Form 11-K

ANNUAL REPORT PURSUANT

TO SECTION 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

(Mark One)

☒ ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2017

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 001-38336

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

PCS U.S. Employees’ Savings Plan for Collectively Bargained Employees

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

Nutrien Ltd.

Suite 500, 122 - 1^st Avenue South

Saskatoon, Saskatchewan

S7K 7G3 Canada

13131 Lake Fraser Drive S.E.

Calgary, Alberta

T2J 7E8 Canada

PCS U.S. Employees’ Savings

Plan for Collectively Bargained

Employees

Employer ID No: 562111626

Plan Number: 007

Financial Statements as of December 31, 2017 and 2016,

and for the Year Ended December 31, 2017,

Supplemental Schedule as of December 31, 2017,

and Report of Independent Registered Public Accounting Firm

PCS U.S. EMPLOYEES’ SAVINGS PLAN

FOR COLLECTIVELY BARGAINED EMPLOYEES

TABLE OF CONTENTS

	Page
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	1
FINANCIAL STATEMENTS:
Statements of Net Assets Available for Benefits as of December  31, 2017 and 2016	2
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2017	3
Notes to Financial Statements as of December  31, 2017 and 2016, and for the Year Ended December 31, 2017	4–10
SUPPLEMENTAL SCHEDULE —	11
Form 5500 — Schedule H, Part IV, Line 4i  — Schedule of Assets (Held at End of Year) as of December 31, 2017	12

NOTE: All schedules required by Section 29 CFR 2520.103 10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Plan Participants and Plan Administrators of the

PCS U.S. Employees’ Savings Plan for Collectively Bargained Employees:

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of PCS U.S. Employees’ Savings Plan for Collectively Bargained Employees (the “Plan”) as of December 31, 2017 and 2016, the related statement of changes in net assets available for benefits for the year ended December 31, 2017, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2017 and 2016, and the changes in net assets available for benefits for the year ended December 31, 2017, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Report on Supplemental Schedules

The supplemental schedule of assets (held at end of year) as of December 31, 2017 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in compliance with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, such schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Deloitte & Touche LLP

Chicago, Illinois

June 22, 2018

We have served as the auditor of the Plan since at least 1999; however, the specific year has not been determined.

PCS U.S. EMPLOYEES’ SAVINGS PLAN

FOR COLLECTIVELY BARGAINED EMPLOYEES

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

AS OF DECEMBER 31, 2017 AND 2016

	2017		2016
ASSETS:
Participant-directed investments — at fair value (Note 3)	$	45,248,579	$	38,902,626
Receivables:
Notes receivable from participants		1,191,147		1,765,683
NET ASSETS AVAILABLE FOR BENEFITS	$	46,439,726	$	40,668,309

See notes to financial statements.

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PCS U.S. EMPLOYEES’ SAVINGS PLAN

FOR COLLECTIVELY BARGAINED EMPLOYEES

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

FOR THE YEAR ENDED DECEMBER 31, 2017

ADDITIONS:
Company matching and basic contributions	$	1,068,665
Participant contributions		1,983,443
Total contributions		3,052,108
Investment income:
Net appreciation in fair value of investments		5,403,088
Interest and dividends		864,322
Net investment income		6,267,410
Total additions and income		9,319,518
DEDUCTIONS:
Benefits paid to participants		(3,480,073	)
Administrative expense, net (Note 2)		(68,028	)
Total deductions		(3,548,101	)
INCREASE IN NET ASSETS		5,771,417
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year		40,668,309
End of year	$	46,439,726

See notes to financial statements.

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PCS U.S. EMPLOYEES’ SAVINGS PLAN

FOR COLLECTIVELY BARGAINED EMPLOYEES

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2017 AND 2016, AND FOR THE YEAR ENDED DECEMBER 31, 2017

1. DESCRIPTION OF PLAN

The following description of the PCS U.S. Employees’ Savings Plan for Collectively Bargained Employees (the “Plan”) is provided for general information purposes only. Participants should refer to the Plan document for more complete information.

General — The Plan is a defined contribution plan sponsored by PCS Administration (USA), Inc. (the “Company”), covering all eligible employees of PCS Purified Phosphates, PCS Nitrogen Ohio, L.P. (“Lima”), and White Springs Agricultural Chemicals, Inc., who are represented by a collective bargaining agreement, as defined in the Plan. The Employee Benefits Committee of the Company controls and manages the operation and administration of the Plan. Fidelity Management Trust Company (“Fidelity” or “Trustee”) serves as the trustee of the Plan, and Fidelity Investments Institutional Operations Company, Inc., an affiliate of the Trustee, is recordkeeper. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”).

