UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-03855
Fidelity Advisor Series VIII
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
Cynthia Lo Bessette, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | October 31 |
Date of reporting period: | April 30, 2022 |
Item 1.
Reports to Stockholders
Fidelity Advisor® Overseas Fund
Semi-Annual Report
April 30, 2022
Contents
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You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
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Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Investment Summary (Unaudited)
Top Ten Stocks as of April 30, 2022
% of fund's net assets | |
Nestle SA (Reg. S) (Switzerland, Food Products) | 3.3 |
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 2.7 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.5 |
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 2.3 |
Diageo PLC (United Kingdom, Beverages) | 2.0 |
AIA Group Ltd. (Hong Kong, Insurance) | 1.6 |
TotalEnergies SE (France, Oil, Gas & Consumable Fuels) | 1.6 |
Sony Group Corp. (Japan, Household Durables) | 1.5 |
Sika AG (Switzerland, Chemicals) | 1.4 |
RELX PLC (London Stock Exchange) (United Kingdom, Professional Services) | 1.4 |
20.3 |
Market Sectors as of April 30, 2022
% of fund's net assets | |
Industrials | 21.0 |
Financials | 19.1 |
Information Technology | 16.3 |
Health Care | 13.0 |
Consumer Discretionary | 9.0 |
Consumer Staples | 6.6 |
Materials | 5.1 |
Energy | 2.5 |
Communication Services | 2.1 |
Real Estate | 1.1 |
Geographic Diversification (% of fund's net assets)
As of April 30, 2022 | ||
France | 16.1% | |
Switzerland | 12.8% | |
Japan | 11.4% | |
United States of America* | 11.4% | |
United Kingdom | 8.6% | |
Netherlands | 7.6% | |
Germany | 6.4% | |
Sweden | 5.8% | |
Ireland | 3.0% | |
Other | 16.9% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation (% of fund's net assets)
As of April 30, 2022 | ||
Stocks | 95.8% | |
Short-Term Investments and Net Other Assets (Liabilities) | 4.2% |
Percentages are adjusted for the effect of futures contracts and swaps, if applicable.
Schedule of Investments April 30, 2022 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.7% | |||
Shares | Value (000s) | ||
Bailiwick of Jersey - 1.3% | |||
Ferguson PLC | 39,600 | $4,968 | |
JTC PLC (a) | 109,800 | 1,066 | |
TOTAL BAILIWICK OF JERSEY | 6,034 | ||
Belgium - 1.0% | |||
Azelis Group NV | 28,600 | 704 | |
KBC Group NV | 59,175 | 4,026 | |
TOTAL BELGIUM | 4,730 | ||
Bermuda - 0.6% | |||
Genpact Ltd. | 30,003 | 1,208 | |
Hiscox Ltd. | 153,573 | 1,824 | |
TOTAL BERMUDA | 3,032 | ||
Canada - 1.3% | |||
Constellation Software, Inc. | 3,780 | 5,949 | |
Topicus.Com, Inc. | 6,230 | 387 | |
TOTAL CANADA | 6,336 | ||
Cayman Islands - 0.6% | |||
Parade Technologies Ltd. | 58,000 | 2,760 | |
Denmark - 1.7% | |||
DSV A/S | 40,004 | 6,559 | |
GN Store Nord A/S | 36,905 | 1,385 | |
TOTAL DENMARK | 7,944 | ||
Finland - 0.8% | |||
Nordea Bank ABP | 403,526 | 4,023 | |
France - 16.1% | |||
Air Liquide SA | 33,900 | 5,865 | |
ALTEN | 28,575 | 3,835 | |
Antin Infrastructure Partners SA | 10,100 | 262 | |
BNP Paribas SA | 100,700 | 5,221 | |
Capgemini SA | 33,219 | 6,763 | |
Dassault Systemes SA | 70,525 | 3,119 | |
Edenred SA | 110,254 | 5,537 | |
EssilorLuxottica SA | 28,171 | 4,796 | |
Legrand SA | 65,585 | 5,812 | |
LVMH Moet Hennessy Louis Vuitton SE | 16,660 | 10,781 | |
Pernod Ricard SA | 30,243 | 6,242 | |
Safran SA | 43,100 | 4,629 | |
Teleperformance | 18,588 | 6,671 | |
TotalEnergies SE | 154,600 | 7,591 | |
TOTAL FRANCE | 77,124 | ||
Germany - 6.4% | |||
Allianz SE | 28,223 | 6,368 | |
Auto1 Group SE (a)(b) | 4,600 | 48 | |
Brenntag SE | 46,900 | 3,619 | |
Deutsche Borse AG | 28,403 | 4,945 | |
Hannover Reuck SE | 26,829 | 4,170 | |
Merck KGaA | 32,600 | 6,048 | |
SAP SE | 15,549 | 1,576 | |
Siemens Healthineers AG (a) | 73,000 | 3,903 | |
TOTAL GERMANY | 30,677 | ||
Hong Kong - 1.6% | |||
AIA Group Ltd. | 785,500 | 7,717 | |
Chervon Holdings Ltd. | 32,500 | 203 | |
TOTAL HONG KONG | 7,920 | ||
India - 1.7% | |||
HDFC Bank Ltd. | 213,384 | 3,821 | |
Reliance Industries Ltd. | 115,313 | 4,173 | |
TOTAL INDIA | 7,994 | ||
Ireland - 3.0% | |||
Flutter Entertainment PLC (b) | 13,624 | 1,376 | |
ICON PLC (b) | 17,000 | 3,846 | |
Kingspan Group PLC (Ireland) | 48,600 | 4,524 | |
Linde PLC | 14,434 | 4,503 | |
TOTAL IRELAND | 14,249 | ||
Italy - 2.3% | |||
FinecoBank SpA | 238,363 | 3,314 | |
GVS SpA (a) | 28,462 | 237 | |
Moncler SpA | 59,200 | 3,084 | |
Recordati SpA | 87,220 | 4,203 | |
TOTAL ITALY | 10,838 | ||
Japan - 11.4% | |||
Advantest Corp. | 35,200 | 2,402 | |
Capcom Co. Ltd. | 54,100 | 1,428 | |
FUJIFILM Holdings Corp. | 61,700 | 3,392 | |
Hoya Corp. | 57,931 | 5,749 | |
Iriso Electronics Co. Ltd. | 23,784 | 556 | |
Misumi Group, Inc. | 93,700 | 2,349 | |
Nitori Holdings Co. Ltd. | 12,130 | 1,248 | |
NOF Corp. | 44,671 | 1,677 | |
Olympus Corp. | 179,976 | 3,168 | |
Persol Holdings Co. Ltd. | 129,160 | 2,562 | |
Recruit Holdings Co. Ltd. | 107,434 | 3,898 | |
Relo Group, Inc. | 97,946 | 1,399 | |
Shin-Etsu Chemical Co. Ltd. | 25,400 | 3,491 | |
SMC Corp. | 7,986 | 3,867 | |
Sony Group Corp. | 81,024 | 6,992 | |
Suzuki Motor Corp. | 56,971 | 1,717 | |
TIS, Inc. | 86,327 | 1,939 | |
Tokyo Electron Ltd. | 16,127 | 6,805 | |
TOTAL JAPAN | 54,639 | ||
Kenya - 0.3% | |||
Safaricom Ltd. | 4,605,600 | 1,340 | |
Luxembourg - 0.8% | |||
Eurofins Scientific SA | 42,800 | 3,978 | |
Netherlands - 7.6% | |||
Akzo Nobel NV | 35,200 | 3,053 | |
ASM International NV (Netherlands) | 12,700 | 3,816 | |
ASML Holding NV (Netherlands) | 22,506 | 12,773 | |
Euronext NV (a) | 35,575 | 2,850 | |
IMCD NV | 34,450 | 5,485 | |
Koninklijke Philips Electronics NV | 64,369 | 1,682 | |
Wolters Kluwer NV | 67,241 | 6,790 | |
Wolters Kluwer NV rights (b)(c) | 66,741 | 73 | |
TOTAL NETHERLANDS | 36,522 | ||
Spain - 1.9% | |||
Amadeus IT Holding SA Class A (b) | 78,896 | 4,944 | |
Cellnex Telecom SA (a) | 89,476 | 4,171 | |
TOTAL SPAIN | 9,115 | ||
Sweden - 5.7% | |||
Addlife AB | 124,837 | 2,758 | |
AddTech AB (B Shares) | 165,787 | 2,925 | |
ASSA ABLOY AB (B Shares) | 206,486 | 5,218 | |
Atlas Copco AB (A Shares) | 100,773 | 4,569 | |
Hexagon AB (B Shares) | 453,937 | 5,857 | |
Indutrade AB | 199,025 | 4,695 | |
Kry International AB (d)(e) | 156 | 55 | |
Nordnet AB | 82,500 | 1,431 | |
TOTAL SWEDEN | 27,508 | ||
Switzerland - 12.8% | |||
Compagnie Financiere Richemont SA Series A | 40,760 | 4,736 | |
Julius Baer Group Ltd. | 70,117 | 3,351 | |
Lonza Group AG | 6,237 | 3,678 | |
Nestle SA (Reg. S) | 122,685 | 15,841 | |
Partners Group Holding AG | 3,380 | 3,581 | |
Roche Holding AG (participation certificate) | 32,494 | 12,049 | |
Sika AG | 22,418 | 6,848 | |
Sonova Holding AG | 13,541 | 4,883 | |
Zurich Insurance Group Ltd. | 13,352 | 6,079 | |
TOTAL SWITZERLAND | 61,046 | ||
Taiwan - 1.0% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 254,300 | 4,601 | |
United Kingdom - 8.6% | |||
Beazley PLC | 229,144 | 1,234 | |
Bridgepoint Group Holdings Ltd. (a) | 207,539 | 792 | |
Compass Group PLC | 285,054 | 6,015 | |
Dechra Pharmaceuticals PLC | 53,784 | 2,437 | |
Diageo PLC | 196,476 | 9,802 | |
Diploma PLC | 83,267 | 2,856 | |
Dr. Martens Ltd. | 35,900 | 94 | |
Future PLC | 21,100 | 578 | |
RELX PLC (London Stock Exchange) | 229,584 | 6,839 | |
Rentokil Initial PLC | 693,333 | 4,762 | |
Smith & Nephew PLC | 80,279 | 1,301 | |
St. James's Place PLC | 169,400 | 2,722 | |
Volution Group PLC | 320,051 | 1,630 | |
TOTAL UNITED KINGDOM | 41,062 | ||
United States of America - 7.2% | |||
Alphabet, Inc. Class C (b) | 1,000 | 2,299 | |
Ares Management Corp. | 58,523 | 3,875 | |
Boston Scientific Corp. (b) | 8,622 | 363 | |
CBRE Group, Inc. | 44,700 | 3,712 | |
Equifax, Inc. | 18,000 | 3,663 | |
Intercontinental Exchange, Inc. | 31,978 | 3,703 | |
Marsh & McLennan Companies, Inc. | 36,830 | 5,955 | |
Moody's Corp. | 11,800 | 3,734 | |
Pool Corp. | 4,000 | 1,621 | |
S&P Global, Inc. | 14,231 | 5,358 | |
TOTAL UNITED STATES OF AMERICA | 34,283 | ||
TOTAL COMMON STOCKS | |||
(Cost $400,994) | 457,755 | ||
Nonconvertible Preferred Stocks - 0.1% | |||
Sweden - 0.1% | |||
Kry International AB Series E (d)(e) | |||
(Cost $412) | 901 | 317 | |
Money Market Funds - 3.6% | |||
Fidelity Cash Central Fund 0.32% (f) | |||
(Cost $17,143) | 17,139,101 | 17,143 | |
TOTAL INVESTMENT IN SECURITIES - 99.4% | |||
(Cost $418,549) | 475,215 | ||
NET OTHER ASSETS (LIABILITIES) - 0.6% | 2,839 | ||
NET ASSETS - 100% | $478,054 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $13,067,000 or 2.7% of net assets.
(b) Non-income producing
(c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $372,000 or 0.1% of net assets.
(e) Level 3 security
(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost (000s) |
Kry International AB | 5/14/21 | $68 |
Kry International AB Series E | 5/14/21 | $412 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Fund (Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Cash Central Fund 0.32% | $18,433 | $102,652 | $103,942 | $11 | $-- | $-- | $17,143 | 0.0% |
Total | $18,433 | $102,652 | $103,942 | $11 | $-- | $-- | $17,143 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
(Amounts in thousands) | ||||
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $9,816 | $3,639 | $6,177 | $-- |
Consumer Discretionary | 42,711 | 1,621 | 41,090 | -- |
Consumer Staples | 31,885 | -- | 31,885 | -- |
Energy | 11,764 | -- | 11,764 | -- |
Financials | 91,422 | 22,625 | 68,797 | -- |
Health Care | 61,431 | 4,209 | 57,222 | -- |
Industrials | 99,904 | 3,663 | 96,241 | -- |
Information Technology | 78,591 | 7,544 | 70,675 | 372 |
Materials | 25,437 | 4,503 | 20,934 | -- |
Real Estate | 5,111 | 3,712 | 1,399 | -- |
Money Market Funds | 17,143 | 17,143 | -- | -- |
Total Investments in Securities: | $475,215 | $68,659 | $406,184 | $372 |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | April 30, 2022 (Unaudited) | |
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $401,406) | $458,072 | |
Fidelity Central Funds (cost $17,143) | 17,143 | |
Total Investment in Securities (cost $418,549) | $475,215 | |
Foreign currency held at value (cost $93) | 93 | |
Receivable for investments sold | 3,907 | |
Receivable for fund shares sold | 436 | |
Dividends receivable | 1,260 | |
Reclaims receivable | 1,322 | |
Distributions receivable from Fidelity Central Funds | 5 | |
Other receivables | 70 | |
Total assets | 482,308 | |
Liabilities | ||
Payable for investments purchased | ||
Regular delivery | $2,857 | |
Delayed delivery | 73 | |
Payable for fund shares redeemed | 547 | |
Accrued management fee | 326 | |
Distribution and service plan fees payable | 93 | |
Other affiliated payables | 79 | |
Deferred taxes | 225 | |
Other payables and accrued expenses | 54 | |
Total liabilities | 4,254 | |
Net Assets | $478,054 | |
Net Assets consist of: | ||
Paid in capital | $426,488 | |
Total accumulated earnings (loss) | 51,566 | |
Net Assets | $478,054 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($42,481 ÷ 1,570.3 shares)(a) | $27.05 | |
Maximum offering price per share (100/94.25 of $27.05) | $28.70 | |
Class M: | ||
Net Asset Value and redemption price per share ($182,095 ÷ 6,567.3 shares)(a) | $27.73 | |
Maximum offering price per share (100/96.50 of $27.73) | $28.74 | |
Class C: | ||
Net Asset Value and offering price per share ($3,443 ÷ 133.3 shares)(a) | $25.83 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($90,364 ÷ 3,242.7 shares) | $27.87 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($159,671 ÷ 5,734.1 shares) | $27.85 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Amounts in thousands | Six months ended April 30, 2022 (Unaudited) | |
Investment Income | ||
Dividends | $4,331 | |
Foreign tax reclaims | 416 | |
Income from Fidelity Central Funds | 11 | |
Income before foreign taxes withheld | 4,758 | |
Less foreign taxes withheld | (844) | |
Total income | 3,914 | |
Expenses | ||
Management fee | ||
Basic fee | $1,641 | |
Performance adjustment | 454 | |
Transfer agent fees | 356 | |
Distribution and service plan fees | 624 | |
Accounting fees and expenses | 131 | |
Custodian fees and expenses | 44 | |
Independent trustees' fees and expenses | 1 | |
Registration fees | 62 | |
Audit | 57 | |
Legal | 1 | |
Total expenses before reductions | 3,371 | |
Expense reductions | (7) | |
Total expenses after reductions | 3,364 | |
Net investment income (loss) | 550 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (4,253) | |
Foreign currency transactions | (78) | |
Total net realized gain (loss) | (4,331) | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of decrease in deferred foreign taxes of $19) | (103,918) | |
Assets and liabilities in foreign currencies | (108) | |
Total change in net unrealized appreciation (depreciation) | (104,026) | |
Net gain (loss) | (108,357) | |
Net increase (decrease) in net assets resulting from operations | $(107,807) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Amounts in thousands | Six months ended April 30, 2022 (Unaudited) | Year ended October 31, 2021 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $550 | $(504) |
Net realized gain (loss) | (4,331) | 62,232 |
Change in net unrealized appreciation (depreciation) | (104,026) | 84,228 |
Net increase (decrease) in net assets resulting from operations | (107,807) | 145,956 |
Distributions to shareholders | (10,213) | – |
Share transactions - net increase (decrease) | 104,499 | (66,986) |
Total increase (decrease) in net assets | (13,521) | 78,970 |
Net Assets | ||
Beginning of period | 491,575 | 412,605 |
End of period | $478,054 | $491,575 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Overseas Fund Class A
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $34.07 | $24.73 | $24.27 | $22.48 | $25.20 | $20.40 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | .02 | (.04) | (.02) | .35 | .28 | .23 |
Net realized and unrealized gain (loss) | (6.32) | 9.38 | .83 | 2.38 | (2.10) | 4.78 |
Total from investment operations | (6.30) | 9.34 | .81 | 2.73 | (1.82) | 5.01 |
Distributions from net investment income | – | – | (.35) | (.21) | (.22) | (.20) |
Distributions from net realized gain | (.72) | – | – | (.73) | (.69) | (.02) |
Total distributions | (.72) | – | (.35) | (.94) | (.90)C | (.21)C |
Redemption fees added to paid in capitalA | – | – | – | – | – | –D |
Net asset value, end of period | $27.05 | $34.07 | $24.73 | $24.27 | $22.48 | $25.20 |
Total ReturnE,F,G | (18.83)% | 37.77% | 3.33% | 12.86% | (7.48)% | 24.86% |
Ratios to Average Net AssetsB,H,I | ||||||
Expenses before reductions | 1.40%J | 1.43% | 1.49% | 1.21% | 1.21% | 1.25% |
Expenses net of fee waivers, if any | 1.40%J | 1.43% | 1.49% | 1.21% | 1.21% | 1.25% |
Expenses net of all reductions | 1.40%J | 1.43% | 1.48% | 1.19% | 1.20% | 1.23% |
Net investment income (loss) | .15%J | (.12)% | (.08)% | 1.53% | 1.13% | 1.05% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $42 | $56 | $46 | $49 | $44 | $69 |
Portfolio turnover rateK | 25%J | 33%L | 46% | 45%L | 39% | 42% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Total distributions per share do not sum due to rounding.
D Amount represents less than $.005 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Total returns do not include the effect of the sales charges.
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
J Annualized
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
L Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Overseas Fund Class M
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $34.94 | $25.41 | $24.94 | $23.06 | $25.84 | $20.91 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | (.01) | (.11) | (.07) | .31 | .23 | .19 |
Net realized and unrealized gain (loss) | (6.48) | 9.64 | .84 | 2.45 | (2.15) | 4.90 |
Total from investment operations | (6.49) | 9.53 | .77 | 2.76 | (1.92) | 5.09 |
Distributions from net investment income | – | – | (.30) | (.15) | (.17) | (.15) |
Distributions from net realized gain | (.72) | – | – | (.73) | (.69) | (.02) |
Total distributions | (.72) | – | (.30) | (.88) | (.86) | (.16)C |
Redemption fees added to paid in capitalA | – | – | – | – | – | –D |
Net asset value, end of period | $27.73 | $34.94 | $25.41 | $24.94 | $23.06 | $25.84 |
Total ReturnE,F,G | (18.91)% | 37.50% | 3.09% | 12.65% | (7.71)% | 24.57% |
Ratios to Average Net AssetsB,H,I | ||||||
Expenses before reductions | 1.61%J | 1.65% | 1.71% | 1.42% | 1.44% | 1.46% |
Expenses net of fee waivers, if any | 1.61%J | 1.65% | 1.70% | 1.42% | 1.43% | 1.46% |
Expenses net of all reductions | 1.61%J | 1.65% | 1.70% | 1.40% | 1.43% | 1.44% |
Net investment income (loss) | (.06)%J | (.34)% | (.29)% | 1.32% | .90% | .84% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $182 | $238 | $194 | $221 | $218 | $272 |
Portfolio turnover rateK | 25%J | 33%L | 46% | 45%L | 39% | 42% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Total distributions per share do not sum due to rounding.
D Amount represents less than $.005 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Total returns do not include the effect of the sales charges.
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
J Annualized
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
L Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Overseas Fund Class C
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $32.69 | $23.92 | $23.46 | $21.72 | $24.41 | $19.74 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | (.10) | (.28) | (.21) | .15 | .07 | .05 |
Net realized and unrealized gain (loss) | (6.04) | 9.05 | .80 | 2.32 | (2.02) | 4.64 |
Total from investment operations | (6.14) | 8.77 | .59 | 2.47 | (1.95) | 4.69 |
Distributions from net investment income | – | – | (.13) | – | (.06) | (.01) |
Distributions from net realized gain | (.72) | – | – | (.73) | (.69) | (.02) |
Total distributions | (.72) | – | (.13) | (.73) | (.74)C | (.02)C |
Redemption fees added to paid in capitalA | – | – | – | – | – | –D |
Net asset value, end of period | $25.83 | $32.69 | $23.92 | $23.46 | $21.72 | $24.41 |
Total ReturnE,F,G | (19.14)% | 36.66% | 2.50% | 11.94% | (8.23)% | 23.81% |
Ratios to Average Net AssetsB,H,I | ||||||
Expenses before reductions | 2.22%J | 2.25% | 2.31% | 2.03% | 2.03% | 2.06% |
Expenses net of fee waivers, if any | 2.21%J | 2.25% | 2.31% | 2.03% | 2.03% | 2.05% |
Expenses net of all reductions | 2.21%J | 2.25% | 2.30% | 2.02% | 2.02% | 2.04% |
Net investment income (loss) | (.66)%J | (.94)% | (.89)% | .70% | .31% | .24% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $3 | $5 | $5 | $6 | $13 | $17 |
Portfolio turnover rateK | 25%J | 33%L | 46% | 45%L | 39% | 42% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Total distributions per share do not sum due to rounding.
D Amount represents less than $.005 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Total returns do not include the effect of the contingent deferred sales charge.
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
J Annualized
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
L Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Overseas Fund Class I
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $35.03 | $25.35 | $24.79 | $22.99 | $25.74 | $20.86 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | .07 | .06 | .07 | .42 | .36 | .31 |
Net realized and unrealized gain (loss) | (6.51) | 9.62 | .84 | 2.43 | (2.15) | 4.87 |
Total from investment operations | (6.44) | 9.68 | .91 | 2.85 | (1.79) | 5.18 |
Distributions from net investment income | – | – | (.35) | (.32) | (.28) | (.29) |
Distributions from net realized gain | (.72) | – | – | (.73) | (.69) | (.02) |
Total distributions | (.72) | – | (.35) | (1.05) | (.96)C | (.30)C |
Redemption fees added to paid in capitalA | – | – | – | – | – | –D |
Net asset value, end of period | $27.87 | $35.03 | $25.35 | $24.79 | $22.99 | $25.74 |
Total ReturnE,F | (18.71)% | 38.19% | 3.68% | 13.21% | (7.23)% | 25.24% |
Ratios to Average Net AssetsB,G,H | ||||||
Expenses before reductions | 1.14%I | 1.12% | 1.15% | .91% | .92% | .95% |
Expenses net of fee waivers, if any | 1.14%I | 1.12% | 1.15% | .91% | .92% | .94% |
Expenses net of all reductions | 1.14%I | 1.12% | 1.14% | .90% | .91% | .92% |
Net investment income (loss) | .41%I | .19% | .27% | 1.82% | 1.42% | 1.35% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $90 | $85 | $121 | $117 | $305 | $306 |
Portfolio turnover rateJ | 25%I | 33%K | 46% | 45%K | 39% | 42% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Total distributions per share do not sum due to rounding.
D Amount represents less than $.005 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Annualized
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Overseas Fund Class Z
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 A | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $34.97 | $25.28 | $24.79 | $23.00 | $25.76 | $20.88 |
Income from Investment Operations | ||||||
Net investment income (loss)B,C | .09 | .09 | .09 | .45 | .38 | .19 |
Net realized and unrealized gain (loss) | (6.49) | 9.60 | .84 | 2.43 | (2.14) | 4.69 |
Total from investment operations | (6.40) | 9.69 | .93 | 2.88 | (1.76) | 4.88 |
Distributions from net investment income | – | – | (.44) | (.36) | (.31) | – |
Distributions from net realized gain | (.72) | – | – | (.73) | (.69) | – |
Total distributions | (.72) | – | (.44) | (1.09) | (1.00) | – |
Net asset value, end of period | $27.85 | $34.97 | $25.28 | $24.79 | $23.00 | $25.76 |
Total ReturnD,E | (18.63)% | 38.33% | 3.77% | 13.38% | (7.13)% | 23.37% |
Ratios to Average Net AssetsC,F,G | ||||||
Expenses before reductions | .99%H | 1.02% | 1.07% | .77% | .79% | .82%H |
Expenses net of fee waivers, if any | .98%H | 1.02% | 1.06% | .77% | .79% | .82%H |
Expenses net of all reductions | .98%H | 1.02% | 1.05% | .76% | .78% | .80%H |
Net investment income (loss) | .56%H | .29% | .35% | 1.96% | 1.55% | 1.02%H |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $160 | $108 | $47 | $38 | $47 | $2 |
Portfolio turnover rateI | 25%H | 33%J | 46% | 45%J | 39% | 42% |
A For the period February 1, 2017 (commencement of sale of shares) through October 31, 2017.
B Calculated based on average shares outstanding during the period.
C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended April 30, 2022
(Amounts in thousands except percentages)
1. Organization.
Fidelity Advisor Overseas Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – unadjusted quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2022 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), certain foreign taxes, net operating losses, capital loss carryforwards, redemptions in-kind and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $94,056 |
Gross unrealized depreciation | (38,508) |
Net unrealized appreciation (depreciation) | $55,548 |
Tax cost | $419,667 |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Overseas Fund | 153,445 | 60,269 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .424% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the investment performance of the asset-weighted return of all classes as compared to its benchmark index, the MSCI EAFE Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .83% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | -% | .25% | $63 | $2 |
Class M | .25% | .25% | 540 | 7 |
Class C | .75% | .25% | 21 | 2 |
$624 | $11 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained by FDC | |
Class A | $4 |
Class M | 1 |
Class C(a) | –(b) |
$5 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
(b) In the amount of less than five hundred dollars.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets(a) | |
Class A | $51 | .20 |
Class M | 182 | .17 |
Class C | 6 | .27 |
Class I | 88 | .19 |
Class Z | 29 | .04 |
$356 |
(a) Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
% of Average Net Assets | |
Fidelity Advisor Overseas Fund | .05 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
Amount | |
Fidelity Advisor Overseas Fund | $–(a) |
(a) In the amount of less than five hundred dollars.
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Overseas Fund | 5,789 | 1,174 | (166) |
Prior Fiscal Year Affiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | Participating classes | |
Fidelity Advisor Overseas Fund | 3,075 | 36,597 | 98,197 | Class I |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
Amount | |
Fidelity Advisor Overseas Fund | $–(a) |
(a) In the amount of less than five hundred dollars.
7. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $7.
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended April 30, 2022 | Year ended October 31, 2021 | |
Fidelity Advisor Overseas Fund | ||
Distributions to shareholders | ||
Class A | $1,176 | $ - |
Class M | 4,856 | – |
Class C | 105 | – |
Class I | 1,736 | – |
Class Z | 2,340 | – |
Total | $10,213 | $– |
9. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Six months ended April 30, 2022 | Year ended October 31, 2021 | Six months ended April 30, 2022 | Year ended October 31, 2021 | |
Fidelity Advisor Overseas Fund | ||||
Class A | ||||
Shares sold | 56 | 157 | $1,760 | $4,980 |
Reinvestment of distributions | 34 | – | 1,106 | – |
Shares redeemed | (162) | (363) | (5,033) | (11,120) |
Net increase (decrease) | (72) | (206) | $(2,167) | $(6,140) |
Class M | ||||
Shares sold | 386 | 798 | $12,240 | $25,071 |
Reinvestment of distributions | 145 | – | 4,791 | – |
Shares redeemed | (784) | (1,599) | (24,665) | (50,701) |
Net increase (decrease) | (253) | (801) | $(7,634) | $(25,630) |
Class C | ||||
Shares sold | 8 | 13 | $232 | $421 |
Reinvestment of distributions | 3 | – | 99 | – |
Shares redeemed | (27) | (88) | (820) | (2,670) |
Net increase (decrease) | (16) | (75) | $(489) | $(2,249) |
Class I | ||||
Shares sold | 1,324 | 1,095 | $43,544 | $35,905 |
Reinvestment of distributions | 47 | – | 1,556 | – |
Shares redeemed | (547) | (3,462) | (17,380) | (110,605) |
Net increase (decrease) | 824 | (2,367) | $27,720 | $(74,700) |
Class Z | ||||
Shares sold | 3,044 | 1,620 | $98,805 | $53,591 |
Reinvestment of distributions | 30 | – | 982 | – |
Shares redeemed | (421) | (381) | (12,718) | (11,857) |
Net increase (decrease) | 2,653 | 1,239 | $87,069 | $41,734 |
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
11. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 to April 30, 2022).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annualized Expense Ratio-A | Beginning Account Value November 1, 2021 | Ending Account Value April 30, 2022 | Expenses Paid During Period-B November 1, 2021 to April 30, 2022 | |
Fidelity Advisor Overseas Fund | ||||
Class A | 1.40% | |||
Actual | $1,000.00 | $811.70 | $6.29 | |
Hypothetical-C | $1,000.00 | $1,017.85 | $7.00 | |
Class M | 1.61% | |||
Actual | $1,000.00 | $810.90 | $7.23 | |
Hypothetical-C | $1,000.00 | $1,016.81 | $8.05 | |
Class C | 2.21% | |||
Actual | $1,000.00 | $808.60 | $9.91 | |
Hypothetical-C | $1,000.00 | $1,013.84 | $11.04 | |
Class I | 1.14% | |||
Actual | $1,000.00 | $812.90 | $5.12 | |
Hypothetical-C | $1,000.00 | $1,019.14 | $5.71 | |
Class Z | .98% | |||
Actual | $1,000.00 | $813.70 | $4.41 | |
Hypothetical-C | $1,000.00 | $1,019.93 | $4.91 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.
In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments – cash or convertible to cash within three business days or less
- Moderately liquid investments – convertible to cash in three to seven calendar days
- Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments – cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.
