# EDGAR Filing Document

**Accession Number:** 0000744822
**File Stem:** 0001752724-23-067493
**Filing Date:** 2023-3
**Character Count:** 35022
**Document Hash:** 7821d4757dd49806fea883b3fb38bbd5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-067493.hdr.sgml**: 20230327

**ACCESSION NUMBER**: 0001752724-23-067493

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230327

**DATE AS OF CHANGE**: 20230327

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000744822
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04008
- **FILM NUMBER:** 23763576

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY OVERSEAS FUND
- **DATE OF NAME CHANGE:** 19861228

## Series and Classes Contracts Data

### Fidelity Global Commodity Stock Fund (Series ID: S000024314)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000071913 | Fidelity Global Commodity Stock Fund                  | FFGCX           |
| C000071914 | Fidelity Advisor Global Commodity Stock Fund: Class A | FFGAX           |
| C000071916 | Fidelity Advisor Global Commodity Stock Fund: Class C | FCGCX           |
| C000071917 | Fidelity Advisor Global Commodity Stock Fund: Class M | FFGTX           |
| C000071918 | Fidelity Advisor Global Commodity Stock Fund: Class I | FFGIX           |
| C000205035 | Fidelity Advisor Global Commodity Stock Fund: Class Z | FIQRX           |