Contributions — Participants may contribute up to 50% of base compensation each year, as defined in the Plan, subject to certain Internal Revenue Code of 1986, as amended (“IRC”), limitations. These contributions may be pretax contributions and/or after-tax contributions. Participants who are age 50 and over may also make “catch-up” contributions. The Plan has an automatic enrollment provision under which new participants make a 3% pretax contribution, unless they formally waive participation or elect a different participation level. The automatic enrollment provision does not apply to Lima employees who are covered under this Plan.

The Company matches 100% of the first 3% of base compensation that participants contribute. Catch-up contributions are not eligible for the Company match. Participants may also rollover amounts representing distributions from other qualified defined benefit or contribution plans (rollover contributions), which are not eligible for the Company match. The Company also contributes a basic contribution of 6% of base compensation on behalf of each eligible employee of Lima, as defined in the Plan.

The Company may also make a discretionary Company performance contribution ranging from 0% to 3% of each eligible participant’s base pay. There was no discretionary Company performance contribution for the year ended December 31, 2017.

Participant Accounts — Individual accounts are maintained for each Plan participant. Each participant’s account is credited with the participant’s contribution, the Company’s matching contribution, the Company’s discretionary Company performance contribution when applicable, and allocations of Plan earnings. These accounts are also charged with withdrawals and an allocation of Plan losses and administrative expenses. Allocations are based on participant earnings or account balances, as defined in the Plan. The benefit to which a participant is entitled is the benefit that can be provided to the participant’s vested account.

Investments — Participants direct the investment of their account balances and contributions into various investment options offered by the Plan. The Plan currently offers Potash Corporation of

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Saskatchewan Inc. (“PCS”) common stock, a selection of mutual and common collective trust funds, and one pooled investment stable value fund. The PCS stock purchase account is a money market fund that is used in the recordkeeping of the purchases and sales of fractional shares of PCS common stock and is not available as a participant-directed investment option.

Participants who are enrolled in the Plan under the automatic enrollment provisions and who have not otherwise made an investment election will have their contributions and the Company contributions invested in the Plan’s “default fund,” which has been designated as the Fidelity Freedom Funds, specifically the Fidelity Freedom Fund that has a target retirement date closest to the year that the participant might retire, based on the participant’s current age and assuming a normal retirement age of 65.

Vesting — Participants are immediately vested in their own contributions and in the discretionary Company performance contribution, plus actual earnings thereon. Vesting in the Company’s matching contribution is based on years of continuous service. Participants vest 20% per year of credited service and are 100% vested after five years of credited service. Lima participants are fully vested in the Company’s matching contribution after a three-year period of service, although no partial vesting shall apply (i.e., three-year cliff vesting). Forfeited balances of terminated participants are used to reduce future Company contributions.

Participant Loans — Participants may borrow from their fund accounts up to a maximum amount equal to the lesser of $50,000 or 50% of their vested account balance. Loan terms range from one to five years or up to 20 years for the purchase of a primary residence. The loans are secured by the balance in the participant’s account. All new loans bear interest at the prime rate plus 200 basis points. Previously, interest rates on outstanding general loans were set at two percentage points above the rate for five-year U.S. Treasury notes on the last day of the preceding calendar quarter in which the funds were borrowed and interest rates on primary residence loans were set at the standard lending rate for 20-year fixed rate home mortgage loans. Principal and interest are paid ratably through payroll deductions. As of December 31, 2017, participant loans have maturities through 2037 at interest rates ranging from 3.25% to 6.83%.

Effective January 1, 2017, several changes to the frequency of loans became effective, including: Participants may only have one outstanding loan at any time, either a home loan or a general purpose loan. Participants may not receive a new loan if they already have an outstanding loan from any other tax-qualified plan sponsored by the Company or an affiliate. Participants may not take out a new loan until 12 months have passed from the date that they have paid off a previous loan in full. The maximum amount of loans that participants may borrow will be the lesser of: 50% of their account balance (excluding Company matching contributions and discretionary Company performance contributions in their account) and $50,000 minus the highest loan balance in the previous 12 months, determined as of the date they apply for the loan.

Payment of Benefits — On termination of service, a participant may elect to receive either a lump-sum amount equal to the value of the participant’s vested interest in his or her account or installment payments to the extent permitted by other Plan provisions. A participant may elect to receive payment of benefits prior to termination of service, as defined in the Plan. Participants may elect to receive their investment in the PCS stock fund in cash or in whole shares of PCS common stock. The Plan includes an employee stock ownership plan feature with a dividend payout program whereby participants may elect to receive dividends paid on their vested shares of PCS common stock in the PCS stock fund in PCS common stock or cash.

