# EDGAR Filing Document

**Accession Number:** 0000035315
**File Stem:** 0000035315-25-001142
**Filing Date:** 2025-11
**Character Count:** 268740
**Document Hash:** bf5e95218f63deebf68d4c0c79c1ba3b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035315-25-001142.hdr.sgml**: 20251120

**ACCESSION NUMBER**: 0000035315-25-001142

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251120

**DATE AS OF CHANGE**: 20251120

**EFFECTIVENESS DATE**: 20251120

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02105
- **FILM NUMBER:** 251501702

**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 Real Return Fund (Series ID: S000017675)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000048837 | Fidelity Strategic Real Return Fund                  | FSRRX           |
| C000048838 | Fidelity Advisor Strategic Real Return Fund: Class A | FSRAX           |
| C000048840 | Fidelity Advisor Strategic Real Return Fund: Class C | FCSRX           |
| C000048841 | Fidelity Advisor Strategic Real Return Fund: Class M | FSRTX           |
| C000048842 | Fidelity Advisor Strategic Real Return Fund: Class I | FSIRX           |
| C000205021 | Fidelity Advisor Strategic Real Return Fund: Class Z | FIQDX           |
| C000214978 | Class K6                                             | FSRKX           |

?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, Massachusetts 02210</u>

(Address of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp; (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>

---

| | |
|:---|:---|
| &nbsp;&nbsp; Date of fiscal year end: | &nbsp;&nbsp; September 30 |
| &nbsp;&nbsp; Date of reporting period: | &nbsp;&nbsp; September 30, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Fidelity® Strategic Real Return Fund<br> **Fidelity® Strategic Real Return Fund : FSRRX** <br>|

---

This annual shareholder report contains information about Fidelity® Strategic Real Return Fund for the period October 1, 2024 to September 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Strategic Real Return Fund  | $72  | 0.70% |

---

**What affected the Fund's performance this period?**

• For the 12 months ending September 30, 2025, capital markets broadly advanced, navigating tariff-related uncertainty since late 2024 but buoyed by relatively stable consumer inflation, a resilient economy and the resumption of policy interest-rate cuts by the U.S. Federal Reserve in September.

• Against this backdrop, relative to the benchmark Fidelity Strategic Real Return Composite IndexSM, the fund benefited from favorable security selection, while asset class positioning also boosted the portfolio's result.

• Solid picks among commodity equities - especially among metals & mining stocks - as well as real estate income securities, most notably among commercial mortgage-backed securities and preferred stocks, contributed to the fund's performance compared with the index.

• A small out-of-index stake in infrastructure stocks also added value, while investment choices in the asset class, particularly within the semiconductors & semiconductor equipment and oil, gas & consumable fuels segments, also helped.

• In contrast, picks among real estate investment trust equities detracted a bit, although a beneficial underweight in the category aided relative performance.

• We implemented no shifts to the portfolio's target allocations during the fiscal year, as we remained comfortable with its existing positioning. Actual allocations, however, may fluctuate as a result of market movements.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Strategic Real Return Fund<br>| $10000 | $10509<br>| $10774<br>| $11144<br>| $11490<br>| $11358<br>| $13574<br>| $13052<br>| $13732<br>| $15232<br>| $16228<br>|
| Fidelity Strategic Real Return Composite Index℠<br>| $10000 | $10563<br>| $10687<br>| $10982<br>| $11438<br>| $11401<br>| $13484<br>| $12891<br>| $13709<br>| $15173<br>| $16072<br>|
| Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index<br>| $10000 | $10658<br>| $10581<br>| $10624<br>| $11381<br>| $12529<br>| $13179<br>| $11654<br>| $11799<br>| $12955<br>| $13446<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10519<br>| $10527<br>| $10399<br>| $11470<br>| $12271<br>| $12161<br>| $10385<br>| $10452<br>| $11661<br>| $11998<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116200_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Strategic Real Return Fund | 6.53% | 7.40% | 4.96% |
| Fidelity Strategic Real Return Composite Index℠ | 5.92%<br>| 7.11%<br>| 4.86% |
| Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index | 3.79%<br>| 1.42%<br>| 3.01% |
| Bloomberg U.S. Aggregate Bond Index | 2.88%<br>| -0.45%<br>| 1.84% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $488966379<br>|
| Number of Holdings | 400<br>|
| Total Advisory Fee | $3291988<br>|
| Portfolio Turnover | 29%<br>|