## Nport-Ex

**Quarterly Holdings Report**

**for**

**Fidelity**<sup>®</sup> **Global Commodity Stock Fund**

**January 31, 2023**

GCS-NPRT1-0423

1.879386.113 ---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 96.4%** | &nbsp;&nbsp;**Common Stocks - 96.4%** | &nbsp;&nbsp;**Common Stocks - 96.4%** |
|  | Shares | Value ($)<br>|
| Chemicals - 12.6%  |  |  |
| Fertilizers & Agricultural Chemicals - 12.6% |  |  |
| CF Industries Holdings, Inc.  | 183360 | 15530592 |
| Corteva, Inc.  | 1620500 | 104441225 |
| FMC Corp.  | 307500 | 40937475 |
| Icl Group Ltd.  | 625000 | 4925181 |
| Nutrien Ltd.  | 1099583 | 91021060 |
|  |  | 256855533 |
| Containers & Packaging - 0.6%  |  |  |
| Metal & Glass Containers - 0.6% |  |  |
| Crown Holdings, Inc.  | 139100 | 12263056 |
| Electrical Equipment - 0.6%  |  |  |
| Electrical Components & Equipment - 0.6% |  |  |
| GrafTech International Ltd.  | 1896181 | 12401024 |
| Food Products - 6.8%  |  |  |
| Agricultural Products - 6.8% |  |  |
| Archer Daniels Midland Co.  | 911500 | 75517775 |
| Bunge Ltd.  | 417200 | 41344520 |
| Darling Ingredients, Inc. (a) | 152600 | 10115854 |
| Wilmar International Ltd.  | 3545700 | 11023664 |
|  |  | 138001813 |
| Metals & Mining - 36.6%  |  |  |
| Aluminum - 0.9% |  |  |
| Alcoa Corp.  | 249100 | 13012984 |
| Alumina Ltd.  | 5348841 | 5950367 |
|  |  | 18963351 |
| Copper - 6.8% |  |  |
| First Quantum Minerals Ltd.  | 1975771 | 45839729 |
| Freeport-McMoRan, Inc.  | 2083200 | 92952384 |
|  |  | 138792113 |
| Diversified Metals & Mining - 15.1% |  |  |
| Anglo American PLC (United Kingdom)  | 1107947 | 47786209 |
| BHP Group Ltd. (London)  | 994300 | 34641751 |
| Glencore PLC  | 13540500 | 90679211 |
| IGO Ltd.  | 1466560 | 15245306 |
| Ivanhoe Mines Ltd. (a) | 724500 | 6806396 |
| Rio Tinto PLC  | 870930 | 68194920 |
| Teck Resources Ltd. Class B (sub. vtg.)  | 1013700 | 43852972 |
|  |  | 307206765 |
| Gold - 7.5% |  |  |
| Agnico Eagle Mines Ltd. (Canada)  | 591117 | 33382084 |
| Alamos Gold, Inc.  | 373900 | 4125250 |
| Barrick Gold Corp. (Canada)  | 2022647 | 39554526 |
| Franco-Nevada Corp.  | 60871 | 8928784 |
| Newcrest Mining Ltd.  | 665742 | 10578050 |
| Newmont Corp.  | 573800 | 30371234 |
| Wheaton Precious Metals Corp.  | 536500 | 24531705 |
|  |  | 151471633 |
| Precious Metals & Minerals - 0.3% |  |  |
| Anglo American Platinum Ltd. ADR (b) | 146700 | 1826415 |
| Impala Platinum Holdings Ltd.  | 372900 | 4315139 |
|  |  | 6141554 |
| Steel - 6.0% |  |  |
| ArcelorMittal SA (Netherlands)  | 203700 | 6280392 |
| Champion Iron Ltd. (b) | 4963000 | 25513449 |
| Commercial Metals Co.  | 227200 | 12330144 |
| Nucor Corp.  | 150192 | 25385452 |
| Tata Steel Ltd.  | 2677300 | 3951350 |
| Vale SA  | 2590900 | 48237094 |
|  |  | 121697881 |
| TOTAL METALS & MINING |  | 744273297 |
| Oil, Gas & Consumable Fuels - 33.9%  |  |  |
| Integrated Oil & Gas - 23.4% |  |  |
| Cenovus Energy, Inc. (Canada)  | 4537600 | 90646280 |
| Chevron Corp.  | 243300 | 42339066 |
| Equinor ASA  | 1795200 | 54711707 |
| Exxon Mobil Corp.  | 1734500 | 201219341 |
| Occidental Petroleum Corp.  | 556800 | 36075072 |
| TotalEnergies SE  | 822800 | 50866149 |
|  |  | 475857615 |
| Oil & Gas Exploration & Production - 10.5% |  |  |
| Antero Resources Corp. (a) | 1188012 | 34262266 |
| Canadian Natural Resources Ltd.  | 1195500 | 73380546 |
| Diamondback Energy, Inc.  | 297000 | 43397640 |
| Hess Corp.  | 138500 | 20797160 |
| Ovintiv, Inc.  | 861500 | 42411645 |
|  |  | 214249257 |
| TOTAL OIL, GAS & CONSUMABLE FUELS |  | 690106872 |
| Paper & Forest Products - 5.1%  |  |  |
| Forest Products - 1.3% |  |  |
| Svenska Cellulosa AB SCA (B Shares)  | 383200 | 5302272 |
| West Fraser Timber Co. Ltd.  | 245300 | 21328591 |
|  |  | 26630863 |
| Paper Products - 3.8% |  |  |
| Mondi PLC  | 1103073 | 20711636 |
| Nine Dragons Paper (Holdings) Ltd.  | 4257000 | 3816211 |
| Suzano Papel e Celulose SA  | 1690145 | 15435479 |
| UPM-Kymmene Corp.  | 1025900 | 37083964 |
|  |  | 77047290 |
| TOTAL PAPER & FOREST PRODUCTS |  | 103678153 |
| Pharmaceuticals - 0.2%  |  |  |
| Pharmaceuticals - 0.2% |  |  |
| Bayer AG  | 69600 | 4332248 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,667,900,195) |  | <br> **1961911996** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Nonconvertible Preferred Stocks - 1.2%** | &nbsp;&nbsp;**Nonconvertible Preferred Stocks - 1.2%** | &nbsp;&nbsp;**Nonconvertible Preferred Stocks - 1.2%** |
|  | Shares | Value ($)<br>|
| Chemicals - 1.2%  |  |  |
| Fertilizers & Agricultural Chemicals - 1.2% |  |  |
| Sociedad Quimica y Minera de Chile SA (PN-B) <br>(Cost $16,638,048) <br>| 254770 | **24782759** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.8%** | &nbsp;&nbsp;**Money Market Funds - 1.8%** | &nbsp;&nbsp;**Money Market Funds - 1.8%** |
|  | Shares | Value ($)<br>|
| Fidelity Cash Central Fund 4.38% (c) | 35794963 | 35802122 |
| Fidelity Securities Lending Cash Central Fund 4.38% (c)(d) | 869088 | 869175 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $36,671,297) |  | **36671297** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.4%**<br> (Cost $1,721,209,540)<br>| <br>**2023366052** |
| **NET OTHER ASSETS (LIABILITIES) - 0.6%**  | **11866284** |
| **NET ASSETS - 100.0%** | **2035232336** |

---

**Legend**

(a) Non-income producing

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

(c) 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.

(d) 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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund 4.38% | 32028909 | 218140831 | 214367618 | 344168 | - | - | 35802122 | 0.1% |
| Fidelity Securities Lending Cash Central Fund 4.38% | 20391450 | 282721076 | 302243351 | 29066 | - | - | 869175 | 0.0% |
| Total | 52420359 | 500861907 | 516610969 | 373234 | - | - | 36671297 |  |

---

Amounts in the dividend 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.