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting — The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

Use of Estimates — The preparation of financial statements in conformity with GAAP requires Plan management to make estimates and assumptions that affect the reported amounts of net assets available for benefits and changes therein and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

Risks and Uncertainties — The Plan utilizes various investment instruments, including mutual funds, a pooled investment stable value fund, and common stock. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements. As of December 31, 2017, there was a significant concentration of participant-directed investments in the common stock of the Company’s parent (14%), a collective investment fund (16%), a passively managed S&P 500 index fund (13%) and a passively managed vintage target date fund (12%).

Investment Valuation and Income Recognition — The Plan’s investments are stated at fair value. The fair value of a financial instrument is the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. See Note 3 for a description of valuation methods.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation in fair value of investments includes the Plan’s gains and losses on investments bought and sold as well as held during the year.

Management fees and operating expenses charged to the Plan for investments in the mutual funds and pooled investment stable value fund are deducted from income earned on a daily basis and are not separately charged to an expense. Consequently, management fees and operating expenses are reflected as a reduction of investment return for such investments.

Notes Receivable from Participants — Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant loans are recorded as distributions based on the terms of the Plan document.

Administrative Revenue (Expense) — Administrative expenses of the Plan are paid by the Plan or the Plan sponsor, as provided in the Plan document. Investment management fees for certain investments are included as a reduction of investment return and not reflected separately in the statement of changes in net assets available for benefits. Administrative revenues arise when investment managers return a portion of the investment fees to the Trustee to offset the administrative expenses. Any excess resulting from this revenue sharing remains in an unallocated account from which future Plan expenses can be paid. The Plan held undistributed administrative revenues of $361 and $0, at December 31, 2017 and 2016, respectively.

Payment of Benefits — Benefit payments to participants are recorded upon distribution. There were no amounts allocated to accounts of participants who had elected to withdraw from the Plan, but had not yet been paid at December 31, 2017 and 2016.

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3. FAIR VALUE MEASUREMENTS

Fair value measurements establish a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of inputs within the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Level 2 — Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly. Level 2 inputs may also include pricing models whose inputs are observable or derived principally from or corroborated by observable market data.

Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The following descriptions of the valuation methods and assumptions used by the Plan to estimate the fair values of the investments apply to the investments held by the Plan.

Common Stock — The PCS Common stock is valued using quoted closing prices listed on a nationally recognized security exchange (Level 1 inputs).

Mutual Funds and Short Term Funds — Shares of registered investment companies and money market funds are valued at quoted market prices that represent the net asset value (“NAV”) of shares held at the Plan year-end (Level 1 inputs).

Common Collective Trust — This fund is valued at its redemption price which is based on the NAV of units held by the Plan on the last business day of the year, as determined by the issuer of the fund based on the fair value of the underlying investments.

Stable Value Fund — The Fidelity Managed Income Portfolio II (the “Portfolio”), the pooled investment stable value fund, is stated at fair value which is contract value, as the Portfolio’s investment contracts are fully benefit-responsive. Contract value of the Portfolio is the value at which participants ordinarily transact and is the sum of participant and Company contributions, plus accrued interest thereon less withdrawals.

As a practical expedient, the fair value of participation units in the stable value fund is based upon the NAV of such fund as reported in the audited financial statements of the stable value fund. NAV is determined to be contract value, the value at which participants ordinarily transact. Redemption is permitted daily with no restrictions or notice periods and there are no unfunded commitments.

In accordance with GAAP, investments measured at NAV as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the following tables are intended to permit reconciliation to the amounts presented in the statements of net assets available for benefits.

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The Plan’s investment assets at fair value, set forth by level within the fair value hierarchy, as of December 31, 2017 and 2016, were as follows:

