# EDGAR Filing Document

**Accession Number:** 0000035315
**File Stem:** 0000035315-25-000660
**Filing Date:** 2025-7
**Character Count:** 193898
**Document Hash:** 4c043938717840b180347038e4ceae35
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035315-25-000660.hdr.sgml**: 20250723

**ACCESSION NUMBER**: 0000035315-25-000660

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250723

**DATE AS OF CHANGE**: 20250723

**EFFECTIVENESS DATE**: 20250723

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY SALEM STREET TRUST
- **CENTRAL INDEX KEY:** 0000035315

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02105
- **FILM NUMBER:** 251142106

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY FIXED INCOME TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY FLEXIBLE BOND FUND
- **DATE OF NAME CHANGE:** 19860904

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY CORPORATE BOND FUND INC
- **DATE OF NAME CHANGE:** 19851225

## Series and Classes Contracts Data

### Fidelity Strategic Dividend & Income Fund (Series ID: S000017681)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000048851 | Fidelity Strategic Dividend & Income Fund                  | FSDIX           |
| C000048852 | Fidelity Advisor Strategic Dividend & Income Fund: Class A | FASDX           |
| C000048854 | Fidelity Advisor Strategic Dividend & Income Fund: Class C | FCSDX           |
| C000048855 | Fidelity Advisor Strategic Dividend & Income Fund: Class M | FTSDX           |
| C000048856 | Fidelity Advisor Strategic Dividend & Income Fund: Class I | FSIDX           |
| C000205022 | Fidelity Advisor Strategic Dividend & Income Fund: Class Z | FIQWX           |

?xml version='1.0' encoding='ASCII'? Prospectus - Investment Objective

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-02105</u>

<u>Fidelity Salem Street Trust</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, MA 02210</u>

(Address of principal executive offices) (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

<u>617-563-7000</u>

---

| | |
|:---|:---|
| Date of fiscal year end: | November 30 |
| Date of reporting period: | May 31, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity® Strategic Dividend & Income® Fund<br> **Fidelity Advisor® Strategic Dividend & Income® Fund Class M : FTSDX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Strategic Dividend & Income® Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $58  | 1.17% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $5130265466<br>|
| Number of Holdings | 664<br>|
| Portfolio Turnover | 38%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 18.0 |
| Real Estate | 15.8 |
| Information Technology | 12.3 |
| Industrials | 9.5 |
| Consumer Staples | 8.6 |
| Utilities | 8.1 |
| Health Care | 8.1 |
| Consumer Discretionary | 6.6 |
| Energy | 6.6 |
| Communication Services | 3.9 |
| Materials | 1.7 |

---

---

| | |
|:---|:---|
| Dividend-Paying Equities | 50.5 |
| Convertibles | 18.1 |
| REITs | 14.4 |
| Preferred Stock | 13.5 |
| Global Infrastructure Equities | 3.1 |
| MLPs | 0.5 |
| Commodity Equities | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1329_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Dividend-Paying Equities - 50.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Convertibles - 18.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| REITs - 14.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stock - 13.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Global Infrastructure Equities - 3.1&nbsp;&nbsp;&nbsp;&nbsp; |
| MLPs - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commodity Equities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.1)% |

---

---

| | |
|:---|:---|
| United States | 91.9 |
| Canada | 2.4 |
| United Kingdom | 1.3 |
| Taiwan | 1.0 |
| France | 0.7 |
| Ireland | 0.6 |
| Netherlands | 0.5 |
| Korea (South) | 0.4 |
| Japan | 0.3 |
| Others | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1329_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Procter & Gamble Co/The | 2.6<br>|
| Exxon Mobil Corp | 2.6<br>|
| Coca-Cola Co/The | 2.2<br>|
| JPMorgan Chase & Co | 1.7<br>|
| Cisco Systems Inc | 1.6<br>|
| Equinix Inc | 1.5<br>|
| AbbVie Inc | 1.5<br>|
| McDonald's Corp | 1.5<br>|
| Prologis Inc | 1.5<br>|
| Johnson & Johnson | 1.2<br>|
|  | 17.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img1329_20250531_1.jpg)<br>| ![](img109715_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915913.101 1324-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity® Strategic Dividend & Income® Fund<br> **Fidelity Advisor® Strategic Dividend & Income® Fund Class I : FSIDX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Strategic Dividend & Income® Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $33  | 0.67% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $5130265466<br>|
| Number of Holdings | 664<br>|
| Portfolio Turnover | 38%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 18.0 |
| Real Estate | 15.8 |
| Information Technology | 12.3 |
| Industrials | 9.5 |
| Consumer Staples | 8.6 |
| Utilities | 8.1 |
| Health Care | 8.1 |
| Consumer Discretionary | 6.6 |
| Energy | 6.6 |
| Communication Services | 3.9 |
| Materials | 1.7 |

---

---

| | |
|:---|:---|
| Dividend-Paying Equities | 50.5 |
| Convertibles | 18.1 |
| REITs | 14.4 |
| Preferred Stock | 13.5 |
| Global Infrastructure Equities | 3.1 |
| MLPs | 0.5 |
| Commodity Equities | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1329_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Dividend-Paying Equities - 50.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Convertibles - 18.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| REITs - 14.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stock - 13.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Global Infrastructure Equities - 3.1&nbsp;&nbsp;&nbsp;&nbsp; |
| MLPs - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commodity Equities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.1)% |

---

---

| | |
|:---|:---|
| United States | 91.9 |
| Canada | 2.4 |
| United Kingdom | 1.3 |
| Taiwan | 1.0 |
| France | 0.7 |
| Ireland | 0.6 |
| Netherlands | 0.5 |
| Korea (South) | 0.4 |
| Japan | 0.3 |
| Others | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1329_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Procter & Gamble Co/The | 2.6<br>|
| Exxon Mobil Corp | 2.6<br>|
| Coca-Cola Co/The | 2.2<br>|
| JPMorgan Chase & Co | 1.7<br>|
| Cisco Systems Inc | 1.6<br>|
| Equinix Inc | 1.5<br>|
| AbbVie Inc | 1.5<br>|
| McDonald's Corp | 1.5<br>|
| Prologis Inc | 1.5<br>|
| Johnson & Johnson | 1.2<br>|
|  | 17.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img1329_20250531_1.jpg)<br>| ![](img109716_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915914.101 1325-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity® Strategic Dividend & Income® Fund<br> **Fidelity Advisor® Strategic Dividend & Income® Fund Class C : FCSDX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Strategic Dividend & Income® Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $82  | 1.67% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $5130265466<br>|
| Number of Holdings | 664<br>|
| Portfolio Turnover | 38%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 18.0 |
| Real Estate | 15.8 |
| Information Technology | 12.3 |
| Industrials | 9.5 |
| Consumer Staples | 8.6 |
| Utilities | 8.1 |
| Health Care | 8.1 |
| Consumer Discretionary | 6.6 |
| Energy | 6.6 |
| Communication Services | 3.9 |
| Materials | 1.7 |

---

---

| | |
|:---|:---|
| Dividend-Paying Equities | 50.5 |
| Convertibles | 18.1 |
| REITs | 14.4 |
| Preferred Stock | 13.5 |
| Global Infrastructure Equities | 3.1 |
| MLPs | 0.5 |
| Commodity Equities | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1329_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Dividend-Paying Equities - 50.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Convertibles - 18.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| REITs - 14.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stock - 13.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Global Infrastructure Equities - 3.1&nbsp;&nbsp;&nbsp;&nbsp; |
| MLPs - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commodity Equities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.1)% |

---

---

| | |
|:---|:---|
| United States | 91.9 |
| Canada | 2.4 |
| United Kingdom | 1.3 |
| Taiwan | 1.0 |
| France | 0.7 |
| Ireland | 0.6 |
| Netherlands | 0.5 |
| Korea (South) | 0.4 |
| Japan | 0.3 |
| Others | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1329_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Procter & Gamble Co/The | 2.6<br>|
| Exxon Mobil Corp | 2.6<br>|
| Coca-Cola Co/The | 2.2<br>|
| JPMorgan Chase & Co | 1.7<br>|
| Cisco Systems Inc | 1.6<br>|
| Equinix Inc | 1.5<br>|
| AbbVie Inc | 1.5<br>|
| McDonald's Corp | 1.5<br>|
| Prologis Inc | 1.5<br>|
| Johnson & Johnson | 1.2<br>|
|  | 17.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img1329_20250531_1.jpg)<br>| ![](img109717_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915912.101 1323-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity® Strategic Dividend & Income® Fund<br> **Fidelity Advisor® Strategic Dividend & Income® Fund Class A : FASDX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Strategic Dividend & Income® Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $45  | 0.92% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $5130265466<br>|
| Number of Holdings | 664<br>|
| Portfolio Turnover | 38%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 18.0 |
| Real Estate | 15.8 |
| Information Technology | 12.3 |
| Industrials | 9.5 |
| Consumer Staples | 8.6 |
| Utilities | 8.1 |
| Health Care | 8.1 |
| Consumer Discretionary | 6.6 |
| Energy | 6.6 |
| Communication Services | 3.9 |
| Materials | 1.7 |

---

---

| | |
|:---|:---|
| Dividend-Paying Equities | 50.5 |
| Convertibles | 18.1 |
| REITs | 14.4 |
| Preferred Stock | 13.5 |
| Global Infrastructure Equities | 3.1 |
| MLPs | 0.5 |
| Commodity Equities | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1329_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Dividend-Paying Equities - 50.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Convertibles - 18.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| REITs - 14.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stock - 13.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Global Infrastructure Equities - 3.1&nbsp;&nbsp;&nbsp;&nbsp; |
| MLPs - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commodity Equities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.1)% |

---

---

| | |
|:---|:---|
| United States | 91.9 |
| Canada | 2.4 |
| United Kingdom | 1.3 |
| Taiwan | 1.0 |
| France | 0.7 |
| Ireland | 0.6 |
| Netherlands | 0.5 |
| Korea (South) | 0.4 |
| Japan | 0.3 |
| Others | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1329_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Procter & Gamble Co/The | 2.6<br>|
| Exxon Mobil Corp | 2.6<br>|
| Coca-Cola Co/The | 2.2<br>|
| JPMorgan Chase & Co | 1.7<br>|
| Cisco Systems Inc | 1.6<br>|
| Equinix Inc | 1.5<br>|
| AbbVie Inc | 1.5<br>|
| McDonald's Corp | 1.5<br>|
| Prologis Inc | 1.5<br>|
| Johnson & Johnson | 1.2<br>|
|  | 17.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img1329_20250531_1.jpg)<br>| ![](img109718_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915911.101 1321-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity® Strategic Dividend & Income® Fund<br> **Fidelity Advisor® Strategic Dividend & Income® Fund Class Z : FIQWX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Strategic Dividend & Income® Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $27  | 0.55% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $5130265466<br>|
| Number of Holdings | 664<br>|
| Portfolio Turnover | 38%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 18.0 |
| Real Estate | 15.8 |
| Information Technology | 12.3 |
| Industrials | 9.5 |
| Consumer Staples | 8.6 |
| Utilities | 8.1 |
| Health Care | 8.1 |
| Consumer Discretionary | 6.6 |
| Energy | 6.6 |
| Communication Services | 3.9 |
| Materials | 1.7 |

---

---

| | |
|:---|:---|
| Dividend-Paying Equities | 50.5 |
| Convertibles | 18.1 |
| REITs | 14.4 |
| Preferred Stock | 13.5 |
| Global Infrastructure Equities | 3.1 |
| MLPs | 0.5 |
| Commodity Equities | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1329_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Dividend-Paying Equities - 50.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Convertibles - 18.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| REITs - 14.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stock - 13.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Global Infrastructure Equities - 3.1&nbsp;&nbsp;&nbsp;&nbsp; |
| MLPs - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commodity Equities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.1)% |

---

---

| | |
|:---|:---|
| United States | 91.9 |
| Canada | 2.4 |
| United Kingdom | 1.3 |
| Taiwan | 1.0 |
| France | 0.7 |
| Ireland | 0.6 |
| Netherlands | 0.5 |
| Korea (South) | 0.4 |
| Japan | 0.3 |
| Others | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1329_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Procter & Gamble Co/The | 2.6<br>|
| Exxon Mobil Corp | 2.6<br>|
| Coca-Cola Co/The | 2.2<br>|
| JPMorgan Chase & Co | 1.7<br>|
| Cisco Systems Inc | 1.6<br>|
| Equinix Inc | 1.5<br>|
| AbbVie Inc | 1.5<br>|
| McDonald's Corp | 1.5<br>|
| Prologis Inc | 1.5<br>|
| Johnson & Johnson | 1.2<br>|
|  | 17.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img1329_20250531_1.jpg)<br>| ![](img109714_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915916.101 3281-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity® Strategic Dividend & Income® Fund<br> **Fidelity® Strategic Dividend & Income® Fund : FSDIX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Strategic Dividend & Income® Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Strategic Dividend & Income® Fund  | $31  | 0.63% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $5130265466<br>|
| Number of Holdings | 664<br>|
| Portfolio Turnover | 38%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 18.0 |
| Real Estate | 15.8 |
| Information Technology | 12.3 |
| Industrials | 9.5 |
| Consumer Staples | 8.6 |
| Utilities | 8.1 |
| Health Care | 8.1 |
| Consumer Discretionary | 6.6 |
| Energy | 6.6 |
| Communication Services | 3.9 |
| Materials | 1.7 |

---

---

| | |
|:---|:---|
| Dividend-Paying Equities | 50.5 |
| Convertibles | 18.1 |
| REITs | 14.4 |
| Preferred Stock | 13.5 |
| Global Infrastructure Equities | 3.1 |
| MLPs | 0.5 |
| Commodity Equities | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1329_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Dividend-Paying Equities - 50.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Convertibles - 18.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| REITs - 14.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stock - 13.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Global Infrastructure Equities - 3.1&nbsp;&nbsp;&nbsp;&nbsp; |
| MLPs - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commodity Equities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.1)% |

---

---

| | |
|:---|:---|
| United States | 91.9 |
| Canada | 2.4 |
| United Kingdom | 1.3 |
| Taiwan | 1.0 |
| France | 0.7 |
| Ireland | 0.6 |
| Netherlands | 0.5 |
| Korea (South) | 0.4 |
| Japan | 0.3 |
| Others | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1329_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Procter & Gamble Co/The | 2.6<br>|
| Exxon Mobil Corp | 2.6<br>|
| Coca-Cola Co/The | 2.2<br>|
| JPMorgan Chase & Co | 1.7<br>|
| Cisco Systems Inc | 1.6<br>|
| Equinix Inc | 1.5<br>|
| AbbVie Inc | 1.5<br>|
| McDonald's Corp | 1.5<br>|
| Prologis Inc | 1.5<br>|
| Johnson & Johnson | 1.2<br>|
|  | 17.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img1329_20250531_1.jpg)<br>| ![](img109713_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915915.101 1329-TSRS-0725 <br>|

---

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

<u>Principal Accountant Fees and Services</u>

Not applicable.

