NPORT-EX 2 QTLY_351_20200731.htm

Quarterly Holdings Report
for

Fidelity® Emerging Asia Fund

July 31, 2020







SEA-QTLY-0920
1.804844.116





Schedule of Investments July 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.6%   
 Shares Value 
Australia - 0.0%   
Blue Sky Alternative Investments Ltd. (a)(b) 1,118,552 $8 
Bermuda - 1.1%   
China Youzan Ltd. (a) 30,744,000 6,743,584 
Haier Electronics Group Co. Ltd. 1,900,000 8,323,038 
TOTAL BERMUDA  15,066,622 
Cayman Islands - 35.3%   
Agora, Inc. ADR (a)(c) 3,400 148,036 
Akeso, Inc. (a) 2,213,000 8,354,822 
Alibaba Group Holding Ltd. 1,216,100 38,156,427 
Alibaba Group Holding Ltd. sponsored ADR (a) 141,500 35,519,330 
Archosaur Games, Inc. (a)(d) 8,774,000 28,188,922 
Bilibili, Inc. ADR (a)(c) 855,600 37,287,048 
China Literature Ltd. (a)(d) 823,200 5,411,667 
CStone Pharmaceuticals Co. Ltd. (a)(d) 4,457,500 5,981,446 
Frontage Holdings Corp. (a)(c)(d) 9,728,000 5,146,227 
GDS Holdings Ltd. ADR (a) 64,200 5,154,618 
GSX Techedu, Inc. ADR (a)(c) 117,000 10,427,040 
Hansoh Pharmaceutical Group Co. Ltd. (a)(d) 446,000 1,927,796 
Hua Medicine (a)(d) 1,612,820 1,456,684 
Huazhu Group Ltd. ADR 92,700 3,182,391 
iClick Interactive Asia Group Ltd. (A Shares) ADR (a)(c) 1,885,000 13,685,100 
Innovent Biologics, Inc. (a)(d) 1,198,500 7,345,361 
iQIYI, Inc. ADR (a)(c) 175,300 3,698,830 
Kangji Medical Holdings Ltd. 1,646,500 6,075,881 
Kangji Medical Holdings Ltd. (a) 504,000 1,673,866 
Li Ning Co. Ltd. 2,640,200 8,499,412 
Meituan Dianping Class B (a) 77,516 1,919,322 
New Oriental Education & Technology Group, Inc. sponsored ADR (a) 60,800 8,524,160 
Phoenix Tree Holdings Ltd. ADR 162,800 1,365,892 
Pinduoduo, Inc. ADR (a) 355,500 32,634,900 
Sands China Ltd. 1,472,800 5,700,941 
SITC International Holdings Co. Ltd. 3,705,375 3,714,793 
So-Young International, Inc. ADR (a)(c) 386,900 5,544,277 
Sunny Optical Technology Group Co. Ltd. 498,200 9,378,654 
TAL Education Group ADR (a) 344,668 26,942,698 
Tencent Holdings Ltd. 1,792,940 122,992,486 
Wuxi Biologics (Cayman), Inc. (a)(d) 752,000 15,485,749 
Zai Lab Ltd. ADR (a) 128,800 9,802,968 
ZTO Express (Cayman), Inc. sponsored ADR 104,900 3,886,545 
TOTAL CAYMAN ISLANDS  475,214,289 
China - 8.8%   
Anhui Korrun Co. Ltd. (A Shares) 1,796,361 8,516,757 
AVIC Jonhon OptronicTechnology Co. Ltd. 1,111,900 6,942,251 
Bafang Electric Suzhou Co. Ltd. (A Shares) 12,355 282,644 
Beijing Shiji Information Technology Co. Ltd. (A Shares) 1,347,100 7,097,471 
China Jushi Co. Ltd. (A Shares) 4,046,118 8,028,254 
Contemporary Amperex Technology Co. Ltd. 207,975 6,326,180 
Guangzhou GRG Metrology & Test Co. Ltd. (A Shares) 1,035,000 4,062,751 
Hangzhou Tigermed Consulting Co. Ltd.:   
(A Shares) 560,197 8,649,738 
(H Shares) (a) 33,900 441,810 
