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 |
$ |
40 |
|
3
years |
$ |
125 |
|
5
years |
$ |
219 |
|
10
years |
$ |
493 |
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 61%
of the average value of its portfolio.
Principal
Investment Strategies
- Normally
investing in commodity-linked derivative instruments, cash, and cash
equivalents.
- 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.
- 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/or other types of investment-grade debt securities that are not inflation
protected.
- Allocating
assets across different market sectors and maturities.
- Analyzing
the credit quality of the issuer, security-specific features, current and
potential future valuation, and trading opportunities to select
investments.
- Engaging
in transactions that have a leveraging effect on the fund, including
investments in derivatives - such as swaps (interest rate, total return, and
credit default) and futures contracts - and forward-settling securities, to
adjust the fund's risk exposure.
- 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 increases can cause the price of a debt security to decrease.
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.
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.
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.
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 or a
maturity-shortening structure for a security can cause the price of a security
to decrease.
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.
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.
Unlike
individual debt securities, which typically pay principal at maturity, the value
of an investment in the fund will fluctuate.
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 over various periods of
time.
The index description appears 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, 2023, 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 |
|
|
|
|
|
|
|
|
9.84%
|
1.46%
|
32.59%
|
9.10%
|
|
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 |
-8.89% |
June
30, 2023 |
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, 2022 |
Past
1
year |
Life
of
fund A |
|
Fidelity®
SAI Inflation-Focused Fund |
|
|
|
Return
Before Taxes |
9.10% |
% |
|
Return
After Taxes on Distributions |
4.34% |
% |
|
Return
After Taxes on Distributions and Sale of Fund
Shares
|
5.57% |
% |
|
Bloomberg
Commodity Index
(reflects
no deduction for fees, expenses, or taxes) |
16.09% |
% |
|
|
|
|
Effective
October 2, 2023, the fund will begin comparing its performance to
the Bloomberg Commodity 50/50 Petroleum and ex-Petroleum Index rather
than the Bloomberg Commodity Index because the Bloomberg
Commodity 50/50 Petroleum and ex-Petroleum 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.
Fund
Basics
Investment
Objective
Fidelity®
SAI Inflation-Focused Fund seeks total return.
Principal
Investment Strategies
The
Adviser normally expects to invest the fund's assets in commodity-linked
derivative instruments, cash, and cash equivalents. Commodities are assets that
have physical properties, such as oil and other energy products, metals, and
agricultural products. 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 intends to provide exposure to the commodities market but will not be
managed to take delivery of physical commodities. The fund may divest of
commodity-linked derivative instruments to avoid delivery.
The
Adviser may invest the fund's assets 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. The Adviser also may invest the fund's assets in other
types of investment-grade debt securities that are not inflation protected. The
Adviser, in its discretion, may make significant investments in either
inflation-protected debt securities or investment-grade debt securities that are
not inflation protected, or may invest in a combination of inflation-protected
debt securities and investment-grade debt securities that are not
inflation-protected.
The
Adviser may invest up to 25% of the fund's assets in a wholly-owned subsidiary
of the fund organized under the laws of the Cayman Islands (the Subsidiary). The
Subsidiary is managed by the same investment adviser as the fund. The Subsidiary
is expected to invest directly in total return swaps based on the value of
commodities or commodities indexes and in other commodity-linked derivative
instruments, including options and forward contracts based on the value of
commodities or commodities indexes, and commodity futures. The Subsidiary will
not be managed to take delivery of physical commodities, and may divest of
certain commodity-linked derivative instruments (namely commodity futures) to
avoid delivery.
The
Adviser may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers.
If
the Adviser's strategies do not work as intended, the fund may not achieve its
objective.
The
Adviser considers other factors when selecting the fund's investments, including
the credit quality of the issuer, security-specific features, current valuation
relative to alternatives in the market, short-term trading opportunities
resulting from market inefficiencies, and potential future valuation. In
managing the fund's exposure to various risks, including interest rate risk, the
Adviser considers, among other things, the market's overall risk
characteristics, the market's current pricing of those risks, and internal views
of potential future market conditions.
The
Adviser allocates the fund's assets among different market sectors (for example,
corporate, asset-backed, or government securities) and different maturities
based on its view of the relative value of each sector or maturity.
The
Adviser may engage in transactions that have a leveraging effect on the fund,
including investments in derivatives, regardless of whether the fund may own the
asset, instrument or components of the index underlying the derivative, and
forward-settling securities. The Adviser may invest a significant portion of the
fund's assets in these types of investments. If the fund invests a significant
portion of its assets in derivatives, its investment exposure could far exceed
the value of its portfolio securities and its investment performance could be
primarily dependent upon securities it does not own. The fund's derivative
investments may include interest rate swaps, total return swaps, credit default
swaps, and futures contracts (both long and short positions) on securities and
indexes. Depending on the Adviser's outlook and market conditions, the Adviser
may engage in these transactions to increase or decrease the fund's exposure to
changing security prices, interest rates, credit qualities, or other factors
that affect security values, or to gain or reduce exposure to an asset,
instrument, or index.
