Quarterly Holdings Report
for
Fidelity® Canada Fund
July 31, 2021
Schedule of Investments July 31, 2021 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.0% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 5.2% | |||
Diversified Telecommunication Services - 2.7% | |||
TELUS Corp. | 1,087,200 | $24,147,413 | |
Interactive Media & Services - 0.2% | |||
VerticalScope Holdings, Inc. | 72,900 | 1,704,467 | |
Media - 0.6% | |||
Shaw Communications, Inc. Class B | 176,800 | 5,163,988 | |
Wireless Telecommunication Services - 1.7% | |||
Rogers Communications, Inc. Class B (non-vtg.) | 293,500 | 14,980,827 | |
TOTAL COMMUNICATION SERVICES | 45,996,695 | ||
CONSUMER DISCRETIONARY - 4.6% | |||
Hotels, Restaurants & Leisure - 1.9% | |||
Restaurant Brands International, Inc. | 242,500 | 16,545,046 | |
Multiline Retail - 2.1% | |||
Dollarama, Inc. | 401,900 | 18,925,637 | |
Specialty Retail - 0.1% | |||
Diversified Royalty Corp. (a) | 184,600 | 426,137 | |
Textiles, Apparel & Luxury Goods - 0.5% | |||
Canada Goose Holdings, Inc. (b) | 106,900 | 4,537,852 | |
TOTAL CONSUMER DISCRETIONARY | 40,434,672 | ||
CONSUMER STAPLES - 9.6% | |||
Beverages - 0.5% | |||
GURU Organic Energy Corp. (b) | 212,200 | 2,840,446 | |
GURU Organic Energy Corp. | 112,400 | 1,354,097 | |
4,194,543 | |||
Food & Staples Retailing - 8.9% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 1,194,300 | 48,141,509 | |
George Weston Ltd. | 46,500 | 4,822,195 | |
Metro, Inc. | 346,495 | 17,969,082 | |
Neighbourly Pharmacy, Inc. | 35,978 | 850,714 | |
North West Co., Inc. | 216,500 | 6,309,667 | |
78,093,167 | |||
Personal Products - 0.2% | |||
Jamieson Wellness, Inc. (c) | 69,600 | 1,950,875 | |
TOTAL CONSUMER STAPLES | 84,238,585 | ||
ENERGY - 11.8% | |||
Energy Equipment & Services - 0.2% | |||
Computer Modelling Group Ltd. | 480,800 | 1,672,549 | |
Oil, Gas & Consumable Fuels - 11.6% | |||
Canadian Natural Resources Ltd. | 893,598 | 29,488,161 | |
Enbridge, Inc. | 650,400 | 25,638,564 | |
Parkland Corp. (a) | 206,200 | 6,563,163 | |
PrairieSky Royalty Ltd. (a) | 1,511,018 | 16,931,734 | |
Suncor Energy, Inc. | 1,197,400 | 23,571,773 | |
102,193,395 | |||
TOTAL ENERGY | 103,865,944 | ||
FINANCIALS - 30.6% | |||
Banks - 19.3% | |||
Royal Bank of Canada (a) | 866,900 | 87,676,691 | |
The Toronto-Dominion Bank | 1,234,600 | 82,085,660 | |
169,762,351 | |||
Capital Markets - 4.7% | |||
Brookfield Asset Management, Inc. (Canada) Class A | 774,806 | 41,826,855 | |
Insurance - 6.6% | |||
Fairfax Financial Holdings Ltd. (sub. vtg.) | 29,300 | 12,342,355 | |
Intact Financial Corp. | 133,425 | 18,180,707 | |
Sun Life Financial, Inc. | 528,400 | 27,521,186 | |
58,044,248 | |||
TOTAL FINANCIALS | 269,633,454 | ||
HEALTH CARE - 0.8% | |||
Health Care Providers & Services - 0.8% | |||
Andlauer Healthcare Group, Inc. | 135,100 | 4,761,420 | |
dentalcorp Holdings Ltd. (b) | 165,300 | 1,937,068 | |
6,698,488 | |||
INDUSTRIALS - 12.4% | |||
Commercial Services & Supplies - 2.0% | |||
GFL Environmental, Inc. | 511,900 | 17,831,977 | |
Professional Services - 2.2% | |||
Thomson Reuters Corp. | 180,300 | 19,105,210 | |
Road & Rail - 8.2% | |||
Canadian National Railway Co. | 145,950 | 15,858,434 | |
Canadian Pacific Railway Ltd. | 761,400 | 56,537,429 | |
72,395,863 | |||
TOTAL INDUSTRIALS | 109,333,050 | ||
INFORMATION TECHNOLOGY - 9.5% | |||
IT Services - 4.1% | |||
CGI, Inc. Class A (sub. vtg.) (b) | 197,700 | 17,984,108 | |
Shopify, Inc. Class A (b) | 12,200 | 18,315,646 | |
36,299,754 | |||
Software - 5.4% | |||
ApplyBoard, Inc. (d)(e) | 1,677 | 180,980 | |
ApplyBoard, Inc. (non-vtg.) (d)(e) | 414 | 44,678 | |
Constellation Software, Inc. | 14,500 | 23,226,383 | |
Dye & Durham Ltd. | 238,200 | 9,006,007 | |
Open Text Corp. | 296,928 | 15,422,358 | |
47,880,406 | |||
