0000028540 fmr:C000130874Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_LG_ClassMember_11YRMember 2015-07-31 2026-07-31 0000028540 fmr:C000130874_ClassMember_AsOf_2016Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_ClassMember_AsOf_2017Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_ClassMember_AsOf_2018Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_ClassMember_AsOf_2019Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_ClassMember_AsOf_2020Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_ClassMember_AsOf_2021Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_ClassMember_AsOf_2022Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_ClassMember_AsOf_2023Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_ClassMember_AsOf_2024Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_ClassMember_AsOf_2025Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_ClassMember_AsOf_2026Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_LG_1_AdditionalIndexMember_11YRMember 2015-07-31 2026-07-31 0000028540 fmr:C000130874_1_AdditionalIndexMember_AsOf_2016Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_1_AdditionalIndexMember_AsOf_2017Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_1_AdditionalIndexMember_AsOf_2018Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_1_AdditionalIndexMember_AsOf_2019Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_1_AdditionalIndexMember_AsOf_2020Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_1_AdditionalIndexMember_AsOf_2021Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_1_AdditionalIndexMember_AsOf_2022Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_1_AdditionalIndexMember_AsOf_2023Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_1_AdditionalIndexMember_AsOf_2024Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_1_AdditionalIndexMember_AsOf_2025Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_1_AdditionalIndexMember_AsOf_2026Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_LG_2_AdditionalIndexMember_11YRMember 2015-07-31 2026-07-31 0000028540 fmr:C000130874_2_AdditionalIndexMember_AsOf_2016Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_2_AdditionalIndexMember_AsOf_2017Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_2_AdditionalIndexMember_AsOf_2018Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_2_AdditionalIndexMember_AsOf_2019Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_2_AdditionalIndexMember_AsOf_2020Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_2_AdditionalIndexMember_AsOf_2021Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_2_AdditionalIndexMember_AsOf_2022Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_2_AdditionalIndexMember_AsOf_2023Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_2_AdditionalIndexMember_AsOf_2024Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_2_AdditionalIndexMember_AsOf_2025Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_2_AdditionalIndexMember_AsOf_2026Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_0_LG_BBIndexMember_11YRMember 2015-07-31 2026-07-31 0000028540 fmr:C000130874_0_BBIndexMember_AsOf_2016Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_0_BBIndexMember_AsOf_2017Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_0_BBIndexMember_AsOf_2018Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_0_BBIndexMember_AsOf_2019Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_0_BBIndexMember_AsOf_2020Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_0_BBIndexMember_AsOf_2021Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_0_BBIndexMember_AsOf_2022Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_0_BBIndexMember_AsOf_2023Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_0_BBIndexMember_AsOf_2024Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_0_BBIndexMember_AsOf_2025Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_0_BBIndexMember_AsOf_2026Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_4_LG_BBIndexMember_11YRMember 2015-07-31 2026-07-31 0000028540 fmr:C000130874_4_BBIndexMember_AsOf_2016Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_4_BBIndexMember_AsOf_2017Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_4_BBIndexMember_AsOf_2018Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_4_BBIndexMember_AsOf_2019Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_4_BBIndexMember_AsOf_2020Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_4_BBIndexMember_AsOf_2021Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_4_BBIndexMember_AsOf_2022Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_4_BBIndexMember_AsOf_2023Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_4_BBIndexMember_AsOf_2024Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_4_BBIndexMember_AsOf_2025Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_4_BBIndexMember_AsOf_2026Member 2025-07-31 2026-07-31 0000028540 fmr:C000130874_NoLoadClassMember_1YRMember 2025-07-31 2026-07-31 0000028540 fmr:C000130874_NoLoadClassMember_5YRMember 2021-07-31 2026-07-31 0000028540 fmr:C000130874_NoLoadClassMember_10YRMember 2016-07-31 2026-07-31 0000028540 fmr:C000130874_0_AdditionalIndexMember_1YRMember 2025-07-31 2026-07-31 0000028540 fmr:C000130874_0_AdditionalIndexMember_5YRMember 2021-07-31 2026-07-31 0000028540 fmr:C000130874_0_AdditionalIndexMember_10YRMember 2016-07-31 2026-07-31 0000028540 fmr:C000130874_1_AdditionalIndexMember_1YRMember 2025-07-31 2026-07-31 0000028540 fmr:C000130874_1_AdditionalIndexMember_5YRMember 2021-07-31 2026-07-31 0000028540 fmr:C000130874_1_AdditionalIndexMember_10YRMember 2016-07-31 2026-07-31 0000028540 fmr:C000130874_2_BBIndexMember_1YRMember 2025-07-31 2026-07-31 0000028540 fmr:C000130874_2_BBIndexMember_5YRMember 2021-07-31 2026-07-31 0000028540 fmr:C000130874_2_BBIndexMember_10YRMember 2016-07-31 2026-07-31 0000028540 fmr:C000130874_3_BBIndexMember_1YRMember 2025-07-31 2026-07-31 0000028540 fmr:C000130874_3_BBIndexMember_5YRMember 2021-07-31 2026-07-31 0000028540 fmr:C000130874_3_BBIndexMember_10YRMember 2016-07-31 2026-07-31 0000028540 fmr:C000130874Member 2026-07-31 0000028540 fmr:C000130874Member us-gaap:EnergySectorMember 2026-07-31 0000028540 fmr:C000130874Member fmr:MSIndustrialMetalsSectorMember 2026-07-31 0000028540 fmr:C000130874Member us-gaap:AgriculturalSectorMember 2026-07-31 0000028540 fmr:C000130874Member fmr:MSPreciousMetalsSectorMember 2026-07-31 0000028540 fmr:C000130874Member fmr:MSLivestockSectorMember 2026-07-31 0000028540 fmr:DEFuturesContractsMember fmr:C000130874Member 2026-07-31 0000028540 fmr:DESwapsMember fmr:C000130874Member 2026-07-31 0000028540 fmr:AASwapsMember fmr:C000130874Member 2026-07-31 0000028540 