Item 5.

<u>Audit Committee of Listed Registrants</u>

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable

Item 7.

<u>Financial Statements and Financial Highlights for Open-End Management Investment Companies</u>

**Fidelity® Strategic Dividend & Income® Fund**

**Semi-Annual Report**

**May 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img109859_1.jpg)

![](img109859_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SDI-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Strategic Dividend & Income® Fund](#Sub_Sec_Fund_1329_SDI-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1329_SDI-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SDI-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SDI-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SDI-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SDI-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity® Strategic Dividend & Income® Fund**

**Schedule of Investments May 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Loan Obligations - 0.0%** | &nbsp;&nbsp;**Bank Loan Obligations - 0.0%** | &nbsp;&nbsp;**Bank Loan Obligations - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Polaris Newco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.2913% 6/2/2028 (b)(c)(d)<br>(Cost $1,482,611)<br>| 1487525 | **1439522** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 54.9%** | &nbsp;&nbsp;**Common Stocks - 54.9%** | &nbsp;&nbsp;**Common Stocks - 54.9%** |
|  | Shares | Value ($)<br>|
| CANADA - 2.0%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Quebecor Inc Class B  | 238000 | 6695945 |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Restaurant Brands International Inc  | 132141 | 9434310 |
| Consumer Staples - 0.6% |  |  |
| Consumer Staples Distribution & Retail - 0.6% |  |  |
| Alimentation Couche-Tard Inc  | 343657 | 17817026 |
| Metro Inc/CN  | 151500 | 11816636 |
|  |  | 29633662 |
| Energy - 1.0% |  |  |
| Oil, Gas & Consumable Fuels - 1.0% |  |  |
| Cameco Corp (United States)  | 48761 | 2853981 |
| Canadian Natural Resources Ltd  | 677604 | 20574750 |
| Imperial Oil Ltd  | 342311 | 24439562 |
| South Bow Corp  | 148312 | 3844105 |
|  |  | 51712398 |
| Industrials - 0.0% |  |  |
| Ground Transportation - 0.0% |  |  |
| Canadian Pacific Kansas City Ltd (United States)  | 15558 | 1270311 |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Capital Power Corp  | 23300 | 934309 |
| TransAlta Corp  | 242000 | 2364717 |
|  |  | 3299026 |
| TOTAL CANADA |  | 102045652 |
| CHINA - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Transportation Infrastructure - 0.0% |  |  |
| Beijing Capital International Airport Co Ltd H Shares (e) | 4260872 | 1510658 |
| FRANCE - 0.7%  |  |  |
| Consumer Staples - 0.3% |  |  |
| Food Products - 0.2% |  |  |
| Danone SA  | 101100 | 8643779 |
| Personal Care Products - 0.1% |  |  |
| L'Oreal SA  | 9400 | 3978696 |
| TOTAL CONSUMER STAPLES |  | 12622475 |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| Vallourec SACA  | 600100 | 10162836 |
| Information Technology - 0.2% |  |  |
| IT Services - 0.2% |  |  |
| Capgemini SE  | 66400 | 11026592 |
| Utilities - 0.0% |  |  |
| Multi-Utilities - 0.0% |  |  |
| Engie SA  | 74680 | 1611819 |
| TOTAL FRANCE |  | 35423722 |
| GERMANY - 0.2%  |  |  |
| Industrials - 0.2% |  |  |
| Industrial Conglomerates - 0.2% |  |  |
| Siemens AG  | 34402 | 8274483 |
| Utilities - 0.0% |  |  |
| Multi-Utilities - 0.0% |  |  |
| E.ON SE  | 98395 | 1724481 |
| TOTAL GERMANY |  | 9998964 |
| IRELAND - 0.5%  |  |  |
| Information Technology - 0.5% |  |  |
| IT Services - 0.5% |  |  |
| Accenture PLC Class A  | 80102 | 25377916 |
| ITALY - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Electrical Equipment - 0.1% |  |  |
| Prysmian SpA  | 39000 | 2508170 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Enel SpA  | 184393 | 1694942 |
| TOTAL ITALY |  | 4203112 |
| JAPAN - 0.3%  |  |  |
| Industrials - 0.3% |  |  |
| Industrial Conglomerates - 0.3% |  |  |
| Hitachi Ltd  | 634248 | 17670358 |
| KOREA (SOUTH) - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| Samsung Electronics Co Ltd  | 459738 | 18698816 |
| MEXICO - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Transportation Infrastructure - 0.1% |  |  |
| Grupo Aeroportuario del Centro Norte SAB de CV Class B ADR  | 10805 | 1072504 |
| Grupo Aeroportuario del Pacifico SAB de CV Class B ADR  | 19240 | 4420005 |
| Grupo Aeroportuario del Sureste SAB de CV Class B ADR  | 5986 | 1927612 |
| TOTAL MEXICO |  | 7420121 |
| MONACO - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Scorpio Tankers Inc  | 67700 | 2690398 |
| NETHERLANDS - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| NXP Semiconductors NV  | 110200 | 21062526 |
| SPAIN - 0.3%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Cellnex Telecom SA (f)(g) | 48211 | 1848424 |
| Industrials - 0.3% |  |  |
| Transportation Infrastructure - 0.3% |  |  |
| Aena SME SA (f)(g) | 39084 | 10517569 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Iberdrola SA  | 85808 | 1572840 |
| TOTAL SPAIN |  | 13938833 |
| TAIWAN - 1.0%  |  |  |
| Information Technology - 1.0% |  |  |
| Semiconductors & Semiconductor Equipment - 1.0% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 262074 | 50664146 |
| UNITED KINGDOM - 1.3%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Genius Sports Ltd Class A (e) | 98300 | 942697 |
| Consumer Staples - 0.3% |  |  |
| Personal Care Products - 0.3% |  |  |
| Unilever PLC  | 214200 | 13631978 |
| Health Care - 0.6% |  |  |
| Pharmaceuticals - 0.6% |  |  |
| Astrazeneca PLC ADR  | 416924 | 30364575 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Rolls-Royce Holdings PLC  | 898000 | 10450010 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.1% |  |  |
| SSE PLC  | 197858 | 4710218 |
| Multi-Utilities - 0.1% |  |  |
| National Grid PLC  | 440818 | 6215542 |
| TOTAL UTILITIES |  | 10925760 |
| TOTAL UNITED KINGDOM |  | 66315020 |
| UNITED STATES - 47.5%  |  |  |
| Communication Services - 2.5% |  |  |
| Diversified Telecommunication Services - 1.1% |  |  |
| AT&T Inc  | 117400 | 3263720 |
| Verizon Communications Inc  | 1106819 | 48655763 |
|  |  | 51919483 |
| Entertainment - 0.1% |  |  |
| Walt Disney Co/The  | 64600 | 7302384 |
| Interactive Media & Services - 0.1% |  |  |
| Alphabet Inc Class A  | 5400 | 927396 |
| Meta Platforms Inc Class A  | 3500 | 2266215 |
|  |  | 3193611 |
| Media - 0.9% |  |  |
| Comcast Corp Class A  | 1141147 | 39449452 |
| Interpublic Group of Cos Inc/The  | 340700 | 8163172 |
|  |  | 47612624 |
| Wireless Telecommunication Services - 0.3% |  |  |
| T-Mobile US Inc  | 65854 | 15949839 |
| TOTAL COMMUNICATION SERVICES |  | 125977941 |
| Consumer Discretionary - 4.3% |  |  |
| Automobiles - 0.0% |  |  |
| Tesla Inc (e) | 2800 | 970088 |
| Broadline Retail - 0.0% |  |  |
| Amazon.com Inc (e) | 10400 | 2132104 |
| Diversified Consumer Services - 0.3% |  |  |
| H&R Block Inc  | 246800 | 14055260 |
| Hotels, Restaurants & Leisure - 1.9% |  |  |
| Boyd Gaming Corp  | 19700 | 1476909 |
| Churchill Downs Inc  | 19300 | 1842571 |
| McDonald's Corp  | 233578 | 73308456 |
| Sabre Corp (e)(h) | 224800 | 566496 |
| Starbucks Corp  | 268100 | 22506995 |
|  |  | 99701427 |
| Specialty Retail - 1.8% |  |  |
| Burlington Stores Inc (e) | 75600 | 17257212 |
| Dick's Sporting Goods Inc  | 33700 | 6043758 |
| Lowe's Cos Inc  | 175554 | 39627804 |
| TJX Cos Inc/The  | 233035 | 29572142 |
|  |  | 92500916 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Columbia Sportswear Co (h) | 50300 | 3208134 |
| Tapestry Inc  | 123826 | 9726532 |
|  |  | 12934666 |
| TOTAL CONSUMER DISCRETIONARY |  | 222294461 |
| Consumer Staples - 7.3% |  |  |
| Beverages - 2.8% |  |  |
| Coca-Cola Co/The  | 1512872 | 109078071 |
| Keurig Dr Pepper Inc  | 851381 | 28665998 |
|  |  | 137744069 |
| Consumer Staples Distribution & Retail - 1.4% |  |  |
| Albertsons Cos Inc Class A  | 128400 | 2854332 |
| BJ's Wholesale Club Holdings Inc (e) | 194822 | 22055799 |
| Costco Wholesale Corp  | 6057 | 6300370 |
| Target Corp  | 191230 | 17977532 |
| Walmart Inc  | 254800 | 25153856 |
|  |  | 74341889 |
| Household Products - 2.6% |  |  |
| Procter & Gamble Co/The  | 786020 | 133536938 |
| Personal Care Products - 0.5% |  |  |
| Estee Lauder Cos Inc/The Class A  | 44700 | 2992218 |
| Kenvue Inc  | 996217 | 23779700 |
|  |  | 26771918 |
| TOTAL CONSUMER STAPLES |  | 372394814 |
| Energy - 4.4% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Archrock Inc  | 35530 | 884697 |
| Kodiak Gas Services Inc  | 61120 | 2158147 |
|  |  | 3042844 |
| Oil, Gas & Consumable Fuels - 4.3% |  |  |
| Centrus Energy Corp Class A (e) | 6819 | 865467 |
| Cheniere Energy Inc  | 26429 | 6263409 |
| Cheniere Energy Partners LP  | 11910 | 683277 |
| DHT Holdings Inc  | 1050346 | 12163007 |
| Energy Transfer LP  | 382526 | 6686554 |
| Enterprise Products Partners LP  | 8910 | 274606 |
| Exxon Mobil Corp  | 1296672 | 132649546 |
| Global Partners LP/MA  | 11410 | 599253 |
| Hess Corp  | 46800 | 6186492 |
| Hess Midstream LP Class A  | 33220 | 1229140 |
| Mach Natural Resources LP  | 55760 | 742723 |
| MPLX LP  | 67246 | 3429546 |
| Ovintiv Inc  | 8690 | 311276 |
| Phillips 66  | 127424 | 14460076 |
| Plains All American Pipeline LP  | 199418 | 3298374 |
| Shell PLC  | 302147 | 9969319 |
| Shell PLC rights (e)(i) | 302147 | 108168 |
| Sunoco LP  | 21989 | 1186087 |
| Targa Resources Corp  | 18181 | 2871325 |
| Valero Energy Corp  | 98838 | 12747137 |
| Western Midstream Partners LP  | 74719 | 2794491 |
| Williams Cos Inc/The  | 59240 | 3584612 |
|  |  | 223103885 |
| TOTAL ENERGY |  | 226146729 |
| Financials - 6.6% |  |  |
| Banks - 2.2% |  |  |
| Bank of America Corp  | 242679 | 10709424 |
| JPMorgan Chase & Co  | 45774 | 12084336 |
| M&T Bank Corp  | 116057 | 21196650 |
| PNC Financial Services Group Inc/The  | 173460 | 30149084 |
| US Bancorp  | 662600 | 28882734 |
| Wells Fargo & Co  | 122331 | 9147912 |
|  |  | 112170140 |
| Capital Markets - 1.0% |  |  |
| Blackrock Inc  | 37600 | 36843864 |
| Charles Schwab Corp/The  | 162800 | 14381752 |
|  |  | 51225616 |
| Consumer Finance - 0.5% |  |  |
| Capital One Financial Corp  | 126790 | 23982329 |
| Financial Services - 0.4% |  |  |
| Apollo Global Management Inc  | 79400 | 10376785 |
| Visa Inc Class A  | 29800 | 10882662 |
|  |  | 21259447 |
| Insurance - 2.5% |  |  |
| American Financial Group Inc/OH  | 91700 | 11368966 |
| Chubb Ltd  | 172336 | 51218259 |
| Hartford Insurance Group Inc/The  | 201736 | 26193402 |
| Marsh & McLennan Cos Inc  | 46500 | 10865190 |
| The Travelers Companies, Inc.  | 111390 | 30710223 |
|  |  | 130356040 |
| TOTAL FINANCIALS |  | 338993572 |
| Health Care - 5.5% |  |  |
| Biotechnology - 2.0% |  |  |
| AbbVie Inc  | 408000 | 75932880 |
| Gilead Sciences Inc  | 233200 | 25670656 |
|  |  | 101603536 |
| Health Care Providers & Services - 0.2% |  |  |