The
Adviser uses Central funds to help invest the fund's assets. Central funds are
specialized investment vehicles designed to be used by Fidelity® funds.
Fidelity uses them to invest in particular security types or investment
disciplines; for example, rather than buy bonds directly, the fund may invest in
a Central fund that buys bonds. Fidelity does not charge any additional
management fees for Central funds.
Description
of Principal Security Types
Debt
securities
are used by issuers to borrow money. The issuer usually pays a fixed, variable,
or floating rate of interest, and must repay the amount borrowed, usually at the
maturity of the security. Some debt securities, such as zero coupon bonds,
do not pay current interest but are sold at a discount from their face
values. Debt securities include corporate bonds, government securities
(including Treasury securities), repurchase agreements, money market securities,
mortgage and other asset-backed securities, loans and loan participations, and
other securities believed to have debt-like characteristics, including hybrids
and synthetic securities.
Money
market securities
are high-quality, short-term securities that pay a fixed, variable, or floating
interest rate. Securities are often specifically structured so that they are
eligible investments for a money market fund. For example, in order to satisfy
the maturity restrictions for a money market fund, some money market securities
have demand or put features, which have the effect of shortening the security's
maturity. Money market securities include bank certificates of deposit, bankers'
acceptances, bank time deposits, notes, commercial paper, and U.S. Government
securities. Certain issuers of U.S. Government securities, including Fannie
Mae, Freddie Mac, and the Federal Home Loan Banks, are sponsored or chartered by
Congress but their securities are neither issued nor guaranteed by the U.S.
Treasury.
U.S.
Government securities
are high-quality securities issued or guaranteed by the U.S. Treasury or by an
agency or instrumentality of the U.S. Government. U.S. Government securities may
be backed by the full faith and credit of the U.S. Treasury, the right to borrow
from the U.S. Treasury, or the agency or instrumentality issuing or guaranteeing
the security.
Certain
issuers of U.S. Government securities, including Fannie Mae, Freddie Mac, and
the Federal Home Loan Banks, are sponsored or chartered by Congress but their
securities are neither issued nor guaranteed by the U.S. Treasury.
Inflation-protected
debt securities
are debt securities whose principal and/or interest payments are adjusted for
inflation, unlike debt securities that make fixed principal and interest
payments. One type of inflation-protected debt security is issued by the U.S.
Treasury. The principal of inflation-protected debt securities issued by the
U.S. Treasury is adjusted for inflation and interest is paid on the adjusted
amount. As of July 31, 2023, the U.S. Treasury had 51 issues of
inflation-protected debt securities outstanding, totaling $1,550 billion (par),
with maturities from 2024 to 2053. Other issuers of inflation-protected debt
securities include other U.S. Government agencies or instrumentalities,
corporations, and foreign governments. The U.S. Treasury currently uses the
Consumer Price Index for Urban Consumers as a measure of inflation for its
inflation-protected debt securities. Other types of inflation-protected
securities may use other methods to adjust for inflation and other measures of
inflation.
Commodity-linked
derivative instruments
are indexed to all or part of a commodities index or to a single commodity.
Commodity-linked derivative instruments include debt securities and other
investments whose maturity values, interest rates, or returns are determined by
reference to a commodities index and are designed to provide exposure to the
entire index, and may include other investments that provide exposure to less
than the entire commodities index or to a single commodity. Commodity-linked
derivative instruments may be positively or negatively indexed, meaning their
maturity value may be structured to increase or decrease as commodity values
change.
Derivatives
are
investments whose values are tied to an underlying asset, instrument, currency,
or index. Derivatives include futures, options, forwards, and swaps, such
as interest rate swaps (exchanging a floating rate for a fixed rate), total
return swaps (exchanging a floating rate for the total return of an index,
security, or other instrument or investment) and credit default swaps (buying or
selling credit default protection).
Forward-settling
securities involve
a commitment to purchase or sell specific securities when issued, or at a
predetermined price or yield. Payment and delivery take place after the
customary settlement period.
Central
funds are
special types of investment vehicles created by Fidelity for use by
Fidelity®
funds and other advisory clients. Central funds incur certain costs related to
their investment activity (such as custodial fees and expenses), but generally
do not pay additional management fees. The investment results of the portions of
the fund's assets invested in the Central funds will be based upon the
investment results of those funds.
Principal
Investment Risks
Many
factors affect the fund's performance. Developments that disrupt global
economies and financial markets, such as pandemics and epidemics, may magnify
factors that affect a fund's performance. The fund's share price and yield
change daily based on changes in market conditions and interest rates and in
response to other economic, political, or financial developments. The fund's
reaction to these developments will be affected by the types and maturities of
securities in which the fund invests, the financial condition, industry and
economic sector, and geographic location of an issuer, and the fund's level of
investment in the securities of that issuer. Unlike individual debt securities,
which typically pay principal at maturity, the value of an investment in the
fund will fluctuate. When you sell your shares they may be worth more or less
than what you paid for them, which means that you could lose money by investing
in the fund. Your investment in the fund cannot grow with inflation over the
long term unless you reinvest the portion of any distribution that comes from
inflation adjustments.