---

**What did the Fund invest in?** (as of September 30, 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.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 23.9 |
| AAA | 0.0 |
| AA | 0.0 |
| A | 0.6 |
| BBB | 2.8 |
| BB | 5.7 |
| B | 15.6 |
| CCC,CC,C | 2.3 |
| Not Rated | 5.1 |
| Equities | 41.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1505_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 23.9 |
| &nbsp;&nbsp;AAA - 0.0&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;AA - 0.0&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 5.7&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 15.6&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 2.3&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;Not Rated - 5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 41.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Floating-Rate debt | 24.9 |
| Inflation-Protected Debt | 23.6 |
| Commodities & Related Investments | 14.8 |
| Commodity Equities | 14.5 |
| Real Estate Income | 11.6 |
| REITs | 9.0 |
| Global Infrastructure Equities | 1.2 |
| Gold-Miners Equities | 0.0 |
| MLPs | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1505_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Floating-Rate debt - 24.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Inflation-Protected Debt - 23.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commodities & Related Investments - 14.8 |
| Commodity Equities - 14.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Real Estate Income - 11.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| REITs - 9.0&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;  |
| Global Infrastructure Equities - 1.2&nbsp;&nbsp;&nbsp;&nbsp; |
| Gold-Miners Equities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| MLPs - 0.0&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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.4 |

---

---

| | |
|:---|:---|
| United States | 90.5 |
| Canada | 3.5 |
| United Kingdom | 1.1 |
| Brazil | 1.0 |
| Australia | 0.6 |
| China | 0.4 |
| Chile | 0.4 |
| South Africa | 0.4 |
| Finland | 0.3 |
| Others | 1.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1505_20250930_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.5&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; |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 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;Australia - 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;China - 0.4&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;Chile - 0.4&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;South Africa - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Finland - 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;Others - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&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**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 19.1<br>|
| Fidelity Commodity Strategy Central Fund | 14.5<br>|
| US Treasury Bonds | 4.8<br>|
| Exxon Mobil Corp | 1.3<br>|
| Corteva Inc | 1.0<br>|
| Prologis Inc | 0.9<br>|
| Equinix Inc | 0.9<br>|
| Chevron Corp | 0.9<br>|
| Nutrien Ltd | 0.7<br>|
| Ventas Inc | 0.7<br>|
|  | 44.8 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img1505_20250930_2.jpg)<br>| ![](img116200_3.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> 1.9913757.101 1505-TSRA-1125 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Fidelity® Strategic Real Return Fund<br> **Fidelity Advisor® Strategic Real Return Fund Class Z : FIQDX** <br>|

---

This annual shareholder report contains information about Fidelity® Strategic Real Return Fund for the period October 1, 2024 to September 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $63  | 0.61% |

---

**What affected the Fund's performance this period?**

• For the 12 months ending September 30, 2025, capital markets broadly advanced, navigating tariff-related uncertainty since late 2024 but buoyed by relatively stable consumer inflation, a resilient economy and the resumption of policy interest-rate cuts by the U.S. Federal Reserve in September.

• Against this backdrop, relative to the benchmark Fidelity Strategic Real Return Composite IndexSM, the fund benefited from favorable security selection, while asset class positioning also boosted the portfolio's result.

• Solid picks among commodity equities - especially among metals & mining stocks - as well as real estate income securities, most notably among commercial mortgage-backed securities and preferred stocks, contributed to the fund's performance compared with the index.

• A small out-of-index stake in infrastructure stocks also added value, while investment choices in the asset class, particularly within the semiconductors & semiconductor equipment and oil, gas & consumable fuels segments, also helped.

• In contrast, picks among real estate investment trust equities detracted a bit, although a beneficial underweight in the category aided relative performance.

• We implemented no shifts to the portfolio's target allocations during the fiscal year, as we remained comfortable with its existing positioning. Actual allocations, however, may fluctuate as a result of market movements.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 2, 2018 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $10276<br>| $10178<br>| $12174<br>| $11712<br>| $12335<br>| $13710<br>| $14612<br>|
| Fidelity Strategic Real Return Composite Index℠<br>| $10000 | $10371<br>| $10338<br>| $12226<br>| $11688<br>| $12430<br>| $13757<br>| $14572<br>|
| Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index<br>| $10000 | $10718<br>| $11799<br>| $12411<br>| $10975<br>| $11112<br>| $12200<br>| $12663<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $11027<br>| $11797<br>| $11692<br>| $9985<br>| $10049<br>| $11212<br>| $11535<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116201_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 6.58% | 7.50% | 5.57% |
| Fidelity Strategic Real Return Composite Index℠ | 5.92%<br>| 7.11%<br>| 5.53% |
| Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index | 3.79%<br>| 1.42%<br>| 3.43% |
| Bloomberg U.S. Aggregate Bond Index | 2.88%<br>| -0.45%<br>| 2.06% |

---

**A** From October 2, 2018

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $488966379<br>|
| Number of Holdings | 400<br>|
| Total Advisory Fee | $3291988<br>|
| Portfolio Turnover | 29%<br>|

