Quarterly Holdings Report
for
Fidelity Advisor® Diversified International Fund
January 31, 2020
ADIF-QTLY-0320
1.813040.115
Schedule of Investments January 31, 2020 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 98.3% | | | |
| | | Shares | Value (000s) |
| Australia - 1.3% | | | |
| CSL Ltd. | | 68,392 | $14,066 |
| Magellan Financial Group Ltd. | | 168,473 | 7,419 |
|
| TOTAL AUSTRALIA | | | 21,485 |
|
| Bailiwick of Jersey - 0.9% | | | |
| Experian PLC | | 285,900 | 9,952 |
| Ferguson PLC | | 54,546 | 4,898 |
|
| TOTAL BAILIWICK OF JERSEY | | | 14,850 |
|
| Belgium - 1.0% | | | |
| KBC Groep NV | | 214,480 | 15,761 |
| Bermuda - 1.8% | | | |
| China Gas Holdings Ltd. | | 592,800 | 2,342 |
| Credicorp Ltd. (United States) | | 30,205 | 6,240 |
| Hiscox Ltd. | | 308,500 | 5,349 |
| IHS Markit Ltd. | | 120,088 | 9,470 |
| Marvell Technology Group Ltd. | | 251,500 | 6,046 |
|
| TOTAL BERMUDA | | | 29,447 |
|
| Brazil - 0.2% | | | |
| Rumo SA (a) | | 738,900 | 4,003 |
| Canada - 2.9% | | | |
| Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | | 564,200 | 18,856 |
| Cenovus Energy, Inc. (Canada) | | 515,400 | 4,486 |
| Constellation Software, Inc. | | 7,500 | 7,883 |
| Fairfax India Holdings Corp. (a)(b) | | 315,500 | 3,827 |
| Franco-Nevada Corp. | | 51,400 | 5,843 |
| Waste Connection, Inc. (Canada) | | 26,000 | 2,506 |
| Wheaton Precious Metals Corp. | | 167,600 | 4,934 |
|
| TOTAL CANADA | | | 48,335 |
|
| Cayman Islands - 2.4% | | | |
| Alibaba Group Holding Ltd. sponsored ADR (a) | | 76,100 | 15,721 |
| Anta Sports Products Ltd. | | 635,000 | 5,528 |
| Tencent Holdings Ltd. | | 331,000 | 15,785 |
| Zai Lab Ltd. ADR (a) | | 62,254 | 3,174 |
|
| TOTAL CAYMAN ISLANDS | | | 40,208 |
|
| China - 0.8% | | | |
| Kweichow Moutai Co. Ltd. (A Shares) | | 37,076 | 5,445 |
| Ping An Insurance Group Co. of China Ltd. (H Shares) | | 612,500 | 6,926 |
|
| TOTAL CHINA | | | 12,371 |
|
| Denmark - 1.7% | | | |
| DSV A/S | | 121,500 | 13,229 |
| Netcompany Group A/S (a)(b) | | 55,500 | 2,519 |
| ORSTED A/S (b) | | 106,200 | 11,601 |
|
| TOTAL DENMARK | | | 27,349 |
|
| France - 9.1% | | | |
| Amundi SA (b) | | 120,158 | 9,761 |
| Capgemini SA | | 118,400 | 14,753 |
| Danone SA | | 119,700 | 9,579 |
| Dassault Systemes SA | | 26,700 | 4,640 |
| Edenred SA | | 119,700 | 6,477 |
| Essilor International SA | | 17,600 | 2,620 |
| Kering SA | | 10,071 | 6,199 |
| Legrand SA | | 83,700 | 6,721 |
| LVMH Moet Hennessy Louis Vuitton SE | | 51,143 | 22,271 |
| Pernod Ricard SA | | 27,800 | 4,825 |
| Sanofi SA | | 194,455 | 18,753 |
| Societe Generale Series A | | 348,500 | 11,277 |
