Quarterly Holdings Report
for
Fidelity® China Region Fund
July 31, 2019
Schedule of Investments July 31, 2019 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.6% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 16.4% | |||
Diversified Telecommunication Services - 1.7% | |||
China Unicom Ltd. | 20,936,000 | $20,397,010 | |
Entertainment - 1.5% | |||
DouYu International Holdings Ltd. ADR (a) | 807,500 | 7,889,275 | |
NetEase, Inc. ADR | 44,400 | 10,248,408 | |
18,137,683 | |||
Interactive Media & Services - 13.2% | |||
58.com, Inc. ADR (b) | 45,000 | 2,537,100 | |
Momo, Inc. ADR | 396,700 | 13,475,899 | |
Tencent Holdings Ltd. | 3,101,100 | 144,489,469 | |
160,502,468 | |||
TOTAL COMMUNICATION SERVICES | 199,037,161 | ||
CONSUMER DISCRETIONARY - 25.3% | |||
Automobiles - 1.3% | |||
BYD Co. Ltd. (A Shares) | 788,097 | 6,354,959 | |
SAIC Motor Corp. Ltd. (A Shares) | 2,454,735 | 8,808,220 | |
15,163,179 | |||
Diversified Consumer Services - 2.9% | |||
New Oriental Education & Technology Group, Inc. sponsored ADR (b) | 209,100 | 21,811,221 | |
TAL Education Group ADR (b) | 407,200 | 13,111,840 | |
34,923,061 | |||
Hotels, Restaurants & Leisure - 0.9% | |||
Galaxy Entertainment Group Ltd. | 935,000 | 6,364,824 | |
SJM Holdings Ltd. | 886,000 | 961,822 | |
Summit Ascent Holdings Ltd. (b) | 22,708,000 | 3,637,622 | |
10,964,268 | |||
Household Durables - 1.1% | |||
Gree Electric Appliances, Inc. of Zhuhai (A Shares) | 1,254,010 | 9,973,046 | |
Haier Electronics Group Co. Ltd. | 1,629,000 | 3,828,613 | |
13,801,659 | |||
Internet & Direct Marketing Retail - 17.0% | |||
Alibaba Group Holding Ltd. sponsored ADR (b) | 754,800 | 130,663,428 | |
Ctrip.com International Ltd. ADR (b) | 387,800 | 15,116,444 | |
JD.com, Inc. sponsored ADR (b) | 526,737 | 15,754,704 | |
Meituan Dianping Class B | 2,195,688 | 17,754,744 | |
Pinduoduo, Inc. ADR (a) | 929,000 | 20,688,830 | |
Secoo Holding Ltd. ADR (b) | 831,689 | 6,645,195 | |
206,623,345 | |||
Media - 0.5% | |||
iQIYI, Inc. ADR (a)(b) | 352,700 | 6,556,693 | |
Textiles, Apparel & Luxury Goods - 1.6% | |||
Samsonite International SA (c) | 6,212,100 | 12,163,850 | |
Tapestry, Inc. | 245,441 | 7,591,490 | |
19,755,340 | |||
TOTAL CONSUMER DISCRETIONARY | 307,787,545 | ||
CONSUMER STAPLES - 2.0% | |||
Beverages - 1.2% | |||
Kweichow Moutai Co. Ltd. (A Shares) | 105,145 | 14,748,766 | |
Food & Staples Retailing - 0.2% | |||
President Chain Store Corp. | 250,000 | 2,401,359 | |
Household Products - 0.6% | |||
C&S Paper Co. Ltd. (A Shares) | 3,382,652 | 6,594,555 | |
TOTAL CONSUMER STAPLES | 23,744,680 | ||
ENERGY - 2.1% | |||
Energy Equipment & Services - 1.9% | |||
China Oilfield Services Ltd. (H Shares) | 17,392,000 | 19,619,593 | |
Yantai Jereh Oilfield Services (A Shares) | 966,517 | 3,717,923 | |
23,337,516 | |||
Oil, Gas & Consumable Fuels - 0.2% | |||
PetroChina Co. Ltd. (H Shares) | 4,384,000 | 2,325,291 | |
TOTAL ENERGY | 25,662,807 | ||
FINANCIALS - 18.3% | |||
Banks - 7.7% | |||
