NPORT-EX 1 QTLY_352_20190731.htm

Quarterly Holdings Report
for

Fidelity® China Region Fund

July 31, 2019







HKC-QTLY-0919
1.804836.115





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 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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