Quarterly Holdings Report
for
Fidelity Advisor® Overseas Fund
January 31, 2020
OS-QTLY-0320
1.813050.115
Schedule of Investments January 31, 2020 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 98.9% | | | |
| | | Shares | Value (000s) |
| Australia - 0.2% | | | |
| Insurance Australia Group Ltd. | | 55,268 | $260 |
| Lovisa Holdings Ltd. | | 22,364 | 165 |
| National Storage (REIT) unit | | 238,666 | 342 |
| realestate.com.au Ltd. | | 2,302 | 174 |
|
| TOTAL AUSTRALIA | | | 941 |
|
| Austria - 0.5% | | | |
| Erste Group Bank AG | | 54,900 | 2,019 |
| Mayr-Melnhof Karton AG | | 2,600 | 358 |
|
| TOTAL AUSTRIA | | | 2,377 |
|
| Bailiwick of Jersey - 1.1% | | | |
| Experian PLC | | 77,100 | 2,684 |
| Glencore Xstrata PLC | | 106,700 | 312 |
| Sanne Group PLC | | 255,619 | 2,029 |
|
| TOTAL BAILIWICK OF JERSEY | | | 5,025 |
|
| Belgium - 1.1% | | | |
| KBC Groep NV | | 63,213 | 4,645 |
| Bermuda - 1.9% | | | |
| Credicorp Ltd. (United States) | | 10,100 | 2,086 |
| Hiscox Ltd. | | 154,600 | 2,680 |
| Hongkong Land Holdings Ltd. | | 35,900 | 191 |
| IHS Markit Ltd. | | 39,901 | 3,147 |
| SmarTone Telecommunications Holdings Ltd. | | 285,000 | 209 |
|
| TOTAL BERMUDA | | | 8,313 |
|
| Brazil - 0.6% | | | |
| IRB Brasil Resseguros SA | | 252,200 | 2,640 |
| Canada - 1.0% | | | |
| Constellation Software, Inc. | | 4,200 | 4,415 |
| Cayman Islands - 0.8% | | | |
| Alibaba Group Holding Ltd. sponsored ADR (a) | | 10,000 | 2,066 |
| SITC International Holdings Co. Ltd. | | 536,000 | 631 |
| Value Partners Group Ltd. | | 645,000 | 347 |
| ZTO Express (Cayman), Inc. sponsored ADR | | 21,200 | 460 |
|
| TOTAL CAYMAN ISLANDS | | | 3,504 |
|
| China - 0.2% | | | |
| Gree Electric Appliances, Inc. of Zhuhai (A Shares) | | 75,100 | 670 |
| Yunnan Baiyao Group Co. Ltd. (A Shares) | | 30,763 | 379 |
|
| TOTAL CHINA | | | 1,049 |
|
| Denmark - 1.6% | | | |
| A.P. Moller - Maersk A/S Series A | | 251 | 283 |
| DSV A/S | | 43,709 | 4,759 |
| GN Store Nord A/S | | 5,900 | 293 |
| Netcompany Group A/S (a)(b) | | 23,239 | 1,055 |
| Scandinavian Tobacco Group A/S (b) | | 31,836 | 417 |
| Vestas Wind Systems A/S | | 4,300 | 427 |
|
| TOTAL DENMARK | | | 7,234 |
|
| Finland - 0.2% | | | |
| Nokian Tyres PLC | | 14,300 | 386 |
| UPM-Kymmene Corp. | | 12,900 | 408 |
|
| TOTAL FINLAND | | | 794 |
|
| France - 10.9% | | | |
| Altarea SCA | | 1,404 | 322 |
| ALTEN | | 21,305 | 2,637 |
| Amundi SA (b) | | 29,861 | 2,426 |
| Capgemini SA | | 37,194 | 4,634 |
| Danone SA | | 47,429 | 3,795 |
| Edenred SA | | 54,569 | 2,953 |
| Elior SA (b) | | 57,619 | 810 |
| Kering SA | | 4,931 | 3,035 |
| Legrand SA | | 31,900 | 2,561 |
| LVMH Moet Hennessy Louis Vuitton SE | | 16,807 | 7,319 |
| Natixis SA | | 117,557 | 498 |
| Sanofi SA | | 65,400 | 6,307 |
| SR Teleperformance SA | | 19,479 | 4,900 |
| Total SA | | 118,031 | 5,747 |
|
| TOTAL FRANCE | | | 47,944 |
|
| Germany - 7.7% | | | |
| adidas AG | | 12,733 | 4,036 |
| Bayer AG | | 40,925 | 3,284 |
| Bertrandt AG | | 6,526 | 378 |
| Delivery Hero AG (a)(b) | | 1,800 | 139 |
