Fund/Ticker

Fidelity® SAI Inflation-Focused Fund/FIFGX

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.

Summary Prospectus

September 29, 2026

Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus, reports to shareholders, and other information about the fund (including the fund's SAI) online at fundresearch.fidelity.com/prospectus/sec. You can also get this information at no cost by calling 1-800-FIDELITY or by sending an e-mail request to fidfunddocuments@fidelity.com. The fund's prospectus and SAI dated September 29, 2026 are incorporated herein by reference.

245 Summer Street, Boston, MA 02210

Fund Summary

Fund:

Fidelity® SAI Inflation-Focused Fund

Investment Objective

Fidelity® SAI Inflation-Focused Fund seeks to provide investment returns that correspond to the performance of the commodities market.

Fee Table

The following table describes the fees and expenses that may be incurred when you buy, hold, and sell shares of the fund.

Shareholder fees

(fees paid directly from your investment)

None

Annual Operating Expenses

(expenses that you pay each year as a % of the value of your investment)

Management fee	0.38%
Distribution and/or Service (12b-1) fees	None
Other expenses	0.00%
Total annual operating expenses	0.38%
Fee waiver and/or expense reimbursement	0.10% A
Total annual operating expenses after fee waiver and/or expense reimbursement	0.28%

AEffective October 1, 2026, Geode Capital Management, LLC (Geode) has contractually agreed to waive 0.10% of the fund's management fee. This arrangement will remain in effect through November 30, 2027. Geode may not terminate this arrangement before the expiration date without the approval of the Board of Trustees and may extend it in its discretion after that date.

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated:

1 year	$	29
3 years	$	110
5 years	$	201
10 years	$	469

Portfolio Turnover

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 0% of the average value of its portfolio.

Principal Investment Strategies

Normally investing at least 80% of assets in commodity-linked derivative instruments that provide exposure to commodities as represented by an index reflecting the performance of the commodities market. The fund seeks to track the performance of the Bloomberg Commodity 50/50 Petroleum & ex-Petroleum Total Return Custom Index.

The Bloomberg Commodity 50/50 Petroleum & ex-Petroleum Total Return Custom Index is a commodity group subindex of the Bloomberg Commodity Total Return Index (BCOM). It aims to track the performance of holding a long position of commodities futures contracts equally (50%) divided into two BCOM sub-commodity groups, Petroleum and ex-Petroleum (e.g., agriculture, livestock, metals, and natural gas). The index reflects returns on a fully collateralized investment in the Bloomberg Commodity 50/50 Petroleum & ex-Petroleum Custom Index. This combines the returns of the Bloomberg Commodity 50/50 Petroleum & ex-Petroleum Custom Index with returns on cash collateral invested using the Secured Overnight Financing Rate (SOFR). The SOFR is a secured overnight interest rate calculated by the Federal Reserve Bank of New York, derived from repurchase agreement transactions collateralized by U.S. Treasury securities.

The BCOM measures the performance of the commodities market. It consists of exchange-traded futures contracts on physical commodities that are weighted to account for the economic significance and market liquidity of each commodity.

Commodities are assets that have physical properties, such as oil and other energy products, metals, and agricultural products.

Derivatives are investments whose values are tied to an underlying asset, instrument, currency, or index.

Commodity-linked derivative instruments include commodity-linked notes; total return swaps, options, and forward contracts based on the value of commodities or commodities indexes; and commodity futures.

The fund may invest in inflation-protected debt securities issued by the U.S. Treasury, U.S. Government agencies and instrumentalities other than the U.S. Treasury, and by other entities such as corporations and foreign governments, and cash and cash equivalents. The fund also may invest in investment-grade debt securities that are not inflation-protected.
Primarily using replication; however, the fund may or may not hold all of the same exposures of the index.
Investing up to 25% of assets in a wholly-owned subsidiary organized under the laws of the Cayman Islands that invests in commodity-linked derivative instruments including commodity-linked notes; total return swaps, options, and forward contracts based on the value of commodities or commodities indexes; and commodity futures.
Investing in domestic and foreign issuers.
Engaging in commodity-linked derivatives transactions that have a leveraging effect on the fund.
Investing in Fidelity's Central funds (specialized investment vehicles used by Fidelity® funds to invest in particular security types or investment disciplines) consistent with the asset classes discussed above.

Principal Investment Risks

Interest Rate Changes.

Interest rate increases can cause the price of a debt security to decrease.

Foreign Exposure.

Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.

Financial Services Exposure.

Changes in government regulation and interest rates and economic downturns can have a significant negative effect on issuers in the financial services sector, including the price of their securities or their ability to meet their payment obligations.

Subsidiary Risk.

Investment in Geode SAI Inflation-Focused Cayman Ltd., an unregistered subsidiary, is not subject to the investor protections of the Investment Company Act of 1940 (1940 Act) and is subject to the risks associated with investing in derivatives and commodity-linked investing in general. Changes in tax and other laws could negatively affect investments in the subsidiary.

Prepayment.

The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.

Issuer-Specific Changes.

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.

A decline in the credit quality of an issuer or a provider of credit support (such as guarantees) or a maturity-shortening structure (such as demand and put features) for a security can cause the price of a security to decrease.

U.S. Government Obligations Risk.

Certain securities in which the fund may invest, including securities issued by certain U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States.