---

**What did the Fund invest in?** (as of September 30, 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.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 23.9 |
| AAA | 0.0 |
| AA | 0.0 |
| A | 0.6 |
| BBB | 2.8 |
| BB | 5.7 |
| B | 15.6 |
| CCC,CC,C | 2.3 |
| Not Rated | 5.1 |
| Equities | 41.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1505_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 23.9 |
| &nbsp;&nbsp;AAA - 0.0&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;AA - 0.0&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 5.7&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 15.6&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 2.3&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;Not Rated - 5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 41.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Floating-Rate debt | 24.9 |
| Inflation-Protected Debt | 23.6 |
| Commodities & Related Investments | 14.8 |
| Commodity Equities | 14.5 |
| Real Estate Income | 11.6 |
| REITs | 9.0 |
| Global Infrastructure Equities | 1.2 |
| Gold-Miners Equities | 0.0 |
| MLPs | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1505_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Floating-Rate debt - 24.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Inflation-Protected Debt - 23.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commodities & Related Investments - 14.8 |
| Commodity Equities - 14.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Real Estate Income - 11.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| REITs - 9.0&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;  |
| Global Infrastructure Equities - 1.2&nbsp;&nbsp;&nbsp;&nbsp; |
| Gold-Miners Equities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| MLPs - 0.0&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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.4 |

---

---

| | |
|:---|:---|
| United States | 90.5 |
| Canada | 3.5 |
| United Kingdom | 1.1 |
| Brazil | 1.0 |
| Australia | 0.6 |
| China | 0.4 |
| Chile | 0.4 |
| South Africa | 0.4 |
| Finland | 0.3 |
| Others | 1.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1505_20250930_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.5&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; |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 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;Australia - 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;China - 0.4&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;Chile - 0.4&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;South Africa - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Finland - 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;Others - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&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**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 19.1<br>|
| Fidelity Commodity Strategy Central Fund | 14.5<br>|
| US Treasury Bonds | 4.8<br>|
| Exxon Mobil Corp | 1.3<br>|
| Corteva Inc | 1.0<br>|
| Prologis Inc | 0.9<br>|
| Equinix Inc | 0.9<br>|
| Chevron Corp | 0.9<br>|
| Nutrien Ltd | 0.7<br>|
| Ventas Inc | 0.7<br>|
|  | 44.8 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img1505_20250930_2.jpg)<br>| ![](img116201_3.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> 1.9913758.101 3262-TSRA-1125 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Fidelity® Strategic Real Return Fund<br> **Fidelity Advisor® Strategic Real Return Fund Class M : FSRTX** <br>|

---

This annual shareholder report contains information about Fidelity® Strategic Real Return Fund for the period October 1, 2024 to September 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $98  | 0.95% |

---

**What affected the Fund's performance this period?**

• For the 12 months ending September 30, 2025, capital markets broadly advanced, navigating tariff-related uncertainty since late 2024 but buoyed by relatively stable consumer inflation, a resilient economy and the resumption of policy interest-rate cuts by the U.S. Federal Reserve in September.

• Against this backdrop, relative to the benchmark Fidelity Strategic Real Return Composite IndexSM, the fund benefited from favorable security selection, while asset class positioning also boosted the portfolio's result.

• Solid picks among commodity equities - especially among metals & mining stocks - as well as real estate income securities, most notably among commercial mortgage-backed securities and preferred stocks, contributed to the fund's performance compared with the index.

• A small out-of-index stake in infrastructure stocks also added value, while investment choices in the asset class, particularly within the semiconductors & semiconductor equipment and oil, gas & consumable fuels segments, also helped.

• In contrast, picks among real estate investment trust equities detracted a bit, although a beneficial underweight in the category aided relative performance.

• We implemented no shifts to the portfolio's target allocations during the fiscal year, as we remained comfortable with its existing positioning. Actual allocations, however, may fluctuate as a result of market movements.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9600 | $10060<br>| $10284<br>| $10606<br>| $10895<br>| $10756<br>| $12818<br>| $12294<br>| $12901<br>| $14281<br>| $15177<br>|
| Fidelity Strategic Real Return Composite Index℠<br>| $10000 | $10563<br>| $10687<br>| $10982<br>| $11438<br>| $11401<br>| $13484<br>| $12891<br>| $13709<br>| $15173<br>| $16072<br>|
| Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index<br>| $10000 | $10658<br>| $10581<br>| $10624<br>| $11381<br>| $12529<br>| $13179<br>| $11654<br>| $11799<br>| $12955<br>| $13446<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10519<br>| $10527<br>| $10399<br>| $11470<br>| $12271<br>| $12161<br>| $10385<br>| $10452<br>| $11661<br>| $11998<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116202_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 4.00% sales charge)  | 2.02% | 6.26%<br>| 4.26% |
| Class M (without 4.00% sales charge) | 6.27% | 7.13% | 4.69% |
| Fidelity Strategic Real Return Composite Index℠ | 5.92%<br>| 7.11%<br>| 4.86% |
| Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index | 3.79%<br>| 1.42%<br>| 3.01% |
| Bloomberg U.S. Aggregate Bond Index | 2.88%<br>| -0.45%<br>| 1.84% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $488966379<br>|
| Number of Holdings | 400<br>|
| Total Advisory Fee | $3291988<br>|
| Portfolio Turnover | 29%<br>|