The
following factors can significantly affect the fund's performance:
Interest
Rate Changes.
Debt securities, including money market securities, have varying levels of
sensitivity to changes in interest rates. In general, the price of a debt
security can fall when interest rates rise and can rise when interest rates
fall. Securities with longer maturities and certain types of securities, such as
the securities of issuers in the financial services sector, can be more
sensitive to interest rate changes, meaning the longer the maturity of a
security, the greater the impact a change in interest rates could have on the
security's price. Short-term and long-term interest rates do not necessarily
move in the same amount or the same direction. Short-term securities tend to
react to changes in short-term interest rates, and long-term securities tend to
react to changes in long-term interest rates. Securities with floating interest
rates can be less sensitive to interest rate changes, but may decline in value
if their interest rates do not rise as much as interest rates in general.
Securities whose payment at maturity is based on the movement of all or part of
an index and inflation-protected debt securities may react differently from
other types of debt securities. In market environments where interest rates are
rising, issuers may be less willing or able to make principal and/or interest
payments on securities when due. Although the transition process away from
certain benchmark rates, including London Interbank Offered Rate (LIBOR) (an
indicative measure of the average interest rate at which major global banks
could borrow from one another), has become increasingly well-defined, any
potential effects of the transition away from LIBOR
and other benchmark rates on financial markets, a fund or the financial
instruments in which a fund invests can be difficult to ascertain and may
adversely impact a fund's performance.
Foreign
Exposure.
Foreign securities, securities issued by U.S. entities with substantial foreign
operations, and entities providing credit support or a maturity-shortening
structure that are located in foreign countries can involve additional risks
relating to political, economic, or regulatory conditions in foreign countries.
These risks include fluctuations in foreign exchange rates; withholding or other
taxes; trading, settlement, custodial, and other operational risks; and the less
stringent investor protection and disclosure standards of some foreign markets.
All of these factors can make foreign investments more volatile than U.S.
investments. In addition, foreign markets can perform differently from the U.S.
market.
Global
economies and financial markets are becoming increasingly interconnected, which
increases the possibilities that conditions in one country or region might
adversely impact issuers or providers in, or foreign exchange rates with, a
different country or region.
Industry
Exposure.
Market conditions, interest rates, and economic, regulatory, or financial
developments could significantly affect a single industry or a group of related
industries, and the securities of companies in that industry or group of
industries could react similarly to these or other developments. In addition,
from time to time, a small number of companies may represent a large portion of
a single industry or a group of related industries as a whole, and these
companies can be sensitive to adverse economic, regulatory, or financial
developments.
The
commodities
industries
can be significantly affected by the level and volatility of commodity prices;
the rate of commodity consumption; world events including international monetary
and political developments; import controls, export controls, and worldwide
competition; exploration and production spending; and tax and other government
regulations and economic conditions.
Energy
commodities
can be significantly affected by fluctuations in energy prices and supply and
demand of energy fuels caused by geopolitical events, energy conservation, the
success of exploration projects, weather or meteorological events, and tax and
other government regulations.
Financial
Services Exposure.
Financial services companies are highly dependent on the supply of short- term
financing and can be sensitive to changes in government regulation and interest
rates and to economic downturns in the United States and abroad. These events
can significantly affect the price of issuers' securities as well as their
ability to make payments of principal or interest or otherwise meet obligations
on securities or instruments for which they serve as guarantors or
counterparties.
Subsidiary
Risk.
The investments held by the Subsidiary are generally similar to those that are
permitted to be held by the fund and, therefore, the Subsidiary is subject to
risks similar to those of the fund, including the risks associated with
investing in derivatives and commodity-linked investing in general. Because the
Subsidiary is organized under Cayman Islands law and is not registered under the
1940 Act, the Subsidiary is not subject to the investor protections of the 1940
Act. Changes in U.S. or Cayman Islands laws could result in the inability of the
fund and/or the Subsidiary to operate as described in this
prospectus.
Prepayment.
Many types of debt securities, including inflation- protected debt securities,
are subject to prepayment risk. Prepayment risk occurs when the issuer of a
security can repay principal prior to the security's maturity. Securities
subject to prepayment can offer less potential for gains during a declining
interest rate environment and similar or greater potential for loss in a rising
interest rate environment. In addition, the potential impact of prepayment
features on the price of a debt security can be difficult to predict and result
in greater volatility.
Issuer-Specific
Changes.
Changes in the financial condition of an issuer or counterparty, changes in
specific economic or political conditions that affect a particular type of
security or issuer, and changes in general economic or political conditions can
increase the risk of default by an issuer or counterparty, which can affect a
security's or instrument's credit quality or value. Entities providing credit
support or a maturity-shortening structure also can be affected by these types
of changes, and if the structure of a security fails to function as intended,
the security could decline in value.
