Quarterly Holdings Report
for
Fidelity® China Region Fund
July 31, 2020
Schedule of Investments July 31, 2020 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 97.6% | |||
| Shares | Value | ||
| COMMUNICATION SERVICES - 17.8% | |||
| Entertainment - 2.9% | |||
| Bilibili, Inc. ADR (a)(b) | 496,700 | $21,646,186 | |
| DouYu International Holdings Ltd. ADR (b) | 1,762,400 | 23,721,904 | |
| 45,368,090 | |||
| Interactive Media & Services - 14.9% | |||
| Momo, Inc. ADR | 396,700 | 7,327,049 | |
| Tencent Holdings Ltd. | 3,101,100 | 212,729,923 | |
| YY, Inc. ADR (a) | 140,234 | 11,193,478 | |
| 231,250,450 | |||
| TOTAL COMMUNICATION SERVICES | 276,618,540 | ||
| CONSUMER DISCRETIONARY - 28.9% | |||
| Automobiles - 1.2% | |||
| Great Wall Motor Co. Ltd. (H Shares) | 10,223,000 | 9,985,176 | |
| Guangzhou Automobile Group Co. Ltd. (H Shares) | 7,508,000 | 7,178,339 | |
| Li Auto, Inc. ADR (a) | 97,900 | 1,566,400 | |
| 18,729,915 | |||
| Diversified Consumer Services - 1.6% | |||
| New Oriental Education & Technology Group, Inc. sponsored ADR (a) | 183,700 | 25,754,740 | |
| Hotels, Restaurants & Leisure - 2.2% | |||
| SJM Holdings Ltd. | 16,636,000 | 18,738,924 | |
| Summit Ascent Holdings Ltd. (a) | 58,410,000 | 3,617,512 | |
| Wynn Macau Ltd. | 6,489,200 | 11,370,313 | |
| 33,726,749 | |||
| Household Durables - 3.6% | |||
| Gree Electric Appliances, Inc. of Zhuhai (A Shares) | 2,078,707 | 16,960,096 | |
| Haier Electronics Group Co. Ltd. | 8,872,000 | 38,864,209 | |
| 55,824,305 | |||
| Internet & Direct Marketing Retail - 16.8% | |||
| Alibaba Group Holding Ltd. sponsored ADR (a) | 754,800 | 189,469,896 | |
| Ctrip.com International Ltd. ADR (a) | 414,800 | 11,282,560 | |
| Farfetch Ltd. Class A (a)(b) | 441,000 | 11,302,830 | |
| Meituan Dianping Class B (a) | 965,288 | 23,900,851 | |
| momo.com, Inc. | 238,000 | 5,268,715 | |
| Pinduoduo, Inc. ADR (a) | 232,905 | 21,380,679 | |
| 262,605,531 | |||
| Leisure Products - 0.1% | |||
| Bafang Electric Suzhou Co. Ltd. (A Shares) | 51,400 | 1,175,874 | |
| Textiles, Apparel & Luxury Goods - 3.4% | |||
| Anhui Korrun Co. Ltd. (A Shares) | 2,814,731 | 13,344,968 | |
| Compagnie Financiere Richemont SA Series A | 223,140 | 13,852,780 | |
| ECLAT Textile Co. Ltd. | 942,000 | 11,100,470 | |
| LVMH Moet Hennessy Louis Vuitton SE | 33,900 | 14,741,184 | |
| 53,039,402 | |||
| TOTAL CONSUMER DISCRETIONARY | 450,856,516 | ||
| CONSUMER STAPLES - 1.9% | |||
| Beverages - 1.5% | |||
| Kweichow Moutai Co. Ltd. (A Shares) | 94,445 | 22,722,911 | |
| Tobacco - 0.4% | |||
| Smoore International Holdings Ltd. (a)(c) | 1,257,000 | 6,755,100 | |
| TOTAL CONSUMER STAPLES | 29,478,011 | ||
| ENERGY - 0.9% | |||
| Energy Equipment & Services - 0.9% | |||
| China Oilfield Services Ltd. (H Shares) | 17,780,000 | 13,833,452 | |
| FINANCIALS - 11.1% | |||
| Banks - 4.7% | |||
| China Construction Bank Corp. (H Shares) | 55,877,000 | 40,741,635 | |
| Dah Sing Banking Group Ltd. | 3,656,800 | 3,302,788 | |
| E.SUN Financial Holdings Co. Ltd. | 9,150,048 | 8,445,143 | |
| Industrial & Commercial Bank of China Ltd. (H Shares) | 34,995,000 | 20,505,025 | |
| 72,994,591 | |||
| Consumer Finance - 0.3% | |||
| LexinFintech Holdings Ltd. ADR (a) | 540,609 | 4,600,583 | |
| Insurance - 6.1% | |||
