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Fidelity® Series Commodity Strategy Fund

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Fidelity® Series Commodity Strategy Fund Fidelity® Series Commodity Strategy Fund Semi-Annual Report January 31, 2021 Contents Note to Shareholders 3 Consolidated Investment 4 Summary Consolidated Schedule of 5 Investments Consolidated Financial 17 Statements Notes to Consolidated 21 Financial Statements Shareholder Expense 28 Example Board Approval of 30 Investment Advisory Contracts and Management Fees To view a fund’s proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission’s (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines. Standard & Poor’s, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation. Other third-party marks appearing herein are the property of their respective owners. All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved. This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus. A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund’s Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund’s portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity’s web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable. NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE Neither the Fund nor Fidelity Distributors Corporation is a bank. Semi-Annual Report Note to Shareholders: Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems. The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds. 3 Semi-Annual Report Consolidated Investment Summary (Unaudited) The information in the following tables is based on the Fund’s commodity-linked investments and excludes short-term investment-grade debt securities, cash and cash equivalents. Commodity Instruments as of January 31, 2021* % of fund’s total commodity-linked investments Commodity Swaps 92.7% Commodity Futures 7.3% Commodity Sector Diversification as of January 31, 2021* % of fund’s total commodity-linked investments Agriculture 30.8% Energy 30.0% Precious Metals 18.4% Industrial Metals 14.8% Livestock 6.0% * Investments in Commodity Swaps provide exposure to the commodities market via the Bloomberg Commodity Index Total Return, an unmanaged index composed of futures contracts on 23 physical commodities. The Fund does not invest directly in physical commodities. Semi-Annual Report 4 Consolidated Schedule of Investments January 31, 2021 (Unaudited) Showing Percentage of Net Assets U.S. Treasury Obligations – 7.6% Principal Value Amount U.S. Treasury Bills, yield at date of purchase 0.08% to 0.09% 4/15/21 to 5/20/21 (a) (b) (Cost $499,887,151) $ 500,000,000 $ 499,910,945 Money Market Funds – 89.2% Shares Fidelity Cash Central Fund 0.09% (c) (Cost $5,846,138,660) 5,845,458,659 5,846,627,751 TOTAL INVESTMENT IN SECURITIES – 96.8% (Cost $6,346,025,811) 6,346,538,696 NET OTHER ASSETS (LIABILITIES) – 3.2% 208,906,331 NET ASSETS – 100% $6,555,445,027 Futures Contracts Number Expiration Notional Value Unrealized of contracts Date Amount Appreciation/ (Depreciation) Purchased Commodity Futures Contracts CBOT Corn Contracts (United States) 1,086 March 2021 $ 29,702,100 $ 7,026,684 $ 7,026,684 CBOT KC HRW Wheat Contracts (United States) 252 March 2021 8,038,800 926,899 926,899 CBOT Soybean Contracts (United States) 414 March 2021 28,359,000 4,444,080 4,444,080 CBOT Soybean Meal Contracts (United States) 400 March 2021 17,240,000 2,067,368 2,067,368 CBOT Soybean Oil Contracts (United States) 584 March 2021 15,634,848 2,458,434 2,458,434 CBOT Wheat Contracts (United States) 433 March 2021 14,353,950 1,159,330 1,159,330 CME Lean Hogs Contracts (United States) 300 April 2021 9,198,000 469,302 469,302 CME Live Cattle Contracts (United States) 402 April 2021 19,593,480 657,622 657,622 COMEX Copper Contracts (United States) 279 March 2021 24,691,388 2,714,700 2,714,700 COMEX Gold 100 oz. Contracts (United States) 367 April 2021 67,667,310 (218,186) (218,186) COMEX Silver Contracts (United States) 153 March 2021 20,635,365 2,040,616 2,040,616 ICE Brent Crude Contracts (United Kingdom) 605 March 2021 33,210,100 (558,833) (558,833) ICE Coffee ‘C’ Contracts (United States) 290 March 2021 13,370,813 1,312,958 1,312,958 ICE Cotton No. 2 Contracts (United States) 182 March 2021 7,338,240 876,121 876,121 ICE Low Sulphur Gasoil Contracts (United States) 287 March 2021 12,903,300 727,017 727,017 ICE Sugar No. 11 Contracts (United States) 823 Feb. 2021 14,591,461 2,995,392 2,995,392 LME Aluminum Contracts (United Kingdom) 399 March 2021 19,629,603 (461,580) (461,580) LME Nickel Contracts (United Kingdom) 120 March 2021 12,724,920 773,336 773,336 LME Zinc Contracts (United Kingdom) 217 March 2021 13,942,250 (1,230,069) (1,230,069) See accompanying notes which are an integral part of the consolidated financial statements. 5 Semi-Annual Report Consolidated Schedule of Investments (Unaudited) – continued Futures Contracts – continued Number Expiration Notional Value Unrealized of contracts Date Amount Appreciation/ (Depreciation) Commodity Futures Contracts – continued NYMEX Gasoline RBOB Contracts (United States) 168 Feb. 2021 $ 11,001,589 $ 1,650,980 $ 1,650,980 NYMEX Natural Gas Contracts (United States) 1,440 Feb. 2021 37,040,740 1,565,292 1,565,292 NYMEX NY Harbor ULSD Contracts (United States) 155 Feb. 2021 10,404,047 912,132 912,132 NYMEX WTI Crude Oil Contracts (United States) 769 Feb. 2021 40,159,960 3,702,333 3,702,333 TOTAL FUTURES CONTRACTS $36,011,928 The notional amount of futures purchased as a percentage of Net Assets is 7.3% For the period, the average monthly notional amount at value for futures contracts in the aggregate was $546,070,028. See accompanying notes which are an integral part of the consolidated financial statements. Semi-Annual Report 6 Swaps Underlying Reference Pay/ Reference Financing Financing Counterparty Maturity Notional Value Upfront Unrealized Receive Payment Rate Frequency Date Amount Premium Appreciation/ Reference Frequency Received/ (Depreciation) (Paid) Total Return Swaps(1) 3-month US auction Canadian rate T-Bill plus 12 basis Imperial Bank Bloomberg Commodity Index Total Return Receives At Maturity points At Maturity Of Commerce Feb. 2021 $ 127,000,000 $ 10,611,808 $ 0 $ 10,611,808 3-month US auction Canadian rate T-Bill plus 12 basis Imperial Bank Bloomberg Commodity Index Total Return Receives At Maturity points At Maturity Of Commerce Mar. 2021 155,000,000 12,822,293 0 12,822,293 3-month US auction Canadian rate T-Bill plus 12 basis Imperial Bank 7 Bloomberg Commodity Index Total Return Receives At Maturity points At Maturity Of Commerce Apr. 2021 166,000,000 (541,360) 0 (541,360) 3-month US auction rate T-Bill plus 12 basis Bloomberg Commodity Index Total Return Receives At Maturity points At Maturity Citibank, N.A. Feb. 2021 125,000,000 10,749,715 0 10,749,715 3-month US auction rate T-Bill plus 12 basis Bloomberg Commodity Index Total Return Receives At Maturity points At Maturity Citibank, N.A.
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