| UnitedHealth Group Inc  | 36904 | 11141686 |
| Life Sciences Tools & Services - 0.4% |  |  |
| Danaher Corp  | 108470 | 20598453 |
| Pharmaceuticals - 2.9% |  |  |
| Eli Lilly & Co  | 26933 | 19867666 |
| GSK PLC  | 689300 | 14002404 |
| Johnson & Johnson  | 412798 | 64070378 |
| Merck & Co Inc  | 406281 | 31218632 |
| Roche Holding AG  | 17573 | 5692726 |
| Royalty Pharma PLC Class A  | 293300 | 9643704 |
| Sanofi SA ADR  | 104255 | 5147069 |
|  |  | 149642579 |
| TOTAL HEALTH CARE |  | 282986254 |
| Industrials - 6.4% |  |  |
| Aerospace & Defense - 1.6% |  |  |
| Boeing Co (e) | 13000 | 2695160 |
| BWX Technologies Inc  | 6316 | 793289 |
| Byrna Technologies Inc (e) | 157800 | 4206948 |
| GE Aerospace  | 112875 | 27757091 |
| General Dynamics Corp  | 80400 | 22390596 |
| Huntington Ingalls Industries Inc  | 59575 | 13288800 |
| Northrop Grumman Corp  | 26602 | 12895852 |
|  |  | 84027736 |
| Building Products - 0.6% |  |  |
| Johnson Controls International plc  | 320890 | 32528619 |
| Commercial Services & Supplies - 0.5% |  |  |
| GFL Environmental Inc Subordinate Voting Shares  | 251600 | 12716126 |
| GFL Environmental Inc Subordinate Voting Shares (United States)  | 47872 | 2414185 |
| Veralto Corp  | 38190 | 3858336 |
| Waste Connections Inc (United States)  | 7657 | 1509118 |
| Waste Management Inc  | 12800 | 3084416 |
|  |  | 23582181 |
| Construction & Engineering - 0.1% |  |  |
| EMCOR Group Inc  | 1400 | 660604 |
| Ferrovial SE  | 43540 | 2216777 |
| Ferrovial SE rights (e)(i) | 43540 | 15731 |
| Quanta Services Inc  | 4984 | 1707319 |
|  |  | 4600431 |
| Electrical Equipment - 1.7% |  |  |
| AMETEK Inc  | 39900 | 7131726 |
| Eaton Corp PLC  | 180951 | 57940510 |
| GE Vernova Inc  | 48320 | 22854394 |
| Vertiv Holdings Co Class A  | 6600 | 712338 |
|  |  | 88638968 |
| Ground Transportation - 0.4% |  |  |
| Norfolk Southern Corp  | 79283 | 19592415 |
| Union Pacific Corp  | 10420 | 2309697 |
|  |  | 21902112 |
| Machinery - 0.9% |  |  |
| Chart Industries Inc (e) | 10700 | 1678402 |
| ITT Inc  | 281600 | 42392064 |
|  |  | 44070466 |
| Professional Services - 0.2% |  |  |
| KBR Inc  | 187900 | 9806501 |
| Trading Companies & Distributors - 0.4% |  |  |
| Herc Holdings Inc  | 5700 | 706800 |
| Watsco Inc  | 45080 | 19996136 |
|  |  | 20702936 |
| TOTAL INDUSTRIALS |  | 329859950 |
| Information Technology - 4.7% |  |  |
| Communications Equipment - 1.6% |  |  |
| Cisco Systems Inc  | 1279589 | 80665291 |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Insight Enterprises Inc (e) | 9500 | 1238705 |
| IT Services - 0.5% |  |  |
| Amdocs Ltd  | 274039 | 25145819 |
| Semiconductors & Semiconductor Equipment - 1.3% |  |  |
| Advanced Micro Devices Inc (e) | 20796 | 2302741 |
| Analog Devices Inc  | 188556 | 40347213 |
| Astera Labs Inc (e) | 19903 | 1805600 |
| Broadcom Inc  | 42888 | 10381898 |
| First Solar Inc (e) | 8369 | 1322972 |
| Microchip Technology Inc  | 8300 | 481732 |
| NVIDIA Corp  | 88871 | 12009138 |
|  |  | 68651294 |
| Software - 0.8% |  |  |
| Gen Digital Inc  | 286100 | 8148128 |
| Microsoft Corp  | 72267 | 33268836 |
|  |  | 41416964 |
| Technology Hardware, Storage & Peripherals - 0.5% |  |  |
| Apple Inc  | 120445 | 24191378 |
| TOTAL INFORMATION TECHNOLOGY |  | 241309451 |
| Materials - 1.4% |  |  |
| Chemicals - 0.7% |  |  |
| Linde PLC  | 74318 | 34749610 |
| Containers & Packaging - 0.6% |  |  |
| Ball Corp  | 203800 | 10919604 |
| Crown Holdings Inc  | 193332 | 19043202 |
|  |  | 29962806 |
| Metals & Mining - 0.1% |  |  |
| Freeport-McMoRan Inc  | 157258 | 6051288 |
| TOTAL MATERIALS |  | 70763704 |
| Real Estate - 0.5% |  |  |
| Health Care REITs - 0.0% |  |  |
| Welltower Inc  | 15034 | 2319446 |
| Specialized REITs - 0.5% |  |  |
| American Tower Corp  | 46690 | 10022008 |
| Lamar Advertising Co Class A  | 131468 | 15847153 |
|  |  | 25869161 |
| TOTAL REAL ESTATE |  | 28188607 |
| Utilities - 3.9% |  |  |
| Electric Utilities - 2.5% |  |  |
| Constellation Energy Corp  | 78189 | 23937562 |
| Duke Energy Corp  | 39553 | 4656179 |
| Entergy Corp  | 40682 | 3387997 |
| Evergy Inc  | 21786 | 1446808 |
| Exelon Corp  | 248305 | 10880725 |
| NextEra Energy Inc  | 500517 | 35356521 |
| PG&E Corp  | 549118 | 9269112 |
| Southern Co/The  | 171400 | 15426000 |
| TXNM Energy Inc  | 25855 | 1465720 |
| Xcel Energy Inc  | 278726 | 19538693 |
|  |  | 125365317 |
| Gas Utilities - 0.1% |  |  |
| Southwest Gas Holdings Inc  | 83900 | 6026537 |
| Suburban Propane Partners LP  | 27630 | 520549 |
|  |  | 6547086 |
| Independent Power and Renewable Electricity Producers - 0.5% |  |  |
| AES Corp/The  | 71624 | 722686 |
| Vistra Corp  | 147436 | 23673799 |
|  |  | 24396485 |
| Multi-Utilities - 0.8% |  |  |
| Ameren Corp  | 156654 | 15176640 |
| CenterPoint Energy Inc  | 84650 | 3152366 |
| NiSource Inc  | 34274 | 1355193 |
| Sempra  | 89450 | 7029876 |
| WEC Energy Group Inc  | 152667 | 16402542 |
|  |  | 43116617 |
| TOTAL UTILITIES |  | 199425505 |
| TOTAL UNITED STATES |  | 2438340988 |
| ZAMBIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| First Quantum Minerals Ltd (e) | 71900 | 1065126 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,946,414,675) |  | <br> **2816426356** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 14.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 14.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 14.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| CHINA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| indie Semiconductor Inc 3.5% 12/15/2029 (f) | 1249000 | 931004 |
| UNITED KINGDOM - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Immunocore Holdings PLC 2.5% 2/1/2030  | 1175000 | 1029653 |
| UNITED STATES - 14.0%  |  |  |
| Communication Services - 1.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| AST SpaceMobile Inc 4.25% 3/1/2032 (f) | 1514000 | 1789308 |
| Entertainment - 0.6% |  |  |
| Cinemark Holdings Inc 4.5% 8/15/2025  | 1596000 | 3766560 |
| Liberty Media Corp 2.375% 9/30/2053 (f) | 4564000 | 6517392 |
| Liberty Media Corp-Liberty Formula One 2.25% 8/15/2027  | 3606000 | 4572408 |
| Live Nation Entertainment Inc 2.875% 1/15/2030 (f) | 5327000 | 5601341 |
| Live Nation Entertainment Inc 3.125% 1/15/2029  | 3366000 | 4828527 |
| Sphere Entertainment Co 3.5% 12/1/2028  | 536000 | 704303 |
| Zynga Inc 0% 12/15/2026 (j) | 1969000 | 1996704 |
|  |  | 27987235 |
| Interactive Media & Services - 0.2% |  |  |
| Snap Inc 0% 5/1/2027 (k) | 1165000 | 1049199 |
| Snap Inc 0.125% 3/1/2028  | 2339000 | 2011540 |
| Snap Inc 0.5% 5/1/2030  | 4957000 | 4131660 |
| Snap Inc 0.75% 8/1/2026  | 746000 | 714295 |
|  |  | 7906694 |
| Media - 0.2% |  |  |
| Cable One Inc 1.125% 3/15/2028  | 1119000 | 872819 |
| Cardlytics Inc 4.25% 4/1/2029  | 542000 | 238853 |
| EchoStar Corp 3.875% 11/30/2030 pay-in-kind  | 5438302 | 5219536 |
| Liberty Broadband Corp 3.125% 3/31/2053 (f) | 4585000 | 4575579 |
| Magnite Inc 0.25% 3/15/2026  | 565000 | 542400 |
|  |  | 11449187 |
| TOTAL COMMUNICATION SERVICES |  | 49132424 |
| Consumer Discretionary - 1.8% |  |  |
| Automobile Components - 0.1% |  |  |
| LCI Industries 3% 3/1/2030 (f) | 1680000 | 1650600 |
| Patrick Industries Inc 1.75% 12/1/2028  | 965000 | 1364993 |
|  |  | 3015593 |
| Automobiles - 0.5% |  |  |
| Ford Motor Co 0% 3/15/2026 (k) | 7654000 | 7520055 |
| Lucid Group Inc 1.25% 12/15/2026 (f) | 3912000 | 3403440 |
| Lucid Group Inc 5% 4/1/2030 (f) | 3737000 | 3557250 |
| Rivian Automotive Inc 3.625% 10/15/2030  | 6790000 | 6331675 |
| Rivian Automotive Inc 4.625% 3/15/2029  | 4948000 | 5269620 |
| Winnebago Industries Inc 3.25% 1/15/2030  | 2002000 | 1752751 |
|  |  | 27834791 |
| Broadline Retail - 0.1% |  |  |
| Etsy Inc 0.125% 10/1/2026  | 2370000 | 2348670 |
| Etsy Inc 0.25% 6/15/2028  | 2250000 | 1940625 |
|  |  | 4289295 |
| Diversified Consumer Services - 0.1% |  |  |
| Stride Inc 1.125% 9/1/2027  | 1450000 | 4197025 |
| Hotels, Restaurants & Leisure - 0.7% |  |  |
| Airbnb Inc 0% 3/15/2026 (j) | 3642000 | 3492645 |
| Carnival Corp 5.75% 12/1/2027  | 3878000 | 7302274 |
| Cheesecake Factory Inc/The 2% 3/15/2030 (f) | 2851000 | 2905923 |
| Cracker Barrel Old Country Store Inc 0.625% 6/15/2026  | 1606000 | 1549767 |
| DoorDash Inc 0% 5/15/2030 (f)(j) | 2354000 | 2356189 |
| DraftKings Holdings Inc 0% 3/15/2028 (j) | 3131000 | 2767804 |
| Expedia Group Inc 0% 2/15/2026 (j) | 3060000 | 2986560 |
| NCL Corp Ltd 0.875% 4/15/2030 (f) | 1197000 | 1186526 |
| NCL Corp Ltd 1.125% 2/15/2027  | 5759000 | 5537279 |
| NCL Corp Ltd 2.5% 2/15/2027  | 1674000 | 1641357 |
| Penn Entertainment Inc 2.75% 5/15/2026  | 2772000 | 2771590 |
| Royal Caribbean Cruises Ltd 6% 8/15/2025  | 387000 | 1997694 |
| Shake Shack Inc 0% 3/1/2028 (j) | 1004000 | 1036630 |
|  |  | 37532238 |
| Household Durables - 0.1% |  |  |
| Meritage Homes Corp 1.75% 5/15/2028  | 3582000 | 3458430 |
| Leisure Products - 0.0% |  |  |
| Peloton Interactive Inc 5.5% 12/1/2029 (f) | 1222000 | 2261311 |
| Topgolf Callaway Brands Corp 2.75% 5/1/2026  | 603000 | 581593 |
|  |  | 2842904 |
| Specialty Retail - 0.2% |  |  |
| Burlington Stores Inc 1.25% 12/15/2027  | 719000 | 915647 |
| GameStop Corp 0% 4/1/2030 (f)(j) | 5139000 | 6500835 |
| RealReal Inc/The 4% 2/15/2031 (l) | 468000 | 393891 |
| Wayfair Inc 0.625% 10/1/2025  | 2300000 | 2244800 |
| Wayfair Inc 3.25% 9/15/2027  | 698000 | 729061 |
| Wayfair Inc 3.5% 11/15/2028  | 177000 | 211073 |
|  |  | 10995307 |
| TOTAL CONSUMER DISCRETIONARY |  | 94165583 |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Freshpet Inc 3% 4/1/2028  | 1376000 | 1882368 |
| Post Holdings Inc 2.5% 8/15/2027  | 2020000 | 2327040 |
|  |  | 4209408 |
| Personal Care Products - 0.0% |  |  |
| Herbalife Ltd 4.25% 6/15/2028  | 883000 | 768210 |
| TOTAL CONSUMER STAPLES |  | 4977618 |
| Energy - 0.3% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Transocean Inc 4.625% 9/30/2029  | 725000 | 740225 |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Centrus Energy Corp 2.25% 11/1/2030 (f) | 2024000 | 3140236 |
| CNX Resources Corp 2.25% 5/1/2026  | 1160000 | 2923780 |
| Northern Oil & Gas Inc 3.625% 4/15/2029  | 2650000 | 2660600 |
| Peabody Energy Corp 3.25% 3/1/2028  | 1052000 | 1075669 |
| Permian Resources Operating LLC 3.25% 4/1/2028  | 589000 | 1316121 |
| World Kinect Corp 3.25% 7/1/2028  | 1193000 | 1371831 |
|  |  | 12488237 |
| TOTAL ENERGY |  | 13228462 |
| Financials - 0.6% |  |  |
| Capital Markets - 0.2% |  |  |
| Coinbase Global Inc 0.25% 4/1/2030  | 4058000 | 4382640 |
| Coinbase Global Inc 0.5% 6/1/2026  | 4525000 | 4665275 |
|  |  | 9047915 |
| Consumer Finance - 0.1% |  |  |
| SoFi Technologies Inc 1.25% 3/15/2029 (f) | 2912000 | 4601487 |
| Upstart Holdings Inc 1% 11/15/2030 (f) | 1691000 | 1450032 |
| Upstart Holdings Inc 2% 10/1/2029 (f) | 1467000 | 1903433 |
|  |  | 7954952 |
| Financial Services - 0.3% |  |  |