---

**What did the Fund invest in?** (as of September 30, 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.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 23.9 |
| AAA | 0.0 |
| AA | 0.0 |
| A | 0.6 |
| BBB | 2.8 |
| BB | 5.7 |
| B | 15.6 |
| CCC,CC,C | 2.3 |
| Not Rated | 5.1 |
| Equities | 41.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1505_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 23.9 |
| &nbsp;&nbsp;AAA - 0.0&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;AA - 0.0&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 5.7&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 15.6&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 2.3&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;Not Rated - 5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 41.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Floating-Rate debt | 24.9 |
| Inflation-Protected Debt | 23.6 |
| Commodities & Related Investments | 14.8 |
| Commodity Equities | 14.5 |
| Real Estate Income | 11.6 |
| REITs | 9.0 |
| Global Infrastructure Equities | 1.2 |
| Gold-Miners Equities | 0.0 |
| MLPs | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1505_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Floating-Rate debt - 24.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Inflation-Protected Debt - 23.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commodities & Related Investments - 14.8 |
| Commodity Equities - 14.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Real Estate Income - 11.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| REITs - 9.0&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;  |
| Global Infrastructure Equities - 1.2&nbsp;&nbsp;&nbsp;&nbsp; |
| Gold-Miners Equities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| MLPs - 0.0&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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.4 |

---

---

| | |
|:---|:---|
| United States | 90.5 |
| Canada | 3.5 |
| United Kingdom | 1.1 |
| Brazil | 1.0 |
| Australia | 0.6 |
| China | 0.4 |
| Chile | 0.4 |
| South Africa | 0.4 |
| Finland | 0.3 |
| Others | 1.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1505_20250930_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.5&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; |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 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;Australia - 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;China - 0.4&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;Chile - 0.4&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;South Africa - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Finland - 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;Others - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&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**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 19.1<br>|
| Fidelity Commodity Strategy Central Fund | 14.5<br>|
| US Treasury Bonds | 4.8<br>|
| Exxon Mobil Corp | 1.3<br>|
| Corteva Inc | 1.0<br>|
| Prologis Inc | 0.9<br>|
| Equinix Inc | 0.9<br>|
| Chevron Corp | 0.9<br>|
| Nutrien Ltd | 0.7<br>|
| Ventas Inc | 0.7<br>|
|  | 44.8 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img1505_20250930_2.jpg)<br>| ![](img116202_3.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> 1.9913755.101 1489-TSRA-1125 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Fidelity® Strategic Real Return Fund<br> **Fidelity® Strategic Real Return Fund Class K6 : FSRKX** <br>|

---

This annual shareholder report contains information about Fidelity® Strategic Real Return Fund for the period October 1, 2024 to September 30, 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 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class K6  | $53  | 0.51% |

---

**What affected the Fund's performance this period?**

• For the 12 months ending September 30, 2025, capital markets broadly advanced, navigating tariff-related uncertainty since late 2024 but buoyed by relatively stable consumer inflation, a resilient economy and the resumption of policy interest-rate cuts by the U.S. Federal Reserve in September.

• Against this backdrop, relative to the benchmark Fidelity Strategic Real Return Composite IndexSM, the fund benefited from favorable security selection, while asset class positioning also boosted the portfolio's result.

• Solid picks among commodity equities - especially among metals & mining stocks - as well as real estate income securities, most notably among commercial mortgage-backed securities and preferred stocks, contributed to the fund's performance compared with the index.

• A small out-of-index stake in infrastructure stocks also added value, while investment choices in the asset class, particularly within the semiconductors & semiconductor equipment and oil, gas & consumable fuels segments, also helped.

• In contrast, picks among real estate investment trust equities detracted a bit, although a beneficial underweight in the category aided relative performance.

• We implemented no shifts to the portfolio's target allocations during the fiscal year, as we remained comfortable with its existing positioning. Actual allocations, however, may fluctuate as a result of market movements.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 8, 2019 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Class K6<br>| $10000 | $9919<br>| $11860<br>| $11424<br>| $12045<br>| $13391<br>| $14305<br>|
| Fidelity Strategic Real Return Composite Index℠<br>| $10000 | $9956<br>| $11775<br>| $11257<br>| $11971<br>| $13250<br>| $14035<br>|
| Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index<br>| $10000 | $10932<br>| $11499<br>| $10169<br>| $10296<br>| $11304<br>| $11732<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10631<br>| $10535<br>| $8997<br>| $9055<br>| $10103<br>| $10394<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116203_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class K6 | 6.82% | 7.60% | 6.17% |
| Fidelity Strategic Real Return Composite Index℠ | 5.92%<br>| 7.11%<br>| 5.83% |
| Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index | 3.79%<br>| 1.42%<br>| 2.71% |
| Bloomberg U.S. Aggregate Bond Index | 2.88%<br>| -0.45%<br>| 0.65% |

---

**A** From October 8, 2019

---

| |
|:---|
| Visit **www.401k.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $488966379<br>|
| Number of Holdings | 400<br>|
| Total Advisory Fee | $3291988<br>|
| Portfolio Turnover | 29%<br>|