| SR Teleperformance SA | | 65,100 | 16,375 |
| VINCI SA | | 143,500 | 15,947 |
|
| TOTAL FRANCE | | | 150,198 |
|
| Germany - 10.8% | | | |
| adidas AG | | 56,109 | 17,785 |
| Allianz SE | | 67,100 | 16,063 |
| Bayer AG | | 155,326 | 12,466 |
| Delivery Hero AG (a)(b) | | 6,900 | 533 |
| Deutsche Borse AG | | 79,300 | 12,933 |
| Deutsche Post AG | | 281,426 | 9,855 |
| Hannover Reuck SE | | 61,400 | 11,951 |
| Linde PLC | | 86,138 | 17,583 |
| Morphosys AG (a) | | 2,487 | 312 |
| Morphosys AG sponsored ADR (a) | | 93,817 | 2,973 |
| MTU Aero Engines Holdings AG | | 9,200 | 2,800 |
| RWE AG | | 165,900 | 5,766 |
| SAP SE | | 297,273 | 38,714 |
| Scout24 AG (b) | | 107,200 | 7,389 |
| Symrise AG | | 95,100 | 9,802 |
| Vonovia SE | | 181,000 | 10,346 |
|
| TOTAL GERMANY | | | 177,271 |
|
| Hong Kong - 1.9% | | | |
| AIA Group Ltd. | | 2,831,600 | 28,058 |
| Techtronic Industries Co. Ltd. | | 472,000 | 3,766 |
|
| TOTAL HONG KONG | | | 31,824 |
|
| India - 4.2% | | | |
| Axis Bank Ltd. | | 811,858 | 8,264 |
| HDFC Bank Ltd. | | 1,043,842 | 17,831 |
| Housing Development Finance Corp. Ltd. | | 494,287 | 16,659 |
| Kotak Mahindra Bank Ltd. | | 397,440 | 9,377 |
| Reliance Industries Ltd. | | 849,408 | 16,708 |
|
| TOTAL INDIA | | | 68,839 |
|
| Indonesia - 1.1% | | | |
| PT Bank Central Asia Tbk | | 3,981,200 | 9,408 |
| PT Bank Rakyat Indonesia Tbk | | 29,051,600 | 9,445 |
|
| TOTAL INDONESIA | | | 18,853 |
|
| Ireland - 2.9% | | | |
| CRH PLC | | 257,400 | 9,693 |
| DCC PLC (United Kingdom) | | 27,400 | 2,219 |
| Kerry Group PLC Class A | | 96,500 | 12,340 |
| Kingspan Group PLC (Ireland) | | 200,181 | 12,355 |
| Ryanair Holdings PLC sponsored ADR (a) | | 132,936 | 11,514 |
|
| TOTAL IRELAND | | | 48,121 |
|
| Italy - 1.3% | | | |
| Enel SpA | | 1,089,100 | 9,493 |
| FinecoBank SpA | | 380,400 | 4,461 |
| Moncler SpA | | 36,900 | 1,596 |
| Recordati SpA | | 153,300 | 6,568 |
|
| TOTAL ITALY | | | 22,118 |
|
| Japan - 17.3% | | | |
| Astellas Pharma, Inc. | | 196,700 | 3,476 |
| Bandai Namco Holdings, Inc. | | 77,800 | 4,521 |
| Daikin Industries Ltd. | | 83,300 | 11,738 |
| Hoya Corp. | | 293,000 | 28,042 |
| Iriso Electronics Co. Ltd. | | 26,351 | 997 |
| Itochu Corp. | | 511,000 | 11,937 |
| Kao Corp. | | 163,700 | 13,056 |
| Keyence Corp. | | 77,800 | 26,153 |
| KH Neochem Co. Ltd. | | 86,000 | 1,851 |
| Minebea Mitsumi, Inc. | | 924,000 | 17,950 |
| Misumi Group, Inc. | | 198,700 | 4,930 |
| Nabtesco Corp. | | 77,400 | 2,218 |
| Nitori Holdings Co. Ltd. | | 81,703 | 12,697 |
| Oracle Corp. Japan | | 30,300 | 2,623 |
| ORIX Corp. | | 720,200 | 12,166 |