Jinyu Bio-Technology Co. Ltd. (A Shares) 3,104,311 12,991,095 
Pharmaron Beijing Co. Ltd. (A Shares) 710,842 10,693,483 
Shanghai Bairun Investment Holding Group Co. Ltd. (A Shares) 777,400 6,063,032 
Shenzhen Inovance Technology Co. Ltd. (A Shares) 1,449,285 10,442,939 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) 184,408 9,173,671 
TravelSky Technology Ltd. (H Shares) 2,217,000 4,262,196 
WuXi AppTec Co. Ltd. (H Shares) (c)(d) 971,460 14,627,741 
TOTAL CHINA  118,602,013 
France - 1.3%   
LVMH Moet Hennessy Louis Vuitton SE 22,100 9,610,035 
Ubisoft Entertainment SA (a) 98,600 8,220,805 
TOTAL FRANCE  17,830,840 
Germany - 0.7%   
Delivery Hero AG (a)(d) 84,600 9,742,231 
Hong Kong - 1.8%   
AIA Group Ltd. 1,713,450 15,450,082 
Smoore International Holdings Ltd. (a)(d) 1,633,000 8,775,718 
TOTAL HONG KONG  24,225,800 
India - 11.5%   
Asian Paints Ltd. 202,100 4,627,637 
Aster DM Healthcare Ltd. (a)(d) 1,149,260 2,027,925 
Bajaj Finance Ltd. 363,400 15,770,454 
Eicher Motors Ltd. 27,687 7,627,118 
HDFC Asset Management Co. Ltd. (d) 637,124 20,576,843 
HDFC Bank Ltd. 742,138 10,236,571 
HDFC Bank Ltd. sponsored ADR 119,700 5,595,975 
Housing Development Finance Corp. Ltd. 599,964 14,269,966 
Indian Energy Exchange Ltd. (d) 1,278,100 3,057,068 
Kotak Mahindra Bank Ltd. 501,800 9,147,535 
Maruti Suzuki India Ltd. 88,244 7,376,536 
Mindspace Business Parks (a)(b)(e) 68,400 251,068 
Mindspace Business Parks (a)(b)(e) 178,600 655,566 
Oberoi Realty Ltd. (a) 872,953 4,076,965 
Page Industries Ltd. 11,654 3,082,780 
Reliance Industries Ltd. (a) 86,056 1,352,292 
Reliance Industries Ltd. 1,290,854 35,615,647 
TCNS Clothing Co. Ltd. (a)(d) 522,430 2,301,844 
Titan Co. Ltd. 543,900 7,573,728 
TOTAL INDIA  155,223,518 
Indonesia - 1.5%   
PT Bank Central Asia Tbk 5,396,077 11,558,250 
PT Bank Rakyat Indonesia Tbk 41,775,055 9,074,180 
TOTAL INDONESIA  20,632,430 
Italy - 0.3%   
Prada SpA (a) 1,152,000 4,444,318 
Japan - 6.9%   
BASE, Inc. 58,900 3,605,611 
Capcom Co. Ltd. 182,100 7,104,747 
Freee KK (a)(c) 321,700 14,481,135 
Iriso Electronics Co. Ltd. 139,400 4,174,560 
Lifenet Insurance Co. (a)(c) 181,200 2,199,632 
Money Forward, Inc. (a) 263,300 17,734,911 
Rakus Co. Ltd. 473,900 10,937,015 
Square Enix Holdings Co. Ltd. 144,300 7,688,366 
Uzabase, Inc. (a) 624,700 12,629,144 
Yahoo! Japan Corp. 2,298,200 12,221,223 
TOTAL JAPAN  92,776,344 
Korea (South) - 8.6%   
Kakao Corp. 54,900 15,769,530 
LG Chemical Ltd. 34,193 16,240,717 
Samsung Electronics Co. Ltd. 740,450 35,850,396 
Samsung SDI Co. Ltd. 42,580 14,153,454 
SK Hynix, Inc. 491,976 34,063,864 
TOTAL KOREA (SOUTH)  116,077,961 
Mauritius - 0.6%   
MakeMyTrip Ltd. (a)(c) 535,085 8,331,273 
Netherlands - 1.1%   
ASML Holding NV (Netherlands) 19,955 7,094,754 