---

**What did the Fund invest in?** (as of September 30, 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.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 23.9 |
| AAA | 0.0 |
| AA | 0.0 |
| A | 0.6 |
| BBB | 2.8 |
| BB | 5.7 |
| B | 15.6 |
| CCC,CC,C | 2.3 |
| Not Rated | 5.1 |
| Equities | 41.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1505_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 23.9 |
| &nbsp;&nbsp;AAA - 0.0&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;AA - 0.0&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 5.7&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 15.6&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 2.3&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;Not Rated - 5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 41.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Floating-Rate debt | 24.9 |
| Inflation-Protected Debt | 23.6 |
| Commodities & Related Investments | 14.8 |
| Commodity Equities | 14.5 |
| Real Estate Income | 11.6 |
| REITs | 9.0 |
| Global Infrastructure Equities | 1.2 |
| Gold-Miners Equities | 0.0 |
| MLPs | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1505_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Floating-Rate debt - 24.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Inflation-Protected Debt - 23.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commodities & Related Investments - 14.8 |
| Commodity Equities - 14.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Real Estate Income - 11.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| REITs - 9.0&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;  |
| Global Infrastructure Equities - 1.2&nbsp;&nbsp;&nbsp;&nbsp; |
| Gold-Miners Equities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| MLPs - 0.0&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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.4 |

---

---

| | |
|:---|:---|
| United States | 90.5 |
| Canada | 3.5 |
| United Kingdom | 1.1 |
| Brazil | 1.0 |
| Australia | 0.6 |
| China | 0.4 |
| Chile | 0.4 |
| South Africa | 0.4 |
| Finland | 0.3 |
| Others | 1.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1505_20250930_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.5&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; |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 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;Australia - 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;China - 0.4&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;Chile - 0.4&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;South Africa - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Finland - 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;Others - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&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**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 19.1<br>|
| Fidelity Commodity Strategy Central Fund | 14.5<br>|
| US Treasury Bonds | 4.8<br>|
| Exxon Mobil Corp | 1.3<br>|
| Corteva Inc | 1.0<br>|
| Prologis Inc | 0.9<br>|
| Equinix Inc | 0.9<br>|
| Chevron Corp | 0.9<br>|
| Nutrien Ltd | 0.7<br>|
| Ventas Inc | 0.7<br>|
|  | 44.8 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img1505_20250930_2.jpg)<br>| ![](img116203_3.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> 1.9913759.101 5020-TSRA-1125 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Fidelity® Strategic Real Return Fund<br> **Fidelity Advisor® Strategic Real Return Fund Class I : FSIRX** <br>|

---

This annual shareholder report contains information about Fidelity® Strategic Real Return Fund for the period October 1, 2024 to September 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $72  | 0.70% |

---

**What affected the Fund's performance this period?**

• For the 12 months ending September 30, 2025, capital markets broadly advanced, navigating tariff-related uncertainty since late 2024 but buoyed by relatively stable consumer inflation, a resilient economy and the resumption of policy interest-rate cuts by the U.S. Federal Reserve in September.

• Against this backdrop, relative to the benchmark Fidelity Strategic Real Return Composite IndexSM, the fund benefited from favorable security selection, while asset class positioning also boosted the portfolio's result.

• Solid picks among commodity equities - especially among metals & mining stocks - as well as real estate income securities, most notably among commercial mortgage-backed securities and preferred stocks, contributed to the fund's performance compared with the index.

• A small out-of-index stake in infrastructure stocks also added value, while investment choices in the asset class, particularly within the semiconductors & semiconductor equipment and oil, gas & consumable fuels segments, also helped.

• In contrast, picks among real estate investment trust equities detracted a bit, although a beneficial underweight in the category aided relative performance.

• We implemented no shifts to the portfolio's target allocations during the fiscal year, as we remained comfortable with its existing positioning. Actual allocations, however, may fluctuate as a result of market movements.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $10512<br>| $10781<br>| $11151<br>| $11487<br>| $11368<br>| $13579<br>| $13054<br>| $13750<br>| $15255<br>| $16235<br>|
| Fidelity Strategic Real Return Composite Index℠<br>| $10000 | $10563<br>| $10687<br>| $10982<br>| $11438<br>| $11401<br>| $13484<br>| $12891<br>| $13709<br>| $15173<br>| $16072<br>|
| Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index<br>| $10000 | $10658<br>| $10581<br>| $10624<br>| $11381<br>| $12529<br>| $13179<br>| $11654<br>| $11799<br>| $12955<br>| $13446<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10519<br>| $10527<br>| $10399<br>| $11470<br>| $12271<br>| $12161<br>| $10385<br>| $10452<br>| $11661<br>| $11998<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116204_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 6.43% | 7.39% | 4.97% |
| Fidelity Strategic Real Return Composite Index℠ | 5.92%<br>| 7.11%<br>| 4.86% |
| Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index | 3.79%<br>| 1.42%<br>| 3.01% |
| Bloomberg U.S. Aggregate Bond Index | 2.88%<br>| -0.45%<br>| 1.84% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $488966379<br>|
| Number of Holdings | 400<br>|
| Total Advisory Fee | $3291988<br>|
| Portfolio Turnover | 29%<br>|

