Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
4,368,200
255,961,022
Metro, Inc.
2,204,900
115,767,705
North West Co., Inc.
1,415,100
40,933,645
412,662,372
Personal Care Products - 0.4%
Jamieson Wellness, Inc. (d)
887,700
20,395,740
TOTAL CONSUMER STAPLES
435,812,748
ENERGY - 17.2%
Energy Equipment & Services - 0.7%
Pason Systems, Inc.
3,322,200
36,423,242
Oil, Gas & Consumable Fuels - 16.5%
Cameco Corp.
1,192,500
56,935,234
Canadian Natural Resources Ltd.
4,340,300
277,763,704
Enbridge, Inc. (a)
3,141,400
111,547,797
MEG Energy Corp. (b)
123,200
2,329,387
Parkland Corp.
1,931,400
65,909,950
PrairieSky Royalty Ltd. (a)
9,878,080
162,963,155
Suncor Energy, Inc.
5,568,000
184,378,266
861,827,493
TOTAL ENERGY
898,250,735
FINANCIALS - 28.4%
Banks - 16.1%
Bank of Montreal (a)
2,728,800
257,038,367
Royal Bank of Canada (a)
2,228,000
217,439,012
The Toronto-Dominion Bank
6,008,930
365,018,646
839,496,025
Capital Markets - 6.0%
Brookfield Asset Management Ltd. Class A
2,426,172
97,555,772
Brookfield Corp. (Canada) Class A
3,387,888
134,462,199
TMX Group Ltd.
3,311,000
81,885,343
313,903,314
Insurance - 6.3%
Definity Financial Corp.
2,430,324
70,716,111
Intact Financial Corp.
678,200
106,059,392
Sun Life Financial, Inc.
2,894,300
150,026,975
326,802,478
TOTAL FINANCIALS
1,480,201,817
HEALTH CARE - 0.7%
Health Care Providers & Services - 0.7%
Andlauer Healthcare Group, Inc.
1,343,270
39,205,560
INDUSTRIALS - 14.0%
Commercial Services & Supplies - 2.5%
GFL Environmental, Inc.
3,911,614
132,903,810
Ground Transportation - 9.1%
Canadian National Railway Co. (a)
1,181,600
146,578,339
Canadian Pacific Kansas City Ltd.
4,079,921
328,317,641
474,895,980
Professional Services - 2.4%
Thomson Reuters Corp.
841,200
124,892,656
TOTAL INDUSTRIALS
732,692,446
INFORMATION TECHNOLOGY - 10.2%
IT Services - 4.1%
Shopify, Inc. Class A (b)
2,659,200
212,882,365
Software - 6.1%
ApplyBoard, Inc. (b)(e)(f)
10,248
670,014
ApplyBoard, Inc. (non-vtg.) (b)(e)(f)
2,527
165,215
Computer Modelling Group Ltd.
2,283,900
17,514,232
Constellation Software, Inc.
92,100
254,550,713
Constellation Software, Inc. warrants 8/22/28 (b)(f)
47,800
4
Dye & Durham Ltd. (c)
3,688,800
35,860,475
Lumine Group, Inc.
432,740
10,093,887
318,854,540
TOTAL INFORMATION TECHNOLOGY
531,736,905
MATERIALS - 9.7%
Chemicals - 1.8%
Nutrien Ltd.
1,898,678
94,676,167
Containers & Packaging - 0.9%
CCL Industries, Inc.:
Class A
153,400
6,559,534
Class B
1,000,800
42,832,409
49,391,943
Metals & Mining - 6.3%
Franco-Nevada Corp.
1,511,819
163,568,144
Lundin Mining Corp.
4,985,200
40,713,672
Triple Flag Precious Metals Corp.
879,300
11,268,801
Wheaton Precious Metals Corp.
2,429,500
113,862,765
329,413,382
Paper & Forest Products - 0.7%
Stella-Jones, Inc.
582,600
34,467,629
TOTAL MATERIALS
507,949,121
UTILITIES - 0.2%
Independent Power and Renewable Electricity Producers - 0.2%
Brookfield Renewable Corp.
331,100
9,244,312
TOTAL COMMON STOCKS
(Cost $3,545,691,768)
5,143,998,615
Nonconvertible Preferred Stocks - 0.1%
Shares
Value ($)
INFORMATION TECHNOLOGY - 0.1%
Software - 0.1%
ApplyBoard, Inc.:
Series A1 (b)(e)(f)
12,606
824,180
Series A2 (b)(e)(f)
9,868
645,170
Series A3 (b)(e)(f)
563
36,809
Series D (b)(e)(f)
27,521
1,799,323
Series Seed (b)(e)(f)
3,768
246,352
(Cost $4,705,692)
3,551,834
Convertible Bonds - 0.2%
Principal
Amount (g)
Value ($)
COMMUNICATION SERVICES - 0.2%
Entertainment - 0.2%
Cineplex, Inc. 5.75% 9/30/25 (d)
(Cost $8,482,288)
CAD
11,947,000
8,886,162
Money Market Funds - 6.5%
Shares
Value ($)
Fidelity Cash Central Fund 5.39% (h)
3,793,715
3,794,473
Fidelity Securities Lending Cash Central Fund 5.39% (h)(i)
337,544,929
337,578,683
TOTAL MONEY MARKET FUNDS
(Cost $341,373,156)
341,373,156
TOTAL INVESTMENT IN SECURITIES - 105.4%
(Cost $3,900,252,904)
5,497,809,767
NET OTHER ASSETS (LIABILITIES) - (5.4)%
(281,614,779)
NET ASSETS - 100.0%
5,216,194,988
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)
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 $29,281,902 or 0.6% 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 $4,387,063 or 0.1% of net assets.
(f)
Level 3 security
(g)
Amount is stated in United States dollars unless otherwise noted.
(h)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(i)
Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
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 ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.39%
11,237,729
46,769,930
54,213,186
109,188
-
-
3,794,473
0.0%
Fidelity Securities Lending Cash Central Fund 5.39%
223,158,876
1,860,336,962
1,745,917,155
593,069
-
-
337,578,683
1.4%
Total
234,396,605
1,907,106,892
1,800,130,341
702,257
-
-
341,373,156
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) 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 ($)
Dye & Durham Ltd.
21,565,749
479,019
554,344
42,808
235,945
14,134,106
35,860,475
GURU Organic Energy Corp.
2,630,712
-
49,188
-
(54,226)
227,338
2,754,636
Total
24,196,461
479,019
603,532
42,808
181,719
14,361,444
38,615,111
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.
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