fmr:AAFuturesContractsMember fmr:C000130874Member 2026-07-31 0000028540 fmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember fmr:C000130874Member 2026-07-31 0000028540 fmr:C000206762Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_LG_ClassMember_9YRMember 2017-07-31 2026-07-31 0000028540 fmr:C000206762_ClassMember_AsOf_2018Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_ClassMember_AsOf_2019Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_ClassMember_AsOf_2020Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_ClassMember_AsOf_2021Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_ClassMember_AsOf_2022Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_ClassMember_AsOf_2023Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_ClassMember_AsOf_2024Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_ClassMember_AsOf_2025Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_ClassMember_AsOf_2026Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_LG_1_AdditionalIndexMember_9YRMember 2017-07-31 2026-07-31 0000028540 fmr:C000206762_1_AdditionalIndexMember_AsOf_2018Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_1_AdditionalIndexMember_AsOf_2019Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_1_AdditionalIndexMember_AsOf_2020Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_1_AdditionalIndexMember_AsOf_2021Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_1_AdditionalIndexMember_AsOf_2022Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_1_AdditionalIndexMember_AsOf_2023Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_1_AdditionalIndexMember_AsOf_2024Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_1_AdditionalIndexMember_AsOf_2025Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_1_AdditionalIndexMember_AsOf_2026Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_LG_2_AdditionalIndexMember_9YRMember 2017-07-31 2026-07-31 0000028540 fmr:C000206762_2_AdditionalIndexMember_AsOf_2018Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_2_AdditionalIndexMember_AsOf_2019Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_2_AdditionalIndexMember_AsOf_2020Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_2_AdditionalIndexMember_AsOf_2021Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_2_AdditionalIndexMember_AsOf_2022Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_2_AdditionalIndexMember_AsOf_2023Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_2_AdditionalIndexMember_AsOf_2024Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_2_AdditionalIndexMember_AsOf_2025Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_2_AdditionalIndexMember_AsOf_2026Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_0_LG_BBIndexMember_9YRMember 2017-07-31 2026-07-31 0000028540 fmr:C000206762_0_BBIndexMember_AsOf_2018Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_0_BBIndexMember_AsOf_2019Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_0_BBIndexMember_AsOf_2020Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_0_BBIndexMember_AsOf_2021Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_0_BBIndexMember_AsOf_2022Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_0_BBIndexMember_AsOf_2023Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_0_BBIndexMember_AsOf_2024Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_0_BBIndexMember_AsOf_2025Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_0_BBIndexMember_AsOf_2026Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_NoLoadClassMember_1YRMember 2025-07-31 2026-07-31 0000028540 fmr:C000206762_NoLoadClassMember_5YRMember 2021-07-31 2026-07-31 0000028540 fmr:C000206762_NoLoadClassMember_2025-08-01_2026-07-31Member 2025-07-31 2026-07-31 0000028540 fmr:C000206762_0_AdditionalIndexMember_1YRMember 2025-07-31 2026-07-31 0000028540 fmr:C000206762_0_AdditionalIndexMember_5YRMember 2021-07-31 2026-07-31 0000028540 fmr:C000206762_0_AdditionalIndexMember_LOCMember 2025-07-31 2026-07-31 0000028540 fmr:C000206762_1_AdditionalIndexMember_1YRMember 2025-07-31 2026-07-31 0000028540 fmr:C000206762_1_AdditionalIndexMember_5YRMember 2021-07-31 2026-07-31 0000028540 fmr:C000206762_1_AdditionalIndexMember_LOCMember 2025-07-31 2026-07-31 0000028540 fmr:C000206762_2_BBIndexMember_1YRMember 2025-07-31 2026-07-31 0000028540 fmr:C000206762_2_BBIndexMember_5YRMember 2021-07-31 2026-07-31 0000028540 fmr:C000206762_2_BBIndexMember_LOCMember 2025-07-31 2026-07-31 0000028540 fmr:C000206762Member 2018-12-20 2026-07-31 0000028540 fmr:C000206762Member 2026-07-31 0000028540 fmr:C000206762Member us-gaap:EnergySectorMember 2026-07-31 0000028540 fmr:C000206762Member us-gaap:AgriculturalSectorMember 2026-07-31 0000028540 fmr:C000206762Member fmr:MSIndustrialMetalsSectorMember 2026-07-31 0000028540 fmr:C000206762Member fmr:MSPreciousMetalsSectorMember 2026-07-31 0000028540 fmr:C000206762Member fmr:MSLivestockSectorMember 2026-07-31 0000028540 fmr:DEFuturesContractsMember fmr:C000206762Member 2026-07-31 0000028540 fmr:AAFuturesContractsMember fmr:C000206762Member 2026-07-31 0000028540 fmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember fmr:C000206762Member 2026-07-31 0000028540 fmr:C000175832Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_LG_ClassMember_11YRMember 2015-07-31 2026-07-31 0000028540 fmr:C000175832_ClassMember_AsOf_2017Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_ClassMember_AsOf_2018Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_ClassMember_AsOf_2019Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_ClassMember_AsOf_2020Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_ClassMember_AsOf_2021Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_ClassMember_AsOf_2022Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_ClassMember_AsOf_2023Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_ClassMember_AsOf_2024Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_ClassMember_AsOf_2025Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_ClassMember_AsOf_2026Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_ClassMember_AsOf_2016Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_LG_1_AdditionalIndexMember_11YRMember 2015-07-31 2026-07-31 0000028540 fmr:C000175832_1_AdditionalIndexMember_AsOf_2017Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_1_AdditionalIndexMember_AsOf_2018Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_1_AdditionalIndexMember_AsOf_2019Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_1_AdditionalIndexMember_AsOf_2020Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_1_AdditionalIndexMember_AsOf_2021Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_1_AdditionalIndexMember_AsOf_2022Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_1_AdditionalIndexMember_AsOf_2023Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_1_AdditionalIndexMember_AsOf_2024Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_1_AdditionalIndexMember_AsOf_2025Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_1_AdditionalIndexMember_AsOf_2026Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_1_AdditionalIndexMember_AsOf_2016Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_LG_2_AdditionalIndexMember_11YRMember 