OS-SANN-0622
1.703565.124
Fidelity Advisor® International Capital Appreciation Fund
Semi-Annual Report
April 30, 2022
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. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Investment Summary (Unaudited)
Top Ten Stocks as of April 30, 2022
% of fund's net assets | |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 3.3 |
Nestle SA (Reg. S) (Switzerland, Food Products) | 3.1 |
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 2.5 |
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 2.4 |
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 2.3 |
Diageo PLC (United Kingdom, Beverages) | 1.9 |
L'Oreal SA (France, Personal Products) | 1.8 |
Schneider Electric SA (France, Electrical Equipment) | 1.8 |
DSV A/S (Denmark, Air Freight & Logistics) | 1.7 |
Tokyo Electron Ltd. (Japan, Semiconductors & Semiconductor Equipment) | 1.7 |
22.5 |
Market Sectors as of April 30, 2022
% of fund's net assets | |
Industrials | 25.6 |
Information Technology | 22.7 |
Health Care | 14.1 |
Financials | 10.5 |
Consumer Discretionary | 9.1 |
Consumer Staples | 8.4 |
Materials | 6.5 |
Communication Services | 1.4 |
Geographic Diversification (% of fund's net assets)
As of April 30, 2022 | ||
United States of America* | 18.9% | |
France | 17.2% | |
Canada | 9.6% | |
Switzerland | 9.3% | |
Netherlands | 7.0% | |
Japan | 6.6% | |
Ireland | 6.0% | |
Sweden | 5.3% | |
United Kingdom | 5.1% | |
Other | 15.0% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation (% of fund's net assets)
As of April 30, 2022 | ||
Stocks | 98.3% | |
Short-Term Investments and Net Other Assets (Liabilities) | 1.7% |
Schedule of Investments April 30, 2022 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.3% | |||
Shares | Value | ||
Bailiwick of Jersey - 1.6% | |||
Experian PLC | 3,047,245 | $105,234,635 | |
Canada - 9.6% | |||
Brookfield Asset Management, Inc. Class A (a) | 2,221,613 | 110,769,624 | |
Canadian National Railway Co. | 989,981 | 116,425,742 | |
Canadian Pacific Railway Ltd. | 1,565,696 | 114,528,045 | |
Constellation Software, Inc. | 64,741 | 101,893,812 | |
Thomson Reuters Corp. | 972,510 | 97,232,074 | |
Waste Connections, Inc. (Canada) | 741,011 | 102,229,696 | |
TOTAL CANADA | 643,078,993 | ||
Denmark - 4.1% | |||
DSV A/S | 713,576 | 116,992,028 | |
Novo Nordisk A/S Series B | 1,398,173 | 159,708,113 | |
TOTAL DENMARK | 276,700,141 | ||
France - 17.2% | |||
Air Liquide SA | 674,592 | 116,710,072 | |
Dassault Systemes SA | 2,506,396 | 110,843,760 | |
EssilorLuxottica SA | 672,109 | 114,425,090 | |
Hermes International SCA | 85,608 | 105,559,577 | |
L'Oreal SA | 329,461 | 119,861,195 | |
LVMH Moet Hennessy Louis Vuitton SE | 240,869 | 155,874,837 | |
Pernod Ricard SA | 526,984 | 108,761,184 | |
Sartorius Stedim Biotech | 291,561 | 95,407,206 | |
Schneider Electric SA | 815,559 | 117,007,505 | |
Teleperformance | 294,421 | 105,670,942 | |
TOTAL FRANCE | 1,150,121,368 | ||
Germany - 1.5% | |||
Merck KGaA | 537,206 | 99,666,431 | |
Hong Kong - 1.4% | |||
Techtronic Industries Co. Ltd. | 7,222,170 | 96,402,289 | |
India - 3.1% | |||
HDFC Bank Ltd. | 5,620,532 | 100,642,189 | |
Kotak Mahindra Bank Ltd. (b) | 4,513,600 | 104,544,523 | |
TOTAL INDIA | 205,186,712 | ||
Ireland - 6.0% | |||
Accenture PLC Class A | 313,230 | 94,081,763 | |
ICON PLC (b) | 410,106 | 92,770,078 | |
Kingspan Group PLC (Ireland) | 1,127,301 | 104,937,143 | |
Linde PLC | 345,704 | 107,845,820 | |
TOTAL IRELAND | 399,634,804 | ||
Japan - 6.6% | |||
Hoya Corp. | 1,103,908 | 109,554,191 | |
Keyence Corp. | 287,627 | 115,627,274 | |
Recruit Holdings Co. Ltd. | 2,832,538 | 102,769,049 | |
Tokyo Electron Ltd. | 276,698 | 116,751,808 | |
TOTAL JAPAN | 444,702,322 | ||
Netherlands - 7.0% | |||
ASM International NV (Netherlands) | 332,731 | 99,983,040 | |
ASML Holding NV (Netherlands) | 291,094 | 165,207,057 | |
Ferrari NV (Italy) | 492,512 | 103,700,734 | |
Wolters Kluwer NV | 997,143 | 100,694,295 | |
Wolters Kluwer NV rights (b)(c) | 1,003,843 | 1,090,774 | |
TOTAL NETHERLANDS | 470,675,900 | ||
Sweden - 5.3% | |||
ASSA ABLOY AB (B Shares) | 4,020,388 | 101,603,825 | |
Atlas Copco AB (A Shares) (a) | 2,574,176 | 116,705,097 | |
Evolution AB (d) | 254,159 | 26,076,285 | |
Hexagon AB (B Shares) | 8,309,192 | 107,212,934 | |
TOTAL SWEDEN | 351,598,141 | ||
Switzerland - 9.3% | |||
Compagnie Financiere Richemont SA Series A | 933,052 | 108,411,995 | |
Lonza Group AG | 170,244 | 100,381,703 | |
Nestle SA (Reg. S) | 1,621,978 | 209,387,771 | |
Partners Group Holding AG | 90,005 | 95,360,067 | |
Sika AG | 357,604 | 109,233,098 | |
TOTAL SWITZERLAND | 622,774,634 | ||
Taiwan - 3.3% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 12,307,000 | 222,667,936 | |
United Kingdom - 5.1% | |||
Diageo PLC | 2,596,374 | 129,530,084 | |
RELX PLC (London Stock Exchange) | 3,697,049 | 110,136,870 | |
Rentokil Initial PLC | 15,209,015 | 104,459,663 | |
TOTAL UNITED KINGDOM | 344,126,617 | ||
United States of America - 17.2% | |||
Adobe, Inc. (b) | 236,736 | 93,735,619 | |
Alphabet, Inc. Class A (b) | 40,720 | 92,930,777 | |
Danaher Corp. | 368,713 | 92,594,896 | |
Domino's Pizza, Inc. | 3,484 | 1,177,592 | |
Marsh & McLennan Companies, Inc. | 578,766 | 93,586,462 | |
MasterCard, Inc. Class A | 274,640 | 99,798,683 | |
Moody's Corp. | 303,448 | 96,035,223 | |
NICE Ltd. sponsored ADR (b) | 475,616 | 98,171,899 | |
NVIDIA Corp. | 470,904 | 87,338,565 | |
S&P Global, Inc. | 257,092 | 96,795,138 | |
Sherwin-Williams Co. | 371,122 | 102,043,705 | |
Thermo Fisher Scientific, Inc. | 179,808 | 99,419,439 | |
Zoetis, Inc. Class A | 539,344 | 95,598,724 | |
TOTAL UNITED STATES OF AMERICA | 1,149,226,722 | ||
TOTAL COMMON STOCKS | |||
(Cost $5,929,546,789) | 6,581,797,645 | ||
Money Market Funds - 2.8% | |||
Fidelity Cash Central Fund 0.32% (e) | 42,405,562 | 42,414,043 | |
Fidelity Securities Lending Cash Central Fund 0.32% (e)(f) | 142,449,293 | 142,463,538 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $184,877,581) | 184,877,581 | ||
TOTAL INVESTMENT IN SECURITIES - 101.1% | |||
(Cost $6,114,424,370) | 6,766,675,226 | ||
NET OTHER ASSETS (LIABILITIES) - (1.1)% | (71,925,221) | ||
NET ASSETS - 100% | $6,694,750,005 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Security or a portion of the security is on loan at period end.
(b) Non-income producing
(c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $26,076,285 or 0.4% of net assets.
(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(f) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Cash Central Fund 0.32% | $166,389,556 | $1,554,029,380 | $1,678,004,893 | $34,459 | $-- | $-- | $42,414,043 | 0.1% |
Fidelity Securities Lending Cash Central Fund 0.32% | 176,107,850 | 285,443,950 | 319,088,262 | 45,431 | -- | -- | 142,463,538 | 0.4% |
Total | $342,497,406 | $1,839,473,330 | $1,997,093,155 | $79,890 | $-- | $-- | $184,877,581 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $92,930,777 | $92,930,777 | $-- | $-- |
Consumer Discretionary | 615,226,110 | 1,177,592 | 614,048,518 | -- |
Consumer Staples | 567,540,234 | -- | 567,540,234 | -- |
Financials | 697,733,226 | 397,186,447 | 300,546,779 | -- |
Health Care | 945,100,781 | 380,383,137 | 564,717,644 | -- |
Industrials | 1,714,119,672 | 430,415,557 | 1,283,704,115 | -- |
Information Technology | 1,513,314,150 | 575,020,341 | 938,293,809 | -- |
Materials | 435,832,695 | 209,889,525 | 225,943,170 | -- |
Money Market Funds | 184,877,581 | 184,877,581 | -- | -- |
Total Investments in Securities: | $6,766,675,226 | $2,271,880,957 | $4,494,794,269 | $-- |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
April 30, 2022 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $123,126,744) — See accompanying schedule: Unaffiliated issuers (cost $5,929,546,789) | $6,581,797,645 | |
Fidelity Central Funds (cost $184,877,581) | 184,877,581 | |
Total Investment in Securities (cost $6,114,424,370) | $6,766,675,226 | |
Foreign currency held at value (cost $4,419,820) | 4,421,632 | |
Receivable for investments sold | 190,788,859 | |
Receivable for fund shares sold | 7,218,591 | |
Dividends receivable | 9,084,395 | |
Reclaims receivable | 6,940,532 | |
Distributions receivable from Fidelity Central Funds | 20,362 | |
Prepaid expenses | 2,735 | |
Other receivables | 2,098,880 | |
Total assets | 6,987,251,212 | |
Liabilities | ||
Payable for investments purchased | ||
Regular delivery | $127,726,182 | |
Delayed delivery | 1,090,774 | |
Payable for fund shares redeemed | 13,976,367 | |
Accrued management fee | 4,999,645 | |
Distribution and service plan fees payable | 284,366 | |
Other affiliated payables | 1,006,785 | |
Other payables and accrued expenses | 953,550 | |
Collateral on securities loaned | 142,463,538 | |
Total liabilities | 292,501,207 | |
Net Assets | $6,694,750,005 | |
Net Assets consist of: | ||
Paid in capital | $6,290,073,804 | |
Total accumulated earnings (loss) | 404,676,201 | |
Net Assets | $6,694,750,005 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($484,820,014 ÷ 20,710,500 shares)(a) | $23.41 | |
Maximum offering price per share (100/94.25 of $23.41) | $24.84 | |
Class M: | ||
Net Asset Value and redemption price per share ($147,938,606 ÷ 6,508,789 shares)(a) | $22.73 | |
Maximum offering price per share (100/96.50 of $22.73) | $23.55 | |
Class C: | ||
Net Asset Value and offering price per share ($125,585,359 ÷ 6,234,571 shares)(a) | $20.14 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($4,626,380,949 ÷ 184,114,777 shares) | $25.13 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($1,310,025,077 ÷ 52,043,454 shares) | $25.17 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended April 30, 2022 (Unaudited) | ||
Investment Income | ||
Dividends | $40,935,686 | |
Foreign tax reclaims | 2,676,383 | |
Income from Fidelity Central Funds (including $45,431 from security lending) | 79,890 | |
Income before foreign taxes withheld | 43,691,959 | |
Less foreign taxes withheld | (7,293,697) | |
Total income | 36,398,262 | |
Expenses | ||
Management fee | ||
Basic fee | $27,371,020 | |
Performance adjustment | 5,379,532 | |
Transfer agent fees | 5,582,355 | |
Distribution and service plan fees | 1,884,377 | |
Accounting fees | 846,680 | |
Custodian fees and expenses | 391,528 | |
Independent trustees' fees and expenses | 14,202 | |
Registration fees | 152,418 | |
Audit | 63,106 | |
Legal | 7,728 | |
Interest | 16,894 | |
Miscellaneous | 15,210 | |
Total expenses before reductions | 41,725,050 | |
Expense reductions | (121,475) | |
Total expenses after reductions | 41,603,575 | |
Net investment income (loss) | (5,205,313) | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of foreign taxes of $1,500,740) | (252,641,066) | |
Redemptions in-kind with affiliated entities | 22,462,483 | |
Foreign currency transactions | 442,430 | |
Total net realized gain (loss) | (229,736,153) | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of decrease in deferred foreign taxes of $9,447,598) | (1,600,302,378) | |
Assets and liabilities in foreign currencies | (871,730) | |
Total change in net unrealized appreciation (depreciation) | (1,601,174,108) | |
Net gain (loss) | (1,830,910,261) | |
Net increase (decrease) in net assets resulting from operations | $(1,836,115,574) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended April 30, 2022 (Unaudited) | Year ended October 31, 2021 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $(5,205,313) | $(4,831,235) |
Net realized gain (loss) | (229,736,153) | 456,312,335 |
Change in net unrealized appreciation (depreciation) | (1,601,174,108) | 1,278,751,211 |
Net increase (decrease) in net assets resulting from operations | (1,836,115,574) | 1,730,232,311 |
Distributions to shareholders | (331,230,775) | (7,793,676) |
Share transactions - net increase (decrease) | (65,818,123) | 1,540,342,078 |
Total increase (decrease) in net assets | (2,233,164,472) | 3,262,780,713 |
Net Assets | ||
Beginning of period | 8,927,914,477 | 5,665,133,764 |
End of period | $6,694,750,005 | $8,927,914,477 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor International Capital Appreciation Fund Class A
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $30.72 | $24.14 | $21.45 | $17.63 | $19.14 | $15.26 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | (.05) | (.09) | –C | .11D | .07 | .04 |
Net realized and unrealized gain (loss) | (6.12) | 6.67 | 2.77 | 3.75 | (1.57) | 3.86 |
Total from investment operations | (6.17) | 6.58 | 2.77 | 3.86 | (1.50) | 3.90 |
Distributions from net investment income | – | – | (.08) | (.04) | (.01) | (.02) |
Distributions from net realized gain | (1.14) | – | – | – | – | – |
Total distributions | (1.14) | – | (.08) | (.04) | (.01) | (.02) |
Redemption fees added to paid in capitalA | – | – | – | – | – | –C |
Net asset value, end of period | $23.41 | $30.72 | $24.14 | $21.45 | $17.63 | $19.14 |
Total ReturnE,F,G | (20.76)% | 27.26% | 12.97% | 21.93% | (7.85)% | 25.56% |
Ratios to Average Net AssetsB,H,I | ||||||
Expenses before reductions | 1.27%J | 1.23% | 1.28% | 1.27% | 1.29% | 1.38% |
Expenses net of fee waivers, if any | 1.26%J | 1.23% | 1.28% | 1.27% | 1.29% | 1.37% |
Expenses net of all reductions | 1.26%J | 1.23% | 1.24% | 1.25% | 1.23% | 1.35% |
Net investment income (loss) | (.37)%J | (.30)% | (.01)% | .57%D | .35% | .21% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $484,820 | $592,640 | $382,795 | $278,326 | $190,278 | $173,948 |
Portfolio turnover rateK | 109%J,L | 128% | 121% | 133% | 151% | 155% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Amount represents less than $.005 per share.
D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been .15%.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Total returns do not include the effect of the sales charges.
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
J Annualized
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
L Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor International Capital Appreciation Fund Class M
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $29.82 | $23.49 | $20.89 | $17.17 | $18.68 | $14.92 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | (.08) | (.15) | (.06) | .06C | .02 | (.01) |
Net realized and unrealized gain (loss) | (5.95) | 6.48 | 2.70 | 3.66 | (1.53) | 3.77 |
Total from investment operations | (6.03) | 6.33 | 2.64 | 3.72 | (1.51) | 3.76 |
Distributions from net investment income | – | – | (.04) | – | – | – |
Distributions from net realized gain | (1.06) | – | – | – | – | – |
Total distributions | (1.06) | – | (.04) | – | – | – |
Redemption fees added to paid in capitalA | – | – | – | – | – | –D |
Net asset value, end of period | $22.73 | $29.82 | $23.49 | $20.89 | $17.17 | $18.68 |
Total ReturnE,F,G | (20.87)% | 26.95% | 12.67% | 21.67% | (8.08)% | 25.20% |
Ratios to Average Net AssetsB,H,I | ||||||
Expenses before reductions | 1.52%J | 1.49% | 1.53% | 1.53% | 1.55% | 1.63% |
Expenses net of fee waivers, if any | 1.51%J | 1.48% | 1.53% | 1.53% | 1.55% | 1.63% |
Expenses net of all reductions | 1.51%J | 1.48% | 1.49% | 1.51% | 1.49% | 1.61% |
Net investment income (loss) | (.62)%J | (.55)% | (.26)% | .31%C | .10% | (.04)% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $147,939 | $191,997 | $143,072 | $127,176 | $87,750 | $86,547 |
Portfolio turnover rateK | 109%J,L | 128% | 121% | 133% | 151% | 155% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been (.11)%.
D Amount represents less than $.005 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Total returns do not include the effect of the sales charges.
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
J Annualized
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
L Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor International Capital Appreciation Fund Class C
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $26.58 | $21.04 | $18.77 | $15.51 | $16.95 | $13.61 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | (.13) | (.26) | (.15) | (.03)C | (.07) | (.08) |
Net realized and unrealized gain (loss) | (5.28) | 5.80 | 2.42 | 3.29 | (1.37) | 3.42 |
Total from investment operations | (5.41) | 5.54 | 2.27 | 3.26 | (1.44) | 3.34 |
Distributions from net investment income | – | – | – | – | – | – |
Distributions from net realized gain | (1.03) | – | – | – | – | – |
Total distributions | (1.03) | – | – | – | – | – |
Redemption fees added to paid in capitalA | – | – | – | – | – | –D |
Net asset value, end of period | $20.14 | $26.58 | $21.04 | $18.77 | $15.51 | $16.95 |
Total ReturnE,F,G | (21.08)% | 26.33% | 12.09% | 21.02% | (8.50)% | 24.54% |
Ratios to Average Net AssetsB,H,I | ||||||
Expenses before reductions | 2.02%J | 1.98% | 2.02% | 2.02% | 2.04% | 2.13% |
Expenses net of fee waivers, if any | 2.01%J | 1.98% | 2.02% | 2.01% | 2.04% | 2.12% |
Expenses net of all reductions | 2.01%J | 1.98% | 1.99% | 2.00% | 1.99% | 2.10% |
Net investment income (loss) | (1.12)%J | (1.05)% | (.75)% | (.17)%C | (.40)% | (.54)% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $125,585 | $169,018 | $125,630 | $112,150 | $107,858 | $85,022 |
Portfolio turnover rateK | 109%J,L | 128% | 121% | 133% | 151% | 155% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been (.60)%.
D Amount represents less than $.005 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Total returns do not include the effect of the contingent deferred sales charge.
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
J Annualized
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
L Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor International Capital Appreciation Fund Class I
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $32.92 | $25.83 | $22.93 | $18.85 | $20.44 | $16.30 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | (.02) | (.01) | .06 | .18C | .13 | .09 |
Net realized and unrealized gain (loss) | (6.56) | 7.13 | 2.97 | 4.00 | (1.68) | 4.11 |
Total from investment operations | (6.58) | 7.12 | 3.03 | 4.18 | (1.55) | 4.20 |
Distributions from net investment income | – | (.03) | (.13) | (.10) | (.04) | (.06) |
Distributions from net realized gain | (1.21) | – | – | – | – | – |
Total distributions | (1.21) | (.03) | (.13) | (.10) | (.04) | (.06) |
Redemption fees added to paid in capitalA | – | – | – | – | – | –D |
Net asset value, end of period | $25.13 | $32.92 | $25.83 | $22.93 | $18.85 | $20.44 |
Total ReturnE,F | (20.66)% | 27.60% | 13.28% | 22.29% | (7.58)% | 25.87% |
Ratios to Average Net AssetsB,G,H | ||||||
Expenses before reductions | 1.01%I | .97% | 1.01% | .99% | 1.02% | 1.09% |
Expenses net of fee waivers, if any | 1.00%I | .97% | 1.01% | .99% | 1.02% | 1.08% |
Expenses net of all reductions | 1.00%I | .97% | .97% | .98% | .96% | 1.06% |
Net investment income (loss) | (.11)%I | (.04)% | .26% | .85%C | .63% | .50% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $4,626,381 | $6,128,293 | $3,883,309 | $2,020,956 | $1,115,089 | $652,774 |
Portfolio turnover rateJ | 109%I,K | 128% | 121% | 133% | 151% | 155% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been .43%.
D Amount represents less than $.005 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Annualized
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor International Capital Appreciation Fund Class Z
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 A | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $32.99 | $25.88 | $22.96 | $18.88 | $20.46 | $16.22 |
Income from Investment Operations | ||||||
Net investment income (loss)B,C | –D | .03 | .09 | .21E | .16 | .06 |
Net realized and unrealized gain (loss) | (6.58) | 7.14 | 2.98 | 3.99 | (1.68) | 4.18 |
Total from investment operations | (6.58) | 7.17 | 3.07 | 4.20 | (1.52) | 4.24 |
Distributions from net investment income | – | (.06) | (.15) | (.12) | (.06) | – |
Distributions from net realized gain | (1.24) | – | – | – | – | – |
Total distributions | (1.24) | (.06) | (.15) | (.12) | (.06) | – |
Redemption fees added to paid in capitalB | – | – | – | – | – | –D |
Net asset value, end of period | $25.17 | $32.99 | $25.88 | $22.96 | $18.88 | $20.46 |
Total ReturnF,G | (20.62)% | 27.73% | 13.45% | 22.41% | (7.46)% | 26.14% |
Ratios to Average Net AssetsC,H,I | ||||||
Expenses before reductions | .88%J | .85% | .88% | .87% | .89% | .96%J |
Expenses net of fee waivers, if any | .88%J | .85% | .88% | .87% | .89% | .96%J |
Expenses net of all reductions | .88%J | .85% | .84% | .85% | .83% | .94%J |
Net investment income (loss) | .02%J | .09% | .39% | .97%E | .76% | .42%J |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $1,310,025 | $1,845,967 | $1,130,329 | $403,241 | $153,913 | $59,734 |
Portfolio turnover rateK | 109%J,L | 128% | 121% | 133% | 151% | 155% |
A For the period February 1, 2017 (commencement of sale of shares) through October 31, 2017.
B Calculated based on average shares outstanding during the period.
C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
D Amount represents less than $.005 per share.
E Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been .55%.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
J Annualized
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
L Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended April 30, 2022
1. Organization.
Fidelity Advisor International Capital Appreciation Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – unadjusted quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2022 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), net operating losses, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $1,017,172,120 |
Gross unrealized depreciation | (401,782,642) |
Net unrealized appreciation (depreciation) | $615,389,478 |
Tax cost | $6,151,285,748 |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor International Capital Appreciation Fund | 4,367,978,176 | 4,748,076,608 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Class I as compared to its benchmark index, the MSCI All Country World ex USA Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .81% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | -% | .25% | $692,730 | $41,461 |
Class M | .25% | .25% | 433,716 | 3,756 |
Class C | .75% | .25% | 757,931 | 134,845 |
$1,884,377 | $180,062 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained by FDC | |
Class A | $103,643 |
Class M | 5,881 |
Class C(a) | 652 |
$110,176 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets(a) | |
Class A | $481,319 | .17 |
Class M | 150,156 | .17 |
Class C | 131,325 | .17 |
Class I | 4,479,193 | .16 |
Class Z | 340,362 | .04 |
$5,582,355 |
(a) Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
% of Average Net Assets | |
Fidelity Advisor International Capital Appreciation Fund | .02 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
Amount | |
Fidelity Advisor International Capital Appreciation Fund | $10,931 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Advisor International Capital Appreciation Fund | Borrower | $35,827,629 | .33% | $11,499 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor International Capital Appreciation Fund | 519,438,518 | 405,101,866 | (27,431,940) |
Affiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | Participating classes | |
Fidelity Advisor International Capital Appreciation Fund | 2,686,511 | 22,462,483 | 71,085,075 | Class Z |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
Amount | |
Fidelity Advisor International Capital Appreciation Fund | $6,897 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor International Capital Appreciation Fund | $4,981 | $– | $– |
8. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Advisor International Capital Appreciation Fund | $50,683,200 | .77% | $5,395 |
9. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $121,475.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended April 30, 2022 | Year ended October 31, 2021 | |
Fidelity Advisor International Capital Appreciation Fund | ||
Distributions to shareholders | ||
Class A | $22,095,603 | $– |
Class M | 6,798,915 | – |
Class C | 6,513,172 | – |
Class I | 225,434,044 | 5,163,920 |
Class Z | 70,389,041 | 2,629,756 |
Total | $331,230,775 | $7,793,676 |
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Six months ended April 30, 2022 | Year ended October 31, 2021 | Six months ended April 30, 2022 | Year ended October 31, 2021 | |
Fidelity Advisor International Capital Appreciation Fund | ||||
Class A | ||||
Shares sold | 3,356,724 | 7,126,167 | $91,631,860 | $201,623,517 |
Reinvestment of distributions | 731,541 | – | 20,900,116 | – |
Shares redeemed | (2,666,574) | (3,692,803) | (71,010,834) | (106,277,668) |
Net increase (decrease) | 1,421,691 | 3,433,364 | $41,521,142 | $95,345,849 |
Class M | ||||
Shares sold | 461,248 | 1,885,806 | $12,202,668 | $51,940,039 |
Reinvestment of distributions | 243,281 | – | 6,755,923 | – |
Shares redeemed | (634,639) | (1,537,765) | (16,578,066) | (43,022,367) |
Net increase (decrease) | 69,890 | 348,041 | $2,380,525 | $8,917,672 |
Class C | ||||
Shares sold | 320,911 | 1,692,919 | $7,718,146 | $41,595,438 |
Reinvestment of distributions | 247,677 | – | 6,107,712 | – |
Shares redeemed | (692,691) | (1,304,284) | (15,857,849) | (32,315,690) |
Net increase (decrease) | (124,103) | 388,635 | $(2,031,991) | $9,279,748 |
Class I | ||||
Shares sold | 33,217,718 | 73,170,455 | $961,305,764 | $2,212,098,489 |
Reinvestment of distributions | 5,847,457 | 142,401 | 179,166,081 | 4,041,327 |
Shares redeemed | (41,098,767) | (37,497,487) | (1,166,179,895) | (1,149,304,478) |
Net increase (decrease) | (2,033,592) | 35,815,369 | $(25,708,050) | $1,066,835,338 |
Class Z | ||||
Shares sold | 13,068,092 | 26,964,454 | $382,095,829 | $812,999,942 |
Reinvestment of distributions | 1,780,120 | 71,609 | 54,614,079 | 2,034,402 |
Shares redeemed | (18,752,800) | (14,766,822) | (518,689,657) | (455,070,873) |
Net increase (decrease) | (3,904,588) | 12,269,241 | $(81,979,749) | $359,963,471 |
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 to April 30, 2022).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annualized Expense Ratio-A | Beginning Account Value November 1, 2021 | Ending Account Value April 30, 2022 | Expenses Paid During Period-B November 1, 2021 to April 30, 2022 | |
Fidelity Advisor International Capital Appreciation Fund | ||||
Class A | 1.26% | |||
Actual | $1,000.00 | $792.40 | $5.60 | |
Hypothetical-C | $1,000.00 | $1,018.55 | $6.31 | |
Class M | 1.51% | |||
Actual | $1,000.00 | $791.30 | $6.71 | |
Hypothetical-C | $1,000.00 | $1,017.31 | $7.55 | |
Class C | 2.01% | |||
Actual | $1,000.00 | $789.20 | $8.92 | |
Hypothetical-C | $1,000.00 | $1,014.83 | $10.04 | |
Class I | 1.00% | |||
Actual | $1,000.00 | $793.40 | $4.45 | |
Hypothetical-C | $1,000.00 | $1,019.84 | $5.01 | |
Class Z | .88% | |||
Actual | $1,000.00 | $793.80 | $3.91 | |
Hypothetical-C | $1,000.00 | $1,020.43 | $4.41 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.
In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments – cash or convertible to cash within three business days or less
- Moderately liquid investments – convertible to cash in three to seven calendar days
- Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments – cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.
