Quarterly Holdings Report
for
Fidelity Advisor® Emerging Asia Fund
January 31, 2020
AEA-QTLY-0320
1.813062.115
Schedule of Investments January 31, 2020 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 96.4% | | | |
| | | Shares | Value |
| Australia - 0.0% | | | |
| Blue Sky Alternative Investments Ltd. (a)(b) | | 347,682 | $2 |
| Bermuda - 0.6% | | | |
| Haier Electronics Group Co. Ltd. | | 686,000 | 2,060,552 |
| Cayman Islands - 24.6% | | | |
| Alibaba Group Holding Ltd. | | 301,600 | 7,665,392 |
| Bilibili, Inc. ADR (a) | | 173,900 | 3,747,545 |
| CStone Pharmaceuticals Co. Ltd. (a)(c) | | 1,682,000 | 2,308,121 |
| Frontage Holdings Corp. (a)(c) | | 3,448,000 | 1,706,548 |
| Geely Automobile Holdings Ltd. | | 1,652,000 | 2,617,772 |
| Hutchison China Meditech Ltd. sponsored ADR (a)(d) | | 80,900 | 1,986,095 |
| International Housewares Retail Co. Ltd. | | 2,807,395 | 650,962 |
| Kingsoft Corp. Ltd. (a) | | 625,800 | 1,891,224 |
| Longfor Properties Co. Ltd. (c) | | 553,500 | 2,335,855 |
| Meituan Dianping Class B (a) | | 351,956 | 4,455,705 |
| New Oriental Education & Technology Group, Inc. sponsored ADR (a) | | 41,400 | 5,032,170 |
| Phoenix Tree Holdings Ltd. ADR (d) | | 58,300 | 754,402 |
| Pinduoduo, Inc. ADR (a) | | 142,600 | 5,022,372 |
| Shenzhou International Group Holdings Ltd. | | 202,708 | 2,679,764 |
| Sino Biopharmaceutical Ltd. | | 748,000 | 987,791 |
| SITC International Holdings Co. Ltd. | | 1,796,625 | 2,116,323 |
| So-Young International, Inc. ADR (d) | | 137,300 | 1,668,195 |
| TAL Education Group ADR (a) | | 112,000 | 5,588,800 |
| Tencent Holdings Ltd. | | 712,960 | 34,001,208 |
| Wise Talent Information Technology Co. Ltd. (a) | | 140,600 | 308,130 |
| Wuxi Biologics (Cayman), Inc. (a)(c) | | 231,500 | 2,927,984 |
| Zai Lab Ltd. ADR (a) | | 2,516 | 128,291 |
|
| TOTAL CAYMAN ISLANDS | | | 90,580,649 |
|
| China - 11.7% | | | |
| Chongqing Fuling Zhacai Group Co. Ltd. Group (A Shares) | | 520,342 | 1,733,621 |
| Contemporary Amperex Technology Co. Ltd. | | 139,600 | 2,548,863 |
| Foshan Haitian Flavouring & Food Co. Ltd. (A Shares) | | 113,988 | 1,731,254 |
| Hangzhou Tigermed Consulting Co. Ltd. (A Shares) | | 223,308 | 2,320,895 |
| Industrial & Commercial Bank of China Ltd. (H Shares) | | 2,722,000 | 1,806,791 |
| Inner Mongoli Yili Industries Co. Ltd. (A Shares) | | 426,800 | 1,834,036 |
| Jinyu Bio-Technology Co. Ltd. (A Shares) | | 1,088,655 | 3,104,555 |
| Kweichow Moutai Co. Ltd. (A Shares) | | 15,994 | 2,349,076 |
| Pharmaron Beijing Co. Ltd. (A Shares) | | 250,118 | 2,127,479 |
| Ping An Insurance Group Co. of China Ltd. (H Shares) | | 651,409 | 7,366,042 |
| Shanghai Bairun Investment Holding Group Co. Ltd. (A Shares) | | 965,000 | 3,699,619 |
| Shanghai Kindly Medical Instruments Co. Ltd. (H Shares) | | 301,400 | 1,355,080 |
| Shenzhen Inovance Technology Co. Ltd. (A Shares) | | 629,100 | 2,599,426 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 92,606 | 2,440,366 |
| WuXi AppTec Co. Ltd. (H Shares) (c) | | 168,600 | 2,042,143 |
| Yunnan Baiyao Group Co. Ltd. (A Shares) | | 187,058 | 2,302,313 |
| Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) | | 592,793 | 1,741,484 |
|
| TOTAL CHINA | | | 43,103,043 |
|
| France - 0.4% | | | |
| Beijing Kingsoft Office Software Co., Ltd. ELS (BNP Paribas Bank Warrant Program) Class A warrants 11/18/20 (a)(c) | | 57,400 | 1,443,753 |
| Germany - 0.9% | | | |
| Delivery Hero AG (a)(c) | | 43,400 | 3,351,003 |
| Hong Kong - 6.7% | | | |
| AIA Group Ltd. | | 1,469,750 | 14,563,677 |
| China Overseas Land and Investment Ltd. | | 796,000 | 2,558,686 |
| Hong Kong Exchanges and Clearing Ltd. | | 156,859 | 5,153,984 |
| Sino Land Ltd. | | 1,791,022 | 2,440,872 |
|
| TOTAL HONG KONG | | | 24,717,219 |
|
| India - 15.4% | | | |
| Asian Paints Ltd. | | 71,700 | 1,796,747 |
| Aster DM Healthcare Ltd. (a)(c) | | 412,000 | 947,599 |
| Bajaj Finance Ltd. | | 66,700 | 4,054,419 |
| Eicher Motors Ltd. | | 8,000 | 2,260,778 |
| HDFC Asset Management Co. Ltd. (c) | | 56,460 | 2,495,804 |
| HDFC Bank Ltd. | | 345,354 | 5,899,302 |
| Housing Development Finance Corp. Ltd. | | 331,806 | 11,182,782 |
| Indraprastha Gas Ltd. (a) | | 337,736 | 2,391,672 |
