $37,364 |
| Portfolio turnover rateH | 110% | 69%I | 34% | 43% | 75% |
A Calculated based on average shares outstanding during the period.
B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
C Total distributions per share do not sum due to rounding.
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 Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
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, | 2020 | 2019 | 2018 A |
| Selected Per–Share Data | |||
| Net asset value, beginning of period | $41.12 | $34.60 | $38.03 |
| Income from Investment Operations | |||
| Net investment income (loss)B | –C | .40 | – |
| Net realized and unrealized gain (loss) | 19.38 | 8.47 | (3.43) |
| Total from investment operations | 19.38 | 8.87 | (3.43) |
| Distributions from net investment income | (.30)D | (.42) | – |
| Distributions from net realized gain | (1.99)D | (1.93) | – |
| Total distributions | (2.28)E | (2.35) | – |
| Redemption fees added to paid in capitalB | – | – | –C |
| Net asset value, end of period | $58.22 | $41.12 | $34.60 |
| Total ReturnF,G | 49.80% | 27.14% | (9.02)% |
| Ratios to Average Net AssetsH,I | |||
| Expenses before reductions | .86% | .89% | .97%J |
| Expenses net of fee waivers, if any | .85% | .89% | .97%J |
| Expenses net of all reductions | .82% | .89% | .95%J |
| Net investment income (loss) | - %K | 1.04% | (.02)%J |
| Supplemental Data | |||
| Net assets, end of period (000 omitted) | $103,477 | $44,545 | $573 |
| Portfolio turnover rateL | 110% | 69%M | 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 The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
E Total distributions per share do not sum due to rounding.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
J Annualized
K Amount represents less than .005%.
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
M Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2020
1. Organization.
Fidelity Advisor Emerging Asia Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of 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.
Effective January 1, 2020:
Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".
Broker-dealer Fidelity Distributors Corporation merged with and into Fidelity Investments Institutional Services Company, Inc. ("FIISC"). FIISC was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Distributors Company LLC".
Fidelity Investments Institutional Operations Company, Inc. converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".
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 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 – Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The 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.
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, 2020 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. 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.
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, 2020, 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. 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.
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), net operating losses 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 | $238,249,461 |
| Gross unrealized depreciation | (24,053,035) |
| Net unrealized appreciation (depreciation) | $214,196,426 |
| Tax Cost | $640,942,548 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $42,070,916 |
| Undistributed long-term capital gain | $25,423,939 |
| Net unrealized appreciation (depreciation) on securities and other investments | $214,131,334 |
The tax character of distributions paid was as follows:
| October 31, 2020 | October 31, 2019 | |
| Ordinary Income | $2,188,267 | $ 1,232,122 |
| Long-term Capital Gains | 15,572,102 | 14,394,332 |
| Total | $17,760,369 | $ 15,626,454 |
Restricted Securities (including Private Placements). 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. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
| Purchases ($) | Sales ($) | |
| Fidelity Advisor Emerging Asia Fund | 781,859,365 | 524,773,315 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .68% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
| Class A | -% | .25% | $414,256 | $7,823 |
| Class M | .25% | .25% | 218,636 | 4,948 |
| Class C | .75% | .25% | 243,405 | 22,769 |
| $876,297 | $35,540 |
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 | $28,215 |
| Class M | 4,839 |
| Class C(a) | 1,015 |
| $34,069 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Effective February 1, 2020, the Board approved to change the fee for Class Z from .046% to .044%.
For the period, transfer agent fees for each class were as follows:
| Amount | % of Class-Level Average Net Assets | |
| Class A | $336,503 | .20 |
| Class M | 98,513 | .22 |
| Class C | 52,066 | .21 |
| Class I | 346,664 | .19 |
| Class Z | 29,321 | .04 |
| $863,067 |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| % of Average Net Assets | |
| Fidelity Advisor Emerging Asia Fund | .05 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount | |
| Fidelity Advisor Emerging Asia Fund | $7,266 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Prior Fiscal Year Affiliated Exchanges In-Kind. During the prior 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 Notes to Financial Statements.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:
| Amount | |
| Fidelity Advisor Emerging Asia Fund | $1,026 |
During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Income Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
| Fidelity Advisor Emerging Asia Fund | $11,891 | $34,982 | $– |
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 $138,353 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 $760.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $1,380.
In addition, during the period the investment adviser or an affiliate reimbursed the Fund $8,350 for an operational error which is included in the accompanying Statement of Operations.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Year ended October 31, 2020 | Year ended October 31, 2019 | |
| Distributions to shareholders | ||
| Class A | $7,621,612 | $6,691,786 |
| Class M | 2,011,365 | 2,031,064 |
| Class C | 1,205,569 | 3,030,598 |
| Class I | 4,430,962 | 3,816,719 |
| Class Z | 2,490,861 | 56,287 |
| Total | $17,760,369 | $15,626,454 |
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, 2020 | Year ended October 31, 2019 | Year ended October 31, 2020 | Year ended October 31, 2019 | |
| Class A | ||||
| Shares sold | 646,209 | 890,097 | $29,839,745 | $33,055,278 |
| Reinvestment of distributions | 185,308 | 188,292 | 7,080,630 | 6,170,338 |
| Shares redeemed | (757,424) | (635,645) | (33,190,606) | (23,172,423) |
| Net increase (decrease) | 74,093 | 442,744 | $3,729,769 | $16,053,193 |
| Class M | ||||
| Shares sold | 96,453 | 96,541 | $4,612,061 | $3,369,385 |
| Reinvestment of distributions | 53,870 | 63,400 | 1,996,956 | 2,018,654 |
| Shares redeemed | (166,831) | (174,962) | (6,905,879) | (6,248,124) |
| Net increase (decrease) | (16,508) | (15,021) | $(296,862) | $(860,085) |
| Class C | ||||
| Shares sold | 98,735 | 102,684 | $4,224,772 | $3,392,318 |
| Reinvestment of distributions | 33,823 | 97,571 | 1,160,124 | 2,890,051 |
| Shares redeemed | (229,730) | (1,140,615) | (8,966,795) | (37,957,664) |
| Net increase (decrease) | (97,172) | (940,360) | $(3,581,899) | $(31,675,295) |
| Class I | ||||
| Shares sold | 6,650,114 | 937,770 | $327,576,465 | $35,923,043 |
| Reinvestment of distributions | 94,091 | 96,243 | 3,711,877 | 3,250,123 |
| Shares redeemed | (1,500,937) | (884,566) | (68,990,190) | (33,418,045) |
| Net increase (decrease) | 5,243,268 | 149,447 | $262,298,152 | $5,755,121 |
| Class Z | ||||
| Shares sold | 1,116,355 | 1,143,097(a) | $50,641,342 | $43,891,849(a) |
| Reinvestment of distributions | 60,302 | 783 | 2,372,870 | 26,366 |
| Shares redeemed | (482,522) | (77,167) | (22,075,858) | (3,038,248) |
| Net increase (decrease) | 694,135 | 1,066,713 | $30,938,354 | $40,879,967 |
(a) Amount includes in-kind exchanges (see the Prior Fiscal Year Affiliated Exchanges In-Kind note for additional details).
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
12. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
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, 2020, the related statement of operations for the year ended October 31, 2020, the statement of changes in net assets for each of the two years in the period ended October 31, 2020, 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, 2020, 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, 2020 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, 2020 by correspondence with the custodian, issuers of privately offered securities 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/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 14, 2020
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 305 funds. Mr. Chiel oversees 176 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. Robert A. Lawrence is an interested person and currently serves as Acting 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 and David M. Thomas serve as Co-Lead Independent Trustees and as such each (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.
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* 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 served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (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 Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as 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 currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York, a member of the Board of NYC Leadership Academy (2012-present) and a member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), 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). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Alan J. Lacy (1953)
Year of Election or Appointment: 2008
Trustee
Mr. Lacy also serves as Trustee of other Fidelity® funds. Previously, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity), Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail), Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005), Chairman (2014-2017) and a member of the Board (2010-2017) of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes) and a member of the Board of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-2020). Mr. Lacy currently serves as a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a member of the Board of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present).
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2000
Trustee
Co-Lead Independent Trustee
Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has in the past 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 at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010); as well as Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach had a 30-year career with IBM (technology company), during which time he served as Senior Vice President and as 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 Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board 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. Previously, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments and a member of Scudder, Stevens & Clark and Scudder Kemper Investments. Ms. Small previously served as a member of the Board (2009-2019) and Chair of the Investment Committee (2010-2019) of the Teagle Foundation and a member of the Investment Committee of the Berkshire Taconic Community Foundation (2008-2019).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Co-Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. 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). Mr. Thomas currently serves as Non-Executive Chairman of the Board of Fortune Brands Home and Security (home and security products, 2011-present), and a member of the Board (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ 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.
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
Lloyd James Austin, III (1953)
Year of Election or Appointment: 2020
Member of the Advisory Board
General Austin also serves as a Member of the Advisory Board of other Fidelity® funds. Prior to his retirement, General Austin (United States Army, Retired) held a variety of positions within the U.S. Government, including Commander, U.S. Central Command (2013-2016), Vice Chief of Staff, U.S. Army (2012-2013) and Commanding General, U.S. Forces – Iraq, Operation New Dawn (2010-2012). General Austin currently serves as a Partner of Pine Island Capital Partners (private equity, 2020-present) and as President of the Austin Strategy Group LLC (consulting, 2016-present). General Austin serves as a member of the Board of Directors of Nucor Corporation (steel products, 2017-present), as a member of the Board of Directors of Tenet Healthcare Corporation (2018-present) and as a member of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). In addition, General Austin currently serves as a member of the Board of Trustees of the Carnegie Corporation of New York (2017-present) and as a member of the Board of Trustees of Auburn University (2017-present). Previously, General Austin served as a member of the Board of Directors of United Technologies Corporation (aerospace, defense and building, 2016-2020).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2020
Member of the Advisory Board
Mr. Kennedy also serves as a Member of the Advisory Board of other Fidelity® funds. Previously, Mr. Kennedy held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (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 as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
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 certain funds (2017-2019), 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 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 Executive Vice President of Fidelity SelectCo, LLC (2019), 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).
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). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). 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: 2020
Assistant 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 Deputy Treasurer of certain Fidelity® funds (2016-2020) and 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 Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and 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 an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 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 CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was 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: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); 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).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
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 (2013-2019) 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 LLP (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, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2020 to October 31, 2020).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized Expense Ratio-A | Beginning Account Value May 1, 2020 | Ending Account Value October 31, 2020 | Expenses Paid During Period-B May 1, 2020 to October 31, 2020 | |
| Fidelity Advisor Emerging Asia Fund | ||||
| Class A | 1.23% | |||
| Actual | $1,000.00 | $1,415.70 | $7.47 | |
| Hypothetical-C | $1,000.00 | $1,018.95 | $6.24 | |
| Class M | 1.49% | |||
| Actual | $1,000.00 | $1,413.60 | $9.04 | |
| Hypothetical-C | $1,000.00 | $1,017.65 | $7.56 | |
| Class C | 1.99% | |||
| Actual | $1,000.00 | $1,409.90 | $12.05 | |
| Hypothetical-C | $1,000.00 | $1,015.13 | $10.08 | |
| Class I | 1.00% | |||
| Actual | $1,000.00 | $1,417.20 | $6.08 | |
| Hypothetical-C | $1,000.00 | $1,020.11 | $5.08 | |
| Class Z | .84% | |||
| Actual | $1,000.00 | $1,418.60 | $5.11 | |
| Hypothetical-C | $1,000.00 | $1,020.91 | $4.27 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
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:
| Pay Date | Record Date | Capital Gains | |
| Fidelity Advisor Emerging Asia Fund | |||
| Class A | 12/07/2020 | 12/04/2020 | $4.320 |
| Class M | 12/07/2020 | 12/04/2020 | $4.225 |
| Class C | 12/07/2020 | 12/04/2020 | $4.069 |
| Class I | 12/07/2020 | 12/04/2020 | $4.448 |
| Class Z | 12/07/2020 | 12/04/2020 | $4.474 |
The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2020, $25,431,783, or, if subsequently determined to be different, the net capital gain of such year.
Class A designates 2%; Class M designates 3%; Class I designates 1%; and Class Z designates 1%; of the dividends distributed 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 Emerging Asia Fund | |||
| Class A | 12/09/2019 | $0.3163 | $0.0683 |
| Class M | 12/09/2019 | $0.1973 | $0.0683 |
| Class C | 12/09/2019 | $0.0000 | $0.0000 |
| Class I | 12/09/2019 | $0.4233 | $0.0683 |
| Class Z | 12/09/2019 | $0.4863 | $0.0683 |
The fund will notify shareholders in January 2021 of amounts for use in preparing 2020 income tax returns.
Proxy Voting Results
A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1
To elect a Board of Trustees.
| # of Votes | % of Votes | |
| Dennis J. Dirks | ||
| Affirmative | 4,410,379,169.762 | 97.006 |
| Withheld | 136,107,923.804 | 2.994 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Donald F. Donahue | ||
| Affirmative | 4,416,009,117.039 | 97.130 |
| Withheld | 130,477,976.527 | 2.870 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Bettina Doulton | ||
| Affirmative | 4,424,274,282.548 | 97.312 |
| Withheld | 122,212,811.017 | 2.688 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Vicki L. Fuller | ||
| Affirmative | 4,429,249,259.957 | 97.421 |
| Withheld | 117,237,833.609 | 2.579 |
| TOTAL | 4,546,487,093.566 | 100.00 |
| Patricia L. Kampling | ||
| Affirmative | 4,406,048,180.368 | 96.911 |
| Withheld | 140,438,913.198 | 3.089 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Alan J. Lacy | ||
| Affirmative | 4,392,586,572.374 | 96.615 |
| Withheld | 153,900,521.192 | 3.385 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Ned C. Lautenbach | ||
| Affirmative | 4,347,069,615.094 | 95.614 |
| Withheld | 199,417,478.472 | 4.386 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Robert A. Lawrence | ||
| Affirmative | 4,404,777,106.740 | 96.883 |
| Withheld | 141,709,986.826 | 3.117 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Joseph Mauriello | ||
| Affirmative | 4,404,603,369.399 | 96.879 |
| Withheld | 141,883,724.167 | 3.121 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Cornelia M. Small | ||
| Affirmative | 4,408,319,197.270 | 96.961 |
| Withheld | 138,167,896.295 | 3.039 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Garnett A. Smith | ||
| Affirmative | 4,399,381,149.533 | 96.764 |
| Withheld | 147,105,944.033 | 3.236 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| David M. Thomas | ||
| Affirmative | 4,400,166,958.204 | 96.782 |
| Withheld | 146,320,135.361 | 3.218 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Susan Tomasky | ||
| Affirmative | 4,416,484,118.213 | 97.141 |
| Withheld | 130,002,975.353 | 2.859 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Michael E. Wiley | ||
| Affirmative | 4,398,113,731.182 | 96.737 |
| Withheld | 148,373,362.384 | 3.263 |
| TOTAL | 4,546,487,093.566 | 100.000 |
PROPOSAL 2
To convert a fundamental investment policy to a non-fundamental investment policy.
| # of Votes | % of Votes | |
| Affirmative | 75,350,300.511 | 31.532 |
| Against | 44,088,925.026 | 18.450 |
| Abstain | 21,441,069.740 | 8.973 |
| Broker Non-Vote | 98,081,294.140 | 41.045 |
| TOTAL | 238,961,589.417 | 100.000 |
| Proposal 1 reflects trust wide proposal and voting results. | ||
| Proposal 2 was not approved by shareholders. |
AEA-ANN-1220
1.703376.123
Fidelity Advisor® Value Leaders Fund
October 31, 2020
See the inside front cover for important information about access to your fund’s shareholder reports.
