Consolidated Quarterly Holdings Report

for

Fidelity® Commodity Strategy Fund

October 31, 2023

CSZ-NPRT1-1223

1.9879568.106

U.S. Treasury Obligations - 8.7%
	Principal Amount (a)	Value ($)
U.S. Treasury Bills, yield at date of purchase 5.4% to 5.41% 12/28/23 to 1/4/24 (b) (Cost $4,955,738)	5,000,000	4,955,885

Money Market Funds - 91.9%
	Shares	Value ($)
Fidelity Cash Central Fund 3.87% (c) (Cost $52,177,207)	52,166,774	52,177,208

TOTAL INVESTMENT IN SECURITIES - 100.6% (Cost $57,132,945)	57,133,093
NET OTHER ASSETS (LIABILITIES) - (0.6)%	(349,028)
NET ASSETS - 100.0%	56,784,065

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount ($)	Value ($)	Unrealized Appreciation/ (Depreciation) ($)
Purchased
Commodity Futures Contracts
CBOT Corn Contracts (United States)	98	Dec 2023	2,345,875	(79,502)	(79,502)
CBOT KC HRW Wheat Contracts (United States)	24	Dec 2023	755,100	(168,116)	(168,116)
CBOT Soybean Contracts (United States)	45	Jan 2024	2,948,625	54,108	54,108
CBOT Soybean Meal Contracts (United States)	43	Jan 2024	1,797,400	181,707	181,707
CBOT Soybean Oil Contracts (United States)	50	Jan 2024	1,524,900	(80,019)	(80,019)
CBOT Wheat Contracts (United States)	44	Dec 2023	1,223,750	(230,104)	(230,104)
CME Cattle Feeder Contracts (United States)	31	Dec 2023	2,276,020	(60,929)	(60,929)
CME Lean Hogs Contracts (United States)	31	Dec 2023	889,390	(43,376)	(43,376)
COMEX Copper Contracts (United States)	31	Dec 2023	2,830,688	(117,556)	(117,556)
COMEX Gold 100 oz. Contracts (United States)	46	Dec 2023	9,170,960	44,662	44,662
COMEX Silver Contracts (United States)	21	Dec 2023	2,413,950	(17,157)	(17,157)
ICE Brent Crude Contracts (United Kingdom)	53	Nov 2023	4,522,260	(261,986)	(261,986)
ICE Coffee 'C' Contracts (United States)	28	Dec 2023	1,756,650	80,261	80,261
ICE Cotton No. 2 Contracts (United States)	21	Dec 2023	852,810	(6,477)	(6,477)
ICE Low Sulphur Gasoil Contracts (United States)	19	Jan 2024	1,579,850	7,084	7,084
ICE Sugar No. 11 Contracts (United States)	70	Feb 2024	2,123,856	18,580	18,580
LME Aluminum Contracts (United Kingdom)	41	Jan 2024	2,306,660	28,916	28,916
LME Lead Contracts (United Kingdom)	10	Jan 2024	521,438	(5,148)	(5,148)
LME Nickel Contracts (United Kingdom)	10	Jan 2024	1,086,000	(34,902)	(34,902)
LME Zinc Contracts (United Kingdom)	22	Jan 2024	1,335,131	(31,780)	(31,780)
NYMEX Natural Gas Contracts (United States)	135	Dec 2023	5,188,650	(42,606)	(42,606)
NYMEX NY Harbor ULSD Contracts (United States)	10	Dec 2023	1,205,442	13,160	13,160
NYMEX Gasoline RBOB Contracts (United States)	13	Dec 2023	1,209,470	22,177	22,177
NYMEX WTI Crude Oil Contracts (United States)	61	Dec 2023	4,927,580	(40,195)	(40,195)
TOTAL FUTURES CONTRACTS					(769,198)
The notional amount of futures purchased as a percentage of Net Assets is 100.2%

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 $4,688,385.

(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.

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 3.87%	47,197,913	15,523,877	10,544,582	685,317	-	-	52,177,208	0.1%
Total	47,197,913	15,523,877	10,544,582	685,317	-	-	52,177,208

Amounts in the dividend 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.	9,201,220	-	-	-	-	(1,217,941)	7,983,279

The Fund invests in certain commodity-related investments through Geode Commodity Strategy Cayman Ltd., a wholly owned subsidiary (the "Subsidiary"). As of October 31, 2023, the Fund held an investment of $7,983,279 in the Subsidiary, representing 14.1% 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. 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:

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. U.S. Treasury Obligations 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.

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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