Guanajuato Silver Co Ltd warrants 2/10/2025 (a)(c)
7,396,381
53
i-80 Gold Corp (a)(b)
5,803,358
3,647,695
Kinross Gold Corp
2,933,200
28,492,925
Lundin Gold Inc
1,616,800
37,300,554
Maple Gold Mines Ltd (a)
18,373,019
787,387
Novagold Resources Inc (a)
2,992,700
10,944,341
Orla Mining Ltd (a)
6,677,698
31,861,021
Osisko Development Corp (a)(b)
3,305,547
5,996,993
Osisko Development Corp warrants (a)
666,666
2,820
Osisko Development Corp warrants 3/2/2026 (a)
1,144,505
13,103
Osisko Gold Royalties Ltd
2,270,600
43,999,413
Rupert Resources Ltd (a)(b)
2,131,200
6,218,315
Sandstorm Gold Ltd
339,600
1,966,284
Seabridge Gold Inc (a)
664,800
9,566,472
Skeena Resources Ltd (a)(b)
1,188,100
11,031,963
Solaris Resources Inc (a)(b)
546,031
1,743,337
Ssr Mining Inc
1,874,000
10,887,939
Torex Gold Resources Inc (a)
1,277,300
26,940,944
Triple Flag Precious Metals Corp
1,091,000
18,242,427
Victoria Gold Corp (a)(d)
2,329,800
798,760
Vizsla Silver Corp (a)
2,931,000
5,348,884
Wesdome Gold Mines Ltd (a)
1,789,376
15,554,234
Western Copper & Gold Corp (a)(b)
8,460,873
9,487,926
891,844,910
TOTAL CANADA
892,058,665
CHINA - 1.7%
Materials - 1.7%
Metals & Mining - 1.7%
Zijin Mining Group Co Ltd H Shares
13,052,000
25,063,866
SOUTH AFRICA - 1.9%
Materials - 1.9%
Metals & Mining - 1.9%
Gold Fields Ltd
1,917,900
27,492,330
UNITED KINGDOM - 2.7%
Materials - 2.7%
Metals & Mining - 2.7%
Anglogold Ashanti Plc (b)
1,528,082
38,110,365
UNITED STATES - 11.0%
Materials - 11.0%
Metals & Mining - 11.0%
Dakota Gold Corp (a)(b)
2,499,100
5,622,975
Gatos Silver Inc (a)
507,900
7,852,134
Hecla Mining Co
904,800
4,994,496
Ivanhoe Electric Inc / US (a)
362,500
3,447,375
Newmont Corp
3,114,448
130,619,949
Royal Gold Inc
48,500
7,093,610
TOTAL UNITED STATES
159,630,539
TOTAL COMMON STOCKS
(Cost $832,234,301)
1,420,651,453
Money Market Funds - 2.5%
Yield (%)
Shares
Value ($)
Fidelity Cash Central Fund (e)
4.64
628,686
628,812
Fidelity Securities Lending Cash Central Fund (e)(f)
4.64
35,067,627
35,071,134
TOTAL MONEY MARKET FUNDS
(Cost $35,699,946)
35,699,946
TOTAL INVESTMENT IN SECURITIES - 102.3%
(Cost $872,509,331)
1,471,195,946
NET OTHER ASSETS (LIABILITIES) - (2.3)%
(33,732,906)
NET ASSETS - 100.0%
1,437,463,040
Legend
(a)
Non-income producing
(b)
Security or a portion of the security is on loan at period end.
(c)
Affiliated company
(d)
Level 3 security
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(f)
Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund
3,342,881
149,407,571
152,121,736
245,619
96
-
628,812
0.0%
Fidelity Securities Lending Cash Central Fund
188,869,339
503,175,029
656,973,234
381,422
-
-
35,071,134
0.1%
Total
192,212,220
652,582,600
809,094,970
627,041
96
-
35,699,946
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 payments received for lending certain types of securities.
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 presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Guanajuato Silver Co Ltd
2,739
-
-
-
-
(2,686)
-
Total
2,739
-
-
-
-
(2,686)
-
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 commodities are valued at their last traded price prior to 4:00 p.m. Eastern time each business day and are categorized as Level 1 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 consolidated 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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.
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