Leverage
Risk.
Derivatives and forward-settling securities involve leverage because they can
provide investment exposure in an amount exceeding the initial investment.
Leverage can magnify investment risks and cause losses to be realized more
quickly. A small change in the underlying asset, instrument, or index can lead
to a significant loss. Forward-settling securities also involve the risk that a
security will not be issued, delivered, or paid for when anticipated. Government
legislation or regulation could affect the use of these transactions and could
limit a fund's ability to pursue its investment strategies.
Investing
for Inflation Protection.
Inflation-protected debt securities tend to react to changes in real interest
rates. Real interest rates represent nominal (stated) interest rates reduced by
the expected impact of inflation. In general, the price of an
inflation-protected debt security can fall when real interest rates rise, and
can rise when real interest rates fall. Interest payments on inflation-protected
debt securities can be unpredictable and will vary as the principal and/or
interest is adjusted for inflation.
Commodity-Linked
Investing. The
performance of commodities, commodity-linked swaps, futures, notes, and other
commodity-related investments may depend on the performance of individual
commodities and the overall commodities markets and on other factors that affect
the value of commodities, including weather, political, tax, and other
regulatory and market developments. Commodity-linked instruments may be
leveraged. For example, the price of a three-times leveraged commodity-linked
note may change by a magnitude of three for every percentage change (positive or
negative) in the value of the underlying index. Commodity-linked investments may
be hybrid instruments that can have substantial risk of loss with respect to
both principal and interest. Commodity-linked investments may be more volatile
and less liquid than the underlying commodity, instruments, or measures, and may
be subject to the credit risks associated with the issuer or counterparty. As a
result, returns of commodity-linked investments may deviate significantly from
the return of the underlying commodity, instruments, or measures. In addition,
the regulatory and tax environment for commodity-linked derivative instruments
is evolving, and changes in the regulation or taxation of such investments may
have a material adverse impact on the fund. Funds and advisers subject to
Commodity Futures Trading Commission (CFTC) regulation are subject to additional
regulatory requirements and may incur additional costs.
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. Once the price of a particular commodity
futures contract has increased or decreased by an amount equal to the daily
limit, positions in that contract can neither be taken nor liquidated unless
traders are willing to effect trades at or within the 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. A commodity futures contract could also move to the
daily limit for several consecutive trading days with little or no trading,
thereby further prolonging the liquidation of positions and subjecting some
holders of such futures contracts to additional losses. In extraordinary
circumstances, a futures exchange or the applicable regulator could suspend
trading in a particular futures contract, or order liquidation or settlement of
all open positions in such contract.
In
response to market, economic, political, or other conditions, a fund may
temporarily use a different investment strategy for defensive purposes. If the
fund does so, different factors could affect its performance and the fund may
not achieve its investment objective.
Other
Investment Strategies
In
addition to the principal investment strategies discussed above, the fund
may also lend securities to broker-dealers or other institutions to earn income.
When the Adviser believes that suitable commodity-linked derivative instruments
are not available, or during other unusual market conditions, the Adviser may
leave all or a significant portion of the fund's assets invested in cash, cash
equivalents, or short-term investment-grade debt securities.
Non-Fundamental
Investment Policies
The
fund's investment objective is non-fundamental and may be changed without
shareholder approval.
The
fund is open for business each day the NYSE is open.
The
NAV is the value of a single share. Fidelity normally calculates NAV as of the
close of business of the NYSE, normally 4:00 p.m. Eastern time. The fund's
assets normally are valued as of this time for the purpose of computing
NAV.
NAV
is not calculated and the fund will not process purchase and redemption requests
submitted on days when the fund is not open for business. The time at which
shares are priced and until which purchase and redemption orders are accepted
may be changed as permitted by the Securities and Exchange Commission
(SEC).
To
the extent that the fund's assets are traded in other markets on days when the
fund is not open for business, the value of the fund's assets may be affected on
those days. In addition, trading in some of the fund's assets may not occur on
days when the fund is open for business.
NAV
is calculated using the values of other open-end funds, if any, in which the
fund invests (referred to as underlying funds). Shares of underlying funds are
valued at their respective NAVs. Other assets are valued primarily on the basis
of market quotations, official closing prices, or information furnished by a
pricing service. Certain short-term securities are valued on the basis of
amortized cost. If market quotations, official closing prices, or information
furnished by a pricing service are not readily available or, in the Adviser's
opinion, are deemed unreliable for a security, then that security will be fair
valued in good faith by the Adviser in accordance with applicable fair value
pricing policies. For example, if, in the Adviser's opinion, a security's value
has been materially affected by events occurring before a fund's pricing time
but after the close of the exchange or market on which the security is
principally traded, then that security will be fair valued in good faith by the
Adviser in accordance with applicable fair value pricing policies. Fair value
pricing will be used for high yield debt securities when available pricing
information is determined to be stale or for other reasons not to accurately
reflect fair value.