| PALTAC Corp. | | 39,500 | 1,848 |
| Persol Holdings Co., Ltd. | | 320,200 | 5,725 |
| Recruit Holdings Co. Ltd. | | 468,800 | 18,272 |
| Renesas Electronics Corp. (a) | | 1,265,900 | 7,964 |
| ROHM Co. Ltd. | | 39,100 | 2,813 |
| Shin-Etsu Chemical Co. Ltd. | | 129,000 | 14,753 |
| Shiseido Co. Ltd. | | 105,500 | 6,792 |
| SMC Corp. | | 32,400 | 13,986 |
| Sony Corp. | | 235,200 | 16,447 |
| Suzuki Motor Corp. | | 139,100 | 6,365 |
| Tokyo Electron Ltd. | | 46,900 | 10,315 |
| Tsuruha Holdings, Inc. | | 105,300 | 12,889 |
| Welcia Holdings Co. Ltd. | | 131,306 | 7,210 |
| Yahoo! Japan Corp. | | 1,458,700 | 5,794 |
|
| TOTAL JAPAN | | | 285,528 |
|
| Korea (South) - 1.5% | | | |
| LG Chemical Ltd. | | 11,573 | 3,216 |
| Samsung Electronics Co. Ltd. | | 248,430 | 11,471 |
| SK Hynix, Inc. | | 126,910 | 9,623 |
|
| TOTAL KOREA (SOUTH) | | | 24,310 |
|
| Luxembourg - 0.8% | | | |
| B&M European Value Retail SA | | 2,121,095 | 10,187 |
| Globant SA (a) | | 24,200 | 2,969 |
|
| TOTAL LUXEMBOURG | | | 13,156 |
|
| Netherlands - 7.1% | | | |
| Airbus Group NV | | 27,900 | 4,098 |
| ASML Holding NV (c) | | 120,600 | 33,848 |
| Ferrari NV | | 18,514 | 3,131 |
| Heineken NV (Bearer) | | 78,500 | 8,560 |
| Koninklijke Philips Electronics NV | | 298,200 | 13,657 |
| NXP Semiconductors NV | | 122,900 | 15,591 |
| Unilever NV | | 415,800 | 24,263 |
| Wolters Kluwer NV | | 180,400 | 13,589 |
|
| TOTAL NETHERLANDS | | | 116,737 |
|
| New Zealand - 0.4% | | | |
| Ryman Healthcare Group Ltd. | | 666,045 | 7,061 |
| Norway - 1.0% | | | |
| Adevinta ASA Class B | | 553,839 | 6,756 |
| Schibsted ASA (A Shares) | | 292,800 | 8,862 |
|
| TOTAL NORWAY | | | 15,618 |
|
| Russia - 0.1% | | | |
| MMC Norilsk Nickel PJSC sponsored ADR | | 50,500 | 1,632 |
| South Africa - 0.1% | | | |
| Capitec Bank Holdings Ltd. | | 26,600 | 2,386 |
| Spain - 0.6% | | | |
| Cellnex Telecom SA (b) | | 200,769 | 10,002 |
| Sweden - 1.8% | | | |
| ASSA ABLOY AB (B Shares) | | 501,900 | 11,913 |
| EQT AB (a) | | 103,000 | 1,309 |
| Hexagon AB (B Shares) | | 134,300 | 7,327 |
| Indutrade AB | | 147,400 | 5,322 |
| Svenska Handelsbanken AB (A Shares) | | 381,300 | 3,736 |
|
| TOTAL SWEDEN | | | 29,607 |
|
| Switzerland - 6.5% | | | |
| Alcon, Inc. (Switzerland) (a) | | 149,212 | 8,821 |
| Julius Baer Group Ltd. | | 151,580 | 7,574 |
| Lonza Group AG | | 26,786 | 11,018 |
| Medacta Group SA (b) | | 4,827 | 396 |
| Roche Holding AG (participation certificate) | | 116,437 | 39,057 |
| Sika AG | | 110,178 | 19,846 |
| Sonova Holding AG Class B | | 27,033 | 6,786 |
| Swiss Re Ltd. | | 96,350 | 10,903 |
| Temenos Group AG | | 19,010 | 3,077 |