AICAP-SANN-0622
1.703428.124
Fidelity Advisor® Diversified International Fund
Semi-Annual Report
April 30, 2022
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. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Investment Summary (Unaudited)
Top Ten Stocks as of April 30, 2022
% of fund's net assets | |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 3.3 |
Nestle SA (Reg. S) (Switzerland, Food Products) | 3.1 |
ASML Holding NV (Netherlands, Semiconductors & Semiconductor Equipment) | 2.5 |
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 1.9 |
Hoya Corp. (Japan, Health Care Equipment & Supplies) | 1.7 |
AIA Group Ltd. (Hong Kong, Insurance) | 1.7 |
Canadian Natural Resources Ltd. (Canada, Oil, Gas & Consumable Fuels) | 1.6 |
RELX PLC (Euronext N.V.) (United Kingdom, Professional Services) | 1.5 |
Linde PLC (Germany, Chemicals) | 1.4 |
Sika AG (Switzerland, Chemicals) | 1.3 |
20.0 |
Market Sectors as of April 30, 2022
% of fund's net assets | |
Industrials | 19.1 |
Financials | 17.1 |
Information Technology | 16.2 |
Health Care | 13.1 |
Consumer Discretionary | 9.3 |
Consumer Staples | 6.5 |
Materials | 6.4 |
Energy | 4.9 |
Communication Services | 3.3 |
Real Estate | 0.5 |
Geographic Diversification (% of fund's net assets)
As of April 30, 2022 | ||
Japan | 17.1% | |
Switzerland | 10.0% | |
United States of America* | 9.6% | |
France | 8.9% | |
United Kingdom | 8.0% | |
Germany | 7.4% | |
Netherlands | 6.5% | |
Canada | 5.2% | |
India | 4.0% | |
Other | 23.3% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation (% of fund's net assets)
As of April 30, 2022 | ||
Stocks | 96.4% | |
Short-Term Investments and Net Other Assets (Liabilities) | 3.6% |
Schedule of Investments April 30, 2022 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.9% | |||
Shares | Value (000s) | ||
Australia - 0.7% | |||
Aristocrat Leisure Ltd. | 331,624 | $7,694 | |
Lynas Rare Earths Ltd. (a) | 589,291 | 3,698 | |
TOTAL AUSTRALIA | 11,392 | ||
Austria - 0.2% | |||
Erste Group Bank AG | 114,900 | 3,578 | |
Bailiwick of Jersey - 2.7% | |||
Experian PLC | 242,500 | 8,375 | |
Ferguson PLC | 111,346 | 13,968 | |
Glencore Xstrata PLC | 1,809,900 | 11,152 | |
WPP PLC | 681,600 | 8,496 | |
TOTAL BAILIWICK OF JERSEY | 41,991 | ||
Belgium - 1.7% | |||
KBC Group NV | 248,180 | 16,884 | |
UCB SA | 79,900 | 9,082 | |
TOTAL BELGIUM | 25,966 | ||
Bermuda - 0.5% | |||
Hiscox Ltd. | 614,266 | 7,294 | |
Canada - 5.2% | |||
Canadian Natural Resources Ltd. | 393,100 | 24,330 | |
Constellation Software, Inc. | 7,500 | 11,804 | |
Fairfax India Holdings Corp. (a)(b) | 214,600 | 2,579 | |
First Quantum Minerals Ltd. | 270,500 | 7,755 | |
Franco-Nevada Corp. | 59,200 | 8,953 | |
GFL Environmental, Inc. (c) | 194,000 | 5,845 | |
Imperial Oil Ltd. | 68,500 | 3,449 | |
Thomson Reuters Corp. | 48,400 | 4,839 | |
Tourmaline Oil Corp. | 212,500 | 10,944 | |
TOTAL CANADA | 80,498 | ||
Cayman Islands - 1.2% | |||
Anta Sports Products Ltd. | 408,000 | 4,689 | |
GlobalFoundries, Inc. | 88,600 | 4,633 | |
Li Ning Co. Ltd. | 782,500 | 6,099 | |
Tencent Holdings Ltd. | 47,500 | 2,238 | |
Zai Lab Ltd. ADR (a) | 23,254 | 929 | |
TOTAL CAYMAN ISLANDS | 18,588 | ||
China - 0.5% | |||
Kweichow Moutai Co. Ltd. (A Shares) | 27,176 | 7,500 | |
Curacao - 0.7% | |||
Schlumberger Ltd. | 258,300 | 10,076 | |
Denmark - 1.3% | |||
DSV A/S | 100,700 | 16,510 | |
GN Store Nord A/S | 78,100 | 2,931 | |
TOTAL DENMARK | 19,441 | ||
France - 8.9% | |||
Air Liquide SA | 10,000 | 1,730 | |
AXA SA (c) | 162,000 | 4,286 | |
BNP Paribas SA | 307,600 | 15,949 | |
Capgemini SA | 100,300 | 20,419 | |
Dassault Systemes SA | 165,900 | 7,337 | |
EssilorLuxottica SA | 49,000 | 8,342 | |
Hermes International SCA | 2,200 | 2,713 | |
Legrand SA | 109,400 | 9,694 | |
LVMH Moet Hennessy Louis Vuitton SE | 45,743 | 29,602 | |
Pernod Ricard SA | 82,000 | 16,924 | |
Sartorius Stedim Biotech | 16,300 | 5,334 | |
Teleperformance | 42,100 | 15,110 | |
TOTAL FRANCE | 137,440 | ||
Germany - 7.4% | |||
adidas AG | 36,709 | 7,403 | |
Allianz SE | 91,000 | 20,533 | |
Bayer AG | 34,700 | 2,286 | |
Brenntag SE | 55,487 | 4,282 | |
Deutsche Post AG | 363,126 | 15,514 | |
Hannover Reuck SE | 50,000 | 7,772 | |
Linde PLC | 70,738 | 22,186 | |
Merck KGaA | 51,400 | 9,536 | |
SAP SE | 54,073 | 5,480 | |
Siemens Healthineers AG (b) | 215,700 | 11,533 | |
Symrise AG | 46,700 | 5,557 | |
Synlab AG | 108,100 | 1,613 | |
TOTAL GERMANY | 113,695 | ||
Greece - 0.1% | |||
Piraeus Financial Holdings SA (a) | 711,900 | 1,028 | |
Hong Kong - 2.4% | |||
AIA Group Ltd. | 2,662,400 | 26,155 | |
Chervon Holdings Ltd. | 169,200 | 1,057 | |
Hong Kong Exchanges and Clearing Ltd. | 59,489 | 2,523 | |
Techtronic Industries Co. Ltd. | 536,500 | 7,161 | |
TOTAL HONG KONG | 36,896 | ||
India - 4.0% | |||
Axis Bank Ltd. (a) | 391,100 | 3,682 | |
HDFC Bank Ltd. | 865,842 | 15,504 | |
Housing Development Finance Corp. Ltd. | 390,687 | 11,258 | |
Kotak Mahindra Bank Ltd. (a) | 479,840 | 11,114 | |
Reliance Industries Ltd. | 568,975 | 20,590 | |
TOTAL INDIA | 62,148 | ||
Indonesia - 1.0% | |||
PT Bank Central Asia Tbk | 13,285,200 | 7,451 | |
PT Bank Rakyat Indonesia (Persero) Tbk | 21,934,433 | 7,308 | |
TOTAL INDONESIA | 14,759 | ||
Ireland - 2.0% | |||
Aon PLC | 37,400 | 10,771 | |
ICON PLC (a) | 21,400 | 4,841 | |
Kingspan Group PLC (Ireland) | 103,981 | 9,679 | |
Ryanair Holdings PLC sponsored ADR (a) | 56,436 | 4,928 | |
TOTAL IRELAND | 30,219 | ||
Isle of Man - 0.2% | |||
Entain PLC (a) | 120,800 | 2,270 | |
Italy - 0.6% | |||
FinecoBank SpA | 388,200 | 5,397 | |
Reply SpA | 20,400 | 3,003 | |
UniCredit SpA | 143,600 | 1,329 | |
TOTAL ITALY | 9,729 | ||
Japan - 17.1% | |||
Advantest Corp. | 36,400 | 2,484 | |
Daikin Industries Ltd. | 35,300 | 5,394 | |
FUJIFILM Holdings Corp. | 200,775 | 11,037 | |
Fujitsu Ltd. | 45,100 | 6,817 | |
Hitachi Ltd. | 366,000 | 17,358 | |
Hoya Corp. | 266,200 | 26,418 | |
Itochu Corp. | 429,400 | 12,960 | |
Keyence Corp. | 41,000 | 16,482 | |
Minebea Mitsumi, Inc. | 768,700 | 14,748 | |
Misumi Group, Inc. | 255,700 | 6,412 | |
Money Forward, Inc. (a) | 23,500 | 799 | |
Murata Manufacturing Co. Ltd. | 40,900 | 2,438 | |
Nitori Holdings Co. Ltd. | 6,403 | 659 | |
NOF Corp. | 35,200 | 1,321 | |
Nomura Research Institute Ltd. | 178,400 | 5,045 | |
Olympus Corp. | 242,400 | 4,267 | |
ORIX Corp. | 721,800 | 13,165 | |
Persol Holdings Co. Ltd. | 384,200 | 7,622 | |
Recruit Holdings Co. Ltd. | 336,700 | 12,216 | |
Relo Group, Inc. | 257,800 | 3,683 | |
Seven & i Holdings Co. Ltd. | 174,100 | 7,698 | |
Shin-Etsu Chemical Co. Ltd. | 125,300 | 17,221 | |
SMC Corp. | 24,700 | 11,960 | |
Sony Group Corp. | 225,900 | 19,495 | |
TIS, Inc. | 332,200 | 7,461 | |
Tokyo Electron Ltd. | 38,300 | 16,161 | |
Tsuruha Holdings, Inc. | 37,200 | 1,901 | |
Welcia Holdings Co. Ltd. | 54,812 | 1,124 | |
Z Holdings Corp. | 1,524,600 | 5,985 | |
ZOZO, Inc. | 144,500 | 3,025 | |
TOTAL JAPAN | 263,356 | ||
Korea (South) - 1.1% | |||
NAVER Corp. | 16,380 | 3,629 | |
Samsung Electronics Co. Ltd. | 239,610 | 12,702 | |
TOTAL KOREA (SOUTH) | 16,331 | ||
Luxembourg - 1.0% | |||
B&M European Value Retail SA | 1,438,295 | 8,813 | |
Eurofins Scientific SA | 74,430 | 6,917 | |
TOTAL LUXEMBOURG | 15,730 | ||
Netherlands - 6.5% | |||
Adyen BV (a)(b) | 3,573 | 5,993 | |
Airbus Group NV (c) | 118,200 | 12,940 | |
Argenx SE (a) | 9,300 | 2,679 | |
ASML Holding NV | 69,100 | 38,957 | |
IMCD NV | 71,950 | 11,456 | |
NXP Semiconductors NV | 65,300 | 11,160 | |
Wolters Kluwer NV | 171,000 | 17,268 | |
Wolters Kluwer NV rights (a)(d) | 171,000 | 186 | |
TOTAL NETHERLANDS | 100,639 | ||
New Zealand - 0.0% | |||
EBOS Group Ltd. | 20,800 | 567 | |
Norway - 0.3% | |||
Schibsted ASA (A Shares) | 182,300 | 3,799 | |
Spain - 1.5% | |||
Cellnex Telecom SA (b) | 285,144 | 13,291 | |
Industria de Diseno Textil SA (c) | 426,100 | 8,934 | |
TOTAL SPAIN | 22,225 | ||
Sweden - 2.3% | |||
Hexagon AB (B Shares) | 789,300 | 10,184 | |
Indutrade AB | 535,800 | 12,638 | |
Investor AB (B Shares) | 518,600 | 9,979 | |
Kry International AB (e)(f) | 332 | 117 | |
Nibe Industrier AB (B Shares) | 86,100 | 844 | |
Nordnet AB | 111,300 | 1,930 | |
TOTAL SWEDEN | 35,692 | ||
Switzerland - 10.0% | |||
Compagnie Financiere Richemont SA Series A | 6,760 | 785 | |
Julius Baer Group Ltd. | 73,680 | 3,521 | |
Lonza Group AG | 26,286 | 15,499 | |
Nestle SA (Reg. S) | 372,530 | 48,091 | |
Roche Holding AG (participation certificate) | 136,797 | 50,731 | |
Sika AG | 67,568 | 20,639 | |
Sonova Holding AG | 28,173 | 10,160 | |
Zurich Insurance Group Ltd. | 10,300 | 4,689 | |
TOTAL SWITZERLAND | 154,115 | ||
Taiwan - 1.0% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 163,900 | 15,231 | |
United Kingdom - 8.0% | |||
AstraZeneca PLC (United Kingdom) | 98,979 | 13,208 | |
Big Yellow Group PLC | 250,900 | 4,534 | |
Bridgepoint Group Holdings Ltd. (b) | 743,900 | 2,838 | |
Compass Group PLC | 496,992 | 10,487 | |
Diageo PLC | 348,800 | 17,401 | |
Harbour Energy PLC | 963,300 | 6,041 | |
JD Sports Fashion PLC | 2,786,985 | 4,592 | |
Lloyds Banking Group PLC | 16,010,400 | 9,093 | |
Prudential PLC | 464,694 | 5,785 | |
Prudential PLC (Hong Kong) | 115,550 | 1,437 | |
RELX PLC: | |||
rights (a)(d) | 795,447 | 354 | |
(Euronext N.V.) | 795,447 | 23,711 | |
Rentokil Initial PLC | 1,511,800 | 10,383 | |
S4 Capital PLC (a) | 558,600 | 2,113 | |
Smith & Nephew PLC | 494,000 | 8,007 | |
Starling Bank Ltd. Series D (a)(e)(f) | 1,191,700 | 3,533 | |
TOTAL UNITED KINGDOM | 123,517 | ||
United States of America - 5.8% | |||
Alphabet, Inc. Class C (a) | 4,349 | 10,000 | |
Booking Holdings, Inc. (a) | 2,300 | 5,084 | |
IQVIA Holdings, Inc. (a) | 52,800 | 11,510 | |
Marsh & McLennan Companies, Inc. | 76,800 | 12,419 | |
Marvell Technology, Inc. | 183,800 | 10,675 | |
MasterCard, Inc. Class A | 28,500 | 10,356 | |
NICE Ltd. sponsored ADR (a) | 37,500 | 7,740 | |
ResMed, Inc. | 13,300 | 2,660 | |
Rivian Automotive, Inc. | 189,384 | 5,670 | |
S&P Global, Inc. | 35,456 | 13,349 | |
TOTAL UNITED STATES OF AMERICA | 89,463 | ||
TOTAL COMMON STOCKS | |||
(Cost $1,034,071) | 1,475,173 | ||
Preferred Stocks - 0.5% | |||
Convertible Preferred Stocks - 0.4% | |||
Estonia - 0.2% | |||
Bolt Technology OU Series E (e)(f) | 10,541 | 2,558 | |
United States of America - 0.2% | |||
Wasabi Holdings, Inc. Series C (a)(e)(f) | 372,910 | 4,035 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 6,593 | ||
Nonconvertible Preferred Stocks - 0.1% | |||
Sweden - 0.1% | |||
Kry International AB Series E (e)(f) | 1,920 | 677 | |
TOTAL PREFERRED STOCKS | |||
(Cost $7,669) | 7,270 | ||
Money Market Funds - 4.8% | |||
Fidelity Cash Central Fund 0.32% (g) | 48,935,655 | 48,945 | |
Fidelity Securities Lending Cash Central Fund 0.32% (g)(h) | 25,809,360 | 25,812 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $74,757) | 74,757 | ||
TOTAL INVESTMENT IN SECURITIES - 101.2% | |||
(Cost $1,116,497) | 1,557,200 | ||
NET OTHER ASSETS (LIABILITIES) - (1.2)% | (18,644) | ||
NET ASSETS - 100% | $1,538,556 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $36,234,000 or 2.4% of net assets.
(c) Security or a portion of the security is on loan at period end.
(d) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $10,920,000 or 0.7% of net assets.
(f) Level 3 security
(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(h) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost (000s) |
Bolt Technology OU Series E | 1/3/22 | $2,739 |
Kry International AB | 5/14/21 | $144 |
Kry International AB Series E | 5/14/21 | $878 |
Starling Bank Ltd. Series D | 6/18/21 - 4/5/22 | $2,273 |
Wasabi Holdings, Inc. Series C | 3/31/21 | $4,052 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Fund (Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Cash Central Fund 0.32% | $49,330 | $128,142 | $128,527 | $27 | $-- | $-- | $48,945 | 0.1% |
Fidelity Securities Lending Cash Central Fund 0.32% | 16,665 | 67,339 | 58,192 | 11 | -- | -- | 25,812 | 0.1% |
Total | $65,995 | $195,481 | $186,719 | $38 | $-- | $-- | $74,757 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
(Amounts in thousands) | ||||
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $49,551 | $10,000 | $39,551 | $-- |
Consumer Discretionary | 141,448 | 5,084 | 132,329 | 4,035 |
Consumer Staples | 100,639 | -- | 100,639 | -- |
Energy | 75,430 | 48,799 | 26,631 | -- |
Financials | 264,133 | 39,118 | 221,482 | 3,533 |
Health Care | 200,708 | 19,940 | 180,768 | -- |
Industrials | 294,355 | 15,612 | 278,743 | -- |
Information Technology | 247,750 | 110,556 | 133,842 | 3,352 |
Materials | 100,212 | 16,708 | 83,504 | -- |
Real Estate | 8,217 | -- | 8,217 | -- |
Money Market Funds | 74,757 | 74,757 | -- | -- |
Total Investments in Securities: | $1,557,200 | $340,574 | $1,205,706 | $10,920 |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | April 30, 2022 (Unaudited) | |
Assets | ||
Investment in securities, at value (including securities loaned of $23,981) — See accompanying schedule: Unaffiliated issuers (cost $1,041,740) | $1,482,443 | |
Fidelity Central Funds (cost $74,757) | 74,757 | |
Total Investment in Securities (cost $1,116,497) | $1,557,200 | |
Foreign currency held at value (cost $83) | 83 | |
Receivable for investments sold | 983 | |
Receivable for fund shares sold | 1,087 | |
Dividends receivable | 6,475 | |
Reclaims receivable | 3,852 | |
Distributions receivable from Fidelity Central Funds | 17 | |
Prepaid expenses | 1 | |
Other receivables | 45 | |
Total assets | 1,569,743 | |
Liabilities | ||
Payable for investments purchased on a delayed delivery basis | $540 | |
Payable for fund shares redeemed | 968 | |
Accrued management fee | 878 | |
Distribution and service plan fees payable | 193 | |
Other affiliated payables | 283 | |
Other payables and accrued expenses | 2,513 | |
Collateral on securities loaned | 25,812 | |
Total liabilities | 31,187 | |
Net Assets | $1,538,556 | |
Net Assets consist of: | ||
Paid in capital | $1,089,514 | |
Total accumulated earnings (loss) | 449,042 | |
Net Assets | $1,538,556 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($479,558 ÷ 20,123.1 shares)(a) | $23.83 | |
Maximum offering price per share (100/94.25 of $23.83) | $25.28 | |
Class M: | ||
Net Asset Value and redemption price per share ($142,278 ÷ 6,032.2 shares)(a) | $23.59 | |
Maximum offering price per share (100/96.50 of $23.59) | $24.45 | |
Class C: | ||
Net Asset Value and offering price per share ($28,278 ÷ 1,249.7 shares)(a) | $22.63 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($561,937 ÷ 23,075.6 shares) | $24.35 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($326,505 ÷ 13,426.6 shares) | $24.32 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Amounts in thousands | Six months ended April 30, 2022 (Unaudited) | |
Investment Income | ||
Dividends | $14,011 | |
Foreign tax reclaims | 948 | |
Income from Fidelity Central Funds (including $11 from security lending) | 38 | |
Income before foreign taxes withheld | 14,997 | |
Less foreign taxes withheld | (2,470) | |
Total income | 12,527 | |
Expenses | ||
Management fee | $5,800 | |
Transfer agent fees | 1,408 | |
Distribution and service plan fees | 1,293 | |
Accounting fees | 397 | |
Custodian fees and expenses | 92 | |
Independent trustees' fees and expenses | 3 | |
Registration fees | 65 | |
Audit | 53 | |
Legal | 2 | |
Miscellaneous | 3 | |
Total expenses before reductions | 9,116 | |
Expense reductions | (26) | |
Total expenses after reductions | 9,090 | |
Net investment income (loss) | 3,437 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of foreign taxes of $129) | 24,046 | |
Foreign currency transactions | (72) | |
Total net realized gain (loss) | 23,974 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of decrease in deferred foreign taxes of $974) | (382,755) | |
Assets and liabilities in foreign currencies | (412) | |
Total change in net unrealized appreciation (depreciation) | (383,167) | |
Net gain (loss) | (359,193) | |
Net increase (decrease) in net assets resulting from operations | $(355,756) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Amounts in thousands | Six months ended April 30, 2022 (Unaudited) | Year ended October 31, 2021 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $3,437 | $7,983 |
Net realized gain (loss) | 23,974 | 176,112 |
Change in net unrealized appreciation (depreciation) | (383,167) | 284,788 |
Net increase (decrease) in net assets resulting from operations | (355,756) | 468,883 |
Distributions to shareholders | (190,296) | (621) |
Share transactions - net increase (decrease) | 122,355 | (110,537) |
Total increase (decrease) in net assets | (423,697) | 357,725 |
Net Assets | ||
Beginning of period | 1,962,253 | 1,604,528 |
End of period | $1,538,556 | $1,962,253 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Diversified International Fund Class A
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $32.52 | $25.10 | $23.28 | $21.08 | $23.43 | $19.38 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | .03 | .09 | .04 | .21 | .21 | .17 |
Net realized and unrealized gain (loss) | (5.56) | 7.33 | 2.11 | 2.90 | (2.33)C | 4.11 |
Total from investment operations | (5.53) | 7.42 | 2.15 | 3.11 | (2.12) | 4.28 |
Distributions from net investment income | (.31) | – | (.26) | (.17) | (.16) | (.19) |
Distributions from net realized gain | (2.85) | – | (.07) | (.74) | (.07) | (.05) |
Total distributions | (3.16) | – | (.33) | (.91) | (.23) | (.23)D |
Redemption fees added to paid in capitalA | – | – | – | – | – | –E |
Net asset value, end of period | $23.83 | $32.52 | $25.10 | $23.28 | $21.08 | $23.43 |
Total ReturnF,G,H | (18.63)% | 29.56% | 9.32% | 15.57% | (9.14)%C | 22.39% |
Ratios to Average Net AssetsB,I,J | ||||||
Expenses before reductions | 1.15%K | 1.16% | 1.18% | 1.19% | 1.19% | 1.21% |
Expenses net of fee waivers, if any | 1.15%K | 1.15% | 1.18% | 1.19% | 1.19% | 1.21% |
Expenses net of all reductions | 1.15%K | 1.15% | 1.17% | 1.19% | 1.17% | 1.20% |
Net investment income (loss) | .25%K | .30% | .16% | .97% | .89% | .82% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $480 | $621 | $514 | $530 | $463 | $579 |
Portfolio turnover rateL | 20%K | 30% | 30% | 37%M | 32% | 44% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.11 per share. Excluding these litigation proceeds, the total return would have been (9.62)%
D Total distributions per share do not sum due to rounding.
E Amount represents less than $.005 per share.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Total returns do not include the effect of the sales charges.
I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
K Annualized
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
M Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Diversified International Fund Class M
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $32.17 | $24.90 | $23.10 | $20.91 | $23.24 | $19.21 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | –C | .01 | (.03) | .15 | .14 | .12 |
Net realized and unrealized gain (loss) | (5.50) | 7.26 | 2.10 | 2.88 | (2.31)D | 4.08 |
Total from investment operations | (5.50) | 7.27 | 2.07 | 3.03 | (2.17) | 4.20 |
Distributions from net investment income | (.23) | – | (.20) | (.11) | (.09) | (.13) |
Distributions from net realized gain | (2.85) | – | (.07) | (.74) | (.07) | (.05) |
Total distributions | (3.08) | – | (.27) | (.84)E | (.16) | (.17)E |
Redemption fees added to paid in capitalA | – | – | – | – | – | –C |
Net asset value, end of period | $23.59 | $32.17 | $24.90 | $23.10 | $20.91 | $23.24 |
Total ReturnF,G,H | (18.71)% | 29.20% | 9.04% | 15.27% | (9.40)%D | 22.10% |
Ratios to Average Net AssetsB,I,J | ||||||
Expenses before reductions | 1.41%K | 1.41% | 1.45% | 1.46% | 1.46% | 1.48% |
Expenses net of fee waivers, if any | 1.41%K | 1.41% | 1.45% | 1.46% | 1.46% | 1.47% |
Expenses net of all reductions | 1.41%K | 1.41% | 1.44% | 1.46% | 1.44% | 1.47% |
Net investment income (loss) | (.01)%K | .04% | (.11)% | .70% | .62% | .56% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $142 | $183 | $159 | $173 | $175 | $224 |
Portfolio turnover rateL | 20%K | 30% | 30% | 37%M | 32% | 44% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Amount represents less than $.005 per share.
D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.11 per share. Excluding these litigation proceeds, the total return would have been (9.88)%
E Total distributions per share do not sum due to rounding.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Total returns do not include the effect of the sales charges.
I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
K Annualized
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
M Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Diversified International Fund Class C
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $30.84 | $23.99 | $22.20 | $20.11 | $22.35 | $18.48 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | (.07) | (.14) | (.14) | .04 | .03 | .01 |
Net realized and unrealized gain (loss) | (5.29) | 6.99 | 2.01 | 2.79 | (2.23)C | 3.94 |
Total from investment operations | (5.36) | 6.85 | 1.87 | 2.83 | (2.20) | 3.95 |
Distributions from net investment income | – | – | (.01) | – | – | (.03) |
Distributions from net realized gain | (2.85) | – | (.07) | (.74) | (.04) | (.05) |
Total distributions | (2.85) | – | (.08) | (.74) | (.04) | (.08) |
Redemption fees added to paid in capitalA | – | – | – | – | – | –D |
Net asset value, end of period | $22.63 | $30.84 | $23.99 | $22.20 | $20.11 | $22.35 |
Total ReturnE,F,G | (18.95)% | 28.55% | 8.44% | 14.72% | (9.85)%C | 21.46% |
Ratios to Average Net AssetsB,H,I | ||||||
Expenses before reductions | 1.95%J | 1.95% | 1.98% | 1.98% | 1.95% | 1.96% |
Expenses net of fee waivers, if any | 1.95%J | 1.95% | 1.98% | 1.98% | 1.95% | 1.96% |
Expenses net of all reductions | 1.95%J | 1.95% | 1.96% | 1.97% | 1.94% | 1.96% |
Net investment income (loss) | (.55)%J | (.50)% | (.64)% | .18% | .13% | .07% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $28 | $39 | $48 | $59 | $150 | $211 |
Portfolio turnover rateK | 20%J | 30% | 30% | 37%L | 32% | 44% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.11 per share. Excluding these litigation proceeds, the total return would have been (10.33)%
D Amount represents less than $.005 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Total returns do not include the effect of the contingent deferred sales charge.
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
J Annualized
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
L Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Diversified International Fund Class I
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $33.20 | $25.57 | $23.68 | $21.44 | $23.85 | $19.73 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | .07 | .17 | .10 | .27 | .27 | .24 |
Net realized and unrealized gain (loss) | (5.68) | 7.47 | 2.16 | 2.95 | (2.37)C | 4.18 |
Total from investment operations | (5.61) | 7.64 | 2.26 | 3.22 | (2.10) | 4.42 |
Distributions from net investment income | (.39) | (.01) | (.30) | (.24) | (.24) | (.25) |
Distributions from net realized gain | (2.85) | – | (.07) | (.74) | (.07) | (.05) |
Total distributions | (3.24) | (.01) | (.37) | (.98) | (.31) | (.30) |
Redemption fees added to paid in capitalA | – | – | – | – | – | –D |
Net asset value, end of period | $24.35 | $33.20 | $25.57 | $23.68 | $21.44 | $23.85 |
Total ReturnE,F | (18.52)% | 29.87% | 9.63% | 15.89% | (8.94)%C | 22.75% |
Ratios to Average Net AssetsB,G,H | ||||||
Expenses before reductions | .90%I | .90% | .92% | .92% | .92% | .93% |
Expenses net of fee waivers, if any | .90%I | .90% | .92% | .92% | .92% | .93% |
Expenses net of all reductions | .90%I | .90% | .91% | .91% | .91% | .92% |
Net investment income (loss) | .50%I | .55% | .42% | 1.24% | 1.16% | 1.10% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $562 | $725 | $595 | $583 | $807 | $953 |
Portfolio turnover rateJ | 20%I | 30% | 30% | 37%K | 32% | 44% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.11 per share. Excluding these litigation proceeds, the total return would have been (9.42)%
D Amount represents less than $.005 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Annualized
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Diversified International Fund Class Z
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $33.19 | $25.55 | $23.67 | $21.44 | $23.85 | $19.73 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | .09 | .22 | .14 | .30 | .31 | .27 |
Net realized and unrealized gain (loss) | (5.67) | 7.46 | 2.15 | 2.94 | (2.37)C | 4.18 |
Total from investment operations | (5.58) | 7.68 | 2.29 | 3.24 | (2.06) | 4.45 |
Distributions from net investment income | (.44) | (.04) | (.34) | (.28) | (.28) | (.28) |
Distributions from net realized gain | (2.85) | – | (.07) | (.74) | (.07) | (.05) |
Total distributions | (3.29) | (.04) | (.41) | (1.01)D | (.35) | (.33) |
Redemption fees added to paid in capitalA | – | – | – | – | – | –E |
Net asset value, end of period | $24.32 | $33.19 | $25.55 | $23.67 | $21.44 | $23.85 |
Total ReturnF,G | (18.46)% | 30.10% | 9.78% | 16.04% | (8.78)%C | 22.94% |
Ratios to Average Net AssetsB,H,I | ||||||
Expenses before reductions | .76%J | .76% | .77% | .77% | .78% | .78% |
Expenses net of fee waivers, if any | .76%J | .76% | .77% | .77% | .78% | .78% |
Expenses net of all reductions | .76%J | .76% | .76% | .77% | .76% | .78% |
Net investment income (loss) | .65%J | .70% | .57% | 1.39% | 1.30% | 1.25% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $327 | $393 | $289 | $274 | $298 | $286 |
Portfolio turnover rateK | 20%J | 30% | 30% | 37%L | 32% | 44% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.11 per share. Excluding these litigation proceeds, the total return would have been (9.26)%
D Total distributions per share do not sum due to rounding.
E Amount represents less than $.005 per share.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
J Annualized
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
L Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended April 30, 2022
(Amounts in thousands except percentages)
1. Organization.
Fidelity Advisor Diversified International Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – unadjusted quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2022 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Realized gains and losses on foreign currency transactions arise from the disposition of foreign currency, realized changes in the value of foreign currency between the trade and settlement dates on security transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on transaction date and the U.S. dollar equivalent of the amounts actually received or paid. Unrealized gains and losses on assets and liabilities in foreign currencies arise from changes in the value of foreign currency, and from assets and liabilities denominated in foreign currencies, other than investments, which are held at period end.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $491,289 |
Gross unrealized depreciation | (67,493) |
Net unrealized appreciation (depreciation) | $423,796 |
Tax cost | $1,133,404 |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Diversified International Fund | 171,183 | 247,388 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .424% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .65% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | -% | .25% | $702 | $11 |
Class M | .25% | .25% | 417 | 4 |
Class C | .75% | .25% | 174 | 15 |
$1,293 | $30 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained by FDC | |
Class A | $21 |
Class M | 2 |
Class C(a) | –(b) |
$23 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
(b) In the amount of less than five-hundred dollars.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets(a) | |
Class A | $521 | .19 |
Class M | 160 | .19 |
Class C | 41 | .24 |
Class I | 611 | .19 |
Class Z | 75 | .04 |
$1,408 |
(a) Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
% of Average Net Assets | |
Fidelity Advisor Diversified International Fund | .04 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
Amount | |
Fidelity Advisor Diversified International Fund | $1 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Diversified International Fund | 3,308 | 8,076 | 902 |
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
Amount ($) | |
Fidelity Advisor Diversified International Fund | 1 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
Amount | |
Fidelity Advisor Diversified International Fund | $2 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor Diversified International Fund | $–(a) | $– | $– |
(a) Amount represents less than five-hundred dollars.
8. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $26.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended April 30, 2022 | Year ended October 31, 2021 | |
Fidelity Advisor Diversified International Fund | ||
Distributions to shareholders | ||
Class A | $59,821 | $– |
Class M | 17,464 | – |
Class C | 3,600 | – |
Class I | 70,433 | 139 |
Class Z | 38,978 | 482 |
Total | $190,296 | $621 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Six months ended April 30, 2022 | Year ended October 31, 2021 | Six months ended April 30, 2022 | Year ended October 31, 2021 | |
Fidelity Advisor Diversified International Fund | ||||
Class A | ||||
Shares sold | 601 | 1,931 | $16,534 | $57,801 |
Reinvestment of distributions | 1,965 | – | 56,205 | – |
Shares redeemed | (1,546) | (3,291) | (42,807) | (99,463) |
Net increase (decrease) | 1,020 | (1,360) | $29,932 | $(41,662) |
Class M | ||||
Shares sold | 131 | 287 | $3,591 | $8,523 |
Reinvestment of distributions | 606 | – | 17,157 | – |
Shares redeemed | (402) | (971) | (10,843) | (29,122) |
Net increase (decrease) | 335 | (684) | $9,905 | $(20,599) |
Class C | ||||
Shares sold | 72 | 133 | $1,852 | $3,803 |
Reinvestment of distributions | 131 | – | 3,566 | – |
Shares redeemed | (233) | (843) | (6,081) | (24,305) |
Net increase (decrease) | (30) | (710) | $(663) | $(20,502) |
Class I | ||||
Shares sold | 2,080 | 3,394 | $58,857 | $104,382 |
Reinvestment of distributions | 1,796 | 4 | 52,420 | 102 |
Shares redeemed | (2,648) | (4,825) | (73,896) | (149,482) |
Net increase (decrease) | 1,228 | (1,427) | $37,381 | $(44,998) |
Class Z | ||||
Shares sold | 1,297 | 2,717 | $36,071 | $84,432 |
Reinvestment of distributions | 1,264 | 16 | 36,834 | 452 |
Shares redeemed | (971) | (2,214) | (27,105) | (67,660) |
Net increase (decrease) | 1,590 | 519 | $45,800 | $17,224 |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 to April 30, 2022).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annualized Expense Ratio-A | Beginning Account Value November 1, 2021 | Ending Account Value April 30, 2022 | Expenses Paid During Period-B November 1, 2021 to April 30, 2022 | |
Fidelity Advisor Diversified International Fund | ||||
Class A | 1.15% | |||
Actual | $1,000.00 | $813.70 | $5.17 | |
Hypothetical-C | $1,000.00 | $1,019.09 | $5.76 | |
Class M | 1.41% | |||
Actual | $1,000.00 | $812.90 | $6.34 | |
Hypothetical-C | $1,000.00 | $1,017.80 | $7.05 | |
Class C | 1.95% | |||
Actual | $1,000.00 | $810.50 | $8.75 | |
Hypothetical-C | $1,000.00 | $1,015.12 | $9.74 | |
Class I | .90% | |||
Actual | $1,000.00 | $814.80 | $4.05 | |
Hypothetical-C | $1,000.00 | $1,020.33 | $4.51 | |
Class Z | .76% | |||
Actual | $1,000.00 | $815.40 | $3.42 | |
Hypothetical-C | $1,000.00 | $1,021.03 | $3.81 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.
In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments – cash or convertible to cash within three business days or less
- Moderately liquid investments – convertible to cash in three to seven calendar days
- Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments – cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.
ADIF-SANN-0622
1.720067.123
Fidelity Advisor® Global Capital Appreciation Fund
Semi-Annual Report
April 30, 2022
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. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Investment Summary (Unaudited)
Top Ten Stocks as of April 30, 2022
% of fund's net assets | |
Microsoft Corp. (United States of America, Software) | 6.8 |
Apple, Inc. (United States of America, Technology Hardware, Storage & Peripherals) | 5.8 |
Alphabet, Inc. Class A (United States of America, Interactive Media & Services) | 5.0 |
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 2.8 |
Wells Fargo & Co. (United States of America, Banks) | 2.8 |
AMETEK, Inc. (United States of America, Electrical Equipment) | 2.6 |
Meta Platforms, Inc. Class A (United States of America, Interactive Media & Services) | 2.5 |
American Express Co. (United States of America, Consumer Finance) | 2.5 |
MasterCard, Inc. Class A (United States of America, IT Services) | 2.5 |
Lam Research Corp. (United States of America, Semiconductors & Semiconductor Equipment) | 2.5 |
35.8 |
Market Sectors as of April 30, 2022
% of fund's net assets | |
Information Technology | 30.1 |
Financials | 15.2 |
Consumer Discretionary | 11.7 |
Communication Services | 10.8 |
Industrials | 10.3 |
Health Care | 8.6 |
Energy | 7.6 |
Materials | 3.4 |
Real Estate | 1.3 |
Geographic Diversification (% of fund's net assets)
As of April 30, 2022 | ||
United States of America* | 63.5% | |
India | 6.0% | |
France | 5.4% | |
Canada | 4.0% | |
Switzerland | 3.4% | |
Japan | 3.3% | |
United Kingdom | 2.3% | |
Ireland | 2.0% | |
Australia | 2.0% | |
Other | 8.1% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation (% of fund's net assets)
As of April 30, 2022 | ||
Stocks | 99.0% | |
Short-Term Investments and Net Other Assets (Liabilities) | 1.0% |
Schedule of Investments April 30, 2022 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.5% | |||
Shares | Value | ||
Australia - 2.0% | |||
Iluka Resources Ltd. | 245,252 | $1,921,035 | |
Canada - 4.0% | |||
Canadian Natural Resources Ltd. (a) | 35,300 | 2,184,011 | |
GFL Environmental, Inc. (a) | 28,100 | 846,653 | |
Tourmaline Oil Corp. | 15,400 | 793,106 | |
TOTAL CANADA | 3,823,770 | ||
Cayman Islands - 0.7% | |||
Tencent Holdings Ltd. | 13,800 | 650,323 | |
Denmark - 1.3% | |||
DSV A/S | 7,800 | 1,278,824 | |
France - 5.4% | |||
LVMH Moet Hennessy Louis Vuitton SE | 4,200 | 2,717,968 | |
Sartorius Stedim Biotech | 2,700 | 883,518 | |
Teleperformance | 4,600 | 1,650,991 | |
TOTAL FRANCE | 5,252,477 | ||
Hong Kong - 1.2% | |||
AIA Group Ltd. | 122,400 | 1,202,428 | |
India - 6.0% | |||
Axis Bank Ltd. (b) | 217,300 | 2,045,913 | |
Kotak Mahindra Bank Ltd. (b) | 67,244 | 1,557,513 | |
Reliance Industries Ltd. | 23,900 | 864,909 | |
TCNS Clothing Co. Ltd. (b)(c) | 121,400 | 1,319,476 | |
TOTAL INDIA | 5,787,811 | ||
Indonesia - 1.1% | |||
PT Bank Central Asia Tbk | 1,965,200 | 1,102,225 | |
Ireland - 2.0% | |||
Accenture PLC Class A | 6,500 | 1,952,340 | |
Japan - 3.3% | |||
Hitachi Ltd. | 29,200 | 1,384,853 | |
Hoya Corp. | 9,300 | 922,952 | |
Keyence Corp. | 2,200 | 884,409 | |
TOTAL JAPAN | 3,192,214 | ||
Netherlands - 1.1% | |||
NXP Semiconductors NV | 6,000 | 1,025,400 | |
Switzerland - 3.4% | |||
Roche Holding AG (participation certificate) | 5,070 | 1,880,027 | |
Sika AG | 4,450 | 1,359,289 | |
TOTAL SWITZERLAND | 3,239,316 | ||
Taiwan - 1.8% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 18,500 | 1,719,205 | |
United Kingdom - 2.3% | |||
Discoverie Group PLC | 125,075 | 1,186,435 | |
S4 Capital PLC (b) | 225,432 | 852,663 | |
Starling Bank Ltd. Series D (b)(d)(e) | 72,300 | 214,374 | |
TOTAL UNITED KINGDOM | 2,253,472 | ||
United States of America - 61.9% | |||
Adobe, Inc. (b) | 3,300 | 1,306,635 | |
Alphabet, Inc. Class A (b) | 2,100 | 4,792,599 | |
Amazon.com, Inc. (b) | 745 | 1,851,794 | |
American Express Co. | 14,100 | 2,463,411 | |
AMETEK, Inc. | 20,300 | 2,563,078 | |
Apple, Inc. | 35,600 | 5,612,340 | |
Booking Holdings, Inc. (b) | 875 | 1,934,021 | |
CBRE Group, Inc. | 15,100 | 1,253,904 | |
Cintas Corp. | 2,900 | 1,152,054 | |
D.R. Horton, Inc. | 9,700 | 675,023 | |
Deckers Outdoor Corp. (b) | 8,300 | 2,205,725 | |
Halliburton Co. | 60,500 | 2,155,010 | |
Intercontinental Exchange, Inc. | 13,300 | 1,540,273 | |
Interpublic Group of Companies, Inc. | 49,100 | 1,601,642 | |
Intuit, Inc. | 3,100 | 1,298,125 | |
Lam Research Corp. | 5,100 | 2,375,376 | |
Marvell Technology, Inc. | 17,300 | 1,004,784 | |
MasterCard, Inc. Class A | 6,700 | 2,434,646 | |
Meta Platforms, Inc. Class A (b) | 12,300 | 2,465,781 | |
Microsoft Corp. | 23,800 | 6,604,979 | |
NVIDIA Corp. | 10,900 | 2,021,623 | |
S&P Global, Inc. | 5,300 | 1,995,450 | |
Stryker Corp. | 7,500 | 1,809,450 | |
Tenet Healthcare Corp. (b) | 11,500 | 833,865 | |
U.S. Silica Holdings, Inc. (b) | 73,100 | 1,358,198 | |
UnitedHealth Group, Inc. | 3,700 | 1,881,635 | |
Wells Fargo & Co. | 61,400 | 2,678,882 | |
TOTAL UNITED STATES OF AMERICA | 59,870,303 | ||
TOTAL COMMON STOCKS | |||
(Cost $76,544,774) | 94,271,143 | ||
Preferred Stocks - 1.5% | |||
Convertible Preferred Stocks - 0.6% | |||
United States of America - 0.6% | |||
Wasabi Holdings, Inc. Series C (b)(d)(e) | 50,623 | 547,741 | |
Nonconvertible Preferred Stocks - 0.9% | |||
Korea (South) - 0.9% | |||
Samsung Electronics Co. Ltd. | 20,000 | 932,686 | |
TOTAL PREFERRED STOCKS | |||
(Cost $1,281,810) | 1,480,427 | ||
Money Market Funds - 3.1% | |||
Fidelity Cash Central Fund 0.32% (f) | 807,902 | 808,064 | |
Fidelity Securities Lending Cash Central Fund 0.32% (f)(g) | 2,183,932 | 2,184,150 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $2,992,214) | 2,992,214 | ||
TOTAL INVESTMENT IN SECURITIES - 102.1% | |||
(Cost $80,818,798) | 98,743,784 | ||
NET OTHER ASSETS (LIABILITIES) - (2.1)% | (2,057,810) | ||
NET ASSETS - 100% | $96,685,974 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Security or a portion of the security is on loan at period end.
(b) Non-income producing
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,319,476 or 1.4% of net assets.
(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $762,115 or 0.8% of net assets.
(e) Level 3 security
(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(g) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
Starling Bank Ltd. Series D | 6/18/21 - 4/5/22 | $138,336 |
Wasabi Holdings, Inc. Series C | 3/31/21 - 4/30/21 | $549,998 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Cash Central Fund 0.32% | $4,678,689 | $13,465,701 | $17,336,326 | $1,267 | $-- | $-- | $808,064 | 0.0% |
Fidelity Securities Lending Cash Central Fund 0.32% | 1,086,800 | 9,118,505 | 8,021,155 | 355 | -- | -- | 2,184,150 | 0.0% |
Total | $5,765,489 | $22,584,206 | $25,357,481 | $1,622 | $-- | $-- | $2,992,214 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $10,363,008 | $8,860,022 | $1,502,986 | $-- |
Consumer Discretionary | 11,251,748 | 6,666,563 | 4,037,444 | 547,741 |
Energy | 7,355,234 | 6,490,325 | 864,909 | -- |
Financials | 14,800,469 | 8,678,016 | 5,908,079 | 214,374 |
Health Care | 8,211,447 | 4,524,950 | 3,686,497 | -- |
Industrials | 10,062,888 | 4,561,785 | 5,501,103 | -- |
Information Technology | 29,172,548 | 27,355,453 | 1,817,095 | -- |
Materials | 3,280,324 | -- | 3,280,324 | -- |
Real Estate | 1,253,904 | 1,253,904 | -- | -- |
Money Market Funds | 2,992,214 | 2,992,214 | -- | -- |
Total Investments in Securities: | $98,743,784 | $71,383,232 | $26,598,437 | $762,115 |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
April 30, 2022 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $2,081,776) — See accompanying schedule: Unaffiliated issuers (cost $77,826,584) | $95,751,570 | |
Fidelity Central Funds (cost $2,992,214) | 2,992,214 | |
Total Investment in Securities (cost $80,818,798) | $98,743,784 | |
Cash | 2,225 | |
Foreign currency held at value (cost $13,715) | 13,767 | |
Receivable for investments sold | 98,197 | |
Receivable for fund shares sold | 35,211 | |
Dividends receivable | 39,285 | |
Reclaims receivable | 74,618 | |
Distributions receivable from Fidelity Central Funds | 175 | |
Prepaid expenses | 38 | |
Other receivables | 43,084 | |
Total assets | 99,050,384 | |
Liabilities | ||
Payable for fund shares redeemed | $48,945 | |
Accrued management fee | 57,784 | |
Distribution and service plan fees payable | 20,828 | |
Other affiliated payables | 19,110 | |
Other payables and accrued expenses | 33,593 | |
Collateral on securities loaned | 2,184,150 | |
Total liabilities | 2,364,410 | |
Net Assets | $96,685,974 | |
Net Assets consist of: | ||
Paid in capital | $75,325,762 | |
Total accumulated earnings (loss) | 21,360,212 | |
Net Assets | $96,685,974 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($32,479,683 ÷ 1,737,164 shares)(a) | $18.70 | |
Maximum offering price per share (100/94.25 of $18.70) | $19.84 | |
Class M: | ||
Net Asset Value and redemption price per share ($18,305,586 ÷ 1,043,808 shares)(a) | $17.54 | |
Maximum offering price per share (100/96.50 of $17.54) | $18.18 | |
Class C: | ||
Net Asset Value and offering price per share ($6,149,886 ÷ 405,864 shares)(a) | $15.15 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($39,750,819 ÷ 1,986,054 shares) | $20.01 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended April 30, 2022 (Unaudited) | ||
Investment Income | ||
Dividends | $489,408 | |
Non-Cash dividends | 26,556 | |
Income from Fidelity Central Funds (including $355 from security lending) | 1,622 | |
Income before foreign taxes withheld | 517,586 | |
Less foreign taxes withheld | (32,329) | |
Total income | 485,257 | |
Expenses | ||
Management fee | ||
Basic fee | $381,325 | |
Performance adjustment | 16,594 | |
Transfer agent fees | 98,942 | |
Distribution and service plan fees | 137,159 | |
Accounting fees | 21,999 | |
Custodian fees and expenses | 4,009 | |
Independent trustees' fees and expenses | 196 | |
Registration fees | 45,250 | |
Audit | 36,941 | |
Legal | 4,865 | |
Miscellaneous | 303 | |
Total expenses before reductions | 747,583 | |
Expense reductions | (22,476) | |
Total expenses after reductions | 725,107 | |
Net investment income (loss) | (239,850) | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 4,111,663 | |
Foreign currency transactions | (2,865) | |
Total net realized gain (loss) | 4,108,798 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of decrease in deferred foreign taxes of $15,085) | (23,199,442) | |
Assets and liabilities in foreign currencies | (6,807) | |
Total change in net unrealized appreciation (depreciation) | (23,206,249) | |
Net gain (loss) | (19,097,451) | |
Net increase (decrease) in net assets resulting from operations | $(19,337,301) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended April 30, 2022 (Unaudited) | Year ended October 31, 2021 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $(239,850) | $(445,610) |
Net realized gain (loss) | 4,108,798 | 12,394,934 |
Change in net unrealized appreciation (depreciation) | (23,206,249) | 17,307,359 |
Net increase (decrease) in net assets resulting from operations | (19,337,301) | 29,256,683 |
Distributions to shareholders | (9,072,211) | – |
Share transactions - net increase (decrease) | 4,889,998 | (6,655,855) |
Total increase (decrease) in net assets | (23,519,514) | 22,600,828 |
Net Assets | ||
Beginning of period | 120,205,488 | 97,604,660 |
End of period | $96,685,974 | $120,205,488 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Global Capital Appreciation Fund Class A
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $24.21 | $18.53 | $15.65 | $16.48 | $20.21 | $16.18 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | (.05) | (.09)C | (.08) | .10 | .05 | .05 |
Net realized and unrealized gain (loss) | (3.63) | 5.77 | 3.03 | .50 | (1.22) | 4.15 |
Total from investment operations | (3.68) | 5.68 | 2.95 | .60 | (1.17) | 4.20 |
Distributions from net investment income | – | – | (.07) | (.02) | (.04) | – |
Distributions from net realized gain | (1.83) | – | – | (1.41) | (2.52) | (.17) |
Total distributions | (1.83) | – | (.07) | (1.43) | (2.56) | (.17) |
Redemption fees added to paid in capitalA | – | – | – | – | –D | –D |
Net asset value, end of period | $18.70 | $24.21 | $18.53 | $15.65 | $16.48 | $20.21 |
Total ReturnE,F,G | (16.36)% | 30.65% | 18.89% | 4.39% | (6.74)% | 26.17% |
Ratios to Average Net AssetsB,H,I | ||||||
Expenses before reductions | 1.36%J | 1.15% | 1.23% | 1.14% | 1.39% | 1.48% |
Expenses net of fee waivers, if any | 1.30%J | 1.15% | 1.23% | 1.14% | 1.39% | 1.45% |
Expenses net of all reductions | 1.30%J | 1.15% | 1.21% | 1.14% | 1.37% | 1.44% |
Net investment income (loss) | (.44)%J | (.42)%C | (.45)% | .66% | .26% | .28% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $32,480 | $40,398 | $31,247 | $30,046 | $33,589 | $38,710 |
Portfolio turnover rateK | 37%J | 58% | 44% | 142% | 99% | 137% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.50) %.
D Amount represents less than $.005 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Total returns do not include the effect of the sales charges.
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
J Annualized
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Global Capital Appreciation Fund Class M
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $22.85 | $17.54 | $14.82 | $15.70 | $19.37 | $15.56 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | (.07) | (.14)C | (.12) | .05 | – | .01 |
Net realized and unrealized gain (loss) | (3.41) | 5.45 | 2.87 | .48 | (1.15) | 3.97 |
Total from investment operations | (3.48) | 5.31 | 2.75 | .53 | (1.15) | 3.98 |
Distributions from net investment income | – | – | (.03) | – | – | – |
Distributions from net realized gain | (1.83) | – | – | (1.41) | (2.52) | (.17) |
Total distributions | (1.83) | – | (.03) | (1.41) | (2.52) | (.17) |
Redemption fees added to paid in capitalA | – | – | – | – | –D | –D |
Net asset value, end of period | $17.54 | $22.85 | $17.54 | $14.82 | $15.70 | $19.37 |
Total ReturnE,F,G | (16.47)% | 30.27% | 18.59% | 4.10% | (6.97)% | 25.80% |
Ratios to Average Net AssetsB,H,I | ||||||
Expenses before reductions | 1.61%J | 1.41% | 1.51% | 1.43% | 1.67% | 1.77% |
Expenses net of fee waivers, if any | 1.55%J | 1.41% | 1.50% | 1.43% | 1.67% | 1.70% |
Expenses net of all reductions | 1.55%J | 1.41% | 1.49% | 1.42% | 1.65% | 1.69% |
Net investment income (loss) | (.69)%J | (.68)%C | (.73)% | .37% | (.01)% | .03% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $18,306 | $22,618 | $18,864 | $18,611 | $21,339 | $25,535 |
Portfolio turnover rateK | 37%J | 58% | 44% | 142% | 99% | 137% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.76) %.
D Amount represents less than $.005 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Total returns do not include the effect of the sales charges.
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
J Annualized
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Global Capital Appreciation Fund Class C
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $20.04 | $15.46 | $13.10 | $14.11 | $17.65 | $14.26 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | (.10) | (.22)C | (.17) | (.01) | (.08) | (.07) |
Net realized and unrealized gain (loss) | (2.96) | 4.80 | 2.53 | .41 | (1.02) | 3.63 |
Total from investment operations | (3.06) | 4.58 | 2.36 | .40 | (1.10) | 3.56 |
Distributions from net investment income | – | – | – | – | – | – |
Distributions from net realized gain | (1.83) | – | – | (1.41) | (2.44) | (.17) |
Total distributions | (1.83) | – | – | (1.41) | (2.44) | (.17) |
Redemption fees added to paid in capitalA | – | – | – | – | –D | –D |
Net asset value, end of period | $15.15 | $20.04 | $15.46 | $13.10 | $14.11 | $17.65 |
Total ReturnE,F,G | (16.70)% | 29.62% | 18.02% | 3.59% | (7.39)% | 25.20% |
Ratios to Average Net AssetsB,H,I | ||||||
Expenses before reductions | 2.13%J | 1.92% | 1.99% | 1.90% | 2.14% | 2.23% |
Expenses net of fee waivers, if any | 2.05%J | 1.92% | 1.98% | 1.90% | 2.14% | 2.20% |
Expenses net of all reductions | 2.05%J | 1.92% | 1.97% | 1.89% | 2.12% | 2.19% |
Net investment income (loss) | (1.19)%J | (1.19)%C | (1.21)% | (.10)% | (.48)% | (.47)% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $6,150 | $8,044 | $9,134 | $12,540 | $19,741 | $24,215 |
Portfolio turnover rateK | 37%J | 58% | 44% | 142% | 99% | 137% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.01 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (1.27) %.
D Amount represents less than $.005 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Total returns do not include the effect of the contingent deferred sales charge.
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
J Annualized
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Global Capital Appreciation Fund Class I
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $25.75 | $19.65 | $16.57 | $17.37 | $21.16 | $16.90 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | (.02) | (.02)C | (.02) | .16 | .11 | .11 |
Net realized and unrealized gain (loss) | (3.89) | 6.12 | 3.21 | .52 | (1.28) | 4.33 |
Total from investment operations | (3.91) | 6.10 | 3.19 | .68 | (1.17) | 4.44 |
Distributions from net investment income | – | – | (.11) | (.08) | (.10) | – |
Distributions from net realized gain | (1.83) | – | – | (1.41) | (2.52) | (.18) |
Total distributions | (1.83) | – | (.11) | (1.48)D | (2.62) | (.18) |
Redemption fees added to paid in capitalA | – | – | – | – | –E | –E |
Net asset value, end of period | $20.01 | $25.75 | $19.65 | $16.57 | $17.37 | $21.16 |
Total ReturnF,G | (16.27)% | 31.04% | 19.37% | 4.69% | (6.45)% | 26.52% |
Ratios to Average Net AssetsB,H,I | ||||||
Expenses before reductions | 1.03%J | .82% | .89% | .82% | 1.09% | 1.16% |
Expenses net of fee waivers, if any | 1.03%J | .82% | .89% | .82% | 1.09% | 1.16% |
Expenses net of all reductions | 1.03%J | .82% | .87% | .82% | 1.07% | 1.15% |
Net investment income (loss) | (.17)%J | (.09)%C | (.11)% | .97% | .57% | .57% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $39,751 | $49,146 | $38,359 | $37,068 | $45,029 | $50,881 |
Portfolio turnover rateK | 37%J | 58% | 44% | 142% | 99% | 137% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.17) %.
D Total distributions per share do not sum due to rounding.
E Amount represents less than $.005 per share.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
J Annualized
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended April 30, 2022
1. Organization.
Fidelity Advisor Global Capital Appreciation Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, and Class I shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – unadjusted quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2022 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, net operating losses, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $21,708,853 |
Gross unrealized depreciation | (3,857,782) |
Net unrealized appreciation (depreciation) | $17,851,071 |
Tax cost | $80,892,713 |
The Fund elected to defer to its next fiscal year approximately $352,516 of ordinary losses recognized during the period January 1,2021 to October 31, 2021.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Global Capital Appreciation Fund | 20,212,233 | 20,519,750 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20 % of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Class I as compared to its benchmark index, the MSCI All Country World Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .70% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | -% | .25% | $47,494 | $1,554 |
Class M | .25% | .25% | 53,008 | 521 |
Class C | .75% | .25% | 36,657 | 3,576 |
$137,159 | $5,651 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained by FDC | |
Class A | $4,605 |
Class M | 841 |
Class C(a) | 358 |
$5,804 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets(a) | |
Class A | $39,307 | .21 |
Class M | 22,103 | .21 |
Class C | 8,109 | .22 |
Class I | 29,423 | .13 |
$98,942 |
(a) Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
% of Average Net Assets | |
Fidelity Advisor Global Capital Appreciation Fund | .04 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
Amount | |
Fidelity Advisor Global Capital Appreciation Fund | $101 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Global Capital Appreciation Fund | 1,709,049 | 177,868 | 19,754 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
Amount | |
Fidelity Advisor Global Capital Appreciation Fund | $96 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor Global Capital Appreciation Fund | $38 | $– | $– |
8. Expense Reductions.
The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2023. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
Expense Limitations | Reimbursement | |
Class A | 1.30% | $11,450 |
Class M | 1.55% | 6,555 |
Class C | 2.05% | 2,780 |
$20,785 |
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $13.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $1,678.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended April 30, 2022 | Year ended October 31, 2021 | |
Fidelity Advisor Global Capital Appreciation Fund | ||
Distributions to shareholders | ||
Class A | $3,042,311 | $ - |
Class M | 1,796,615 | – |
Class C | 718,694 | – |
Class I | 3,514,591 | – |
Total | $9,072,211 | $– |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Six months ended April 30, 2022 | Year ended October 31, 2021 | Six months ended April 30, 2022 | Year ended October 31, 2021 | |
Fidelity Advisor Global Capital Appreciation Fund | ||||
Class A | ||||
Shares sold | 106,883 | 306,788 | $2,325,893 | $6,747,703 |
Reinvestment of distributions | 134,237 | – | 2,959,935 | – |
Shares redeemed | (172,709) | (324,095) | (3,647,003) | (7,086,089) |
Net increase (decrease) | 68,411 | (17,307) | $1,638,825 | $(338,386) |
Class M | ||||
Shares sold | 31,741 | 62,615 | $649,991 | $1,290,422 |
Reinvestment of distributions | 86,174 | – | 1,783,793 | – |
Shares redeemed | (64,008) | (148,393) | (1,301,621) | (3,082,706) |
Net increase (decrease) | 53,907 | (85,778) | $1,132,163 | $(1,792,284) |
Class C | ||||
Shares sold | 22,486 | 50,046 | $401,785 | $925,839 |
Reinvestment of distributions | 39,691 | – | 711,270 | – |
Shares redeemed | (57,721) | (239,505) | (1,015,374) | (4,335,944) |
Net increase (decrease) | 4,456 | (189,459) | $97,681 | $(3,410,105) |
Class I | ||||
Shares sold | 130,505 | 259,945 | $3,065,642 | $5,994,641 |
Reinvestment of distributions | 135,399 | – | 3,191,354 | – |
Shares redeemed | (188,336) | (303,759) | (4,235,667) | (7,109,721) |
Net increase (decrease) | 77,568 | (43,814) | $2,021,329 | $(1,115,080) |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 to April 30, 2022).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annualized Expense Ratio-A | Beginning Account Value November 1, 2021 | Ending Account Value April 30, 2022 | Expenses Paid During Period-B November 1, 2021 to April 30, 2022 | |
Fidelity Advisor Global Capital Appreciation Fund | ||||
Class A | 1.30% | |||
Actual | $1,000.00 | $836.40 | $5.92 | |
Hypothetical-C | $1,000.00 | $1,018.35 | $6.51 | |
Class M | 1.55% | |||
Actual | $1,000.00 | $835.30 | $7.05 | |
Hypothetical-C | $1,000.00 | $1,017.11 | $7.75 | |
Class C | 2.05% | |||
Actual | $1,000.00 | $833.00 | $9.32 | |
Hypothetical-C | $1,000.00 | $1,014.63 | $10.24 | |
Class I | 1.03% | |||
Actual | $1,000.00 | $837.30 | $4.69 | |
Hypothetical-C | $1,000.00 | $1,019.69 | $5.16 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.
In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments – cash or convertible to cash within three business days or less
- Moderately liquid investments – convertible to cash in three to seven calendar days
- Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments – cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.