| Affirm Holdings Inc 0.75% 12/15/2029 (f) | 3216000 | 3007171 |
| Global Payments Inc 1.5% 3/1/2031  | 3772000 | 3302386 |
| HAT Holdings I LLC / HAT Holdings II LLC 3.75% 8/15/2028 (f) | 1214000 | 1355431 |
| Repay Holdings Corp 2.875% 7/15/2029 (f) | 1079000 | 889096 |
| Shift4 Payments Inc 0% 12/15/2025 (k) | 2242000 | 2759902 |
| Shift4 Payments Inc 0.5% 8/1/2027  | 2580000 | 2738670 |
|  |  | 14052656 |
| Insurance - 0.0% |  |  |
| HCI Group Inc 4.75% 6/1/2042  | 377000 | 806751 |
| TOTAL FINANCIALS |  | 31862274 |
| Health Care - 2.0% |  |  |
| Biotechnology - 0.9% |  |  |
| Alnylam Pharmaceuticals Inc 1% 9/15/2027  | 4786000 | 5918084 |
| Bridgebio Pharma Inc 1.75% 3/1/2031 (f) | 1977000 | 2033799 |
| Bridgebio Pharma Inc 2.25% 2/1/2029  | 2498000 | 2238974 |
| Bridgebio Pharma Inc 2.5% 3/15/2027  | 1827000 | 2085933 |
| Cytokinetics Inc 3.5% 7/1/2027  | 3318000 | 3473569 |
| Dynavax Technologies Corp 2.5% 5/15/2026  | 125000 | 137516 |
| Exact Sciences Corp 0.375% 3/1/2028  | 796000 | 729932 |
| Exact Sciences Corp 0.375% 3/15/2027  | 713000 | 681272 |
| Exact Sciences Corp 1.75% 4/15/2031 (f) | 6903000 | 6484678 |
| Halozyme Therapeutics Inc 0.25% 3/1/2027  | 2777000 | 2825021 |
| Halozyme Therapeutics Inc 1% 8/15/2028  | 2645000 | 3144051 |
| Insmed Inc 0.75% 6/1/2028  | 1950000 | 4250781 |
| Ionis Pharmaceuticals Inc 0% 4/1/2026 (j) | 2262000 | 2228070 |
| Ionis Pharmaceuticals Inc 1.75% 6/15/2028  | 2107000 | 2107000 |
| Mirum Pharmaceuticals Inc 4% 5/1/2029  | 1102000 | 1772090 |
| Novavax Inc 5% 12/15/2027  | 437000 | 445560 |
| Sarepta Therapeutics Inc 1.25% 9/15/2027  | 3872000 | 3457753 |
| Travere Therapeutics Inc 2.25% 3/1/2029  | 1151000 | 1086314 |
|  |  | 45100397 |
| Health Care Equipment & Supplies - 0.6% |  |  |
| Alphatec Holdings Inc 0.75% 3/15/2030 (f) | 1231000 | 1316893 |
| CONMED Corp 2.25% 6/15/2027  | 1755000 | 1666197 |
| Dexcom Inc 0.375% 5/15/2028  | 4188000 | 3881920 |
| Enovis Corp 3.875% 10/15/2028  | 1685000 | 1639505 |
| Envista Holdings Corp 2.375% 6/1/2025  | 1580000 | 1576050 |
| Haemonetics Corp 2.5% 6/1/2029  | 1445000 | 1404396 |
| Insulet Corp 0.375% 9/1/2026  | 1331000 | 1958830 |
| Integer Holdings Corp 1.875% 3/15/2030 (f) | 3110000 | 3189305 |
| Integer Holdings Corp 2.125% 2/15/2028  | 451000 | 659137 |
| iRhythm Technologies Inc 1.5% 9/1/2029  | 2245000 | 2734970 |
| Lantheus Holdings Inc 2.625% 12/15/2027  | 1940000 | 2360980 |
| LeMaitre Vascular Inc 2.5% 2/1/2030 (f) | 597000 | 592223 |
| LivaNova PLC 2.5% 3/15/2029  | 1269000 | 1270650 |
| Merit Medical Systems Inc 3% 2/1/2029 (f) | 2557000 | 3245710 |
| Omnicell Inc 1% 12/1/2029 (f) | 685000 | 613417 |
| Tandem Diabetes Care Inc 1.5% 3/15/2029  | 1093000 | 1075949 |
| TransMedics Group Inc 1.5% 6/1/2028  | 1626000 | 2516258 |
|  |  | 31702390 |
| Health Care Providers & Services - 0.2% |  |  |
| Alignment Healthcare Inc 4.25% 11/15/2029 (f) | 1085000 | 1428186 |
| Guardant Health Inc 0% 11/15/2027 (k) | 1713000 | 1507440 |
| Guardant Health Inc 1.25% 2/15/2031  | 2059000 | 2114593 |
| Hims & Hers Health Inc 0% 5/15/2030 (f)(k) | 3097000 | 3488771 |
| OPKO Health Inc 3.75% 1/15/2029  | 388000 | 531074 |
|  |  | 9070064 |
| Health Care Technology - 0.1% |  |  |
| Evolent Health Inc 3.5% 12/1/2029  | 2132000 | 1673620 |
| Teladoc Health Inc 1.25% 6/1/2027  | 1843000 | 1688741 |
| Veradigm Inc 0.875% 1/1/2027  | 69000 | 74651 |
|  |  | 3437012 |
| Life Sciences Tools & Services - 0.0% |  |  |
| Repligen Corp 1% 12/15/2028  | 2497000 | 2440758 |
| Pharmaceuticals - 0.2% |  |  |
| Amphastar Pharmaceuticals Inc 2% 3/15/2029  | 1340000 | 1170995 |
| ANI Pharmaceuticals Inc 2.25% 9/1/2029 (f) | 763000 | 812016 |
| Jazz Investments I Ltd 2% 6/15/2026  | 2836000 | 2884212 |
| Jazz Investments I Ltd 3.125% 9/15/2030 (f) | 3666000 | 3909789 |
| Pacira BioSciences Inc 2.125% 5/15/2029  | 899000 | 903386 |
|  |  | 9680398 |
| TOTAL HEALTH CARE |  | 101431019 |
| Industrials - 1.2% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Axon Enterprise Inc 0.5% 12/15/2027  | 1217000 | 4019056 |
| Rocket Lab USA Inc 4.25% 2/1/2029 (f) | 1384000 | 7345351 |
| Spirit AeroSystems Inc 3.25% 11/1/2028  | 779000 | 1120299 |
| Virgin Galactic Holdings Inc 2.5% 2/1/2027 (f) | 739000 | 282666 |
|  |  | 12767372 |
| Commercial Services & Supplies - 0.1% |  |  |
| Tetra Tech Inc 2.25% 8/15/2028  | 2575000 | 2865975 |
| Construction & Engineering - 0.2% |  |  |
| Fluor Corp 1.125% 8/15/2029  | 2783000 | 3224105 |
| Granite Construction Inc 3.25% 6/15/2030 (f) | 1960000 | 2600920 |
| Granite Construction Inc 3.75% 5/15/2028  | 1363000 | 2714415 |
|  |  | 8539440 |
| Electrical Equipment - 0.1% |  |  |
| Array Technologies Inc 1% 12/1/2028  | 1606000 | 1221904 |
| Bloom Energy Corp 3% 6/1/2028  | 124000 | 156922 |
| Bloom Energy Corp 3% 6/1/2029 (f) | 3551000 | 4307363 |
| Fluence Energy Inc 2.25% 6/15/2030 (f) | 549000 | 296239 |
| Stem Inc 4.25% 4/1/2030 (f) | 1120000 | 270872 |
| Sunrun Inc 4% 3/1/2030  | 1649000 | 1141933 |
|  |  | 7395233 |
| Ground Transportation - 0.3% |  |  |
| Lyft Inc 0.625% 3/1/2029  | 2622000 | 2771454 |
| Uber Technologies Inc 0% 12/15/2025 (k) | 3959000 | 4467732 |
| Uber Technologies Inc 0.875% 12/1/2028  | 5986000 | 7973352 |
|  |  | 15212538 |
| Machinery - 0.1% |  |  |
| Greenbrier Cos Inc/The 2.875% 4/15/2028  | 698000 | 734854 |
| Middleby Corp/The 1% 9/1/2025  | 2555000 | 2934929 |
|  |  | 3669783 |
| Passenger Airlines - 0.1% |  |  |
| American Airlines Group Inc 6.5% 7/1/2025  | 2445000 | 2444501 |
| JetBlue Airways Corp 2.5% 9/1/2029 (f) | 1877000 | 1947056 |
|  |  | 4391557 |
| Professional Services - 0.1% |  |  |
| CSG Systems International Inc 3.875% 9/15/2028  | 1365000 | 1554676 |
| Parsons Corp 2.625% 3/1/2029  | 4522000 | 4637311 |
|  |  | 6191987 |
| TOTAL INDUSTRIALS |  | 61033885 |
| Information Technology - 4.8% |  |  |
| Communications Equipment - 0.2% |  |  |
| Lumentum Holdings Inc 0.5% 12/15/2026  | 3653000 | 3903231 |
| Lumentum Holdings Inc 0.5% 6/15/2028  | 3921000 | 3754357 |
| Lumentum Holdings Inc 1.5% 12/15/2029  | 2086000 | 2670079 |
|  |  | 10327667 |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Advanced Energy Industries Inc 2.5% 9/15/2028  | 1095000 | 1227933 |
| Itron Inc 1.375% 7/15/2030 (f) | 1321000 | 1449237 |
| Mirion Technologies Inc 0.25% 6/1/2030 (f) | 1020000 | 1095480 |
| OSI Systems Inc 2.25% 8/1/2029 (f) | 1204000 | 1607340 |
| PAR Technology Corp 1% 1/15/2030 (f) | 3464000 | 3344839 |
| PAR Technology Corp 1.5% 10/15/2027  | 98000 | 109341 |
| Vishay Intertechnology Inc 2.25% 9/15/2030  | 2080000 | 1798160 |
|  |  | 10632330 |
| IT Services - 0.6% |  |  |
| Akamai Technologies Inc 0.25% 5/15/2033 (f) | 3600000 | 3607200 |
| Akamai Technologies Inc 0.375% 9/1/2027  | 3952000 | 3799980 |
| Akamai Technologies Inc 1.125% 2/15/2029  | 4360000 | 4074420 |
| Applied Digital Corp 2.75% 6/1/2030 (f) | 1534000 | 1363919 |
| Cloudflare Inc 0% 8/15/2026 (j) | 4537000 | 5042876 |
| Snowflake Inc 0% 10/1/2027 (f)(k) | 4017000 | 5732259 |
| Snowflake Inc 0% 10/1/2029 (f)(k) | 4021000 | 5900818 |
|  |  | 29521472 |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| Impinj Inc 1.125% 5/15/2027  | 907000 | 1145445 |
| MACOM Technology Solutions Holdings Inc 0% 12/15/2029 (f)(k) | 1119000 | 1110048 |
| MACOM Technology Solutions Holdings Inc 0.25% 3/15/2026  | 547000 | 818859 |
| Microchip Technology Inc 0.75% 6/1/2030 (f) | 4139000 | 3948606 |
| MKS Inc 1.25% 6/1/2030  | 8246000 | 7537608 |
| ON Semiconductor Corp 0% 5/1/2027 (j) | 4828000 | 5208446 |
| ON Semiconductor Corp 0.5% 3/1/2029  | 6788000 | 5898772 |
| Penguin Solutions Inc 2% 8/15/2030 (f) | 605000 | 557205 |
| Semtech Corp 1.625% 11/1/2027  | 1075000 | 1367938 |
| Synaptics Inc 0.75% 12/1/2031 (f) | 2453000 | 2228551 |
| Veeco Instruments Inc 2.875% 6/1/2029  | 727000 | 755971 |
| Wolfspeed Inc 1.75% 5/1/2026  | 879000 | 158220 |
| Wolfspeed Inc 1.875% 12/1/2029  | 13088000 | 2355840 |
|  |  | 33091509 |
| Software - 2.7% |  |  |
| Alkami Technology Inc 1.5% 3/15/2030 (f) | 918000 | 1046061 |
| Bentley Systems Inc 0.125% 1/15/2026  | 2087000 | 2053608 |
| Bentley Systems Inc 0.375% 7/1/2027  | 2260000 | 2090500 |
| BILL Holdings Inc 0% 4/1/2030 (f)(j) | 7563000 | 6288635 |
| BlackLine Inc 1% 6/1/2029 (f) | 3606000 | 3802166 |
| Box Inc 0% 1/15/2026 (j) | 666000 | 977688 |
| Box Inc 1.5% 9/15/2029 (f) | 1678000 | 1791265 |
| Cerence Inc 1.5% 7/1/2028  | 630000 | 438359 |
| Cleanspark Inc 0% 6/15/2030 (f)(j) | 2209000 | 1893148 |
| Confluent Inc 0% 1/15/2027 (k) | 3183000 | 2936318 |
| Core Scientific Inc 0% 6/15/2031 (f)(j) | 3570000 | 3320100 |
| Core Scientific Inc 3% 9/1/2029 (f) | 1601000 | 2041275 |
| Datadog Inc 0% 12/1/2029 (f)(k) | 6959000 | 6450993 |
| Dropbox Inc 0% 3/1/2026 (k) | 1297000 | 1288570 |
| Dropbox Inc 0% 3/1/2028 (k) | 2404000 | 2449676 |
| Five9 Inc 1% 3/15/2029  | 2896000 | 2509384 |
| Guidewire Software Inc 1.25% 11/1/2029 (f) | 2326000 | 2616750 |
| InterDigital Inc 3.5% 6/1/2027  | 1537000 | 4346636 |
| LivePerson Inc 0% 12/15/2026 (j) | 1421000 | 547084 |
| MARA Holdings Inc 0% 3/1/2030 (f)(k) | 3566000 | 3040015 |
| MARA Holdings Inc 0% 6/1/2031 (f)(k) | 3554000 | 2903618 |
| MARA Holdings Inc 2.125% 9/1/2031 (f) | 900000 | 881460 |
| MicroStrategy Inc 0% 12/1/2029 (f)(j) | 10261000 | 9215829 |
| MicroStrategy Inc 0% 3/1/2030 (f)(k) | 7829000 | 8573333 |
| MicroStrategy Inc 0.625% 3/15/2030  | 2965000 | 7608944 |
| MicroStrategy Inc 0.625% 9/15/2028 (f) | 3523000 | 7620970 |
| MicroStrategy Inc 0.875% 3/15/2031  | 2078000 | 3620206 |
| MicroStrategy Inc 2.25% 6/15/2032 (f) | 2612000 | 5167280 |
| Nutanix Inc 0.25% 10/1/2027  | 1989000 | 2812691 |
| Pagaya Technologies Ltd 6.125% 10/1/2029 (f) | 491000 | 718726 |
| PagerDuty Inc 1.5% 10/15/2028  | 1419000 | 1319670 |
| Porch Group Inc 6.75% 10/1/2028 (f) | 1020000 | 971388 |
| Progress Software Corp 1% 4/15/2026  | 1226000 | 1433740 |
| Progress Software Corp 3.5% 3/1/2030  | 2004000 | 2302509 |
| Q2 Holdings Inc 0.75% 6/1/2026  | 1625000 | 1860625 |
| Rapid7 Inc 0.25% 3/15/2027  | 130000 | 119438 |
| Rapid7 Inc 1.25% 3/15/2029  | 962000 | 830302 |
| Riot Platforms Inc 0.75% 1/15/2030 (f) | 2952000 | 2549938 |
| Terawulf Inc 2.75% 2/1/2030 (f) | 1742000 | 1257911 |
| Tyler Technologies Inc 0.25% 3/15/2026  | 1941000 | 2364138 |
| Uber Technologies Inc 0% 5/15/2028 (f)(j) | 2530000 | 2847515 |
| Unity Software Inc 0% 3/15/2030 (f)(k) | 5296000 | 5505192 |
| Varonis Systems Inc 1% 9/15/2029 (f) | 3820000 | 3791350 |
| Varonis Systems Inc 1.25% 8/15/2025  | 878000 | 1358705 |
| Vertex Inc 0.75% 5/1/2029  | 1202000 | 1550341 |
| Workiva Inc 1.25% 8/15/2028  | 3207000 | 2972889 |
| Zscaler Inc 0.125% 7/1/2025  | 330000 | 601094 |
|  |  | 134688033 |
| Technology Hardware, Storage & Peripherals - 0.5% |  |  |
| Seagate HDD Cayman 3.5% 6/1/2028  | 5922000 | 8964215 |
| Super Micro Computer Inc 2.25% 7/15/2028 (f) | 2503000 | 2734582 |
