Offered exclusively to certain clients of Strategic Advisers LLC or its affiliates - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers LLC, an affiliate of Fidelity Management & Research Company LLC.
IFF-NPRT1-1224
1.9892166.105
U.S. Treasury Obligations - 4.9%
Yield (%) (a)
Principal
Amount (b)
Value ($)
US Treasury Bills 0% 1/16/2025 (d)
(Cost $198,091,134)
0
200,000,000
198,118,156
Money Market Funds - 90.1%
Yield (%)
Shares
Value ($)
Fidelity Cash Central Fund (c)
(Cost $3,604,216,238)
4.87
3,603,495,539
3,604,216,238
TOTAL INVESTMENT IN SECURITIES - 95.0%
(Cost $3,802,307,372)
3,802,334,394
NET OTHER ASSETS (LIABILITIES) - 5.0% (e)
199,015,164
NET ASSETS - 100.0%
4,001,349,558
Futures Contracts
Number
of contracts
Expiration
Date
Notional
Amount ($)
Value ($)
Unrealized
Appreciation/
(Depreciation) ($)
Purchased
Commodity Contracts
Chicago Board of Trade Corn Contracts (United States)
946
Mar 2025
20,149,800
(320,961)
(320,961)
Chicago Board of Trade Corn Contracts (United States)
3,242
Jul 2025
71,283,475
(4,250,519)
(4,250,519)
Chicago Board of Trade Hard Red Winter Wheat Contracts (United States)
458
Dec 2024
13,035,825
105,314
105,314
Chicago Board of Trade Hard Red Winter Wheat Contracts (United States)
446
Mar 2025
13,000,900
(879,022)
(879,022)
Chicago Board of Trade Soybean Meal Contracts (United States)
2,255
Jan 2025
67,943,150
(4,352,281)
(4,352,281)
Chicago Board of Trade Soybean Oil Contracts (United States)
3,010
Jan 2025
81,396,420
5,217,877
5,217,877
Chicago Board of Trade Soybean Oil Contracts (United States)
925
Jul 2025
25,219,200
751,330
751,330
Chicago Board of Trade Soybeans Contracts (United States)
707
Jan 2025
35,155,575
(1,744,283)
(1,744,283)
Chicago Board of Trade Soybeans Contracts (United States)
825
Jul 2025
42,848,438
41,369
41,369
Chicago Board of Trade Wheat Contracts (United States)
724
Dec 2024
20,652,100
787,817
787,817
Chicago Board of Trade Wheat Contracts (United States)
717
Mar 2025
21,160,463
(1,029,014)
(1,029,014)
Chicago Mercantile Exchange Lean Hogs Contracts (United States)
323
Feb 2025
11,007,840
246,879
246,879
Chicago Mercantile Exchange Lean Hogs Contracts (United States)
463
Apr 2025
16,316,120
2,470,460
2,470,460
Chicago Mercantile Exchange Lean Hogs Contracts (United States)
184
Jul 2025
7,179,376
(666)
(666)
Chicago Mercantile Exchange Live Cattle Contracts (United States)
782
Feb 2025
58,423,220
(758,313)
(758,313)
Chicago Mercantile Exchange Live Cattle Contracts (United States)
766
Apr 2025
57,404,040
641,726
641,726
Chicago Mercantile Exchange Live Cattle Contracts (United States)
48
Jun 2025
3,475,680
159,652
159,652
Commodities Exchange Center Copper Contracts (United States)
857
Mar 2025
94,002,188
(377,109)
(377,109)
Commodities Exchange Center Copper Contracts (United States)
434
May 2025
48,119,750
(1,292,297)
(1,292,297)
Commodities Exchange Center Gold Bullion Contracts (United States)
1,634
Dec 2024
450,526,480
51,018,929
51,018,929
Commodities Exchange Center Silver Bullion (1 Oz Bar) Contracts (United States)
895
Dec 2024
147,003,750
21,717,311
21,717,311
Ice Futures Europe Brent Crude Oil Contracts (United Kingdom)
9,512
Jan 2025
697,895,440
806,198
806,198
Ice Futures Europe Gas Oil Contracts (United Kingdom)
3,477
Jan 2025
235,653,675
6,684,895
6,684,895
Ice Futures U.S. Coffee Contracts (United States)
1,113
Mar 2025
102,465,563
(853,276)
(853,276)
Ice Futures U.S. Coffee Contracts (United States)
230
Jul 2025
20,871,224
(856)
(856)
Ice Futures U.S. Cotton Contracts (United States)
348
Mar 2025
12,498,420
(122,437)
(122,437)
Ice Futures U.S. Cotton Contracts (United States)
276
Jul 2025
10,315,500
16,614
16,614
Ice Futures U.S. Sugar Contracts (United States)
3,541
Feb 2025
90,185,021
5,041,050
5,041,050
Ice Futures U.S. Sugar Contracts (United States)
660
Apr 2025
15,560,160
2,135,737
2,135,737
London Metal Exchange Aluminum Contracts (United Kingdom)
2,482
Jan 2025
162,170,157
1,690,327
1,690,327
London Metal Exchange Aluminum Contracts (United Kingdom)
563
May 2025
37,138,858
(74,581)
(74,581)
London Metal Exchange Aluminum Contracts (United Kingdom)
2,542
Nov 2024
165,304,989
12,038,545
12,038,545
London Metal Exchange Aluminum Contracts (United Kingdom)
640
Mar 2024
42,010,240
3,307,901
3,307,901
London Metal Exchange Lead Contracts (United Kingdom)
209
Mar 2025
10,663,546
(162,068)
(162,068)
London Metal Exchange Lead Contracts (United Kingdom)
458
Nov 2024
22,787,103
(1,375,073)
(1,375,073)
London Metal Exchange Lead Contracts (United Kingdom)
169
Jan 2025
8,515,741
(844,035)
(844,035)
London Metal Exchange Lead Contracts (United Kingdom)
127
Jul 2025
6,618,669
(509)
(509)
London Metal Exchange Lead Contracts (United Kingdom)
253
May 2025
13,057,140
(319,298)
(319,298)
London Metal Exchange Nickel Contracts (United Kingdom)
