Consolidated Quarterly Holdings Report

for

Fidelity® Commodity Strategy Fund

October 31, 2021

CSZ-NPRT1-1221

1.9879568.104

U.S. Treasury Obligations - 0.9%
	Principal Amount (a)	Value ($)
U.S. Treasury Bills, yield at date of purchase 0.02% to 0.02% 11/18/21 (b) (Cost $1,399,988)	1,400,000	1,399,967

Money Market Funds - 99.0%
	Shares	Value ($)
Fidelity Cash Central Fund 0.06% (c) (Cost $153,328,077)	153,297,418	153,328,077

TOTAL INVESTMENT IN SECURITIES - 99.9% (Cost $154,728,065)	154,728,044
NET OTHER ASSETS (LIABILITIES) - 0.1% (d)	206,897
NET ASSETS - 100.0%	154,934,941

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount ($)	Value ($)	Unrealized Appreciation/ (Depreciation) ($)
Purchased
Commodity Futures Contracts
CBOT Corn Contracts (United States)	272	Dec 2021	7,728,200	157,002	157,002
CBOT KC HRW Wheat Contracts (United States)	63	Dec 2021	2,475,113	220,633	220,633
CBOT Soybean Contracts (United States)	103	Jan 2022	6,434,925	39,245	39,245
CBOT Soybean Meal Contracts (United States)	100	Jan 2022	3,304,000	104,522	104,522
CBOT Soybean Oil Contracts (United States)	146	Jan 2022	5,347,980	54,127	54,127
CBOT Wheat Contracts (United States)	108	Dec 2021	4,172,850	219,977	219,977
CME Lean Hogs Contracts (United States)	75	Dec 2021	2,282,250	130	130
CME Live Cattle Contracts (United States)	101	Dec 2021	5,222,710	33,604	33,604
COMEX Copper Contracts (United States)	70	Dec 2021	7,650,475	69,668	69,668
COMEX Gold 100 oz. Contracts (United States)	92	Dec 2021	16,416,780	(266,301)	(266,301)
COMEX Silver Contracts (United States)	38	Dec 2021	4,548,465	82,955	82,955
ICE Brent Crude Contracts (United Kingdom)	152	Nov 2021	12,727,050	1,864,453	1,864,453
ICE Coffee 'C' Contracts (United States)	72	Dec 2021	5,506,650	532,339	532,339
ICE Cotton No. 2 Contracts (United States)	46	Dec 2021	2,641,550	642,886	642,886
ICE Low Sulphur Gasoil Contracts (United States)	72	Jan 2022	5,078,000	(18,260)	(18,260)
ICE Sugar No. 11 Contracts (United States)	206	Feb 2022	4,445,974	(111,738)	(111,738)
LME Aluminum Contracts (United Kingdom)	100	Jan 2022	6,795,000	(745,976)	(745,976)
LME Nickel Contracts (United Kingdom)	30	Jan 2022	3,502,980	103,168	103,168
LME Zinc Contracts (United Kingdom)	54	Jan 2022	4,570,088	238,363	238,363
NYMEX Gasoline RBOB Contracts (United States)	42	Dec 2021	4,083,824	35,057	35,057
NYMEX Natural Gas Contracts (United States)	360	Dec 2021	20,297,860	(503,370)	(503,370)
NYMEX NY Harbor ULSD Contracts (United States)	39	Dec 2021	4,026,376	(24,881)	(24,881)
NYMEX WTI Crude Oil Contracts (United States)	192	Dec 2021	15,681,360	596,409	596,409
TOTAL FUTURES CONTRACTS					3,324,012
The notional amount of futures purchased as a percentage of Net Assets is 100.1%

Legend

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,182,972.

(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) Includes $9,750,363 of cash collateral to cover margin requirements for futures contracts.

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 0.06%	137,985,374	54,382,437	39,039,734	21,276	(62)	62	153,328,077	0.3%
Total	137,985,374	54,382,437	39,039,734	21,276	(62)	62	153,328,077

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

Consolidated Subsidiary

Fund	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain /loss ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)
Geode Commodity Strategy Cayman Ltd.	23,793,905	1,999,978	9,000,073	-	6,567,296	5,197,558	28,558,664

The Fund invests in certain commodity-related investments through Geode Commodity Strategy Cayman Ltd., a wholly owned subsidiary (the "Subsidiary"). As of October 31, 2021, the Fund held an investment of $28,558,664 in the Subsidiary, representing 18.4% of the Fund's net assets. The Quarterly Holdings report is consolidated and includes the holdings of the Fund and the Subsidiary.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 

The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - 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:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. Treasury Obligations are valued by pricing vendors 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 vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price or official closing price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.

Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

Derivative Instruments

Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk(s):

Commodity Risk - Commodity Risk is the risk that the value of a commodity will fluctuate as a result of changes in market prices.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts: A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a specified price at a specified future date.

The Fund used futures contracts to manage its exposure to the commodities market.

Open futures contracts at period end are presented in the Consolidated Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Consolidated Schedule of Investments.

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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