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
| 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
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2020 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
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, 2020 | Past 1 year | Past 5 years | Past 10 years |
| Class A (incl. 5.75% sales charge) | (19.48)% | 0.48% | 5.69% |
| Class M (incl. 3.50% sales charge) | (17.77)% | 0.71% | 5.68% |
| Class C (incl. contingent deferred sales charge) | (16.06)% | 0.91% | 5.53% |
| Class I | (14.31)% | 1.95% | 6.62% |
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, 2010, 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 | ||
| $17,397 | Fidelity Advisor® Value Leaders Fund - Class A | |
| $24,732 | Russell 1000® Value Index | |
Management's Discussion of Fund Performance
Market Recap: The S&P 500® index gained 9.71% for the 12 months ending October 31, 2020, a volatile period marked by a steep but brief decline due to the early-2020 outbreak and spread of the coronavirus, followed by a historic rebound. Declared a pandemic on March 11, the COVID-19 crisis and containment efforts caused broad contraction in economic activity, along with extreme uncertainty, volatility and dislocation in financial markets. By mid-March, U.S. stocks had entered bear-market territory less than a month after hitting an all-time high and extending the longest-running bull market in American history. A historically rapid and expansive U.S. monetary/fiscal-policy response provided a partial offset to the economic disruption and fueled a sharp uptrend beginning March 24. Other supporting factors included resilient corporate earnings, near-term potential for a COVID-19 vaccine breakthrough and traction on a broader economic reopening. The historic rally lasted until September 2, when the S&P 500 achieved an all-time high, before retreating through October 31. The loss of momentum reflected Congress’s inability to reach a deal on additional fiscal stimulus, as well as concerns about election uncertainty, indications the U.S. economic recovery is stalling, a second wave of COVID-19 cases, and stretched valuations and crowded positioning in big tech. Growth stocks dominated value shares for the year. By sector, information technology (+34%) led. In contrast, energy (-46%) fell hard along with the price of crude oil.Comments from Portfolio Manager Sean Gavin: For the fiscal year ending October 31, 2020, the fund's share classes (excluding sales charges, if applicable) returned roughly -15% to -14%, underperforming the -7.57% result of the benchmark Russell 1000® Value index. The primary detractor from performance versus the benchmark was our stock selection in the consumer staples sector, especially within the food, beverage & tobacco industry. An overweighting and stock picks in financials and an overweighting in energy also hindered performance. The fund's largest individual relative detractor was an outsized stake in Wells Fargo, which returned -48% the past year. The company was among the fund's biggest holdings this period, but the stock was sold off before period end. Another notable relative detractor was an out-of-benchmark stake in C & C (-58%). Also hindering performance was untimely positioning in Intel, a stock that returned roughly -20%. Intel was not held at period end. In contrast, the top contributor to performance versus the benchmark was our stock selection in communication services. The fund's cash position of about 3%, on average, also contributed in a down market. The biggest individual relative stock contributor was an overweight position in Best Buy (+66%), which was a stake we established the past 12 months. The fund's non-benchmark stake in Samsung Electronics, a position we established this period, gained roughly 13%. Another notable relative contributor was an overweighting in UnitedHealth Group (+41%), which was one of the fund's largest holdings. Notable changes in positioning include increased exposure to the information technology, consumer discretionary and industrials sectors, as well as reduced exposure to energy and communication services.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 Ten Stocks as of October 31, 2020
| % of fund's net assets | |
| Berkshire Hathaway, Inc. Class B | 5.9 |
| UnitedHealth Group, Inc. | 4.3 |
| Samsung Electronics Co. Ltd. | 4.0 |
| Roche Holding AG (participation certificate) | 3.5 |
| Bank of America Corp. | 3.5 |
| Cisco Systems, Inc. | 3.5 |
| Comcast Corp. Class A | 3.4 |
| JPMorgan Chase & Co. | 2.8 |
| CVS Health Corp. | 2.7 |
| Cigna Corp. | 2.6 |
| 36.2 |
Top Five Market Sectors as of October 31, 2020
| % of fund's net assets | |
| Financials | 26.5 |
| Health Care | 25.9 |
| Information Technology | 12.3 |
| Industrials | 8.0 |
| Consumer Staples | 7.7 |
Asset Allocation (% of fund's net assets)
| As of October 31, 2020* | ||
| Stocks | 97.0% | |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.0% | |
* Foreign investments - 19.6%
Schedule of Investments October 31, 2020
Showing Percentage of Net Assets
| Common Stocks - 93.0% | |||
| Shares | Value | ||
| COMMUNICATION SERVICES - 5.0% | |||
| Diversified Telecommunication Services - 1.6% | |||
| Verizon Communications, Inc. | 5,000 | $284,950 | |
| Media - 3.4% | |||
| Comcast Corp. Class A | 15,000 | 633,600 | |
| TOTAL COMMUNICATION SERVICES | 918,550 | ||
| CONSUMER DISCRETIONARY - 7.2% | |||
| Household Durables - 0.8% | |||
| Newell Brands, Inc. | 8,000 | 141,280 | |
| Multiline Retail - 2.0% | |||
| Dollar General Corp. | 1,800 | 375,678 | |
| Specialty Retail - 4.4% | |||
| Best Buy Co., Inc. | 3,900 | 435,045 | |
| Lowe's Companies, Inc. | 2,400 | 379,440 | |
| 814,485 | |||
| TOTAL CONSUMER DISCRETIONARY | 1,331,443 | ||
| CONSUMER STAPLES - 7.7% | |||
| Beverages - 1.0% | |||
| C&C Group PLC (United Kingdom) | 86,000 | 180,266 | |
| Food & Staples Retailing - 2.2% | |||
| Kroger Co. | 12,800 | 412,288 | |
| Food Products - 1.4% | |||
| Tyson Foods, Inc. Class A | 4,600 | 263,258 | |
| Household Products - 0.7% | |||
| Procter & Gamble Co. | 700 | 95,970 | |
| Spectrum Brands Holdings, Inc. | 700 | 39,809 | |
| 135,779 | |||
| Tobacco - 2.4% | |||
| Altria Group, Inc. | 12,000 | 432,960 | |
| TOTAL CONSUMER STAPLES | 1,424,551 | ||
| ENERGY - 1.9% | |||
| Oil, Gas & Consumable Fuels - 1.9% | |||
| Parex Resources, Inc. (a) | 24,700 | 240,456 | |
| Teekay LNG Partners LP | 10,900 | 113,469 | |
| 353,925 | |||
| FINANCIALS - 26.5% | |||
| Banks - 8.5% | |||
| Bank of America Corp. | 27,100 | 642,270 | |
| JPMorgan Chase & Co. | 5,300 | 519,612 | |
| M&T Bank Corp. | 2,400 | 248,592 | |
| PNC Financial Services Group, Inc. | 1,500 | 167,820 | |
| 1,578,294 | |||
| Capital Markets - 3.1% | |||
| Affiliated Managers Group, Inc. | 4,300 | 324,091 | |
| State Street Corp. | 4,100 | 241,490 | |
| 565,581 | |||
| Consumer Finance - 2.8% | |||
| Capital One Financial Corp. | 5,700 | 416,556 | |
| Discover Financial Services | 1,500 | 97,515 | |
| 514,071 | |||
| Diversified Financial Services - 5.9% | |||
| Berkshire Hathaway, Inc. Class B (a) | 5,400 | 1,090,259 | |
| Insurance - 6.2% | |||
| Allstate Corp. | 3,000 | 266,250 | |
| Chubb Ltd. | 3,700 | 480,667 | |
| The Travelers Companies, Inc. | 3,300 | 398,343 | |
| 1,145,260 | |||
| TOTAL FINANCIALS | 4,893,465 | ||
| HEALTH CARE - 25.9% | |||
| Biotechnology - 5.7% | |||
| Alexion Pharmaceuticals, Inc. (a) | 4,100 | 472,074 | |
| Amgen, Inc. | 1,300 | 282,022 | |
| Regeneron Pharmaceuticals, Inc. (a) | 550 | 298,958 | |
| 1,053,054 | |||
| Health Care Providers & Services - 14.1% | |||
| Anthem, Inc. | 1,700 | 463,760 | |
| Cigna Corp. | 2,900 | 484,213 | |
| CVS Health Corp. | 8,900 | 499,201 | |
| Humana, Inc. | 900 | 359,352 | |
| UnitedHealth Group, Inc. | 2,600 | 793,364 | |
| 2,599,890 | |||
| Pharmaceuticals - 6.1% | |||
| Bristol-Myers Squibb Co. | 1,700 | 99,365 | |
| Bristol-Myers Squibb Co. rights (a) | 6,200 | 20,212 | |
| Roche Holding AG (participation certificate) | 2,000 | 642,663 | |
| Sanofi SA sponsored ADR | 7,800 | 353,340 | |
| 1,115,580 | |||
| TOTAL HEALTH CARE | 4,768,524 | ||
| INDUSTRIALS - 8.0% | |||
| Air Freight & Logistics - 0.9% | |||
| Deutsche Post AG | 3,500 | 155,062 | |
| Building Products - 1.6% | |||
| Owens Corning | 4,600 | 301,162 | |
| Electrical Equipment - 1.8% | |||
| Regal Beloit Corp. | 3,300 | 325,545 | |
| Industrial Conglomerates - 1.3% | |||
| Siemens AG | 2,100 | 246,289 | |
| Machinery - 0.6% | |||
| ITT, Inc. | 900 | 54,459 | |
| Oshkosh Corp. | 800 | 53,888 | |
| 108,347 | |||
| Trading Companies & Distributors - 1.8% | |||
| HD Supply Holdings, Inc. (a) | 8,500 | 338,810 | |
| TOTAL INDUSTRIALS | 1,475,215 | ||
| INFORMATION TECHNOLOGY - 8.3% | |||
| Communications Equipment - 3.5% | |||
| Cisco Systems, Inc. | 17,800 | 639,020 | |
| IT Services - 4.8% | |||
| Amdocs Ltd. | 6,300 | 355,194 | |
| Capgemini SA | 700 | 80,824 | |
| Cognizant Technology Solutions Corp. Class A | 6,300 | 449,946 | |
| 885,964 | |||
| TOTAL INFORMATION TECHNOLOGY | 1,524,984 | ||
| MATERIALS - 0.2% | |||
| Metals & Mining - 0.2% | |||
| BHP Billiton Ltd. sponsored ADR | 600 | 28,866 | |
| REAL ESTATE - 1.9% | |||
| Real Estate Management & Development - 1.9% | |||
| CBRE Group, Inc. (a) | 7,100 | 357,840 | |
| UTILITIES - 0.4% | |||
| Independent Power and Renewable Electricity Producers - 0.4% | |||
| Vistra Corp. | 4,300 | 74,691 | |
| TOTAL COMMON STOCKS | |||
| (Cost $16,611,578) | 17,152,054 | ||
| Nonconvertible Preferred Stocks - 4.0% | |||
| INFORMATION TECHNOLOGY - 4.0% | |||
| Technology Hardware, Storage & Peripherals - 4.0% | |||
| Samsung Electronics Co. Ltd. | |||
| (Cost $647,932) | 16,500 | 732,391 | |
| Money Market Funds - 3.0% | |||
| Fidelity Cash Central Fund 0.10% (b) | |||
| (Cost $556,210) | 556,099 | 556,210 | |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
| (Cost $17,815,720) | 18,440,655 | ||
| NET OTHER ASSETS (LIABILITIES) - 0.0% | (4,778) | ||
| NET ASSETS - 100% | $18,435,877 |
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 | $3,653 |
| Fidelity Securities Lending Cash Central Fund | 110 |
| Total | $3,763 |
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, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: | ||||
| Description | Total | Level 1 | Level 2 | Level 3 |
| Investments in Securities: | ||||
| Equities: | ||||
| Communication Services | $918,550 | $918,550 | $-- | $-- |
| Consumer Discretionary | 1,331,443 | 1,331,443 | -- | -- |
| Consumer Staples | 1,424,551 | 1,424,551 | -- | -- |
| Energy | 353,925 | 353,925 | -- | -- |
| Financials | 4,893,465 | 4,893,465 | -- | -- |
| Health Care | 4,768,524 | 4,125,861 | 642,663 | -- |
| Industrials | 1,475,215 | 1,475,215 | -- | -- |
| Information Technology | 2,257,375 | 1,524,984 | 732,391 | -- |
| Materials | 28,866 | 28,866 | -- | -- |
| Real Estate | 357,840 | 357,840 | -- | -- |
| Utilities | 74,691 | 74,691 | -- | -- |
| Money Market Funds | 556,210 | 556,210 | -- | -- |
| Total Investments in Securities: | $18,440,655 | $17,065,601 | $1,375,054 | $-- |
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 | 80.4% |
| Switzerland | 6.1% |
| Korea (South) | 4.0% |
| France | 2.3% |
| Germany | 2.2% |
| Bailiwick of Guernsey | 1.9% |
| Canada | 1.3% |
| Ireland | 1.0% |
| Others (Individually Less Than 1%) | 0.8% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| October 31, 2020 | ||
| Assets | ||
| Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $17,259,510) | $17,884,445 | |
| Fidelity Central Funds (cost $556,210) | 556,210 | |
| Total Investment in Securities (cost $17,815,720) | $18,440,655 | |
| Receivable for investments sold | 218,598 | |
| Receivable for fund shares sold | 1,115 | |
| Dividends receivable | 33,344 | |
| Distributions receivable from Fidelity Central Funds | 44 | |
| Prepaid expenses | 35 | |
| Other receivables | 1,281 | |
| Total assets | 18,695,072 | |
| Liabilities | ||
| Payable to custodian bank | $23,804 | |
| Payable for investments purchased | 176,591 | |
| Payable for fund shares redeemed | 1,498 | |
| Accrued management fee | 7,133 | |
| Distribution and service plan fees payable | 5,592 | |
| Other affiliated payables | 4,285 | |
| Audit fees | 38,359 | |
| Other payables and accrued expenses | 1,933 | |
| Total liabilities | 259,195 | |
| Net Assets | $18,435,877 | |
| Net Assets consist of: | ||
| Paid in capital | $18,281,439 | |
| Total accumulated earnings (loss) | 154,438 | |
| Net Assets | $18,435,877 | |
| Net Asset Value and Maximum Offering Price | ||
| Class A: | ||
| Net Asset Value and redemption price per share ($10,954,270 ÷ 698,997 shares)(a) | $15.67 | |
| Maximum offering price per share (100/94.25 of $15.67) | $16.63 | |
| Class M: | ||
| Net Asset Value and redemption price per share ($3,821,232 ÷ 243,107 shares)(a) | $15.72 | |
| Maximum offering price per share (100/96.50 of $15.72) | $16.29 | |
| Class C: | ||
| Net Asset Value and offering price per share ($1,762,872 ÷ 116,112 shares)(a) | $15.18 | |
| Class I: | ||
| Net Asset Value, offering price and redemption price per share ($1,897,503 ÷ 120,121 shares) | $15.80 |
(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, 2020 | ||
| Investment Income | ||
| Dividends | $455,462 | |
| Income from Fidelity Central Funds (including $110 from security lending) | 3,763 | |
| Total income | 459,225 | |
| Expenses | ||
| Management fee | ||
| Basic fee | $113,910 | |
| Performance adjustment | (52,532) | |
| Transfer agent fees | 48,109 | |
| Distribution and service plan fees | 75,669 | |
| Accounting fees | 8,333 | |
| Custodian fees and expenses | 8,747 | |
| Independent trustees' fees and expenses | 128 | |
| Registration fees | 55,403 | |
| Audit | 51,390 | |
| Legal | 856 | |
| Miscellaneous | 1,146 | |
| Total expenses before reductions | 311,159 | |
| Expense reductions | (24,579) | |
| Total expenses after reductions | 286,580 | |
| Net investment income (loss) | 172,645 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | (409,798) | |
| Fidelity Central Funds | 6 | |
| Foreign currency transactions | 187 | |
| Total net realized gain (loss) | (409,605) | |
| Change in net unrealized appreciation (depreciation) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | (3,370,443) | |
| Assets and liabilities in foreign currencies | 793 | |
| Total change in net unrealized appreciation (depreciation) | (3,369,650) | |
| Net gain (loss) | (3,779,255) | |
| Net increase (decrease) in net assets resulting from operations | $(3,606,610) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Year ended October 31, 2020 | Year ended October 31, 2019 | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $172,645 | $274,125 |
| Net realized gain (loss) | (409,605) | 449 |
| Change in net unrealized appreciation (depreciation) | (3,369,650) | 946,116 |
| Net increase (decrease) in net assets resulting from operations | (3,606,610) | 1,220,690 |
| Distributions to shareholders | (352,822) | (2,172,169) |
| Share transactions - net increase (decrease) | (4,473,439) | (1,793,974) |
| Total increase (decrease) in net assets | (8,432,871) | (2,745,453) |
| Net Assets | ||
| Beginning of period | 26,868,748 | 29,614,201 |
| End of period | $18,435,877 | $26,868,748 |
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, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $18.62 | $19.31 | $18.81 | $16.03 | $16.34 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | .15 | .20 | .16 | .11 | .12 |
| Net realized and unrealized gain (loss) | (2.81) | .58B | .47C | 2.75 | (.15)D |
| Total from investment operations | (2.66) | .78 | .63 | 2.86 | (.03) |
| Distributions from net investment income | (.20) | (.19) | (.13) | (.08) | (.27) |
| Distributions from net realized gain | (.09) | (1.28) | – | – | (.02) |
| Total distributions | (.29) | (1.47) | (.13) | (.08) | (.28)E |
| Net asset value, end of period | $15.67 | $18.62 | $19.31 | $18.81 | $16.03 |
| Total ReturnF,G | (14.57)% | 4.64%B | 3.33%C | 17.87% | (.18)%D |
| Ratios to Average Net AssetsH,I | |||||
| Expenses before reductions | 1.35% | 1.29% | 1.25% | 1.39% | 1.47% |
| Expenses net of fee waivers, if any | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| Expenses net of all reductions | 1.24% | 1.25% | 1.25% | 1.25% | 1.24% |
| Net investment income (loss) | .91% | 1.12% | .81% | .61% | .77% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $10,954 | $16,648 | $15,105 | $17,848 | $16,448 |
| Portfolio turnover rateJ | 144% | 37% | 35% | 34% | 63% |
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 Total distributions per share do not sum due to rounding.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Total returns do not include the effect of the sales charges.