Arbitrage
opportunities may exist when trading in a portfolio security or securities is
halted and does not resume before a fund calculates its NAV. These arbitrage
opportunities may enable short-term traders to dilute the NAV of long-term
investors. Securities trading in overseas markets, if applicable, present
time zone arbitrage opportunities when events affecting portfolio security
values occur after the close of the overseas markets but prior to the close of
the U.S. market. Fair valuation of a fund's portfolio securities can serve to
reduce arbitrage opportunities available to short-term traders, but there is no
assurance that fair value pricing policies will prevent dilution of NAV by
short-term traders.
Fair
value pricing is based on subjective judgments and it is possible that the fair
value of a security may differ materially from the value that would be realized
if the security were sold.
Shareholder
Information
Additional
Information about the Purchase and Sale of Shares
NOT
AVAILABLE FOR SALE TO THE GENERAL PUBLIC.
As
used in this prospectus, the term "shares" generally refers to the shares
offered through this prospectus.
Shares
are offered exclusively to certain clients of Strategic Advisers or its
affiliates. If you are not currently a client in a discretionary investment
program offered by Strategic Advisers or its affiliates, please call
1-800-544-3455 (9:00 a.m. - 6:00 p.m. Eastern time, Monday through Friday) for
more information. Additional fees apply for discretionary investment programs.
For more information on these fees, please refer to the "Buying and Selling
Information" section of the Statement of Additional Information
(SAI).
The
fund may reject for any reason, or cancel as permitted or required by law, any
purchase orders.
Excessive
trading of fund shares can harm shareholders in various ways, including reducing
the returns to long-term shareholders by increasing costs to the fund (such as
brokerage commissions or spreads paid to dealers who sell money market
instruments), disrupting portfolio management strategies, and diluting the value
of the shares in cases in which fluctuations in markets are not fully priced
into the fund's NAV.
Because
investments in the fund can only be made by Strategic Advisers or an affiliate
on behalf of its clients, the potential for excessive or short-term disruptive
purchases and sales is reduced. Accordingly, the Board of Trustees has not
adopted policies and procedures designed to discourage excessive trading of fund
shares and the fund accommodates frequent trading.
The
fund does not place a limit on purchases or sales of fund shares by Strategic
Advisers or its affiliates. The fund reserves the right, but does not have the
obligation, to reject any purchase transaction at any time. In addition, the
fund reserves the right to impose restrictions on disruptive, excessive, or
short-term trading.
The
fund has no exchange privilege with any other fund.
There
is no minimum balance or purchase minimum for fund shares.
The
price to buy one share is its NAV. Shares are sold without a sales
charge.
Shares
will be bought at the NAV next calculated after an order is received in proper
form.
Shares
are generally available only to investors residing in the United
States.
The
fund may stop offering shares completely or may offer shares only on a limited
basis, for a period of time or permanently.
Under
applicable anti-money laundering rules and other regulations, purchase orders
may be suspended, restricted, or canceled and the monies may be
withheld.
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.
Normally,
redemptions will be processed by the next business day, but it may take up to
seven days to pay the redemption proceeds if making immediate payment would
adversely affect the fund.
See
"Policies Concerning the Redemption of Fund Shares" below for additional
redemption information.
Redemptions
may be suspended or payment dates postponed when the NYSE is closed (other than
weekends or holidays), when trading on the NYSE is restricted, or as permitted
by the SEC.
Redemption
proceeds may be paid in securities or other property rather than in cash if the
Adviser determines it is in the best interests of the fund.
When
you terminate your relationship with Strategic Advisers, or one of its
affiliates, your shares may be sold at the NAV next calculated, in which case
proceeds from such redemption would be sent to you.
Under
applicable anti-money laundering rules and other regulations, redemption
requests may be suspended, restricted, canceled, or processed and the proceeds
may be withheld.
Orders
by funds of funds for which Strategic Advisers or its affiliates serve as
investment manager will be treated as received by the fund at the same time that
the corresponding orders are received in proper form by the funds of
funds.
Policies
Concerning the Redemption of Fund Shares
If
your account is held directly with a fund,
the length of time that a fund typically expects to pay redemption proceeds
depends on the method you have elected to receive such proceeds. A fund
typically expects to make payment of redemption proceeds by wire, automated
clearing house (ACH) or by issuing a check by the next business day following
receipt of a redemption order in proper form. Proceeds from the periodic and
automatic sale of shares of a Fidelity®
money
market fund that are used to buy shares of another Fidelity®
fund
are settled simultaneously.
If
your account is held through an intermediary,
the length of time that a fund typically expects to pay redemption proceeds
depends, in part, on the terms of the agreement in place between the
intermediary and a fund. For redemption proceeds that are paid either directly
to you from a fund or to your intermediary for transmittal to you, a fund
typically expects to make payments by wire, by ACH or by issuing a check on the
next business day following receipt of a redemption order in proper form from
the intermediary by a fund. Redemption orders that are processed through
investment professionals that utilize the National Securities Clearing
Corporation will generally settle one to three business days following receipt
of a redemption order in proper form.