**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 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.*

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Fidelity Investment Trust

- **b. Investment Company Act file number:** 811-04008

- **c. CIK number of Registrant:** 0000744822

- **d. LEI of Registrant:** MXNTE4GH7BW81YELH558

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 245 Summer Street

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02210

  - **Telephone number:** 1-800-FIDELITY

**Item A.2. Information about the Series.**

- **a. Name of Series:** Fidelity Global Commodity Stock Fund

- **b. EDGAR series identifier (if any):** S000024314

- **c. LEI of Series:** KESVHL4LQFROZBX45R97

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $2036087891.13

**Total Liabilities:** $4350043.09

**Net Assets:** $2031737848.04

**Cash Not Reported:** $812822.78

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000205035 | 6.45%                | -5.72%               | 5.10%                |
| Class ID C000071916 | 5.32%                | -6.75%               | 4.08%                |
| Class ID C000071914 | 0.29%                | -11.19%              | -0.95%               |
| Class ID C000071918 | 6.40%                | -5.71%               | 5.09%                |
| Class ID C000071917 | 2.65%                | -9.09%               | 1.42%                |
| Class ID C000071913 | 6.39%                | -5.75%               | 5.14%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $29883694.65             | $83885497.53                               |
| Month 2  | $-3507207.65             | $-116071785.54                             |
| Month 3  | $18631932.80             | $79351078.09                               |

