NPORT-EX 2 QTLY_3036_20210731.htm

Quarterly Holdings Report
for

Fidelity® Series Canada Fund

July 31, 2021







SAD-QTLY-0921
1.9883885.103





Schedule of Investments July 31, 2021 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%   
 Shares Value 
COMMUNICATION SERVICES - 4.5%   
Diversified Telecommunication Services - 1.8%   
TELUS Corp. 4,576,500 $101,647,014 
Interactive Media & Services - 0.2%   
VerticalScope Holdings, Inc. 441,000 10,310,973 
Media - 0.7%   
Shaw Communications, Inc. Class B 1,345,600 39,302,392 
Wireless Telecommunication Services - 1.8%   
Rogers Communications, Inc. Class B (non-vtg.) 1,964,900 100,292,427 
TOTAL COMMUNICATION SERVICES  251,552,806 
CONSUMER DISCRETIONARY - 4.7%   
Hotels, Restaurants & Leisure - 2.0%   
Restaurant Brands International, Inc. 1,679,200 114,566,771 
Multiline Retail - 2.3%   
Dollarama, Inc. 2,692,800 126,805,066 
Specialty Retail - 0.1%   
Diversified Royalty Corp. 1,091,400 2,519,423 
Textiles, Apparel & Luxury Goods - 0.3%   
Canada Goose Holdings, Inc. (a)(b) 436,883 18,545,466 
TOTAL CONSUMER DISCRETIONARY  262,436,726 
CONSUMER STAPLES - 7.5%   
Beverages - 0.4%   
GURU Organic Energy Corp. (a)(c) 1,231,500 16,484,490 
GURU Organic Energy Corp. (c) 660,496 7,957,082 
  24,441,572 
Food & Staples Retailing - 7.0%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 7,724,800 311,382,007 
George Weston Ltd. 420,100 43,565,677 
Neighbourly Pharmacy, Inc. 214,975 5,083,170 
North West Co., Inc. 1,123,368 32,739,388 
  392,770,242 
Personal Products - 0.1%   
Jamieson Wellness, Inc. (d) 266,100 7,458,734 
TOTAL CONSUMER STAPLES  424,670,548 
ENERGY - 12.7%   
Energy Equipment & Services - 0.2%   
Computer Modelling Group Ltd. 2,492,800 8,671,651 
Oil, Gas & Consumable Fuels - 12.5%   
Canadian Natural Resources Ltd. 6,871,400 226,751,794 
Enbridge, Inc. 5,077,400 200,149,513 
Parkland Corp. (b) 1,284,700 40,890,860 
PrairieSky Royalty Ltd. 9,006,600 100,923,588 
Suncor Energy, Inc. 6,852,800 134,902,828 
  703,618,583 
TOTAL ENERGY  712,290,234 
FINANCIALS - 32.9%   
Banks - 21.1%   
Bank of Montreal (b) 2,680,000 265,357,807 
Bank of Nova Scotia (b) 1,914,100 119,470,156 
Royal Bank of Canada (b) 2,756,300 278,767,180 
The Toronto-Dominion Bank 7,839,130 521,205,382 
  1,184,800,525 
Capital Markets - 4.9%   
Brookfield Asset Management, Inc. (Canada) Class A 5,120,088 276,401,031 
Insurance - 6.9%   
Fairfax Financial Holdings Ltd. (sub. vtg.) 178,600 75,233,604 
Intact Financial Corp. 815,600 111,134,979 
Sun Life Financial, Inc. 3,911,000 203,700,529 
  390,069,112 
TOTAL FINANCIALS  1,851,270,668 
HEALTH CARE - 0.6%   
Health Care Providers & Services - 0.6%   
Andlauer Healthcare Group, Inc. 623,870 21,987,467 
dentalcorp Holdings Ltd. (a) 1,073,000 12,573,950 
  34,561,417 
INDUSTRIALS - 12.3%   
Commercial Services & Supplies - 1.9%   
GFL Environmental, Inc. 3,089,814 107,633,309 
Professional Services - 2.1%   
Thomson Reuters Corp. 1,116,600 118,318,788 
Road & Rail - 8.3%   
Canadian National Railway Co. 993,900 107,993,815 
Canadian Pacific Railway Ltd. 4,824,125 358,213,322 
  466,207,137 
TOTAL INDUSTRIALS  692,159,234 
INFORMATION TECHNOLOGY - 10.4%   
IT Services - 5.5%   
CGI, Inc. Class A (sub. vtg.) (a) 1,240,400 112,835,040 
Shopify, Inc. Class A (a) 130,100 195,316,848 
  308,151,888 
Software - 4.9%   
ApplyBoard, Inc. (e)(f) 10,248 1,105,952 
ApplyBoard, Inc. (non-vtg.) (e)(f) 2,527 272,711 
Constellation Software, Inc. 78,200 125,262,284 
Dye & Durham Ltd. 1,322,000 49,982,959 
Open Text Corp. 1,901,300 98,752,998 
  275,376,904 
TOTAL INFORMATION TECHNOLOGY  583,528,792 
MATERIALS - 11.7%   
Chemicals - 2.6%   
Nutrien Ltd. 2,516,178 149,607,313 
Containers & Packaging - 1.4%   
CCL Industries, Inc. Class B 1,405,100 80,582,643 
Metals & Mining - 7.5%   
Franco-Nevada Corp. 1,187,887 189,999,079 
Lundin Mining Corp. 4,457,200 40,620,683 
Wheaton Precious Metals Corp. 4,113,500 190,013,630 
  420,633,392 
Paper & Forest Products - 0.2%   
Western Forest Products, Inc. 6,196,300 9,585,491 
TOTAL MATERIALS  660,408,839 
REAL ESTATE - 0.6%   
Equity Real Estate Investment Trusts (REITs) - 0.4%   
Allied Properties (REIT) 670,500 24,566,011 
Real Estate Management & Development - 0.2%   
Colliers International Group, Inc. 46,700 5,992,094 
Information Services Corp. 82,200 1,863,929 
  7,856,023 
TOTAL REAL ESTATE  32,422,034 
TOTAL COMMON STOCKS   
(Cost $4,055,180,451)  5,505,301,298 
Nonconvertible Preferred Stocks - 0.1%   
INFORMATION TECHNOLOGY - 0.1%   
Software - 0.1%   
ApplyBoard, Inc.:   
Series A1 (e)(f) 12,606 1,360,424 
Series A2 (e)(f) 9,868 1,064,943 
Series A3 (e)(f) 563 60,758 
Series D (e)(f) 27,521 2,970,033 
Series Seed (e)(f) 3,768 406,638 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $4,705,692)  5,862,796 
 Principal Amount Value 
Convertible Bonds - 0.3%   
COMMUNICATION SERVICES - 0.3%   
Entertainment - 0.3%   
Cineplex, Inc. 5.75% 9/30/25
(Cost $10,348,838)(d) 
CAD15,848,000 16,767,682 
 Shares Value 
Money Market Funds - 9.1%   
Fidelity Cash Central Fund 0.06% (g) 72,987,681 73,002,278 
Fidelity Securities Lending Cash Central Fund 0.06% (g)(h) 436,509,632 436,553,283 
TOTAL MONEY MARKET FUNDS   
(Cost $509,555,561)  509,555,561 
TOTAL INVESTMENT IN SECURITIES - 107.4%   
(Cost $4,579,790,542)  6,037,487,337 
NET OTHER ASSETS (LIABILITIES) - (7.4)%  (415,664,475) 
NET ASSETS - 100%  $5,621,822,862 