2015-07-31 2026-07-31 0000028540 fmr:C000175832_2_AdditionalIndexMember_AsOf_2017Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_2_AdditionalIndexMember_AsOf_2018Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_2_AdditionalIndexMember_AsOf_2019Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_2_AdditionalIndexMember_AsOf_2020Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_2_AdditionalIndexMember_AsOf_2021Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_2_AdditionalIndexMember_AsOf_2022Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_2_AdditionalIndexMember_AsOf_2023Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_2_AdditionalIndexMember_AsOf_2024Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_2_AdditionalIndexMember_AsOf_2025Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_2_AdditionalIndexMember_AsOf_2026Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_2_AdditionalIndexMember_AsOf_2016Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_0_LG_BBIndexMember_11YRMember 2015-07-31 2026-07-31 0000028540 fmr:C000175832_0_BBIndexMember_AsOf_2017Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_0_BBIndexMember_AsOf_2018Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_0_BBIndexMember_AsOf_2019Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_0_BBIndexMember_AsOf_2020Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_0_BBIndexMember_AsOf_2021Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_0_BBIndexMember_AsOf_2022Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_0_BBIndexMember_AsOf_2023Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_0_BBIndexMember_AsOf_2024Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_0_BBIndexMember_AsOf_2025Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_0_BBIndexMember_AsOf_2026Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_0_BBIndexMember_AsOf_2016Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_4_LG_BBIndexMember_11YRMember 2015-07-31 2026-07-31 0000028540 fmr:C000175832_4_BBIndexMember_AsOf_2017Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_4_BBIndexMember_AsOf_2018Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_4_BBIndexMember_AsOf_2019Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_4_BBIndexMember_AsOf_2020Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_4_BBIndexMember_AsOf_2021Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_4_BBIndexMember_AsOf_2022Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_4_BBIndexMember_AsOf_2023Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_4_BBIndexMember_AsOf_2024Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_4_BBIndexMember_AsOf_2025Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_4_BBIndexMember_AsOf_2026Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_4_BBIndexMember_AsOf_2016Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_NoLoadClassMember_1YRMember 2025-07-31 2026-07-31 0000028540 fmr:C000175832_NoLoadClassMember_5YRMember 2021-07-31 2026-07-31 0000028540 fmr:C000175832_NoLoadClassMember_2025-08-01_2026-07-31Member 2025-07-31 2026-07-31 0000028540 fmr:C000175832_0_AdditionalIndexMember_1YRMember 2025-07-31 2026-07-31 0000028540 fmr:C000175832_0_AdditionalIndexMember_5YRMember 2021-07-31 2026-07-31 0000028540 fmr:C000175832_0_AdditionalIndexMember_LOCMember 2025-07-31 2026-07-31 0000028540 fmr:C000175832_1_AdditionalIndexMember_1YRMember 2025-07-31 2026-07-31 0000028540 fmr:C000175832_1_AdditionalIndexMember_5YRMember 2021-07-31 2026-07-31 0000028540 fmr:C000175832_1_AdditionalIndexMember_LOCMember 2025-07-31 2026-07-31 0000028540 fmr:C000175832_2_AdditionalIndexMember_1YRMember 2025-07-31 2026-07-31 0000028540 fmr:C000175832_2_AdditionalIndexMember_5YRMember 2021-07-31 2026-07-31 0000028540 fmr:C000175832_2_AdditionalIndexMember_LOCMember 2025-07-31 2026-07-31 0000028540 fmr:C000175832_3_BBIndexMember_1YRMember 2025-07-31 2026-07-31 0000028540 fmr:C000175832_3_BBIndexMember_5YRMember 2021-07-31 2026-07-31 0000028540 fmr:C000175832_3_BBIndexMember_LOCMember 2025-07-31 2026-07-31 0000028540 fmr:C000175832Member 2017-05-30 2026-07-31 0000028540 fmr:C000175832Member 2026-07-31 0000028540 fmr:C000175832Member us-gaap:EnergySectorMember 2026-07-31 0000028540 fmr:C000175832Member fmr:MSIndustrialMetalsSectorMember 2026-07-31 0000028540 fmr:C000175832Member us-gaap:AgriculturalSectorMember 2026-07-31 0000028540 fmr:C000175832Member fmr:MSPreciousMetalsSectorMember 2026-07-31 0000028540 fmr:C000175832Member fmr:MSLivestockSectorMember 2026-07-31 0000028540 fmr:DEFuturesContractsMember fmr:C000175832Member 2026-07-31 0000028540 fmr:DESwapsMember fmr:C000175832Member 2026-07-31 0000028540 fmr:AASwapsMember fmr:C000175832Member 2026-07-31 0000028540 fmr:AAFuturesContractsMember fmr:C000175832Member 2026-07-31 0000028540 fmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember fmr:C000175832Member 2026-07-31 0000028540 2025-07-31 2026-07-31 iso4217:USD pure shares N-CSR false 0000028540 N-1A Fidelity Oxford Street Trust 2026-07-31 This report describes changes to the Fund that occurred during the reporting period. Fidelity® Series Commodity Strategy Fund Fidelity® Series Commodity Strategy Fund FCSSX This annual shareholder report contains information about Fidelity® Series Commodity Strategy Fund for the period August 1, 2025 to July 31, 2026. annual shareholder report You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544. fundresearch.fidelity.com/prospectus/sec 1-800-544-8544 <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What were your Fund costs for the last year?