AGLO-SANN-0622
1.719689.123
Fidelity Advisor® Emerging Asia Fund
Semi-Annual Report
April 30, 2022
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. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Investment Summary (Unaudited)
Top Ten Stocks as of April 30, 2022
% of fund's net assets | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 9.7 |
Alibaba Group Holding Ltd. sponsored ADR | 6.5 |
Meituan Class B | 5.0 |
Samsung Electronics Co. Ltd. | 4.0 |
Pinduoduo, Inc. ADR | 3.9 |
Reliance Industries Ltd. | 3.8 |
Alibaba Group Holding Ltd. | 3.2 |
Z Holdings Corp. | 1.8 |
Bilibili, Inc. ADR | 1.8 |
AIA Group Ltd. | 1.6 |
41.3 |
Market Sectors as of April 30, 2022
% of fund's net assets | |
Information Technology | 29.9 |
Consumer Discretionary | 26.8 |
Health Care | 10.6 |
Financials | 8.6 |
Industrials | 5.6 |
Communication Services | 5.1 |
Energy | 3.8 |
Consumer Staples | 2.5 |
Real Estate | 1.7 |
Materials | 1.6 |
Asset Allocation (% of fund's net assets)
As of April 30, 2022 | ||
Stocks | 95.7% | |
Bonds | 0.5% | |
Short-Term Investments and Net Other Assets (Liabilities) | 3.8% |
Schedule of Investments April 30, 2022 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.4% | |||
Shares | Value | ||
Bermuda - 0.3% | |||
Huanxi Media Group Ltd. (a) | 10,487,142 | $1,818,873 | |
Cayman Islands - 29.6% | |||
Akeso, Inc. (a)(b)(c) | 695,989 | 1,298,419 | |
Alibaba Group Holding Ltd. (a) | 1,415,651 | 17,267,671 | |
Alibaba Group Holding Ltd. sponsored ADR (a) | 358,436 | 34,800,551 | |
Antengene Corp. (a)(c) | 1,628,498 | 1,280,988 | |
Archosaur Games, Inc. (c) | 2,019,517 | 1,911,284 | |
Bairong, Inc. (a)(c) | 965,327 | 1,306,293 | |
BC Technology Group Ltd. (a) | 1,636,281 | 1,022,468 | |
Bilibili, Inc. ADR (a)(b) | 399,645 | 9,727,359 | |
Boqii Holding Ltd. ADR (a) | 451,641 | 166,204 | |
Frontage Holdings Corp. (a)(c) | 5,367,510 | 1,585,278 | |
GDS Holdings Ltd. ADR (a)(b) | 31,087 | 976,754 | |
Innovent Biologics, Inc. (a)(c) | 377,646 | 1,171,247 | |
iQIYI, Inc. ADR (a)(b) | 382,781 | 1,362,700 | |
Jacobio Pharmaceuticals Group Co. Ltd. (a)(c) | 642,537 | 648,332 | |
Kangji Medical Holdings Ltd. (b) | 723,005 | 665,452 | |
KE Holdings, Inc. ADR (a) | 575,853 | 8,165,596 | |
Kindstar Globalgene Technology, Inc. (a)(c) | 1,586,414 | 425,740 | |
Li Auto, Inc. Class A (a) | 376,384 | 4,398,855 | |
Medlive Technology Co. Ltd. (c) | 433,869 | 506,411 | |
Meituan Class B (a)(c) | 1,247,005 | 26,718,836 | |
Microport Cardioflow Medtech Corp. (a)(c) | 6,975,799 | 2,434,899 | |
Ming Yuan Cloud Group Holdings Ltd. (b) | 3,078,730 | 3,998,716 | |
New Horizon Health Ltd. (a)(c) | 1,005,869 | 2,159,719 | |
Pinduoduo, Inc. ADR (a) | 484,747 | 20,887,748 | |
RLX Technology, Inc. ADR (a) | 350,399 | 711,310 | |
Sea Ltd. ADR (a) | 31,523 | 2,608,843 | |
Smoore International Holdings Ltd. (b)(c) | 793,593 | 1,659,656 | |
Sunac China Holdings Ltd. (d) | 2,393,047 | 1,187,222 | |
Wuxi Biologics (Cayman), Inc. (a)(c) | 712,462 | 5,258,551 | |
Zai Lab Ltd. (a) | 237,570 | 968,077 | |
Zai Lab Ltd. ADR (a) | 54,049 | 2,159,798 | |
TOTAL CAYMAN ISLANDS | 159,440,977 | ||
China - 14.1% | |||
Anhui Korrun Co. Ltd. (A Shares) | 679,306 | 1,470,693 | |
Asymchem Laboratories Tianjin Co. Ltd. (H Shares) (c) | 13,616 | 293,299 | |
Beijing Shiji Information Technology Co. Ltd. (A Shares) | 2,088,774 | 5,644,535 | |
Beijing Sinohytec Co. Ltd. (A Shares) (a) | 162,800 | 2,603,841 | |
DBAPPSecurity Ltd. (A Shares) | 35,500 | 654,662 | |
Estun Automation Co. Ltd.: | |||
(A Shares) | 1,567,800 | 3,470,298 | |
(A Shares) | 1,378,800 | 3,051,950 | |
Great Wall Motor Co. Ltd. (H Shares) | 401,043 | 561,631 | |
Guangzhou GRG Metrology & Test Co. Ltd. (A Shares) | 528,869 | 1,224,708 | |
Guangzhou Kingmed Diagnostics Group Co. Ltd. (A Shares) | 288,656 | 3,538,727 | |
Hangzhou Tigermed Consulting Co. Ltd. (A Shares) | 250,708 | 3,358,367 | |
Hundsun Technologies, Inc. (A Shares) | 465,800 | 2,669,225 | |
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | 609,300 | 2,705,622 | |
Joinn Laboratories China Co. Ltd. (A Shares) | 232,521 | 3,469,765 | |
MicroTech Medical (Hangzhou) Co. Ltd. (H Shares) (a)(c) | 611,702 | 878,696 | |
Milkyway Chemical Supply Chain Service Co. Ltd. (A Shares) | 172,367 | 2,834,713 | |
Pharmaron Beijing Co. Ltd. (A Shares) | 193,299 | 3,645,360 | |
Shanghai Milkground Food Tech Co. Ltd. (A Shares) (a) | 451,700 | 2,088,857 | |
Shenzhen Inovance Technology Co. Ltd. (A Shares) | 591,326 | 5,108,366 | |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | 104,306 | 4,915,751 | |
Shenzhen Transsion Holdings Co. Ltd. (A Shares) | 104,200 | 1,323,182 | |
Shijiazhuang Yiling Pharmaceutical Co. Ltd. (A Shares) | 682,900 | 2,531,912 | |
Sungrow Power Supply Co. Ltd. (A Shares) | 380,200 | 3,584,793 | |
Venus MedTech Hangzhou, Inc. (H Shares) (a)(b)(c) | 1,115,587 | 2,048,002 | |
Weihai Guangwei Composites Co. Ltd. (A Shares) | 363,428 | 2,723,155 | |
WuXi AppTec Co. Ltd. (H Shares) (c) | 455,672 | 6,197,958 | |
Yunnan Energy New Material Co. Ltd. | 108,700 | 3,299,960 | |
TOTAL CHINA | 75,898,028 | ||
Germany - 1.6% | |||
Delivery Hero AG (a)(c) | 170,526 | 5,994,495 | |
Shop Apotheke Europe NV (a)(b)(c) | 28,429 | 2,344,509 | |
TOTAL GERMANY | 8,339,004 | ||
Hong Kong - 2.2% | |||
AIA Group Ltd. | 905,823 | 8,898,587 | |
Hong Kong Exchanges and Clearing Ltd. | 75,045 | 3,183,332 | |
TOTAL HONG KONG | 12,081,919 | ||
India - 16.3% | |||
Amber Enterprises India Ltd. (a) | 46,507 | 2,240,670 | |
Asian Paints Ltd. | 66,493 | 2,799,438 | |
Aster DM Healthcare Ltd. (a)(c) | 406,830 | 1,013,155 | |
Bajaj Finance Ltd. | 25,403 | 2,187,142 | |
Computer Age Management Services Private Ltd. | 174,005 | 5,580,751 | |
Devyani International Ltd. | 997,983 | 2,223,131 | |
Dixon Technologies India Ltd. | 84,782 | 4,829,374 | |
HDFC Asset Management Co. Ltd. (c) | 91,931 | 2,431,261 | |
HDFC Bank Ltd. | 147,723 | 2,645,153 | |
Hindustan Aeronautics Ltd. | 193,300 | 4,001,328 | |
Housing Development Finance Corp. Ltd. | 186,200 | 5,365,740 | |
Indian Energy Exchange Ltd. (c) | 1,312,712 | 3,634,933 | |
Infosys Ltd. | 320,606 | 6,489,932 | |
Kotak Mahindra Bank Ltd. (a) | 127,115 | 2,944,252 | |
Page Industries Ltd. | 6,660 | 3,944,469 | |
Reliance Industries Ltd. | 560,507 | 20,284,000 | |
Sapphire Foods India Ltd. | 143,122 | 2,464,444 | |
Tata Consultancy Services Ltd. | 96,049 | 4,421,389 | |
Tata Motors Ltd. (a) | 392,008 | 2,215,672 | |
Vijaya Diagnostic Centre Pvt Ltd. | 58,123 | 345,453 | |
Voltas Ltd. | 326,441 | 5,343,631 | |
Zomato Ltd. (a) | 151,220 | 140,064 | |
TOTAL INDIA | 87,545,382 | ||
Indonesia - 0.4% | |||
PT Bank Central Asia Tbk | 4,231,932 | 2,373,570 | |
Japan - 7.0% | |||
BASE, Inc. (a)(b) | 687,808 | 1,870,392 | |
Demae-Can Co. Ltd. (a)(b) | 504,659 | 2,076,988 | |
Freee KK (a) | 265,994 | 7,674,805 | |
Hennge K.K. (a)(b) | 286,011 | 2,244,148 | |
Lifenet Insurance Co. (a) | 218,721 | 885,419 | |
Money Forward, Inc. (a) | 219,010 | 7,446,703 | |
SHIFT, Inc. (a) | 19,965 | 3,783,368 | |
Uzabase, Inc. (a) | 272,639 | 1,586,756 | |
Z Holdings Corp. | 2,515,347 | 9,874,847 | |
TOTAL JAPAN | 37,443,426 | ||
Korea (South) - 5.5% | |||
Gabia, Inc. | 64,100 | 698,860 | |
ILJIN Hysolus Co. Ltd. (a) | 2,200 | 69,104 | |
Kakao Pay Corp. (a) | 74,459 | 6,551,127 | |
LG Energy Solution | 1,614 | 524,481 | |
Samsung Electronics Co. Ltd. | 406,338 | 21,540,045 | |
TOTAL KOREA (SOUTH) | 29,383,617 | ||
Mauritius - 1.1% | |||
MakeMyTrip Ltd. (a) | 236,976 | 6,035,779 | |
Netherlands - 1.1% | |||
ASML Holding NV (Netherlands) | 4,013 | 2,277,532 | |
NXP Semiconductors NV | 20,586 | 3,518,147 | |
Yandex NV Series A (a)(d) | 79,813 | 273,746 | |
TOTAL NETHERLANDS | 6,069,425 | ||
Singapore - 0.9% | |||
United Overseas Bank Ltd. | 232,600 | 4,979,095 | |
Taiwan - 10.8% | |||
GlobalWafers Co. Ltd. | 147,000 | 2,563,289 | |
MediaTek, Inc. | 83,000 | 2,289,425 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 2,901,393 | 52,494,285 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 9,200 | 854,956 | |
TOTAL TAIWAN | 58,201,955 | ||
United Kingdom - 1.2% | |||
Yunnan Botanee Bio-Technology Group Co. Ltd. ELS (UBS AG London Branch Bank Warrant Programme) Class A warrants 3/23/23 (a)(c) | 160,800 | 4,714,373 | |
ZWSOFT Co. Ltd. (Guangzhou) ELS (UBS AG London Branch Bank Warrant Programme) Class A warrants 10/12/23 (a)(c) | 52,300 | 1,531,787 | |
TOTAL UNITED KINGDOM | 6,246,160 | ||
United States of America - 2.0% | |||
Array Technologies, Inc. (a)(b) | 178,500 | 1,165,605 | |
ATRenew, Inc. ADR (b) | 86,546 | 245,791 | |
Li Auto, Inc. ADR (a) | 125,420 | 2,813,171 | |
NVIDIA Corp. | 16,009 | 2,969,189 | |
onsemi (a) | 50,984 | 2,656,776 | |
Smart Share Global Ltd. ADR (a)(b) | 337,584 | 405,101 | |
Space Exploration Technologies Corp. Class A (a)(d)(e) | 6,000 | 336,000 | |
TOTAL UNITED STATES OF AMERICA | 10,591,633 | ||
Vietnam - 0.3% | |||
Vietnam Dairy Products Corp. | 428,640 | 1,381,964 | |
TOTAL COMMON STOCKS | |||
(Cost $640,472,888) | 507,830,807 | ||
Preferred Stocks - 1.3% | |||
Convertible Preferred Stocks - 0.4% | |||
China - 0.4% | |||
ByteDance Ltd. Series E1 (a)(d)(e) | 11,980 | 1,534,279 | |
dMed Biopharmaceutical Co. Ltd. Series C (a)(d)(e) | 65,318 | 647,955 | |
2,182,234 | |||
Nonconvertible Preferred Stocks - 0.9% | |||
Korea (South) - 0.9% | |||
Samsung Electronics Co. Ltd. | 107,064 | 4,992,856 | |
TOTAL PREFERRED STOCKS | |||
(Cost $5,863,105) | 7,175,090 | ||
Principal Amount | Value | ||
Convertible Bonds - 0.5% | |||
Cayman Islands - 0.5% | |||
ZKH Group Ltd. 8% 12/23/22 (Cost $2,658,520)(d)(e) | 2,658,520 | 2,658,520 | |
Shares | Value | ||
Money Market Funds - 7.5% | |||
Fidelity Cash Central Fund 0.32% (f) | 22,274,003 | 22,278,458 | |
Fidelity Securities Lending Cash Central Fund 0.32% (f)(g) | 18,119,777 | 18,121,589 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $40,400,047) | 40,400,047 | ||
TOTAL INVESTMENT IN SECURITIES - 103.7% | |||
(Cost $689,394,560) | 558,064,464 | ||
NET OTHER ASSETS (LIABILITIES) - (3.7)% | (19,772,982) | ||
NET ASSETS - 100% | $538,291,482 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $79,448,121 or 14.8% of net assets.
(d) Level 3 security
(e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $5,176,754 or 1.0% of net assets.
(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(g) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
ByteDance Ltd. Series E1 | 11/18/20 | $1,312,699 |
dMed Biopharmaceutical Co. Ltd. Series C | 12/1/20 | $927,721 |
Space Exploration Technologies Corp. Class A | 2/16/21 | $251,994 |
ZKH Group Ltd. 8% 12/23/22 | 2/24/22 | $2,658,520 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Cash Central Fund 0.32% | $7,015,578 | $132,018,850 | $116,755,970 | $3,111 | $-- | $-- | $22,278,458 | 0.0% |
Fidelity Securities Lending Cash Central Fund 0.32% | 67,864,930 | 89,551,762 | 139,295,103 | 106,671 | -- | -- | 18,121,589 | 0.0% |
Total | $74,880,508 | $221,570,612 | $256,051,073 | $109,782 | $-- | $-- | $40,400,047 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $27,577,652 | $13,698,902 | $13,605,004 | $273,746 |
Consumer Discretionary | 144,574,283 | 65,354,345 | 79,219,938 | -- |
Consumer Staples | 12,900,669 | 711,310 | 12,189,359 | -- |
Energy | 20,284,000 | -- | 20,284,000 | -- |
Financials | 43,444,001 | -- | 43,444,001 | -- |
Health Care | 56,152,933 | 2,159,798 | 53,345,180 | 647,955 |
Industrials | 30,645,873 | 1,165,605 | 29,144,268 | 336,000 |
Information Technology | 161,251,115 | 10,975,822 | 148,741,014 | 1,534,279 |
Materials | 8,822,553 | -- | 8,822,553 | -- |
Real Estate | 9,352,818 | 8,165,596 | -- | 1,187,222 |
Corporate Bonds | 2,658,520 | -- | -- | 2,658,520 |
Money Market Funds | 40,400,047 | 40,400,047 | -- | -- |
Total Investments in Securities: | $558,064,464 | $142,631,425 | $408,795,317 | $6,637,722 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
Investments in Securities: | |
Equities - Communication Services | |
Beginning Balance | $-- |
Net Realized Gain (Loss) on Investment Securities | 18,765 |
Net Unrealized Gain (Loss) on Investment Securities | (6,623,664) |
Cost of Purchases | -- |
Proceeds of Sales | (1,145,900) |
Amortization/Accretion | -- |
Transfers into Level 3 | 8,024,545 |
Transfers out of Level 3 | -- |
Ending Balance | $273,746 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2022 | $(6,623,664) |
Other Investments in Securities | |
Beginning Balance | $2,644,696 |
Net Realized Gain (Loss) on Investment Securities | (412,867) |
Net Unrealized Gain (Loss) on Investment Securities | (3,951,619) |
Cost of Purchases | 5,382,055 |
Proceeds of Sales | (846,836) |
Amortization/Accretion | -- |
Transfers into Level 3 | 3,548,547 |
Transfers out of Level 3 | -- |
Ending Balance | $6,363,976 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2022 | $(3,951,619) |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
April 30, 2022 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $17,984,100) — See accompanying schedule: Unaffiliated issuers (cost $648,994,513) | $517,664,417 | |
Fidelity Central Funds (cost $40,400,047) | 40,400,047 | |
Total Investment in Securities (cost $689,394,560) | $558,064,464 | |
Foreign currency held at value (cost $1,488,601) | 1,490,009 | |
Receivable for fund shares sold | 555,434 | |
Dividends receivable | 352,551 | |
Interest receivable | 39,582 | |
Distributions receivable from Fidelity Central Funds | 22,999 | |
Prepaid expenses | 479 | |
Other receivables | 114,135 | |
Total assets | 560,639,653 | |
Liabilities | ||
Payable for investments purchased | $36,670 | |
Payable for fund shares redeemed | 762,141 | |
Accrued management fee | 318,515 | |
Distribution and service plan fees payable | 61,280 | |
Other affiliated payables | 100,155 | |
Deferred taxes | 2,538,141 | |
Other payables and accrued expenses | 414,219 | |
Collateral on securities loaned | 18,117,050 | |
Total liabilities | 22,348,171 | |
Net Assets | $538,291,482 | |
Net Assets consist of: | ||
Paid in capital | $698,087,604 | |
Total accumulated earnings (loss) | (159,796,122) | |
Net Assets | $538,291,482 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($153,057,721 ÷ 4,325,110 shares)(a) | $35.39 | |
Maximum offering price per share (100/94.25 of $35.39) | $37.55 | |
Class M: | ||
Net Asset Value and redemption price per share ($34,916,165 ÷ 1,028,990 shares)(a) | $33.93 | |
Maximum offering price per share (100/96.50 of $33.93) | $35.16 | |
Class C: | ||
Net Asset Value and offering price per share ($14,018,752 ÷ 459,008 shares)(a) | $30.54 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($198,070,048 ÷ 5,366,419 shares) | $36.91 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($138,228,796 ÷ 3,755,180 shares) | $36.81 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended April 30, 2022 (Unaudited) | ||
Investment Income | ||
Dividends | $1,675,909 | |
Interest | 40,029 | |
Income from Fidelity Central Funds (including $106,671 from security lending) | 109,782 | |
Income before foreign taxes withheld | 1,825,720 | |
Less foreign taxes withheld | (310,772) | |
Total income | 1,514,948 | |
Expenses | ||
Management fee | $2,629,826 | |
Transfer agent fees | 568,178 | |
Distribution and service plan fees | 482,570 | |
Accounting fees | 187,628 | |
Custodian fees and expenses | 149,702 | |
Independent trustees' fees and expenses | 1,592 | |
Registration fees | 88,808 | |
Audit | 51,474 | |
Legal | 2,704 | |
Interest | 5,499 | |
Miscellaneous | 2,279 | |
Total expenses before reductions | 4,170,260 | |
Expense reductions | (11,419) | |
Total expenses after reductions | 4,158,841 | |
Net investment income (loss) | (2,643,893) | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of foreign taxes of $2,115,365) | (19,734,003) | |
Foreign currency transactions | (141,861) | |
Total net realized gain (loss) | (19,875,864) | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of decrease in deferred foreign taxes of $4,023,859) | (307,924,186) | |
Assets and liabilities in foreign currencies | (320,052) | |
Total change in net unrealized appreciation (depreciation) | (308,244,238) | |
Net gain (loss) | (328,120,102) | |
Net increase (decrease) in net assets resulting from operations | $(330,763,995) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended April 30, 2022 (Unaudited) | Year ended October 31, 2021 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $(2,643,893) | $(5,738,773) |
Net realized gain (loss) | (19,875,864) | 150,353,753 |
Change in net unrealized appreciation (depreciation) | (308,244,238) | (40,362,191) |
Net increase (decrease) in net assets resulting from operations | (330,763,995) | 104,252,789 |
Distributions to shareholders | (104,696,451) | (67,519,322) |
Share transactions - net increase (decrease) | (121,673,292) | 249,334,845 |
Total increase (decrease) in net assets | (557,133,738) | 286,068,312 |
Net Assets | ||
Beginning of period | 1,095,425,220 | 809,356,908 |
End of period | $538,291,482 | $1,095,425,220 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Emerging Asia Fund Class A
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $61.78 | $56.33 | $39.85 | $33.52 | $39.98 | $30.26 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | (.20) | (.40)C | (.18) | .23 | .25 | .27 |
Net realized and unrealized gain (loss) | (19.83) | 10.17 | 18.77 | 8.23 | (6.48) | 9.75 |
Total from investment operations | (20.03) | 9.77 | 18.59 | 8.46 | (6.23) | 10.02 |
Distributions from net investment income | – | – | (.13) | (.19) | (.22) | (.24) |
Distributions from net realized gain | (6.36) | (4.32) | (1.99) | (1.93) | (.01) | (.07) |
Total distributions | (6.36) | (4.32) | (2.11)D | (2.13)D | (.23) | (.31) |
Redemption fees added to paid in capitalA | – | – | – | – | –E | .01 |
Net asset value, end of period | $35.39 | $61.78 | $56.33 | $39.85 | $33.52 | $39.98 |
Total ReturnF,G,H | (35.48)% | 17.45% | 49.18% | 26.60% | (15.67)% | 33.54% |
Ratios to Average Net AssetsB,I,J | ||||||
Expenses before reductions | 1.24%K | 1.20% | 1.26% | 1.32% | 1.32% | 1.38% |
Expenses net of fee waivers, if any | 1.24%K | 1.20% | 1.26% | 1.32% | 1.32% | 1.37% |
Expenses net of all reductions | 1.24%K | 1.20% | 1.23% | 1.31% | 1.30% | 1.36% |
Net investment income (loss) | (.85)%K | (.61)%C | (.40)% | .62% | .62% | .80% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $153,058 | $271,275 | $208,546 | $144,577 | $106,775 | $137,165 |
Portfolio turnover rateL | 48%K | 79% | 110% | 69%M | 34% | 43% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.71) %.
D Total distributions per share do not sum due to rounding.
E Amount represents less than $.005 per share.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Total returns do not include the effect of the sales charges.
I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
K Annualized
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
M Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Emerging Asia Fund Class M
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $59.60 | $54.51 | $38.61 | $32.50 | $38.80 | $29.39 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | (.25) | (.55)C | (.29) | .12 | .13 | .16 |
Net realized and unrealized gain (loss) | (19.06) | 9.87 | 18.19 | 7.98 | (6.29) | 9.49 |
Total from investment operations | (19.31) | 9.32 | 17.90 | 8.10 | (6.16) | 9.65 |
Distributions from net investment income | – | – | (.01) | (.05) | (.13) | (.18) |
Distributions from net realized gain | (6.36) | (4.23) | (1.99) | (1.93) | (.01) | (.07) |
Total distributions | (6.36) | (4.23) | (2.00) | (1.99)D | (.14) | (.25) |
Redemption fees added to paid in capitalA | – | – | – | – | –E | .01 |
Net asset value, end of period | $33.93 | $59.60 | $54.51 | $38.61 | $32.50 | $38.80 |
Total ReturnF,G,H | (35.58)% | 17.18% | 48.78% | 26.21% | (15.93)% | 33.16% |
Ratios to Average Net AssetsB,I,J | ||||||
Expenses before reductions | 1.50%K | 1.45% | 1.54% | 1.61% | 1.61% | 1.68% |
Expenses net of fee waivers, if any | 1.50%K | 1.45% | 1.53% | 1.61% | 1.61% | 1.68% |
Expenses net of all reductions | 1.50%K | 1.45% | 1.51% | 1.60% | 1.59% | 1.66% |
Net investment income (loss) | (1.11)%K | (.87)%C | (.68)% | .32% | .33% | .50% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $34,916 | $60,893 | $54,436 | $39,197 | $33,478 | $44,730 |
Portfolio turnover rateL | 48%K | 79% | 110% | 69%M | 34% | 43% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.96) %.
D Total distributions per share do not sum due to rounding.
E Amount represents less than $.005 per share.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Total returns do not include the effect of the sales charges.
I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
K Annualized
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
M Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Emerging Asia Fund Class C
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $54.45 | $50.22 | $35.77 | $30.32 | $36.29 | $27.52 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | (.32) | (.80)C | (.47) | (.04) | (.04) | .02 |
Net realized and unrealized gain (loss) | (17.23) | 9.10 | 16.79 | 7.42 | (5.86) | 8.89 |
Total from investment operations | (17.55) | 8.30 | 16.32 | 7.38 | (5.90) | 8.91 |
Distributions from net investment income | – | – | – | – | (.05) | (.08) |
Distributions from net realized gain | (6.36) | (4.07) | (1.87) | (1.93) | (.01) | (.07) |
Total distributions | (6.36) | (4.07) | (1.87) | (1.93) | (.07)D | (.14)D |
Redemption fees added to paid in capitalA | – | – | – | – | –E | –E |
Net asset value, end of period | $30.54 | $54.45 | $50.22 | $35.77 | $30.32 | $36.29 |
Total ReturnF,G,H | (35.72)% | 16.58% | 48.03% | 25.67% | (16.30)% | 32.58% |
Ratios to Average Net AssetsB,I,J | ||||||
Expenses before reductions | 1.99%K | 1.96% | 2.03% | 2.08% | 2.06% | 2.11% |
Expenses net of fee waivers, if any | 1.99%K | 1.96% | 2.02% | 2.07% | 2.05% | 2.11% |
Expenses net of all reductions | 1.99%K | 1.96% | 1.99% | 2.06% | 2.04% | 2.09% |
Net investment income (loss) | (1.60)%K | (1.37)%C | (1.17)% | (.14)% | (.11)% | .07% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $14,019 | $26,377 | $28,233 | $23,584 | $48,507 | $60,852 |
Portfolio turnover rateL | 48%K | 79% | 110% | 69%M | 34% | 43% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (1.47) %.
D Total distributions per share do not sum due to rounding.
E Amount represents less than $.005 per share.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Total returns do not include the effect of the contingent deferred sales charge.
I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
K Annualized
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
M Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Emerging Asia Fund Class I
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $64.13 | $58.29 | $41.16 | $34.60 | $41.27 | $31.19 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | (.14) | (.24)C | (.07) | .34 | .37 | .38 |
Net realized and unrealized gain (loss) | (20.65) | 10.53 | 19.42 | 8.48 | (6.68) | 10.06 |
Total from investment operations | (20.79) | 10.29 | 19.35 | 8.82 | (6.31) | 10.44 |
Distributions from net investment income | (.07) | – | (.23) | (.33) | (.34) | (.31) |
Distributions from net realized gain | (6.36) | (4.45) | (1.99) | (1.93) | (.01) | (.07) |
Total distributions | (6.43) | (4.45) | (2.22) | (2.26) | (.36)D | (.37)D |
Redemption fees added to paid in capitalA | – | – | – | – | –E | .01 |
Net asset value, end of period | $36.91 | $64.13 | $58.29 | $41.16 | $34.60 | $41.27 |
Total ReturnF,G | (35.39)% | 17.77% | 49.59% | 26.93% | (15.43)% | 33.97% |
Ratios to Average Net AssetsB,H,I | ||||||
Expenses before reductions | .96%J | .94% | 1.00% | 1.04% | 1.03% | 1.08% |
Expenses net of fee waivers, if any | .96%J | .94% | 1.00% | 1.03% | 1.03% | 1.07% |
Expenses net of all reductions | .96%J | .94% | .97% | 1.03% | 1.02% | 1.06% |
Net investment income (loss) | (.57)%J | (.36)%C | (.14)% | .90% | .91% | 1.10% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $198,070 | $472,553 | $414,664 | $76,981 | $59,527 | $66,818 |
Portfolio turnover rateK | 48%J | 79% | 110% | 69%L | 34% | 43% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.45) %.
D Total distributions per share do not sum due to rounding.
E Amount represents less than $.005 per share.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
J Annualized
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
L Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Emerging Asia Fund Class Z
Six months ended (Unaudited) April 30, | Years endedOctober 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 A | |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.10 | $58.22 | $41.12 | $34.60 | $38.03 |
Income from Investment Operations | |||||
Net investment income (loss)B,C | (.11) | (.15)D | –E | .40 | – |
Net realized and unrealized gain (loss) | (20.61) | 10.50 | 19.38 | 8.47 | (3.43) |
Total from investment operations | (20.72) | 10.35 | 19.38 | 8.87 | (3.43) |
Distributions from net investment income | (.21) | – | (.30) | (.42) | – |
Distributions from net realized gain | (6.36) | (4.47) | (1.99) | (1.93) | – |
Total distributions | (6.57) | (4.47) | (2.28)F | (2.35) | – |
Redemption fees added to paid in capitalB | – | – | – | – | –E |
Net asset value, end of period | $36.81 | $64.10 | $58.22 | $41.12 | $34.60 |
Total ReturnG,H | (35.35)% | 17.92% | 49.80% | 27.14% | (9.02)% |
Ratios to Average Net AssetsC,I,J | |||||
Expenses before reductions | .84%K | .81% | .86% | .89% | .97%K |
Expenses net of fee waivers, if any | .84%K | .81% | .85% | .89% | .97%K |
Expenses net of all reductions | .84%K | .81% | .82% | .89% | .95%K |
Net investment income (loss) | (.45)%K | (.22)%D | - %L | 1.04% | (.02)%K |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $138,229 | $264,327 | $103,477 | $44,545 | $573 |
Portfolio turnover rateM | 48%K | 79% | 110% | 69%N | 34% |
A For the period October 2, 2018 (commencement of sale of shares) through October 31, 2018.
B Calculated based on average shares outstanding during the period.
C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.32) %.
E Amount represents less than $.005 per share.
F Total distributions per share do not sum due to rounding.
G Total returns for periods of less than one year are not annualized.
H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
K Annualized
L Amount represents less than .005%.
M Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
N Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended April 30, 2022
1. Organization.
Fidelity Advisor Emerging Asia Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – unadjusted quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in Input(a) |
Equities | $ 3,979,202 | Market approach | Transaction price | $17.75 - $56.00 / $30.81 | Increase |
Discount rate | 15.0% - 50.0% / 28.5% | Decrease | |||
Market comparable | Enterprise value/Revenue multiple (EV/R) | 3.4 | Increase | ||
Corporate Bonds | $ 2,658,520 | Market approach | Transaction price | $100 | Increase |
(a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2022, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC) and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $110,327,227 |
Gross unrealized depreciation | (259,579,458) |
Net unrealized appreciation (depreciation) | $(149,252,231) |
Tax cost | $707,316,695 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, and in-kind transactions, as applicable, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Emerging Asia Fund | 188,308,040 | 426,235,811 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .67% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | -% | .25% | $264,549 | $10,694 |
Class M | .25% | .25% | 118,540 | 1,292 |
Class C | .75% | .25% | 99,481 | 19,468 |
$482,570 | $31,454 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained by FDC | |
Class A | $11,973 |
Class M | 935 |
Class C(a) | 157 |
$13,065 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets(a) | |
Class A | $203,099 | .19 |
Class M | 48,631 | .21 |
Class C | 19,027 | .19 |
Class I | 260,388 | .17 |
Class Z | 37,033 | .04 |
$568,178 |
(a) Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
% of Average Net Assets | |
Fidelity Advisor Emerging Asia Fund | .05 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
Amount | |
Fidelity Advisor Emerging Asia Fund | $1,092 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Advisor Emerging Asia Fund | Borrower | $10,412,471 | .33% | $4,903 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Emerging Asia Fund | 4,371,197 | 11,349,800 | (202,054) |
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
Amount ($) | |
Fidelity Advisor Emerging Asia Fund | 1,905 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
Amount | |
Fidelity Advisor Emerging Asia Fund | $748 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor Emerging Asia Fund | $11,123 | $21 | $– |
8. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Advisor Emerging Asia Fund | $2,774,200 | .77% | $596 |
9. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $11,419.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended April 30, 2022 | Year ended October 31, 2021 | |
Fidelity Advisor Emerging Asia Fund | ||
Distributions to shareholders | ||
Class A | $27,605,234 | $16,330,766 |
Class M | 6,405,957 | 4,291,089 |
Class C | 3,015,354 | 2,394,785 |
Class I | 42,918,366 | 35,966,985 |
Class Z | 24,751,540 | 8,535,697 |
Total | $104,696,451 | $67,519,322 |
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Six months ended April 30, 2022 | Year ended October 31, 2021 | Six months ended April 30, 2022 | Year ended October 31, 2021 | |
Fidelity Advisor Emerging Asia Fund | ||||
Class A | ||||
Shares sold | 311,778 | 1,466,058 | $15,259,256 | $97,597,236 |
Reinvestment of distributions | 516,286 | 249,427 | 25,984,674 | 15,200,072 |
Shares redeemed | (893,676) | (1,027,205) | (41,336,175) | (65,746,292) |
Net increase (decrease) | (65,612) | 688,280 | $(92,245) | $47,051,016 |
Class M | ||||
Shares sold | 28,323 | 216,382 | $1,264,609 | $13,968,325 |
Reinvestment of distributions | 130,630 | 72,109 | 6,310,726 | 4,248,659 |
Shares redeemed | (151,680) | (265,354) | (6,857,511) | (16,639,873) |
Net increase (decrease) | 7,273 | 23,137 | $717,824 | $1,577,111 |
Class C | ||||
Shares sold | 23,560 | 314,439 | $1,000,881 | $18,955,234 |
Reinvestment of distributions | 67,051 | 44,242 | 2,921,417 | 2,392,624 |
Shares redeemed | (115,988) | (436,445) | (4,721,051) | (25,308,618) |
Net increase (decrease) | (25,377) | (77,764) | $(798,753) | $(3,960,760) |
Class I | ||||
Shares sold | 1,870,610 | 9,662,721 | $88,608,293 | $672,568,852 |
Reinvestment of distributions | 719,489 | 513,963 | 37,730,001 | 32,436,202 |
Shares redeemed | (4,592,169) | (9,921,581) | (226,073,649) | (665,714,712) |
Net increase (decrease) | (2,002,070) | 255,103 | $(99,735,355) | $39,290,342 |
Class Z | ||||
Shares sold | 1,084,577 | 3,868,616 | $51,245,859 | $266,599,478 |
Reinvestment of distributions | 434,767 | 128,161 | 22,725,288 | 8,074,147 |
Shares redeemed | (1,887,799) | (1,650,559) | (95,735,910) | (109,296,489) |
Net increase (decrease) | (368,455) | 2,346,218 | $(21,764,763) | $165,377,136 |
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 to April 30, 2022).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annualized Expense Ratio-A | Beginning Account Value November 1, 2021 | Ending Account Value April 30, 2022 | Expenses Paid During Period-B November 1, 2021 to April 30, 2022 | |
Fidelity Advisor Emerging Asia Fund | ||||
Class A | 1.24% | |||
Actual | $1,000.00 | $645.20 | $5.06 | |
Hypothetical-C | $1,000.00 | $1,018.65 | $6.21 | |
Class M | 1.50% | |||
Actual | $1,000.00 | $644.20 | $6.12 | |
Hypothetical-C | $1,000.00 | $1,017.36 | $7.50 | |
Class C | 1.99% | |||
Actual | $1,000.00 | $642.80 | $8.11 | |
Hypothetical-C | $1,000.00 | $1,014.93 | $9.94 | |
Class I | .96% | |||
Actual | $1,000.00 | $646.10 | $3.92 | |
Hypothetical-C | $1,000.00 | $1,020.03 | $4.81 | |
Class Z | .84% | |||
Actual | $1,000.00 | $646.50 | $3.43 | |
Hypothetical-C | $1,000.00 | $1,020.63 | $4.21 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.
In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments – cash or convertible to cash within three business days or less
- Moderately liquid investments – convertible to cash in three to seven calendar days
- Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments – cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.
AEA-SANN-0622
1.703637.124
Fidelity Advisor® Value Leaders Fund
Semi-Annual Report
April 30, 2022
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. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Investment Summary (Unaudited)
Top Ten Stocks as of April 30, 2022
% of fund's net assets | |
Exxon Mobil Corp. | 5.1 |
Berkshire Hathaway, Inc. Class B | 4.7 |
Cigna Corp. | 4.1 |
Centene Corp. | 4.1 |
Comcast Corp. Class A | 3.6 |
UnitedHealth Group, Inc. | 2.9 |
Samsung Electronics Co. Ltd. | 2.9 |
PG&E Corp. | 2.6 |
Anthem, Inc. | 2.4 |
Bank of America Corp. | 2.4 |
34.8 |
Market Sectors as of April 30, 2022
% of fund's net assets | |
Health Care | 21.6 |
Financials | 18.2 |
Utilities | 10.8 |
Communication Services | 10.0 |
Consumer Staples | 8.5 |
Information Technology | 7.3 |
Industrials | 6.1 |
Energy | 6.1 |
Materials | 2.6 |
Consumer Discretionary | 2.6 |
Real Estate | 0.4 |
Asset Allocation (% of fund's net assets)
As of April 30, 2022 * | ||
Stocks | 94.2% | |
Short-Term Investments and Net Other Assets (Liabilities) | 5.8% |
* Foreign investments - 20.2%
Geographic Diversification (% of fund's net assets)
As of April 30, 2022 | ||
United States of America* | 79.8% | |
United Kingdom | 5.6% | |
Switzerland | 4.1% | |
Korea (South) | 2.9% | |
Canada | 2.5% | |
Germany | 1.9% | |
France | 1.7% | |
Bailiwick of Guernsey | 1.5% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Schedule of Investments April 30, 2022 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 91.3% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 10.0% | |||
Diversified Telecommunication Services - 2.4% | |||
Verizon Communications, Inc. | 15,577 | $721,215 | |
Entertainment - 1.5% | |||
Activision Blizzard, Inc. | 5,700 | 430,920 | |
Interactive Media & Services - 2.2% | |||
Alphabet, Inc. Class A (a) | 287 | 654,989 | |
Media - 3.9% | |||
Comcast Corp. Class A | 26,958 | 1,071,850 | |
Interpublic Group of Companies, Inc. | 2,913 | 95,022 | |
1,166,872 | |||
TOTAL COMMUNICATION SERVICES | 2,973,996 | ||
CONSUMER DISCRETIONARY - 2.6% | |||
Diversified Consumer Services - 1.0% | |||
H&R Block, Inc. | 11,000 | 286,770 | |
Specialty Retail - 1.6% | |||
Ross Stores, Inc. | 4,800 | 478,896 | |
TOTAL CONSUMER DISCRETIONARY | 765,666 | ||
CONSUMER STAPLES - 8.5% | |||
Food Products - 2.1% | |||
Mondelez International, Inc. | 9,795 | 631,582 | |
Household Products - 6.4% | |||
Procter & Gamble Co. | 3,415 | 548,278 | |
Reckitt Benckiser Group PLC | 7,562 | 589,727 | |
Spectrum Brands Holdings, Inc. | 4,000 | 340,280 | |
The Clorox Co. | 2,900 | 416,063 | |
1,894,348 | |||
TOTAL CONSUMER STAPLES | 2,525,930 | ||
ENERGY - 6.1% | |||
Oil, Gas & Consumable Fuels - 6.1% | |||
Exxon Mobil Corp. | 17,827 | 1,519,749 | |
Parex Resources, Inc. | 15,400 | 300,172 | |
1,819,921 | |||
FINANCIALS - 18.2% | |||
Banks - 7.5% | |||
Bank of America Corp. | 20,280 | 723,590 | |
JPMorgan Chase & Co. | 4,719 | 563,260 | |
M&T Bank Corp. | 3,159 | 526,416 | |
PNC Financial Services Group, Inc. | 2,504 | 415,914 | |
2,229,180 | |||
Diversified Financial Services - 4.7% | |||
Berkshire Hathaway, Inc. Class B (a) | 4,365 | 1,409,153 | |
Insurance - 6.0% | |||
Chubb Ltd. | 3,413 | 704,614 | |
The Travelers Companies, Inc. | 3,236 | 553,550 | |
Willis Towers Watson PLC | 2,466 | 529,845 | |
1,788,009 | |||
TOTAL FINANCIALS | 5,426,342 | ||
HEALTH CARE - 21.6% | |||
Biotechnology - 1.1% | |||
Regeneron Pharmaceuticals, Inc. (a) | 500 | 329,555 | |
Health Care Providers & Services - 15.3% | |||
Anthem, Inc. | 1,450 | 727,799 | |
Centene Corp. (a) | 14,995 | 1,207,847 | |
Cigna Corp. | 5,014 | 1,237,355 | |
Humana, Inc. | 1,200 | 533,472 | |
UnitedHealth Group, Inc. | 1,706 | 867,586 | |
4,574,059 | |||
Pharmaceuticals - 5.2% | |||
AstraZeneca PLC sponsored ADR | 8,142 | 540,629 | |
Roche Holding AG (participation certificate) | 1,311 | 486,137 | |
Sanofi SA sponsored ADR | 9,850 | 514,663 | |
1,541,429 | |||
TOTAL HEALTH CARE | 6,445,043 | ||
INDUSTRIALS - 6.1% | |||
Aerospace & Defense - 1.8% | |||
Northrop Grumman Corp. | 1,254 | 551,008 | |
Air Freight & Logistics - 1.1% | |||
Deutsche Post AG | 7,500 | 320,419 | |
Electrical Equipment - 1.4% | |||
Regal Rexnord Corp. | 3,202 | 407,422 | |
Industrial Conglomerates - 0.8% | |||
Siemens AG | 2,050 | 252,058 | |
Machinery - 1.0% | |||
Oshkosh Corp. | 3,131 | 289,430 | |
TOTAL INDUSTRIALS | 1,820,337 | ||
INFORMATION TECHNOLOGY - 4.4% | |||
IT Services - 3.1% | |||
Amdocs Ltd. | 5,606 | 446,742 | |
Cognizant Technology Solutions Corp. Class A | 6,051 | 489,526 | |
936,268 | |||
Software - 1.3% | |||
NortonLifeLock, Inc. | 15,070 | 377,353 | |
TOTAL INFORMATION TECHNOLOGY | 1,313,621 | ||
MATERIALS - 2.6% | |||
Chemicals - 1.1% | |||
DuPont de Nemours, Inc. | 4,900 | 323,057 | |
Metals & Mining - 1.5% | |||
Lundin Mining Corp. | 49,144 | 448,729 | |
TOTAL MATERIALS | 771,786 | ||
REAL ESTATE - 0.4% | |||
Equity Real Estate Investment Trusts (REITs) - 0.4% | |||
American Tower Corp. | 500 | 120,510 | |
UTILITIES - 10.8% | |||
Electric Utilities - 10.8% | |||
Constellation Energy Corp. | 10,740 | 635,915 | |
Evergy, Inc. | 5,253 | 356,416 | |
Exelon Corp. | 12,164 | 569,032 | |
PG&E Corp. (a) | 60,778 | 768,842 | |
PPL Corp. | 9,657 | 273,390 | |
Southern Co. | 8,507 | 624,329 | |
3,227,924 | |||
TOTAL COMMON STOCKS | |||
(Cost $22,509,959) | 27,211,076 | ||
Nonconvertible Preferred Stocks - 2.9% | |||
INFORMATION TECHNOLOGY - 2.9% | |||
Technology Hardware, Storage & Peripherals - 2.9% | |||
Samsung Electronics Co. Ltd. | |||
(Cost $842,702) | 18,602 | 867,492 | |
Money Market Funds - 5.7% | |||
Fidelity Cash Central Fund 0.32% (b) | |||
(Cost $1,694,793) | 1,694,454 | 1,694,793 | |
TOTAL INVESTMENT IN SECURITIES - 99.9% | |||
(Cost $25,047,454) | 29,773,361 | ||
NET OTHER ASSETS (LIABILITIES) - 0.1% | 33,688 | ||
NET ASSETS - 100% | $29,807,049 |
Legend
(a) Non-income producing
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Cash Central Fund 0.32% | $301,089 | $4,684,294 | $3,290,590 | $453 | $-- | $-- | $1,694,793 | 0.0% |
Total | $301,089 | $4,684,294 | $3,290,590 | $453 | $-- | $-- | $1,694,793 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $2,973,996 | $2,973,996 | $-- | $-- |
Consumer Discretionary | 765,666 | 765,666 | -- | -- |
Consumer Staples | 2,525,930 | 1,936,203 | 589,727 | -- |
Energy | 1,819,921 | 1,819,921 | -- | -- |
Financials | 5,426,342 | 5,426,342 | -- | -- |
Health Care | 6,445,043 | 5,958,906 | 486,137 | -- |
Industrials | 1,820,337 | 1,247,860 | 572,477 | -- |
Information Technology | 2,181,113 | 1,313,621 | 867,492 | -- |
Materials | 771,786 | 771,786 | -- | -- |
Real Estate | 120,510 | 120,510 | -- | -- |
Utilities | 3,227,924 | 3,227,924 | -- | -- |
Money Market Funds | 1,694,793 | 1,694,793 | -- | -- |
Total Investments in Securities: | $29,773,361 | $27,257,528 | $2,515,833 | $-- |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
April 30, 2022 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $23,352,661) | $28,078,568 | |
Fidelity Central Funds (cost $1,694,793) | 1,694,793 | |
Total Investment in Securities (cost $25,047,454) | $29,773,361 | |
Receivable for fund shares sold | 30,332 | |
Dividends receivable | 35,445 | |
Reclaims receivable | 18,345 | |
Distributions receivable from Fidelity Central Funds | 319 | |
Prepaid expenses | 8 | |
Receivable from investment adviser for expense reductions | 7,181 | |
Other receivables | 1 | |
Total assets | 29,864,992 | |
Liabilities | ||
Payable for fund shares redeemed | $8,980 | |
Accrued management fee | 10,643 | |
Transfer agent fee payable | 4,625 | |
Distribution and service plan fees payable | 8,272 | |
Other affiliated payables | 975 | |
Other payables and accrued expenses | 24,448 | |
Total liabilities | 57,943 | |
Net Assets | $29,807,049 | |
Net Assets consist of: | ||
Paid in capital | $24,003,677 | |
Total accumulated earnings (loss) | 5,803,372 | |
Net Assets | $29,807,049 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($19,133,857 ÷ 927,558 shares)(a) | $20.63 | |
Maximum offering price per share (100/94.25 of $20.63) | $21.89 | |
Class M: | ||
Net Asset Value and redemption price per share ($5,347,358 ÷ 257,878 shares)(a) | $20.74 | |
Maximum offering price per share (100/96.50 of $20.74) | $21.49 | |
Class C: | ||
Net Asset Value and offering price per share ($2,483,676 ÷ 123,993 shares)(a) | $20.03 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($2,842,158 ÷ 136,981 shares) | $20.75 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended April 30, 2022 (Unaudited) | ||
Investment Income | ||
Dividends | $270,240 | |
Income from Fidelity Central Funds | 453 | |
Total income | 270,693 | |
Expenses | ||
Management fee | ||
Basic fee | $72,881 | |
Performance adjustment | (21,532) | |
Transfer agent fees | 26,980 | |
Distribution and service plan fees | 45,464 | |
Accounting fees and expenses | 5,407 | |
Custodian fees and expenses | 1,932 | |
Independent trustees' fees and expenses | 46 | |
Registration fees | 27,391 | |
Audit | 21,733 | |
Legal | 1,183 | |
Miscellaneous | 140 | |
Total expenses before reductions | 181,625 | |
Expense reductions | (11,635) | |
Total expenses after reductions | 169,990 | |
Net investment income (loss) | 100,703 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 1,030,963 | |
Foreign currency transactions | (17) | |
Total net realized gain (loss) | 1,030,946 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | (1,244,033) | |
Assets and liabilities in foreign currencies | (1,293) | |
Total change in net unrealized appreciation (depreciation) | (1,245,326) | |
Net gain (loss) | (214,380) | |
Net increase (decrease) in net assets resulting from operations | $(113,677) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended April 30, 2022 (Unaudited) | Year ended October 31, 2021 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $100,703 | $176,961 |
Net realized gain (loss) | 1,030,946 | 2,237,725 |
Change in net unrealized appreciation (depreciation) | (1,245,326) | 5,344,958 |
Net increase (decrease) in net assets resulting from operations | (113,677) | 7,759,644 |
Distributions to shareholders | (1,882,632) | (114,402) |
Share transactions - net increase (decrease) | 5,099,826 | 622,413 |
Total increase (decrease) in net assets | 3,103,517 | 8,267,655 |
Net Assets | ||
Beginning of period | 26,703,532 | 18,435,877 |
End of period | $29,807,049 | $26,703,532 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Value Leaders Fund Class A
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $22.22 | $15.67 | $18.62 | $19.31 | $18.81 | $16.03 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | .09 | .17 | .15 | .20 | .16 | .11 |
Net realized and unrealized gain (loss) | (.08) | 6.49 | (2.81) | .58C | .47D | 2.75 |
Total from investment operations | .01 | 6.66 | (2.66) | .78 | .63 | 2.86 |
Distributions from net investment income | (.15) | (.11) | (.20) | (.19) | (.13) | (.08) |
Distributions from net realized gain | (1.45) | – | (.09) | (1.28) | – | – |
Total distributions | (1.60) | (.11) | (.29) | (1.47) | (.13) | (.08) |
Net asset value, end of period | $20.63 | $22.22 | $15.67 | $18.62 | $19.31 | $18.81 |
Total ReturnE,F,G | .27% | 42.68% | (14.57)% | 4.64%C | 3.33%D | 17.87% |
Ratios to Average Net AssetsB,H,I | ||||||
Expenses before reductions | 1.23%J | 1.27% | 1.35% | 1.29% | 1.25% | 1.39% |
Expenses net of fee waivers, if any | 1.15%J | 1.15% | 1.25% | 1.25% | 1.25% | 1.25% |
Expenses net of all reductions | 1.15%J | 1.15% | 1.24% | 1.25% | 1.25% | 1.25% |
Net investment income (loss) | .80%J | .83% | .91% | 1.12% | .81% | .61% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $19,134 | $16,513 | $10,954 | $16,648 | $15,105 | $17,848 |
Portfolio turnover rateK | 47%J | 51% | 144% | 37% | 35% | 34% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.03 per share. Excluding these litigation proceeds, the total return would have been 4.45%.
D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been 3.21%.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Total returns do not include the effect of the sales charges.
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
J Annualized
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Value Leaders Fund Class M
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $22.30 | $15.72 | $18.68 | $19.34 | $18.82 | $16.04 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | .06 | .12 | .11 | .16 | .11 | .07 |
Net realized and unrealized gain (loss) | (.08) | 6.52 | (2.83) | .59C | .47D | 2.75 |
Total from investment operations | (.02) | 6.64 | (2.72) | .75 | .58 | 2.82 |
Distributions from net investment income | (.09) | (.06) | (.15) | (.13) | (.06) | (.04) |
Distributions from net realized gain | (1.45) | – | (.09) | (1.28) | – | – |
Total distributions | (1.54) | (.06) | (.24) | (1.41) | (.06) | (.04) |
Net asset value, end of period | $20.74 | $22.30 | $15.72 | $18.68 | $19.34 | $18.82 |
Total ReturnE,F,G | .13% | 42.32% | (14.79)% | 4.42%C | 3.09%D | 17.60% |
Ratios to Average Net AssetsB,H,I | ||||||
Expenses before reductions | 1.49%J | 1.54% | 1.64% | 1.58% | 1.54% | 1.67% |
Expenses net of fee waivers, if any | 1.40%J | 1.41% | 1.50% | 1.50% | 1.50% | 1.50% |
Expenses net of all reductions | 1.40%J | 1.41% | 1.49% | 1.50% | 1.50% | 1.50% |
Net investment income (loss) | .55%J | .57% | .66% | .87% | .56% | .37% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $5,347 | $5,275 | $3,821 | $5,146 | $4,987 | $5,866 |
Portfolio turnover rateK | 47%J | 51% | 144% | 37% | 35% | 34% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.03 per share. Excluding these litigation proceeds, the total return would have been 4.23%.
D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been 2.97%.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Total returns do not include the effect of the sales charges.
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
J Annualized
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Value Leaders Fund Class C
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $21.49 | $15.18 | $17.99 | $18.67 | $18.21 | $15.56 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | .01 | .01 | .03 | .06 | .01 | (.02) |
Net realized and unrealized gain (loss) | (.07) | 6.30 | (2.75) | .58C | .45D | 2.67 |
Total from investment operations | (.06) | 6.31 | (2.72) | .64 | .46 | 2.65 |
Distributions from net investment income | – | – | – | (.04) | – | – |
Distributions from net realized gain | (1.40) | – | (.09) | (1.28) | – | – |
Total distributions | (1.40) | – | (.09) | (1.32) | – | – |
Net asset value, end of period | $20.03 | $21.49 | $15.18 | $17.99 | $18.67 | $18.21 |
Total ReturnE,F,G | (.11)% | 41.57% | (15.22)% | 3.90%C | 2.53%D | 17.03% |
Ratios to Average Net AssetsB,H,I | ||||||
Expenses before reductions | 2.06%J | 2.09% | 2.18% | 2.13% | 2.09% | 2.22% |
Expenses net of fee waivers, if any | 1.90%J | 1.93% | 2.00% | 2.00% | 2.00% | 1.99% |
Expenses net of all reductions | 1.90%J | 1.93% | 1.99% | 2.00% | 2.00% | 1.99% |
Net investment income (loss) | .05%J | .05% | .16% | .37% | .06% | (.13)% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $2,484 | $1,875 | $1,763 | $2,733 | $5,298 | $5,619 |
Portfolio turnover rateK | 47%J | 51% | 144% | 37% | 35% | 34% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.03 per share. Excluding these litigation proceeds, the total return would have been 3.71%.
D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been 2.41%.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Total returns do not include the effect of the contingent deferred sales charge.
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
J Annualized
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Value Leaders Fund Class I
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $22.39 | $15.80 | $18.78 | $19.47 | $18.97 | $16.16 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | .11 | .23 | .20 | .25 | .22 | .16 |
Net realized and unrealized gain (loss) | (.08) | 6.54 | (2.82) | .59C | .46D | 2.77 |
Total from investment operations | .03 | 6.77 | (2.62) | .84 | .68 | 2.93 |
Distributions from net investment income | (.22) | (.18) | (.27) | (.26) | (.18) | (.12) |
Distributions from net realized gain | (1.45) | – | (.09) | (1.28) | – | – |
Total distributions | (1.67) | (.18) | (.36) | (1.53)E | (.18) | (.12) |
Net asset value, end of period | $20.75 | $22.39 | $15.80 | $18.78 | $19.47 | $18.97 |
Total ReturnF,G | .37% | 43.08% | (14.31)% | 4.96%C | 3.61%D | 18.19% |
Ratios to Average Net AssetsB,H,I | ||||||
Expenses before reductions | .91%J | .94% | .99% | .97% | .96% | 1.12% |
Expenses net of fee waivers, if any | .90%J | .87% | .99% | .97% | .96% | 1.00% |
Expenses net of all reductions | .90%J | .87% | .98% | .96% | .96% | 1.00% |
Net investment income (loss) | 1.05%J | 1.11% | 1.17% | 1.41% | 1.10% | .87% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $2,842 | $3,041 | $1,898 | $2,342 | $4,225 | $4,052 |
Portfolio turnover rateK | 47%J | 51% | 144% | 37% | 35% | 34% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.03 per share. Excluding these litigation proceeds, the total return would have been 4.77%.
D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been 3.49%.
E Total distributions per share do not sum due to rounding.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
J Annualized
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended April 30, 2022
1. Organization.
Fidelity Advisor Value Leaders Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C and Class I shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – unadjusted quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2022 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE, normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, partnerships, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $5,465,295 |
Gross unrealized depreciation | (754,623) |
Net unrealized appreciation (depreciation) | $4,710,672 |
Tax cost | $25,062,689 |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Value Leaders Fund | 8,157,158 | 6,338,980 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Class I as compared to its benchmark index, the Russell 1000 Value Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .37% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | -% | .25% | $21,739 | $459 |
Class M | .25% | .25% | 13,554 | 84 |
Class C | .75% | .25% | 10,171 | 1,476 |
$45,464 | $2,019 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained by FDC | |
Class A | $4,388 |
Class M | 493 |
Class C(a) | 221 |
$5,102 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets(a) | |
Class A | $16,755 | .19 |
Class M | 5,626 | .21 |
Class C | 2,752 | .27 |
Class I | 1,847 | .13 |
$26,980 |
(a) Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
% of Average Net Assets | |
Fidelity Advisor Value Leaders Fund | .04 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
Amount | |
Fidelity Advisor Value Leaders Fund | $97 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Value Leaders Fund | 1,055,006 | 553,310 | 29,302 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
Amount | |
Fidelity Advisor Value Leaders Fund | $22 |
7. Expense Reductions.
The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2023. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
Expense Limitations | Reimbursement | |
Class A | 1.15% | $6,969 |
Class M | 1.40% | 2,545 |
Class C | 1.90% | 1,599 |
Class I | .90% | 116 |
$11,229 |
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $3.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $403.
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended April 30, 2022 | Year ended October 31, 2021 | |
Fidelity Advisor Value Leaders Fund | ||
Distributions to shareholders | ||
Class A | $1,169,693 | $78,530 |
Class M | 368,978 | 14,324 |
Class C | 121,226 | – |
Class I | 222,735 | 21,548 |
Total | $1,882,632 | $114,402 |
9. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Six months ended April 30, 2022 | Year ended October 31, 2021 | Six months ended April 30, 2022 | Year ended October 31, 2021 | |
Fidelity Advisor Value Leaders Fund | ||||
Class A | ||||
Shares sold | 196,989 | 160,485 | $4,226,088 | $3,329,008 |
Reinvestment of distributions | 57,208 | 4,232 | 1,145,881 | 76,850 |
Shares redeemed | (69,680) | (120,673) | (1,480,769) | (2,393,031) |
Net increase (decrease) | 184,517 | 44,044 | $3,891,200 | $1,012,827 |
Class M | ||||
Shares sold | 22,613 | 28,263 | $492,324 | $591,751 |
Reinvestment of distributions | 18,182 | 775 | 366,362 | 14,155 |
Shares redeemed | (19,466) | (35,596) | (414,006) | (725,370) |
Net increase (decrease) | 21,329 | (6,558) | $444,680 | $(119,464) |
Class C | ||||
Shares sold | 50,248 | 17,522 | $1,035,598 | $335,639 |
Reinvestment of distributions | 6,217 | – | 121,226 | – |
Shares redeemed | (19,688) | (46,418) | (406,481) | (911,467) |
Net increase (decrease) | 36,777 | (28,896) | $750,343 | $(575,828) |
Class I | ||||
Shares sold | 9,257 | 32,280 | $199,362 | $647,210 |
Reinvestment of distributions | 10,963 | 1,174 | 220,577 | 21,417 |
Shares redeemed | (19,084) | (17,730) | (406,336) | (363,749) |
Net increase (decrease) | 1,136 | 15,724 | $13,603 | $304,878 |
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
11. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 to April 30, 2022).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annualized Expense Ratio-A | Beginning Account Value November 1, 2021 | Ending Account Value April 30, 2022 | Expenses Paid During Period-B November 1, 2021 to April 30, 2022 | |
Fidelity Advisor Value Leaders Fund | ||||
Class A | 1.15% | |||
Actual | $1,000.00 | $1,002.70 | $5.71 | |
Hypothetical-C | $1,000.00 | $1,019.09 | $5.76 | |
Class M | 1.40% | |||
Actual | $1,000.00 | $1,001.30 | $6.95 | |
Hypothetical-C | $1,000.00 | $1,017.85 | $7.00 | |
Class C | 1.90% | |||
Actual | $1,000.00 | $998.90 | $9.42 | |
Hypothetical-C | $1,000.00 | $1,015.37 | $9.49 | |
Class I | .90% | |||
Actual | $1,000.00 | $1,003.70 | $4.47 | |
Hypothetical-C | $1,000.00 | $1,020.33 | $4.51 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.
In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments – cash or convertible to cash within three business days or less
- Moderately liquid investments – convertible to cash in three to seven calendar days
- Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments – cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.