775
Jan 2025
72,867,639
(8,516,436)
(8,516,436)
London Metal Exchange Nickel Contracts (United Kingdom)
203
May 2025
19,483,834
(2,496,231)
(2,496,231)
London Metal Exchange Nickel Contracts (United Kingdom)
748
Nov 2024
69,598,288
(5,895,830)
(5,895,830)
London Metal Exchange Nickel Contracts (United Kingdom)
233
Mar 2025
22,143,733
(665,510)
(665,510)
London Metal Exchange Zinc Contracts (United Kingdom)
495
Mar 2025
37,496,250
4,383,569
4,383,569
London Metal Exchange Zinc Contracts (United Kingdom)
1,187
Nov 2024
90,040,775
8,050,240
8,050,240
London Metal Exchange Zinc Contracts (United Kingdom)
1,759
Jan 2025
133,262,280
(1,080,896)
(1,080,896)
London Metal Exchange Zinc Contracts (United Kingdom)
618
May 2025
46,747,992
86,006
86,006
New York Mercantile Exchange Heating Oil Contracts (United States)
585
Dec 2024
55,793,556
(750,218)
(750,218)
New York Mercantile Exchange Heating Oil Contracts (United States)
293
Feb 2025
27,469,453
39,507
39,507
New York Mercantile Exchange Heating Oil Contracts (United States)
971
Apr 2025
91,892,989
3,668,693
3,668,693
New York Mercantile Exchange Natural Gas Contracts (United States)
4,696
Dec 2024
139,377,280
(18,722,235)
(18,722,235)
New York Mercantile Exchange Reformulated 87 Octane Gasoline Blendstock For Oxygenated Blending Contracts (United States)
2,513
Dec 2024
209,372,919
2,621,157
2,621,157
New York Mercantile Exchange Reformulated 87 Octane Gasoline Blendstock For Oxygenated Blending Contracts (United States)
158
Jun 2025
14,085,376
(477)
(477)
New York Mercantile Exchange Wti Crude Contracts (United States)
9,916
Dec 2024
694,318,320
(15,388,561)
(15,388,561)
TOTAL PURCHASED
61,456,111
Sold
Commodity Contracts
London Metal Exchange Aluminum Contracts (United Kingdom)
1,380
Jan 2025
90,167,130
(4,020,662)
(4,020,662)
London Metal Exchange Nickel Contracts (United Kingdom)
377
Jan 2025
35,446,581
1,924,023
1,924,023
London Metal Exchange Zinc Contracts (United Kingdom)
763
Jan 2025
57,805,071
(1,004,791)
(1,004,791)
London Metal Exchange Zinc Contracts (United Kingdom)
308
May 2025
23,298,352
(3,160)
(3,160)
London Metal Exchange Lead Contracts (United Kingdom)
125
May 2025
6,451,156
(1,283)
(1,283)
London Metal Exchange Aluminum Contracts (United Kingdom)
2,542
Nov 2024
165,304,989
(2,383,522)
(2,383,522)
London Metal Exchange Lead Contracts (United Kingdom)
458
Nov 2024
22,787,103
742,695
742,695
London Metal Exchange Nickel Contracts (United Kingdom)
748
Nov 2024
69,598,288
7,235,562
7,235,562
London Metal Exchange Zinc Contracts (United Kingdom)
1,187
Nov 2024
90,040,775
(6,228,476)
(6,228,476)
London Metal Exchange Lead Contracts (United Kingdom)
169
Jan 2025
8,515,741
99,719
99,719
London Metal Exchange Aluminum Contracts (United Kingdom)
640
Mar 2025
42,010,240
(61,834)
(61,834)
London Metal Exchange Nickel Contracts (United Kingdom)
233
Mar 2025
22,143,733
2,883,373
2,883,373
London Metal Exchange Zinc Contracts (United Kingdom)
495
Mar 2025
37,496,250
293,296
293,296
London Metal Exchange Lead Contracts (United Kingdom)
209
Mar 2025
10,663,545
364,650
364,650
TOTAL SOLD
(160,410)
TOTAL FUTURES CONTRACTS
61,295,701
The notional amount of futures purchased as a percentage of Net Assets is 11700.0%
The notional amount of futures sold as a percentage of Net Assets is 17.0%
Legend
(a)
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
(b)
Amount is stated in United States dollars unless otherwise noted.
(c)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(d)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $198,118,156.
(e)
Includes $141,063,028 of cash collateral to cover margin requirements for futures contracts.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund
3,754,296,007
1,723,434,416
1,873,514,185
49,325,888
-
-
3,604,216,238
7.2%
Total
3,754,296,007
1,723,434,416
1,873,514,185
49,325,888
-
-
3,604,216,238
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price or official closing price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
Derivative Instruments
Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk(s):
Commodity Risk - Commodity Risk is the risk that the value of a commodity will fluctuate as a result of changes in market prices.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts: A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a specified price at a specified future date.
The Fund used futures contracts to manage its exposure to the commodities market.
Open futures contracts at period end are presented in the Consolidated Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Consolidated Schedule of Investments.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's consolidated schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.
We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.