| Super Micro Computer Inc 3.5% 3/1/2029  | 5518000 | 5542831 |
| Western Digital Corp 3% 11/15/2028  | 6278000 | 9492337 |
|  |  | 26733965 |
| TOTAL INFORMATION TECHNOLOGY |  | 244994976 |
| Materials - 0.2% |  |  |
| Chemicals - 0.0% |  |  |
| PureCycle Technologies Inc 7.25% 8/15/2030  | 451000 | 450530 |
| Metals & Mining - 0.2% |  |  |
| MP Materials Corp 3% 3/1/2030 (f) | 2881000 | 3710728 |
| United States Steel Corp 5% 11/1/2026  | 1258000 | 5032000 |
|  |  | 8742728 |
| TOTAL MATERIALS |  | 9193258 |
| Real Estate - 0.6% |  |  |
| Health Care REITs - 0.3% |  |  |
| Ventas Realty LP 3.75% 6/1/2026  | 4094000 | 4974210 |
| Welltower OP LLC 2.75% 5/15/2028 (f) | 6450000 | 10565100 |
|  |  | 15539310 |
| Industrial REITs - 0.1% |  |  |
| Rexford Industrial Realty LP 4.125% 3/15/2029 (f) | 1997000 | 1950071 |
| Rexford Industrial Realty LP 4.375% 3/15/2027 (f) | 1990000 | 1967115 |
|  |  | 3917186 |
| Office REITs - 0.0% |  |  |
| COPT Defense Properties LP 5.25% 9/15/2028 (f) | 1214000 | 1354028 |
| Real Estate Management & Development - 0.1% |  |  |
| Redfin Corp 0.5% 4/1/2027  | 6426000 | 5711429 |
| Retail REITs - 0.0% |  |  |
| Federal Realty OP LP 3.25% 1/15/2029 (f) | 950000 | 944774 |
| Specialized REITs - 0.1% |  |  |
| Digital Realty Trust LP 1.875% 11/15/2029 (f) | 4740000 | 5003070 |
| TOTAL REAL ESTATE |  | 32469797 |
| Utilities - 1.4% |  |  |
| Electric Utilities - 1.0% |  |  |
| Alliant Energy Corp 3.25% 5/30/2028 (f) | 1757000 | 1763801 |
| Alliant Energy Corp 3.875% 3/15/2026  | 1880000 | 1963129 |
| Duke Energy Corp 4.125% 4/15/2026  | 5850000 | 6209775 |
| Evergy Inc 4.5% 12/15/2027  | 3824000 | 4379587 |
| FirstEnergy Corp 4% 5/1/2026  | 5033000 | 5128627 |
| NextEra Energy Capital Holdings Inc 3% 3/1/2027  | 2866000 | 3284435 |
| NRG Energy Inc 2.75% 6/1/2048  | 833000 | 3187557 |
| PG&E Corp 4.25% 12/1/2027  | 7443000 | 7722113 |
| PPL Capital Funding Inc 2.875% 3/15/2028  | 3479000 | 3804287 |
| Southern Co/The 3.25% 6/15/2028 (f) | 5643000 | 5626071 |
| Southern Co/The 3.875% 12/15/2025  | 3494000 | 3803918 |
| Southern Co/The 4.5% 6/15/2027  | 5104000 | 5562600 |
|  |  | 52435900 |
| Gas Utilities - 0.0% |  |  |
| UGI Corp 5% 6/1/2028 (f) | 1923000 | 2616241 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Ormat Technologies Inc 2.5% 7/15/2027  | 1115000 | 1167405 |
| Sunnova Energy International Inc 0.25% 12/1/2026  | 4855000 | 145650 |
| XPLR Infrastructure LP 0% 11/15/2025 (f)(k) | 2092000 | 2016270 |
|  |  | 3329325 |
| Multi-Utilities - 0.2% |  |  |
| CenterPoint Energy Inc 4.25% 8/15/2026  | 2332000 | 2561702 |
| CMS Energy Corp 3.375% 5/1/2028  | 1326000 | 1422798 |
| WEC Energy Group Inc 4.375% 6/1/2027 (f) | 2896000 | 3344880 |
| WEC Energy Group Inc 4.375% 6/1/2029 (f) | 2813000 | 3315121 |
|  |  | 10644501 |
| Water Utilities - 0.1% |  |  |
| American Water Capital Corp 3.625% 6/15/2026  | 4269000 | 4320228 |
| TOTAL UTILITIES |  | 73346195 |
| TOTAL UNITED STATES |  | 715835491 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $660,929,790) |  | <br> **717796148** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 2.6%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.6%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.6%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 2.6%  |  |  |
| Financials - 1.2% |  |  |
| Banks - 0.6% |  |  |
| Bank of America Corp Series L, 7.25%  | 10562 | 12265651 |
| Wells Fargo & Co Series L, 7.5%  | 13730 | 15600150 |
|  |  | 27865801 |
| Capital Markets - 0.4% |  |  |
| Ares Management Corp 6.75% Series B  | 119270 | 6252133 |
| KKR & Co Inc Series D 6.25%  | 194000 | 9715520 |
|  |  | 15967653 |
| Financial Services - 0.2% |  |  |
| Apollo Global Management Inc Series A, 6.75%  | 108600 | 7593965 |
| Shift4 Payments Inc Series A 6%  | 31200 | 3493464 |
|  |  | 11087429 |
| TOTAL FINANCIALS |  | 54920883 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| BrightSpring Health Services Inc 6.75%  | 27900 | 2315901 |
| Industrials - 0.5% |  |  |
| Aerospace & Defense - 0.5% |  |  |
| Boeing Co Series A, 6%  | 389900 | 26439119 |
| Trading Companies & Distributors - 0.0% |  |  |
| QXO Inc Series B 5.5%  | 22900 | 1180495 |
| TOTAL INDUSTRIALS |  | 27619614 |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Microchip Technology Inc 7.5%  | 111400 | 6165990 |
| Software - 0.1% |  |  |
| MicroStrategy Inc 8%  | 38400 | 3951360 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Hewlett Packard Enterprise Co 7.625%  | 102500 | 5244925 |
| TOTAL INFORMATION TECHNOLOGY |  | 15362275 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Albemarle Corp 7.25%  | 157800 | 4517814 |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.5% |  |  |
| NextEra Energy Inc 6.926%  | 144424 | 5792847 |
| NextEra Energy Inc 7.234%  | 89800 | 3988916 |
| NextEra Energy Inc 7.299%  | 146200 | 6926956 |
| PG&E Corp Series A, 6%  | 206200 | 8905778 |
|  |  | 25614497 |
| Multi-Utilities - 0.0% |  |  |
| CenterPoint Energy Inc 0% (e)(l) | 39500 | 1847905 |
| TOTAL UTILITIES |  | 27462402 |
| TOTAL UNITED STATES |  | 132198889 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $123,636,896) |  | <br> **132198889** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 14.4%** | &nbsp;&nbsp;**Domestic Equity Funds - 14.4%** | &nbsp;&nbsp;**Domestic Equity Funds - 14.4%** |
|  | Shares | Value ($)<br>|
| Fidelity Real Estate Equity Central Fund (m)<br>(Cost $615,189,377)<br>| 5417267 | **736802499** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 1.0%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 1.0%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 1.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| CANADA - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Enbridge Inc 7.2% 6/27/2054 (b) | 9785000 | 9830033 |
| TransCanada PipeLines Ltd 7% 6/1/2065 (b) | 1839000 | 1820845 |
|  |  | 11650878 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Royal Bank of Canada 6.35% 11/24/2084 (b) | 906000 | 851341 |
| TOTAL CANADA |  | 12502219 |
| IRELAND - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Consumer Finance - 0.1% |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.5% 1/31/2056 (b) | 2947000 | 2904799 |
| UNITED STATES - 0.7%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Match Group Holdings II LLC 3.625% 10/1/2031 (f) | 4235000 | 3703898 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Energy Transfer LP 8% 5/15/2054 (b) | 1045000 | 1095358 |
| Financials - 0.2% |  |  |
| Financial Services - 0.2% |  |  |
| ILFC E-Capital Trust I CME Term SOFR 3 month Index + 1.8116%, 6.117% 12/21/2065 (b)(d)(f) | 14050000 | 11606826 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Wolfspeed Inc 7.9583% 6/23/2030 (f)(l)(n)(o) | 1444061 | 1389909 |
| Utilities - 0.4% |  |  |
| Electric Utilities - 0.3% |  |  |
| Evergy Inc 6.65% 6/1/2055 (b) | 3000000 | 2969480 |
| NextEra Energy Capital Holdings Inc 6.375% 8/15/2055 (b) | 2747000 | 2750415 |
| PacifiCorp 7.375% 9/15/2055 (b) | 1105000 | 1124259 |
| PG&E Corp 7.375% 3/15/2055 (b) | 1380000 | 1351317 |
| Southern Co/The 4% 1/15/2051 (b) | 5900000 | 5848749 |
| Southern Co/The 6.375% 3/15/2055 (b) | 1845000 | 1875103 |
|  |  | 15919323 |
| Multi-Utilities - 0.1% |  |  |
| CMS Energy Corp 3.75% 12/1/2050 (b) | 450000 | 394028 |
| Dominion Energy Inc 6.625% 5/15/2055 (b) | 4000000 | 4004677 |
|  |  | 4398705 |
| TOTAL UTILITIES |  | 20318028 |
| TOTAL UNITED STATES |  | 38114019 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $52,434,648) |  | <br> **53521037** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 7.7%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 7.7%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 7.7%** |
|  | Shares | Value ($)<br>|
| BERMUDA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| PartnerRe Ltd 4.875%  | 6409 | 109645 |
| RenaissanceRe Holdings Ltd 5.75%  | 11977 | 254272 |
| RenaissanceRe Holdings Ltd Series G, 4.2%  | 116700 | 1814685 |
| TOTAL BERMUDA |  | 2178602 |
| CANADA - 0.2%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Enbridge Inc Series L, 5 year U.S. Treasury Index + 3.15%, 4.959% (b)(d) | 57500 | 1313875 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Brookfield Finance Inc 4.625%  | 6236 | 100836 |
| Industrials - 0.1% |  |  |
| Electrical Equipment - 0.1% |  |  |
| Brookfield BRP Holdings Canada Inc 4.625%  | 52076 | 764996 |
| Brookfield BRP Holdings Canada Inc 7.25%  | 81000 | 1892160 |
|  |  | 2657156 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Brookfield Infrastructure Finance ULC 5%  | 36400 | 582400 |
| Brookfield Infrastructure Finance ULC 7.25%  | 81600 | 1893937 |
|  |  | 2476337 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Brookfield Renewable Partners LP 5.25%  | 121600 | 2131648 |
| Multi-Utilities - 0.0% |  |  |
| Brookfield Infrastructure Partners LP 5.125%  | 50623 | 860591 |
| Brookfield Infrastructure Partners LP Series A, 5%  | 58810 | 970365 |
|  |  | 1830956 |
| TOTAL UTILITIES |  | 6438941 |
| TOTAL CANADA |  | 10510808 |
| NETHERLANDS - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Insurance - 0.1% |  |  |
| AEGON Funding Co LLC 5.1%  | 228987 | 4451507 |
| UNITED STATES - 7.4%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| AT&T Inc 4.75%  | 265600 | 5051712 |
| AT&T Inc 5.35%  | 274600 | 6067287 |
| AT&T Inc Series A, 5%  | 112500 | 2244375 |
|  |  | 13363374 |
| Consumer Discretionary - 0.2% |  |  |
| Automobiles - 0.2% |  |  |
| Ford Motor Co 6%  | 158475 | 3283602 |
| Ford Motor Co 6.2%  | 153525 | 3174897 |
| Ford Motor Co 6.5%  | 130300 | 2839237 |
|  |  | 9297736 |
| Leisure Products - 0.0% |  |  |
| Brunswick Corp/DE 6.375%  | 7300 | 170017 |
| TOTAL CONSUMER DISCRETIONARY |  | 9467753 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Summit Midstream Corp 3 month U.S. LIBOR + 7.43%, 12.2837% (b)(d) | 191 | 299457 |
| Financials - 5.3% |  |  |
| Banks - 2.6% |  |  |
| Bank of America Corp 4.25%  | 382571 | 6369807 |
| Bank of America Corp 4.375%  | 417316 | 7173663 |
| Bank of America Corp 4.75%  | 62624 | 1175452 |
| Bank of America Corp 5%  | 338910 | 6622302 |
| Bank of America Corp Series HH, 5.875%  | 29390 | 690077 |
| Bank of America Corp Series KK, 5.375%  | 210714 | 4399708 |
| Bank of America Corp Series PP, 4.125%  | 316223 | 5119650 |
| JPMorgan Chase & Co 4.55%  | 676640 | 12734365 |
| JPMorgan Chase & Co 4.625%  | 630600 | 12019236 |
| JPMorgan Chase & Co 4.75%  | 239405 | 4730643 |
| JPMorgan Chase & Co 5.75%  | 284061 | 6794739 |
| JPMorgan Chase & Co Series MM, 4.2%  | 777300 | 13734891 |
| M&T Bank Corp Series J, 7.5%  | 82800 | 2161908 |
| Truist Financial Corp 4.75%  | 300988 | 5577308 |
| Truist Financial Corp 5.25%  | 101500 | 2113230 |
| US Bancorp 4.5%  | 94100 | 1764375 |
| US Bancorp Series K, 5.5%  | 91500 | 2075220 |
| US Bancorp Series L, 3.75%  | 137300 | 2069111 |
| US Bancorp Series M, 4%  | 219167 | 3562560 |