TOTAL INFORMATION TECHNOLOGY | 84,180,160 | ||
MATERIALS - 13.4% | |||
Chemicals - 2.9% | |||
Nutrien Ltd. | 427,981 | 25,446,963 | |
Containers & Packaging - 1.5% | |||
CCL Industries, Inc. Class B | 227,500 | 13,047,151 | |
Metals & Mining - 8.5% | |||
Franco-Nevada Corp. | 286,900 | 45,888,823 | |
Lundin Mining Corp. | 657,500 | 5,992,125 | |
Wheaton Precious Metals Corp. | 496,300 | 22,925,432 | |
74,806,380 | |||
Paper & Forest Products - 0.5% | |||
Western Forest Products, Inc. | 3,025,683 | 4,680,641 | |
TOTAL MATERIALS | 117,981,135 | ||
REAL ESTATE - 1.1% | |||
Equity Real Estate Investment Trusts (REITs) - 0.8% | |||
Allied Properties (REIT) | 187,800 | 6,880,681 | |
Real Estate Management & Development - 0.3% | |||
Colliers International Group, Inc. | 19,400 | 2,489,221 | |
Information Services Corp. | 15,300 | 346,936 | |
2,836,157 | |||
TOTAL REAL ESTATE | 9,716,838 | ||
TOTAL COMMON STOCKS | |||
(Cost $454,142,837) | 872,079,021 | ||
Nonconvertible Preferred Stocks - 0.1% | |||
INFORMATION TECHNOLOGY - 0.1% | |||
Software - 0.1% | |||
ApplyBoard, Inc.: | |||
Series A1 (d)(e) | 2,063 | 222,636 | |
Series A2 (d)(e) | 1,615 | 174,289 | |
Series A3 (d)(e) | 92 | 9,929 | |
Series D (d)(e) | 4,504 | 486,066 | |
Series Seed (d)(e) | 617 | 66,586 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | |||
(Cost $770,130) | 959,506 | ||
Principal Amount | Value | ||
Convertible Bonds - 0.3% | |||
COMMUNICATION SERVICES - 0.3% | |||
Entertainment - 0.3% | |||
Cineplex, Inc. 5.75% 9/30/25 (Cost $1,772,420)(c) | CAD | 2,715,000 | 2,872,555 |
Shares | Value | ||
Money Market Funds - 12.5% | |||
Fidelity Cash Central Fund 0.06% (f) | 4,502,922 | 4,503,822 | |
Fidelity Securities Lending Cash Central Fund 0.06% (f)(g) | 105,967,021 | 105,977,618 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $110,481,440) | 110,481,440 | ||
TOTAL INVESTMENT IN SECURITIES - 111.9% | |||
(Cost $567,166,827) | 986,392,522 | ||
NET OTHER ASSETS (LIABILITIES) - (11.9)% | (105,183,170) | ||
NET ASSETS - 100% | $881,209,352 |
Currency Abbreviations
CAD – Canadian dollar
Legend
(a) Security or a portion of the security is on loan at period end.
(b) Non-income producing
(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 $4,823,430 or 0.5% 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 $1,185,164 or 0.1% 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 |
ApplyBoard, Inc. | 6/4/21 - 6/30/21 | $85,688 |
ApplyBoard, Inc. (non-vtg.) | 6/30/21 | $44,290 |
ApplyBoard, Inc. Series A1 | 6/4/21 | $133,582 |
ApplyBoard, Inc. Series A2 | 6/4/21 | $104,573 |
ApplyBoard, Inc. Series A3 | 6/4/21 | $5,957 |
ApplyBoard, Inc. Series D | 6/4/21 | $486,066 |
ApplyBoard, Inc. Series Seed | 6/4/21 | $39,952 |
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 | $794 |
Fidelity Securities Lending Cash Central Fund | 54,487 |
Total | $55,281 |
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.
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Fund | Value, beginning of period | Purchases | Sales Proceeds | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Cash Central Fund 0.06% | $648,015 | $41,054,389 | $37,198,646 | $64 | $-- | $4,503,822 | 0.0% |
Fidelity Securities Lending Cash Central Fund 0.06% | 3,722,233 | 602,224,763 | 499,969,378 | -- | -- | 105,977,618 | 0.3% |
Total | $4,370,248 | $643,279,152 | $537,168,024 | $64 | $-- | $110,481,440 |
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, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds 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.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate Bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in any open-end mutual 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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