NPORT-EX 2 QTLY_309_20200731.htm

Quarterly Holdings Report
for

Fidelity® Canada Fund

July 31, 2020







CAN-QTLY-0920
1.804819.116





Schedule of Investments July 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%   
 Shares Value 
COMMUNICATION SERVICES - 6.8%   
Diversified Telecommunication Services - 4.6%   
TELUS Corp. 1,945,900 $33,747,626 
Wireless Telecommunication Services - 2.2%   
Rogers Communications, Inc. Class B (non-vtg.) 389,700 15,914,435 
TOTAL COMMUNICATION SERVICES  49,662,061 
CONSUMER DISCRETIONARY - 4.7%   
Hotels, Restaurants & Leisure - 1.7%   
Restaurant Brands International, Inc. 228,400 12,899,668 
Leisure Products - 0.6%   
BRP, Inc. 93,200 4,174,848 
Multiline Retail - 2.1%   
Dollarama, Inc. 423,100 15,471,603 
Textiles, Apparel & Luxury Goods - 0.3%   
Canada Goose Holdings, Inc. (a)(b) 106,900 2,379,103 
TOTAL CONSUMER DISCRETIONARY  34,925,222 
CONSUMER STAPLES - 10.4%   
Food & Staples Retailing - 10.1%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 1,205,000 41,877,450 
George Weston Ltd. 139,800 10,559,234 
Metro, Inc. Class A (sub. vtg.) 346,495 15,200,303 
North West Co., Inc. 282,800 6,291,717 
  73,928,704 
Personal Products - 0.3%   
Jamieson Wellness, Inc. 76,200 2,193,641 
TOTAL CONSUMER STAPLES  76,122,345 
ENERGY - 11.2%   
Energy Equipment & Services - 0.2%   
Computer Modelling Group Ltd. 480,800 1,776,819 
Oil, Gas & Consumable Fuels - 11.0%   
Canadian Natural Resources Ltd. 1,042,898 18,398,357 
Enbridge, Inc. 740,000 23,684,199 
Parkland Corp. 169,600 4,465,857 
PrairieSky Royalty Ltd. 1,889,218 11,861,826 
Suncor Energy, Inc. 1,399,900 22,020,899 
  80,431,138 
TOTAL ENERGY  82,207,957 
FINANCIALS - 29.5%   
Banks - 18.2%   
Royal Bank of Canada 1,012,500 69,845,828 
The Toronto-Dominion Bank 1,449,300 64,130,808 
  133,976,636 
Capital Markets - 3.1%   
Brookfield Asset Management, Inc. (Canada) Class A 579,600 18,719,247 
IGM Financial, Inc. 157,600 3,874,552 
  22,593,799 
Insurance - 8.2%   
Fairfax Financial Holdings Ltd. (sub. vtg.) 32,400 10,151,653 
Intact Financial Corp. 136,025 14,851,093 
Power Corp. of Canada (sub. vtg.) 537,600 9,540,298 
Sun Life Financial, Inc. 654,900 25,527,141 
  60,070,185 
TOTAL FINANCIALS  216,640,620 
HEALTH CARE - 0.6%   
Health Care Providers & Services - 0.6%   
Andlauer Healthcare Group, Inc. 145,300 4,097,190 
INDUSTRIALS - 13.2%   
Commercial Services & Supplies - 1.4%   
GFL Environmental, Inc. 476,900 10,301,040 
Professional Services - 1.9%   
Thomson Reuters Corp. 201,400 14,052,666 
Road & Rail - 9.9%   
Canadian National Railway Co. 264,100 25,797,786 
Canadian Pacific Railway Ltd. 170,000 46,752,697 
  72,550,483 
TOTAL INDUSTRIALS  96,904,189 
INFORMATION TECHNOLOGY - 6.9%   
IT Services - 2.1%   
CGI Group, Inc. Class A (sub. vtg.) (a) 220,800 15,770,604 
Software - 4.8%   
Constellation Software, Inc. 14,200 16,796,487 
Dye & Durham Ltd. (a) 121,900 1,319,609 
Open Text Corp. 381,528 17,172,961 
  35,289,057 
TOTAL INFORMATION TECHNOLOGY  51,059,661 
MATERIALS - 15.5%   
Chemicals - 2.5%   
Nutrien Ltd. 560,581 18,255,660 
Containers & Packaging - 1.1%   
CCL Industries, Inc. Class B 244,600 8,137,203 
Metals & Mining - 11.6%   
Franco-Nevada Corp. 291,300 46,561,895 
Lundin Mining Corp. 571,700 3,201,127 
OceanaGold Corp. (a) 908,100 2,379,657 
Wheaton Precious Metals Corp. 611,500 33,176,083 
  85,318,762 
Paper & Forest Products - 0.3%   
Western Forest Products, Inc. 3,025,683 2,371,845 
TOTAL MATERIALS  114,083,470 
REAL ESTATE - 0.8%   
Equity Real Estate Investment Trusts (REITs) - 0.8%   
Allied Properties (REIT) 207,800 6,222,597 
TOTAL COMMON STOCKS   
(Cost $522,542,775)  731,925,312 
Money Market Funds - 0.4%   
Fidelity Cash Central Fund 0.14% (c) 897,589 897,859 
Fidelity Securities Lending Cash Central Fund 0.13% (c)(d) 1,988,831 1,989,030 
TOTAL MONEY MARKET FUNDS   
(Cost $2,886,889)  2,886,889 
TOTAL INVESTMENT IN SECURITIES - 100.0%   
(Cost $525,429,664)  734,812,201 
NET OTHER ASSETS (LIABILITIES) - 0.0%  (33,031) 
NET ASSETS - 100%  $734,779,170 

Legend

 (a) Non-income producing

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

 (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 $21,145 
Fidelity Securities Lending Cash Central Fund 70,558 
Total $91,703 

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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