As
noted elsewhere, payment of redemption proceeds may take longer than the time a
fund typically expects and may take up to seven days from the date of receipt of
the redemption order as permitted by applicable law.
Redemption
Methods Available. Generally
a fund expects to pay redemption proceeds in cash. To do so, a fund typically
expects to satisfy redemption requests either by using available cash (or cash
equivalents) or by selling portfolio securities. On a less regular basis, a fund
may also satisfy redemption requests by utilizing one or more of the following
sources, if permitted: borrowing from another Fidelity®
fund;
drawing on an available line or lines of credit from a bank or banks; or using
reverse repurchase agreements. These methods may be used during both normal and
stressed market conditions.
In
addition to paying redemption proceeds in cash, a fund reserves the right to pay
part or all of your redemption proceeds in readily marketable securities instead
of cash (redemption in-kind). Redemption in-kind proceeds will typically be made
by delivering the selected securities to the redeeming shareholder within seven
days after the receipt of the redemption order in proper form by a
fund.
Dividends
and Capital Gain Distributions
The
fund earns interest, dividends, and other income from its investments, and
distributes this income (less expenses) to shareholders as dividends. The fund
also realizes capital gains from its investments, and distributes these gains
(less any losses) to shareholders as capital gain distributions.
The
fund normally declares dividends and pays capital gain distributions per the
tables below:
|
Fund
Name |
|
Dividends
Paid |
|
Fidelity®
SAI Inflation-Focused Fund |
|
September,
December |
|
Fund
Name |
|
Capital
Gains Paid |
|
Fidelity®
SAI Inflation-Focused Fund |
|
September,
December |
Distribution
Options
Any
dividends and capital gain distributions may be reinvested in additional shares
or paid in cash.
As
with any investment, your investment in the fund could have tax consequences for
you (for non-retirement accounts).
Taxes
on Distributions
Distributions
you receive from the fund are subject to federal income tax, and may also be
subject to state or local taxes.
For
federal tax purposes, certain distributions, including dividends and
distributions of short-term capital gains, are taxable to you as ordinary
income, while certain distributions, including distributions of long-term
capital gains, are taxable to you generally as capital gains. Because the fund's
income is primarily derived from interest and the investment in the Subsidiary,
dividends from the fund generally will not qualify for the long-term capital
gains tax rates available to individuals.
If
the Adviser buys shares on your behalf when a fund has realized but not yet
distributed income or capital gains, you will be "buying a dividend" by paying
the full price for the shares and then receiving a portion of the price back in
the form of a taxable distribution.
Any
taxable distributions you receive from the fund will normally be taxable to you
when you receive them, regardless of your distribution option.
Taxes
on Transactions
Your
redemptions may result in a capital gain or loss for federal tax purposes. A
capital gain or loss on your investment in the fund generally is the difference
between the cost of your shares and the price you receive when you sell
them.
Fund
Services
The
fund is a mutual fund, an investment that pools shareholders' money and invests
it toward a specified goal.
Adviser
Geode. The
Adviser is the fund's manager. The address of the Adviser is 100 Summer Street,
12th Floor, Boston, Massachusetts 02110.
As
of December 31, 2022, the Adviser had approximately $803.4 billion in
discretionary assets under management.
As
the manager, the Adviser chooses the fund's investments and places orders to buy
and sell the fund's investments. The Adviser is registered with the Commodity
Futures Trading Commission as a commodity pool operator (CPO) and commodity
trading advisor (CTA), and is a member of the National Futures Association in
such capacities. The Adviser acts as CPO and CTA of the fund and the
Subsidiary.
Fidelity
Management & Research Company LLC (FMR), at 245 Summer Street, Boston,
Massachusetts 02210, is responsible for handling the business affairs for the
fund.
Portfolio
Manager(s)
Eric
Matteson is Senior Portfolio Manager of Fidelity®
SAI Inflation-Focused Fund, which he has managed since 2018. He also manages
other funds. Since joining Geode in 2010, Mr. Matteson has worked as an
assistant portfolio manager, portfolio manager, and senior portfolio
manager.
Wayne
Ryan is Senior Portfolio Manager of Fidelity®
SAI Inflation-Focused Fund, which he has managed since 2018. He also manages
other funds. Since joining Geode in 2018, Mr. Ryan has worked as a
portfolio manager and senior portfolio manager.
Ruoyu
Wang is Portfolio Manager of Fidelity®
SAI Inflation-Focused Fund, which he has managed since 2020. He also manages
other funds. Since joining Geode in 2019, Mr. Wang has worked as an assistant
portfolio manager and portfolio manager. Prior to joining Geode, Mr. Wang was a
Portfolio Management Associate at Pacific Investment Management Company (PIMCO),
where he also held roles in the management of short-term liquidity and
performance attribution. He is a CFA charter holder.