</span> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(based on hypothetical $10,000 investment)</span></div> <div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">FUND COST (PREVIOUS YEAR)</span></div> <div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:left;text-align-last:auto;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:51%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div> </td> <td style="width:21%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs of a $10,000 investment</span></div> </td> <td style="width:27%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs paid as a percentage of a $10,000 investment </span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> <tr><td style="width:51%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Series Commodity Strategy Fund</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> </td> <td style="width:21%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span>0<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span><span style="font-family:'Fidelity Sans';font-size:6px;color:#000000;font-style:normal;vertical-align:4px;font-weight:normal;">A</span></div> </td> <td style="width:27%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;">0.00<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span><span style="font-family:'Fidelity Sans';font-size:6px;color:#000000;font-style:normal;vertical-align:4px;font-weight:normal;">B</span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> </table> </div> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:6px;color:#000000;font-style:normal;vertical-align:4px;font-weight:normal;">A</span><span style="font-family:'Fidelity Sans Cd';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Amount represents less than $.50</span></div> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:6px;color:#000000;font-style:normal;vertical-align:4px;font-weight:normal;">B</span><span style="font-family:'Fidelity Sans Cd';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Amount represents less than 0.005%</span></div> <span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:left;text-align-last:auto;"></div> 0 0.0000 <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What affected the Fund's performance this period?</span> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div> <div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>For the 12 months ending July 31, 2026, most commodities gained despite a backdrop of geopolitical uncertainty. The following returns are stated on a total return basis for the three-month forward benchmark components.</span></div> <div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Against this backdrop, the fund benefited from its significant exposure to energy commodities, which gained 21% over the period as geopolitical tensions tightened the supply of oil. Refined petroleum products soared, with low Sulphur gas oil, heating oil and gasoline advancing 95%, 94% and 57%, respectively, according to the benchmark. West Texas intermediate crude (+35%) and Brent crude (+29%) oil also both sharply gained. Natural gas, however, returned about -37%, struggling amid higher supply.</span></div> <div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Precious metals (+33%) performed strongly, with gold and silver gaining 22% and 56%, respectively, according to Bloomberg. Industrial metals (+33%) also had a favorable result. Within the sector, copper (+46%) benefited from tight supply and demand driven by electrification, while zinc (+37%), aluminum (+30%) and nickel (+15%) also posted positive returns. Lead (-7%) struggled.</span></div> <div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Meanwhile, the agriculture sector gained roughly 14% overall, led by soybean oil (+30%), coffee (+30%), soybeans (+25%) and Kansas City wheat (+22%). Soybean meal (+15%), cotton (+14%), wheat (+11%) and corn (+4%) also generated positive results. In contrast, cocoa (-26%) and sugar (-10%) lost ground. </span></div> <div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Livestock, meanwhile, gained 6%, driven by live cattle (+10%). Lean hogs, however, modestly declined, returning -1%.</span></div> <div style="text-align:left;text-align-last:auto;"></div> How did the Fund perform over the past 10 years?    CUMULATIVE PERFORMANCE July 31, 2016 through July 31, 2026. Initial investment of $10,000. Fidelity® Series Commodity Strategy Fund $10,000 $10,038 $10,266 $9,667 $8,534 $11,932 $15,096 $13,845 $13,151 $14,366 $18,465 Fidelity Commodity Strategy Linked Index $10,000 $10,077 $10,352 $9,797 $8,614 $12,084 $15,374 $14,162 $13,429 $14,734 $18,904 Bloomberg Commodity 3 Month Forward Total Return Index $10,000 $10,250 $10,750 $10,237 $9,671 $13,744 $18,015 $17,196 $16,736 $18,294 $23,489 Bloomberg Commodity Total Return Index $9,202 $9,273 $9,526 $9,015 $7,927 $11,120 $14,147 $13,032 $12,358 $13,558 $19,969 MSCI ACWI (All Country World Index) Index $10,000 $11,753 $13,092 $13,532 $14,564 $19,458 $17,474 $19,804 $23,253 $27,031 $33,101   2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Effective September 29, 2025 the fund began comparing its performance to the Bloomberg Commodity 3 Month Forward Total Return Index rather than the Bloomberg Commodity Total Return Index because the Bloomberg Commodity 3 Month Forward Total Return Index conforms more closely to the fund's investment policies. <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Series Commodity Strategy Fund</span> 10000 10038 10266 9667 8534 11932 15096 13845 13151 14366 18465 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity Commodity Strategy Linked Index</span> 10000 10077 10352 9797 8614 12084 15374 14162 13429 14734 18904 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Bloomberg Commodity 3 Month Forward Total Return Index</span> 10000 10250 10750 10237 9671 13744 18015 17196 16736 18294 23489 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Bloomberg Commodity Total Return Index</span> 9202 9273 9526 9015 7927 11120 14147 13032 12358 13558 19969 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">MSCI ACWI (All Country World Index) Index</span> 10000 11753 13092 13532 14564 19458 17474 19804 23253 27031 33101 AVERAGE ANNUAL TOTAL RETURNS:   1 Year 5 Year 10 Year Fidelity® Series Commodity Strategy Fund 28.54% 9.13% 6.32% Fidelity Commodity Strategy Linked Index 28.30% 9.36% 6.57% Bloomberg Commodity 3 Month Forward Total Return Index 28.40% 11.31% 8.91% Bloomberg Commodity Total Return Index 35.53% 10.57% 7.16% MSCI ACWI (All Country World Index) Index 22.46% 11.21% 12.72%     Effective September 29, 2025 the fund began comparing its performance to the Bloomberg Commodity 3 Month Forward Total Return Index rather than the Bloomberg Commodity Total Return Index because the Bloomberg Commodity 3 Month Forward Total Return Index conforms more closely to the fund's investment policies.   Visit www.fidelity.com for more recent performance information.    The Fund's past performance is not a good predictor of the Fund's future performance.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 0.2854 0.0913 0.0632 0.2830 0.0936 0.0657 0.2840 0.1131 0.0891 0.3553 0.1057 0.0716 0.2246 0.1121 0.1272 <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Visit </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">www.fidelity.