---

**What did the Fund invest in?** (as of September 30, 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.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 23.9 |
| AAA | 0.0 |
| AA | 0.0 |
| A | 0.6 |
| BBB | 2.8 |
| BB | 5.7 |
| B | 15.6 |
| CCC,CC,C | 2.3 |
| Not Rated | 5.1 |
| Equities | 41.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1505_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 23.9 |
| &nbsp;&nbsp;AAA - 0.0&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;AA - 0.0&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 5.7&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 15.6&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 2.3&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;Not Rated - 5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 41.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Floating-Rate debt | 24.9 |
| Inflation-Protected Debt | 23.6 |
| Commodities & Related Investments | 14.8 |
| Commodity Equities | 14.5 |
| Real Estate Income | 11.6 |
| REITs | 9.0 |
| Global Infrastructure Equities | 1.2 |
| Gold-Miners Equities | 0.0 |
| MLPs | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1505_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Floating-Rate debt - 24.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Inflation-Protected Debt - 23.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commodities & Related Investments - 14.8 |
| Commodity Equities - 14.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Real Estate Income - 11.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| REITs - 9.0&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;  |
| Global Infrastructure Equities - 1.2&nbsp;&nbsp;&nbsp;&nbsp; |
| Gold-Miners Equities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| MLPs - 0.0&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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.4 |

---

---

| | |
|:---|:---|
| United States | 90.5 |
| Canada | 3.5 |
| United Kingdom | 1.1 |
| Brazil | 1.0 |
| Australia | 0.6 |
| China | 0.4 |
| Chile | 0.4 |
| South Africa | 0.4 |
| Finland | 0.3 |
| Others | 1.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1505_20250930_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.5&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; |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 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;Australia - 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;China - 0.4&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;Chile - 0.4&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;South Africa - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Finland - 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;Others - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&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**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 19.1<br>|
| Fidelity Commodity Strategy Central Fund | 14.5<br>|
| US Treasury Bonds | 4.8<br>|
| Exxon Mobil Corp | 1.3<br>|
| Corteva Inc | 1.0<br>|
| Prologis Inc | 0.9<br>|
| Equinix Inc | 0.9<br>|
| Chevron Corp | 0.9<br>|
| Nutrien Ltd | 0.7<br>|
| Ventas Inc | 0.7<br>|
|  | 44.8 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img1505_20250930_2.jpg)<br>| ![](img116204_3.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> 1.9913756.101 1490-TSRA-1125 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Fidelity® Strategic Real Return Fund<br> **Fidelity Advisor® Strategic Real Return Fund Class C : FCSRX** <br>|

---

This annual shareholder report contains information about Fidelity® Strategic Real Return Fund for the period October 1, 2024 to September 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $175  | 1.70% |

---

**What affected the Fund's performance this period?**

• For the 12 months ending September 30, 2025, capital markets broadly advanced, navigating tariff-related uncertainty since late 2024 but buoyed by relatively stable consumer inflation, a resilient economy and the resumption of policy interest-rate cuts by the U.S. Federal Reserve in September.

• Against this backdrop, relative to the benchmark Fidelity Strategic Real Return Composite IndexSM, the fund benefited from favorable security selection, while asset class positioning also boosted the portfolio's result.

• Solid picks among commodity equities - especially among metals & mining stocks - as well as real estate income securities, most notably among commercial mortgage-backed securities and preferred stocks, contributed to the fund's performance compared with the index.

• A small out-of-index stake in infrastructure stocks also added value, while investment choices in the asset class, particularly within the semiconductors & semiconductor equipment and oil, gas & consumable fuels segments, also helped.

• In contrast, picks among real estate investment trust equities detracted a bit, although a beneficial underweight in the category aided relative performance.

• We implemented no shifts to the portfolio's target allocations during the fiscal year, as we remained comfortable with its existing positioning. Actual allocations, however, may fluctuate as a result of market movements.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $10393<br>| $10545<br>| $10799<br>| $11014<br>| $10794<br>| $12763<br>| $12153<br>| $12666<br>| $14021<br>| $14901<br>|
| Fidelity Strategic Real Return Composite Index℠<br>| $10000 | $10563<br>| $10687<br>| $10982<br>| $11438<br>| $11401<br>| $13484<br>| $12891<br>| $13709<br>| $15173<br>| $16072<br>|
| Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index<br>| $10000 | $10658<br>| $10581<br>| $10624<br>| $11381<br>| $12529<br>| $13179<br>| $11654<br>| $11799<br>| $12955<br>| $13446<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10519<br>| $10527<br>| $10399<br>| $11470<br>| $12271<br>| $12161<br>| $10385<br>| $10452<br>| $11661<br>| $11998<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116205_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 4.44% | 6.31%<br>| 4.07% |
| Class C | 5.44% | 6.31% | 4.07% |
| Fidelity Strategic Real Return Composite Index℠ | 5.92%<br>| 7.11%<br>| 4.86% |
| Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index | 3.79%<br>| 1.42%<br>| 3.01% |
| Bloomberg U.S. Aggregate Bond Index | 2.88%<br>| -0.45%<br>| 1.84% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $488966379<br>|
| Number of Holdings | 400<br>|
| Total Advisory Fee | $3291988<br>|
| Portfolio Turnover | 29%<br>|