| Deutsche Borse AG | | 23,984 | 3,911 |
| Deutsche Post AG | | 91,856 | 3,217 |
| Hannover Reuck SE | | 20,827 | 4,054 |
| Instone Real Estate Group BV (a)(b) | | 15,911 | 412 |
| JOST Werke AG (b) | | 6,740 | 254 |
| MTU Aero Engines Holdings AG | | 8,500 | 2,587 |
| SAP SE | | 55,797 | 7,267 |
| Scout24 AG (b) | | 5,705 | 393 |
| Vonovia SE | | 66,806 | 3,819 |
|
| TOTAL GERMANY | | | 33,751 |
|
| Hong Kong - 1.7% | | | |
| AIA Group Ltd. | | 703,300 | 6,969 |
| Dah Sing Banking Group Ltd. | | 226,000 | 288 |
| Dah Sing Financial Holdings Ltd. | | 90,800 | 326 |
|
| TOTAL HONG KONG | | | 7,583 |
|
| India - 1.0% | | | |
| HDFC Bank Ltd. | | 136,900 | 2,339 |
| Reliance Industries Ltd. | | 93,200 | 1,833 |
| Shriram Transport Finance Co. Ltd. | | 25,000 | 356 |
|
| TOTAL INDIA | | | 4,528 |
|
| Indonesia - 0.5% | | | |
| PT Astra International Tbk | | 1,089,900 | 503 |
| PT Bank Rakyat Indonesia Tbk | | 5,933,000 | 1,929 |
|
| TOTAL INDONESIA | | | 2,432 |
|
| Ireland - 2.8% | | | |
| DCC PLC (United Kingdom) | | 40,109 | 3,248 |
| Irish Residential Properties REIT PLC | | 146,400 | 269 |
| Kerry Group PLC Class A | | 32,890 | 4,206 |
| Kingspan Group PLC (Ireland) | | 40,544 | 2,502 |
| United Drug PLC (United Kingdom) | | 206,243 | 2,044 |
|
| TOTAL IRELAND | | | 12,269 |
|
| Italy - 1.4% | | | |
| FinecoBank SpA | | 216,300 | 2,537 |
| Recordati SpA | | 89,175 | 3,820 |
|
| TOTAL ITALY | | | 6,357 |
|
| Japan - 15.4% | | | |
| A/S One Corp. | | 8,300 | 752 |
| AEON Financial Service Co. Ltd. | | 23,300 | 364 |
| Arata Corp. | | 9,200 | 381 |
| Astellas Pharma, Inc. | | 146,300 | 2,585 |
| Daiichikosho Co. Ltd. | | 4,780 | 232 |
| Elecom Co. Ltd. | | 33,800 | 1,363 |
| GMO Internet, Inc. | | 25,300 | 485 |
| Hoya Corp. | | 59,000 | 5,647 |
| Iriso Electronics Co. Ltd. | | 35,000 | 1,325 |
| Kao Corp. | | 52,900 | 4,219 |
| Keyence Corp. | | 15,600 | 5,244 |
| KH Neochem Co. Ltd. | | 86,900 | 1,870 |
| Koshidaka Holdings Co. Ltd. | | 57,600 | 813 |
| Miroku Jyoho Service Co., Ltd. | | 48,540 | 1,340 |
| Nabtesco Corp. | | 16,730 | 479 |
| Nakanishi, Inc. | | 11,740 | 209 |
| Nitori Holdings Co. Ltd. | | 19,830 | 3,082 |
| NOF Corp. | | 63,900 | 2,080 |
| Olympus Corp. | | 178,520 | 2,884 |
| Oracle Corp. Japan | | 21,400 | 1,852 |
| ORIX Corp. | | 168,080 | 2,839 |
| Otsuka Corp. | | 62,600 | 2,441 |
| PALTAC Corp. | | 26,400 | 1,235 |
| Paramount Bed Holdings Co. Ltd. | | 8,200 | 339 |
| Persol Holdings Co., Ltd. | | 95,800 | 1,713 |
| Recruit Holdings Co. Ltd. | | 103,440 | 4,032 |
| Relo Group, Inc. | | 56,200 | 1,501 |
| Renesas Electronics Corp. (a) | | 52,100 | 328 |
| S Foods, Inc. | | 49,300 | 1,186 |
| Shiseido Co. Ltd. | | 40,300 | 2,595 |
| SMC Corp. | | 9,200 | 3,971 |
| Subaru Corp. | | 22,400 | 560 |
| Sundrug Co. Ltd. | | 10,680 | 362 |
| Suzuki Motor Corp. | | 50,000 | 2,288 |
| Tsuruha Holdings, Inc. | | 29,300 | 3,586 |
| Welcia Holdings Co. Ltd. | | 22,920 | 1,259 |
| Zozo, Inc. | | 21,100 | 351 |
|
| TOTAL JAPAN | | | 67,792 |
|
| Kenya - 0.4% | | | |
