Quarterly Holdings Report
for
Fidelity Advisor® International Capital Appreciation Fund
January 31, 2020
AICAP-QTLY-0320
1.813045.115
Schedule of Investments January 31, 2020 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 98.3% | | | |
| | | Shares | Value |
| Bailiwick of Jersey - 1.0% | | | |
| Experian PLC | | 1,000,100 | $34,811,464 |
| Bermuda - 0.1% | | | |
| IHS Markit Ltd. | | 27,313 | 2,153,903 |
| Brazil - 3.4% | | | |
| BM&F BOVESPA SA | | 3,179,300 | 35,782,529 |
| Equatorial Energia SA | | 5,149,300 | 28,664,669 |
| Lojas Renner SA | | 2,109,800 | 28,302,435 |
| Rumo SA (a) | | 5,685,900 | 30,802,055 |
|
| TOTAL BRAZIL | | | 123,551,688 |
|
| Canada - 7.8% | | | |
| Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | | 1,059,800 | 35,420,095 |
| Brookfield Asset Management, Inc. Class A | | 623,500 | 38,164,435 |
| Canadian National Railway Co. | | 441,540 | 41,261,336 |
| Canadian Pacific Railway Ltd. | | 138,200 | 36,711,659 |
| CGI Group, Inc. Class A (sub. vtg.) (a) | | 420,600 | 32,204,472 |
| Constellation Software, Inc. | | 34,280 | 36,032,336 |
| Thomson Reuters Corp. | | 405,200 | 32,574,602 |
| Waste Connection, Inc. (Canada) | | 316,230 | 30,478,417 |
|
| TOTAL CANADA | | | 282,847,352 |
|
| Cayman Islands - 7.3% | | | |
| Alibaba Group Holding Ltd. sponsored ADR (a) | | 436,960 | 90,271,564 |
| New Oriental Education & Technology Group, Inc. sponsored ADR (a) | | 291,200 | 35,395,360 |
| Shenzhou International Group Holdings Ltd. | | 2,342,400 | 30,966,113 |
| TAL Education Group ADR (a) | | 742,200 | 37,035,780 |
| Tencent Holdings Ltd. | | 1,493,000 | 71,201,477 |
|
| TOTAL CAYMAN ISLANDS | | | 264,870,294 |
|
| China - 3.4% | | | |
| Kweichow Moutai Co. Ltd. (A Shares) | | 199,400 | 29,286,342 |
| Ping An Insurance Group Co. of China Ltd. (H Shares) | | 3,621,000 | 40,945,761 |
| Shanghai International Airport Co. Ltd. (A Shares) | | 2,523,100 | 24,596,878 |
| Wuliangye Yibin Co. Ltd. (A Shares) | | 1,657,700 | 28,962,224 |
|
| TOTAL CHINA | | | 123,791,205 |
|
| Denmark - 3.2% | | | |
| DSV A/S | | 294,544 | 32,068,965 |
| Novo Nordisk A/S Series B | | 770,300 | 46,889,466 |
| ORSTED A/S (b) | | 339,300 | 37,062,705 |
|
| TOTAL DENMARK | | | 116,021,136 |
|
| Finland - 1.6% | | | |
| Kone OYJ (B Shares) | | 512,700 | 33,127,215 |
| Neste Oyj | | 604,413 | 24,051,234 |
|
| TOTAL FINLAND | | | 57,178,449 |
|
| France - 13.9% | | | |
| Air Liquide SA | | 281,870 | 40,755,468 |
| Dassault Systemes SA | | 214,600 | 37,294,934 |
| Edenred SA | | 592,936 | 32,084,093 |
| Hermes International SCA | | 45,830 | 34,390,064 |
| Kering SA | | 60,548 | 37,268,672 |
| L'Oreal SA | | 143,920 | 40,206,887 |
| Legrand SA | | 421,300 | 33,828,376 |
| LVMH Moet Hennessy Louis Vuitton SE | | 113,371 | 49,369,933 |
| Pernod Ricard SA | | 203,700 | 35,355,461 |
| Safran SA | | 246,900 | 39,964,678 |
| Sanofi SA | | 492,000 | 47,447,706 |
| SR Teleperformance SA | | 127,800 | 32,145,859 |
| VINCI SA | | 358,300 | 39,816,736 |
|
| TOTAL FRANCE | | | 499,928,867 |
|
| Germany - 6.2% | | | |
| adidas AG | | 120,257 | 38,117,439 |
| Deutsche Borse AG | | 213,000 | 34,737,276 |
| MTU Aero Engines Holdings AG | | 106,816 | 32,506,600 |
| SAP SE | | 392,400 | 51,102,758 |
| Symrise AG | | 321,200 | 33,107,724 |
| Vonovia SE | | 621,500 | 35,525,212 |
|
| TOTAL GERMANY | | | 225,097,009 |
|
| Hong Kong - 1.4% | | | |
| AIA Group Ltd. | | 4,920,200 | 48,754,008 |
| India - 3.9% | | | |
| HDFC Bank Ltd. | | 1,802,232 | 30,785,542 |
| Housing Development Finance Corp. Ltd. | | 1,141,069 | 38,457,190 |
| Kotak Mahindra Bank Ltd. | | 1,385,946 | 32,699,378 |
| Reliance Industries Ltd. | | 1,875,900 | 36,898,947 |
|
| TOTAL INDIA | | | 138,841,057 |
|
| Indonesia - 0.9% | | | |
| PT Bank Central Asia Tbk | | 13,042,600 | 30,819,942 |
