NPORT-EX 2 QTLY_352_20200731.htm

Quarterly Holdings Report
for

Fidelity® China Region Fund

July 31, 2020







HKC-QTLY-0920
1.804836.116





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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