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Value Leaders Fund Class M
| Years ended October 31, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $18.68 | $19.34 | $18.82 | $16.04 | $16.33 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | .11 | .16 | .11 | .07 | .08 |
| Net realized and unrealized gain (loss) | (2.83) | .59B | .47C | 2.75 | (.16)D |
| Total from investment operations | (2.72) | .75 | .58 | 2.82 | (.08) |
| Distributions from net investment income | (.15) | (.13) | (.06) | (.04) | (.20) |
| Distributions from net realized gain | (.09) | (1.28) | – | – | (.02) |
| Total distributions | (.24) | (1.41) | (.06) | (.04) | (.21)E |
| Net asset value, end of period | $15.72 | $18.68 | $19.34 | $18.82 | $16.04 |
| Total ReturnF,G | (14.79)% | 4.42%B | 3.09%C | 17.60% | (.49)%D |
| Ratios to Average Net AssetsH,I | |||||
| Expenses before reductions | 1.64% | 1.58% | 1.54% | 1.67% | 1.77% |
| Expenses net of fee waivers, if any | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
| Expenses net of all reductions | 1.49% | 1.50% | 1.50% | 1.50% | 1.49% |
| Net investment income (loss) | .66% | .87% | .56% | .37% | .52% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $3,821 | $5,146 | $4,987 | $5,866 | $6,732 |
| Portfolio turnover rateJ | 144% | 37% | 35% | 34% | 63% |
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 4.23%.
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 2.97%.
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 (.55)%.
E Total distributions per share do not sum due to rounding.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Total returns do not include the effect of the sales charges.
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Value Leaders Fund Class C
| Years ended October 31, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $17.99 | $18.67 | $18.21 | $15.56 | $15.88 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | .03 | .06 | .01 | (.02) | –B |
| Net realized and unrealized gain (loss) | (2.75) | .58C | .45D | 2.67 | (.16)E |
| Total from investment operations | (2.72) | .64 | .46 | 2.65 | (.16) |
| Distributions from net investment income | – | (.04) | – | – | (.15) |
| Distributions from net realized gain | (.09) | (1.28) | – | – | (.02) |
| Total distributions | (.09) | (1.32) | – | – | (.16)F |
| Net asset value, end of period | $15.18 | $17.99 | $18.67 | $18.21 | $15.56 |
| Total ReturnG,H | (15.22)% | 3.90%C | 2.53%D | 17.03% | (1.00)%E |
| Ratios to Average Net AssetsI,J | |||||
| Expenses before reductions | 2.18% | 2.13% | 2.09% | 2.22% | 2.29% |
| Expenses net of fee waivers, if any | 2.00% | 2.00% | 2.00% | 1.99% | 2.00% |
| Expenses net of all reductions | 1.99% | 2.00% | 2.00% | 1.99% | 1.99% |
| Net investment income (loss) | .16% | .37% | .06% | (.13)% | .02% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $1,763 | $2,733 | $5,298 | $5,619 | $5,057 |
| Portfolio turnover rateK | 144% | 37% | 35% | 34% | 63% |
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 Total distributions per share do not sum due to rounding.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Total returns do not include the effect of the contingent deferred sales charge.
I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Value Leaders Fund Class I
| Years ended October 31, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $18.78 | $19.47 | $18.97 | $16.16 | $16.48 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | .20 | .25 | .22 | .16 | .16 |
| Net realized and unrealized gain (loss) | (2.82) | .59B | .46C | 2.77 | (.15)D |
| Total from investment operations | (2.62) | .84 | .68 | 2.93 | .01 |
| Distributions from net investment income | (.27) | (.26) | (.18) | (.12) | (.31) |
| Distributions from net realized gain | (.09) | (1.28) | – | – | (.02) |
| Total distributions | (.36) | (1.53)E | (.18) | (.12) | (.33) |
| Net asset value, end of period | $15.80 | $18.78 | $19.47 | $18.97 | $16.16 |
| Total ReturnF | (14.31)% | 4.96%B | 3.61%C | 18.19% | .03%D |
| Ratios to Average Net AssetsG,H | |||||
| Expenses before reductions | .99% | .97% | .96% | 1.12% | 1.18% |
| Expenses net of fee waivers, if any | .99% | .97% | .96% | 1.00% | 1.00% |
| Expenses net of all reductions | .98% | .96% | .96% | 1.00% | .99% |
| Net investment income (loss) | 1.17% | 1.41% | 1.10% | .87% | 1.02% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $1,898 | $2,342 | $4,225 | $4,052 | $3,287 |
| Portfolio turnover rateI | 144% | 37% | 35% | 34% | 63% |
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 4.77%.
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 3.49%.
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 (.03)%.
E Total distributions per share do not sum due to rounding.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2020
1. Organization.
Fidelity Advisor Value Leaders Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C and Class I shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.
Effective January 1, 2020:
Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".
Broker-dealer Fidelity Distributors Corporation merged with and into Fidelity Investments Institutional Services Company, Inc. ("FIISC"). FIISC was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Distributors Company LLC".
Fidelity Investments Institutional Operations Company, Inc. converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".
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 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 – Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The 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.
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, 2020 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. 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.
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, 2020, 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.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, partnerships, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $1,959,995 |
| Gross unrealized depreciation | (1,448,102) |
| Net unrealized appreciation (depreciation) | $511,893 |
| Tax Cost | $17,928,762 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $95,590 |
| Capital loss carryforward | $(424,431) |
| Net unrealized appreciation (depreciation) on securities and other investments | $483,279 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. 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 | $(424,431) |
The tax character of distributions paid was as follows:
| October 31, 2020 | October 31, 2019 | |
| Ordinary Income | $328,748 | $ 257,014 |
| Long-term Capital Gains | 24,074 | 1,915,155 |
| Total | $352,822 | $ 2,172,169 |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
| Purchases ($) | Sales ($) | |
| Fidelity Advisor Value Leaders Fund | 30,012,472 | 33,933,974 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Class I 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 .29% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
| Class A | -% | .25% | $32,081 | $509 |
| Class M | .25% | .25% | 21,928 | 496 |
| Class C | .75% | .25% | 21,660 | 2,259 |
| $75,669 | $3,264 |
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 | $3,470 |
| Class M | 323 |
| Class C(a) | 232 |
| $4,025 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of Class-Level Average Net Assets | |
| Class A | $28,230 | .22 |
| Class M | 11,409 | .26 |
| Class C | 6,166 | .29 |
| Class I | 2,304 | .11 |
| $48,109 |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| % of Average Net Assets | |
| Fidelity Advisor Value Leaders Fund | .04 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount | |
| Fidelity Advisor Value Leaders Fund | $987 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:
| Amount | |
| Fidelity Advisor Value Leaders Fund | $52 |
During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Income Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
| Fidelity Advisor Value Leaders Fund | $10 | $– | $– |
8. Expense Reductions.
The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2022. 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% | $11,786 |
| Class M | 1.50% | 6,110 |
| Class C | 2.00% | 3,689 |
| $21,585 |
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 $2,762 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 $127.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $105.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Year ended October 31, 2020 | Year ended October 31, 2019 | |
| Distributions to shareholders | ||
| Class A | $228,430 | $1,115,067 |
| Class M | 66,335 | 369,129 |
| Class C | 13,399 | 369,297 |
| Class I | 44,658 | 318,676 |
| Total | $352,822 | $2,172,169 |
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, 2020 | Year ended October 31, 2019 | Year ended October 31, 2020 | Year ended October 31, 2019 | |
| Class A | ||||
| Shares sold | 84,179 | 229,385 | $1,323,659 | $4,056,134 |
| Reinvestment of distributions | 11,679 | 63,431 | 223,999 | 1,096,720 |
| Shares redeemed | (290,750) | (181,162) | (4,883,658) | (3,251,975) |
| Net increase (decrease) | (194,892) | 111,654 | $(3,336,000) | $1,900,879 |
| Class M | ||||
| Shares sold | 14,651 | 38,519 | $233,017 | $680,239 |
| Reinvestment of distributions | 3,360 | 20,833 | 64,780 | 362,077 |
| Shares redeemed | (50,388) | (41,676) | (816,132) | (745,887) |
| Net increase (decrease) | (32,377) | 17,676 | $(518,335) | $296,429 |
| Class C | ||||
| Shares sold | 16,787 | 45,474 | $276,275 | $751,074 |
| Reinvestment of distributions | 710 | 21,782 | 13,286 | 366,152 |
| Shares redeemed | (53,278) | (199,068) | (839,165) | (3,443,473) |
| Net increase (decrease) | (35,781) | (131,812) | $(549,604) | $(2,326,247) |
| Class I | ||||
| Shares sold | 22,152 | 28,564 | $360,614 | $515,965 |
| Reinvestment of distributions | 2,312 | 18,169 | 44,599 | 315,952 |
| Shares redeemed | (29,027) | (139,027) | (474,713) | (2,496,952) |
| Net increase (decrease) | (4,563) | (92,294) | $(69,500) | $(1,665,035) |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
12. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
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, 2020, the related statement of operations for the year ended October 31, 2020, the statement of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2020 (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, 2020, 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, 2020 and the financial highlights for each of the five years in the period ended October 31, 2020 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, 2020 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.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 14, 2020
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 305 funds. Mr. Chiel oversees 176 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. Robert A. Lawrence is an interested person and currently serves as Acting 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 and David M. Thomas serve as Co-Lead Independent Trustees and as such each (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.
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* 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 served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (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 Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as 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 currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York, a member of the Board of NYC Leadership Academy (2012-present) and a member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), 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). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Alan J. Lacy (1953)
Year of Election or Appointment: 2008
Trustee
Mr. Lacy also serves as Trustee of other Fidelity® funds. Previously, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity), Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail), Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005), Chairman (2014-2017) and a member of the Board (2010-2017) of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes) and a member of the Board of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-2020). Mr. Lacy currently serves as a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a member of the Board of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present).
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2000
Trustee
Co-Lead Independent Trustee
Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has in the past 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 at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010); as well as Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach had a 30-year career with IBM (technology company), during which time he served as Senior Vice President and as 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 Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board 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. Previously, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments and a member of Scudder, Stevens & Clark and Scudder Kemper Investments. Ms. Small previously served as a member of the Board (2009-2019) and Chair of the Investment Committee (2010-2019) of the Teagle Foundation and a member of the Investment Committee of the Berkshire Taconic Community Foundation (2008-2019).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Co-Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. 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). Mr. Thomas currently serves as Non-Executive Chairman of the Board of Fortune Brands Home and Security (home and security products, 2011-present), and a member of the Board (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ 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.
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
Lloyd James Austin, III (1953)
Year of Election or Appointment: 2020
Member of the Advisory Board
General Austin also serves as a Member of the Advisory Board of other Fidelity® funds. Prior to his retirement, General Austin (United States Army, Retired) held a variety of positions within the U.S. Government, including Commander, U.S. Central Command (2013-2016), Vice Chief of Staff, U.S. Army (2012-2013) and Commanding General, U.S. Forces – Iraq, Operation New Dawn (2010-2012). General Austin currently serves as a Partner of Pine Island Capital Partners (private equity, 2020-present) and as President of the Austin Strategy Group LLC (consulting, 2016-present). General Austin serves as a member of the Board of Directors of Nucor Corporation (steel products, 2017-present), as a member of the Board of Directors of Tenet Healthcare Corporation (2018-present) and as a member of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). In addition, General Austin currently serves as a member of the Board of Trustees of the Carnegie Corporation of New York (2017-present) and as a member of the Board of Trustees of Auburn University (2017-present). Previously, General Austin served as a member of the Board of Directors of United Technologies Corporation (aerospace, defense and building, 2016-2020).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2020
Member of the Advisory Board
Mr. Kennedy also serves as a Member of the Advisory Board of other Fidelity® funds. Previously, Mr. Kennedy held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (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 as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
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 certain funds (2017-2019), 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 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 Executive Vice President of Fidelity SelectCo, LLC (2019), 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).
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). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). 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: 2020
Assistant 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 Deputy Treasurer of certain Fidelity® funds (2016-2020) and 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 Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and 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 an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 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 CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was 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: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); 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).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
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 (2013-2019) 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 LLP (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, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2020 to October 31, 2020).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized Expense Ratio-A | Beginning Account Value May 1, 2020 | Ending Account Value October 31, 2020 | Expenses Paid During Period-B May 1, 2020 to October 31, 2020 | |
| Fidelity Advisor Value Leaders Fund | ||||
| Class A | 1.24% | |||
| Actual | $1,000.00 | $1,040.50 | $6.36 | |
| Hypothetical-C | $1,000.00 | $1,018.90 | $6.29 | |
| Class M | 1.50% | |||
| Actual | $1,000.00 | $1,039.70 | $7.69 | |
| Hypothetical-C | $1,000.00 | $1,017.60 | $7.61 | |
| Class C | 1.98% | |||
| Actual | $1,000.00 | $1,036.90 | $10.14 | |
| Hypothetical-C | $1,000.00 | $1,015.18 | $10.03 | |
| Class I | .97% | |||
| Actual | $1,000.00 | $1,042.20 | $4.98 | |
| Hypothetical-C | $1,000.00 | $1,020.26 | $4.93 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
Class A designates 100%; Class M designates 100%; Class C designates 100%; and Class I designates 99%; 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 2021 of amounts for use in preparing 2020 income tax returns.
Proxy Voting Results
A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1
To elect a Board of Trustees.
| # of Votes | % of Votes | |
| Dennis J. Dirks | ||
| Affirmative | 4,410,379,169.762 | 97.006 |
| Withheld | 136,107,923.804 | 2.994 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Donald F. Donahue | ||
| Affirmative | 4,416,009,117.039 | 97.130 |
| Withheld | 130,477,976.527 | 2.870 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Bettina Doulton | ||
| Affirmative | 4,424,274,282.548 | 97.312 |
| Withheld | 122,212,811.017 | 2.688 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Vicki L. Fuller | ||
| Affirmative | 4,429,249,259.957 | 97.421 |
| Withheld | 117,237,833.609 | 2.579 |
| TOTAL | 4,546,487,093.566 | 100.00 |
| Patricia L. Kampling | ||
| Affirmative | 4,406,048,180.368 | 96.911 |
| Withheld | 140,438,913.198 | 3.089 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Alan J. Lacy | ||
| Affirmative | 4,392,586,572.374 | 96.615 |
| Withheld | 153,900,521.192 | 3.385 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Ned C. Lautenbach | ||
| Affirmative | 4,347,069,615.094 | 95.614 |
| Withheld | 199,417,478.472 | 4.386 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Robert A. Lawrence | ||
| Affirmative | 4,404,777,106.740 | 96.883 |
| Withheld | 141,709,986.826 | 3.117 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Joseph Mauriello | ||
| Affirmative | 4,404,603,369.399 | 96.879 |
| Withheld | 141,883,724.167 | 3.121 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Cornelia M. Small | ||
| Affirmative | 4,408,319,197.270 | 96.961 |
| Withheld | 138,167,896.295 | 3.039 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Garnett A. Smith | ||
| Affirmative | 4,399,381,149.533 | 96.764 |
| Withheld | 147,105,944.033 | 3.236 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| David M. Thomas | ||
| Affirmative | 4,400,166,958.204 | 96.782 |
| Withheld | 146,320,135.361 | 3.218 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Susan Tomasky | ||
| Affirmative | 4,416,484,118.213 | 97.141 |
| Withheld | 130,002,975.353 | 2.859 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Michael E. Wiley | ||
| Affirmative | 4,398,113,731.182 | 96.737 |
| Withheld | 148,373,362.384 | 3.263 |
| TOTAL | 4,546,487,093.566 | 100.000 |
PROPOSAL 2
To convert a fundamental investment policy to a non-fundamental investment policy.
| # of Votes | % of Votes | |
| Affirmative | 5,771,269.472 | 44.924 |
| Against | 599,403.480 | 4.666 |
| Abstain | 2,082,511.994 | 16.210 |
| Broker Non-Vote | 4,393,549.320 | 34.200 |
| TOTAL | 12,846,734.266 | 100.000 |
| Proposal 1 reflects trust wide proposal and voting results. | ||
| Proposal 2 was not approved by shareholders. |
AVLF-ANN-1220
1.793577.117
Fidelity Advisor® Emerging Markets Fund (to be renamed Fidelity Advisor® Focused Emerging Markets Fund effective January 1, 2021)
October 31, 2020
See the inside front cover for important information about access to your fund’s shareholder reports.