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> for more recent performance information.</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:italic;font-weight:normal;">The Fund's past performance is not a good predictor of the Fund's future performance.</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</span> <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">Key Fund Statistics</span> <div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(as of July 31, 2026)</span></div> <div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:right;text-align-last:auto;"><table cellpadding="0" cellspacing="1" style="border-collapse:separate;border-style:none;margin:auto;" width="100%"><tr><td style="width:63%; " valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">KEY FACTS</span></div> <div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> <span> </span></span></div> <div style="text-align:left;text-align-last:auto;"></div> </td> <td style="width:32%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fund Size</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>1,210,585,567</div> <div style="text-align:right;text-align-last:auto;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Number of Holdings</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">58</div> <div style="text-align:right;text-align-last:auto;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Total Advisory Fee</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>0</div> <div style="text-align:right;text-align-last:auto;"></div> </td> <td style="width:5%; " valign="middle"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Portfolio Turnover</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">0<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div> <div style="text-align:left;text-align-last:auto;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> </table> </div> <div style="text-align:left;text-align-last:auto;"></div> 1210585567 58 0 0 Energy 31.7 Industrial Metals 27.4 Agriculture 24.6 Precious Metals 12.3 Livestock 4.0 COMMODITY SECTOR DIVERSIFICATION (% of Fund's net assets)   Energy - 31.7                              Industrial Metals - 27.4                   Agriculture - 24.6                         Precious Metals - 12.3                     Livestock - 4.0                            DERIVATIVE EXPOSURE (% of Fund's net assets)     Futures Contracts 41.9   Swaps 74.4           Swaps 34.3 Futures Contracts 19.5 Short-Term Investments and Net Other Assets (Liabilities) 46.2 ASSET ALLOCATION (% of Fund's total exposure)     Swaps - 34.3                               Futures Contracts - 19.5                   Short-Term Investments and Net Other Assets (Liabilities) - 46.2   0.317 0.274 0.246 0.123 0.040 0.419 0.744 0.343 0.195 0.462 <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">How has the Fund changed?</span></div> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">This is a summary of certain changes to the Fund since August 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 29, 2026 at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">fundresearch.fidelity.com/prospectus/sec</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> or upon request at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">1-800-544-8544</span><span style="font-family:'Fidelity Sans';font-size:0px;color:#000000;font-style:normal;font-weight:normal;"> </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">.</span></div> <div style="text-align:left;text-align-last:auto;"></div> <span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:left;text-align-last:auto;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:50%; background-color:#ebf3e9;border-right:2px dashed #368627;padding:19px 19px 19px 19px;" valign="top"><div style="text-align:left;text-align-last:auto;"> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The fund modified its principal investment strategies during the reporting period.</span></div> <div style="text-align:left;text-align-last:auto;"></div></div> <div style="text-align:left;text-align-last:auto;"></div> </td> <td style="width:50%; background-color:#ebf3e9;padding:19px 19px 19px 19px;" valign="top"><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> </table> </div> <div style="text-align:left;text-align-last:auto;"></div> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">This is a summary of certain changes to the Fund since August 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 29, 2026 at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">fundresearch.fidelity.com/prospectus/sec</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> or upon request at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">1-800-544-8544</span><span style="font-family:'Fidelity Sans';font-size:0px;color:#000000;font-style:normal;font-weight:normal;"> </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">.</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">fundresearch.fidelity.com/prospectus/sec</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">1-800-544-8544</span> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The fund modified its principal investment strategies during the reporting period.</span></div> <div style="text-align:left;text-align-last:auto;"></div> 2026-07-31 Fidelity® SAI Inflation-Focused Fund Fidelity® SAI Inflation-Focused Fund FIFGX This annual shareholder report contains information about Fidelity® SAI Inflation-Focused Fund for the period August 1, 2025 to July 31, 2026. annual shareholder report You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com. fundresearch.fidelity.com/prospectus/sec 1-800-544-3455 fidfunddocuments@fidelity.com <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What were your Fund costs for the last year?</span> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(based on hypothetical $10,000 investment)</span></div> <div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">FUND COST (PREVIOUS YEAR)</span></div> <div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:left;text-align-last:auto;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:51%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div> </td> <td style="width:21%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs of a $10,000 investment</span></div> </td> <td style="width:27%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs paid as a percentage of a $10,000 investment </span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> <tr><td style="width:51%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® SAI Inflation-Focused Fund</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> </td> <td style="width:21%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span>47<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> </td> <td style="width:27%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;">0.38<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> </table> </div> <div style="text-align:left;text-align-last:auto;"></div> 47 0.0038 <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What affected the Fund's performance this period?