AVLF-SANN-0622
1.800656.118
Fidelity Advisor® Focused Emerging Markets Fund
Semi-Annual Report
April 30, 2022
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. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Investment Summary (Unaudited)
Top Ten Stocks as of April 30, 2022
% of fund's net assets | |
Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) | 8.8 |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 7.5 |
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 7.4 |
JD.com, Inc. sponsored ADR (Cayman Islands, Internet & Direct Marketing Retail) | 4.2 |
Haier Smart Home Co. Ltd. (A Shares) (China, Household Durables) | 3.4 |
Industrial & Commercial Bank of China Ltd. (H Shares) (China, Banks) | 3.0 |
Barrick Gold Corp. (Canada, Metals & Mining) | 2.7 |
Meituan Class B (Cayman Islands, Internet & Direct Marketing Retail) | 2.5 |
China Life Insurance Co. Ltd. (H Shares) (China, Insurance) | 2.4 |
China Resources Beer Holdings Co. Ltd. (Hong Kong, Beverages) | 2.2 |
44.1 |
Market Sectors as of April 30, 2022
% of fund's net assets | |
Information Technology | 20.3 |
Financials | 18.5 |
Consumer Discretionary | 17.8 |
Materials | 9.1 |
Communication Services | 8.9 |
Industrials | 6.6 |
Consumer Staples | 6.4 |
Energy | 4.9 |
Health Care | 3.6 |
Geographic Diversification (% of fund's net assets)
As of April 30, 2022 | ||
Cayman Islands | 18.2% | |
Korea (South) | 15.3% | |
China | 15.0% | |
Taiwan | 12.8% | |
India | 9.0% | |
Brazil | 4.2% | |
Mexico | 4.2% | |
United States of America* | 3.9% | |
Indonesia | 2.7% | |
Other | 14.7% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation (% of fund's net assets)
As of April 30, 2022 | ||
Stocks | 96.1% | |
Short-Term Investments and Net Other Assets (Liabilities) | 3.9% |
Schedule of Investments April 30, 2022 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 91.9% | |||
Shares | Value | ||
Bermuda - 2.3% | |||
Credicorp Ltd. (United States) | 208,700 | $28,986,343 | |
Shangri-La Asia Ltd. (a) | 20,892,000 | 15,818,203 | |
TOTAL BERMUDA | 44,804,546 | ||
Canada - 2.7% | |||
Barrick Gold Corp. | 2,394,700 | 53,425,757 | |
Cayman Islands - 18.2% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 348,400 | 33,826,156 | |
JD.com, Inc. sponsored ADR | 1,316,818�� | 81,194,998 | |
Li Ning Co. Ltd. | 2,573,500 | 20,058,294 | |
Meituan Class B (a)(b) | 2,268,300 | 48,601,517 | |
Tencent Holdings Ltd. | 3,662,400 | 172,590,179 | |
TOTAL CAYMAN ISLANDS | 356,271,144 | ||
China - 15.0% | |||
China Life Insurance Co. Ltd. (H Shares) | 32,405,000 | 47,090,063 | |
China Merchants Bank Co. Ltd. (H Shares) | 6,231,500 | 37,558,810 | |
Guangzhou Automobile Group Co. Ltd. (H Shares) | 36,978,000 | 31,353,506 | |
Haier Smart Home Co. Ltd. (A Shares) | 17,162,056 | 66,555,010 | |
Industrial & Commercial Bank of China Ltd. (H Shares) | 98,183,000 | 59,185,371 | |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | 638,300 | 30,081,910 | |
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) | 8,570,877 | 21,501,174 | |
TOTAL CHINA | 293,325,844 | ||
Greece - 1.6% | |||
National Bank of Greece SA (a) | 8,081,921 | 32,056,755 | |
Hong Kong - 2.2% | |||
China Resources Beer Holdings Co. Ltd. | 7,190,000 | 42,232,914 | |
Hungary - 2.0% | |||
Richter Gedeon PLC | 1,911,308 | 38,120,994 | |
India - 9.0% | |||
Axis Bank Ltd. (a) | 2,100,700 | 19,778,416 | |
Housing Development Finance Corp. Ltd. | 999,798 | 28,811,255 | |
Infosys Ltd. sponsored ADR | 1,406,100 | 27,939,207 | |
Larsen & Toubro Ltd. | 1,399,200 | 30,713,834 | |
Shree Cement Ltd. | 68,983 | 23,182,258 | |
Solar Industries India Ltd. | 745,246 | 26,655,760 | |
Voltas Ltd. | 1,200,800 | 19,656,330 | |
TOTAL INDIA | 176,737,060 | ||
Indonesia - 2.7% | |||
PT Bank Mandiri (Persero) Tbk | 38,439,669 | 23,603,305 | |
PT United Tractors Tbk (c) | 14,326,100 | 29,894,266 | |
TOTAL INDONESIA | 53,497,571 | ||
Korea (South) - 15.3% | |||
Hyundai Motor Co. | 180,070 | 25,987,020 | |
Korea Aerospace Industries Ltd. | 689,778 | 23,656,822 | |
Korea Zinc Co. Ltd. | 44,900 | 20,389,554 | |
LG Innotek Co. Ltd. | 120,970 | 32,649,234 | |
POSCO | 138,770 | 31,516,412 | |
Samsung Electronics Co. Ltd. | 2,731,491 | 144,796,794 | |
Shinhan Financial Group Co. Ltd. | 609,880 | 20,155,276 | |
TOTAL KOREA (SOUTH) | 299,151,112 | ||
Mexico - 4.2% | |||
Fomento Economico Mexicano S.A.B. de CV unit | 4,304,000 | 32,362,520 | |
Grupo Financiero Banorte S.A.B. de CV Series O | 3,932,900 | 25,962,363 | |
Wal-Mart de Mexico SA de CV Series V | 6,464,800 | 22,860,362 | |
TOTAL MEXICO | 81,185,245 | ||
Netherlands - 0.1% | |||
Yandex NV Series A (a)(d) | 798,300 | 2,738,041 | |
Russia - 0.0% | |||
LUKOIL PJSC sponsored ADR (d) | 782,000 | 221,220 | |
Sberbank of Russia sponsored ADR (d) | 3,242,100 | 57,709 | |
TOTAL RUSSIA | 278,929 | ||
South Africa - 1.2% | |||
Impala Platinum Holdings Ltd. | 1,749,100 | 22,625,338 | |
Taiwan - 12.8% | |||
ECLAT Textile Co. Ltd. | 1,522,000 | 24,987,760 | |
HIWIN Technologies Corp. | 3,898,660 | 28,886,479 | |
Sporton International, Inc. | 736,350 | 4,528,946 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 8,150,554 | 147,466,239 | |
Unimicron Technology Corp. | 3,601,000 | 25,272,033 | |
Yageo Corp. | 1,410,000 | 19,042,174 | |
TOTAL TAIWAN | 250,183,631 | ||
Thailand - 2.6% | |||
Kasikornbank PCL (For. Reg.) | 4,598,200 | 20,372,753 | |
PTT PCL (For. Reg.) | 28,429,500 | 30,925,032 | |
TOTAL THAILAND | 51,297,785 | ||
Turkey - 0.0% | |||
Turkiye Petrol Rafinerileri A/S (a) | 14,800 | 233,439 | |
TOTAL COMMON STOCKS | |||
(Cost $1,990,591,947) | 1,798,166,105 | ||
Nonconvertible Preferred Stocks - 4.2% | |||
Brazil - 4.2% | |||
Ambev SA sponsored ADR | 8,703,900 | 25,328,349 | |
Itau Unibanco Holding SA | 4,391,580 | 21,203,090 | |
Petroleo Brasileiro SA - Petrobras sponsored ADR | 2,609,778 | 35,414,687 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | |||
(Cost $65,002,143) | 81,946,126 | ||
Money Market Funds - 4.7% | |||
Fidelity Cash Central Fund 0.32% (e) | |||
(Cost $92,786,657) | 92,768,103 | 92,786,657 | |
TOTAL INVESTMENT IN SECURITIES - 100.8% | |||
(Cost $2,148,380,747) | 1,972,898,888 | ||
NET OTHER ASSETS (LIABILITIES) - (0.8)% | (16,616,249) | ||
NET ASSETS - 100% | $1,956,282,639 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $48,601,517 or 2.5% of net assets.
(c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(d) Level 3 security
(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Cash Central Fund 0.32% | $30,848,669 | $587,276,222 | $525,338,234 | $31,147 | $-- | $-- | $92,786,657 | 0.2% |
Fidelity Securities Lending Cash Central Fund 0.32% | 28,269,950 | 175,607,130 | 203,877,080 | 22,284 | -- | -- | -- | 0.0% |
Total | $59,118,619 | $762,883,352 | $729,215,314 | $53,431 | $-- | $-- | $92,786,657 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $175,328,220 | $-- | $172,590,179 | $2,738,041 |
Consumer Discretionary | 348,382,464 | 115,021,154 | 233,361,310 | -- |
Consumer Staples | 122,784,145 | 80,551,231 | 42,232,914 | -- |
Energy | 96,688,644 | 35,648,126 | 60,819,298 | 221,220 |
Financials | 364,821,509 | 76,151,796 | 288,612,004 | 57,709 |
Health Care | 68,202,904 | 38,120,994 | 30,081,910 | -- |
Industrials | 128,943,585 | -- | 128,943,585 | -- |
Information Technology | 397,165,681 | 27,939,207 | 369,226,474 | -- |
Materials | 177,795,079 | 53,425,757 | 124,369,322 | -- |
Money Market Funds | 92,786,657 | 92,786,657 | -- | -- |
Total Investments in Securities: | $1,972,898,888 | $519,644,922 | $1,450,236,996 | $3,016,970 |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
April 30, 2022 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $2,055,594,090) | $1,880,112,231 | |
Fidelity Central Funds (cost $92,786,657) | 92,786,657 | |
Total Investment in Securities (cost $2,148,380,747) | $1,972,898,888 | |
Foreign currency held at value (cost $15,334,670) | 15,334,718 | |
Receivable for investments sold | 24,862 | |
Receivable for fund shares sold | 20,580,077 | |
Dividends receivable | 5,070,611 | |
Distributions receivable from Fidelity Central Funds | 14,199 | |
Prepaid expenses | 694 | |
Other receivables | 93,952 | |
Total assets | 2,014,018,001 | |
Liabilities | ||
Payable for investments purchased | ||
Regular delivery | $40,535,367 | |
Delayed delivery | 771,575 | |
Payable for fund shares redeemed | 11,565,253 | |
Accrued management fee | 1,202,792 | |
Distribution and service plan fees payable | 70,923 | |
Other affiliated payables | 240,398 | |
Other payables and accrued expenses | 3,349,054 | |
Total liabilities | 57,735,362 | |
Net Assets | $1,956,282,639 | |
Net Assets consist of: | ||
Paid in capital | $2,204,753,377 | |
Total accumulated earnings (loss) | (248,470,738) | |
Net Assets | $1,956,282,639 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($148,282,689 ÷ 5,307,906 shares)(a) | $27.94 | |
Maximum offering price per share (100/94.25 of $27.94) | $29.64 | |
Class M: | ||
Net Asset Value and redemption price per share ($36,726,505 ÷ 1,329,538 shares)(a) | $27.62 | |
Maximum offering price per share (100/96.50 of $27.62) | $28.62 | |
Class C: | ||
Net Asset Value and offering price per share ($26,992,346 ÷ 1,038,909 shares)(a) | $25.98 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($661,858,586 ÷ 23,559,612 shares) | $28.09 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($1,082,422,513 ÷ 38,632,274 shares) | $28.02 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended April 30, 2022 (Unaudited) | ||
Investment Income | ||
Dividends | $21,180,326 | |
Non-Cash dividends | 5,215,205 | |
Income from Fidelity Central Funds (including $22,284 from security lending) | 53,431 | |
Income before foreign taxes withheld | 26,448,962 | |
Less foreign taxes withheld | (2,501,205) | |
Total income | 23,947,757 | |
Expenses | ||
Management fee | $7,767,509 | |
Transfer agent fees | 1,046,353 | |
Distribution and service plan fees | 495,146 | |
Accounting fees | 442,055 | |
Custodian fees and expenses | 189,938 | |
Independent trustees' fees and expenses | 3,446 | |
Registration fees | 172,241 | |
Audit | 36,767 | |
Legal | 3,260 | |
Interest | 2,588 | |
Miscellaneous | 3,876 | |
Total expenses before reductions | 10,163,179 | |
Expense reductions | (28,778) | |
Total expenses after reductions | 10,134,401 | |
Net investment income (loss) | 13,813,356 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of foreign taxes of $2,943,776) | (55,865,281) | |
Foreign currency transactions | 7,433 | |
Total net realized gain (loss) | (55,857,848) | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of decrease in deferred foreign taxes of $6,486,038) | (381,501,705) | |
Assets and liabilities in foreign currencies | (786,406) | |
Total change in net unrealized appreciation (depreciation) | (382,288,111) | |
Net gain (loss) | (438,145,959) | |
Net increase (decrease) in net assets resulting from operations | $(424,332,603) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended April 30, 2022 (Unaudited) | Year ended October 31, 2021 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $13,813,356 | $19,904,180 |
Net realized gain (loss) | (55,857,848) | 96,713,422 |
Change in net unrealized appreciation (depreciation) | (382,288,111) | 51,154,765 |
Net increase (decrease) in net assets resulting from operations | (424,332,603) | 167,772,367 |
Distributions to shareholders | (103,925,954) | (27,152,600) |
Share transactions - net increase (decrease) | 418,308,733 | 841,937,805 |
Total increase (decrease) in net assets | (109,949,824) | 982,557,572 |
Net Assets | ||
Beginning of period | 2,066,232,463 | 1,083,674,891 |
End of period | $1,956,282,639 | $2,066,232,463 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Focused Emerging Markets Fund Class A
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $36.01 | $30.73 | $26.18 | $24.48 | $28.86 | $22.30 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | .17 | .31 | .15 | .44C | .09 | .08 |
Net realized and unrealized gain (loss) | (6.60) | 5.64 | 4.48 | 4.26 | (4.39) | 6.49 |
Total from investment operations | (6.43) | 5.95 | 4.63 | 4.70 | (4.30) | 6.57 |
Distributions from net investment income | (.52) | (.05) | (.08) | (.06)D | (.05) | (.01) |
Distributions from net realized gain | (1.12) | (.62) | – | (2.94)D | (.03) | – |
Total distributions | (1.64) | (.67) | (.08) | (3.00) | (.08) | (.01) |
Redemption fees added to paid in capitalA | – | – | – | – | –E | –E |
Net asset value, end of period | $27.94 | $36.01 | $30.73 | $26.18 | $24.48 | $28.86 |
Total ReturnF,G,H | (18.58)% | 19.43% | 17.71% | 19.42% | (14.93)% | 29.46% |
Ratios to Average Net AssetsB,I,J | ||||||
Expenses before reductions | 1.33%K | 1.32% | 1.39% | 1.41% | 1.44% | 1.47% |
Expenses net of fee waivers, if any | 1.33%K | 1.32% | 1.39% | 1.41% | 1.44% | 1.47% |
Expenses net of all reductions | 1.33%K | 1.32% | 1.36% | 1.39% | 1.40% | 1.46% |
Net investment income (loss) | 1.06%K | .83% | .54% | 1.62%C | .30% | .34% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $148,283 | $191,955 | $150,749 | $144,062 | $120,499 | $142,129 |
Portfolio turnover rateL | 63%K | 51% | 66% | 166%M | 87% | 86% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.32 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been .44%.
D The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
E Amount represents less than $.005 per share.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Total returns do not include the effect of the sales charges.
I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
K Annualized
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
M Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Focused Emerging Markets Fund Class M
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $35.56 | $30.36 | $25.86 | $24.25 | $28.61 | $22.16 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | .12 | .20 | .07 | .36C | –D | .02 |
Net realized and unrealized gain (loss) | (6.54) | 5.58 | 4.43 | 4.20 | (4.34) | 6.43 |
Total from investment operations | (6.42) | 5.78 | 4.50 | 4.56 | (4.34) | 6.45 |
Distributions from net investment income | (.41) | – | – | (.02)E | – | – |
Distributions from net realized gain | (1.12) | (.58) | – | (2.93)E | (.02) | – |
Total distributions | (1.52)F | (.58) | – | (2.95) | (.02) | – |
Redemption fees added to paid in capitalA | – | – | – | – | –D | –D |
Net asset value, end of period | $27.62 | $35.56 | $30.36 | $25.86 | $24.25 | $28.61 |
Total ReturnG,H,I | (18.72)% | 19.10% | 17.40% | 19.03% | (15.17)% | 29.11% |
Ratios to Average Net AssetsB,J,K | ||||||
Expenses before reductions | 1.62%L | 1.61% | 1.68% | 1.70% | 1.73% | 1.75% |
Expenses net of fee waivers, if any | 1.62%L | 1.60% | 1.67% | 1.70% | 1.73% | 1.75% |
Expenses net of all reductions | 1.62%L | 1.60% | 1.64% | 1.68% | 1.69% | 1.73% |
Net investment income (loss) | .78%L | .55% | .25% | 1.33%C | - %M | .06% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $36,727 | $48,494 | $42,509 | $45,310 | $40,616 | $53,572 |
Portfolio turnover rateN | 63%L | 51% | 66% | 166%O | 87% | 86% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.32 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been .15%.
D Amount represents less than $.005 per share.
E The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
F Total distributions per share do not sum due to rounding.
G Total returns for periods of less than one year are not annualized.
H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
I Total returns do not include the effect of the sales charges.
J Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
K Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
L Annualized
M Amount represents less than .005%.
N Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
O Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Focused Emerging Markets Fund Class C
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $33.42 | $28.57 | $24.46 | $23.18 | $27.46 | $21.37 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | .04 | .01 | (.06) | .22C | (.13) | (.10) |
Net realized and unrealized gain (loss) | (6.15) | 5.27 | 4.17 | 4.02 | (4.15) | 6.19 |
Total from investment operations | (6.11) | 5.28 | 4.11 | 4.24 | (4.28) | 6.09 |
Distributions from net investment income | (.21) | – | – | (.02)D | – | – |
Distributions from net realized gain | (1.12) | (.43) | – | (2.94)D | – | – |
Total distributions | (1.33) | (.43) | – | (2.96) | – | – |
Redemption fees added to paid in capitalA | – | – | – | – | –E | –E |
Net asset value, end of period | $25.98 | $33.42 | $28.57 | $24.46 | $23.18 | $27.46 |
Total ReturnF,G,H | (18.93)% | 18.52% | 16.80% | 18.48% | (15.59)% | 28.50% |
Ratios to Average Net AssetsB,I,J | ||||||
Expenses before reductions | 2.12%K | 2.11% | 2.18% | 2.20% | 2.22% | 2.24% |
Expenses net of fee waivers, if any | 2.12%K | 2.11% | 2.17% | 2.20% | 2.22% | 2.24% |
Expenses net of all reductions | 2.12%K | 2.11% | 2.14% | 2.17% | 2.19% | 2.22% |
Net investment income (loss) | .27%K | .04% | (.25)% | .83%C | (.49)% | (.43)% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $26,992 | $37,777 | $35,268 | $41,615 | $50,617 | $57,599 |
Portfolio turnover rateL | 63%K | 51% | 66% | 166%M | 87% | 86% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.30 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been (.34)%.
D The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
E Amount represents less than $.005 per share.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Total returns do not include the effect of the contingent deferred sales charge.
I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
K Annualized
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
M Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Focused Emerging Markets Fund Class I
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $36.27 | $30.94 | $26.34 | $24.65 | $29.03 | $22.44 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | .22 | .42 | .24 | .54C | .18 | .17 |
Net realized and unrealized gain (loss) | (6.65) | 5.67 | 4.51 | 4.26 | (4.41) | 6.51 |
Total from investment operations | (6.43) | 6.09 | 4.75 | 4.80 | (4.23) | 6.68 |
Distributions from net investment income | (.63) | (.15) | (.15) | (.17)D | (.12) | (.09) |
Distributions from net realized gain | (1.12) | (.62) | – | (2.94)D | (.03) | – |
Total distributions | (1.75) | (.76)E | (.15) | (3.11) | (.15) | (.09) |
Redemption fees added to paid in capitalA | – | – | – | – | –F | –F |
Net asset value, end of period | $28.09 | $36.27 | $30.94 | $26.34 | $24.65 | $29.03 |
Total ReturnG,H | (18.49)% | 19.77% | 18.13% | 19.78% | (14.64)% | 29.94% |
Ratios to Average Net AssetsB,I,J | ||||||
Expenses before reductions | 1.02%K | 1.03% | 1.06% | 1.09% | 1.12% | 1.13% |
Expenses net of fee waivers, if any | 1.02%K | 1.03% | 1.06% | 1.09% | 1.12% | 1.13% |
Expenses net of all reductions | 1.02%K | 1.03% | 1.03% | 1.06% | 1.08% | 1.11% |
Net investment income (loss) | 1.37%K | 1.13% | .86% | 1.94%C | .62% | .68% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $661,859 | $660,307 | $312,731 | $288,485 | $394,904 | $340,526 |
Portfolio turnover rateL | 63%K | 51% | 66% | 166%M | 87% | 86% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.33 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been .77%.
D The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
E Total distributions per share do not sum due to rounding.
F Amount represents less than $.005 per share.
G Total returns for periods of less than one year are not annualized.
H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
K Annualized
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
M Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Focused Emerging Markets Fund Class Z
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $36.21 | $30.89 | $26.33 | $24.65 | $29.02 | $22.44 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | .24 | .47 | .28 | .57C | .22 | .21 |
Net realized and unrealized gain (loss) | (6.63) | 5.66 | 4.50 | 4.26 | (4.41) | 6.50 |
Total from investment operations | (6.39) | 6.13 | 4.78 | 4.83 | (4.19) | 6.71 |
Distributions from net investment income | (.68) | (.20) | (.22) | (.21)D | (.15) | (.13) |
Distributions from net realized gain | (1.12) | (.62) | – | (2.94)D | (.03) | – |
Total distributions | (1.80) | (.81)E | (.22) | (3.15) | (.18) | (.13) |
Redemption fees added to paid in capitalA | – | – | – | – | –F | –F |
Net asset value, end of period | $28.02 | $36.21 | $30.89 | $26.33 | $24.65 | $29.02 |
Total ReturnG,H | (18.43)% | 19.94% | 18.29% | 19.93% | (14.52)% | 30.13% |
Ratios to Average Net AssetsB,I,J | ||||||
Expenses before reductions | .90%K | .90% | .94% | .95% | .98% | .98% |
Expenses net of fee waivers, if any | .90%K | .90% | .93% | .95% | .98% | .98% |
Expenses net of all reductions | .90%K | .90% | .90% | .92% | .94% | .97% |
Net investment income (loss) | 1.49%K | 1.25% | .99% | 2.09%C | .76% | .82% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $1,082,423 | $1,127,699 | $542,418 | $90,032 | $65,453 | $14,387 |
Portfolio turnover rateL | 63%K | 51% | 66% | 166%M | 87% | 86% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.32 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been .91%.
D The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
E Total distributions per share do not sum due to rounding.
F Amount represents less than $.005 per share.
G Total returns for periods of less than one year are not annualized.
H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
K Annualized
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
M Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended April 30, 2022
1. Organization.
Fidelity Advisor Focused Emerging Markets Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – unadjusted quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2022 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC) and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $213,950,676 |
Gross unrealized depreciation | (417,149,701) |
Net unrealized appreciation (depreciation) | $(203,199,025) |
Tax cost | $2,176,097,913 |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Focused Emerging Markets Fund | 897,792,885 | 619,310,047 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .55% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .78% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | -% | .25% | $219,491 | $8,886 |
Class M | .25% | .25% | 109,802 | 986 |
Class C | .75% | .25% | 165,853 | 28,655 |
$495,146 | $38,527 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained by FDC | |
Class A | $12,752 |
Class M | 1,496 |
Class C(a) | 401 |
$14,649 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets(a) | |
Class A | $193,108 | .22 |
Class M | 56,460 | .26 |
Class C | 42,616 | .26 |
Class I | 536,200 | .16 |
Class Z | 217,969 | .04 |
$1,046,353 |
(a) Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
% of Average Net Assets | |
Fidelity Advisor Focused Emerging Markets Fund | .04 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
Amount | |
Fidelity Advisor Focused Emerging Markets Fund | $3,547 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Advisor Focused Emerging Markets Fund | Borrower | $10,486,700 | .32% | $1,867 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Focused Emerging Markets Fund | 8,367,965 | 11,334,735 | (8,952,506) |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
Amount | |
Fidelity Advisor Focused Emerging Markets Fund | $1,697 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor Focused Emerging Markets Fund | $2,398 | $– | $– |
8. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Advisor Focused Emerging Markets Fund | $8,945,600 | .58% | $721 |
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $183.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $28,595.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended April 30, 2022 | Year ended October 31, 2021 | |
Fidelity Advisor Focused Emerging Markets Fund | ||
Distributions to shareholders | ||
Class A | $8,660,415 | $3,269,063 |
Class M | 2,051,478 | 815,657 |
Class C | 1,462,486 | 524,769 |
Class I | 31,181,994 | 7,975,616 |
Class Z | 60,569,581 | 14,567,495 |
Total | $103,925,954 | $27,152,600 |
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Six months ended April 30, 2022 | Year ended October 31, 2021 | Six months ended April 30, 2022 | Year ended October 31, 2021 | |
Fidelity Advisor Focused Emerging Markets Fund | ||||
Class A | ||||
Shares sold | 385,323 | 1,446,101 | $12,487,663 | $54,725,907 |
Reinvestment of distributions | 253,984 | 91,216 | 8,427,188 | 3,177,059 |
Shares redeemed | (661,747) | (1,111,936) | (21,175,243) | (41,562,562) |
Net increase (decrease) | (22,440) | 425,381 | $(260,392) | $16,340,404 |
Class M | ||||
Shares sold | 61,440 | 268,448 | $1,999,537 | $9,992,297 |
Reinvestment of distributions | 60,785 | 23,091 | 1,996,161 | 796,190 |
Shares redeemed | (156,415) | (327,828) | (5,040,683) | (12,069,870) |
Net increase (decrease) | (34,190) | (36,289) | $(1,044,985) | $(1,281,383) |
Class C | ||||
Shares sold | 90,502 | 361,253 | $2,747,362 | $12,691,027 |
Reinvestment of distributions | 46,491 | 16,009 | 1,438,907 | 521,091 |
Shares redeemed | (228,630) | (481,004) | (6,910,202) | (16,888,679) |
Net increase (decrease) | (91,637) | (103,742) | $(2,723,933) | $(3,676,561) |
Class I | ||||
Shares sold | 11,849,318 | 14,527,820 | $382,640,585 | $555,294,070 |
Reinvestment of distributions | 853,376 | 217,624 | 28,434,488 | 7,614,673 |
Shares redeemed | (7,348,895) | (6,647,608) | (239,000,883) | (251,550,539) |
Net increase (decrease) | 5,353,799 | 8,097,836 | $172,074,190 | $311,358,204 |
Class Z | ||||
Shares sold | 44,045,534 | 26,390,119 | $1,379,956,270 | $988,674,538 |
Reinvestment of distributions | 617,102 | 161,741 | 20,493,941 | 5,643,146 |
Shares redeemed | (37,177,260) | (12,964,561) | (1,150,186,358) | (475,120,543) |
Net increase (decrease) | 7,485,376 | 13,587,299 | $250,263,853 | $519,197,141 |
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 to April 30, 2022).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annualized Expense Ratio-A | Beginning Account Value November 1, 2021 | Ending Account Value April 30, 2022 | Expenses Paid During Period-B November 1, 2021 to April 30, 2022 | |
Fidelity Advisor Focused Emerging Markets Fund | ||||
Class A | 1.33% | |||
Actual | $1,000.00 | $814.20 | $5.98 | |
Hypothetical-C | $1,000.00 | $1,018.20 | $6.66 | |
Class M | 1.62% | |||
Actual | $1,000.00 | $812.80 | $7.28 | |
Hypothetical-C | $1,000.00 | $1,016.76 | $8.10 | |
Class C | 2.12% | |||
Actual | $1,000.00 | $810.70 | $9.52 | |
Hypothetical-C | $1,000.00 | $1,014.28 | $10.59 | |
Class I | 1.02% | |||
Actual | $1,000.00 | $815.10 | $4.59 | |
Hypothetical-C | $1,000.00 | $1,019.74 | $5.11 | |
Class Z | .90% | |||
Actual | $1,000.00 | $815.70 | $4.05 | |
Hypothetical-C | $1,000.00 | $1,020.33 | $4.51 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.
In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments – cash or convertible to cash within three business days or less
- Moderately liquid investments – convertible to cash in three to seven calendar days
- Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments – cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.
FAEM-SANN-0622
1.800638.118
Fidelity Advisor® Global Equity Income Fund
Semi-Annual Report
April 30, 2022
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. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Investment Summary (Unaudited)
Top Ten Stocks as of April 30, 2022
% of fund's net assets | |
Apple, Inc. (United States of America, Technology Hardware, Storage & Peripherals) | 4.7 |
Microsoft Corp. (United States of America, Software) | 3.9 |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 1.7 |
UnitedHealth Group, Inc. (United States of America, Health Care Providers & Services) | 1.4 |
The Coca-Cola Co. (United States of America, Beverages) | 1.4 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 1.4 |
Walmart, Inc. (United States of America, Food & Staples Retailing) | 1.4 |
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 1.3 |
Eli Lilly & Co. (United States of America, Pharmaceuticals) | 1.3 |
Accenture PLC Class A (Ireland, IT Services) | 1.3 |
19.8 |
Market Sectors as of April 30, 2022
% of fund's net assets | |
Information Technology | 19.9 |
Health Care | 12.3 |
Consumer Staples | 11.3 |
Industrials | 10.2 |
Financials | 8.8 |
Consumer Discretionary | 8.0 |
Communication Services | 6.9 |
Energy | 6.2 |
Materials | 4.5 |
Utilities | 3.8 |
Real Estate | 1.4 |
Geographic Diversification (% of fund's net assets)
As of April 30, 2022 | ||
United States of America* | 52.7% | |
United Kingdom | 8.5% | |
Japan | 5.9% | |
Canada | 5.0% | |
France | 4.2% | |
Switzerland | 3.7% | |
Ireland | 2.4% | |
Taiwan | 2.4% | |
Germany | 2.2% | |
Other | 13.0% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and include the effect of futures, if applicable.