| Safaricom Ltd. | | 5,293,600 | 1,607 |
| Korea (South) - 0.3% | | | |
| LG Chemical Ltd. | | 4,134 | 1,149 |
| Malta - 0.1% | | | |
| Kambi Group PLC (a) | | 25,800 | 349 |
| Mexico - 0.2% | | | |
| Grupo Financiero Banorte S.A.B. de CV Series O | | 175,100 | 1,076 |
| Netherlands - 8.0% | | | |
| ASML Holding NV (Netherlands) | | 23,200 | 6,511 |
| ASR Nederland NV | | 11,500 | 429 |
| Euronext NV (b) | | 15,600 | 1,356 |
| Heineken NV (Bearer) | | 39,900 | 4,351 |
| Imcd NV | | 48,390 | 4,189 |
| Intertrust NV (b) | | 22,624 | 403 |
| Koninklijke Philips Electronics NV | | 106,530 | 4,879 |
| Prosus NV (a) | | 11,100 | 803 |
| QIAGEN NV (Germany) (a) | | 40,190 | 1,344 |
| Unilever NV | | 127,100 | 7,417 |
| Wolters Kluwer NV | | 46,300 | 3,488 |
|
| TOTAL NETHERLANDS | | | 35,170 |
|
| New Zealand - 0.4% | | | |
| EBOS Group Ltd. | | 125,928 | 1,933 |
| Norway - 1.7% | | | |
| Adevinta ASA Class B | | 147,875 | 1,804 |
| Equinor ASA | | 162,140 | 2,946 |
| Schibsted ASA: | | | |
| (A Shares) | | 69,800 | 2,113 |
| (B Shares) | | 8,199 | 234 |
| Skandiabanken ASA (b) | | 33,092 | 252 |
|
| TOTAL NORWAY | | | 7,349 |
|
| South Africa - 0.5% | | | |
| Naspers Ltd. Class N | | 12,800 | 2,076 |
| Spain - 0.9% | | | |
| Amadeus IT Holding SA Class A | | 41,056 | 3,225 |
| Prosegur Cash SA (b) | | 471,000 | 804 |
|
| TOTAL SPAIN | | | 4,029 |
|
| Sweden - 4.8% | | | |
| Addlife AB | | 67,184 | 2,045 |
| AddTech AB (B Shares) | | 54,008 | 1,658 |
| ASSA ABLOY AB (B Shares) | | 137,500 | 3,264 |
| Dustin Group AB (b) | | 32,200 | 249 |
| EQT AB (a) | | 140,100 | 1,780 |
| Ericsson (B Shares) | | 64,700 | 509 |
| Hexagon AB (B Shares) | | 52,000 | 2,837 |
| HEXPOL AB (B Shares) | | 37,040 | 335 |
| Indutrade AB | | 105,520 | 3,810 |
| Securitas AB (B Shares) | | 26,000 | 410 |
| Svenska Handelsbanken AB (A Shares) | | 308,400 | 3,021 |
| Swedbank AB (A Shares) | | 45,400 | 699 |
| Swedish Match Co. AB | | 6,200 | 351 |
|
| TOTAL SWEDEN | | | 20,968 |
|
| Switzerland - 9.9% | | | |
| Alcon, Inc. (a) | | 41,700 | 2,458 |
| Julius Baer Group Ltd. | | 72,240 | 3,610 |
| Lonza Group AG | | 12,431 | 5,113 |
| Nestle SA (Reg. S) | | 92,060 | 10,154 |
| Roche Holding AG (participation certificate) | | 33,226 | 11,141 |
| Sika AG | | 23,285 | 4,194 |
| Sonova Holding AG Class B | | 10,690 | 2,684 |
| Swiss Re Ltd. | | 36,250 | 4,102 |
|
| TOTAL SWITZERLAND | | | 43,456 |
|
| Taiwan - 0.7% | | | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 315,300 | 3,234 |
| United Kingdom - 14.3% | | | |
| Aggreko PLC | | 34,279 | 349 |
| AstraZeneca PLC (United Kingdom) | | 8,100 | 792 |
| Beazley PLC | | 341,600 | 2,443 |
| BP PLC | | 148,594 | 895 |
| Cineworld Group PLC | | 400,695 | 938 |
| Close Brothers Group PLC | | 11,798 | 221 |
| Compass Group PLC | | 186,778 | 4,618 |
| Cranswick PLC | | 53,841 | 2,540 |
| Dechra Pharmaceuticals PLC | | 41,220 | 1,548 |
| Diageo PLC | | 176,000 | 6,960 |
| Diploma PLC | | 73,872 | 1,900 |
| Hilton Food Group PLC | | 103,945 | 1,449 |
| InterContinental Hotel Group PLC | | 38,055 | 2,344 |