BOC Hong Kong (Holdings) Ltd. | 930,000 | 3,543,670 | |
China Construction Bank Corp. (H Shares) | 55,877,000 | 42,898,494 | |
Dah Sing Banking Group Ltd. | 3,656,800 | 6,358,788 | |
Dah Sing Financial Holdings Ltd. | 864,400 | 3,875,799 | |
E.SUN Financial Holdings Co. Ltd. | 8,474,671 | 7,050,248 | |
Industrial & Commercial Bank of China Ltd. (H Shares) | 44,569,000 | 29,930,165 | |
93,657,164 | |||
Capital Markets - 0.4% | |||
Yantai China Pet Foods Co. Ltd. ELS (UBS AG London Bank Warrant Program) Class A warrants 4/27/20 (b)(c) | 1,870,613 | 4,913,067 | |
Consumer Finance - 0.8% | |||
360 Finance, Inc. ADR | 201,500 | 2,164,110 | |
LexinFintech Holdings Ltd. ADR (b) | 486,300 | 5,154,780 | |
PPDAI Group, Inc. ADR | 412,694 | 1,601,253 | |
8,920,143 | |||
Insurance - 9.4% | |||
AIA Group Ltd. | 5,753,000 | 58,886,375 | |
China Life Insurance Co. Ltd. | 14,766,000 | 12,153,984 | |
China Life Insurance Co. Ltd. (H Shares) | 6,493,000 | 16,538,776 | |
China Pacific Insurance (Group) Co. Ltd. (H Shares) | 1,333,000 | 5,685,883 | |
PICC Property & Casualty Co. Ltd. (H Shares) | 5,067,000 | 6,016,384 | |
Ping An Insurance (Group) Co. of China Ltd. (H Shares) | 1,302,000 | 15,345,129 | |
114,626,531 | |||
TOTAL FINANCIALS | 222,116,905 | ||
HEALTH CARE - 4.2% | |||
Biotechnology - 0.8% | |||
Jinyu Bio-Technology Co. Ltd. (A Shares) | 4,041,093 | 8,989,397 | |
Zai Lab Ltd. ADR (b) | 30,200 | 970,024 | |
9,959,421 | |||
Health Care Equipment & Supplies - 0.3% | |||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | 167,315 | 3,835,439 | |
Pharmaceuticals - 3.1% | |||
CStone Pharmaceuticals Co. Ltd. (b)(c) | 3,931,000 | 5,921,280 | |
Hansoh Pharmaceutical Group Co. Ltd. (c) | 3,440,000 | 9,244,713 | |
Hutchison China Meditech Ltd. sponsored ADR (b) | 168,600 | 3,525,426 | |
Tonghua Dongbao Pharmaceutical Co. Ltd. (A Shares) | 4,570,537 | 10,363,081 | |
Yunnan Baiyao Group Co. Ltd. (A Shares) | 789,171 | 8,673,495 | |
37,727,995 | |||
TOTAL HEALTH CARE | 51,522,855 | ||
INDUSTRIALS - 4.5% | |||
Construction & Engineering - 0.8% | |||
Sinopec Engineering Group Co. Ltd. (H Shares) | 11,310,500 | 8,860,741 | |
Machinery - 2.6% | |||
Airtac International Group | 559,000 | 5,701,102 | |
Cimc Enric Holdings Ltd. | 5,798,000 | 4,175,134 | |
HIWIN Technologies Corp. | 1,245,000 | 11,028,041 | |
Shenzhen Inovance Technology Co. Ltd. (A Shares) | 1,626,309 | 5,849,952 | |
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) | 3,238,742 | 5,067,911 | |
31,822,140 | |||
Marine - 0.5% | |||
Pacific Basin Shipping Ltd. | 28,971,000 | 5,947,628 | |
Professional Services - 0.6% | |||
51job, Inc. sponsored ADR (b) | 95,200 | 7,382,760 | |
TOTAL INDUSTRIALS | 54,013,269 | ||
INFORMATION TECHNOLOGY - 13.7% | |||
Communications Equipment - 1.5% | |||
Shenzhen Sunway Communication Co. Ltd. (A Shares) | 1,849,097 | 7,499,857 | |
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR | 1,287,500 | 11,214,125 | |
18,713,982 | |||
Electronic Equipment & Components - 1.2% | |||