</span> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div> <div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>For the 12 months ending July 31, 2026, most commodities gained despite a backdrop of geopolitical uncertainty. Meanwhile, Treasury Inflation Protected Securities trailed money market securities. The following returns are stated on a total return basis for the three-month forward Bloomberg benchmark components.</span></div> <div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Against this backdrop, the fund benefited from its significant exposure to energy commodities, which gained 21% over the period as geopolitical tensions tightened the supply of oil. Refined petroleum products soared, with low Sulphur gas oil, heating oil and gasoline advancing 95%, 94% and 57%, respectively, according to the benchmark. West Texas intermediate crude (+35%) and Brent crude (+29%) oil both sharply gained. Natural gas, however, returned about -37%, struggling amid higher supply.</span></div> <div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Precious metals (+33%) performed strongly, with gold and silver gaining 22% and 56%, respectively, according to Bloomberg. Industrial metals (+33%) also had a favorable result. Within the sector, copper (+46%) benefited from tight supply and demand driven by electrification, while zinc (+37%), aluminum (+30%) and nickel (+15%) also posted positive returns. Lead (-7%) struggled.</span></div> <div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Meanwhile, the agriculture sector gained roughly 14%, led by soybean oil (+30%), coffee (+30%), soybeans (+25%) and Kansas City wheat (+22%). Soybean meal (+15%), cotton (+14%), wheat (+11%) and corn (+4%) also generated positive results. In contrast, cocoa (-26%) and sugar (-10%) lost ground. </span></div> <div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Livestock, meanwhile, gained 6%, driven by live cattle (+10%). Lean hogs, however, modestly declined, returning -1%.</span></div> <div style="text-align:left;text-align-last:auto;"></div> How did the Fund perform over the life of Fund?    CUMULATIVE PERFORMANCE December 20, 2018 through July 31, 2026. Initial investment of $10,000. Fidelity® SAI Inflation-Focused Fund $10,000 $10,350 $9,518 $13,953 $17,787 $15,330 $14,713 $15,736 $23,154 Fidelity Commodity Linked Index℠ $10,000 $10,166 $8,938 $12,538 $15,952 $14,695 $13,960 $15,087 $22,597 Bloomberg Commodity 50/50 Petroleum and ex-Petroleum Index $10,000 $10,853 $8,465 $13,070 $18,527 $17,509 $17,373 $18,775 $28,120 MSCI ACWI (All Country World Index) Index $10,000 $11,820 $12,721 $16,996 $15,263 $17,298 $20,311 $23,610 $28,913   2018 2019 2020 2021 2022 2023 2024 2025 2026   <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® SAI Inflation-Focused Fund</span> 10000 10350 9518 13953 17787 15330 14713 15736 23154 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity Commodity Linked Index℠</span> 10000 10166 8938 12538 15952 14695 13960 15087 22597 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Bloomberg Commodity 50/50 Petroleum and ex-Petroleum Index</span> 10000 10853 8465 13070 18527 17509 17373 18775 28120 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">MSCI ACWI (All Country World Index) Index</span> 10000 11820 12721 16996 15263 17298 20311 23610 28913 AVERAGE ANNUAL TOTAL RETURNS:   1 Year 5 Year Life of Fund A Fidelity® SAI Inflation-Focused Fund 47.14% 10.66% 11.65% Fidelity Commodity Linked Index℠ 49.78% 12.50% 11.30% Bloomberg Commodity 50/50 Petroleum and ex-Petroleum Index 49.78% 16.56% 14.54% MSCI ACWI (All Country World Index) Index 22.46% 11.21% 14.96% A   From December 20, 2018   Visit www.fidelity.com for more recent performance information.    The Fund's past performance is not a good predictor of the Fund's future performance.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 0.4714 0.1066 0.1165 0.4978 0.1250 0.1130 0.4978 0.1656 0.1454 0.2246 0.1121 0.1496 2018-12-20 <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Visit </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">www.fidelity.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> for more recent performance information.</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:italic;font-weight:normal;">The Fund's past performance is not a good predictor of the Fund's future performance.</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</span> <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">Key Fund Statistics</span> <div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(as of July 31, 2026)</span></div> <div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:right;text-align-last:auto;"><table cellpadding="0" cellspacing="1" style="border-collapse:separate;border-style:none;margin:auto;" width="100%"><tr><td style="width:63%; " valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">KEY FACTS</span></div> <div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> <span> </span></span></div> <div style="text-align:left;text-align-last:auto;"></div> </td> <td style="width:32%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fund Size</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>7,066,303,814</div> <div style="text-align:right;text-align-last:auto;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Number of Holdings</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">59</div> <div style="text-align:right;text-align-last:auto;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Total Advisory Fee</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>21,073,786</div> <div style="text-align:right;text-align-last:auto;"></div> </td> <td style="width:5%; " valign="middle"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Portfolio Turnover</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">0<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div> <div style="text-align:left;text-align-last:auto;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> </table> </div> <div style="text-align:left;text-align-last:auto;"></div> 7066303814 59 21073786 0 Energy 57.7 Agriculture 19.0 Industrial Metals 10.5 Precious Metals 9.4 Livestock 3.4 COMMODITY SECTOR