| AIA Group Ltd. | 6,318,200 | 56,970,852 | |
| China Life Insurance Co. Ltd. | 7,945,000 | 5,492,933 | |
| China Life Insurance Co. Ltd. (H Shares) | 6,493,000 | 14,894,377 | |
| China Pacific Insurance (Group) Co. Ltd. (H Shares) | 1,333,000 | 3,861,251 | |
| Ping An Insurance Group Co. of China Ltd. (H Shares) | 1,302,000 | 13,737,700 | |
| 94,957,113 | |||
| TOTAL FINANCIALS | 172,552,287 | ||
| HEALTH CARE - 6.3% | |||
| Biotechnology - 3.3% | |||
| Akeso, Inc. (a) | 5,755,000 | 21,727,069 | |
| Innovent Biologics, Inc. (a)(c) | 1,926,500 | 11,807,124 | |
| Jinyu Bio-Technology Co. Ltd. (A Shares) | 3,485,728 | 14,587,271 | |
| Zai Lab Ltd. ADR (a) | 30,200 | 2,298,522 | |
| 50,419,986 | |||
| Health Care Equipment & Supplies - 0.8% | |||
| Kangji Medical Holdings Ltd. (a) | 1,231,000 | 4,088,350 | |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | 167,315 | 8,323,352 | |
| 12,411,702 | |||
| Life Sciences Tools & Services - 0.3% | |||
| Hangzhou Tigermed Consulting Co. Ltd. (H Shares) (a) | 78,400 | 1,011,574 | |
| Pharmaron Beijing Co. Ltd. (H Shares) (c) | 385,200 | 4,182,365 | |
| 5,193,939 | |||
| Pharmaceuticals - 1.9% | |||
| Hansoh Pharmaceutical Group Co. Ltd. (a)(c) | 4,460,000 | 19,277,963 | |
| Hua Medicine (a)(c) | 693,000 | 625,911 | |
| Sino Biopharmaceutical Ltd. | 7,584,000 | 9,883,282 | |
| 29,787,156 | |||
| TOTAL HEALTH CARE | 97,812,783 | ||
| INDUSTRIALS - 2.6% | |||
| Industrial Conglomerates - 0.5% | |||
| Far Eastern Textile Ltd. | 9,211,000 | 8,030,843 | |
| Machinery - 1.5% | |||
| Anhui Heli Co. Ltd. ELS (UBS AG London Branch Bank Warrant Program) Class A warrants 1/21/22 (a)(c) | 999,376 | 1,551,681 | |
| HIWIN Technologies Corp. | 1,282,350 | 13,495,203 | |
| Shenzhen Inovance Technology Co. Ltd. (A Shares) | 1,179,413 | 8,498,355 | |
| 23,545,239 | |||
| Professional Services - 0.5% | |||
| Guangzhou GRG Metrology & Test Co. Ltd. ELS (UBS AG London Branch Bank Warrant Program) Class A warrants 1/13/21 (a)(c) | 1,926,391 | 7,561,778 | |
| Transportation Infrastructure - 0.1% | |||
| Shenzhen Expressway Co. Ltd. (H Shares) | 652,000 | 621,689 | |
| TOTAL INDUSTRIALS | 39,759,549 | ||
| INFORMATION TECHNOLOGY - 18.8% | |||
| Communications Equipment - 0.6% | |||
| Ericsson (B Shares) sponsored ADR | 746,400 | 8,620,920 | |
| Electronic Equipment & Components - 1.2% | |||
| AVIC Jonhon OptronicTechnology Co. Ltd. | 2,363,022 | 14,753,748 | |
| Sunny Optical Technology Group Co. Ltd. | 243,500 | 4,583,906 | |
| 19,337,654 | |||
| IT Services - 0.9% | |||
| TravelSky Technology Ltd. (H Shares) | 7,260,000 | 13,957,395 | |
| Semiconductors & Semiconductor Equipment - 14.8% | |||
| ASM Pacific Technology Ltd. | 711,300 | 7,993,785 | |
| Faraday Technology Corp. | 3,532,000 | 5,659,717 | |
| MediaTek, Inc. | 1,408,000 | 33,615,149 | |
| Micron Technology, Inc. (a) | 529,300 | 26,494,112 | |
| NXP Semiconductors NV | 141,270 | 16,603,463 | |
| SK Hynix, Inc. | 389,880 | 26,994,852 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 7,201,000 | 104,559,573 | |
| Universal Display Corp. | 48,800 | 8,513,160 | |
| 230,433,811 | |||
| Software - 0.3% | |||
| Agora, Inc. ADR (a)(b) | 8,200 | 357,028 | |
| Archosaur Games, Inc. (a)(c) | 158,000 | 507,619 | |
| China Youzan Ltd. (a) | 19,408,000 | 4,257,074 | |
| 5,121,721 | |||
