Alimentation Couche-Tard, Inc. Class A (multi-vtg.) (b)
4,894,700
247,806,599
Metro, Inc.
2,090,300
112,500,353
Neighbourly Pharmacy, Inc.
728,575
8,851,304
North West Co., Inc.
1,401,500
34,116,824
403,275,080
Personal Care Products - 0.2%
Jamieson Wellness, Inc. (d)
462,200
10,648,494
TOTAL CONSUMER STAPLES
417,179,780
ENERGY - 18.5%
Energy Equipment & Services - 0.9%
Computer Modelling Group Ltd.
2,262,700
12,354,635
Pason Systems, Inc.
3,293,000
32,863,823
45,218,458
Oil, Gas & Consumable Fuels - 17.6%
Cameco Corp.
1,311,600
46,112,142
Canadian Natural Resources Ltd.
4,346,200
264,301,959
Enbridge, Inc.
3,124,800
114,882,876
Parkland Corp.
2,518,400
68,773,051
PrairieSky Royalty Ltd. (b)
10,098,680
200,725,289
Suncor Energy, Inc.
5,885,600
184,157,931
878,953,248
TOTAL ENERGY
924,171,706
FINANCIALS - 28.9%
Banks - 17.4%
Bank of Montreal (b)
2,207,200
205,111,506
Bank of Nova Scotia
1,397,300
70,360,384
Royal Bank of Canada (b)
2,215,400
219,633,141
The Toronto-Dominion Bank
5,734,330
378,157,463
873,262,494
Capital Markets - 5.2%
Brookfield Asset Management Ltd. Class A
2,416,872
81,524,640
Brookfield Corp. (Canada) Class A
3,023,288
105,533,649
TMX Group Ltd.
3,301,100
73,349,433
260,407,722
Insurance - 6.3%
Definity Financial Corp.
2,438,424
61,374,355
Intact Financial Corp.
686,800
101,464,003
Sun Life Financial, Inc. (b)
2,877,800
151,457,415
314,295,773
TOTAL FINANCIALS
1,447,965,989
HEALTH CARE - 0.7%
Health Care Providers & Services - 0.7%
Andlauer Healthcare Group, Inc.
855,470
28,557,835
dentalcorp Holdings Ltd. (a)
1,297,271
7,516,134
36,073,969
INDUSTRIALS - 14.4%
Commercial Services & Supplies - 2.7%
GFL Environmental, Inc.
3,929,214
134,177,004
Ground Transportation - 9.5%
Canadian National Railway Co.
1,175,000
142,427,483
Canadian Pacific Kansas City Ltd.
4,056,621
333,783,323
476,210,806
Professional Services - 2.2%
Thomson Reuters Corp.
836,900
112,970,235
TOTAL INDUSTRIALS
723,358,045
INFORMATION TECHNOLOGY - 8.6%
IT Services - 3.6%
Shopify, Inc. Class A (a)
2,642,300
178,497,770
Software - 5.0%
ApplyBoard, Inc. (a)(e)(f)
10,248
606,477
ApplyBoard, Inc. (non-vtg.) (a)(e)(f)
2,527
149,548
Constellation Software, Inc.
96,200
203,245,252
Dye & Durham Ltd.
2,419,000
36,303,803
Enghouse Systems Ltd.
196,500
4,449,619
Lumine Group, Inc.
456,720
7,249,194
252,003,893
TOTAL INFORMATION TECHNOLOGY
430,501,663
MATERIALS - 11.8%
Chemicals - 2.7%
Nutrien Ltd.
1,976,778
136,222,513
Containers & Packaging - 1.1%
CCL Industries, Inc.:
Class A
156,800
7,550,753
Class B (b)
1,002,450
48,060,432
55,611,185
Metals & Mining - 7.2%
Franco-Nevada Corp.
1,262,019
184,156,293
Lundin Mining Corp.
4,937,100
44,142,425
Triple Flag Precious Metals Corp.
899,000
12,346,635
Wheaton Precious Metals Corp.
2,713,400
121,672,424
362,317,777
Paper & Forest Products - 0.8%
Stella-Jones, Inc.
638,250
32,409,828
Western Forest Products, Inc.
5,689,900
4,444,392
36,854,220
TOTAL MATERIALS
591,005,695
UTILITIES - 0.2%
Independent Power and Renewable Electricity Producers - 0.2%
Brookfield Renewable Corp.
338,700
10,557,279
TOTAL COMMON STOCKS
(Cost $3,505,314,044)
5,033,750,490
Nonconvertible Preferred Stocks - 0.0%
Shares
Value ($)
INFORMATION TECHNOLOGY - 0.0%
Software - 0.0%
ApplyBoard, Inc.:
Series A1 (a)(e)(f)
12,606
746,023
Series A2 (a)(e)(f)
9,868
583,988
Series A3 (a)(e)(f)
563
33,318
Series D (a)(e)(f)
27,521
1,628,693
Series Seed (a)(e)(f)
3,768
222,990
(Cost $4,705,692)
3,215,012
Convertible Bonds - 0.2%
Principal
Amount (g)
Value ($)
COMMUNICATION SERVICES - 0.2%
Entertainment - 0.2%
Cineplex, Inc. 5.75% 9/30/25 (d)
(Cost $8,516,260)
CAD
12,213,000
9,304,256
Money Market Funds - 9.7%
Shares
Value ($)
Fidelity Cash Central Fund 5.32% (h)
3,921,808
3,922,592
Fidelity Securities Lending Cash Central Fund 5.32% (h)(i)
480,713,856
480,761,928
TOTAL MONEY MARKET FUNDS
(Cost $484,684,520)
484,684,520
TOTAL INVESTMENT IN SECURITIES - 110.4%
(Cost $4,003,220,516)
5,530,954,278
NET OTHER ASSETS (LIABILITIES) - (10.4)%
(522,439,591)
NET ASSETS - 100.0%
5,008,514,687
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 $19,952,750 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 $3,971,037 or 0.1% of net assets.
(f)
Level 3 security
(g)
Amount is stated in United States dollars unless otherwise noted.
(h)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(i)
Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
ApplyBoard, Inc.
6/04/21 - 6/30/21
524,312
ApplyBoard, Inc. (non-vtg.)
6/30/21
269,861
ApplyBoard, Inc. Series A1
6/04/21
816,255
ApplyBoard, Inc. Series A2
6/04/21
638,966
ApplyBoard, Inc. Series A3
6/04/21
36,455
ApplyBoard, Inc. Series D
6/04/21
2,970,033
ApplyBoard, Inc. Series Seed
6/04/21
243,983
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 ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.32%
4,119,421
269,738,874
269,935,703
199,615
-
-
3,922,592
0.0%
Fidelity Securities Lending Cash Central Fund 5.32%
772,969,944
5,260,143,088
5,552,351,104
1,635,646
-
-
480,761,928
1.7%
Total
777,089,365
5,529,881,962
5,822,286,807
1,835,261
-
-
484,684,520
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) 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 ($)
GURU Organic Energy Corp.
5,007,698
-
220,196
-
(859,813)
(671,483)
3,256,206
Total
5,007,698
-
220,196
-
(859,813)
(671,483)
3,256,206
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.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Convertible Bonds are valued by pricing services 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 services. 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 (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.
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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