| Ireland - 2.6% | | | |
| Kerry Group PLC Class A | | 260,740 | 33,341,727 |
| Kingspan Group PLC (Ireland) | | 525,160 | 32,412,157 |
| Linde PLC | | 144,600 | 29,372,598 |
|
| TOTAL IRELAND | | | 95,126,482 |
|
| Italy - 1.3% | | | |
| Enel SpA | | 5,174,000 | 45,098,257 |
| Japan - 2.9% | | | |
| Hoya Corp. | | 366,500 | 35,076,034 |
| Kao Corp. | | 428,000 | 34,136,074 |
| Keyence Corp. | | 109,768 | 36,899,286 |
|
| TOTAL JAPAN | | | 106,111,394 |
|
| Netherlands - 6.7% | | | |
| Airbus Group NV | | 290,500 | 42,664,029 |
| ASML Holding NV (Netherlands) | | 172,500 | 48,409,951 |
| Ferrari NV | | 189,100 | 31,982,507 |
| Unilever NV | | 936,500 | 54,646,856 |
| Wolters Kluwer NV | | 445,339 | 33,545,907 |
| Yandex NV Series A (a) | | 672,800 | 30,148,168 |
|
| TOTAL NETHERLANDS | | | 241,397,418 |
|
| Philippines - 0.8% | | | |
| SM Prime Holdings, Inc. | | 40,140,200 | 30,484,137 |
| South Africa - 0.8% | | | |
| Capitec Bank Holdings Ltd. | | 327,121 | 29,340,303 |
| Spain - 4.1% | | | |
| Amadeus IT Holding SA Class A | | 438,791 | 34,463,927 |
| Cellnex Telecom SA (b) | | 693,862 | 34,567,182 |
| Ferrovial SA | | 1,038,869 | 33,020,839 |
| Iberdrola SA | | 4,078,751 | 44,647,328 |
|
| TOTAL SPAIN | | | 146,699,276 |
|
| Sweden - 2.8% | | | |
| ASSA ABLOY AB (B Shares) | | 1,393,200 | 33,069,404 |
| Atlas Copco AB (A Shares) | | 979,100 | 34,782,973 |
| Hexagon AB (B Shares) | | 583,783 | 31,848,553 |
|
| TOTAL SWEDEN | | | 99,700,930 |
|
| Switzerland - 7.8% | | | |
| Givaudan SA | | 10,385 | 34,286,026 |
| Nestle SA (Reg. S) | | 757,170 | 83,510,324 |
| Partners Group Holding AG | | 34,779 | 31,948,151 |
| Roche Holding AG (participation certificate) | | 201,780 | 67,690,858 |
| Sika AG | | 177,918 | 32,048,145 |
| Temenos Group AG | | 205,110 | 33,198,348 |
|
| TOTAL SWITZERLAND | | | 282,681,852 |
|
| Taiwan - 2.0% | | | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 6,962,000 | 71,412,760 |
| United Kingdom - 9.7% | | | |
| Ashtead Group PLC | | 1,019,300 | 33,043,948 |
| AstraZeneca PLC (United Kingdom) | | 509,000 | 49,794,267 |
| British American Tobacco PLC (United Kingdom) | | 1,073,700 | 47,344,725 |
| Compass Group PLC | | 1,429,550 | 35,341,663 |
| Diageo PLC | | 1,147,954 | 45,393,682 |
| HomeServe PLC | | 1,759,600 | 29,787,934 |
| London Stock Exchange Group PLC | | 369,200 | 38,153,421 |
| RELX PLC (London Stock Exchange) | | 1,477,658 | 39,278,610 |
| Rentokil Initial PLC | | 5,050,200 | 31,143,245 |
|
| TOTAL UNITED KINGDOM | | | 349,281,495 |
|
| United States of America - 2.7% | | | |
| MasterCard, Inc. Class A | | 101,050 | 31,925,737 |
| NICE Systems Ltd. sponsored ADR (a)(c) | | 201,800 | 34,770,140 |
| Visa, Inc. Class A | | 159,840 | 31,803,365 |
|
| TOTAL UNITED STATES OF AMERICA | | | 98,499,242 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $3,029,445,883) | | | 3,544,499,920 |
|
| Money Market Funds - 2.4% | | | |
| Fidelity Cash Central Fund 1.58% (d) | | 85,604,071 | 85,621,192 |
| Fidelity Securities Lending Cash Central Fund 1.59% (d)(e) | | 1,060,394 | 1,060,500 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $86,681,692) | | | 86,681,692 |
| TOTAL INVESTMENT IN SECURITIES - 100.7% | | | |
| (Cost $3,116,127,575) | | | 3,631,181,612 |
| NET OTHER ASSETS (LIABILITIES) - (0.7)% | | | (25,720,851) |
| NET ASSETS - 100% | | | $3,605,460,761 |
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 $71,629,887 or 2.0% of net assets.
(c) Security or a portion of the security is on loan at period end.
(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(e) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Cash Central Fund | $229,577 |
| Fidelity Securities Lending Cash Central Fund | 4,873 |
| Total | $234,450 |
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.