The
SAI provides additional information about the compensation of, any other
accounts managed by, and any fund shares held by the portfolio
manager(s).
From
time to time a manager, analyst, or other Fidelity employee may express views
regarding a particular company, security, industry, or market sector. The views
expressed by any such person are the views of only that individual as of the
time expressed and do not necessarily represent the views of Fidelity or any
other person in the Fidelity organization. Any such views are subject to change
at any time based upon market or other conditions and Fidelity disclaims any
responsibility to update such views. These views may not be relied on as
investment advice and, because investment decisions for a fund are based on
numerous factors, may not be relied on as an indication of trading intent on
behalf of any fund.
Advisory
Fee(s)
The
fund pays a management fee to the Adviser.
The
management fee is calculated and paid to the Adviser every month.
The
annual management fee rate, as a percentage of the fund's average net assets, is
shown in the following table:
|
Fund |
Management
Fee Rate |
|
Fidelity®
SAI Inflation-Focused Fund |
0.38% |
The
Subsidiary has entered into a separate contract with the Adviser for the
management of its portfolio pursuant to which the Subsidiary does not pay the
Adviser a fee.
The
Adviser pays FMR an administration fee for handling the business affairs for the
fund.
The
basis for the Board of Trustees approving the management contract for the fund
is available in the fund's semi-annual report for the fiscal period ended
January 31, 2023.
From
time to time, the Adviser or its affiliates may agree to reimburse or waive
certain fund expenses while retaining the ability to be repaid if expenses fall
below the specified limit prior to the end of the fiscal year.
Reimbursement
or waiver arrangements can decrease expenses and boost performance.
FMR
has contractually agreed to reimburse the fund to the extent that total
operating expenses (excluding interest, certain taxes, fees and expenses of the
Independent Trustees, proxy and shareholder meeting expenses, extraordinary
expenses, and acquired fund fees and expenses (including fees and expenses
associated with a wholly owned subsidiary), if any, as well as non-operating
expenses such as brokerage commissions and fees and expenses associated with the
fund's securities lending program, if applicable), as a percentage of its
average net assets, exceed 0.50% (the Expense Cap). If at any time during the
current fiscal year expenses for the fund fall below the Expense Cap, FMR
reserves the right to recoup through the end of the fiscal year any expenses
that were reimbursed during the current fiscal year up to, but not in excess of,
the Expense Cap. This arrangement will remain in effect through November 30,
2024. FMR 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.
FDC
distributes the fund's shares.
Distribution
and Service Plan(s)
The
fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under
the 1940 Act that recognizes that the Adviser or FMR may use management fee
revenues, past profits or resources from any other source to pay FDC for
expenses incurred in connection with providing services intended to result in
the sale of shares of the fund and/or shareholder support services. The Adviser
or FMR, directly or through FDC, may pay significant amounts to intermediaries
that provide those services. Currently, the Board of Trustees of the fund has
authorized such payments for shares.
Affiliates
of the Adviser or FMR may receive service fees or distribution fees or both with
respect to underlying funds that participate in Fidelity's
FundsNetwork®.
If
payments made by the Adviser or FMR to FDC or to intermediaries under the
Distribution and Service Plan were considered to be paid out of the fund's
assets on an ongoing basis, they might increase the cost of your investment and
might cost you more than paying other types of sales charges.
No
dealer, sales representative, or any other person has been authorized to give
any information or to make any representations, other than those contained in
this prospectus and in the related SAI, in connection with the offer contained
in this prospectus. If given or made, such other information or representations
must not be relied upon as having been authorized by the fund or FDC. This
prospectus and the related SAI do not constitute an offer by the fund or by FDC
to sell shares of the fund to, or to buy shares of the fund from, any person to
whom it is unlawful to make such offer.
Appendix
Financial
Highlights are intended to help you understand the financial history of fund
shares for the past 5 years (or, if shorter, the period of operations).
Financial Highlights for Fidelity® SAI Inflation-Focused Fund are presented on a
consolidated basis for the fund and its subsidiary. Certain information
reflects financial results for a single share. The total returns in the table
represent the rate that an investor would have earned (or lost) on an investment
in shares (assuming reinvestment of all dividends and distributions). The annual
information has been audited by Deloitte & Touche LLP, independent
registered public accounting firm, whose report(s), along with fund financial
statements, is included in the annual report. Annual reports are available for
free upon request.