NXP Semiconductors NV 59,900 7,040,047 
TOTAL NETHERLANDS  14,134,801 
Philippines - 0.3%   
Jollibee Food Corp. 1,330,300 3,661,042 
Switzerland - 0.9%   
Compagnie Financiere Richemont SA Series A 185,430 11,511,701 
Taiwan - 8.1%   
eMemory Technology, Inc. 402,000 7,489,068 
Taiwan Semiconductor Manufacturing Co. Ltd. 6,711,892 97,457,653 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 51,900 4,094,391 
TOTAL TAIWAN  109,041,112 
Thailand - 1.0%   
Home Product Center PCL (For. Reg.) 13,329,433 6,666,853 
Thai Beverage PCL 13,462,207 6,313,978 
TOTAL THAILAND  12,980,831 
United States of America - 6.5%   
Advanced Micro Devices, Inc. (a) 103,900 8,044,977 
ANSYS, Inc. (a) 30,900 9,597,540 
Aspen Technology, Inc. (a) 71,200 6,924,912 
DouYu International Holdings Ltd. ADR 498,213 6,705,947 
Lam Research Corp. 21,517 8,115,352 
Li Auto, Inc. ADR (a) 470,800 7,532,800 
Micron Technology, Inc. (a) 564,200 28,241,031 
New Frontier Health Corp. (a)(c) 463,500 3,939,750 
ON Semiconductor Corp. (a) 416,800 8,586,080 
TOTAL UNITED STATES OF AMERICA  87,688,389 
Vietnam - 0.3%   
Vietnam Dairy Products Corp. 869,500 4,014,260 
TOTAL COMMON STOCKS   
(Cost $843,145,197)  1,301,199,783 
Preferred Stocks - 1.3%   
Convertible Preferred Stocks - 0.2%   
Hong Kong - 0.2%   
Antengene Corp. Series C1 (b)(f) 827,043 2,337,129 
Nonconvertible Preferred Stocks - 1.1%   
Korea (South) - 1.1%   
Samsung Electronics Co. Ltd. 370,150 15,321,547 
TOTAL PREFERRED STOCKS   
(Cost $15,246,890)  17,658,676 
Money Market Funds - 4.5%   
Fidelity Cash Central Fund 0.14% (g) 19,486,994 19,492,841 
Fidelity Securities Lending Cash Central Fund 0.13% (g)(h) 40,645,514 40,649,579 
TOTAL MONEY MARKET FUNDS   
(Cost $60,142,147)  60,142,420 
TOTAL INVESTMENT IN SECURITIES - 102.4%   
(Cost $918,534,234)  1,379,000,879 
NET OTHER ASSETS (LIABILITIES) - (2.4)%  (32,789,673) 
NET ASSETS - 100%  $1,346,211,206 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Level 3 security

 (c) Security or a portion of the security is on loan at period end.

 (d) 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 $132,053,222 or 9.8% of net assets.

 (e) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (f) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,337,129 or 0.2% of net assets.

 (g) 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.

 (h) Investment made with cash collateral received from securities on loan.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Antengene Corp. Series C1 7/11/20 $2,337,129 

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 $105,886 
Fidelity Securities Lending Cash Central Fund 349,548 
Total $455,434 

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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