	Investment Assets at Fair Value as of December 31, 2017
	Level 1		Level 2		Level 3		Total
PCS common stock	$	6,491,574	$	—	$	—	$	6,491,574
Mutual funds:
Large cap equity funds		5,666,797		—		—		5,666,797
Balanced funds		17,553,319		—		—		17,553,319
Mid cap equity funds		671,833		—		—		671,833
Multi cap equity funds		1,410,976		—		—		1,410,976
International equity funds		1,138,794		—		—		1,138,794
Bond funds		317,154		—		—		317,154
Short term funds		1,675,497		—		—		1,675,497
Subtotal investment assets at fair value		34,925,944		—		—		34,925,944
Investment measured at NAV - Common Collective Trust								7,415,214
Investment measured at NAV - Stable value fund								2,907,421
Total							$	45,248,579
	Investment Assets at Fair Value as of December 31, 2016
	Level 1		Level 2		Level 3		Total
PCS common stock	$	5,979,942	$	—	$	—	$	5,979,942
Mutual funds:
Large cap equity funds		5,135,565		—		—		5,135,565
Balanced funds		13,636,264		—		—		13,636,264
Mid cap equity funds		292,267		—		—		292,267
Multi cap equity funds		1,269,874		—		—		1,269,874
International equity funds		702,851		—		—		702,851
Bond funds		278,823		—		—		278,823
Short term funds		1,762,387		—		—		1,762,387
Subtotal investment assets at fair value		29,057,973		—		—		29,057,973
Investment measured at NAV - Common Collective Trust								6,690,143
Investment measured at NAV - Stable value fund								3,154,510
Total							$	38,902,626

For the years ended December 31, 2017 and 2016, there were no transfers in or out of Levels 1, 2, or 3. The Plan’s policy is to recognize transfers between levels at the end of the reporting period.

4. STABLE VALUE FUND

The Fidelity Managed Income Portfolio II — The Portfolio is a stable value fund that is a commingled pool of the Fidelity Group Trust for Employee Benefit Plans. The Portfolio is invested in fixed interest insurance company investment contracts, money market funds, corporate and government bonds, mortgage-backed securities, bond funds, and other fixed income securities, with the objective of providing a high level of return that is consistent with also providing stability of investment return and preservation of capital and liquidity to pay the Plan benefits of its retirement plan investors.

Certain events limit the ability of the Plan to transact at contract value with the Portfolio issuer. Such events include the following: (a) the Plan’s failure to qualify under the IRC; (b) the establishment of a

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defined contribution plan that competes with the Plan for employee contributions; (c) any substantive modification of the Portfolio or the administration of the Portfolio that is not consented to by the wrap issuer; (d) any change in law, regulation, or administrative ruling applicable to the Plan that could have a material adverse effect on the Portfolio’s cash flow; (e) any communication given to unitholders that is designed to induce or influence unitholders not to invest in the Portfolio or to transfer assets out of the Portfolio; (f) any transfer of assets from the Portfolio directly to a competing investment option; or (g) the inability of the Portfolio to maintain wrap contracts covering its underlying assets. The Plan administrator does not believe the occurrence of any such value event, which would limit the Plan’s ability to transact at contract value with participants, is probable.

Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment in the Portfolio at contract value. The crediting interest rates were 1.77% and 1.58% at December 31, 2017 and 2016, respectively, which were based on the interest rates of the underlying portfolio of assets. The average yield for the year ended December 31, 2017, was 2.24%. The participants in the Plan are able to redeem from the Portfolio immediately. The Portfolio has no redemption restrictions and there is no redemption notice period required for participants.

5. EXEMPT PARTY-IN-INTEREST TRANSACTIONS

Certain Plan investments are shares of investment funds managed by Fidelity Investments Institutional Operations Company, Inc., an affiliate of the Trustee, investment manager and recordkeeper. These transactions qualify as exempt party-in-interest transactions. Fees paid by the Plan for the investment management services were included as a reduction of the return earned on each fund. At December 31, 2017 and 2016, the Plan held approximately 314,362 and 330,566 shares, respectively, of PCS common stock, with a cost basis of $6,491,574 and $10,062,381, respectively. During the year ended December 31, 2017, the Plan recorded dividend income of $128,955.

6. PLAN TERMINATION

Although it has not expressed any intention to do so, the Company has the right under the Plan document to discontinue its contributions at any time and to terminate the Plan subject to the provisions set forth in ERISA. In the event that the Plan is terminated, participants would become 100% vested in their accounts.

7. FEDERAL INCOME TAX STATUS

The Internal Revenue Service (“IRS”) has determined and informed the Company by a letter dated May 10, 2018, that the Plan was designed in accordance with applicable IRC requirements. Although the Plan has been amended since receiving the determination letter, the Plan administrator believes that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC. Therefore, no provision for income taxes has been included in the Plan’s financial statements. GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan administrator has analyzed the tax positions taken by the Plan and has concluded that as of December 31, 2017, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the Plan’s financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan administrator believes it is no longer subject to income tax examinations for years prior to 2013.