---

**What did the Fund invest in?** (as of September 30, 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.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 23.9 |
| AAA | 0.0 |
| AA | 0.0 |
| A | 0.6 |
| BBB | 2.8 |
| BB | 5.7 |
| B | 15.6 |
| CCC,CC,C | 2.3 |
| Not Rated | 5.1 |
| Equities | 41.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1505_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 23.9 |
| &nbsp;&nbsp;AAA - 0.0&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;AA - 0.0&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 5.7&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 15.6&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 2.3&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;Not Rated - 5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 41.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Floating-Rate debt | 24.9 |
| Inflation-Protected Debt | 23.6 |
| Commodities & Related Investments | 14.8 |
| Commodity Equities | 14.5 |
| Real Estate Income | 11.6 |
| REITs | 9.0 |
| Global Infrastructure Equities | 1.2 |
| Gold-Miners Equities | 0.0 |
| MLPs | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1505_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Floating-Rate debt - 24.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Inflation-Protected Debt - 23.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commodities & Related Investments - 14.8 |
| Commodity Equities - 14.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Real Estate Income - 11.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| REITs - 9.0&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;  |
| Global Infrastructure Equities - 1.2&nbsp;&nbsp;&nbsp;&nbsp; |
| Gold-Miners Equities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| MLPs - 0.0&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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.4 |

---

---

| | |
|:---|:---|
| United States | 90.5 |
| Canada | 3.5 |
| United Kingdom | 1.1 |
| Brazil | 1.0 |
| Australia | 0.6 |
| China | 0.4 |
| Chile | 0.4 |
| South Africa | 0.4 |
| Finland | 0.3 |
| Others | 1.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1505_20250930_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.5&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; |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 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;Australia - 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;China - 0.4&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;Chile - 0.4&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;South Africa - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Finland - 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;Others - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&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**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 19.1<br>|
| Fidelity Commodity Strategy Central Fund | 14.5<br>|
| US Treasury Bonds | 4.8<br>|
| Exxon Mobil Corp | 1.3<br>|
| Corteva Inc | 1.0<br>|
| Prologis Inc | 0.9<br>|
| Equinix Inc | 0.9<br>|
| Chevron Corp | 0.9<br>|
| Nutrien Ltd | 0.7<br>|
| Ventas Inc | 0.7<br>|
|  | 44.8 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img1505_20250930_2.jpg)<br>| ![](img116205_3.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> 1.9913754.101 1488-TSRA-1125 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Fidelity® Strategic Real Return Fund<br> **Fidelity Advisor® Strategic Real Return Fund Class A : FSRAX** <br>|

---

This annual shareholder report contains information about Fidelity® Strategic Real Return Fund for the period October 1, 2024 to September 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $98  | 0.95% |

---

**What affected the Fund's performance this period?**

• For the 12 months ending September 30, 2025, capital markets broadly advanced, navigating tariff-related uncertainty since late 2024 but buoyed by relatively stable consumer inflation, a resilient economy and the resumption of policy interest-rate cuts by the U.S. Federal Reserve in September.

• Against this backdrop, relative to the benchmark Fidelity Strategic Real Return Composite IndexSM, the fund benefited from favorable security selection, while asset class positioning also boosted the portfolio's result.

• Solid picks among commodity equities - especially among metals & mining stocks - as well as real estate income securities, most notably among commercial mortgage-backed securities and preferred stocks, contributed to the fund's performance compared with the index.

• A small out-of-index stake in infrastructure stocks also added value, while investment choices in the asset class, particularly within the semiconductors & semiconductor equipment and oil, gas & consumable fuels segments, also helped.

• In contrast, picks among real estate investment trust equities detracted a bit, although a beneficial underweight in the category aided relative performance.

