Consolidated Quarterly Holdings Report

for

Fidelity® SAI Inflation-Focused Fund

October 31, 2023

        Offered exclusively to certain clients of Strategic Advisers LLC or its affiliates - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers LLC, an affiliate of Fidelity Management & Research Company LLC.

IFF-NPRT1-1223

1.9892166.104

U.S. Treasury Obligations - 9.7%
	Principal Amount (a)	Value ($)
U.S. Treasury Bills, yield at date of purchase 5.4% to 5.42% 12/28/23 to 1/4/24 (b) (Cost $263,592,570)	266,000,000	263,604,566

Money Market Funds - 90.3%
	Shares	Value ($)
Fidelity Cash Central Fund 5.40% (c) (Cost $2,457,640,884)	2,457,149,454	2,457,640,884

TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $2,721,233,454)	2,721,245,450
NET OTHER ASSETS (LIABILITIES) - 0.0% (d)	655,873
NET ASSETS - 100.0%	2,721,901,323

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount ($)	Value ($)	Unrealized Appreciation/ (Depreciation) ($)
Purchased
Commodity Futures Contracts
CBOT Corn Contracts (United States)	554	Mar 2024	13,656,100	(206,110)	(206,110)
CBOT Corn Contracts (United States)	1,539	Jul 2024	39,129,075	(2,317,212)	(2,317,212)
CBOT KC HRW Wheat Contracts (United States)	261	Dec 2023	8,211,713	(690,285)	(690,285)
CBOT KC HRW Wheat Contracts (United States)	255	Mar 2024	8,175,938	(33,805)	(33,805)
CBOT Soybean Contracts (United States)	115	Jan 2024	7,535,375	9,220	9,220
CBOT Soybean Contracts (United States)	481	Mar 2024	31,860,238	(1,022,358)	(1,022,358)
CBOT Soybean Meal Contracts (United States)	17	Mar 2024	691,560	35,944	35,944
CBOT Soybean Meal Contracts (United States)	1,863	Jan 2024	77,873,400	4,990,930	4,990,930
CBOT Soybean Oil Contracts (United States)	1,218	Jan 2024	37,146,564	(4,481,410)	(4,481,410)
CBOT Soybean Oil Contracts (United States)	690	Mar 2024	20,890,440	(3,640,004)	(3,640,004)
CBOT Soybean Oil Contracts (United States)	377	Jul 2024	11,424,175	(1,402)	(1,402)
CBOT Wheat Contracts (United States)	460	Dec 2023	12,793,750	(3,112,541)	(3,112,541)
CBOT Wheat Contracts (United States)	455	Mar 2024	13,314,438	(186,404)	(186,404)
CBOT Soybean Contracts (United States)	440	Jul 2024	29,680,589	(1,637)	(1,637)
CME Lean Hogs Contracts (United States)	14	Jul 2024	531,554	(52)	(52)
CME Lean Hogs Contracts (United States)	315	Feb 2024	9,434,250	393,275	393,275
CME Lean Hogs Contracts (United States)	300	Apr 2024	9,624,000	(493,996)	(493,996)
CME Live Cattle Contracts (United States)	643	Apr 2024	48,012,810	(423,010)	(423,010)
CME Live Cattle Contracts (United States)	306	Feb 2024	22,598,100	217,993	217,993
COMEX Copper Contracts (United States)	639	Mar 2024	58,947,750	(813,376)	(813,376)
COMEX Copper Contracts (United States)	323	May 2024	29,994,588	357,914	357,914
COMEX Gold 100 oz. Contracts (United States)	1,442	Dec 2023	287,491,540	3,049,284	3,049,284
COMEX Silver Contracts (United States)	696	Dec 2023	80,005,200	(207,271)	(207,271)
ICE Brent Crude Contracts (United Kingdom)	5,388	Jan 2024	453,723,480	(9,603,925)	(9,603,925)
ICE Coffee 'C' Contracts (United States)	873	Mar 2024	53,984,138	977,969	977,969
ICE Cotton No. 2 Contracts (United States)	410	Mar 2024	17,119,550	(416,273)	(416,273)
ICE Cotton No. 2 Contracts (United States)	35	Jul 2024	1,493,235	(130)	(130)
ICE Low Sulphur Gasoil Contracts (United States)	2,152	Jan 2024	178,938,800	(9,121,094)	(9,121,094)
ICE Sugar No. 11 Contracts (United States)	2,489	Feb 2024	75,518,251	3,755,332	3,755,332
ICE Sugar No. 11 Contracts (United States)	401	Apr 2024	11,551,366	383,906	383,906
LME Aluminum Contracts (United Kingdom)	852	Jan 2024	47,933,520	522,607	522,607
LME Aluminum Contracts (United Kingdom)	421	May 2024	24,110,144	258,831	258,831
LME Lead Contracts (United Kingdom)	204	Jan 2024	10,637,325	(388,937)	(388,937)
LME Lead Contracts (United Kingdom)	104	May 2024	5,448,950	(50,717)	(50,717)
LME Nickel Contracts (United Kingdom)	101	Jan 2024	10,968,600	(538,185)	(538,185)
LME Nickel Contracts (United Kingdom)	99	May 2024	10,964,646	(340,424)	(340,424)
LME Zinc Contracts (United Kingdom)	459	Jan 2024	27,855,677	(1,530,619)	(1,530,619)
LME Zinc Contracts (United Kingdom)	234	May 2024	14,288,625	(333,107)	(333,107)
NYMEX Natural Gas Contracts (United States)	3,003	Dec 2023	115,236,390	1,957,622	1,957,622
NYMEX NY Harbor ULSD Contracts (United States)	496	Dec 2023	59,789,923	(2,937,858)	(2,937,858)
NYMEX Gasoline RBOB Contracts (United States)	1,540	Dec 2023	143,262,420	(7,301,900)	(7,301,900)
NYMEX Gasoline RBOB Contracts (United States)	13	Jun 2024	1,319,581	(41)	(41)
NYMEX NY Harbor ULSD Contracts (United States)	94	Feb 2024	10,924,116	(104,301)	(104,301)
NYMEX NY Harbor USLD Contracts (United States)	624	Apr 2024	70,274,719	(2,080,353)	(2,080,353)
NYMEX WTI Crude Oil Contracts (United States)	6,342	Dec 2023	512,306,760	(18,997,468)	(18,997,468)
TOTAL FUTURES CONTRACTS					(54,465,378)
The notional amount of futures purchased as a percentage of Net Assets is 100.0%

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 $263,604,566.

(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 $7,567,633 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 5.40%	467,515,911	2,902,068,187	911,943,214	11,589,859	-	-	2,457,640,884	5.4%
Total	467,515,911	2,902,068,187	911,943,214	11,589,859	-	-	2,457,640,884

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 SAI Inflation-Focused Cayman Ltd.	467,515,911	-	-	-	-	23,314,428	490,830,339

The Fund invests in certain commodity-related investments through Geode SAI Inflation-Focused Cayman Ltd., a wholly owned subsidiary (the "Subsidiary"). As of October 31, 2023, the Fund held an investment of $490,830,339 in the Subsidiary, representing 18.0% 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.

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.