| Intertek Group PLC | | 38,059 | 2,895 |
| James Fisher and Sons PLC | | 48,777 | 1,269 |
| John Wood Group PLC | | 26,170 | 130 |
| JTC PLC (b) | | 136,300 | 772 |
| Keywords Studios PLC | | 19,900 | 324 |
| Lloyds Banking Group PLC | | 879,466 | 657 |
| London Stock Exchange Group PLC | | 51,230 | 5,294 |
| M&G PLC (a) | | 75,108 | 238 |
| Mondi PLC | | 107,200 | 2,188 |
| Prudential PLC | | 197,209 | 3,506 |
| RELX PLC (London Stock Exchange) | | 158,600 | 4,216 |
| Rentokil Initial PLC | | 535,100 | 3,300 |
| Rightmove PLC | | 33,000 | 287 |
| Rotork PLC | | 22,343 | 90 |
| Sabre Insurance Group PLC (b) | | 150,381 | 613 |
| Smith & Nephew PLC | | 111,400 | 2,680 |
| St. James's Place Capital PLC | | 31,360 | 474 |
| Standard Life PLC | | 125,061 | 498 |
| The Weir Group PLC | | 9,891 | 176 |
| Ultra Electronics Holdings PLC | | 61,109 | 1,822 |
| Unilever PLC | | 15,696 | 936 |
| Victrex PLC | | 59,570 | 1,743 |
| Volution Group PLC | | 516,500 | 1,651 |
|
| TOTAL UNITED KINGDOM | | | 62,756 |
|
| United States of America - 6.1% | | | |
| Alphabet, Inc. Class C (a) | | 1,283 | 1,840 |
| Becton, Dickinson & Co. | | 9,300 | 2,559 |
| Black Knight, Inc. (a) | | 34,200 | 2,289 |
| Boston Scientific Corp. (a) | | 58,900 | 2,466 |
| Global Payments, Inc. | | 17,289 | 3,379 |
| Hologic, Inc. (a) | | 38,100 | 2,039 |
| International Flavors & Fragrances, Inc. | | 13,900 | 1,822 |
| Marsh & McLennan Companies, Inc. | | 34,700 | 3,882 |
| Moody's Corp. | | 3,730 | 958 |
| NICE Systems Ltd. sponsored ADR (a) | | 11,182 | 1,927 |
| Roper Technologies, Inc. | | 6,600 | 2,519 |
| S&P Global, Inc. | | 3,303 | 970 |
|
| TOTAL UNITED STATES OF AMERICA | | | 26,650 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $354,526) | | | 435,395 |
|
| Nonconvertible Preferred Stocks - 0.0% | | | |
| United Kingdom - 0.0% | | | |
| Rolls-Royce Holdings PLC (C Shares) (a) | | | |
| (Cost $2) | | 1,688,522 | 2 |
|
| Investment Companies - 0.4% | | | |
| United States of America - 0.4% | | | |
| iShares MSCI Japan ETF | | | |
| (Cost $1,594) | | 30,300 | 1,750 |
|
| Money Market Funds - 1.3% | | | |
| Fidelity Cash Central Fund 1.58% (c) | | | |
| (Cost $5,569) | | 5,568,054 | 5,569 |
| TOTAL INVESTMENT IN SECURITIES - 100.6% | | | |
| (Cost $361,691) | | | 442,716 |
| NET OTHER ASSETS (LIABILITIES) - (0.6)% | | | (2,632) |
| NET ASSETS - 100% | | | $440,084 |
Security Type Abbreviations
ETF – Exchange-Traded Fund
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 $10,355,000 or 2.4% of net assets.
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| | (Amounts in thousands) |
| Fidelity Cash Central Fund | $19 |
| Fidelity Securities Lending Cash Central Fund | 8 |
| Total | $27 |
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.
ETFs are valued at their last 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 but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 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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