| Wells Fargo & Co 4.25%  | 341842 | 5633556 |
| Wells Fargo & Co 4.7%  | 278439 | 5045315 |
| Wells Fargo & Co Series CC, 4.375%  | 205590 | 3477555 |
| Wells Fargo & Co Series Y, 5.625%  | 76610 | 1694230 |
| Wells Fargo & Co Series Z, 4.75%  | 662965 | 12165408 |
|  |  | 128904309 |
| Capital Markets - 1.2% |  |  |
| Affiliated Managers Group Inc 4.75%  | 61900 | 1013303 |
| Affiliated Managers Group Inc 5.875%  | 68400 | 1403568 |
| Affiliated Managers Group Inc 6.75%  | 74700 | 1730799 |
| Bank of New York Mellon Corp/The 5 year U.S. Treasury Index + 2.161%, 6.15% (b)(d) | 113800 | 2885968 |
| Brookfield Oaktree Holdings LLC Series A, 6.625%  | 96640 | 2029440 |
| Brookfield Oaktree Holdings LLC Series B, 6.55%  | 129486 | 2772295 |
| Charles Schwab Corp/The 4.45%  | 183100 | 3416646 |
| Charles Schwab Corp/The 5.95%  | 83954 | 2056033 |
| KKR & Co Inc 6.875%  | 41800 | 1048762 |
| Morgan Stanley 3 month U.S. LIBOR + 0%, 6.875% (b)(d) | 7038 | 178202 |
| Morgan Stanley 3 month U.S. LIBOR + 3.708%, 6.375% (b)(d) | 237630 | 5850451 |
| Morgan Stanley 5.85% (b) | 376200 | 8633791 |
| Morgan Stanley 6.5%  | 111600 | 2854728 |
| Morgan Stanley 6.625%  | 306800 | 7878624 |
| Morgan Stanley Series E, 7.125% (b) | 22900 | 583950 |
| Morgan Stanley Series L, 4.875%  | 149582 | 2939286 |
| Morgan Stanley Series O, 4.25%  | 339200 | 5749440 |
| Northern Trust Corp Series E, 4.7%  | 173700 | 3383676 |
| State Street Corp 5.35% (b) | 112600 | 2508728 |
| Stifel Financial Corp Series D, 4.5%  | 105200 | 1765256 |
|  |  | 60682946 |
| Financial Services - 0.3% |  |  |
| Apollo Global Management Inc 7.625% (b) | 109800 | 2836134 |
| Carlyle Finance LLC 4.625%  | 120300 | 2039085 |
| Corebridge Financial Inc 6.375%  | 143700 | 3276360 |
| Equitable Holdings Inc 4.3%  | 71699 | 1182317 |
| Equitable Holdings Inc Series A, 5.25%  | 176251 | 3491532 |
| KKR Group Finance Co IX LLC 4.625%  | 92763 | 1632629 |
| Voya Financial Inc 5.35% (b) | 6206 | 149688 |
|  |  | 14607745 |
| Insurance - 1.2% |  |  |
| Allstate Corp/The 5.1%  | 380100 | 7879473 |
| Allstate Corp/The Series I, 4.75%  | 114400 | 2177032 |
| Allstate Corp/The Series J, 7.375%  | 31100 | 827571 |
| American Financial Group Inc/OH 4.5%  | 133700 | 2165940 |
| American Financial Group Inc/OH 5.625%  | 34400 | 685248 |
| American Financial Group Inc/OH 5.875%  | 33000 | 692340 |
| Arch Capital Group Ltd 5.45%  | 69300 | 1416492 |
| Arch Capital Group Ltd Series G, 4.55%  | 125300 | 2117570 |
| Athene Holding Ltd 7.25% (b) | 130100 | 3219975 |
| Athene Holding Ltd 7.75% (b) | 124500 | 3164790 |
| Athene Holding Ltd Series A, 6.35% (b) | 195173 | 4565096 |
| Athene Holding Ltd Series B, 5.625%  | 55244 | 1075048 |
| Athene Holding Ltd Series C, 6.375% (b) | 36871 | 929149 |
| Athene Holding Ltd Series D, 4.875%  | 311200 | 5262393 |
| Axis Capital Holdings Ltd 5.5%  | 106200 | 2124000 |
| Enstar Group Ltd 7% (b) | 78200 | 1685210 |
| F&G Annuities & Life Inc 7.3%  | 71800 | 1669349 |
| Hartford Insurance Group Inc/The 6%  | 1695 | 42171 |
| Lincoln National Corp Series D, 9%  | 67100 | 1796603 |
| MetLife Inc 5.625%  | 151800 | 3541494 |
| MetLife Inc Series F, 4.75%  | 228300 | 4429020 |
| Prudential Financial Inc 4.125%  | 132400 | 2253448 |
| Prudential Financial Inc 5.625%  | 88346 | 2029308 |
| Prudential Financial Inc 5.95%  | 22971 | 569451 |
| Reinsurance Group of America Inc 5.75% (b) | 44984 | 1110205 |
| Reinsurance Group of America Inc 7.125% (b) | 75046 | 1933185 |
| W R Berkley Corp 4.125%  | 74956 | 1181307 |
| W R Berkley Corp 4.25%  | 66315 | 1069661 |
| W R Berkley Corp 5.1%  | 91500 | 1747650 |
|  |  | 63360179 |
| TOTAL FINANCIALS |  | 267555179 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| MicroStrategy Inc Series A, 10%  | 9200 | 951280 |
| Real Estate - 0.4% |  |  |
| Hotel & Resort REITs - 0.0% |  |  |
| Pebblebrook Hotel Trust 6.375%  | 40902 | 737054 |
| Summit Hotel Properties Inc Series E, 6.25%  | 19300 | 357050 |
| Summit Hotel Properties Inc Series F, 5.875%  | 63698 | 1136372 |
| Sunstone Hotel Investors Inc Series H, 6.125%  | 18300 | 376980 |
|  |  | 2607456 |
| Retail REITs - 0.0% |  |  |
| Kimco Realty Corp 5.125%  | 7601 | 150188 |
| Specialized REITs - 0.4% |  |  |
| Public Storage Operating Co 3.875%  | 91695 | 1417605 |
| Public Storage Operating Co 3.95%  | 91500 | 1436550 |
| Public Storage Operating Co 4%  | 205000 | 3259500 |
| Public Storage Operating Co 4%  | 137300 | 2188562 |
| Public Storage Operating Co Series I, 4.875%  | 68600 | 1331149 |
| Public Storage Operating Co Series J, 4.7%  | 77800 | 1468864 |
| Public Storage Operating Co Series K, 4.75%  | 68600 | 1287622 |
| Public Storage Operating Co Series L, 4.625%  | 164700 | 3084008 |
| Public Storage Operating Co Series MM, 4.125%  | 64100 | 1060854 |
| Public Storage Operating Co Series O, 3.9%  | 96794 | 1502243 |
| Public Storage Operating Co Series S, 4.1%  | 95915 | 1559578 |
|  |  | 19596535 |
| TOTAL REAL ESTATE |  | 22354179 |
| Utilities - 1.2% |  |  |
| Electric Utilities - 0.8% |  |  |
| Duke Energy Corp 5.625%  | 207121 | 5105533 |
| Entergy Arkansas LLC 4.875%  | 103500 | 2114505 |
| Entergy Louisiana LLC 4.875%  | 53695 | 1090009 |
| Entergy Mississippi LLC 4.9%  | 25300 | 516372 |
| Entergy New Orleans LLC 5.5%  | 121017 | 2637505 |
| Georgia Power Co 5%  | 36600 | 806664 |
| NextEra Energy Capital Holdings Inc 5.65%  | 105300 | 2351349 |
| SCE Trust II 5.1%  | 165557 | 2912148 |
| SCE Trust VII 7.5%  | 137300 | 3151035 |
| Southern Co/The 4.2%  | 579359 | 10075053 |
| Southern Co/The 5.25%  | 120462 | 2539339 |
| Southern Co/The Series A, 4.95%  | 320038 | 6359155 |
| Southern Co/The Series A, 6.5%  | 137185 | 3489986 |
|  |  | 43148653 |
| Multi-Utilities - 0.4% |  |  |
| CMS Energy Corp 5.625%  | 39631 | 830666 |
| CMS Energy Corp 5.875%  | 144543 | 3210300 |
| CMS Energy Corp 5.875%  | 57830 | 1284404 |
| DTE Energy Co 4.375%  | 281600 | 4829440 |
| DTE Energy Co 4.375%  | 99586 | 1710887 |
| DTE Energy Co 5.25%  | 68600 | 1466668 |
| SCE Trust VI 5%  | 195900 | 3331280 |
| Sempra 5.75%  | 174000 | 3694020 |
|  |  | 20357665 |
| TOTAL UTILITIES |  | 63506318 |
| TOTAL UNITED STATES |  | 377497540 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $438,353,794) |  | <br> **394638457** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 4.7%** | &nbsp;&nbsp;**Preferred Securities - 4.7%** | &nbsp;&nbsp;**Preferred Securities - 4.7%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| FRANCE - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| BNP Paribas SA 7.375% (b)(f)(p) | 1085000 | 1109860 |
| GERMANY - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Insurance - 0.1% |  |  |
| Allianz SE 3.2% (b)(f)(p) | 3000000 | 2587130 |
| UNITED KINGDOM - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Barclays PLC 7.625% (b)(p) | 595000 | 588672 |
| UNITED STATES - 4.6%  |  |  |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| BP Capital Markets PLC 6.125% (b)(p) | 2000000 | 2023282 |
| Energy Transfer LP 6.625% (b)(p) | 18255000 | 18323282 |
| Plains All American Pipeline LP CME Term SOFR 3 month Index + 4.3716%, 8.6979% (b)(d)(p) | 740000 | 738005 |
|  |  | 21084569 |
| Financials - 3.8% |  |  |
| Banks - 2.9% |  |  |
| Bank of America Corp 4.375% (b)(p) | 7640000 | 7430475 |
| Bank of America Corp 5.875% (b)(p) | 3490000 | 3554098 |
| Bank of America Corp 6.125% (b)(p) | 3485000 | 3528971 |
| Bank of America Corp 6.625% (b)(p) | 16000000 | 16348667 |
| Citigroup Inc 6.95% (b)(p) | 1790000 | 1810989 |
| JPMorgan Chase & Co 3.65% (b)(p) | 14650000 | 14417538 |
| JPMorgan Chase & Co 6.5% (b)(p) | 39675000 | 40644335 |
| JPMorgan Chase & Co 6.875% (b)(p) | 2320000 | 2456990 |
| JPMorgan Chase & Co CME Term SOFR 3 month Index + 2.745%, 7.0426% (b)(d)(p) | 23820000 | 24109278 |
| PNC Financial Services Group Inc/The 3.4% (b)(p) | 9755000 | 9353953 |
| PNC Financial Services Group Inc/The 5% (b)(p) | 3475000 | 3464380 |
| Truist Financial Corp 4.95% (b)(p) | 2380000 | 2423014 |
| Truist Financial Corp 5.1% (b)(p) | 6850000 | 6747862 |
| Wells Fargo & Co 3.9% (b)(p) | 12265000 | 12174938 |
|  |  | 148465488 |
| Capital Markets - 0.5% |  |  |
| Bank of New York Mellon Corp/The 3.75% (b)(p) | 8500000 | 8243671 |
| Charles Schwab Corp/The 4% (b)(p) | 4220000 | 3850113 |
| Charles Schwab Corp/The 5% (b)(p) | 3270000 | 3291585 |
| Goldman Sachs Group Inc/The 6.85% (b)(p) | 1515000 | 1564043 |
| Morgan Stanley 5.875% (b)(p) | 3450000 | 3427162 |
| Northern Trust Corp 4.6% (b)(p) | 4100000 | 4091177 |
|  |  | 24467751 |
| Consumer Finance - 0.3% |  |  |
| Ally Financial Inc 4.7% (b)(p) | 4915000 | 4303791 |
| Ally Financial Inc 4.7% (b)(p) | 6075000 | 5752706 |
| American Express Co 3.55% (b)(p) | 6290000 | 6129907 |
|  |  | 16186404 |
| Insurance - 0.1% |  |  |
| MetLife Inc 3.85% (b)(p) | 4400000 | 4395637 |
| TOTAL FINANCIALS |  | 193515280 |
| Industrials - 0.1% |  |  |
| Trading Companies & Distributors - 0.1% |  |  |
| Air Lease Corp 6% (b)(p) | 1470000 | 1444461 |
| Aircastle Ltd 5.25% (b)(f)(p) | 5870000 | 5892669 |
|  |  | 7337130 |
| Utilities - 0.3% |  |  |
| Electric Utilities - 0.0% |  |  |
| Edison International 5% (b)(p) | 2230000 | 2013541 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Vistra Corp 7% (b)(f)(p) | 3495000 | 3657484 |
| Vistra Corp 8% (b)(f)(p) | 3000000 | 3109756 |
|  |  | 6767240 |
| Multi-Utilities - 0.1% |  |  |
| Dominion Energy Inc 4.35% (b)(p) | 1935000 | 1901743 |
| Sempra 4.875% (b)(p) | 4000000 | 3999513 |
|  |  | 5901256 |
| TOTAL UTILITIES |  | 14682037 |
| TOTAL UNITED STATES |  | 236619016 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $236,096,962) |  | <br> **240904678** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (q) | 4.32 | 26513027 | 26518330 |
| Fidelity Securities Lending Cash Central Fund (q)(r) | 4.32 | 3265848 | 3266174 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $29,783,922) |  |  | **29784504** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%**<br> (Cost $4,104,322,675)<br>| <br>**5123512090** |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **6753376** |
| **NET ASSETS - 100.0%** | **5130265466** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |  |
| CBOT US Treasury Ultra Bond Contracts (United States) | 22 | Sep 2025 | 2558188 | 66987 | 66987 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.0% | The notional amount of futures purchased as a percentage of Net Assets is 0.0% | The notional amount of futures purchased as a percentage of Net Assets is 0.0% | The notional amount of futures purchased as a percentage of Net Assets is 0.0% | The notional amount of futures purchased as a percentage of Net Assets is 0.0% | The notional amount of futures purchased as a percentage of Net Assets is 0.0% |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(c) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