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
| 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
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2020 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
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, 2020 | Past 1 year | Past 5 years | Past 10 years |
| Class A (incl. 5.75% sales charge) | 10.94% | 9.43% | 3.54% |
| Class M (incl. 3.50% sales charge) | 13.29% | 9.65% | 3.51% |
| Class C (incl. contingent deferred sales charge) | 15.80% | 9.89% | 3.37% |
| Class I | 18.13% | 11.11% | 4.51% |
| Class Z | 18.29% | 11.27% | 4.62% |
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, 2010, 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 | ||
| $14,165 | Fidelity Advisor® Emerging Markets Fund - Class A | |
| $12,759 | MSCI Emerging Markets Index | |
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index returned -2.46% for the 12 months ending October 31, 2020, in what was a bumpy ride for non-U.S. equities, marked by a steep but brief decline due to the early-2020 outbreak and spread of the coronavirus, followed by a sharp upturn. Declared a pandemic on March 11, the crisis and containment efforts caused broad contraction in economic activity, elevated volatility and dislocation in financial markets. A historically rapid and expansive monetary- and fiscal-policy response around the world provided a partial offset to the economic disruption. Other supporting factors included resilient corporate earnings and near-term potential for a COVID-19 vaccine breakthrough. This was evident in the index’s 12.28% gain in the final six months of the year. Currency fluctuation generally boosted foreign developed-markets equities for the year, while the reverse was true for emerging-markets stocks. Late in the period, the index was pressured by a second wave of COVID-19 cases in some regions, stretched valuations and crowded positioning in big tech. For the full year, the U.K. (-22%), Asia Pacific ex Japan (-8%), Canada (-5%) and Europe ex U.K. (-4%) notably lagged. Emerging markets (+9%) and Japan (+1%) outperformed. By sector, energy (-38%), financials and real estate (-20% each) lagged, whereas information technology (+ 25%) and communication services (+15%) topped the index.Comments from Portfolio Manager Sam Polyak: For the fiscal year ending October 31, 2020, the fund's share classes (excluding sales charges, if applicable) gained about 17% to 18%, outperforming the 8.27% result of the benchmark MSCI Emerging Markets Index (Net MA). From a regional standpoint, an underweighting and stock picks in China, Taiwan and South Africa contributed most to the fund's relative result. Among sectors, security selection was the primary contributor versus the benchmark, especially within the communication services sector. Investment choices and an overweighting in information technology, along with picks among industrials stocks, also boosted the fund's relative result. The fund's largest individual relative contributor was an outsized stake in Tencent Holdings, which gained about 86% in the portfolio the past year and was the fund's largest holding. Also helping performance was our overweighting in Haier Smart Home, which advanced 66% and was among the fund's biggest holdings on October 31. Adding further value was an outsized stake in Shenzhen Inovance Technology (+171%), though we decreased our stake this period. In contrast, stock picks in Israel and South Korea, as well as overweighted exposure to Hungary and Mexico, hurt the fund's relative result. By sector, the largest detractor from performance versus the benchmark was an underweighting in consumer discretionary, primarily within the retailing industry. Stock selection in health care and an overweighting in industrials also hampered the portfolio’s relative return. An underweighting in Alibaba Group Holding, a position we established this period, was the fund's largest individual relative detractor and gained 72% the past 12 months. Another key detractor was our out-of-benchmark position in Elbit Systems (-30%). Also hurting performance was our overweighting in Buenaventura, which returned about -48%, and was not held at period end. Notable changes in positioning include increased exposure to Mexico and a lower allocation to Brazil. By sector, meaningful changes in positioning include a higher allocation to consumer discretionary and communication services.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.
Note to shareholders: In November 2020, the Board of Trustees approved a proposal to change the fund’s name to Fidelity Advisor® Focused Emerging Markets Fund and to adopt an investment policy of investing in 30 to 70 stocks, effective January 1, 2021. This action will have no effect on how the fund is currently managed.Investment Summary (Unaudited)
Top Five Stocks as of October 31, 2020
| % of fund's net assets | |
| Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) | 9.5 |
| Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 7.2 |
| Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet & Direct Marketing Retail) | 6.5 |
| Haier Smart Home Co. Ltd. (A Shares) (China, Household Durables) | 5.2 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 4.4 |
| 32.8 |
Top Five Market Sectors as of October 31, 2020
| % of fund's net assets | |
| Information Technology | 19.0 |
| Consumer Discretionary | 19.0 |
| Financials | 16.9 |
| Communication Services | 10.4 |
| Materials | 8.5 |
Top Five Countries as of October 31, 2020
| (excluding cash equivalents) | % of fund's net assets |
| Cayman Islands | 24.5 |
| China | 14.8 |
| Taiwan | 13.3 |
| Korea (South) | 10.5 |
| Brazil | 6.2 |
Asset Allocation (% of fund's net assets)
| As of October 31, 2020 | ||
| Stocks | 96.0% | |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.0% | |
Schedule of Investments October 31, 2020
Showing Percentage of Net Assets
| Common Stocks - 93.0% | |||
| Shares | Value | ||
| Bermuda - 0.9% | |||
| Shangri-La Asia Ltd. | 12,924,000 | $10,152,488 | |
| Brazil - 3.2% | |||
| BM&F BOVESPA SA | 1,035,800 | 9,215,415 | |
| Suzano Papel e Celulose SA (a) | 2,883,600 | 25,152,568 | |
| TOTAL BRAZIL | 34,367,983 | ||
| Canada - 1.1% | |||
| First Quantum Minerals Ltd. | 1,022,200 | 11,746,515 | |
| Cayman Islands - 24.5% | |||
| Airtac International Group | 434,037 | 11,651,593 | |
| Alibaba Group Holding Ltd. sponsored ADR (a) | 231,400 | 70,505,266 | |
| JD.com, Inc. sponsored ADR (a) | 192,133 | 15,662,682 | |
| Li Ning Co. Ltd. | 4,925,500 | 25,413,738 | |
| Sunny Optical Technology Group Co. Ltd. | 1,677,500 | 27,740,148 | |
| Tencent Holdings Ltd. | 1,351,800 | 103,285,162 | |
| Xinyi Solar Holdings Ltd. | 6,054,000 | 11,010,822 | |
| TOTAL CAYMAN ISLANDS | 265,269,411 | ||
| China - 14.8% | |||
| AVIC Jonhon OptronicTechnology Co. Ltd. | 1,538,160 | 12,761,824 | |
| China Life Insurance Co. Ltd. (H Shares) | 7,190,000 | 15,688,044 | |
| China Merchants Bank Co. Ltd. (H Shares) | 5,424,000 | 28,195,705 | |
| Haier Smart Home Co. Ltd. (A Shares) | 15,169,115 | 56,506,540 | |
| Hualan Biological Engineer, Inc. (A Shares) | 1,289,290 | 9,887,016 | |
| Industrial & Commercial Bank of China Ltd. (H Shares) | 40,167,000 | 22,809,416 | |
| Shenzhen Inovance Technology Co. Ltd. (A Shares) | 1,498,678 | 14,423,326 | |
| TOTAL CHINA | 160,271,871 | ||
| Hong Kong - 4.5% | |||
| China Resources Beer Holdings Co. Ltd. | 5,512,000 | 34,163,380 | |
| CNOOC Ltd. sponsored ADR | 156,373 | 14,405,081 | |
| TOTAL HONG KONG | 48,568,461 | ||
| Hungary - 2.2% | |||
| Richter Gedeon PLC | 1,169,600 | 23,857,733 | |
| India - 5.0% | |||
| Housing Development Finance Corp. Ltd. | 629,398 | 16,231,709 | |
| Larsen & Toubro Ltd. | 1,304,600 | 16,248,521 | |
| Shree Cement Ltd. | 40,783 | 11,865,671 | |
| Solar Industries India Ltd. | 700,300 | 9,482,820 | |
| TOTAL INDIA | 53,828,721 | ||
| Indonesia - 2.0% | |||
| PT Bank Mandiri (Persero) Tbk | 56,507,869 | 22,011,562 | |
| Israel - 0.9% | |||
| Elbit Systems Ltd. (Israel) | 88,500 | 10,014,463 | |
| Korea (South) - 10.5% | |||
| Hyundai Motor Co. | 111,330 | 16,260,295 | |
| Samsung Electronics Co. Ltd. | 1,563,581 | 78,421,946 | |
| Shinhan Financial Group Co. Ltd. | 715,900 | 19,381,383 | |
| TOTAL KOREA (SOUTH) | 114,063,624 | ||
| Mexico - 6.0% | |||
| CEMEX S.A.B. de CV sponsored ADR | 4,483,700 | 18,607,355 | |
| Grupo Financiero Banorte S.A.B. de CV Series O (a) | 3,949,900 | 17,597,320 | |
| Wal-Mart de Mexico SA de CV Series V | 12,163,700 | 29,389,229 | |
| TOTAL MEXICO | 65,593,904 | ||
| Netherlands - 0.9% | |||
| Yandex NV Series A (a)(b) | 162,100 | 9,332,097 | |
| Russia - 1.8% | |||
| Lukoil PJSC sponsored ADR | 185,600 | 9,476,736 | |
| Sberbank of Russia sponsored ADR | 972,400 | 9,821,240 | |
| TOTAL RUSSIA | 19,297,976 | ||
| South Africa - 1.4% | |||
| Impala Platinum Holdings Ltd. | 1,729,200 | 15,390,440 | |
| Taiwan - 13.3% | |||
| ASE Technology Holding Co. Ltd. | 1,616,000 | 3,626,523 | |
| ECLAT Textile Co. Ltd. | 871,000 | 11,523,419 | |
| HIWIN Technologies Corp. | 2,189,000 | 19,052,082 | |
| MediaTek, Inc. | 588,000 | 13,934,916 | |
| Sporton International, Inc. | 1,390,000 | 11,077,633 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3,157,554 | 47,763,582 | |
| Unified-President Enterprises Corp. | 11,955,000 | 25,615,768 | |
| Yageo Corp. | 920,000 | 11,432,067 | |
| TOTAL TAIWAN | 144,025,990 | ||
| TOTAL COMMON STOCKS | |||
| (Cost $844,559,269) | 1,007,793,239 | ||
| Nonconvertible Preferred Stocks - 3.0% | |||
| Brazil - 3.0% | |||
| Itau Unibanco Holding SA | 5,173,780 | 21,171,386 | |
| Petroleo Brasileiro SA - Petrobras sponsored ADR | 1,689,078 | 11,198,587 | |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | |||
| (Cost $43,332,130) | 32,369,973 | ||
| Money Market Funds - 4.1% | |||
| Fidelity Cash Central Fund 0.10% (c) | 36,142,987 | 36,150,215 | |
| Fidelity Securities Lending Cash Central Fund 0.11% (c)(d) | 8,223,303 | 8,224,125 | |
| TOTAL MONEY MARKET FUNDS | |||
| (Cost $44,374,340) | 44,374,340 | ||
| TOTAL INVESTMENT IN SECURITIES - 100.1% | |||
| (Cost $932,265,739) | 1,084,537,552 | ||
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | (862,661) | ||
| NET ASSETS - 100% | $1,083,674,891 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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.
(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 | $88,318 |
| Fidelity Securities Lending Cash Central Fund | 5,600 |
| Total | $93,918 |
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, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: | ||||
| Description | Total | Level 1 | Level 2 | Level 3 |
| Investments in Securities: | ||||
| Equities: | ||||
| Communication Services | $112,617,259 | $9,332,097 | $103,285,162 | $-- |
| Consumer Discretionary | 206,024,428 | 133,257,593 | 72,766,835 | -- |
| Consumer Staples | 89,168,377 | 89,168,377 | -- | -- |
| Energy | 35,080,404 | 35,080,404 | -- | -- |
| Financials | 182,123,180 | 86,001,066 | 96,122,114 | -- |
| Health Care | 33,744,749 | 23,857,733 | 9,887,016 | -- |
| Industrials | 82,467,618 | 51,795,771 | 30,671,847 | -- |
| Information Technology | 206,691,828 | 64,117,953 | 142,573,875 | -- |
| Materials | 92,245,369 | 55,506,438 | 36,738,931 | -- |
| Money Market Funds | 44,374,340 | 44,374,340 | -- | -- |
| Total Investments in Securities: | $1,084,537,552 | $592,491,772 | $492,045,780 | $-- |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| October 31, 2020 | ||
| Assets | ||
| Investment in securities, at value (including securities loaned of $7,858,305) — See accompanying schedule: Unaffiliated issuers (cost $887,891,399) | $1,040,163,212 | |
| Fidelity Central Funds (cost $44,374,340) | 44,374,340 | |
| Total Investment in Securities (cost $932,265,739) | $1,084,537,552 | |
| Foreign currency held at value (cost $7,120) | 7,251 | |
| Receivable for investments sold | 2,844,329 | |
| Receivable for fund shares sold | 5,187,771 | |
| Dividends receivable | 1,860,691 | |
| Distributions receivable from Fidelity Central Funds | 2,671 | |
| Prepaid expenses | 1,329 | |
| Other receivables | 87,974 | |
| Total assets | 1,094,529,568 | |
| Liabilities | ||
| Payable for investments purchased | $782,460 | |
| Payable for fund shares redeemed | 819,071 | |
| Accrued management fee | 682,839 | |
| Distribution and service plan fees payable | 79,082 | |
| Other affiliated payables | 151,590 | |
| Other payables and accrued expenses | 115,510 | |
| Collateral on securities loaned | 8,224,125 | |
| Total liabilities | 10,854,677 | |
| Net Assets | $1,083,674,891 | |
| Net Assets consist of: | ||
| Paid in capital | $915,602,984 | |
| Total accumulated earnings (loss) | 168,071,907 | |
| Net Assets | $1,083,674,891 | |
| Net Asset Value and Maximum Offering Price | ||
| Class A: | ||
| Net Asset Value and redemption price per share ($150,748,674 ÷ 4,904,965 shares)(a) | $30.73 | |
| Maximum offering price per share (100/94.25 of $30.73) | $32.60 | |
| Class M: | ||
| Net Asset Value and redemption price per share ($42,509,407 ÷ 1,400,017 shares)(a) | $30.36 | |
| Maximum offering price per share (100/96.50 of $30.36) | $31.46 | |
| Class C: | ||
| Net Asset Value and offering price per share ($35,267,588 ÷ 1,234,288 shares)(a) | $28.57 | |
| Class I: | ||
| Net Asset Value, offering price and redemption price per share ($312,730,730 ÷ 10,107,977 shares) | $30.94 | |
| Class Z: | ||
| Net Asset Value, offering price and redemption price per share ($542,418,492 ÷ 17,559,599 shares) | $30.89 |
(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, 2020 | ||
| Investment Income | ||
| Dividends | $16,843,684 | |
| Income from Fidelity Central Funds (including $5,600 from security lending) | 93,918 | |
| Income before foreign taxes withheld | 16,937,602 | |
| Less foreign taxes withheld | (2,215,287) | |
| Total income | 14,722,315 | |
| Expenses | ||
| Management fee | $6,065,248 | |
| Transfer agent fees | 1,191,330 | |
| Distribution and service plan fees | 941,578 | |
| Accounting fees | 373,602 | |
| Custodian fees and expenses | 238,297 | |
| Independent trustees' fees and expenses | 4,255 | |
| Registration fees | 134,273 | |
| Audit | 84,598 | |
| Legal | 2,291 | |
| Miscellaneous | 41,615 | |
| Total expenses before reductions | 9,077,087 | |
| Expense reductions | (282,316) | |
| Total expenses after reductions | 8,794,771 | |
| Net investment income (loss) | 5,927,544 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | 16,801,219 | |
| Fidelity Central Funds | (185) | |
| Foreign currency transactions | (549,038) | |
| Total net realized gain (loss) | 16,251,996 | |
| Change in net unrealized appreciation (depreciation) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | 105,115,038 | |
| Assets and liabilities in foreign currencies | 4,963 | |
| Total change in net unrealized appreciation (depreciation) | 105,120,001 | |
| Net gain (loss) | 121,371,997 | |
| Net increase (decrease) in net assets resulting from operations | $127,299,541 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Year ended October 31, 2020 | Year ended October 31, 2019 | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $5,927,544 | $14,091,363 |
| Net realized gain (loss) | 16,251,996 | 131,562,896 |
| Change in net unrealized appreciation (depreciation) | 105,120,001 | (13,973,667) |
| Net increase (decrease) in net assets resulting from operations | 127,299,541 | 131,680,592 |
| Distributions to shareholders | (3,130,598) | (87,939,723) |
| Share transactions - net increase (decrease) | 350,002,246 | (106,326,281) |
| Total increase (decrease) in net assets | 474,171,189 | (62,585,412) |
| Net Assets | ||
| Beginning of period | 609,503,702 | 672,089,114 |
| End of period | $1,083,674,891 | $609,503,702 |
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, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $26.18 | $24.48 | $28.86 | $22.30 | $20.73 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | .15 | .44B | .09 | .08 | .02 |
| Net realized and unrealized gain (loss) | 4.48 | 4.26 | (4.39) | 6.49 | 1.55 |
| Total from investment operations | 4.63 | 4.70 | (4.30) | 6.57 | 1.57 |
| Distributions from net investment income | (.08) | (.06)C | (.05) | (.01) | – |
| Distributions from net realized gain | – | (2.94)C | (.03) | – | – |
| Total distributions | (.08) | (3.00) | (.08) | (.01) | – |
| Redemption fees added to paid in capitalA | – | – | –D | –D | –D |
| Net asset value, end of period | $30.73 | $26.18 | $24.48 | $28.86 | $22.30 |
| Total ReturnE,F | 17.71% | 19.42% | (14.93)% | 29.46% | 7.57% |
| Ratios to Average Net AssetsG,H | |||||
| Expenses before reductions | 1.39% | 1.41% | 1.44% | 1.47% | 1.51% |
| Expenses net of fee waivers, if any | 1.39% | 1.41% | 1.44% | 1.47% | 1.51% |
| Expenses net of all reductions | 1.36% | 1.39% | 1.40% | 1.46% | 1.51% |
| Net investment income (loss) | .54% | 1.62%B | .30% | .34% | .11% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $150,749 | $144,062 | $120,499 | $142,129 | $118,092 |
| Portfolio turnover rateI | 66% | 166%J | 87% | 86% | 85% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend which amounted to $.32 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend 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.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Emerging Markets Fund Class M
| Years ended October 31, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $25.86 | $24.25 | $28.61 | $22.16 | $20.65 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | .07 | .36B | –C | .02 | (.03) |
| Net realized and unrealized gain (loss) | 4.43 | 4.20 | (4.34) | 6.43 | 1.54 |
| Total from investment operations | 4.50 | 4.56 | (4.34) | 6.45 | 1.51 |
| 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 capitalA | – | – | –C | –C | –C |
| Net asset value, end of period | $30.36 | $25.86 | $24.25 | $28.61 | $22.16 |
| Total ReturnE,F | 17.40% | 19.03% | (15.17)% | 29.11% | 7.31% |
| Ratios to Average Net AssetsG,H | |||||
| Expenses before reductions | 1.68% | 1.70% | 1.73% | 1.75% | 1.77% |
| Expenses net of fee waivers, if any | 1.67% | 1.70% | 1.73% | 1.75% | 1.77% |
| Expenses net of all reductions | 1.64% | 1.68% | 1.69% | 1.73% | 1.77% |
| Net investment income (loss) | .25% | 1.33%B | - %I | .06% | (.15)% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $42,509 | $45,310 | $40,616 | $53,572 | $44,575 |
| Portfolio turnover rateJ | 66% | 166%K | 87% | 86% | 85% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend which amounted to $.32 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend the ratio of net investment income (loss) to average net assets would have been .15%.