### Schedule of Portfolio Investments

| Name                           | Title                                         | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| TOTALENERGIES SE               | TOTALENERGIES SE                              | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               | CORP              | FR        |    822800 | NS      | $50866149.40  | 2.50%             |  |  |  | No            |                  2 | On Loan: No      |
| EQUINOR ASA                    | EQUINOR ASA                                   | CUSIP: N/A<br>LEI: OW6OFBNCKXC4US5C7523       | Long             | EC               | CORP              | NO        |   1795200 | NS      | $54711706.62  | 2.69%             |  |  |  | No            |                  2 | On Loan: No      |
| ALUMINA LTD                    | ALUMINA LTD                                   | CUSIP: N/A<br>LEI: 2138002VD9MW2WT8HR38       | Long             | EC               | CORP              | AU        |   5348841 | NS      | $5950366.77   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| BHP GROUP LTD                  | BHP GROUP LIMITED                             | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28       | Long             | EC               | CORP              | AU        |    994300 | NS      | $34641750.87  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| ALCOA CORP                     | ALCOA CORP                                    | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |    249100 | NS      | $13012984.00  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| ICL GROUP LTD                  | ICL GROUP LTD                                 | CUSIP: N/A<br>LEI: 529900FQVQD88SHIGM04       | Long             | EC               | CORP              | IL        |    625000 | NS      | $4925180.71   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CHAMPION IRON LTD              | CHAMPION IRON LTD                             | CUSIP: N/A<br>LEI: 894500WQI96G4T75O202       | Long             | EC               | CORP              | AU        |   4764900 | NS      | $24495070.46  | 1.21%             |  |  |  | No            |                  1 | On Loan: —       |
| ANGLO AMERICAN PLC             | ANGLO AMERICAN PLC                            | CUSIP: N/A<br>LEI: 549300S9XF92D1X8ME43       | Long             | EC               | CORP              | GB        |   1107947 | NS      | $47786208.66  | 2.35%             |  |  |  | No            |                  2 | On Loan: No      |
| ALAMOS GOLD INC                | ALAMOS GOLD INC A                             | CUSIP: 011532108<br>LEI: 549300TDOX73YGYXE959 | Long             | EC               | CORP              | CA        |    373900 | NS      | $4125250.46   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTERO RESOURCES CORPORATION   | ANTERO RES CORP                               | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |   1188012 | NS      | $34262266.08  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| DARLING INGREDIENTS INC        | DARLING INGREDIENTS INC                       | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        |    152600 | NS      | $10115854.00  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST QUANTUM MINERALS LTD     | FIRST QUANTUM MINERALS INC                    | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | CA        |   1975771 | NS      | $45839728.51  | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| TATA STEEL LTD                 | TATA STEEL LTD (DEMAT)                        | CUSIP: N/A<br>LEI: 335800E6C75YGSGD5T66       | Long             | EC               | CORP              | IN        |   2677300 | NS      | $3951349.98   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| UPM KYMMENE CORP               | UPM KYMMENE CORP                              | CUSIP: N/A<br>LEI: 213800EC6PW5VU4J9U64       | Long             | EC               | CORP              | FI        |   1025900 | NS      | $37083963.87  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| GLENCORE PLC                   | GLENCORE PLC                                  | CUSIP: N/A<br>LEI: 2138002658CPO9NBH955       | Long             | EC               | CORP              | JE        |  13540500 | NS      | $90679210.95  | 4.46%             |  |  |  | No            |                  2 | On Loan: No      |
| FMC CORP                       | FMC CORP NEW                                  | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |    307500 | NS      | $40937475.00  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| IGO LTD                        | IGO LTD                                       | CUSIP: N/A<br>LEI: 2549005DZO8VGXM5QN07       | Long             | EC               | CORP              | AU        |   1466560 | NS      | $15245305.70  | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| CENOVUS ENERGY INC             | CENOVUS ENERGY INC                            | CUSIP: 15135U109<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   4537600 | NS      | $90646280.11  | 4.46%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWN HOLDINGS INC             | CROWN HOLDINGS INC                            | CUSIP: 228368106<br>LEI: NYLWZIOY8PUNIT4JOE22 | Long             | EC               | CORP              | US        |    139100 | NS      | $12263056.00  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| OCCIDENTAL PETROLEUM CORP      | OCCIDENTAL PETROLEUM CORP                     | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |    556800 | NS      | $36075072.00  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| RIO TINTO PLC                  | RIO TINTO PLC                                 | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | GB        |    870930 | NS      | $68194919.86  | 3.36%             |  |  |  | No            |                  2 | On Loan: No      |
| NUCOR CORP                     | NUCOR CORP                                    | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |    150192 | NS      | $25385451.84  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CORTEVA INC                    | CORTEVA INC                                   | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |   1620500 | NS      | $104441225.00 | 5.14%             |  |  |  | No            |                  1 | On Loan: No      |
| HESS CORP                      | HESS CORP                                     | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |    138500 | NS      | $20797160.00  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCELORMITTAL SA LUXEMBOURG    | ARCELORMITTAL SA                              | CUSIP: N/A<br>LEI: 2EULGUTUI56JI9SAL165       | Long             | EC               | CORP              | LU        |    203700 | NS      | $6280391.62   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWCREST MNG LTD               | NEWCREST MINING LTD                           | CUSIP: N/A<br>LEI: 5299006MN50OZJUJI655       | Long             | EC               | CORP              | AU        |    665742 | NS      | $10578050.25  | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| ANGLO AMERN PLATINUM LTD       | ANGLO AMERN PLATINUM LTD                      | CUSIP: 03486T202<br>LEI: 529900RORCZ0E5S5FX81 | Long             | EC               | CORP              | ZA        |    146700 | NS      | $1826415.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: —       |
