NPORT-EX 1 QTLY_350_20190731.htm

Quarterly Holdings Report
for

Fidelity® Japan Fund

July 31, 2019







JPN-QTLY-0919
1.804854.115





Schedule of Investments July 31, 2019 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.0%   
 Shares Value 
COMMUNICATION SERVICES - 9.8%   
Entertainment - 1.6%   
Nintendo Co. Ltd. 29,900 $10,999,999 
Interactive Media & Services - 0.9%   
LIFULL Co. Ltd. 778,300 3,634,308 
Yahoo! Japan Corp. 1,062,800 3,112,867 
  6,747,175 
Media - 0.8%   
Dentsu, Inc. 163,500 5,404,662 
Wireless Telecommunication Services - 6.5%   
SoftBank Corp. 887,000 45,288,583 
TOTAL COMMUNICATION SERVICES  68,440,419 
CONSUMER DISCRETIONARY - 13.3%   
Auto Components - 0.8%   
Aisin Seiki Co. Ltd. 97,400 3,173,849 
DaikyoNishikawa Corp. 267,100 2,214,580 
  5,388,429 
Automobiles - 3.7%   
Subaru Corp. 484,200 11,284,887 
Suzuki Motor Corp. 370,100 14,474,051 
  25,758,938 
Distributors - 0.5%   
Arata Corp. 112,800 3,665,300 
Hotels, Restaurants & Leisure - 1.0%   
Koshidaka Holdings Co. Ltd. 488,400 6,967,523 
Household Durables - 4.3%   
Sekisui Chemical Co. Ltd. 183,100 2,728,239 
Sony Corp. 481,100 27,362,040 
  30,090,279 
Internet & Direct Marketing Retail - 0.8%   
Zozo, Inc. 308,500 5,850,129 
Leisure Products - 0.9%   
Bandai Namco Holdings, Inc. 117,800 6,388,639 
Specialty Retail - 1.3%   
Nitori Holdings Co. Ltd. 43,200 5,849,214 
USS Co. Ltd. 148,400 2,955,996 
  8,805,210 
TOTAL CONSUMER DISCRETIONARY  92,914,447 
CONSUMER STAPLES - 9.4%   
Food & Staples Retailing - 4.7%   
Ain Holdings, Inc. 57,300 3,149,683 
Nishimoto Co. Ltd. 137,900 4,981,588 
Seven & i Holdings Co. Ltd. 301,100 10,275,927 
Sundrug Co. Ltd. 81,100 2,255,056 
Tsuruha Holdings, Inc. 61,300 6,271,431 
Welcia Holdings Co. Ltd. 129,800 6,061,072 
  32,994,757 
Food Products - 0.9%   
Morinaga & Co. Ltd. 124,000 5,847,229 
Personal Products - 3.8%   
Kao Corp. 170,400 12,435,924 
Kose Corp. 33,500 5,730,628 
Shiseido Co. Ltd. 110,500 8,131,095 
  26,297,647 
TOTAL CONSUMER STAPLES  65,139,633 
FINANCIALS - 11.2%   
Banks - 3.1%   
Mitsubishi UFJ Financial Group, Inc. 4,319,400 21,333,535 
Capital Markets - 1.2%   
JAFCO Co. Ltd. 102,400 3,826,234 
SBI Holdings, Inc. Japan 188,400 4,319,051 
  8,145,285 
Consumer Finance - 0.6%   
AEON Financial Service Co. Ltd. 239,700 3,886,670 
Diversified Financial Services - 2.7%   
ORIX Corp. 1,334,600 19,155,969 
Insurance - 3.6%   
AFLAC, Inc. 55,500 2,921,520 
Sony Financial Holdings, Inc. 307,400 7,447,359 
Tokio Marine Holdings, Inc. 284,900 15,122,788 
  25,491,667 
TOTAL FINANCIALS  78,013,126 
HEALTH CARE - 10.4%   
Health Care Equipment & Supplies - 7.6%   
Hoya Corp. 382,200 29,528,367 
Nakanishi, Inc. 137,600 2,524,585 
Olympus Corp. 768,800 8,382,136 
Paramount Bed Holdings Co. Ltd. 120,400 4,620,553 
Sysmex Corp. 37,300 2,723,699 
Terumo Corp. 177,600 5,169,112 
  52,948,452 
Health Care Providers & Services - 0.8%   
N Field Co. Ltd. (a) 188,800 1,195,728 
Ship Healthcare Holdings, Inc. 91,100 4,119,974 
  5,315,702 
Pharmaceuticals - 2.0%   
Takeda Pharmaceutical Co. Ltd. 416,341 14,328,754 
TOTAL HEALTH CARE  72,592,908 
INDUSTRIALS - 21.2%   
Building Products - 2.7%   
Daikin Industries Ltd. 100,300 12,448,916 
Toto Ltd. 152,600 6,110,284 
  18,559,200 
Commercial Services & Supplies - 0.7%   
Sohgo Security Services Co., Ltd. 107,200 5,222,539 