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.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Amount represents less than .005%.
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Emerging Markets Fund Class C
| Years ended October 31, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $24.46 | $23.18 | $27.46 | $21.37 | $20.02 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | (.06) | .22B | (.13) | (.10) | (.13) |
| Net realized and unrealized gain (loss) | 4.17 | 4.02 | (4.15) | 6.19 | 1.48 |
| Total from investment operations | 4.11 | 4.24 | (4.28) | 6.09 | 1.35 |
| Distributions from net investment income | – | (.02)C | – | – | – |
| Distributions from net realized gain | – | (2.94)C | – | – | – |
| Total distributions | – | (2.96) | – | – | – |
| Redemption fees added to paid in capitalA | – | – | –D | –D | –D |
| Net asset value, end of period | $28.57 | $24.46 | $23.18 | $27.46 | $21.37 |
| Total ReturnE,F | 16.80% | 18.48% | (15.59)% | 28.50% | 6.74% |
| Ratios to Average Net AssetsG,H | |||||
| Expenses before reductions | 2.18% | 2.20% | 2.22% | 2.24% | 2.26% |
| Expenses net of fee waivers, if any | 2.17% | 2.20% | 2.22% | 2.24% | 2.26% |
| Expenses net of all reductions | 2.14% | 2.17% | 2.19% | 2.22% | 2.26% |
| Net investment income (loss) | (.25)% | .83%B | (.49)% | (.43)% | (.64)% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $35,268 | $41,615 | $50,617 | $57,599 | $43,848 |
| Portfolio turnover rateI | 66% | 166%J | 87% | 86% | 85% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend which amounted to $.30 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend 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.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Emerging Markets Fund Class I
| Years ended October 31, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $26.34 | $24.65 | $29.03 | $22.44 | $20.83 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | .24 | .54B | .18 | .17 | .10 |
| Net realized and unrealized gain (loss) | 4.51 | 4.26 | (4.41) | 6.51 | 1.55 |
| Total from investment operations | 4.75 | 4.80 | (4.23) | 6.68 | 1.65 |
| Distributions from net investment income | (.15) | (.17)C | (.12) | (.09) | (.04) |
| Distributions from net realized gain | – | (2.94)C | (.03) | – | – |
| Total distributions | (.15) | (3.11) | (.15) | (.09) | (.04) |
| Redemption fees added to paid in capitalA | – | – | –D | –D | –D |
| Net asset value, end of period | $30.94 | $26.34 | $24.65 | $29.03 | $22.44 |
| Total ReturnE | 18.13% | 19.78% | (14.64)% | 29.94% | 7.93% |
| Ratios to Average Net AssetsF,G | |||||
| Expenses before reductions | 1.06% | 1.09% | 1.12% | 1.13% | 1.16% |
| Expenses net of fee waivers, if any | 1.06% | 1.09% | 1.12% | 1.13% | 1.16% |
| Expenses net of all reductions | 1.03% | 1.06% | 1.08% | 1.11% | 1.15% |
| Net investment income (loss) | .86% | 1.94%B | .62% | .68% | .46% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $312,731 | $288,485 | $394,904 | $340,526 | $242,116 |
| Portfolio turnover rateH | 66% | 166%I | 87% | 86% | 85% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend which amounted to $.33 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend 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.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
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, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $26.33 | $24.65 | $29.02 | $22.44 | $20.83 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | .28 | .57B | .22 | .21 | .13 |
| Net realized and unrealized gain (loss) | 4.50 | 4.26 | (4.41) | 6.50 | 1.55 |
| Total from investment operations | 4.78 | 4.83 | (4.19) | 6.71 | 1.68 |
| Distributions from net investment income | (.22) | (.21)C | (.15) | (.13) | (.07) |
| Distributions from net realized gain | – | (2.94)C | (.03) | – | – |
| Total distributions | (.22) | (3.15) | (.18) | (.13) | (.07) |
| Redemption fees added to paid in capitalA | – | – | –D | –D | –D |
| Net asset value, end of period | $30.89 | $26.33 | $24.65 | $29.02 | $22.44 |
| Total ReturnE,F | 18.29% | 19.93% | (14.52)% | 30.13% | 8.09% |
| Ratios to Average Net AssetsG,H | |||||
| Expenses before reductions | .94% | .95% | .98% | .98% | 1.01% |
| Expenses net of fee waivers, if any | .93% | .95% | .98% | .98% | 1.01% |
| Expenses net of all reductions | .90% | .92% | .94% | .97% | 1.00% |
| Net investment income (loss) | .99% | 2.09%B | .76% | .82% | .61% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $542,418 | $90,032 | $65,453 | $14,387 | $6,261 |
| Portfolio turnover rateI | 66% | 166%J | 87% | 86% | 85% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend which amounted to $.32 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend the ratio of net investment income (loss) to average net assets would have been .91%.
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 for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2020
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. 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.
Effective January 1, 2020:
Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".
Broker-dealer Fidelity Distributors Corporation merged with and into Fidelity Investments Institutional Services Company, Inc. ("FIISC"). FIISC was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Distributors Company LLC".
Fidelity Investments Institutional Operations Company, Inc. converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".
In November 2020, the Board of Trustees approved a change in the name of Fidelity Advisor Emerging Markets Fund to Fidelity Advisor Focused Emerging Markets Fund effective January 1, 2021.
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 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 – Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The 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.
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, 2020 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. 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.
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, 2020, 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.
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, certain foreign taxes 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 | $217,162,199 |
| Gross unrealized depreciation | (74,577,669) |
| Net unrealized appreciation (depreciation) | $142,584,530 |
| Tax Cost | $941,953,022 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $11,625,017 |
| Undistributed long-term capital gain | $13,855,298 |
| Net unrealized appreciation (depreciation) on securities and other investments | $142,591,593 |
The tax character of distributions paid was as follows:
| October 31, 2020 | October 31, 2019 | |
| Ordinary Income | $3,129,571 | $ 3,791,593 |
| Long-term Capital Gains | 1,027 | 84,148,130 |
| Total | $3,130,598 | $ 87,939,723 |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
| Purchases ($) | Sales ($) | |
| Fidelity Advisor Emerging Markets Fund | 813,953,783 | 498,351,936 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .55% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .78% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
| Class A | -% | .25% | $357,937 | $6,310 |
| Class M | .25% | .25% | 209,246 | 1,722 |
| Class C | .75% | .25% | 374,395 | 45,396 |
| $941,578 | $53,428 |
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 | $34,315 |
| Class M | 3,972 |
| Class C(a) | 5,368 |
| $43,655 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Effective February 1, 2020, the Board approved to change the fee for Class Z from .046% to .044%.
For the period, transfer agent fees for each class were as follows:
| Amount | % of Class-Level Average Net Assets | |
| Class A | $357,462 | .25 |
| Class M | 118,329 | .28 |
| Class C | 105,426 | .28 |
| Class I | 494,376 | .17 |
| Class Z | 115,737 | .04 |
| $1,191,330 |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| % of Average Net Assets | |
| Fidelity Advisor Emerging Markets Fund | .05 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount | |
| Fidelity Advisor Emerging Markets Fund | $2,387 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Prior Fiscal Year Affiliated Redemptions In-Kind. During the prior period, 8,278,452 shares of the Fund were redeemed in-kind for investments and cash with a value of $216,946,766. The Fund had a net realized gain of $21,790,807 on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:
| Amount | |
| Fidelity Advisor Emerging Markets Fund | $1,755 |
During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Income Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
| Fidelity Advisor Emerging Markets Fund | $119 | $– | $– |
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 $254,232 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 $5,556.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $2,778.
In addition, during the period the investment adviser or an affiliate reimbursed the Fund $19,750 for an operational error which is included in the accompanying Statement of Operations.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Year ended October 31, 2020 | Year ended October 31, 2019 | |
| Distributions to shareholders | ||
| Class A | $409,462 | $14,899,450 |
| Class M | – | 4,711,016 |
| Class C | – | 4,549,289 |
| Class I | 1,670,563 | 54,137,961 |
| Class Z | 1,050,573 | 9,642,007 |
| Total | $3,130,598 | $87,939,723 |
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, 2020 | Year ended October 31, 2019 | Year ended October 31, 2020 | Year ended October 31, 2019 | |
| Class A | ||||
| Shares sold | 928,739 | 1,430,815 | $25,402,112 | $39,176,287 |
| Reinvestment of distributions | 15,043 | 566,067 | 399,347 | 14,535,345 |
| Shares redeemed | (1,541,734) | (1,415,545) | (41,017,799) | (38,558,494) |
| Net increase (decrease) | (597,952) | 581,337 | $(15,216,340) | $15,153,138 |
| Class M | ||||
| Shares sold | 140,677 | 275,556 | $3,840,283 | $7,483,344 |
| Reinvestment of distributions | – | 181,883 | – | 4,618,003 |
| Shares redeemed | (492,563) | (380,538) | (12,858,292) | (10,326,369) |
| Net increase (decrease) | (351,886) | 76,901 | $(9,018,009) | $1,774,978 |
| Class C | ||||
| Shares sold | 185,413 | 374,961 | $4,786,457 | $9,619,101 |
| Reinvestment of distributions | – | 184,738 | – | 4,437,414 |
| Shares redeemed | (652,459) | (1,041,747) | (16,128,456) | (27,016,202) |
| Net increase (decrease) | (467,046) | (482,048) | $(11,341,999) | $(12,959,687) |
| Class I | ||||
| Shares sold | 5,632,750 | 9,079,219 | $153,841,377 | $250,388,511 |
| Reinvestment of distributions | 59,042 | 2,016,037 | 1,572,879 | 52,007,429 |
| Shares redeemed | (6,535,693) | (16,164,775)(a) | (170,934,479) | (434,388,374)(a) |
| Net increase (decrease) | (843,901) | (5,069,519) | $(15,520,223) | $(131,992,434) |
| Class Z | ||||
| Shares sold | 18,039,864 | 2,185,898 | $505,205,143 | $59,546,339 |
| Reinvestment of distributions | 27,591 | 290,594 | 733,083 | 7,490,854 |
| Shares redeemed | (3,926,782) | (1,713,122) | (104,839,409) | (45,339,469) |
| Net increase (decrease) | 14,140,673 | 763,370 | $401,098,817 | $21,697,724 |
(a) Amount includes in-kind redemptions (see the Prior Fiscal Year Affiliated Redemptions In-Kind note for additional details).
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
12. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of 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, 2020, 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, 2020, 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, 2020, 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.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 14, 2020
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
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 305 funds. Mr. Chiel oversees 176 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.
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. Robert A. Lawrence is an interested person and currently serves as Acting 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 and David M. Thomas serve as Co-Lead Independent Trustees and as such each (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.
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* 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 served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (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 Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as 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 currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York, a member of the Board of NYC Leadership Academy (2012-present) and a member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), 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). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Alan J. Lacy (1953)
Year of Election or Appointment: 2008
Trustee
Mr. Lacy also serves as Trustee of other Fidelity® funds. Previously, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity), Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail), Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005), Chairman (2014-2017) and a member of the Board (2010-2017) of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes) and a member of the Board of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-2020). Mr. Lacy currently serves as a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a member of the Board of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present).
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2000
Trustee
Co-Lead Independent Trustee
Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has in the past 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 at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010); as well as Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach had a 30-year career with IBM (technology company), during which time he served as Senior Vice President and as 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 Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board 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. Previously, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments and a member of Scudder, Stevens & Clark and Scudder Kemper Investments. Ms. Small previously served as a member of the Board (2009-2019) and Chair of the Investment Committee (2010-2019) of the Teagle Foundation and a member of the Investment Committee of the Berkshire Taconic Community Foundation (2008-2019).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Co-Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. 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). Mr. Thomas currently serves as Non-Executive Chairman of the Board of Fortune Brands Home and Security (home and security products, 2011-present), and a member of the Board (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ 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.
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
Lloyd James Austin, III (1953)
Year of Election or Appointment: 2020
Member of the Advisory Board
General Austin also serves as a Member of the Advisory Board of other Fidelity® funds. Prior to his retirement, General Austin (United States Army, Retired) held a variety of positions within the U.S. Government, including Commander, U.S. Central Command (2013-2016), Vice Chief of Staff, U.S. Army (2012-2013) and Commanding General, U.S. Forces – Iraq, Operation New Dawn (2010-2012). General Austin currently serves as a Partner of Pine Island Capital Partners (private equity, 2020-present) and as President of the Austin Strategy Group LLC (consulting, 2016-present). General Austin serves as a member of the Board of Directors of Nucor Corporation (steel products, 2017-present), as a member of the Board of Directors of Tenet Healthcare Corporation (2018-present) and as a member of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). In addition, General Austin currently serves as a member of the Board of Trustees of the Carnegie Corporation of New York (2017-present) and as a member of the Board of Trustees of Auburn University (2017-present). Previously, General Austin served as a member of the Board of Directors of United Technologies Corporation (aerospace, defense and building, 2016-2020).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2020
Member of the Advisory Board
Mr. Kennedy also serves as a Member of the Advisory Board of other Fidelity® funds. Previously, Mr. Kennedy held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (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 as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
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 certain funds (2017-2019), 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 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 Executive Vice President of Fidelity SelectCo, LLC (2019), 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).