|
Fidelity®
SAI Inflation-Focused Fund |
|
|
|
Years
ended July 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 |
|
2019 A |
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
12.32 |
$ |
13.21 |
$ |
9.31 |
$ |
10.34 |
$ |
10.00 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) B,C |
|
.32
|
|
.89
|
|
.50
|
|
.12
|
|
.21
|
|
Net
realized and unrealized gain (loss) |
|
(1.91)
|
|
1.81
|
|
3.72
|
|
(.93)
|
|
.14
|
|
Total
from investment operations |
|
(1.59)
|
|
2.70
|
|
4.22
|
|
(.81)
|
|
.35
|
|
Distributions
from net investment income |
|
(1.22)
|
|
(3.54)
|
|
(.32)
|
|
(.20)
|
|
(.01)
D |
|
Distributions
from net realized gain |
|
(.01)
|
|
(.05)
|
|
-
|
|
(.02)
|
|
-
|
|
Total
distributions |
|
(1.24)
E |
|
(3.59)
|
|
(.32)
|
|
(.22)
|
|
(.01)
|
|
Net
asset value, end of period |
$ |
9.49 |
$ |
12.32 |
$ |
13.21 |
$ |
9.31 |
$ |
10.34 |
|
Total
Return F,G |
|
(13.81)%
|
|
27.48%
|
|
46.61%
|
|
(8.05)%
|
|
3.50%
|
|
Ratios
to Average Net Assets C,H,I |
|
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.39%
|
|
.40%
|
|
.40%
|
|
.41%
|
|
.52%
J |
|
Expenses
net of fee waivers, if any |
|
.39%
|
|
.40%
|
|
.40%
|
|
.41%
|
|
.50%
J |
|
Expenses
net of all reductions |
|
.39%
|
|
.40%
|
|
.40%
|
|
.41%
|
|
.50%
J |
|
Net
investment income (loss) |
|
3.29%
|
|
7.18%
|
|
4.15%
|
|
1.18%
|
|
3.38%
J |
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
2,854,320 |
$ |
3,910,414 |
$ |
1,768,220 |
$ |
32,230 |
$ |
1,230,762 |
|
Portfolio
turnover rate K |
|
61%
|
|
135%
|
|
101%
|
|
40%
|
|
21%
J |
AFor
the period December 20, 2018 (commencement of operations) through July 31,
2019.
BCalculated
based on average shares outstanding during the period.
CNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
DThe
amount shown reflects reclassifications related to book to tax differences that
were made in the year shown.
ETotal
distributions per share do not sum due to rounding.
FTotal
returns for periods of less than one year are not annualized.
GTotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
HFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual
report.
IExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
Additional
Index Information
Bloomberg
Commodity Index 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.
Bloomberg
Commodity 50/50 Petroleum and ex-Petroleum Index
is a commodity group subindex of the Bloomberg Commodity Index. It aims to track
the performance of holding a long position of commodities futures contracts
equally (50%) divided into two Bloomberg Commodity sub-commodity groups,
Petroleum and ex-Petroleum.
|
IMPORTANT
INFORMATION ABOUT OPENING A NEW ACCOUNT
To
help the government fight the funding of terrorism and money laundering
activities, the Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA
PATRIOT ACT), requires all financial institutions to obtain, verify, and
record information that identifies each person or entity that opens an
account.
For
individual investors opening an account: When
you open an account, you will be asked for your name, address, date of
birth, and other information that will allow Fidelity to identify you. You
may also be asked to provide documents that may help to establish your
identity, such as your driver's license.
For
investors other than individuals: When
you open an account, you will be asked for the name of the entity, its
principal place of business and taxpayer identification number (TIN). You
will be asked to provide information about the entity's control person and
beneficial owners, and person(s) with authority over the account,
including name, address, date of birth and social security number. You may
also be asked to provide documents, such as drivers' licenses, articles of
incorporation, trust instruments or partnership agreements and other
information that will help Fidelity identify the
entity. |
You
can obtain additional information about the fund. A description of the fund's
policies and procedures for disclosing its holdings is available in its
Statement of Additional Information (SAI) and on Fidelity's web sites. The SAI
also includes more detailed information about the fund and its investments. The
SAI is incorporated herein by reference (legally forms a part of the
prospectus). The fund's annual and semi-annual reports also include additional
information. The fund's annual report includes a discussion of the fund's
holdings and recent market conditions and the fund's investment strategies that
affected performance.
For
a free copy of any of these documents or to request other information or ask
questions about the fund, call Fidelity at 1-800-544-3455. In addition, you may
visit Fidelity's web site at www.fidelity.com for a free copy of a prospectus,
SAI, or annual or semi-annual report or to request other
information.
The
SAI, the fund's annual and semi-annual reports and other related materials
are available from the Electronic Data Gathering, Analysis, and Retrieval
(EDGAR) Database on the SEC's web site (http://www.sec.gov). You can
obtain copies of this information, after paying a duplicating fee, by
sending a request by e-mail to [email protected] or by writing the Public
Reference Section of the SEC, Washington, D.C. 20549-1520. You can also
review and copy information about the fund, including the fund's SAI, at
the SEC's Public Reference Room in Washington, D.C. Call 1-202-551-8090
for information on the operation of the SEC's Public Reference
Room. |
|
Investment
Company Act of 1940, File Number(s), 811-03480 |
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.
© 2023 FMR LLC. All rights reserved.
|
1.9892160.105 |
IFF-PRO-0923 |
