Quarterly Holdings Report
for
Fidelity® Japan Fund
July 31, 2026
JPN-NPRT3-0926
1.804854.122
Common Stocks - 99.5%
 
 
Shares
Value ($)
 
JAPAN - 98.5%
 
 
 
Communication Services - 3.2%
 
 
 
Entertainment - 2.0%
 
 
 
Konami Group Corp
 
59,600
7,677,643
Nintendo Co Ltd
 
299,800
14,301,111
 
 
 
21,978,754
Wireless Telecommunication Services - 1.2%
 
 
 
SoftBank Group Corp
 
396,100
12,337,528
TOTAL COMMUNICATION SERVICES
 
 
34,316,282
Consumer Discretionary - 12.8%
 
 
 
Automobile Components - 0.7%
 
 
 
Yokohama Rubber Co Ltd/The (b)
 
150,600
7,153,631
Automobiles - 3.6%
 
 
 
Toyota Motor Corp
 
2,062,300
39,028,373
Broadline Retail - 0.8%
 
 
 
Pan Pacific International Holdings Corp
 
1,451,000
8,129,117
Hotels, Restaurants & Leisure - 1.3%
 
 
 
Curves Holdings Co Ltd
 
975,000
5,852,611
Kyoritsu Maintenance Co Ltd
 
396,000
8,606,031
 
 
 
14,458,642
Household Durables - 5.4%
 
 
 
Open House Group Co Ltd
 
179,700
9,548,832
Panasonic Holdings Corp
 
896,800
23,713,605
Sony Group Corp
 
799,500
18,683,414
Sumitomo Forestry Co Ltd
 
577,600
4,871,722
 
 
 
56,817,573
Leisure Products - 0.3%
 
 
 
Roland Corp
 
141,600
3,720,442
Specialty Retail - 0.7%
 
 
 
Fast Retailing Co Ltd
 
16,000
7,834,708
TOTAL CONSUMER DISCRETIONARY
 
 
137,142,486
Consumer Staples - 6.6%
 
 
 
Beverages - 0.7%
 
 
 
Asahi Group Holdings Ltd (b)
 
727,400
7,591,292
Consumer Staples Distribution & Retail - 0.8%
 
 
 
Tsuruha Holdings Inc (b)
 
591,845
9,034,967
Food Products - 2.4%
 
 
 
Ajinomoto Co Inc
 
493,400
15,215,660
Kewpie Corp
 
359,500
10,273,750
 
 
 
25,489,410
Personal Care Products - 1.6%
 
 
 
Rohto Pharmaceutical Co Ltd
 
378,600
5,669,995
Shiseido Co Ltd
 
592,300
11,700,084
 
 
 
17,370,079
Tobacco - 1.1%
 
 
 
Japan Tobacco Inc
 
260,900
11,632,720
TOTAL CONSUMER STAPLES
 
 
71,118,468
Energy - 2.1%
 
 
 
Oil, Gas & Consumable Fuels - 2.1%
 
 
 
ENEOS Holdings Inc
 
840,400
6,940,470
Inpex Corp
 
694,100
15,998,080
TOTAL ENERGY
 
 
22,938,550
Financials - 15.7%
 
 
 
Banks - 10.4%
 
 
 
Chiba Bank Ltd/The
 
385,500
6,266,325
Mizuho Financial Group Inc
 
600,800
31,147,996
Sumitomo Mitsui Financial Group Inc
 
1,568,200
67,383,887
Suruga Bank Ltd
 
446,700
7,234,051
 
 
 
112,032,259
Capital Markets - 0.8%
 
 
 
SBI Holdings Inc
 
426,700
8,055,365
Financial Services - 2.6%
 
 
 
ORIX Corp
 
683,000
27,565,440
Insurance - 1.9%
 
 
 
LIFENET INSURANCE CO (b)(c)
 
370,700
3,869,000
Tokio Marine Holdings Inc
 
322,700
16,446,858
 
 
 
20,315,858
TOTAL FINANCIALS
 
 
167,968,922
Health Care - 6.4%
 
 
 
Health Care Equipment & Supplies - 3.1%
 
 
 
Asahi Intecc Co Ltd
 
280,700
6,332,913
Hoya Corp
 
140,000
21,408,384
Nakanishi Inc
 
282,000
5,359,059
 
 
 
33,100,356
Pharmaceuticals - 3.3%
 
 
 
Chugai Pharmaceutical Co Ltd
 
420,700
18,254,743
Takeda Pharmaceutical Co Ltd
 
503,800
17,298,296
 
 
 
35,553,039
TOTAL HEALTH CARE
 
 
68,653,395
Industrials - 26.4%
 
 
 
Building Products - 2.0%
 
 
 
Daikin Industries Ltd
 
107,400
15,557,413
Nitto Boseki Co Ltd (b)
 
314,500
5,401,612
 
 
 
20,959,025
Construction & Engineering - 0.7%
 
 
 
COMSYS Holdings Corp
 
237,500
7,795,580
Electrical Equipment - 3.6%
 
 
 
Furukawa Electric Co Ltd
 
736,000
14,044,299
Mitsubishi Electric Corp
 
160,800
5,792,518
NIDEC CORP (c)
 
477,200
7,662,804
SWCC Corp
 
162,700
11,215,273
 
 
 
38,714,894
Industrial Conglomerates - 4.6%
 
 
 
Hikari Tsushin Inc
 
36,200
8,851,506
Hitachi Ltd
 
1,229,100
40,278,290
 
 
 
49,129,796
Machinery - 9.7%
 
 
 
Ebara Corp
 
518,100
17,588,253
Hoshizaki Corp (b)
 
161,000
5,741,827
IHI Corp
 
819,600
14,330,670
Japan Engine Corp (b)
 