| Technology Hardware, Storage & Peripherals - 1.0% | |||
| Samsung Electronics Co. Ltd. | 310,370 | 15,027,196 | |
| TOTAL INFORMATION TECHNOLOGY | 292,498,697 | ||
| MATERIALS - 4.6% | |||
| Chemicals - 0.8% | |||
| LG Chemical Ltd. | 25,138 | 11,939,846 | |
| Construction Materials - 1.8% | |||
| China Jushi Co. Ltd. (A Shares) | 7,969,705 | 15,813,383 | |
| West China Cement Ltd. | 57,872,000 | 12,320,659 | |
| 28,134,042 | |||
| Containers & Packaging - 1.0% | |||
| Greatview Aseptic Pack Co. Ltd. | 20,422,000 | 7,746,885 | |
| Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares) | 1,659,825 | 8,447,673 | |
| 16,194,558 | |||
| Metals & Mining - 1.0% | |||
| Zijin Mining Group Co. Ltd. (H Shares) | 25,466,000 | 15,804,738 | |
| TOTAL MATERIALS | 72,073,184 | ||
| REAL ESTATE - 4.2% | |||
| Equity Real Estate Investment Trusts (REITs) - 0.6% | |||
| Link (REIT) | 1,293,463 | 10,038,553 | |
| Real Estate Management & Development - 3.6% | |||
| China Jinmao Holdings Group Ltd. | 12,476,000 | 8,483,352 | |
| China Overseas Land and Investment Ltd. | 6,808,000 | 20,730,656 | |
| Longfor Properties Co. Ltd. (c) | 1,855,500 | 9,169,406 | |
| Shimao Property Holdings Ltd. | 1,792,000 | 7,595,474 | |
| Sun Hung Kai Properties Ltd. | 827,000 | 10,057,810 | |
| 56,036,698 | |||
| TOTAL REAL ESTATE | 66,075,251 | ||
| UTILITIES - 0.5% | |||
| Gas Utilities - 0.5% | |||
| China Gas Holdings Ltd. | 2,800,132 | 8,418,136 | |
| TOTAL COMMON STOCKS | |||
| (Cost $945,825,300) | 1,519,976,406 | ||
| Preferred Stocks - 1.5% | |||
| Convertible Preferred Stocks - 0.2% | |||
| HEALTH CARE - 0.2% | |||
| Pharmaceuticals - 0.2% | |||
| Antengene Corp. Series C1 (d)(e) | 1,094,111 | 3,091,833 | |
| Nonconvertible Preferred Stocks - 1.3% | |||
| INFORMATION TECHNOLOGY - 1.3% | |||
| Technology Hardware, Storage & Peripherals - 1.3% | |||
| Samsung Electronics Co. Ltd. | 486,190 | 20,124,768 | |
| TOTAL PREFERRED STOCKS | |||
| (Cost $19,064,728) | 23,216,601 | ||
| Money Market Funds - 3.4% | |||
| Fidelity Cash Central Fund 0.14% (f) | 18,541,161 | 18,546,724 | |
| Fidelity Securities Lending Cash Central Fund 0.13% (f)(g) | 33,989,334 | 33,992,733 | |
| TOTAL MONEY MARKET FUNDS | |||
| (Cost $52,537,853) | 52,539,457 | ||
| TOTAL INVESTMENT IN SECURITIES - 102.5% | |||
| (Cost $1,017,427,881) | 1,595,732,464 | ||
| NET OTHER ASSETS (LIABILITIES) - (2.5)% | (38,271,476) | ||
| NET ASSETS - 100% | $1,557,460,988 |
Security Type Abbreviations
ELS – Equity-Linked Security
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(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 $61,438,947 or 3.9% of net assets.
(d) 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 $3,091,833 or 0.2% of net assets.
(e) Level 3 security
(f) 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.
(g) 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 | $3,091,833 |
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 | $103,102 |
| Fidelity Securities Lending Cash Central Fund | 318,884 |
| Total | $421,986 |
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. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security’s underlying assets and liabilities.
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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