| MONDI PLC                      | MONDI PLC                                     | CUSIP: N/A<br>LEI: 213800LOZA69QFDC9N34       | Long             | EC               | CORP              | GB        |   1103073 | NS      | $20711635.52  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NINE DRAGONS PAPER HLDGS LTD   | NINE DRAGONS PAPER (HLDGS) LTD                | CUSIP: N/A<br>LEI: 529900TBMYEYJ2LEV906       | Long             | EC               | CORP              | BM        |   4257000 | NS      | $3816210.57   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| TECK RESOURCES LTD             | TECK RESOURCES LTD SUB VTG CLB                | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |    989400 | NS      | $42801746.65  | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| FREEPORT-MCMORAN INC           | FREEPORT MCMORAN INC                          | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |   2083200 | NS      | $92952384.00  | 4.58%             |  |  |  | No            |                  1 | On Loan: No      |
| IVANHOE MINE LTD               | IVANHOE MINES LTD                             | CUSIP: 46579R104<br>LEI: 5299006XZISURYIA4G32 | Long             | EC               | CORP              | CA        |    724500 | NS      | $6806395.85   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| CF INDUSTRIES HOLDINGS INC     | CF INDUSTRIES HOLDINGS INC                    | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |    183360 | NS      | $15530592.00  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMONDBACK ENERGY INC         | DIAMONDBACK ENERGY INC                        | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |    324600 | NS      | $47430552.00  | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| SVENSKA CELLULOSA AB SCA       | SVENSKA CELLULOSA AB CL B                     | CUSIP: N/A<br>LEI: 549300FW5JDRV1IJ0M67       | Long             | EC               | CORP              | SE        |    383200 | NS      | $5302272.03   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMERCIAL METALS CO           | COMMERCIAL METALS CO                          | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |    227200 | NS      | $12330144.00  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Revere Street Trust   | Fidelity Cash Central Fund                    | CUSIP: 31635A105<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |  35794963 | NS      | $35802122.01  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORP               | EXXON MOBIL CORP                              | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |   1734500 | NS      | $201219345.00 | 9.90%             |  |  |  | No            |                  1 | On Loan: No      |
| NUTRIEN LTD                    | NUTRIEN LTD                                   | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |   1099583 | NS      | $91021060.18  | 4.48%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEVRON CORP NEW               | CHEVRON CORP                                  | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    300900 | NS      | $52362618.00  | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| IMPALA PLATINUM HOLDINGS LTD   | IMPALA PLATINUM HOLDINGS LTD                  | CUSIP: N/A<br>LEI: 254900BZFIFB4PD2Z778       | Long             | EC               | CORP              | ZA        |    372900 | NS      | $4315138.79   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| BARRICK GOLD CORP              | BARRICK GOLD CORP                             | CUSIP: 067901108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |   2022647 | NS      | $39554526.28  | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN NATURAL RESOURCES LTD | CANADIAN NATL RESOURCES LTD                   | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |   1195500 | NS      | $73380545.64  | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| WILMAR INTERNATIONAL LTD       | WILMAR INTERNATIONAL LTD                      | CUSIP: N/A<br>LEI: 549300H2EAI4YRLWBB20       | Long             | EC               | CORP              | SG        |   3545700 | NS      | $11023664.18  | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Fidelity Revere Street Trust   | Fidelity Securities Lending Cash Central Fund | CUSIP: 31635A303<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |    908559 | NS      | $908650.01    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BAYER AG                       | BAYER AG                                      | CUSIP: N/A<br>LEI: 549300J4U55H3WP1XT59       | Long             | EC               | CORP              | DE        |     69600 | NS      | $4332247.50   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| ARCHER DANIELS MIDLAND CO      | ARCHER DANIELS MIDLAND CO                     | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |    911500 | NS      | $75517775.00  | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| WEST FRASER TIMBER CO          | WEST FRASER TIMBER LTD                        | CUSIP: 952845105<br>LEI: 5493005WD1ZK6WBVR988 | Long             | EC               | CORP              | CA        |    245300 | NS      | $21328591.18  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BUNGE LIMITED                  | BUNGE LIMITED                                 | CUSIP: N/A<br>LEI: 5493007M0RIN8HY3MM77       | Long             | EC               | CORP              | BM        |    417200 | NS      | $41344520.00  | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| VALE SA                        | VALE S.A.                                     | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               | CORP              | BR        |   2590900 | NS      | $48237093.75  | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| FRANCO NEVADA CORP             | FRANCO-NEVADA CORP                            | CUSIP: 351858105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     60871 | NS      | $8928783.64   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAFTECH INTERNATIONAL LTD     | GRAFTECH INTERNATIONAL LTD                    | CUSIP: 384313508<br>LEI: 549300GY32W00XP57351 | Long             | EC               | CORP              | US        |   1703120 | NS      | $11138404.80  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| SUZANO SA                      | SUZANO SA                                     | CUSIP: N/A<br>LEI: 391200AW174YQSDMGG41       | Long             | EC               | CORP              | BR        |   1690145 | NS      | $15435479.03  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| OVINTIV INC                    | OVINTIV INC                                   | CUSIP: 69047Q102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    861500 | NS      | $42411645.00  | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SOC QUIMICA Y MINERA DE CHILE  | SOC QUIMICA Y MIN CH PFD B                    | CUSIP: N/A<br>LEI: TJ88LXZZW5PWIN93ZC81       | Long             | EC               | CORP              | CL        |    254770 | NS      | $24782758.91  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| AGNICO EAGLE MINES LTD         | AGNICO EAGLE MINES LTD                        | CUSIP: 008474108<br>LEI: YGE0EUBRF7IJOB3QRX76 | Long             | EC               | CORP              | CA        |    591117 | NS      | $33382083.63  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWMONT CORP                   | NEWMONT CORP                                  | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |    573800 | NS      | $30371234.00  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| WHEATON PRECIOUS METALS CORP   | WHEATON PRECIOUS METALS CORP                  | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |    536500 | NS      | $24531704.93  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-02

**Name of Applicant:** Stacie M. Smith

**Signature:** Stacie M. Smith

**Name of Signer:** Stacie M. Smith

**Title:** President and Treasurer