DIVERSIFICATION (% of Fund's net assets)   Energy - 57.7                              Agriculture - 19.0                         Industrial Metals - 10.5                   Precious Metals - 9.4                      Livestock - 3.4                            DERIVATIVE EXPOSURE (% of Fund's net assets)     Futures Contracts 100.9           Futures Contracts 50.2 Short-Term Investments and Net Other Assets (Liabilities) 49.8 ASSET ALLOCATION (% of Fund's total exposure)     Futures Contracts - 50.2                   Short-Term Investments and Net Other Assets (Liabilities) - 49.8   0.577 0.190 0.105 0.094 0.034 1.009 0.502 0.498 2026-07-31 This report describes changes to the Fund that occurred during the reporting period. Fidelity® Commodity Strategy Fund Fidelity® Commodity Strategy Fund FYHTX This annual shareholder report contains information about Fidelity® Commodity Strategy Fund for the period August 1, 2025 to July 31, 2026. annual shareholder report You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com. fundresearch.fidelity.com/prospectus/sec 1-800-544-8544 fidfunddocuments@fidelity.com <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What were your Fund costs for the last year?</span> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(based on hypothetical $10,000 investment)</span></div> <div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">FUND COST (PREVIOUS YEAR)</span></div> <div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:left;text-align-last:auto;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:51%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div> </td> <td style="width:21%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs of a $10,000 investment</span></div> </td> <td style="width:27%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs paid as a percentage of a $10,000 investment </span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> <tr><td style="width:51%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Commodity Strategy Fund</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> </td> <td style="width:21%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span>71<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> </td> <td style="width:27%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;">0.62<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> </table> </div> <div style="text-align:left;text-align-last:auto;"></div> 71 0.0062 <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What affected the Fund's performance this period?</span> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div> <div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>For the 12 months ending July 31, 2026, most commodities gained despite a backdrop of geopolitical uncertainty. The following returns are stated on a total return basis for the three-month forward benchmark components.</span></div> <div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Against this backdrop, the fund benefited from its significant exposure to energy commodities, which gained 21% over the period as geopolitical tensions tightened the supply of oil. Refined petroleum products soared, with low Sulphur gas oil, heating oil and gasoline advancing 95%, 94% and 57%, respectively, according to the benchmark. West Texas intermediate crude (+35%) and Brent crude (+29%) oil also both sharply gained. Natural gas, however, returned about -37%, struggling amid higher supply.</span></div> <div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Precious metals (+33%) performed strongly, with gold and silver gaining 22% and 56%, respectively, according to Bloomberg. Industrial metals (+33%) also had a favorable result. Within the sector, copper (+46%) benefited from tight supply and demand driven by electrification, while zinc (+37%), aluminum (+30%) and nickel (+15%) also posted positive returns. Lead (-7%) struggled.</span></div> <div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Meanwhile, the agriculture sector gained roughly 14% overall, led by soybean oil (+30%), coffee (+30%), soybeans (+25%) and Kansas City wheat (+22%). Soybean meal (+15%), cotton (+14%), wheat (+11%) and corn (+4%) also generated positive results. In contrast, cocoa (-26%) and sugar (-10%) lost ground. </span></div> <div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Livestock, meanwhile, gained 6%, driven by live cattle (+10%). Lean hogs, however, modestly declined, returning -1%.</span></div> <div style="text-align:left;text-align-last:auto;"></div> How did the Fund perform over the life of Fund?    CUMULATIVE PERFORMANCE May 30, 2017 through July 31, 2026. Initial investment of $10,000. Fidelity® Commodity Strategy Fund $10,000 $10,150 $10,329 $9,675 $8,505 $11,820 $14,785 $13,505 $12,769 $13,863 $17,698 Fidelity Commodity Strategy Linked Index $10,000 $10,161 $10,438 $9,879 $8,686 $12,185 $15,502 $14,280 $13,541 $14,857 $19,061 Bloomberg Commodity 3 Month Forward Total Return Index $10,000 $10,181 $10,677 $10,167 $9,605 $13,651 $17,893 $17,080 $16,623 $18,170 $23,330 Bloomberg Commodity Total Return Index $10,000 $10,161 $10,438 $9,879 $8,686 $12,185 $15,502 $14,280 $13,541 $14,857 $20,136 MSCI ACWI (All Country World Index) Index $10,000 $10,334 $11,511 $11,899 $12,806 $17,109 $15,365 $17,413 $20,446 $23,768 $29,105   2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2016 Effective September 29, 2025 the fund began comparing its performance to the Bloomberg Commodity 3 Month Forward Total Return Index rather than the Bloomberg Commodity Total Return Index because the Bloomberg Commodity 3 Month Forward Total Return Index conforms more closely to the fund's investment policies. <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Commodity Strategy Fund</span> 10000 10150 10329 9675 8505 11820 14785 13505 12769 13863 17698 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity Commodity Strategy Linked Index</span> 10000 10161 10438 9879 8686 12185 15502 14280 13541 14857 19061 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Bloomberg Commodity 3 Month Forward Total Return Index</span> 10000 10181 10677 10167 9605 13651 17893 17080 16623 18170 23330 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Bloomberg Commodity Total Return Index</span> 10000 10161 10438 9879 8686 12185 15502 14280 13541 14857 20136 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">MSCI ACWI (All Country World Index) Index</span> 10000 10334 11511 11899 12806 17109 15365 17413 20446 23768 29105 AVERAGE ANNUAL TOTAL RETURNS:   1 Year 5 Year Life of Fund A Fidelity® Commodity Strategy Fund 27.67% 8.41% 6.42% Fidelity Commodity Strategy Linked Index 28.30% 9.36% 7.28% Bloomberg Commodity 3 Month Forward Total Return Index 28.40% 11.31% 9.67% Bloomberg Commodity Total Return Index 35.53% 10.57% 7.93% MSCI ACWI (All Country World Index) Index 22.46% 11.21% 12.35% A   From May 30, 2017   Effective September 29, 2025 the fund began comparing its performance to the Bloomberg Commodity 3 Month Forward Total Return Index rather than the Bloomberg Commodity Total Return Index because the Bloomberg Commodity 3 Month Forward Total Return Index conforms more closely to the fund's investment policies.   