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). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). 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: 2020
Assistant 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 Deputy Treasurer of certain Fidelity® funds (2016-2020) and 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 Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and 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 an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 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 CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was 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: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); 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).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
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 (2013-2019) 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 LLP (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, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2020 to October 31, 2020).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized Expense Ratio-A | Beginning Account Value May 1, 2020 | Ending Account Value October 31, 2020 | Expenses Paid During Period-B May 1, 2020 to October 31, 2020 | |
| Fidelity Advisor Emerging Markets Fund | ||||
| Class A | 1.37% | |||
| Actual | $1,000.00 | $1,260.50 | $7.78 | |
| Hypothetical-C | $1,000.00 | $1,018.25 | $6.95 | |
| Class M | 1.65% | |||
| Actual | $1,000.00 | $1,258.70 | $9.37 | |
| Hypothetical-C | $1,000.00 | $1,016.84 | $8.36 | |
| Class C | 2.14% | |||
| Actual | $1,000.00 | $1,255.80 | $12.13 | |
| Hypothetical-C | $1,000.00 | $1,014.38 | $10.84 | |
| Class I | 1.05% | |||
| Actual | $1,000.00 | $1,262.90 | $5.97 | |
| Hypothetical-C | $1,000.00 | $1,019.86 | $5.33 | |
| Class Z | .93% | |||
| Actual | $1,000.00 | $1,263.40 | $5.29 | |
| Hypothetical-C | $1,000.00 | $1,020.46 | $4.72 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Fidelity Advisor Emerging Markets 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 Markets Fund | ||||
| Class A | 12/07/20 | 12/04/20 | $0.054 | $0.615 |
| Class M | 12/07/20 | 12/04/20 | $0.000 | $0.581 |
| Class C | 12/07/20 | 12/04/20 | $0.000 | $0.429 |
| Class I | 12/07/20 | 12/04/20 | $0.145 | $0.615 |
| Class Z | 12/07/20 | 12/04/20 | $0.195 | $0.615 |
The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2020, $13,856,325, or, if subsequently determined to be different, the net capital gain of such year.
Class A, Class M, Class C, Class I, and Class Z designate 17% of the dividend distributed in October 2019 as qualifying for the dividends–received deduction for corporate shareholders.
Class A designates 100% and 100%; Class M designates 100%; Class C designates 100%; Class I designates 100% and 100%; Class Z designates 100% and 91% of the dividend distributed in October and December 2019, respectively, 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 | 10/07/19 | $0.0341 | $0.0104 |
| Class A | 12/09/19 | $0.1397 | $0.0647 |
| Class M | 10/07/19 | $0.0341 | $0.0104 |
| Class M | 12/09/19 | $0.0000 | $0.0000 |
| Class C | 10/07/19 | $0.0341 | $0.0104 |
| Class C | 12/09/19 | $0.0000 | $0.0000 |
| Class I | 10/07/19 | $0.0341 | $0.0104 |
| Class I | 12/09/19 | $0.2157 | $0.0647 |
| Class Z | 10/07/19 | $0.0341 | $0.0104 |
| Class Z | 12/09/19 | $0.2847 | $0.0647 |
The fund will notify shareholders in January 2021 of amounts for use in preparing 2020 income tax returns.
Proxy Voting Results
A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1
To elect a Board of Trustees.
| # of Votes | % of Votes | |
| Dennis J. Dirks | ||
| Affirmative | 4,410,379,169.762 | 97.006 |
| Withheld | 136,107,923.804 | 2.994 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Donald F. Donahue | ||
| Affirmative | 4,416,009,117.039 | 97.130 |
| Withheld | 130,477,976.527 | 2.870 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Bettina Doulton | ||
| Affirmative | 4,424,274,282.548 | 97.312 |
| Withheld | 122,212,811.017 | 2.688 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Vicki L. Fuller | ||
| Affirmative | 4,429,249,259.957 | 97.421 |
| Withheld | 117,237,833.609 | 2.579 |
| TOTAL | 4,546,487,093.566 | 100.00 |
| Patricia L. Kampling | ||
| Affirmative | 4,406,048,180.368 | 96.911 |
| Withheld | 140,438,913.198 | 3.089 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Alan J. Lacy | ||
| Affirmative | 4,392,586,572.374 | 96.615 |
| Withheld | 153,900,521.192 | 3.385 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Ned C. Lautenbach | ||
| Affirmative | 4,347,069,615.094 | 95.614 |
| Withheld | 199,417,478.472 | 4.386 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Robert A. Lawrence | ||
| Affirmative | 4,404,777,106.740 | 96.883 |
| Withheld | 141,709,986.826 | 3.117 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Joseph Mauriello | ||
| Affirmative | 4,404,603,369.399 | 96.879 |
| Withheld | 141,883,724.167 | 3.121 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Cornelia M. Small | ||
| Affirmative | 4,408,319,197.270 | 96.961 |
| Withheld | 138,167,896.295 | 3.039 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Garnett A. Smith | ||
| Affirmative | 4,399,381,149.533 | 96.764 |
| Withheld | 147,105,944.033 | 3.236 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| David M. Thomas | ||
| Affirmative | 4,400,166,958.204 | 96.782 |
| Withheld | 146,320,135.361 | 3.218 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Susan Tomasky | ||
| Affirmative | 4,416,484,118.213 | 97.141 |
| Withheld | 130,002,975.353 | 2.859 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Michael E. Wiley | ||
| Affirmative | 4,398,113,731.182 | 96.737 |
| Withheld | 148,373,362.384 | 3.263 |
| TOTAL | 4,546,487,093.566 | 100.000 |
PROPOSAL 2
To convert a fundamental investment policy to a non-fundamental investment policy.
| # of Votes | % of Votes | |
| Affirmative | 189,479,626.953 | 39.706 |
| Against | 95,155,582.936 | 19.940 |
| Abstain | 18,036,702.139 | 3.780 |
| Broker Non-Vote | 174,531,835.720 | 36.574 |
| TOTAL | 477,203,747.748 | 100.000 |
| Proposal 1 reflects trust wide proposal and voting results. | ||
| Proposal 2 was not approved by shareholders. |
FAEM-ANN-1220
1.809299.116
Fidelity Advisor® Global Equity Income Fund
October 31, 2020
See the inside front cover for important information about access to your fund’s shareholder reports.
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
| 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
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2020 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
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, 2020 | Past 1 year | Past 5 years | Life of fundA |
| Class A (incl. 5.75% sales charge) | (1.16)% | 5.95% | 7.76% |
| Class M (incl. 3.50% sales charge) | 0.97% | 6.19% | 7.79% |
| Class C (incl. contingent deferred sales charge) | 3.12% | 6.41% | 7.70% |
| Class I | 5.08% | 7.48% | 8.78% |
| Class Z | 5.29% | 7.56% | 8.82% |
A From May 2, 2012
Class C shares' contingent deferred sales charges included in the past one year, past five years, and life of fund 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 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 | ||
| $18,877 | Fidelity Advisor® Global Equity Income Fund - Class A | |
| $20,576 | MSCI ACWI (All Country World Index) Index | |
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) Index gained 5.29% for the year ending October 31, 2020, a volatile period for global equities, marked by a steep but brief decline due to the early-2020 outbreak and spread of the coronavirus, followed by a historic rebound. Declared a pandemic in March, the COVID-19 crisis caused broad contraction in economic activity, along with elevated uncertainty and dislocation in financial markets. A historically rapid and expansive monetary/fiscal-policy response partially offset the economic disruption and fueled a sharp uptrend from March 24 into September. Other supporting factors included resilient corporate earnings and near-term potential for a COVID-19 vaccine breakthrough. Currency fluctuation generally supported global equities for the year. Late in the period, markets digested the inability of the U.S. Congress to reach a deal on additional fiscal stimulus, U.S. election uncertainty and a second wave of COVID-19 cases. By region for the full period, the U.S. (+12%), which represented 57% of the index, on average, led the way, followed by emerging markets (+9%). In contrast, the following regions lagged: U.K. (-22%), Asia-Pacific ex Japan (-8%), Canada (-5%) and Europe ex U.K. (-4%). Among sectors, information technology (+33%), consumer discretionary (+24%) and communication services (+16%) stood out. Conversely, energy (-42%), financials (-18%) and real estate (-15%) trailed the index.Comments from Portfolio Manager Ramona Persaud: For the fiscal year ending October 31, 2020, the fund's share classes (excluding sales charges, if applicable) gained about 4% to 5%, trailing the 5.29% result of the benchmark MSCI All Country World Index (Net MA). From a regional standpoint, stock picks in the U.S. and an overweighting in the U.K. detracted from the fund's relative result. By sector, the largest detractor from performance versus the benchmark was security selection and underweighting in consumer discretionary. Stock picking and an underweighting in the communication services sector, primarily within the media & entertainment industry, also hampered the fund's relative performance. Also detracting from the fund's relative result was an overweighting in energy. Not owning Amazon.com, a benchmark component that gained 71%, was the largest individual relative detractor. Also hampering performance was our outsized stake in Wells Fargo, which returned -57%. Also hurting performance was our overweighting in Compass Group, which returned roughly -43%. This was a stake we established the past 12 months. In contrast, security selection in the U.K. and Europe ex U.K. contributed to the fund's relative result. Versus the benchmark, security selection was the primary contributor, especially within the consumer staples sector. Strong picks in the industrials sector, primarily driven by the transportation industry, also lifted the fund's relative result. Also helping were stock picks in energy. Lastly, the fund's position in cash was a notable contributor. The fund's biggest individual relative contributor was an overweighting in Apple, which gained about 78% the past year. It was the fund's largest holding. Also adding value was our outsized stake in Microsoft, which gained 44%. Microsoft was among the fund's largest holdings. Another notable relative contributor was an overweighting in Taiwan Semiconductor (+58%), which was one of our biggest holdings.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, 2020
| % of fund's net assets | |
| Apple, Inc. (United States of America, Technology Hardware, Storage & Peripherals) | 5.6 |
| Microsoft Corp. (United States of America, Software) | 4.6 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 1.9 |
| Hoya Corp. (Japan, Health Care Equipment & Supplies) | 1.8 |
| B&M European Value Retail SA (Luxembourg, Multiline Retail) | 1.7 |
| 15.6 |
Top Five Market Sectors as of October 31, 2020
| % of fund's net assets | |
| Information Technology | 22.5 |
| Health Care | 15.1 |
| Consumer Staples | 11.3 |
| Financials | 10.7 |
| Industrials | 10.1 |
Top Five Countries as of October 31, 2020
| (excluding cash equivalents) | % of fund's net assets |
| United States of America | 50.9 |
| United Kingdom | 6.8 |
| Japan | 6.2 |
| Switzerland | 4.6 |
| Canada | 2.9 |
Asset Allocation (% of fund's net assets)
| As of October 31, 2020 | ||
| Stocks | 95.5% | |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.5% | |
Schedule of Investments October 31, 2020
Showing Percentage of Net Assets
| Common Stocks - 95.5% | |||
| Shares | Value | ||
| Australia - 0.5% | |||
| Ansell Ltd. | 4,197 | $118,679 | |
| Bailiwick of Guernsey - 0.2% | |||
| Amdocs Ltd. | 847 | 47,754 | |
| Bailiwick of Jersey - 0.4% | |||
| Clarivate Analytics PLC (a) | 2,750 | 76,313 | |
| Belgium - 0.3% | |||
| KBC Groep NV | 1,263 | 62,265 | |
| Bermuda - 0.6% | |||
| Hiscox Ltd. (a) | 2,996 | 31,998 | |
| IHS Markit Ltd. | 1,282 | 103,675 | |
| TOTAL BERMUDA | 135,673 | ||
| Brazil - 0.3% | |||
| Equatorial Energia SA | 12,793 | 44,435 | |
| Suzano Papel e Celulose SA (a) | 3,002 | 26,185 | |
| TOTAL BRAZIL | 70,620 | ||
| Canada - 2.9% | |||
| Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 4,460 | 137,352 | |
| Constellation Software, Inc. | 220 | 230,946 | |
| Imperial Oil Ltd. | 5,355 | 71,223 | |
| Open Text Corp. | 2,844 | 104,491 | |
| Suncor Energy, Inc. | 3,540 | 39,936 | |
| Waste Connection, Inc. (Canada) | 358 | 35,486 | |
| TOTAL CANADA | 619,434 | ||
| Cayman Islands - 1.2% | |||
| HKBN Ltd. | 30,340 | 52,285 | |
| SITC International Holdings Co. Ltd. | 141,584 | 218,426 | |
| TOTAL CAYMAN ISLANDS | 270,711 | ||
| China - 0.7% | |||
| Kweichow Moutai Co. Ltd. (A Shares) | 479 | 119,811 | |
| Qingdao Port International Co. Ltd. (H Shares) (b) | 50,251 | 28,520 | |
| TOTAL CHINA | 148,331 | ||
| Denmark - 0.6% | |||
| A.P. Moller - Maersk A/S Series B | 32 | 51,284 | |
| DSV Panalpina A/S | 537 | 86,952 | |
| TOTAL DENMARK | 138,236 | ||
| France - 2.8% | |||
| Capgemini SA | 791 | 91,332 | |
| Elior SA (b) | 8,370 | 31,545 | |
| LVMH Moet Hennessy Louis Vuitton SE | 274 | 128,437 | |
| Sanofi SA | 1,866 | 168,487 | |
| SR Teleperformance SA | 341 | 102,344 | |
| VINCI SA | 1,170 | 92,413 | |
| TOTAL FRANCE | 614,558 | ||
| Germany - 2.1% | |||
| Deutsche Post AG | 2,876 | 127,416 | |
| Hannover Reuck SE | 325 | 47,200 | |
| Linde PLC | 518 | 113,539 | |
| SAP SE | 890 | 94,949 | |
| Siemens AG | 664 | 77,874 | |
| TOTAL GERMANY | 460,978 | ||
| Hong Kong - 0.7% | |||
| AIA Group Ltd. | 17,009 | 161,878 | |
| India - 2.5% | |||
| HDFC Asset Management Co. Ltd. (b) | 1,011 | 30,498 | |
| HDFC Bank Ltd. sponsored ADR (a) | 973 | 55,889 | |
| Petronet LNG Ltd. | 25,789 | 79,859 | |
| Redington India Ltd. | 36,811 | 64,080 | |
| Reliance Industries Ltd. | 8,888 | 244,955 | |
| Reliance Industries Ltd. | 592 | 9,379 | |
| Tech Mahindra Ltd. | 5,467 | 59,840 | |
| TOTAL INDIA | 544,500 | ||
| Ireland - 1.5% | |||
| Accenture PLC Class A | 999 | 216,693 | |
| Linde PLC | 506 | 111,492 | |
| TOTAL IRELAND | 328,185 | ||
| Italy - 1.0% | |||
| Recordati SpA | 1,959 | 101,506 | |
| Reply SpA | 1,043 | 112,120 | |
| TOTAL ITALY | 213,626 | ||
| Japan - 6.2% | |||
| Arata Corp. | 853 | 41,453 | |
| Astellas Pharma, Inc. | 5,878 | 80,605 | |
| Aucnet, Inc. | 1,940 | 25,791 | |
| Daiichikosho Co. Ltd. | 3,488 | 119,349 | |
| Daiwa Industries Ltd. | 4,741 | 42,571 | |
| Hoya Corp. | 3,445 | 388,792 | |
| Inaba Denki Sangyo Co. Ltd. | 3,952 | 95,138 | |
| Jm Holdings Co. Ltd. | 3,750 | 85,299 | |
| Kenedix, Inc. | 6,637 | 34,393 | |
| Minebea Mitsumi, Inc. | 3,457 | 62,438 | |
| Sony Corp. | 3,381 | 281,862 | |
| Tsuruha Holdings, Inc. | 572 | 80,094 | |
| TOTAL JAPAN | 1,337,785 | ||
| Kenya - 0.5% | |||
| Safaricom Ltd. | 387,207 | 109,792 | |
| Korea (South) - 1.5% | |||
| Samsung Electronics Co. Ltd. | 6,301 | 316,029 | |
| Luxembourg - 1.7% | |||
| B&M European Value Retail SA | 58,554 | 367,753 | |
| Multi-National - 0.4% | |||
| HKT Trust/HKT Ltd. unit | 61,360 | 79,307 | |
| Netherlands - 1.1% | |||
| Koninklijke Philips Electronics NV | 1,580 | 73,181 | |
| NXP Semiconductors NV | 1,291 | 174,440 | |
| TOTAL NETHERLANDS | 247,621 | ||
| New Zealand - 0.1% | |||
| Auckland International Airport Ltd. | 5,278 | 24,415 | |
| Poland - 0.4% | |||
| CD Projekt RED SA (a) | 1,074 | 90,997 | |
| Sweden - 0.8% | |||
| Ericsson (B Shares) | 10,935 | 122,084 | |
| Indutrade AB (a) | 994 | 50,424 | |
| TOTAL SWEDEN | 172,508 | ||
| Switzerland - 4.6% | |||
| Barry Callebaut AG | 17 | 35,096 | |
| Chubb Ltd. | 1,075 | 139,653 | |
| Nestle SA (Reg. S) | 2,267 | 254,987 | |
| Roche Holding AG (participation certificate) | 1,091 | 350,573 | |
| Siemens Energy AG (a) | 332 | 7,269 | |
| Sika AG | 710 | 174,761 | |
| Swiss Re Ltd. | 512 | 36,707 | |
| TOTAL SWITZERLAND | 999,046 | ||
| Taiwan - 2.2% | |||