(d) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

(e) Non-income producing

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $312,324,635 or 6.1% of net assets.

(g) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $12,365,993 or 0.2% of net assets.

(h) Security or a portion of the security is on loan at period end.

(i) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(j) Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.

(k) Principal Only Strips represent the right to receive the monthly principal payments.

(l) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

(m) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(n) Level 3 security

(o) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $960,001 and $924,001, respectively.

(p) Security is perpetual in nature with no stated maturity date.

(q) 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.

(r) Investment made with cash collateral received from securities on loan.

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 56966137 | 731579724 | 762027531 | 1390855 | - | - | 26518330 | 26513027 | 0.0% |
| Fidelity Real Estate Equity Central Fund | 832159104 | 9583667 | 38251685 | 9583665 | 3614589 | (70303176) | 736802499 | 5417267 | 77.5% |
| Fidelity Securities Lending Cash Central Fund | 7190975 | 139938041 | 143862842 | 36146 | - | - | 3266174 | 3265848 | 0.0% |
| Total | 896316216 | 881101432 | 944142058 | 11010666 | 3614589 | (70303176) | 766587003 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of May 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bank Loan Obligations** |  |  |  |  |
| Information Technology | 1439522 | - | 1439522 | - |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 134522310 | 132673886 | 1848424 | - |
| Consumer Discretionary | 232671468 | 232671468 | - | - |
| Consumer Staples | 428282929 | 402028476 | 26254453 | - |
| Energy | 290712361 | 280743042 | 9969319 | - |
| Financials | 338993572 | 338993572 | - | - |
| Health Care | 313350829 | 293655699 | 19695130 | - |
| Industrials | 389481630 | 350578609 | 38903021 | - |
| Information Technology | 368139447 | 357112855 | 11026592 | - |
| Materials | 71828830 | 71828830 | - | - |
| Real Estate | 28188607 | 28188607 | - | - |
| Utilities | 220254373 | 208940073 | 11314300 | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 49132424 | - | 49132424 | - |
| Consumer Discretionary | 94165583 | - | 94165583 | - |
| Consumer Staples | 4977618 | - | 4977618 | - |
| Energy | 13228462 | - | 13228462 | - |
| Financials | 31862274 | - | 31862274 | - |
| Health Care | 102460672 | - | 102460672 | - |
| Industrials | 61033885 | - | 61033885 | - |
| Information Technology | 245925980 | - | 245925980 | - |
| Materials | 9193258 | - | 9193258 | - |
| Real Estate | 32469797 | - | 32469797 | - |
| Utilities | 73346195 | - | 73346195 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 54920883 | 3493464 | 51427419 | - |
| Health Care | 2315901 | - | 2315901 | - |
| Industrials | 27619614 | 1180495 | 26439119 | - |
| Information Technology | 15362275 | - | 15362275 | - |
| Materials | 4517814 | - | 4517814 | - |
| Utilities | 27462402 | - | 27462402 | - |
|  **Domestic Equity Funds** | 736802499 | 736802499 | - | - |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Consumer Discretionary | 3703898 | - | 3703898 | - |
| Energy | 12746236 | - | 12746236 | - |
| Financials | 15362966 | - | 15362966 | - |
| Information Technology | 1389909 | - | - | 1389909 |
| Utilities | 20318028 | - | 20318028 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 13363374 | 13363374 | - | - |
| Consumer Discretionary | 9467753 | 9467753 | - | - |
| Energy | 1613332 | 1313875 | 299457 | - |
| Financials | 274286124 | 273237362 | 1048762 | - |
| Industrials | 2657156 | 2657156 | - | - |
| Information Technology | 951280 | 951280 | - | - |
| Real Estate | 22354179 | 22354179 | - | - |
| Utilities | 69945259 | 69945259 | - | - |
|  **Preferred Securities** |  |  |  |  |
| Energy | 21084569 | - | 21084569 | - |
| Financials | 197800942 | - | 197800942 | - |
| Industrials | 7337130 | - | 7337130 | - |
| Utilities | 14682037 | - | 14682037 | - |
|  **Money Market Funds** | 29784504 | 29784504 | - | - |
| **Total Investments in Securities:** | 5123512090 | 3861966317 | 1260155864 | 1389909 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 66987 | 66987 | - | - |
| Total Assets | 66987 | 66987 | - | - |
| **Total Derivative Instruments:** | 66987 | 66987 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of May 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Interest Rate Risk** |  |  |
| Futures Contracts (a)  | 66987 | 0 |
| **Total Interest Rate Risk**  | 66987 | 0 |
| **Total Value of Derivatives** | 66987 | 0 |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $3,141,834) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $3,459,349,376) | $4356925087 |  |
| Fidelity Central Funds (cost $644,973,299) | 766587003 |  |
| Total Investment in Securities (cost $4,104,322,675) |  | $5123512090 |
| Segregated cash with brokers for derivative instruments |  | 118450 |
| Cash |  | 3115023 |
| Foreign currency held at value (cost $6,251) |  | 6289 |
| Receivable for investments sold |  | 6810679 |
| Receivable for fund shares sold |  | 1305360 |
| Dividends receivable |  | 10405842 |
| Interest receivable |  | 4329164 |
| Distributions receivable from Fidelity Central Funds |  | 132186 |
| Receivable for daily variation margin on futures contracts |  | 1375 |
| Prepaid expenses |  | 748 |
| Other receivables |  | 18219 |
| **Total assets** |  | 5149755425 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $10227986 |  |
| Delayed delivery | 125647 |  |
| Payable for fund shares redeemed | 2665764 |  |
| Accrued management fee | 2731010 |  |
| Distribution and service plan fees payable | 411634 |  |
| Other payables and accrued expenses | 61743 |  |
| Collateral on securities loaned | 3266175 |  |
| **Total liabilities** |  | 19489959 |
| **Net Assets**  |  | $5130265466 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $4019265623 |
| Total accumulated earnings (loss) |  | 1110999843 |
| **Net Assets** |  | $5130265466 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($942,075,428 ÷ 55,421,323 shares)(a) |  | $17.00 |
| Maximum offering price per share (100/94.25 of $17.00) |  | $18.04 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($294,989,365 ÷ 17,362,091 shares)(a) |  | $16.99 |
| Maximum offering price per share (100/96.50 of $16.99) |  | $17.61 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($112,574,160 ÷ 6,644,904 shares)(a) |  | $16.94 |
| **Strategic Dividend and Income :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($3,000,172,293 ÷ 174,736,980 shares) |  | $17.17 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($589,827,043 ÷ 34,495,935 shares) |  | $17.10 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($190,627,177 ÷ 11,146,825 shares) |  | $17.10 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $54559342 |
| Interest  |  | 12961243 |
| Income from Fidelity Central Funds (including $36,146 from security lending)  |  | 11010666 |
| **Total income** |  | 78531251 |
| **Expenses** |  |  |
| Management fee | $16500794 |  |
| Distribution and service plan fees | 2526922 |  |
| Custodian fees and expenses | 41500 |  |
| Independent trustees' fees and expenses | 7530 |  |
| Registration fees | 64291 |  |
| Audit fees | 35178 |  |
| Legal | 3385 |  |
| Miscellaneous | 11796 |  |
| **Total expenses** |  | 19191396 |
| **Net Investment income (loss)** |  | 59339855 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 84088337 |  |
| Fidelity Central Funds | 3614589 |  |
| Foreign currency transactions | (10027) |  |
| Futures contracts | 113390 |  |
| Total net realized gain (loss) |  | 87806289 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (243700123) |  |
| Fidelity Central Funds  | (70303176) |  |
| Assets and liabilities in foreign currencies | 87619 |  |
| Futures contracts | 66987 |  |
| Total change in net unrealized appreciation (depreciation) |  | (313848693) |
| **Net gain (loss)** |  | (226042404) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(166702549) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $59339855 | $132561819 |
| &nbsp;&nbsp;Net realized gain (loss) | 87806289<br>| 156554453<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (313848693) | 791515276<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (166702549)<br>| 1080631548<br>|
| Distributions to shareholders | (199792675)<br>| (282878626)<br>|
| Share transactions - net increase (decrease) | (53333653)<br>| (240323486)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (419828877)<br>| 557429436<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 5550094343 | 4992664907<br>|
| &nbsp;&nbsp;End of period | $5130265466 | $5550094343 |

---

**Financial Highlights** 

**Fidelity Advisor® Strategic Dividend & Income® Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $18.21 | $15.67 | $16.12 | $17.88 | $16.11 | $15.77 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .18  | .39  | .41  | .34  | .25  | .33  |
| Net realized and unrealized gain (loss)  | (.74)  | 3.03  | (.23)  | (.64)  | 2.39  | 1.01  |
| Total from investment operations  | (.56)  | 3.42  | .18  | (.30)  | 2.64  | 1.34  |
| Distributions from net investment income  | (.19)  | (.42)  | (.39)  | (.36)  | (.38)  | (.30)  |
| Distributions from net realized gain  | (.45)  | (.46)  | (.24)  | (1.10)  | (.49)  | (.70)  |
| Total distributions  | (.65) C | (.88)  | (.63)  | (1.46)  | (.87)  | (1.00)  |
| Net asset value, end of period  | $17.00 | $18.21 | $15.67 | $16.12 | $17.88 | $16.11 |
| **Total Return** D,E,F | (3.02)% <br>| 22.63%  | 1.28%  | (2.09)%  | 16.99%  | 9.04%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .92% I | .94%  | .98%  | .97%  | .97%  | .99%  |
| Expenses net of fee waivers, if any  | .92% I<br>| .93%  | .97%  | .97%  | .97%  | .99%  |
| Expenses net of all reductions, if any  | .92% I | .93%  | .97%  | .97%  | .97%  | .99%  |
| Net investment income (loss)  | 2.10% I | 2.35%  | 2.61%  | 2.07%  | 1.45%  | 2.20%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $942075 | $991538 | $856477 | $880711 | $867690 | $666152 |
| Portfolio turnover rate J | 38% I<br>| 36%  | 34%  | 29%  | 37%  | 55%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the sales charges.*

G*Fees 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.*

H*Expense 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.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Strategic Dividend & Income® Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $18.20 | $15.66 | $16.11 | $17.86 | $16.10 | $15.76 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .16  | .35  | .37  | .30  | .21  | .29  |
| Net realized and unrealized gain (loss)  | (.75)  | 3.02  | (.23)  | (.63)  | 2.38  | 1.01  |
| Total from investment operations  | (.59)  | 3.37  | .14  | (.33)  | 2.59  | 1.30  |
| Distributions from net investment income  | (.17)  | (.37)  | (.35)  | (.32)  | (.34)  | (.26)  |
| Distributions from net realized gain  | (.45)  | (.46)  | (.24)  | (1.10)  | (.49)  | (.70)  |
| Total distributions  | (.62)  | (.83)  | (.59)  | (1.42)  | (.83)  | (.96)  |
| Net asset value, end of period  | $16.99 | $18.20 | $15.66 | $16.11 | $17.86 | $16.10 |
| **Total Return** C,D,E | (3.16)% <br>| 22.33%  | 1.03%  | (2.29)%  | 16.65%  | 8.77%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | 1.17% H | 1.18%  | 1.22%  | 1.22%  | 1.22%  | 1.24%  |
| Expenses net of fee waivers, if any  | 1.17% H<br>| 1.18%  | 1.22%  | 1.21%  | 1.22%  | 1.24%  |
| Expenses net of all reductions, if any  | 1.17% H | 1.18%  | 1.22%  | 1.21%  | 1.22%  | 1.23%  |
| Net investment income (loss)  | 1.85% H | 2.10%  | 2.37%  | 1.82%  | 1.21%  | 1.96%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $294989 | $318994 | $287670 | $307028 | $316442 | $275209 |
| Portfolio turnover rate I | 38% H<br>| 36%  | 34%  | 29%  | 37%  | 55%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Total returns do not include the effect of the sales charges.*