121,500
7,039,398
Japan Steel Works Ltd/The
 
162,600
7,533,710
Kawasaki Heavy Industries Ltd
 
584,900
9,992,818
Mitsubishi Heavy Industries Ltd
 
867,500
20,266,829
Namura Shipbuilding Co Ltd (b)
 
368,400
9,879,773
Noritake Co Ltd
 
176,000
3,695,817
Yaskawa Electric Corp
 
279,900
8,334,809
 
 
 
104,403,904
Professional Services - 3.4%
 
 
 
BayCurrent Inc
 
144,300
6,508,525
Gakujo Co Ltd
 
128,800
1,310,732
Persol Holdings Co Ltd
 
6,018,500
9,992,065
SIGMAXYZ Holdings Inc
 
663,000
2,490,010
SMS Co Ltd
 
238,300
3,308,679
Timee Inc (b)(c)
 
784,700
7,236,399
Visional Inc (c)
 
97,100
5,350,249
 
 
 
36,196,659
Trading Companies & Distributors - 2.4%
 
 
 
ITOCHU Corp
 
2,021,600
25,370,295
TOTAL INDUSTRIALS
 
 
282,570,153
Information Technology - 14.8%
 
 
 
Electronic Equipment, Instruments & Components - 3.5%
 
 
 
Dexerials Corp
 
425,000
8,578,988
Hamamatsu Photonics KK
 
467,300
6,652,991
Ibiden Co Ltd (b)
 
162,300
16,236,954
Jeol Ltd
 
118,300
6,005,720
 
 
 
37,474,653
IT Services - 3.6%
 
 
 
ExaWizards Inc (b)(c)
 
774,300
3,748,037
Fujitsu Ltd
 
409,300
9,434,068
NEC Corp
 
428,700
12,740,394
NSD Co Ltd
 
354,200
6,328,013
TechMatrix Corp
 
482,200
6,215,880
 
 
 
38,466,392
Semiconductors & Semiconductor Equipment - 6.9%
 
 
 
Advantest Corp
 
111,400
22,010,628
Kioxia Holdings Corp (c)
 
70,300
19,595,172
Renesas Electronics Corp
 
1,235,000
24,754,043
Rohm Co Ltd (b)
 
302,300
8,015,953
 
 
 
74,375,796
Software - 0.8%
 
 
 
Money Forward Inc (b)(c)
 
250,800
8,743,667
TOTAL INFORMATION TECHNOLOGY
 
 
159,060,508
Materials - 8.5%
 
 
 
Chemicals - 6.9%
 
 
 
Carlit Co Ltd (b)
 
292,200
4,181,440
MEC Co Ltd
 
128,600
6,674,729
Mitsubishi Gas Chemical Co Inc
 
287,400
7,423,627
Mitsui Chemicals Inc
 
420,000
5,522,066
NOF Corp
 
426,200
7,405,398
Resonac Holdings Corp (b)
 
154,500
12,869,716
Shin-Etsu Chemical Co Ltd
 
535,800
19,101,345
Toyo Gosei Co Ltd (b)
 
137,700
10,916,183
 
 
 
74,094,504
Metals & Mining - 1.6%
 
 
 
JX Advanced Metals Corp
 
454,400
10,527,626
Mitsui Kinzoku Co Ltd (b)
 
34,700
6,533,079
 
 
 
17,060,705
TOTAL MATERIALS
 
 
91,155,209
Real Estate - 2.0%
 
 
 
Real Estate Management & Development - 2.0%
 
 
 
Relo Group Inc
 
612,000
7,721,541
Sumitomo Realty & Development Co Ltd
 
607,600
13,618,952
TOTAL REAL ESTATE
 
 
21,340,493
TOTAL JAPAN
 
 
1,056,264,466
KOREA (SOUTH) - 0.1%
 
 
 
Communication Services - 0.1%
 
 
 
Interactive Media & Services - 0.1%
 
 
 
Webtoon Entertainment Inc (c)
 
220,600
2,011,872
UNITED STATES - 0.9%
 
 
 
Communication Services - 0.9%
 
 
 
Diversified Telecommunication Services - 0.9%
 
 
 
Space Exploration Technologies Corp (a)
 
86,752
9,401,314
 
TOTAL COMMON STOCKS
 (Cost $698,221,741)
 
 
 
1,067,677,652
 
 
 
 
Money Market Funds - 6.3%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (d)
 
3.69
2,307,125
2,307,587
Fidelity Securities Lending Cash Central Fund (d)(e)
 
3.72
65,213,193
65,219,714
 
TOTAL MONEY MARKET FUNDS
 (Cost $67,527,301)
 
 
 
67,527,301
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 105.8%
 (Cost $765,749,042)
 
 
 
1,135,204,953
NET OTHER ASSETS (LIABILITIES) - (5.8)%  
(62,494,520)
NET ASSETS - 100.0%
1,072,710,433
 
 
 
Legend
 
(a)
Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $9,401,314 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Non-income producing.
 
(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.
 
At period end, the value of non-cash collateral for securities on loan amounted to $5,356,179.
Additional information on each lock-up restriction is as follows:
Security
Restriction Expiration Date
Space Exploration Technologies Corp
12/8/2026
 
 
 
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
Fidelity Cash Central Fund
1,181,280
67,192,208
66,065,976
39,826
75
-
2,307,587
2,307,125
Fidelity Securities Lending Cash Central Fund
61,202,905
322,883,440
318,867,585
753,822
954
-
65,219,714
65,213,193
 
62,384,185
390,075,648
384,933,561
793,648
1,029
-
67,527,301
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
Amounts in the dividend income column 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 income 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. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.   
 
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - Unadjusted 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)
 
Valuation techniques used to value 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 service 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 any 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 any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure 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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