| Kotak Mahindra Bank Ltd. | | 124,900 | 2,946,834 |
| Maruti Suzuki India Ltd. | | 43,300 | 4,169,957 |
| Oberoi Realty Ltd. (a) | | 309,107 | 2,354,406 |
| Page Industries Ltd. | | 4,200 | 1,432,883 |
| Petronet LNG Ltd. | | 426,833 | 1,587,539 |
| Power Grid Corp. of India Ltd. | | 550,932 | 1,419,934 |
| Reliance Industries Ltd. | | 398,396 | 7,836,448 |
| Shree Cement Ltd. | | 7,200 | 2,312,896 |
| TCNS Clothing Co. Ltd. (a)(c) | | 186,131 | 1,476,776 |
|
| TOTAL INDIA | | | 56,566,776 |
|
| Indonesia - 2.8% | | | |
| PT Bank Central Asia Tbk | | 2,893,023 | 6,836,275 |
| PT Bank Rakyat Indonesia Tbk | | 11,023,645 | 3,583,842 |
|
| TOTAL INDONESIA | | | 10,420,117 |
|
| Japan - 1.5% | | | |
| Money Forward, Inc. (a)(e) | | 75,800 | 3,499,210 |
| Zozo, Inc. | | 113,700 | 1,893,759 |
|
| TOTAL JAPAN | | | 5,392,969 |
|
| Korea (South) - 13.1% | | | |
| Kakao Corp. | | 18,230 | 2,394,720 |
| LG Chemical Ltd. | | 12,233 | 3,399,197 |
| Samsung Electronics Co. Ltd. | | 569,936 | 26,315,118 |
| Samsung SDI Co. Ltd. | | 21,520 | 4,881,757 |
| SK Hynix, Inc. | | 145,014 | 10,995,262 |
|
| TOTAL KOREA (SOUTH) | | | 47,986,054 |
|
| Malaysia - 0.1% | | | |
| Bursa Malaysia Bhd | | 286,545 | 386,882 |
| Mauritius - 0.7% | | | |
| MakeMyTrip Ltd. (a) | | 108,600 | 2,497,800 |
| Multi-National - 1.5% | | | |
| HKT Trust/HKT Ltd. unit | | 3,803,332 | 5,677,352 |
| Netherlands - 1.0% | | | |
| ASML Holding NV (Netherlands) | | 12,545 | 3,520,596 |
| Philippines - 1.2% | | | |
| Ayala Land, Inc. | | 2,610,364 | 2,116,504 |
| Jollibee Food Corp. | | 629,400 | 2,352,360 |
|
| TOTAL PHILIPPINES | | | 4,468,864 |
|
| Taiwan - 7.9% | | | |
| Largan Precision Co. Ltd. | | 16,000 | 2,471,578 |
| Micro-Star International Co. Ltd. | | 706,000 | 2,133,089 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 2,376,393 | 24,375,867 |
|
| TOTAL TAIWAN | | | 28,980,534 |
|
| Thailand - 1.2% | | | |
| Home Product Center PCL (For. Reg.) | | 4,801,267 | 2,240,032 |
| Thai Beverage PCL | | 4,031,193 | 2,339,807 |
|
| TOTAL THAILAND | | | 4,579,839 |
|
| United States of America - 4.7% | | | |
| Broadcom, Inc. | | 5,600 | 1,708,896 |
| DouYu International Holdings Ltd. ADR (d) | | 523,186 | 4,232,575 |
| Lam Research Corp. | | 11,783 | 3,513,808 |
| Micron Technology, Inc. (a) | | 113,100 | 6,004,479 |
| ON Semiconductor Corp. (a) | | 81,400 | 1,884,410 |
|
| TOTAL UNITED STATES OF AMERICA | | | 17,344,168 |
|
| Vietnam - 0.4% | | | |
| Vietnam Dairy Products Corp. | | 301,700 | 1,399,208 |
| TOTAL COMMON STOCKS | | | |
| (Cost $270,307,498) | | | 354,477,380 |
|
| Nonconvertible Preferred Stocks - 1.4% | | | |
| Korea (South) - 1.4% | | | |
| Samsung Electronics Co. Ltd. | | | |
| (Cost $4,618,268) | | 132,390 | 5,157,249 |
|
| Money Market Funds - 4.5% | | | |
| Fidelity Cash Central Fund 1.58% (f) | | 13,235,582 | 13,238,229 |
| Fidelity Securities Lending Cash Central Fund 1.59% (f)(g) | | 3,280,976 | 3,281,304 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $16,519,533) | | | 16,519,533 |
| TOTAL INVESTMENT IN SECURITIES - 102.3% | | | |
| (Cost $291,445,299) | | | 376,154,162 |
| NET OTHER ASSETS (LIABILITIES) - (2.3)% | | | (8,599,189) |
| NET ASSETS - 100% | | | $367,554,973 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Level 3 security
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $21,035,586 or 5.7% of net assets.
(d) Security or a portion of the security is on loan at period end.
(e) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(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.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Cash Central Fund | $31,250 |
| Fidelity Securities Lending Cash Central Fund | 11,246 |
| Total | $42,496 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds. 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
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. 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: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. 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 each business day and are categorized as Level 1 in the hierarchy.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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