F*Fees 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.*

G*Expense 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.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Strategic Dividend & Income® Fund Class C**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $18.14 | $15.61 | $16.05 | $17.80 | $16.03 | $15.69 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .11  | .27  | .29  | .21  | .12  | .21  |
| Net realized and unrealized gain (loss)  | (.73)  | 3.00  | (.22)  | (.63)  | 2.38  | 1.01  |
| Total from investment operations  | (.62)  | 3.27  | .07  | (.42)  | 2.50  | 1.22  |
| Distributions from net investment income  | (.12)  | (.29)  | (.27)  | (.23)  | (.24)  | (.19)  |
| Distributions from net realized gain  | (.45)  | (.46)  | (.24)  | (1.10)  | (.49)  | (.70)  |
| Total distributions  | (.58) C | (.74) C | (.51)  | (1.33)  | (.73)  | (.88) C |
| Net asset value, end of period  | $16.94 | $18.14 | $15.61 | $16.05 | $17.80 | $16.03 |
| **Total Return** D,E,F | (3.39)% <br>| 21.68%  | .55%  | (2.85)%  | 16.12%  | 8.22%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 1.67% I | 1.68%  | 1.74%  | 1.73%  | 1.73%  | 1.75%  |
| Expenses net of fee waivers, if any  | 1.67% I<br>| 1.67%  | 1.73%  | 1.72%  | 1.73%  | 1.74%  |
| Expenses net of all reductions, if any  | 1.67% I | 1.67%  | 1.73%  | 1.72%  | 1.73%  | 1.74%  |
| Net investment income (loss)  | 1.35% I | 1.60%  | 1.85%  | 1.31%  | .70%  | 1.45%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $112574 | $136448 | $150576 | $192698 | $233431 | $278672 |
| Portfolio turnover rate J | 38% I<br>| 36%  | 34%  | 29%  | 37%  | 55%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the contingent deferred sales charge.*

G*Fees 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.*

H*Expense 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.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity® Strategic Dividend & Income® Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $18.38 | $15.81 | $16.26 | $18.02 | $16.23 | $15.88 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .20  | .44  | .45  | .39  | .31  | .37  |
| Net realized and unrealized gain (loss)  | (.74)  | 3.05  | (.22)  | (.64)  | 2.40  | 1.02  |
| Total from investment operations  | (.54)  | 3.49  | .23  | (.25)  | 2.71  | 1.39  |
| Distributions from net investment income  | (.22)  | (.46)  | (.43)  | (.41)  | (.43)  | (.34)  |
| Distributions from net realized gain  | (.45)  | (.46)  | (.24)  | (1.10)  | (.49)  | (.70)  |
| Total distributions  | (.67)  | (.92)  | (.68) C | (1.51)  | (.92)  | (1.04)  |
| Net asset value, end of period  | $17.17 | $18.38 | $15.81 | $16.26 | $18.02 | $16.23 |
| **Total Return** D,E | (2.85)% <br>| 22.95%  | 1.55%  | (1.79)%  | 17.30%  | 9.35%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .63% H | .65%  | .70%  | .68%  | .68%  | .70%  |
| Expenses net of fee waivers, if any  | .63% H<br>| .64%  | .69%  | .68%  | .68%  | .70%  |
| Expenses net of all reductions, if any  | .63% H | .64%  | .69%  | .68%  | .68%  | .70%  |
| Net investment income (loss)  | 2.40% H | 2.64%  | 2.89%  | 2.35%  | 1.74%  | 2.49%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3000172 | $3233880 | $2863292 | $3093655 | $3514906 | $2751272 |
| Portfolio turnover rate I | 38% H<br>| 36%  | 34%  | 29%  | 37%  | 55%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees 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.*

G*Expense 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.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Strategic Dividend & Income® Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $18.31 | $15.75 | $16.20 | $17.96 | $16.18 | $15.84 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .20  | .43  | .45  | .38  | .30  | .36  |
| Net realized and unrealized gain (loss)  | (.74)  | 3.05  | (.23)  | (.64)  | 2.39  | 1.02  |
| Total from investment operations  | (.54)  | 3.48  | .22  | (.26)  | 2.69  | 1.38  |
| Distributions from net investment income  | (.21)  | (.46)  | (.43)  | (.40)  | (.42)  | (.34)  |
| Distributions from net realized gain  | (.45)  | (.46)  | (.24)  | (1.10)  | (.49)  | (.70)  |
| Total distributions  | (.67) C | (.92)  | (.67)  | (1.50)  | (.91)  | (1.04)  |
| Net asset value, end of period  | $17.10 | $18.31 | $15.75 | $16.20 | $17.96 | $16.18 |
| **Total Return** D,E | (2.88)% <br>| 22.93%  | 1.53%  | (1.83)%  | 17.25%  | 9.28%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .67% H | .68%  | .73%  | .72%  | .72%  | .73%  |
| Expenses net of fee waivers, if any  | .67% H<br>| .68%  | .72%  | .71%  | .72%  | .73%  |
| Expenses net of all reductions, if any  | .67% H | .68%  | .72%  | .71%  | .72%  | .73%  |
| Net investment income (loss)  | 2.35% H | 2.60%  | 2.87%  | 2.32%  | 1.71%  | 2.46%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $589827 | $644035 | $603173 | $658828 | $647384 | $537336 |
| Portfolio turnover rate I | 38% H<br>| 36%  | 34%  | 29%  | 37%  | 55%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees 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.*

G*Expense 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.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Strategic Dividend & Income® Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $18.31 | $15.75 | $16.20 | $17.96 | $16.18 | $15.84 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .21  | .45  | .47  | .40  | .32  | .38  |
| Net realized and unrealized gain (loss)  | (.74)  | 3.05  | (.23)  | (.63)  | 2.39  | 1.01  |
| Total from investment operations  | (.53)  | 3.50  | .24  | (.23)  | 2.71  | 1.39  |
| Distributions from net investment income  | (.22)  | (.48)  | (.45)  | (.43)  | (.45)  | (.36)  |
| Distributions from net realized gain  | (.45)  | (.46)  | (.24)  | (1.10)  | (.49)  | (.70)  |
| Total distributions  | (.68) C | (.94)  | (.69)  | (1.53)  | (.93) C | (1.05) C |
| Net asset value, end of period  | $17.10 | $18.31 | $15.75 | $16.20 | $17.96 | $16.18 |
| **Total Return** D,E | (2.84)% <br>| 23.08%  | 1.66%  | (1.70)%  | 17.40%  | 9.43%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .55% H | .57%  | .60%  | .59%  | .59%  | .61%  |
| Expenses net of fee waivers, if any  | .55% H<br>| .56%  | .59%  | .59%  | .59%  | .61%  |
| Expenses net of all reductions, if any  | .55% H | .56%  | .59%  | .59%  | .59%  | .60%  |
| Net investment income (loss)  | 2.47% H | 2.72%  | 2.99%  | 2.44%  | 1.83%  | 2.59%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $190627 | $225199 | $231477 | $201793 | $179880 | $140035 |
| Portfolio turnover rate I | 38% H<br>| 36%  | 34%  | 29%  | 37%  | 55%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees 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.*

G*Expense 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.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended May 31, 2025

**1. Organization.**

Fidelity Strategic Dividend & Income Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Strategic Dividend and Income, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Real Estate Equity Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks above-average income and long-term capital growth by investing primarily in equity securities of issuers in the real estate industry. |  | Less than .005% |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

An unaudited holdings listing for the investing fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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 Fund categorizes the inputs to valuation techniques used to value its investments 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 the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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. Corporate bonds, preferred securities, and bank loan obligations 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 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 open-end mutual funds, including the Fidelity Central 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. The aggregate value of investments by input level as of May 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount, contingent interest, certain conversion ratio adjustments, equity-debt reclassifications, partnerships and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $1189301615 |
| **Gross unrealized depreciation** | <u>(167107799)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$1022193816</u> |
| **Tax cost** | <u>$4101385262</u> |

---

**Delayed Delivery Transactions and When-Issued Securities.** During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**Loans and Other Direct Debt Instruments.** Direct debt instruments are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate a fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment, participation, or may be made directly to a borrower. Such instruments are presented in the Bank Loan Obligations section in the Schedule of Investments. Certain funds may also invest in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including futures 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.

Derivatives were used to increase returns and 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 objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

<br> Interest Rate Risk Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

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 and amounts recognized in the Statement of Assets and Liabilities. 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 fixed price at a specified future date. Futures contracts were used to manage exposure to the bond market and fluctuations in interest rates.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Strategic Dividend & Income Fund** | 973410035 | 1113524813 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .69 |
| **Class M** | .68 |
| **Class C** | .69 |
| **Strategic Dividend and Income** | .66 |
| **Class I** | .68 |
| **Class Z** | .56 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .66 |
| **Class M** | .67 |
| **Class C** | .67 |
| **Strategic Dividend and Income** | .62 |
| **Class I** | .66 |
| **Class Z** | .55 |

---

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 1175178 | 29995 |
| **Class M** | .25% | .25% | 747628 | 3455 |
| **Class C** | .75% | .25% | <u>604116</u> | <u>49671</u> |
|  |  |  | <u>2526922</u> | <u>83121</u> |

---

**Sales Load.** FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

---

| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Class A** | 120806 |
| **Class M** | 7076 |
| **Class C**A | <u>383</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>128265</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Strategic Dividend & Income Fund** | 12987 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Strategic Dividend & Income Fund** | 24366093 | 34829435 | 3680458 |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Strategic Dividend & Income Fund** | 4194 |

---

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Strategic Dividend & Income Fund** | 3847 | - | - |

---

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **May 31, 2025** | **Year ended**<br> **November 30, 2024** |
| **Fidelity Strategic Dividend & Income Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $35256501 | $47667798 |
| Class M | 10891378 | 15135990 |
| Class C | 4220084 | 6816119 |
| Strategic Dividend and Income | 117885901 | 165596122 |
| Class I | 23329345 | 34107106 |
| Class Z | <u>8209466</u> | <u>13555491</u> |
| Total  | <u>$199792675</u> | <u>$282878626</u> |

---

**10. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **May 31, 2025**  | **Year ended**<br> **November 30, 2024** | **Six months ended** <br> **May 31, 2025**  | **Year ended**<br> **November 30, 2024** |
| **Fidelity Strategic Dividend & Income Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 3708451 | 6267749 | $62933164 | $104115732 |
| Reinvestment of distributions | 2048482 | 2880857 | 34255954 | 46217597 |
| Shares redeemed | <u>(4794524)</u> | <u>(9351278)</u> | <u>(81126304)</u> | <u>(154565329)</u> |
| Net increase (decrease) | <u>962409</u> | <u>(202672)</u> | <u>$16062814</u> | <u>$(4232000)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 783312 | 1837714 | $13250091 | $30304271 |
| Reinvestment of distributions | 645160 | 936630 | 10800795 | 14996565 |
| Shares redeemed | <u>(1597316)</u> | <u>(3613943)</u> | <u>(26919906)</u> | <u>(59748425)</u> |
| Net increase (decrease) | <u>(168844)</u> | <u>(839599)</u> | <u>$(2869020)</u> | <u>$(14447589)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 401909 | 697790 | $6758442 | $11538932 |
| Reinvestment of distributions | 249048 | 423878 | 4171942 | 6735141 |
| Shares redeemed | <u>(1528484)</u> | <u>(3246090)</u> | <u>(25861723)</u> | <u>(53512809)</u> |
| Net increase (decrease) | <u>(877527)</u> | <u>(2124422)</u> | <u>$(14931339)</u> | <u>$(35238736)</u> |
| **Strategic Dividend and Income** |  |  |  |  |
| Shares sold | 7480057 | 16331658 | $128146386 | $273374988 |
| Reinvestment of distributions | 6097201 | 8859994 | 102848535 | 143606068 |
| Shares redeemed | <u>(14753045)</u> | <u>(30384628)</u> | <u>(251169388)</u> | <u>(506532415)</u> |
| Net increase (decrease) | <u>(1175787)</u> | <u>(5192976)</u> | <u>$(20174467)</u> | <u>$(89551359)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 2579805 | 5325847 | $43863566 | $88759733 |
| Reinvestment of distributions | 1328209 | 2003939 | 22326910 | 32340078 |
| Shares redeemed | <u>(4584764)</u> | <u>(10452587)</u> | <u>(77977246)</u> | <u>(173867411)</u> |
| Net increase (decrease) | <u>(676750)</u> | <u>(3122801)</u> | <u>$(11786770)</u> | <u>$(52767600)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 917851 | 3549617 | $15573241 | $58803150 |
| Reinvestment of distributions | 395239 | 715487 | 6642224 | 11557762 |
| Shares redeemed | <u>(2464925)</u> | <u>(6662282)</u> | <u>(41850336)</u> | <u>(114447114)</u> |
| Net increase (decrease) | <u>(1151835)</u> | <u>(2397178)</u> | <u>$(19634871)</u> | <u>$(44086202)</u> |

---

**11. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img109859_4.jpg)<br>

1.802376.121 SDI-SANN-0725

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Salem Street Trust's Board of Trustees.

Item 16.

<u>Controls and Procedures</u>

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Salem Street Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) Not applicable.

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.](ex99cert.htm)

(a) (3) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.](ex99906cert.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Salem Street Trust

---

| | |
|:---|:---|
| By: | <u>/s/Laura M. Del Prato</u> |
|  | Laura M. Del Prato |
|  | President and Treasurer (Principal Executive Officer) |
| Date: | July 23, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | <u>/s/Laura M. Del Prato</u> |
|  | Laura M. Del Prato |
|  | President and Treasurer (Principal Executive Officer) |
| Date: | July 23, 2025 |

---

---

| | |
|:---|:---|
| By: | <u>/s/Stephanie Caron</u> |
|  | Stephanie Caron |
|  | Chief Financial Officer (Principal Financial Officer) |
| Date: | July 23, 2025 |

---

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Exhibit EX-99.CERT</u>

I, Laura M. Del Prato, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Salem Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

July 23, 2025

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| |
|:---|
| <u>/s/Laura M. Del Prato</u> |
| Laura M. Del Prato |
| President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Salem Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

July 23, 2025

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| |
|:---|
| <u>/s/Stephanie Caron</u> |
| Stephanie Caron |
| Chief Financial Officer (Principal Financial Officer) |

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## Exhibit 99.906

Exhibit EX-99.906CERT

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of Fidelity Salem Street Trust (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: July 23, 2025

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| |
|:---|
| <u>/s/Laura M. Del Prato</u> |
| Laura M. Del Prato |
| President and Treasurer (Principal Executive Officer) |

---

Dated: July 23, 2025

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| |
|:---|
| <u>/s/Stephanie Caron</u> |
| Stephanie Caron |
| Chief Financial Officer (Principal Financial Officer) |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

<br>