Construction & Engineering - 1.4%   
Mirait Holdings Corp. 315,000 4,682,002 
Toshiba Plant Systems & Services Corp. 293,900 4,941,108 
  9,623,110 
Electrical Equipment - 2.5%   
Nidec Corp. 128,800 17,421,564 
Machinery - 7.1%   
CKD Corp. 207,500 2,307,887 
Fanuc Corp. 59,400 10,556,951 
Hoshizaki Corp. 131,100 9,303,171 
Kitz Corp. 382,200 2,613,814 
Minebea Mitsumi, Inc. 461,500 7,876,646 
Misumi Group, Inc. 450,460 10,243,938 
Nabtesco Corp. 184,400 5,018,921 
Shima Seiki Manufacturing Ltd. 55,400 1,632,108 
  49,553,436 
Professional Services - 3.7%   
Outsourcing, Inc. 357,700 4,320,414 
Persol Holdings Co., Ltd. 337,400 8,240,388 
Recruit Holdings Co. Ltd. 208,300 7,053,554 
SMS Co., Ltd. 269,900 6,041,056 
  25,655,412 
Road & Rail - 1.0%   
East Japan Railway Co. 26,100 2,392,718 
Hitachi Transport System Ltd. 150,800 4,726,795 
  7,119,513 
Trading Companies & Distributors - 2.1%   
Itochu Corp. 371,400 7,071,728 
MonotaRO Co. Ltd. 145,200 3,197,897 
Trusco Nakayama Corp. 196,900 4,068,675 
  14,338,300 
TOTAL INDUSTRIALS  147,493,074 
INFORMATION TECHNOLOGY - 13.4%   
Electronic Equipment & Components - 6.5%   
Azbil Corp. 238,000 5,720,838 
Dexerials Corp. 564,000 3,748,249 
Iriso Electronics Co. Ltd. 118,600 5,450,869 
Murata Manufacturing Co. Ltd. 145,900 6,680,931 
Shimadzu Corp. 753,400 18,268,859 
TDK Corp. 71,200 5,466,550 
  45,336,296 
IT Services - 4.7%   
GMO Internet, Inc. 457,800 7,498,847 
IT Holdings Corp. 83,900 4,388,188 
ITOCHU Techno-Solutions Corp. 273,900 7,077,240 
Net One Systems Co. Ltd. 47,300 1,261,739 
NSD Co. Ltd. 170,500 5,281,598 
NTT Data Corp. 250,600 3,290,454 
Otsuka Corp. 92,200 3,665,456 
  32,463,522 
Semiconductors & Semiconductor Equipment - 0.8%   
Renesas Electronics Corp. (b) 952,200 5,680,465 
Software - 1.4%   
Money Forward, Inc. (a)(b) 142,800 4,377,590 
Oracle Corp. Japan 66,542 5,553,832 
  9,931,422 
TOTAL INFORMATION TECHNOLOGY  93,411,705 
MATERIALS - 6.9%   
Chemicals - 6.9%   
JSR Corp. 338,900 5,635,353 
Kansai Paint Co. Ltd. 429,100 8,503,903 
KH Neochem Co. Ltd. 174,800 4,375,222 
Nissan Chemical Corp. 133,500 5,838,131 
NOF Corp. 128,400 4,614,799 
Okamoto Industries, Inc. 42,800 1,994,632 
Shin-Etsu Chemical Co. Ltd. 131,300 13,368,427 
Tokyo Ohka Kogyo Co. Ltd. 118,500 4,041,134 
  48,371,601 
REAL ESTATE - 1.4%   
Real Estate Management & Development - 1.4%   
Daiwa House Industry Co. Ltd. 113,300 3,221,317 
Kenedix, Inc. 891,500 4,548,051 
Relo Group, Inc. 80,500 2,146,617 
  9,915,985 
TOTAL COMMON STOCKS   
(Cost $599,638,551)  676,292,898 
Money Market Funds - 3.6%   
Fidelity Cash Central Fund 2.43% (c) 20,315,373 20,319,436 
Fidelity Securities Lending Cash Central Fund 2.43% (c)(d) 4,663,171 4,663,637 
TOTAL MONEY MARKET FUNDS   
(Cost $24,983,269)  24,983,073 
TOTAL INVESTMENT IN SECURITIES - 100.6%   
(Cost $624,621,820)  701,275,971 
NET OTHER ASSETS (LIABILITIES) - (0.6)%  (4,212,772) 
NET ASSETS - 100%  $697,063,199 

Legend

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

 (b) Non-income producing

 (c) 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.

 (d) 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 $202,314 
Fidelity Securities Lending Cash Central Fund 106,347 
Total $308,661 

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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