Correlation to Index.

The performance of the fund and its benchmark index may vary somewhat due to factors such as fees and expenses of the fund, transaction costs, sample selection, regulatory restrictions, and timing differences associated with additions to and deletions from the index. Errors in the construction or calculation of the index may occur from time to time and may not be identified and corrected for some period of time, which may have an adverse impact on the fund and its shareholders.

Passive Management Risk.

The fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the fund's benchmark index or of the actual securities included in the index. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the fund's performance could be lower than actively managed funds that may shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or more issuers.

Leverage Risk.

Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.

Investing for Inflation Protection.

Increases in real interest rates can cause the price of inflation-protected debt securities to decrease. Interest payments on inflation-protected debt securities can be unpredictable.

Commodity-Linked Investing.

The value of commodities and commodity-linked investments may be affected by the performance of the overall commodities markets as well as weather, political, tax, and other regulatory and market developments. Commodity-linked investments may be more volatile and less liquid than the underlying commodity, instruments, or measures.

Commodity Futures.

Investments in commodity futures contracts are also subject to the risk of the failure of any of the exchanges on which the fund's positions trade or of its clearinghouses or counterparties. In addition, certain commodity exchanges limit fluctuations in certain futures contract prices during a single day by regulations referred to as "daily price fluctuation limits" or "daily limits." Under such daily limits, during a single trading day no trades may be executed at prices beyond the daily limit. If triggered, these limits could prevent the fund from liquidating unfavorable positions and subject the fund to losses or prevent it from entering into desired trades during the particular trading day.

An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund.

Performance

The following information is intended to help you understand the risks of investing in the fund.

The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index and additional indexes over various periods of time. The additional indexes have characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional Index Information" section of the prospectus. Past performance (before and after taxes) is not an indication of future performance.

Prior to September 29, 2026, the fund operated under certain different investment policies. The fund's historical performance may not represent its current investment policies.

Visit www.fidelity.com for more recent performance information.

Year-by-Year Returns

				2019	2020	2021	2022	2023	2024	2025
				9.84%	1.46%	32.59%	9.10%	-11.90%	6.35%	9.07%

During the periods shown in the chart:	Returns	Quarter ended
Highest Quarter Return	22.91%	March 31, 2022
Lowest Quarter Return	-22.96%	March 31, 2020
Year-to-Date Return	29.17%	June 30, 2026

Average Annual Returns

After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement, such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan). Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares.

For the periods ended December 31, 2025	Past 1 year	Past 5 years	Life of fund
Fidelity® SAI Inflation-Focused Fund
Return Before Taxes	9.07%	8.13%	7.06% A
Return After Taxes on Distributions	6.09%	3.46%	3.42% A
Return After Taxes on Distributions and Sale of Fund Shares	5.34%	4.30%	3.93% A
Fidelity Commodity Linked Index℠ (reflects no deduction for fees, expenses, or taxes)	8.77%	8.71%	6.36%
Bloomberg Commodity 50/50 Petroleum and ex-Petroleum Index (reflects no deduction for fees, expenses, or taxes)	8.77%	14.44%	9.72%
MSCI ACWI (All Country World Index) Index (reflects no deduction for fees or expenses)	22.71%	11.56%	14.50%

AFrom December 20, 2018.

Effective September 29, 2026, the fund will begin comparing its performance to the Bloomberg Commodity 50/50 Petroleum & ex-Petroleum Total Return Custom Index rather than the Bloomberg Commodity 50/50 Petroleum & ex-Petroleum Total Return Index because the Bloomberg Commodity 50/50 Petroleum & ex-Petroleum Total Return Custom Index conforms more closely to the fund's investment policies.

Investment Adviser

Geode Capital Management, LLC (Geode) (the Adviser) is the fund's manager.

Portfolio Manager(s)

Eric Matteson (Senior Portfolio Manager) has managed the fund since 2018.

Wayne Ryan (Senior Portfolio Manager) has managed the fund since 2018.

Ruoyu Wang (Portfolio Manager) has managed the fund since 2020.

Purchase and Sale of Shares

NOT AVAILABLE FOR SALE TO THE GENERAL PUBLIC.

Shares are offered exclusively to certain clients of Strategic Advisers LLC (Strategic Advisers) or its affiliates.

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

Tax Information

Distributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be taxed later, upon withdrawal of your investment from such account).

Payments to Broker-Dealers and Other Financial Intermediaries

The fund, the Adviser, Strategic Advisers, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser, Strategic Advisers, or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

"BLOOMBERG®" and the Bloomberg indices listed herein (the "Indices") are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the Indices (collectively, "Bloomberg") and have been licensed for use for certain purposes by Fidelity. Bloomberg is not affiliated with Fidelity, and Bloomberg does not approve, endorse, review, or recommend the fund. Bloomberg does not guarantee the timeliness, accuracy, or completeness of any data or information relating to the fund.

The MSCI indexes are the exclusive property of MSCI Inc. ("MSCI"). MSCI and the MSCI index names are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by the Adviser. The financial products referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such financial products or any index on which such financial products are based. No purchaser, seller or holder of this product, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this product without first contacting MSCI to determine whether MSCI's permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.

Fidelity Distributors Company LLC (FDC) is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.

1.9892164.108

IFF-SUM-0926