Visit www.fidelity.com for more recent performance information.    The Fund's past performance is not a good predictor of the Fund's future performance.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 0.2767 0.0841 0.0642 0.2830 0.0936 0.0728 0.2840 0.1131 0.0967 0.3553 0.1057 0.0793 0.2246 0.1121 0.1235 2017-05-30 <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Visit </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">www.fidelity.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> for more recent performance information.</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:italic;font-weight:normal;">The Fund's past performance is not a good predictor of the Fund's future performance.</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</span> <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">Key Fund Statistics</span> <div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(as of July 31, 2026)</span></div> <div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:right;text-align-last:auto;"><table cellpadding="0" cellspacing="1" style="border-collapse:separate;border-style:none;margin:auto;" width="100%"><tr><td style="width:63%; " valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">KEY FACTS</span></div> <div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> <span> </span></span></div> <div style="text-align:left;text-align-last:auto;"></div> </td> <td style="width:32%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fund Size</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>179,103,872</div> <div style="text-align:right;text-align-last:auto;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Number of Holdings</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">56</div> <div style="text-align:right;text-align-last:auto;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Total Advisory Fee</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>606,008</div> <div style="text-align:right;text-align-last:auto;"></div> </td> <td style="width:5%; " valign="middle"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Portfolio Turnover</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">0<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div> <div style="text-align:left;text-align-last:auto;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> </table> </div> <div style="text-align:left;text-align-last:auto;"></div> 179103872 56 606008 0 Energy 32.4 Industrial Metals 25.5 Agriculture 25.2 Precious Metals 12.7 Livestock 4.2 COMMODITY SECTOR DIVERSIFICATION (% of Fund's net assets)   Energy - 32.4                              Industrial Metals - 25.5                   Agriculture - 25.2                         Precious Metals - 12.7                     Livestock - 4.2                            DERIVATIVE EXPOSURE (% of Fund's net assets)     Futures Contracts 37.8   Swaps 75.9           Swaps 35.6 Futures Contracts 17.5 Short-Term Investments and Net Other Assets (Liabilities) 46.9 ASSET ALLOCATION (% of Fund's total exposure)     Swaps - 35.6                               Futures Contracts - 17.5                   Short-Term Investments and Net Other Assets (Liabilities) - 46.9   0.324 0.255 0.252 0.127 0.042 0.378 0.759 0.356 0.175 0.469 <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">How has the Fund changed?</span></div> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">This is a summary of certain changes to the Fund since August 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 29, 2026 at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">fundresearch.fidelity.com/prospectus/sec</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> or upon request at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">1-800-544-8544</span><span style="font-family:'Fidelity Sans';font-size:0px;color:#000000;font-style:normal;font-weight:normal;"> </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> or by sending an e-mail to </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">fidfunddocuments@fidelity.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">.</span></div> <div style="text-align:left;text-align-last:auto;"></div> <span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:left;text-align-last:auto;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:50%; background-color:#ebf3e9;border-right:2px dashed #368627;padding:19px 19px 19px 19px;" valign="top"><div style="text-align:left;text-align-last:auto;"> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The fund modified its principal investment strategies during the reporting period.</span></div> <div style="text-align:left;text-align-last:auto;"></div></div> <div style="text-align:left;text-align-last:auto;"></div> </td> <td style="width:50%; background-color:#ebf3e9;padding:19px 19px 19px 19px;" valign="top"><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> </table> </div> <div style="text-align:left;text-align-last:auto;"></div> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">This is a summary of certain changes to the Fund since August 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 29, 2026 at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">fundresearch.fidelity.com/prospectus/sec</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> or upon request at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">1-800-544-8544</span><span style="font-family:'Fidelity Sans';font-size:0px;color:#000000;font-style:normal;font-weight:normal;"> </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> or by sending an e-mail to </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">fidfunddocuments@fidelity.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">.</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">fundresearch.fidelity.com/prospectus/sec</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">1-800-544-8544</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">fidfunddocuments@fidelity.com</span> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The fund modified its principal investment strategies during the reporting period.</span></div> <div style="text-align:left;text-align-last:auto;"></div>