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8. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500

The following is a reconciliation of the financial statements as of December 31, 2017 and 2016 to the Form 5500:

	2017			2016
Statements of net assets available for benefits:
Net assets available for benefits per the financial statements	$	46,439,726		$	40,668,309
Adjustment from fair value to contract value for fully benefit-responsive investment contracts		(6,049	)		10,925
Net assets per the Form 5500	$	46,433,677		$	40,679,234
Statement of changes in net assets available for benefits:
Decrease in net assets per the financial statements	$	5,771,417
Net change in adjustment from fair value to contract value		(16,974	)
Net income and transfers per the Form 5500	$	5,754,443

9. SUBSEQUENT EVENTS

On January 1, 2018, the Parent Company of the Plan sponsor, PCS, merged with a third party to combine their businesses. This transaction has no immediate impact to the Plan.

* * * * * *

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SUPPLEMENTAL SCHEDULE

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PCS U.S. EMPLOYEES’ SAVINGS PLAN

FOR COLLECTIVELY BARGAINED EMPLOYEES

Employer ID No: 562111626

Plan No: 007

FORM 5500 — SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AS OF DECEMBER 31, 2017

	Identity of Issuer, Borrower, Lessor, or Similar Party	Description of Investment, Including Maturity Date, Rate of Interest, Collateral, and Par or Maturity Value	Cost**		Current Value
	SHARES OF REGISTERED INVESTMENT COMPANIES:
*	Fidelity Management Trust Company	Fidelity Spartan 500 Index Institutional Fund	$	—	$	5,666,797
	Eaton Vance Atlanta Capital	EV AC SMID CAP R6				671,833
*	Fidelity Management Trust Company	Fidelity Spartan Extended Market Index Advantage				1,410,976
	Harbor International Fund	Harbor International—Institutional Class				727,123
	DFA	DFA Emerging Market Core Equity				333,757
	Vanguard	Vanguard Total International Stock AD				77,915
*	Fidelity Management Trust Company	Fidelity Freedom K Income				511,034
*	Fidelity Management Trust Company	FID FDM IDX 2005 INV				19,456
*	Fidelity Management Trust Company	FID FDM IDX 2010 INV				643,079
*	Fidelity Management Trust Company	FID FDM IDX 2015 INV				1,326,777
*	Fidelity Management Trust Company	FID FDM IDX 2020 INV				5,445,876
*	Fidelity Management Trust Company	FID FDM IDX 2025 INV				3,421,823
*	Fidelity Management Trust Company	FID FDM IDX 2030 INV				791,992
*	Fidelity Management Trust Company	FID FDM IDX 2035 INV				1,365,582
*	Fidelity Management Trust Company	FID FDM IDX 2040 INV				775,655
*	Fidelity Management Trust Company	FID FDM IDX 2045 INV				1,739,661
*	Fidelity Management Trust Company	FID FDM IDX 2050 INV				1,199,709
*	Fidelity Management Trust Company	FID FDM IDX 2055 INV				199,371
*	Fidelity Management Trust Company	FID FDM IDX 2060 INV				111,115
	PIMCO	PIM Inflation Resp MA IS				2,188
	PIMCO	PIM Total Return Institutional				145,681
	Vanguard	Vanguard Total Bnd Market Adm				171,473
	JPMorgan	JPM ANALYST LGCP COR				7,415,214
*	Fidelity Management Trust Company	Fidelity Retirement Money Market Portfolio				1,674,089
*	COMMINGLED POOL — Fidelity Management
	Trust Company	Managed Income Portfolio II				2,907,421
*	POTASH CORPORATION OF SASKATCHEWAN INC.	PCS common stock, 314,362 shares				6,491,574
*	PCS STOCK PURCHASE ACCOUNT	Money market		1,408		1,408
	INVESTMENTS SUBTOTAL					45,248,579
*	PARTICIPANT LOANS	Due 2018 through 2037; interest rates ranging from 3.25% to 6.83%				1,191,147
	TOTAL ASSETS HELD FOR INVESTMENT				$	46,439,726
*	Party-in-interest.
**	Cost information is not required for participant-directed investments and, therefore, is not included.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on their behalf by the undersigned hereunto duly authorized.

	PCS U.S. Employees’ Savings Plan for Collectively Bargained Employees (Name of Plan)
Date: June 22, 2018	/s/ David R. Haverick
	Name: David R. Haverick Title: Sr. Director, Total Rewards and Transformation PCS Administration (USA) Inc., as Plan Administrator

EXHIBIT INDEX

Exhibit Number	Description of Exhibit
23.1	Consent of Deloitte & Touche LLP