AVIC Jonhon OptronicTechnology Co. Ltd. | 1,422,252 | 7,588,202 | |
Sunny Optical Technology Group Co. Ltd. | 607,100 | 7,020,132 | |
14,608,334 | |||
Internet Software & Services - 0.3% | |||
Wise Talent Information Technology Co. Ltd. (b) | 1,784,600 | 4,232,636 | |
Semiconductors & Semiconductor Equipment - 8.4% | |||
ams AG (b) | 171,150 | 9,031,172 | |
Micron Technology, Inc. (b) | 182,500 | 8,192,425 | |
NXP Semiconductors NV | 98,500 | 10,183,915 | |
Silergy Corp. | 401,000 | 8,079,089 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 7,267,000 | 59,684,940 | |
Win Semiconductors Corp. | 849,000 | 7,166,648 | |
102,338,189 | |||
Software - 1.9% | |||
Kingdee International Software Group Co. Ltd. | 7,098,000 | 6,761,371 | |
Kingsoft Corp. Ltd. (b) | 3,276,000 | 7,058,394 | |
Koolearn Technology Holding Ltd. (b)(c) | 4,660,500 | 6,483,377 | |
Qutoutiao, Inc. ADR (a) | 558,390 | 2,255,896 | |
22,559,038 | |||
Technology Hardware, Storage & Peripherals - 0.4% | |||
Ennoconn Corp. | 645,031 | 4,495,705 | |
TOTAL INFORMATION TECHNOLOGY | 166,947,884 | ||
MATERIALS - 4.0% | |||
Chemicals - 1.5% | |||
LG Chemical Ltd. | 64,988 | 18,304,135 | |
Construction Materials - 1.0% | |||
BBMG Corp. (H Shares) | 9,772,000 | 2,843,193 | |
West China Cement Ltd. | 57,872,000 | 9,751,631 | |
12,594,824 | |||
Metals & Mining - 1.5% | |||
Impro Precision Industries Ltd. (c) | 11,180,000 | 6,037,341 | |
Zijin Mining Group Co. Ltd. (H Shares) | 29,330,000 | 11,738,208 | |
17,775,549 | |||
TOTAL MATERIALS | 48,674,508 | ||
REAL ESTATE - 5.3% | |||
Real Estate Management & Development - 5.3% | |||
Cheung Kong Property Holdings Ltd. | 982,500 | 7,387,551 | |
China Jinmao Holdings Group Ltd. | 12,476,000 | 8,038,359 | |
China Overseas Land and Investment Ltd. | 2,706,000 | 9,224,914 | |
Hongkong Land Holdings Ltd. | 1,955,000 | 11,922,567 | |
Longfor Properties Co. Ltd. (c) | 3,386,000 | 12,522,073 | |
Sino Land Ltd. | 9,227,630 | 14,943,016 | |
64,038,480 | |||
UTILITIES - 0.8% | |||
Gas Utilities - 0.8% | |||
China Gas Holdings Ltd. | 2,361,600 | 9,785,259 | |
TOTAL COMMON STOCKS | |||
(Cost $948,957,220) | 1,173,331,353 | ||
Money Market Funds - 4.7% | |||
Fidelity Cash Central Fund 2.43% (d) | 34,875,266 | 34,882,241 | |
Fidelity Securities Lending Cash Central Fund 2.43% (d)(e) | 22,387,201 | 22,389,440 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $57,271,681) | 57,271,681 | ||
TOTAL INVESTMENT IN SECURITIES - 101.3% | |||
(Cost $1,006,228,901) | 1,230,603,034 | ||
NET OTHER ASSETS (LIABILITIES) - (1.3)% | (15,527,369) | ||
NET ASSETS - 100% | $1,215,075,665 |
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 $57,285,701 or 4.7% of net assets.
(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 | $360,892 |
Fidelity Securities Lending Cash Central Fund | 616,094 |
Total | $976,986 |
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 Funds 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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