Currency Abbreviations

CAD – Canadian dollar

Legend

 (a) Non-income producing

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

 (c) Affiliated company

 (d) 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 $24,226,416 or 0.4% of net assets.

 (e) 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 $7,241,459 or 0.1% of net assets.

 (f) Level 3 security

 (g) 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.

 (h) 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 $524,312 
ApplyBoard, Inc. (non-vtg.) 6/30/21 $269,861 
ApplyBoard, Inc. Series A1 6/4/21 $816,255 
ApplyBoard, Inc. Series A2 6/4/21 $638,966 
ApplyBoard, Inc. Series A3 6/4/21 $36,455 
ApplyBoard, Inc. Series D 6/4/21 $2,970,033 
ApplyBoard, Inc. Series Seed 6/4/21 $243,983 

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 $15,930 
Fidelity Securities Lending Cash Central Fund 547,720 
Total $563,650 

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% $15,257,946 $717,630,226 $659,886,153 $259 $-- $73,002,278 0.1% 
Fidelity Securities Lending Cash Central Fund 0.06% 186,793,155 4,143,222,047 3,893,461,919 -- -- 436,553,283 1.4% 
Total $202,051,101 $4,860,852,273 $4,553,348,072 $259 $-- $509,555,561  

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
GURU Organic Energy Corp. $-- $100,390 $225,931 $-- $95,195 $11,460,578 $16,484,490 
GURU Organic Energy Corp. -- 8,702,546 -- -- -- (745,464) 7,957,082 
Total $-- $8,802,936 $225,931 $-- $95,195 $10,715,114 $24,441,572 

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 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. 

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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