|
| TOTAL SWITZERLAND | | | 107,478 |
|
| Taiwan - 0.9% | | | |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 261,400 | 14,100 |
| United Kingdom - 9.9% | | | |
| Aon PLC | | 41,600 | 9,162 |
| AstraZeneca PLC (United Kingdom) | | 290,779 | 28,446 |
| Beazley PLC | | 583,600 | 4,173 |
| Big Yellow Group PLC | | 238,100 | 3,707 |
| BP PLC sponsored ADR | | 393,900 | 14,232 |
| Compass Group PLC | | 372,092 | 9,199 |
| John David Group PLC | | 191,497 | 2,078 |
| Lloyds Banking Group PLC | | 11,016,200 | 8,224 |
| London Stock Exchange Group PLC | | 205,500 | 21,237 |
| M&G PLC (a) | | 912,394 | 2,894 |
| Network International Holdings PLC (b) | | 574,000 | 4,608 |
| Ocado Group PLC (a) | | 241,500 | 3,902 |
| Prudential PLC | | 738,194 | 13,125 |
| RELX PLC (Euronext N.V.) | | 657,547 | 17,444 |
| Rentokil Initial PLC | | 1,448,700 | 8,934 |
| Smith & Nephew PLC | | 481,800 | 11,593 |
|
| TOTAL UNITED KINGDOM | | | 162,958 |
|
| United States of America - 6.0% | | | |
| 10X Genomics, Inc. (a) | | 2,600 | 238 |
| Alphabet, Inc. Class C (a) | | 7,549 | 10,827 |
| Amgen, Inc. | | 27,400 | 5,920 |
| Becton, Dickinson & Co. | | 27,800 | 7,650 |
| Boston Scientific Corp. (a) | | 196,300 | 8,219 |
| IQVIA Holdings, Inc. (a) | | 55,600 | 8,632 |
| Marsh & McLennan Companies, Inc. | | 79,900 | 8,938 |
| MasterCard, Inc. Class A | | 58,400 | 18,451 |
| Microsoft Corp. | | 52,200 | 8,886 |
| The Booking Holdings, Inc. (a) | | 1,600 | 2,929 |
| Visa, Inc. Class A | | 90,000 | 17,907 |
|
| TOTAL UNITED STATES OF AMERICA | | | 98,597 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $1,112,186) | | | 1,620,203 |
|
| Money Market Funds - 3.9% | | | |
| Fidelity Cash Central Fund 1.58% (d) | | 28,118,808 | 28,124 |
| Fidelity Securities Lending Cash Central Fund 1.59% (d)(e) | | 36,207,895 | 36,212 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $64,336) | | | 64,336 |
| TOTAL INVESTMENT IN SECURITIES - 102.2% | | | |
| (Cost $1,176,522) | | | 1,684,539 |
| NET OTHER ASSETS (LIABILITIES) - (2.2)% | | | (36,023) |
| NET ASSETS - 100% | | | $1,648,516 |
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 $50,636,000 or 3.1% of net assets.
(c) Security or a portion of the security is on loan at period end.
(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(e) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| | (Amounts in thousands) |
| Fidelity Cash Central Fund | $102 |
| Fidelity Securities Lending Cash Central Fund | 12 |
| Total | $114 |
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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