| Poya International Co. Ltd. | 3,476 | 74,844 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 26,497 | 400,814 | |
| TOTAL TAIWAN | 475,658 | ||
| United Kingdom - 6.8% | |||
| AstraZeneca PLC (United Kingdom) | 1,649 | 165,569 | |
| BP PLC | 27,237 | 69,473 | |
| Compass Group PLC | 13,666 | 187,057 | |
| Cranswick PLC | 2,467 | 102,847 | |
| Diageo PLC | 2,519 | 81,409 | |
| Hilton Food Group PLC | 16,907 | 254,075 | |
| Informa PLC(a) | 12,199 | 66,060 | |
| John David Group PLC | 7,743 | 74,350 | |
| London Stock Exchange Group PLC | 1,221 | 131,621 | |
| Reckitt Benckiser Group PLC | 1,400 | 123,324 | |
| RELX PLC (London Stock Exchange) | 7,521 | 148,831 | |
| St. James's Place Capital PLC | 3,542 | 41,261 | |
| WH Smith PLC | 1,549 | 20,007 | |
| TOTAL UNITED KINGDOM | 1,465,884 | ||
| United States of America - 50.9% | |||
| AbbVie, Inc. | 2,034 | 173,093 | |
| Activision Blizzard, Inc. | 1,043 | 78,986 | |
| Ameren Corp. | 2,000 | 162,240 | |
| American Tower Corp. | 1,409 | 323,577 | |
| AMETEK, Inc. | 1,326 | 130,213 | |
| Amgen, Inc. | 1,452 | 314,997 | |
| Apple, Inc. | 11,256 | 1,225,329 | |
| AstraZeneca PLC sponsored ADR | 4,861 | 243,828 | |
| Bank of America Corp. | 7,815 | 185,216 | |
| Becton, Dickinson & Co. | 355 | 82,051 | |
| BJ's Wholesale Club Holdings, Inc. (a) | 2,244 | 85,923 | |
| BlackRock, Inc. Class A | 126 | 75,500 | |
| Bristol-Myers Squibb Co. | 4,820 | 281,729 | |
| Capital One Financial Corp. | 2,323 | 169,765 | |
| Charter Communications, Inc. Class A (a) | 181 | 109,291 | |
| Chevron Corp. | 1,904 | 132,328 | |
| Cisco Systems, Inc. | 3,287 | 118,003 | |
| Citigroup, Inc. | 3,575 | 148,077 | |
| Columbia Sportswear Co. | 632 | 47,141 | |
| ConocoPhillips Co. | 2,591 | 74,154 | |
| Costco Wholesale Corp. | 379 | 135,538 | |
| Crown Holdings, Inc. (a) | 664 | 56,971 | |
| Danaher Corp. | 789 | 181,107 | |
| Dollar Tree, Inc. (a) | 758 | 68,463 | |
| Dunkin' Brands Group, Inc. | 727 | 72,489 | |
| Eli Lilly & Co. | 1,858 | 242,395 | |
| Equifax, Inc. | 341 | 46,581 | |
| Estee Lauder Companies, Inc. Class A | 379 | 83,251 | |
| Fidelity National Information Services, Inc. | 664 | 82,728 | |
| Fortive Corp. | 1,122 | 69,115 | |
| General Dynamics Corp. | 563 | 73,939 | |
| General Electric Co. | 12,178 | 90,361 | |
| JPMorgan Chase & Co. | 2,417 | 236,963 | |
| Kroger Co. | 3,920 | 126,263 | |
| Lennar Corp. Class A | 1,201 | 84,346 | |
| Lowe's Companies, Inc. | 2,297 | 363,156 | |
| M&T Bank Corp. | 892 | 92,393 | |
| Marsh & McLennan Companies, Inc. | 642 | 66,421 | |
| McCormick & Co., Inc. (non-vtg.) | 180 | 32,492 | |
| Microsoft Corp. | 4,964 | 1,005,061 | |
| MSCI, Inc. | 364 | 127,342 | |
| NextEra Energy, Inc. | 2,488 | 182,146 | |
| Northrop Grumman Corp. | 284 | 82,309 | |
| NRG Energy, Inc. | 2,150 | 67,983 | |
| PepsiCo, Inc. | 1,394 | 185,806 | |
| PG&E Corp. (a) | 2,149 | 20,544 | |
| Phillips 66 Co. | 551 | 25,710 | |
| Qualcomm, Inc. | 1,213 | 149,636 | |
| Raymond James Financial, Inc. | 695 | 53,126 | |
| Roper Technologies, Inc. | 297 | 110,288 | |
| Royalty Pharma PLC | 379 | 13,909 | |
| S&P Global, Inc. | 444 | 143,292 | |
| Stanley Black & Decker, Inc. | 284 | 47,201 | |
| Starbucks Corp. | 1,865 | 162,180 | |
| Sysco Corp. | 1,675 | 92,644 | |
| T-Mobile U.S., Inc. | 1,943 | 212,895 | |
| Tapestry, Inc. | 2,237 | 49,729 | |
| The Coca-Cola Co. | 2,908 | 139,758 | |
| The Travelers Companies, Inc. | 1,189 | 143,524 | |
| The Walt Disney Co. | 1,475 | 178,844 | |
| TJX Companies, Inc. | 1,549 | 78,689 | |
| United Parcel Service, Inc. Class B | 506 | 79,498 | |
| UnitedHealth Group, Inc. | 890 | 271,575 | |
| Valero Energy Corp. | 548 | 21,158 | |
| Verizon Communications, Inc. | 3,177 | 181,057 | |
| Visa, Inc. Class A | 1,367 | 248,398 | |
| Vistra Corp. | 5,261 | 91,384 | |
| Vontier Corp. (a) | 448 | 12,876 | |
| Walmart, Inc. | 1,642 | 227,828 | |
| Watsco, Inc. | 158 | 35,414 | |
| WEC Energy Group, Inc. | 688 | 69,178 | |
| Wells Fargo & Co. | 6,143 | 131,767 | |
| WestRock Co. | 1,075 | 40,366 | |
| TOTAL UNITED STATES OF AMERICA | 11,049,528 | ||
| TOTAL COMMON STOCKS | |||
| (Cost $15,489,130) | 20,748,064 | ||
| Money Market Funds - 4.6% | |||
| Fidelity Cash Central Fund 0.10% (c) | |||
| (Cost $994,966) | 994,767 | 994,966 | |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | |||
| (Cost $16,484,096) | 21,743,030 | ||
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | (21,293) | ||
| NET ASSETS - 100% | $21,721,737 |
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 $90,563 or 0.4% 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 | $6,581 |
| Total | $6,581 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: | ||||
| Description | Total | Level 1 | Level 2 | Level 3 |
| Investments in Securities: | ||||
| Equities: | ||||
| Communication Services | $1,278,863 | $1,159,514 | $119,349 | $-- |
| Consumer Discretionary | 2,159,292 | 1,494,692 | 664,600 | -- |
| Consumer Staples | 2,383,797 | 1,638,873 | 744,924 | -- |
| Energy | 768,175 | 364,509 | 403,666 | -- |
| Financials | 2,312,356 | 1,988,359 | 323,997 | -- |
| Health Care | 3,252,076 | 1,906,190 | 1,345,886 | -- |
| Industrials | 2,196,708 | 1,828,449 | 368,259 | -- |
| Information Technology | 4,877,603 | 3,819,807 | 1,057,796 | -- |
| Materials | 523,314 | 523,314 | -- | -- |
| Real Estate | 357,970 | 323,577 | 34,393 | -- |
| Utilities | 637,910 | 637,910 | -- | -- |
| Money Market Funds | 994,966 | 994,966 | -- | -- |
| Total Investments in Securities: | $21,743,030 | $16,680,160 | $5,062,870 | $-- |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| October 31, 2020 | ||
| Assets | ||
| Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $15,489,130) | $20,748,064 | |
| Fidelity Central Funds (cost $994,966) | 994,966 | |
| Total Investment in Securities (cost $16,484,096) | $21,743,030 | |
| Foreign currency held at value (cost $1,971) | 1,982 | |
| Receivable for fund shares sold | 8,304 | |
| Dividends receivable | 57,732 | |
| Distributions receivable from Fidelity Central Funds | 68 | |
| Prepaid expenses | 37 | |
| Receivable from investment adviser for expense reductions | 3,933 | |
| Other receivables | 367 | |
| Total assets | 21,815,453 | |
| Liabilities | ||
| Payable for fund shares redeemed | $2,600 | |
| Accrued management fee | 12,791 | |
| Distribution and service plan fees payable | 6,909 | |
| Audit fee payable | 45,909 | |
| Other affiliated payables | 4,803 | |
| Other payables and accrued expenses | 20,704 | |
| Total liabilities | 93,716 | |
| Net Assets | $21,721,737 | |
| Net Assets consist of: | ||
| Paid in capital | $16,325,864 | |
| Total accumulated earnings (loss) | 5,395,873 | |
| Net Assets | $21,721,737 | |
| Net Asset Value and Maximum Offering Price | ||
| Class A: | ||
| Net Asset Value and redemption price per share ($8,362,258 ÷ 524,318 shares)(a) | $15.95 | |
| Maximum offering price per share (100/94.25 of $15.95) | $16.92 | |
| Class M: | ||
| Net Asset Value and redemption price per share ($3,544,928 ÷ 222,425 shares)(a) | $15.94 | |
| Maximum offering price per share (100/96.50 of $15.94) | $16.52 | |
| Class C: | ||
| Net Asset Value and offering price per share ($4,082,362 ÷ 257,803 shares)(a) | $15.84 | |
| Class I: | ||
| Net Asset Value, offering price and redemption price per share ($2,378,111 ÷ 148,997 shares) | $15.96 | |
| Class Z: | ||
| Net Asset Value, offering price and redemption price per share ($3,354,078 ÷ 209,525 shares) | $16.01 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Year ended October 31, 2020 | ||
| Investment Income | ||
| Dividends | $485,337 | |
| Income from Fidelity Central Funds | 6,581 | |
| Income before foreign taxes withheld | 491,918 | |
| Less foreign taxes withheld | (20,855) | |
| Total income | 471,063 | |
| Expenses | ||
| Management fee | $147,017 | |
| Transfer agent fees | 46,543 | |
| Distribution and service plan fees | 79,567 | |
| Accounting fees and expenses | 11,172 | |
| Custodian fees and expenses | 13,130 | |
| Independent trustees' fees and expenses | 122 | |
| Registration fees | 67,303 | |
| Audit | 75,341 | |
| Legal | 1,666 | |
| Miscellaneous | 1,349 | |
| Total expenses before reductions | 443,210 | |
| Expense reductions | (125,964) | |
| Total expenses after reductions | 317,246 | |
| Net investment income (loss) | 153,817 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers (net of foreign taxes of $1,051) | 347,859 | |
| Fidelity Central Funds | 7 | |
| Foreign currency transactions | (1,506) | |
| Total net realized gain (loss) | 346,360 | |
| Change in net unrealized appreciation (depreciation) on: | ||
| Investment securities: | ||
| Unaffiliated issuers (net of increase in deferred foreign taxes of $10,619) | 439,423 | |
| Assets and liabilities in foreign currencies | 1,802 | |
| Total change in net unrealized appreciation (depreciation) | 441,225 | |
| Net gain (loss) | 787,585 | |
| Net increase (decrease) in net assets resulting from operations | $941,402 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Year ended October 31, 2020 | Year ended October 31, 2019 | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $153,817 | $212,625 |
| Net realized gain (loss) | 346,360 | (128,933) |
| Change in net unrealized appreciation (depreciation) | 441,225 | 2,462,078 |
| Net increase (decrease) in net assets resulting from operations | 941,402 | 2,545,770 |
| Distributions to shareholders | (146,473) | (584,031) |
| Share transactions - net increase (decrease) | (481,516) | 814,416 |
| Total increase (decrease) in net assets | 313,413 | 2,776,155 |
| Net Assets | ||
| Beginning of period | 21,408,324 | 18,632,169 |
| End of period | $21,721,737 | $21,408,324 |
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, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $15.33 | $13.86 | $14.63 | $12.44 | $12.50 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | .13 | .19 | .19 | .13 | .12 |
| Net realized and unrealized gain (loss) | .61 | 1.76 | (.52) | 2.20 | .09 |
| Total from investment operations | .74 | 1.95 | (.33) | 2.33 | .21 |
| Distributions from net investment income | (.12) | (.20) | (.18) | (.13) | (.11) |
| Distributions from net realized gain | – | (.28) | (.26) | (.01) | (.16) |
| Total distributions | (.12) | (.48) | (.44) | (.14) | (.27) |
| Net asset value, end of period | $15.95 | $15.33 | $13.86 | $14.63 | $12.44 |
| Total ReturnB,C | 4.87% | 14.52% | (2.41)% | 18.79% | 1.72% |
| Ratios to Average Net AssetsD,E | |||||
| Expenses before reductions | 1.97% | 2.18% | 1.91% | 2.05% | 2.13% |
| Expenses net of fee waivers, if any | 1.39% | 1.45% | 1.45% | 1.45% | 1.45% |
| Expenses net of all reductions | 1.38% | 1.45% | 1.44% | 1.45% | 1.45% |
| Net investment income (loss) | .81% | 1.32% | 1.33% | .96% | .96% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $8,362 | $8,314 | $8,427 | $7,441 | $6,068 |
| Portfolio turnover rateF | 52% | 18%G | 37% | 48% | 43% |
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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
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, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $15.32 | $13.85 | $14.62 | $12.44 | $12.49 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | .09 | .15 | .16 | .10 | .09 |
| Net realized and unrealized gain (loss) | .61 | 1.76 | (.53) | 2.18 | .10 |
| Total from investment operations | .70 | 1.91 | (.37) | 2.28 | .19 |
| Distributions from net investment income | (.08) | (.16) | (.14) | (.10) | (.08) |
| Distributions from net realized gain | – | (.28) | (.26) | (.01) | (.16) |
| Total distributions | (.08) | (.44) | (.40) | (.10)B | (.24) |
| Net asset value, end of period | $15.94 | $15.32 | $13.85 | $14.62 | $12.44 |
| Total ReturnC,D | 4.63% | 14.23% | (2.64)% | 18.42% | 1.53% |
| Ratios to Average Net AssetsE,F | |||||
| Expenses before reductions | 2.24% | 2.49% | 2.21% | 2.35% | 2.46% |
| Expenses net of fee waivers, if any | 1.64% | 1.70% | 1.70% | 1.70% | 1.70% |
| Expenses net of all reductions | 1.63% | 1.70% | 1.69% | 1.69% | 1.70% |
| Net investment income (loss) | .56% | 1.07% | 1.08% | .71% | .71% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $3,545 | $3,135 | $3,279 | $3,573 | $2,508 |
| Portfolio turnover rateG | 52% | 18%H | 37% | 48% | 43% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
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, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $15.24 | $13.77 | $14.57 | $12.39 | $12.46 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | .01 | .08 | .08 | .03 | .03 |
| Net realized and unrealized gain (loss) | .62 | 1.75 | (.53) | 2.19 | .09 |
| Total from investment operations | .63 | 1.83 | (.45) | 2.22 | .12 |
| Distributions from net investment income | (.03) | (.09) | (.09) | (.03) | (.03) |
| Distributions from net realized gain | – | (.28) | (.26) | (.01) | (.16) |
| Total distributions | (.03) | (.36)B | (.35) | (.04) | (.19) |
| Net asset value, end of period | $15.84 | $15.24 | $13.77 | $14.57 | $12.39 |
| Total ReturnC,D | 4.12% | 13.71% | (3.22)% | 17.91% | .99% |
| Ratios to Average Net AssetsE,F | |||||
| Expenses before reductions | 2.75% | 2.99% | 2.72% | 2.85% | 2.93% |
| Expenses net of fee waivers, if any | 2.14% | 2.20% | 2.20% | 2.20% | 2.20% |
| Expenses net of all reductions | 2.13% | 2.20% | 2.19% | 2.20% | 2.20% |
| Net investment income (loss) | .06% | .57% | .58% | .21% | .21% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $4,082 | $4,173 | $4,340 | $4,190 | $3,588 |
| Portfolio turnover rateG | 52% | 18%H | 37% | 48% | 43% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
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 I
| Years ended October 31, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $15.35 | $13.88 | $14.66 | $12.46 | $12.51 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | .17 | .22 | .23 | .16 | .15 |
| Net realized and unrealized gain (loss) | .60 | 1.77 | (.53) | 2.21 | .10 |
| Total from investment operations | .77 | 1.99 | (.30) | 2.37 | .25 |
| Distributions from net investment income | (.16) | (.24) | (.22) | (.16) | (.14) |
| Distributions from net realized gain | – | (.28) | (.26) | (.01) | (.16) |
| Total distributions | (.16) | (.52) | (.48) | (.17) | (.30) |
| Net asset value, end of period | $15.96 | $15.35 | $13.88 | $14.66 | $12.46 |
| Total ReturnB | 5.08% | 14.84% | (2.20)% | 19.12% | 2.04% |
| Ratios to Average Net AssetsC,D | |||||
| Expenses before reductions | 1.63% | 1.83% | 1.51% | 1.77% | 1.68% |
| Expenses net of fee waivers, if any | 1.13% | 1.20% | 1.20% | 1.20% | 1.20% |
| Expenses net of all reductions | 1.12% | 1.20% | 1.19% | 1.20% | 1.20% |
| Net investment income (loss) | 1.06% | 1.57% | 1.58% | 1.21% | 1.21% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $2,378 | $2,188 | $2,493 | $2,533 | $7,159 |
| Portfolio turnover rateE | 52% | 18%F | 37% | 48% | 43% |
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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
E Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
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, | 2020 | 2019 | 2018 A |
| Selected Per–Share Data | |||
| Net asset value, beginning of period | $15.37 | $13.88 | $14.88 |
| Income from Investment Operations | |||
| Net investment income (loss)B | .19 | .25 | .01 |
| Net realized and unrealized gain (loss) | .61 | 1.76 | (.94) |
| Total from investment operations | .80 | 2.01 | (.93) |
| Distributions from net investment income | (.16) | (.24) | (.07) |
| Distributions from net realized gain | – | (.28) | – |
| Total distributions | (.16) | (.52) | (.07) |
| Net asset value, end of period | $16.01 | $15.37 | $13.88 |
| Total ReturnC,D | 5.29% | 15.00% | (6.31)% |
| Ratios to Average Net AssetsE,F | |||
| Expenses before reductions | 1.50% | 1.37%G | 1.08%H |
| Expenses net of fee waivers, if any | .98% | 1.04%G | 1.05%H |
| Expenses net of all reductions | .97% | 1.04%G | 1.04%H |
| Net investment income (loss) | 1.21% | 1.73% | .45%H |
| Supplemental Data | |||
| Net assets, end of period (000 omitted) | $3,354 | $3,599 | $94 |
| Portfolio turnover rateI | 52% | 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.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
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 mutual funds or exchange-traded funds (ETFs).
J Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2020
1. Organization.
Fidelity Advisor Global Equity Income Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.
Effective January 1, 2020:
Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".
Broker-dealer Fidelity Distributors Corporation merged with and into Fidelity Investments Institutional Services Company, Inc. ("FIISC"). FIISC was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Distributors Company LLC".
Fidelity Investments Institutional Operations Company, Inc. converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".
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 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 – Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The 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.
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, 2020 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. 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.
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, 2020, 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), 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 | $6,307,927 |
| Gross unrealized depreciation | (1,165,094) |
| Net unrealized appreciation (depreciation) | $5,142,833 |
| Tax Cost | $16,600,197 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $11,402 |
| Undistributed long-term capital gain | $256,608 |
| Net unrealized appreciation (depreciation) on securities and other investments | $5,144,426 |
The tax character of distributions paid was as follows:
| October 31, 2020 | October 31, 2019 | |
| Ordinary Income | $146,473 | $ 219,427 |
| Long-term Capital Gains | – | 364,604 |
| Total | $146,473 | $ 584,031 |
Restricted Securities (including Private Placements). 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. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities are noted in the table below.
| Purchases ($) | Sales ($) | |
| Fidelity Advisor Global Equity Income Fund | 10,747,132 | 11,579,135 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .68% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
| Class A | -% | .25% | $20,786 | $626 |
| Class M | .25% | .25% | 17,192 | 76 |
| Class C | .75% | .25% | 41,589 | 4,739 |
| $79,567 | $5,441 |
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 | $2,787 |
| Class M | 1,325 |
| Class C(a) | 204 |
| $4,316 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Effective February 1, 2020, the Board approved to change the fee for Class Z from .046% to .044%.
For the period, transfer agent fees for each class were as follows:
| Amount | % of Class-Level Average Net Assets | |
| Class A | $20,823 | .25 |
| Class M | 9,483 | .28 |
| Class C | 11,748 | .28 |
| Class I | 3,054 | .13 |
| Class Z | 1,435 | .04 |
| $46,543 |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| % of Average Net Assets | |
| Fidelity Advisor Global Equity Income Fund | .05 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount | |
| Fidelity Advisor Global Equity Income Fund | $158 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Prior Fiscal Year Affiliated Exchanges In-Kind. During the prior 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 Notes to Financial Statements.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:
| Amount | |
| Fidelity Advisor Global Equity Income Fund | $50 |
During the period, there were no borrowings on this line of credit.
7. Expense Reductions.
The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2022. 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 | 1.45% / 1.35%(a) | $48,741 |
| Class M | 1.70% / 1.60%(a) | 20,720 |
| Class C | 2.20% / 2.10%(a) | 25,434 |
| Class I | 1.20% / 1.10%(a) | 11,557 |
| Class Z | 1.05% / .95%(a) | 17,191 |
| $123,643 |
(a) Expense limitation effective February 1, 2020
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 $2,074 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 $158.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $89.
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Year ended October 31, 2020 | Year ended October 31, 2019 | |
| Distributions to shareholders | ||
| Class A | $62,297 | $270,065 |
| Class M | 18,293 | 99,489 |
| Class C | 6,876 | 110,999 |
| Class I | 25,073 | 83,903 |
| Class Z | 33,934 | 19,575 |
| Total | $146,473 | $584,031 |
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, 2020 | Year ended October 31, 2019 | Year ended October 31, 2020 | Year ended October 31, 2019 | |
| Class A | ||||
| Shares sold | 106,490 | 129,393 | $1,696,197 | $1,827,794 |
| Reinvestment of distributions | 4,038 | 19,302 | 60,356 | 261,557 |
| Shares redeemed | (128,507) | (214,567) | (1,907,038) | (2,969,152) |
| Net increase (decrease) | (17,979) | (65,872) | $(150,485) | $(879,801) |
| Class M | ||||
| Shares sold | 54,509 | 17,076 | $830,590 | $241,489 |
| Reinvestment of distributions | 1,223 | 7,299 | 18,187 | 98,432 |
| Shares redeemed | (37,916) | (56,580) | (590,122) | (793,802) |
| Net increase (decrease) | 17,816 | (32,205) | $258,655 | $(453,881) |
| Class C | ||||
| Shares sold | 48,335 | 30,573 | $725,013 | $427,156 |
| Reinvestment of distributions | 458 | 8,318 | 6,836 | 110,537 |
| Shares redeemed | (64,774) | (80,242) | (995,177) | (1,120,787) |
| Net increase (decrease) | (15,981) | (41,351) | $(263,328) | $(583,094) |
| Class I | ||||
| Shares sold | 50,768 | 22,259 | $694,934 | $319,348 |
| Reinvestment of distributions | 1,394 | 5,822 | 20,796 | 78,959 |
| Shares redeemed | (45,718) | (65,197) | (688,941) | (914,344) |
| Net increase (decrease) | 6,444 | (37,116) | $26,789 | $(516,037) |
| Class Z | ||||
| Shares sold | 44,865 | 238,795(a) | $722,342 | $3,417,153(a) |
| Reinvestment of distributions | 2,241 | 1,186 | 33,769 | 17,015 |
| Shares redeemed | (71,725) | (12,587) | (1,109,258) | (186,939) |
| Net increase (decrease) | (24,619) | 227,394 | $(353,147) | $3,247,229 |
(a) Amount includes in-kind exchanges (see the Prior Year Affiliated Exchanges In-Kind note for additional details).
10. 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.
11. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
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, 2020, the related statement of operations for the year ended October 31, 2020, the statement of changes in net assets for each of the two years in the period ended October 31, 2020, 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, 2020, 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, 2020 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, 2020 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 14, 2020
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 305 funds. Mr. Chiel oversees 176 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. Robert A. Lawrence is an interested person and currently serves as Acting 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 and David M. Thomas serve as Co-Lead Independent Trustees and as such each (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.
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* 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 served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (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 Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as 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 currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York, a member of the Board of NYC Leadership Academy (2012-present) and a member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), 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). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Alan J. Lacy (1953)
Year of Election or Appointment: 2008
Trustee
Mr. Lacy also serves as Trustee of other Fidelity® funds. Previously, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity), Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail), Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005), Chairman (2014-2017) and a member of the Board (2010-2017) of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes) and a member of the Board of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-2020). Mr. Lacy currently serves as a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a member of the Board of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present).
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2000
Trustee
Co-Lead Independent Trustee
Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has in the past 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 at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010); as well as Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach had a 30-year career with IBM (technology company), during which time he served as Senior Vice President and as 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 Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board 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. Previously, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments and a member of Scudder, Stevens & Clark and Scudder Kemper Investments. Ms. Small previously served as a member of the Board (2009-2019) and Chair of the Investment Committee (2010-2019) of the Teagle Foundation and a member of the Investment Committee of the Berkshire Taconic Community Foundation (2008-2019).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Co-Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. 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). Mr. Thomas currently serves as Non-Executive Chairman of the Board of Fortune Brands Home and Security (home and security products, 2011-present), and a member of the Board (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ 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.
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
Lloyd James Austin, III (1953)
Year of Election or Appointment: 2020
Member of the Advisory Board
General Austin also serves as a Member of the Advisory Board of other Fidelity® funds. Prior to his retirement, General Austin (United States Army, Retired) held a variety of positions within the U.S. Government, including Commander, U.S. Central Command (2013-2016), Vice Chief of Staff, U.S. Army (2012-2013) and Commanding General, U.S. Forces – Iraq, Operation New Dawn (2010-2012). General Austin currently serves as a Partner of Pine Island Capital Partners (private equity, 2020-present) and as President of the Austin Strategy Group LLC (consulting, 2016-present). General Austin serves as a member of the Board of Directors of Nucor Corporation (steel products, 2017-present), as a member of the Board of Directors of Tenet Healthcare Corporation (2018-present) and as a member of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). In addition, General Austin currently serves as a member of the Board of Trustees of the Carnegie Corporation of New York (2017-present) and as a member of the Board of Trustees of Auburn University (2017-present). Previously, General Austin served as a member of the Board of Directors of United Technologies Corporation (aerospace, defense and building, 2016-2020).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2020
Member of the Advisory Board
Mr. Kennedy also serves as a Member of the Advisory Board of other Fidelity® funds. Previously, Mr. Kennedy held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (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 as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
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 certain funds (2017-2019), 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 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 Executive Vice President of Fidelity SelectCo, LLC (2019), 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).
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). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). 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: 2020
Assistant 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 Deputy Treasurer of certain Fidelity® funds (2016-2020) and 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 Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and 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 an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 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 CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was 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: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); 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).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
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 (2013-2019) 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 LLP (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, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2020 to October 31, 2020).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized Expense Ratio-A | Beginning Account Value May 1, 2020 | Ending Account Value October 31, 2020 | Expenses Paid During Period-B May 1, 2020 to October 31, 2020 | |
| Fidelity Advisor Global Equity Income Fund | ||||
| Class A | 1.36% | |||
| Actual | $1,000.00 | $1,110.20 | $7.21 | |
| Hypothetical-C | $1,000.00 | $1,018.30 | $6.90 | |
| Class M | 1.61% | |||
| Actual | $1,000.00 | $1,108.90 | $8.53 | |
| Hypothetical-C | $1,000.00 | $1,017.04 | $8.16 | |
| Class C | 2.12% | |||
| Actual | $1,000.00 | $1,106.00 | $11.22 | |
| Hypothetical-C | $1,000.00 | $1,014.48 | $10.74 | |
| Class I | 1.11% | |||
| Actual | $1,000.00 | $1,111.40 | $5.89 | |
| Hypothetical-C | $1,000.00 | $1,019.56 | $5.63 | |
| Class Z | .96% | |||
| Actual | $1,000.00 | $1,112.60 | $5.10 | |
| Hypothetical-C | $1,000.00 | $1,020.31 | $4.88 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Fidelity Advisor Global Equity Income 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 Global Equity Income Fund | ||||
| Class A | 12/14/20 | 12/11/20 | $0.031 | $0.188 |
| Class M | 12/14/20 | 12/11/20 | $0.020 | $0.188 |
| Class C | 12/14/20 | 12/11/20 | $0.000 | $0.188 |
| Class I | 12/14/20 | 12/11/20 | $0.043 | $0.188 |
| Class Z | 12/14/20 | 12/11/20 | $0.046 | $0.188 |
The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2020, $324,551, or, if subsequently determined to be different, the net capital gain of such year.
A total of 0.40% 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 2021 of amounts for use in preparing 2020 income tax returns.
Proxy Voting Results
A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1
To elect a Board of Trustees.
| # of Votes | % of Votes | |
| Dennis J. Dirks | ||
| Affirmative | 4,410,379,169.762 | 97.006 |
| Withheld | 136,107,923.804 | 2.994 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Donald F. Donahue | ||
| Affirmative | 4,416,009,117.039 | 97.130 |
| Withheld | 130,477,976.527 | 2.870 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Bettina Doulton | ||
| Affirmative | 4,424,274,282.548 | 97.312 |
| Withheld | 122,212,811.017 | 2.688 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Vicki L. Fuller | ||
| Affirmative | 4,429,249,259.957 | 97.421 |
| Withheld | 117,237,833.609 | 2.579 |
| TOTAL | 4,546,487,093.566 | 100.00 |
| Patricia L. Kampling | ||
| Affirmative | 4,406,048,180.368 | 96.911 |
| Withheld | 140,438,913.198 | 3.089 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Alan J. Lacy | ||
| Affirmative | 4,392,586,572.374 | 96.615 |
| Withheld | 153,900,521.192 | 3.385 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Ned C. Lautenbach | ||
| Affirmative | 4,347,069,615.094 | 95.614 |
| Withheld | 199,417,478.472 | 4.386 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Robert A. Lawrence | ||
| Affirmative | 4,404,777,106.740 | 96.883 |
| Withheld | 141,709,986.826 | 3.117 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Joseph Mauriello | ||
| Affirmative | 4,404,603,369.399 | 96.879 |
| Withheld | 141,883,724.167 | 3.121 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Cornelia M. Small | ||
| Affirmative | 4,408,319,197.270 | 96.961 |
| Withheld | 138,167,896.295 | 3.039 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Garnett A. Smith | ||
| Affirmative | 4,399,381,149.533 | 96.764 |
| Withheld | 147,105,944.033 | 3.236 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| David M. Thomas | ||
| Affirmative | 4,400,166,958.204 | 96.782 |
| Withheld | 146,320,135.361 | 3.218 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Susan Tomasky | ||
| Affirmative | 4,416,484,118.213 | 97.141 |
| Withheld | 130,002,975.353 | 2.859 |
| TOTAL | 4,546,487,093.566 | 100.000 |
| Michael E. Wiley | ||
| Affirmative | 4,398,113,731.182 | 96.737 |
| Withheld | 148,373,362.384 | 3.263 |
| TOTAL | 4,546,487,093.566 | 100.000 |
PROPOSAL 2
To convert a fundamental investment policy to a non-fundamental investment policy.
| # of Votes | % of Votes | |
| Affirmative | 6,490,765.059 | 45.321 |
| Against | 1,759,224.803 | 12.283 |
| Abstain | 2,341,309.385 | 16.348 |
| Broker Non-Vote | 3,730,593.680 | 26.048 |
| TOTAL | 14,321,892.927 | 100.000 |
| Proposal 1 reflects trust wide proposal and voting results. | ||
| Proposal 2 was not approved by shareholders. |
AGED-ANN-1220
1.938151.108
Item 2.
Code of Ethics
As of the end of the period, October 31, 2020, 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, 2020 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Advisor Emerging Markets Fund | $44,800 | $- | $11,100 | $1,000 |
Fidelity Advisor International Capital Appreciation Fund | $50,000 | $- | $11,100 | $1,200 |
October 31, 2019 FeesA
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 |
A Amounts 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, 2020 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Advisor Diversified International Fund | $52,300 | $4,700 | $13,100 | $1,900 |
Fidelity Advisor Emerging Asia Fund | $55,800 | $5,200 | $12,000 | $2,100 |
Fidelity Advisor Global Capital Appreciation Fund | $46,500 | $4,600 | $12,000 | $1,900 |
Fidelity Advisor Global Equity Income Fund | $43,100 | $4,000 | $10,800 | $1,600 |
Fidelity Advisor Overseas Fund | $59,600 | $5,200 | $12,300 | $2,100 |
Fidelity Advisor Value Leaders Fund | $34,000 | $3,500 | $11,400 | $1,400 |
October 31, 2019 FeesA
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 |
A Amounts 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 LLC ("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, 2020A | October 31, 2019A | |
Audit-Related Fees | $- | $290,000 |
Tax Fees | $- | $5,000 |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
Services Billed by PwC
October 31, 2020A | October 31, 2019A | |
Audit-Related Fees | $9,030,200 | $7,890,000 |
Tax Fees | $30,000 | $10,000 |
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, 2020A | October 31, 2019A |
Deloitte Entities | $526,000 | $590,000 |
PwC | $14,211,300 | $12,615,000 |
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) | |
(a) | (3) | Not applicable. |
(b) |
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 18, 2020 |
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 18, 2020 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | December 18, 2020 |