Asset Allocation (% of fund's net assets)
As of April 30, 2022 | ||
Stocks | 93.3% | |
Short-Term Investments and Net Other Assets (Liabilities) | 6.7% |
Schedule of Investments April 30, 2022 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 93.3% | |||
Shares | Value | ||
Bailiwick of Guernsey - 0.3% | |||
Amdocs Ltd. | 1,309 | $104,314 | |
Bailiwick of Jersey - 0.5% | |||
Clarivate Analytics PLC (a) | 4,095 | 64,210 | |
Experian PLC | 1,551 | 53,563 | |
WPP PLC | 7,130 | 88,875 | |
TOTAL BAILIWICK OF JERSEY | 206,648 | ||
Belgium - 0.7% | |||
KBC Group NV | 2,276 | 154,841 | |
UCB SA | 936 | 106,398 | |
TOTAL BELGIUM | 261,239 | ||
Bermuda - 0.0% | |||
Hiscox Ltd. | 1,193 | 14,166 | |
Brazil - 0.7% | |||
Equatorial Energia SA | 50,883 | 263,886 | |
Canada - 5.0% | |||
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | 6,268 | 279,039 | |
Canadian Natural Resources Ltd. | 5,591 | 346,040 | |
Constellation Software, Inc. | 86 | 135,353 | |
George Weston Ltd. | 95 | 11,819 | |
Imperial Oil Ltd. | 6,269 | 315,634 | |
Lundin Mining Corp. | 11,474 | 104,768 | |
Nutrien Ltd. | 1,005 | 98,759 | |
Open Text Corp. | 4,480 | 179,423 | |
Shaw Communications, Inc. Class B | 5,282 | 157,311 | |
Suncor Energy, Inc. | 10,022 | 360,266 | |
TOTAL CANADA | 1,988,412 | ||
Cayman Islands - 1.0% | |||
HKBN Ltd. | 290,944 | 339,921 | |
SITC International Holdings Co. Ltd. | 15,007 | 49,890 | |
TOTAL CAYMAN ISLANDS | 389,811 | ||
China - 0.7% | |||
Kweichow Moutai Co. Ltd. (A Shares) | 743 | 205,051 | |
TravelSky Technology Ltd. (H Shares) | 46,313 | 69,941 | |
TOTAL CHINA | 274,992 | ||
Finland - 1.2% | |||
Elisa Corp. (A Shares) | 6,986 | 409,529 | |
Neste OYJ | 1,331 | 57,112 | |
TOTAL FINLAND | 466,641 | ||
France - 4.2% | |||
Capgemini SA | 2,273 | 462,735 | |
Edenred SA | 2,968 | 149,059 | |
Elior SA (a)(b) | 997 | 3,044 | |
LVMH Moet Hennessy Louis Vuitton SE | 486 | 314,508 | |
Sanofi SA | 3,763 | 397,730 | |
Teleperformance | 431 | 154,691 | |
Vicat SA | 2,163 | 65,044 | |
VINCI SA | 1,578 | 153,119 | |
TOTAL FRANCE | 1,699,930 | ||
Germany - 2.2% | |||
Deutsche Post AG | 5,283 | 225,703 | |
Deutsche Telekom AG | 8,879 | 163,561 | |
Linde PLC | 546 | 171,246 | |
Rheinmetall AG | 601 | 135,480 | |
Siemens AG | 1,516 | 186,400 | |
TOTAL GERMANY | 882,390 | ||
Hong Kong - 0.6% | |||
AIA Group Ltd. | 25,087 | 246,449 | |
India - 1.5% | |||
HDFC Bank Ltd. sponsored ADR | 1,469 | 81,103 | |
Redington (India) Ltd. | 70,886 | 140,296 | |
Reliance Industries Ltd. | 10,088 | 365,071 | |
TOTAL INDIA | 586,470 | ||
Indonesia - 0.3% | |||
PT Bank Central Asia Tbk (c) | 239,446 | 134,298 | |
Ireland - 2.4% | |||
Accenture PLC Class A | 1,753 | 526,531 | |
Johnson Controls International PLC | 2,434 | 145,724 | |
Linde PLC | 843 | 262,982 | |
Seagate Technology Holdings PLC | 385 | 31,585 | |
TOTAL IRELAND | 966,822 | ||
Japan - 5.9% | |||
Capcom Co. Ltd. | 2,736 | 72,195 | |
Daiichikosho Co. Ltd. | 4,548 | 124,047 | |
FUJIFILM Holdings Corp. | 1,599 | 87,899 | |
Fujitsu Ltd. | 726 | 109,734 | |
Hitachi Ltd. | 5,142 | 243,867 | |
Hoya Corp. | 4,222 | 419,000 | |
Inaba Denki Sangyo Co. Ltd. | 8,718 | 170,981 | |
Jm Holdings Co. Ltd. | 3,454 | 43,223 | |
Minebea Mitsumi, Inc. | 7,656 | 146,889 | |
NSD Co. Ltd. | 3,805 | 67,544 | |
Renesas Electronics Corp. (a) | 11,489 | 122,679 | |
Roland Corp. | 2,904 | 100,217 | |
Shin-Etsu Chemical Co. Ltd. | 594 | 81,636 | |
Sony Group Corp. | 4,250 | 366,780 | |
Toyota Motor Corp. | 12,644 | 216,639 | |
TOTAL JAPAN | 2,373,330 | ||
Kenya - 0.4% | |||
Safaricom Ltd. | 551,201 | 160,410 | |
Korea (South) - 1.3% | |||
Samsung Electronics Co. Ltd. | 10,159 | 538,530 | |
Luxembourg - 0.3% | |||
B&M European Value Retail SA | 19,204 | 117,665 | |
Netherlands - 1.1% | |||
Airbus Group NV | 2,028 | 222,009 | |
NXP Semiconductors NV | 1,337 | 228,493 | |
TOTAL NETHERLANDS | 450,502 | ||
New Zealand - 0.5% | |||
Auckland International Airport Ltd. (a) | 40,727 | 204,572 | |
South Africa - 0.0% | |||
Thungela Resources Ltd. | 644 | 10,922 | |
Spain - 1.6% | |||
Aena SME SA (a)(b) | 1,782 | 252,883 | |
Amadeus IT Holding SA Class A (a) | 6,496 | 407,058 | |
TOTAL SPAIN | 659,941 | ||
Sweden - 0.3% | |||
EQT AB | 878 | 24,849 | |
HEXPOL AB (B Shares) | 12,422 | 106,657 | |
TOTAL SWEDEN | 131,506 | ||
Switzerland - 3.7% | |||
Barry Callebaut AG | 26 | 59,840 | |
Chubb Ltd. | 725 | 149,676 | |
Nestle SA (Reg. S) | 3,096 | 399,675 | |
Roche Holding AG (participation certificate) | 1,517 | 562,525 | |
Sika AG | 1,089 | 332,644 | |
TOTAL SWITZERLAND | 1,504,360 | ||
Taiwan - 2.4% | |||
International Games Systems Co. Ltd. | 4,698 | 115,410 | |
MediaTek, Inc. | 5,884 | 162,301 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 37,420 | 677,032 | |
TOTAL TAIWAN | 954,743 | ||
United Kingdom - 8.5% | |||
Anglo American PLC (United Kingdom) | 5,089 | 225,397 | |
AstraZeneca PLC sponsored ADR | 6,004 | 398,666 | |
BAE Systems PLC | 24,030 | 221,957 | |
Compass Group PLC | 19,954 | 421,066 | |
Cranswick PLC | 1,225 | 48,711 | |
Diageo PLC | 9,530 | 475,441 | |
Electrocomponents PLC | 15,826 | 206,569 | |
Informa PLC (a) | 28,633 | 203,120 | |
JD Sports Fashion PLC | 66,660 | 109,834 | |
Reckitt Benckiser Group PLC | 3,259 | 254,155 | |
RELX PLC (London Stock Exchange) | 16,966 | 505,425 | |
Starling Bank Ltd. Series D (a)(d)(e) | 20,800 | 61,673 | |
Unilever PLC | 3,857 | 179,312 | |
WH Smith PLC (a) | 6,221 | 111,924 | |
TOTAL UNITED KINGDOM | 3,423,250 | ||
United States of America - 46.0% | |||
AbbVie, Inc. | 2,416 | 354,862 | |
Albertsons Companies, Inc. | 2,228 | 69,692 | |
Ameren Corp. | 2,715 | 252,224 | |
American Tower Corp. | 926 | 223,185 | |
Amgen, Inc. | 2,043 | 476,407 | |
Apple, Inc. | 11,986 | 1,889,595 | |
Bank of America Corp. | 10,102 | 360,439 | |
BJ's Wholesale Club Holdings, Inc. (a) | 4,946 | 318,275 | |
BlackRock, Inc. Class A | 343 | 214,265 | |
Bristol-Myers Squibb Co. | 6,131 | 461,480 | |
Burlington Stores, Inc. (a) | 262 | 53,333 | |
Capital One Financial Corp. | 2,910 | 362,644 | |
Cisco Systems, Inc. | 5,644 | 276,443 | |
Comcast Corp. Class A | 7,449 | 296,172 | |
Costco Wholesale Corp. | 501 | 266,392 | |
Crane Co. | 1,054 | 101,426 | |
Crown Holdings, Inc. | 1,461 | 160,768 | |
Danaher Corp. | 1,930 | 484,681 | |
Dollar Tree, Inc. (a) | 745 | 121,025 | |
Dominion Energy, Inc. | 2,715 | 221,653 | |
Eli Lilly & Co. | 1,820 | 531,677 | |
Exxon Mobil Corp. | 3,655 | 311,589 | |
General Electric Co. | 2,398 | 178,771 | |
Hartford Financial Services Group, Inc. | 1,892 | 132,308 | |
Hess Corp. | 1,721 | 177,383 | |
JPMorgan Chase & Co. | 3,289 | 392,575 | |
Keurig Dr. Pepper, Inc. | 4,593 | 171,778 | |
Kohl's Corp. | 3,812 | 220,639 | |
Lamar Advertising Co. Class A | 2,912 | 321,514 | |
Lowe's Companies, Inc. | 1,934 | 382,410 | |
M&T Bank Corp. | 1,277 | 212,799 | |
Merck & Co., Inc. | 2,465 | 218,621 | |
Microsoft Corp. | 5,639 | 1,564,935 | |
Mondelez International, Inc. | 3,200 | 206,336 | |
MSCI, Inc. | 225 | 94,781 | |
NextEra Energy, Inc. | 3,970 | 281,949 | |
Northrop Grumman Corp. | 436 | 191,578 | |
NRG Energy, Inc. | 3,275 | 117,573 | |
Packaging Corp. of America | 1,567 | 252,553 | |
PG&E Corp. (a) | 3,305 | 41,808 | |
Phillips 66 Co. | 2,708 | 234,946 | |
PNC Financial Services Group, Inc. | 1,372 | 227,889 | |
Procter & Gamble Co. | 3,065 | 492,086 | |
PVH Corp. | 1,102 | 80,204 | |
T-Mobile U.S., Inc. (a) | 3,469 | 427,173 | |
Target Corp. | 2,034 | 465,074 | |
Tempur Sealy International, Inc. | 3,107 | 84,231 | |
The Coca-Cola Co. | 8,743 | 564,885 | |
The Travelers Companies, Inc. | 1,253 | 214,338 | |
United Parcel Service, Inc. Class B | 1,330 | 239,373 | |
UnitedHealth Group, Inc. | 1,111 | 564,999 | |
Valero Energy Corp. | 2,445 | 272,569 | |
Verizon Communications, Inc. | 4,481 | 207,470 | |
Vistra Corp. | 8,076 | 202,062 | |
Walmart, Inc. | 3,578 | 547,398 | |
Watsco, Inc. | 85 | 22,676 | |
WEC Energy Group, Inc. | 1,363 | 136,368 | |
Wells Fargo & Co. | 11,520 | 502,618 | |
TOTAL UNITED STATES OF AMERICA | 18,454,897 | ||
TOTAL COMMON STOCKS | |||
(Cost $29,757,815) | 37,471,096 | ||
Money Market Funds - 15.4% | |||
Fidelity Cash Central Fund 0.32% (f) | 6,078,665 | 6,079,881 | |
Fidelity Securities Lending Cash Central Fund 0.32% (f)(g) | 80,592 | 80,600 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $6,160,481) | 6,160,481 | ||
TOTAL INVESTMENT IN SECURITIES - 108.7% | |||
(Cost $35,918,296) | 43,631,577 | ||
NET OTHER ASSETS (LIABILITIES) - (8.7)% | (3,489,235) | ||
NET ASSETS - 100% | $40,142,342 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $255,927 or 0.6% of net assets.
(c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $61,673 or 0.2% of net assets.
(e) Level 3 security
(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(g) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
Starling Bank Ltd. Series D | 6/18/21 - 4/5/22 | $40,298 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Cash Central Fund 0.32% | $3,121,618 | $9,103,300 | $6,145,037 | $1,643 | $-- | $-- | $6,079,881 | 0.0% |
Fidelity Securities Lending Cash Central Fund 0.32% | -- | 462,383 | 381,783 | 401 | -- | -- | 80,600 | 0.0% |
Total | $3,121,618 | $9,565,683 | $ 6,526,820 | $2,044 | $-- | $-- | $6,160,481 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $2,765,194 | $1,248,536 | $1,516,658 | $-- |
Consumer Discretionary | 3,168,593 | 1,406,916 | 1,761,677 | -- |
Consumer Staples | 4,593,108 | 2,927,700 | 1,665,408 | -- |
Energy | 2,451,532 | 2,018,427 | 433,105 | -- |
Financials | 3,581,711 | 2,945,435 | 574,603 | 61,673 |
Health Care | 4,977,046 | 3,491,393 | 1,485,653 | -- |
Industrials | 4,077,756 | 943,758 | 3,133,998 | -- |
Information Technology | 7,931,480 | 4,936,672 | 2,994,808 | -- |
Materials | 1,862,454 | 879,830 | 982,624 | -- |
Real Estate | 544,699 | 544,699 | -- | -- |
Utilities | 1,517,523 | 1,517,523 | -- | -- |
Money Market Funds | 6,160,481 | 6,160,481 | -- | -- |
Total Investments in Securities: | $43,631,577 | $29,021,370 | $14,548,534 | $61,673 |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
April 30, 2022 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $79,105) — See accompanying schedule: Unaffiliated issuers (cost $29,757,815) | $37,471,096 | |
Fidelity Central Funds (cost $6,160,481) | 6,160,481 | |
Total Investment in Securities (cost $35,918,296) | $43,631,577 | |
Cash | 422 | |
Foreign currency held at value (cost $203,415) | 203,285 | |
Receivable for investments sold | 2,182,943 | |
Receivable for fund shares sold | 128,425 | |
Dividends receivable | 61,260 | |
Reclaims receivable | 20,728 | |
Distributions receivable from Fidelity Central Funds | 1,330 | |
Prepaid expenses | 10 | |
Receivable from investment adviser for expense reductions | 35,687 | |
Total assets | 46,265,667 | |
Liabilities | ||
Payable for investments purchased | ||
Regular delivery | $5,899,714 | |
Delayed delivery | 21,047 | |
Payable for fund shares redeemed | 11,886 | |
Accrued management fee | 21,814 | |
Distribution and service plan fees payable | 11,102 | |
Other affiliated payables | 6,857 | |
Other payables and accrued expenses | 70,305 | |
Collateral on securities loaned | 80,600 | |
Total liabilities | 6,123,325 | |
Net Assets | $40,142,342 | |
Net Assets consist of: | ||
Paid in capital | $32,568,825 | |
Total accumulated earnings (loss) | 7,573,517 | |
Net Assets | $40,142,342 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($13,572,483 ÷ 738,565 shares)(a) | $18.38 | |
Maximum offering price per share (100/94.25 of $18.38) | $19.50 | |
Class M: | ||
Net Asset Value and redemption price per share ($8,935,297 ÷ 486,740 shares)(a) | $18.36 | |
Maximum offering price per share (100/96.50 of $18.36) | $19.03 | |
Class C: | ||
Net Asset Value and offering price per share ($5,062,612 ÷ 278,546 shares)(a) | $18.18 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($7,601,352 ÷ 413,228 shares) | $18.40 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($4,970,598 ÷ 268,752 shares) | $18.50 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended April 30, 2022 (Unaudited) | ||
Investment Income | ||
Dividends | $362,512 | |
Income from Fidelity Central Funds (including $401 from security lending) | 2,044 | |
Income before foreign taxes withheld | 364,556 | |
Less foreign taxes withheld | (22,044) | |
Total income | 342,512 | |
Expenses | ||
Management fee | $122,081 | |
Transfer agent fees | 30,329 | |
Distribution and service plan fees | 65,791 | |
Accounting fees | 9,378 | |
Custodian fees and expenses | 3,692 | |
Independent trustees' fees and expenses | 59 | |
Registration fees | 56,498 | |
Audit | 30,946 | |
Legal | 1,409 | |
Miscellaneous | 152 | |
Total expenses before reductions | 320,335 | |
Expense reductions | (68,848) | |
Total expenses after reductions | 251,487 | |
Net investment income (loss) | 91,025 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of foreign taxes of $8,292) | (85,996) | |
Foreign currency transactions | 1,011 | |
Total net realized gain (loss) | (84,985) | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of decrease in deferred foreign taxes of $2,476) | (2,079,443) | |
Assets and liabilities in foreign currencies | (4,203) | |
Total change in net unrealized appreciation (depreciation) | (2,083,646) | |
Net gain (loss) | (2,168,631) | |
Net increase (decrease) in net assets resulting from operations | $(2,077,606) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended April 30, 2022 (Unaudited) | Year ended October 31, 2021 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $91,025 | $112,330 |
Net realized gain (loss) | (84,985) | 3,052,387 |
Change in net unrealized appreciation (depreciation) | (2,083,646) | 4,519,727 |
Net increase (decrease) in net assets resulting from operations | (2,077,606) | 7,684,444 |
Distributions to shareholders | (2,822,226) | (393,317) |
Share transactions - net increase (decrease) | 10,668,400 | 5,360,910 |
Total increase (decrease) in net assets | 5,768,568 | 12,652,037 |
Net Assets | ||
Beginning of period | 34,373,774 | 21,721,737 |
End of period | $40,142,342 | $34,373,774 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Global Equity Income Fund Class A
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $21.07 | $15.95 | $15.33 | $13.86 | $14.63 | $12.44 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | .06 | .10 | .13 | .19 | .19 | .13 |
Net realized and unrealized gain (loss) | (1.03) | 5.32 | .61 | 1.76 | (.52) | 2.20 |
Total from investment operations | (.97) | 5.42 | .74 | 1.95 | (.33) | 2.33 |
Distributions from net investment income | (.03) | (.10)C | (.12) | (.20) | (.18) | (.13) |
Distributions from net realized gain | (1.69) | (.20)C | – | (.28) | (.26) | (.01) |
Total distributions | (1.72) | (.30) | (.12) | (.48) | (.44) | (.14) |
Net asset value, end of period | $18.38 | $21.07 | $15.95 | $15.33 | $13.86 | $14.63 |
Total ReturnD,E,F | (5.12)% | 34.23% | 4.87% | 14.52% | (2.41)% | 18.79% |
Ratios to Average Net AssetsB,G,H | ||||||
Expenses before reductions | 1.69%I | 1.72% | 1.97% | 2.18% | 1.91% | 2.05% |
Expenses net of fee waivers, if any | 1.30%I | 1.34% | 1.39% | 1.45% | 1.45% | 1.45% |
Expenses net of all reductions | 1.30%I | 1.34% | 1.38% | 1.45% | 1.44% | 1.45% |
Net investment income (loss) | .60%I | .49% | .81% | 1.32% | 1.33% | .96% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $13,572 | $12,640 | $8,362 | $8,314 | $8,427 | $7,441 |
Portfolio turnover rateJ | 15%I | 40% | 52% | 18%K | 37% | 48% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the sales charges.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Annualized
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Global Equity Income Fund Class M
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $21.05 | $15.94 | $15.32 | $13.85 | $14.62 | $12.44 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | .03 | .05 | .09 | .15 | .16 | .10 |
Net realized and unrealized gain (loss) | (1.03) | 5.31 | .61 | 1.76 | (.53) | 2.18 |
Total from investment operations | (1.00) | 5.36 | .70 | 1.91 | (.37) | 2.28 |
Distributions from net investment income | – | (.06)C | (.08) | (.16) | (.14) | (.10) |
Distributions from net realized gain | (1.69) | (.20)C | – | (.28) | (.26) | (.01) |
Total distributions | (1.69) | (.25)D | (.08) | (.44) | (.40) | (.10)D |
Net asset value, end of period | $18.36 | $21.05 | $15.94 | $15.32 | $13.85 | $14.62 |
Total ReturnE,F,G | (5.24)% | 33.89% | 4.63% | 14.23% | (2.64)% | 18.42% |
Ratios to Average Net AssetsB,H,I | ||||||
Expenses before reductions | 1.90%J | 1.95% | 2.24% | 2.49% | 2.21% | 2.35% |
Expenses net of fee waivers, if any | 1.55%J | 1.60% | 1.64% | 1.70% | 1.70% | 1.70% |
Expenses net of all reductions | 1.55%J | 1.60% | 1.63% | 1.70% | 1.69% | 1.69% |
Net investment income (loss) | .35%J | .23% | .56% | 1.07% | 1.08% | .71% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $8,935 | $8,442 | $3,545 | $3,135 | $3,279 | $3,573 |
Portfolio turnover rateK | 15%J | 40% | 52% | 18%L | 37% | 48% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
D Total distributions per share do not sum due to rounding.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Total returns do not include the effect of the sales charges.
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
J Annualized
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
L Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Global Equity Income Fund Class C
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $20.88 | $15.84 | $15.24 | $13.77 | $14.57 | $12.39 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | (.02) | (.05) | .01 | .08 | .08 | .03 |
Net realized and unrealized gain (loss) | (1.02) | 5.28 | .62 | 1.75 | (.53) | 2.19 |
Total from investment operations | (1.04) | 5.23 | .63 | 1.83 | (.45) | 2.22 |
Distributions from net investment income | – | –C,D | (.03) | (.09) | (.09) | (.03) |
Distributions from net realized gain | (1.66) | (.19)C | – | (.28) | (.26) | (.01) |
Total distributions | (1.66) | (.19) | (.03) | (.36)E | (.35) | (.04) |
Net asset value, end of period | $18.18 | $20.88 | $15.84 | $15.24 | $13.77 | $14.57 |
Total ReturnF,G,H | (5.49)% | 33.22% | 4.12% | 13.71% | (3.22)% | 17.91% |
Ratios to Average Net AssetsB,I,J | ||||||
Expenses before reductions | 2.43%K | 2.47% | 2.75% | 2.99% | 2.72% | 2.85% |
Expenses net of fee waivers, if any | 2.05%K | 2.09% | 2.14% | 2.20% | 2.20% | 2.20% |
Expenses net of all reductions | 2.05%K | 2.09% | 2.13% | 2.20% | 2.19% | 2.20% |
Net investment income (loss) | (.16)%K | (.26)% | .06% | .57% | .58% | .21% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $5,063 | $5,891 | $4,082 | $4,173 | $4,340 | $4,190 |
Portfolio turnover rateL | 15%K | 40% | 52% | 18%M | 37% | 48% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
D Amount represents less than $.005 per share.
E Total distributions per share do not sum due to rounding.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Total returns do not include the effect of the contingent deferred sales charge.
I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
K Annualized
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
M Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Global Equity Income Fund Class I
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $21.09 | $15.96 | $15.35 | $13.88 | $14.66 | $12.46 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | .08 | .15 | .17 | .22 | .23 | .16 |
Net realized and unrealized gain (loss) | (1.02) | 5.32 | .60 | 1.77 | (.53) | 2.21 |
Total from investment operations | (.94) | 5.47 | .77 | 1.99 | (.30) | 2.37 |
Distributions from net investment income | (.05) | (.15)C | (.16) | (.24) | (.22) | (.16) |
Distributions from net realized gain | (1.69) | (.20)C | – | (.28) | (.26) | (.01) |
Total distributions | (1.75)D | (.34)D | (.16) | (.52) | (.48) | (.17) |
Net asset value, end of period | $18.40 | $21.09 | $15.96 | $15.35 | $13.88 | $14.66 |
Total ReturnE,F | (4.98)% | 34.59% | 5.08% | 14.84% | (2.20)% | 19.12% |
Ratios to Average Net AssetsB,G,H | ||||||
Expenses before reductions | 1.45%I | 1.37% | 1.63% | 1.83% | 1.51% | 1.77% |
Expenses net of fee waivers, if any | 1.05%I | 1.07% | 1.13% | 1.20% | 1.20% | 1.20% |
Expenses net of all reductions | 1.05%I | 1.07% | 1.12% | 1.20% | 1.19% | 1.20% |
Net investment income (loss) | .85%I | .75% | 1.06% | 1.57% | 1.58% | 1.21% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $7,601 | $2,823 | $2,378 | $2,188 | $2,493 | $2,533 |
Portfolio turnover rateJ | 15%I | 40% | 52% | 18%K | 37% | 48% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
D Total distributions per share do not sum due to rounding.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Annualized
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Global Equity Income Fund Class Z
Six months ended (Unaudited) April 30, | Years endedOctober 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 A | |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $21.18 | $16.01 | $15.37 | $13.88 | $14.88 |
Income from Investment Operations | |||||
Net investment income (loss)B,C | .10 | .18 | .19 | .25 | .01 |
Net realized and unrealized gain (loss) | (1.03) | 5.34 | .61 | 1.76 | (.94) |
Total from investment operations | (.93) | 5.52 | .80 | 2.01 | (.93) |
Distributions from net investment income | (.05) | (.15)D | (.16) | (.24) | (.07) |
Distributions from net realized gain | (1.69) | (.20)D | – | (.28) | – |
Total distributions | (1.75)E | (.35) | (.16) | (.52) | (.07) |
Net asset value, end of period | $18.50 | $21.18 | $16.01 | $15.37 | $13.88 |
Total ReturnF,G | (4.91)% | 34.75% | 5.29% | 15.00% | (6.31)% |
Ratios to Average Net AssetsC,H,I | |||||
Expenses before reductions | 1.26%J | 1.29% | 1.50% | 1.37% | 1.08%J |
Expenses net of fee waivers, if any | .90%J | .93% | .98% | 1.04% | 1.05%J |
Expenses net of all reductions | .90%J | .93% | .97% | 1.04% | 1.04%J |
Net investment income (loss) | 1.00%J | .90% | 1.21% | 1.73% | .45%J |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $4,971 | $4,579 | $3,354 | $3,599 | $94 |
Portfolio turnover rateK | 15%J | 40% | 52% | 18%L | 37%J |
A For the period October 2, 2018 (commencement of sale of shares) through October 31, 2018.
B Calculated based on average shares outstanding during the period.
C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
D The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
E Total distributions per share do not sum due to rounding.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
J Annualized
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
L Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended April 30, 2022
1. Organization.
Fidelity Advisor Global Equity Income Fund (the Fund) is a fund of Fidelity Advisor Series VIII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – unadjusted quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2022 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), certain foreign taxes and losses due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $9,128,549 |
Gross unrealized depreciation | (1,477,309) |
Net unrealized appreciation (depreciation) | $7,651,240 |
Tax cost | $35,980,337 |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Global Equity Income Fund | 10,911,866 | 2,572,681 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .67% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | -% | .25% | $16,751 | $637 |
Class M | .25% | .25% | 22,272 | 205 |
Class C | .75% | .25% | 26,768 | 4,824 |
$65,791 | $5,666 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained by FDC | |
Class A | $1,753 |
Class M | 986 |
Class C(a) | 1 |
$2,740 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets(a) | |
Class A | $14,135 | .21 |
Class M | 7,461 | .17 |
Class C | 5,574 | .21 |
Class I | 2,201 | .12 |
Class Z | 958 | .04 |
$30,329 |
(a) Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
% of Average Net Assets | |
Fidelity Advisor Global Equity Income Fund | .05 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
Amount | |
Fidelity Advisor Global Equity Income Fund | $61 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Global Equity Income Fund | 328,323 | 21,451 | 10,016 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
Amount | |
Fidelity Advisor Global Equity Income Fund | $29 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor Global Equity Income Fund | $49 | $– | $– |
8. Expense Reductions.
The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2023. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
Expense Limitations | Reimbursement | |
Class A | 1.30% | $26,400 |
Class M | 1.55% | 15,436 |
Class C | 2.05% | 10,246 |
Class I | 1.05% | 7,504 |
Class Z | .90% | 8,734 |
$68,320 |
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $3.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $525.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended April 30, 2022 | Year ended October 31, 2021 | |
Fidelity Advisor Global Equity Income Fund | ||
Distributions to shareholders | ||
Class A | $1,095,875 | $159,603 |
Class M | 701,688 | 63,027 |
Class C | 433,098 | 49,095 |
Class I | 228,836 | 47,915 |
Class Z | 362,729 | 73,677 |
Total | $2,822,226 | $393,317 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Six months ended April 30, 2022 | Year ended October 31, 2021 | Six months ended April 30, 2022 | Year ended October 31, 2021 | |
Fidelity Advisor Global Equity Income Fund | ||||
Class A | ||||
Shares sold | 147,183 | 150,442 | $2,898,008 | $2,985,593 |
Reinvestment of distributions | 54,795 | 8,392 | 1,075,524 | 155,239 |
Shares redeemed | (63,235) | (83,330) | (1,242,004) | (1,637,388) |
Net increase (decrease) | 138,743 | 75,504 | $2,731,528 | $1,503,444 |
Class M | ||||
Shares sold | 85,500 | 204,169 | $1,682,781 | $4,037,840 |
Reinvestment of distributions | 35,782 | 3,428 | 701,688 | 62,978 |
Shares redeemed | (35,540) | (29,024) | (694,353) | (563,106) |
Net increase (decrease) | 85,742 | 178,573 | $1,690,116 | $3,537,712 |
Class C | ||||
Shares sold | 38,285 | 79,044 | $732,752 | $1,527,924 |
Reinvestment of distributions | 22,213 | 2,756 | 432,262 | 48,927 |
Shares redeemed | (64,107) | (57,448) | (1,263,100) | (1,112,359) |
Net increase (decrease) | (3,609) | 24,352 | $(98,086) | $464,492 |
Class I | ||||
Shares sold | 283,844 | 16,112 | $5,427,378 | $322,451 |
Reinvestment of distributions | 9,124 | 1,960 | 179,137 | 36,296 |
Shares redeemed | (13,573) | (33,236) | (274,544) | (623,246) |
Net increase (decrease) | 279,395 | (15,164) | $5,331,971 | $(264,499) |
Class Z | ||||
Shares sold | 80,289 | 52,488 | $1,566,331 | $1,041,371 |
Reinvestment of distributions | 17,626 | 3,913 | 347,863 | 72,992 |
Shares redeemed | (45,296) | (49,793) | (901,323) | (994,602) |
Net increase (decrease) | 52,619 | 6,608 | $1,012,871 | $119,761 |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 to April 30, 2022).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annualized Expense Ratio-A | Beginning Account Value November 1, 2021 | Ending Account Value April 30, 2022 | Expenses Paid During Period-B November 1, 2021 to April 30, 2022 | |
Fidelity Advisor Global Equity Income Fund | ||||
Class A | 1.30% | |||
Actual | $1,000.00 | $948.80 | $6.28 | |
Hypothetical-C | $1,000.00 | $1,018.35 | $6.51 | |
Class M | 1.55% | |||
Actual | $1,000.00 | $947.60 | $7.48 | |
Hypothetical-C | $1,000.00 | $1,017.11 | $7.75 | |
Class C | 2.05% | |||
Actual | $1,000.00 | $945.10 | $9.89 | |
Hypothetical-C | $1,000.00 | $1,014.63 | $10.24 | |
Class I | 1.05% | |||
Actual | $1,000.00 | $950.20 | $5.08 | |
Hypothetical-C | $1,000.00 | $1,019.59 | $5.26 | |
Class Z | .90% | |||
Actual | $1,000.00 | $950.90 | $4.35 | |
Hypothetical-C | $1,000.00 | $1,020.33 | $4.51 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.
In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments – cash or convertible to cash within three business days or less
- Moderately liquid investments – convertible to cash in three to seven calendar days
- Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments – cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.
AGED-SANN-0622
1.938154.109
Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Advisor Series VIII’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Advisor Series VIII’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable
assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the 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) | Not applicable. |
(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: | June 21, 2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | June 21, 2022 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | June 21, 2022 |