• We implemented no shifts to the portfolio's target allocations during the fiscal year, as we remained comfortable with its existing positioning. Actual allocations, however, may fluctuate as a result of market movements.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9600 | $10063<br>| $10287<br>| $10611<br>| $10914<br>| $10775<br>| $12828<br>| $12304<br>| $12911<br>| $14292<br>| $15189<br>|
| Fidelity Strategic Real Return Composite Index℠<br>| $10000 | $10563<br>| $10687<br>| $10982<br>| $11438<br>| $11401<br>| $13484<br>| $12891<br>| $13709<br>| $15173<br>| $16072<br>|
| Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index<br>| $10000 | $10658<br>| $10581<br>| $10624<br>| $11381<br>| $12529<br>| $13179<br>| $11654<br>| $11799<br>| $12955<br>| $13446<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10519<br>| $10527<br>| $10399<br>| $11470<br>| $12271<br>| $12161<br>| $10385<br>| $10452<br>| $11661<br>| $11998<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116206_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 4.00% sales charge)  | 2.03% | 6.24%<br>| 4.27% |
| Class A (without 4.00% sales charge) | 6.28% | 7.11% | 4.70% |
| Fidelity Strategic Real Return Composite Index℠ | 5.92%<br>| 7.11%<br>| 4.86% |
| Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index | 3.79%<br>| 1.42%<br>| 3.01% |
| Bloomberg U.S. Aggregate Bond Index | 2.88%<br>| -0.45%<br>| 1.84% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $488966379<br>|
| Number of Holdings | 400<br>|
| Total Advisory Fee | $3291988<br>|
| Portfolio Turnover | 29%<br>|

---

**What did the Fund invest in?** (as of September 30, 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.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 23.9 |
| AAA | 0.0 |
| AA | 0.0 |
| A | 0.6 |
| BBB | 2.8 |
| BB | 5.7 |
| B | 15.6 |
| CCC,CC,C | 2.3 |
| Not Rated | 5.1 |
| Equities | 41.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1505_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 23.9 |
| &nbsp;&nbsp;AAA - 0.0&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;AA - 0.0&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 5.7&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 15.6&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 2.3&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;Not Rated - 5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 41.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Floating-Rate debt | 24.9 |
| Inflation-Protected Debt | 23.6 |
| Commodities & Related Investments | 14.8 |
| Commodity Equities | 14.5 |
| Real Estate Income | 11.6 |
| REITs | 9.0 |
| Global Infrastructure Equities | 1.2 |
| Gold-Miners Equities | 0.0 |
| MLPs | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1505_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Floating-Rate debt - 24.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Inflation-Protected Debt - 23.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commodities & Related Investments - 14.8 |
| Commodity Equities - 14.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Real Estate Income - 11.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| REITs - 9.0&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;  |
| Global Infrastructure Equities - 1.2&nbsp;&nbsp;&nbsp;&nbsp; |
| Gold-Miners Equities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| MLPs - 0.0&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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.4 |

---

---

| | |
|:---|:---|
| United States | 90.5 |
| Canada | 3.5 |
| United Kingdom | 1.1 |
| Brazil | 1.0 |
| Australia | 0.6 |
| China | 0.4 |
| Chile | 0.4 |
| South Africa | 0.4 |
| Finland | 0.3 |
| Others | 1.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1505_20250930_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.5&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; |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 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;Australia - 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;China - 0.4&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;Chile - 0.4&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;South Africa - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Finland - 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;Others - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&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**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 19.1<br>|
| Fidelity Commodity Strategy Central Fund | 14.5<br>|
| US Treasury Bonds | 4.8<br>|
| Exxon Mobil Corp | 1.3<br>|
| Corteva Inc | 1.0<br>|
| Prologis Inc | 0.9<br>|
| Equinix Inc | 0.9<br>|
| Chevron Corp | 0.9<br>|
| Nutrien Ltd | 0.7<br>|
| Ventas Inc | 0.7<br>|
|  | 44.8 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img1505_20250930_2.jpg)<br>| ![](img116206_3.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> 1.9913753.101 1486-TSRA-1125 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, September 30, 2025, Fidelity Salem Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

The Board of Trustees of the trust has determined that Laura M. Bishop is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bishop is independent for purposes of Item 3 of Form N-CSR.

Item 4.

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

<u>Fees and Services</u>

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") in each of the last two fiscal years for services rendered to Fidelity Strategic Real Return Fund (the "Fund(s)"):

**<u>Services Billed by Deloitte Entities</u>**

**<u>September 30, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Audit Fees** | &nbsp;&nbsp; **Audit-Related Fees** | &nbsp;&nbsp; **Tax Fees** | &nbsp;&nbsp; **All Other Fees** |
| &nbsp;&nbsp; Fidelity Strategic Real Return Fund | &nbsp;&nbsp; $90900  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $7900  | &nbsp;&nbsp; $1200  |

---

**<u>September 30, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Audit Fees** | &nbsp;&nbsp; **Audit-Related Fees** | &nbsp;&nbsp; **Tax Fees** | &nbsp;&nbsp; **All Other Fees** |
| &nbsp;&nbsp; Fidelity Strategic Real Return Fund | &nbsp;&nbsp; $87100  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $8300  | &nbsp;&nbsp; $1900  |

---

<sup>A</sup> Amounts may reflect rounding.

The following table(s) present(s) fees billed by Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) ("Fund Service Providers"):

**<u>Services Billed by Deloitte Entities</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **<u>September 30, 2025</u><sup>A</sup>** | &nbsp;&nbsp; **<u>September 30, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp; Audit-Related Fees | &nbsp;&nbsp; $125000 | &nbsp;&nbsp; $125000 |
| &nbsp;&nbsp; Tax Fees | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| &nbsp;&nbsp; All Other Fees | &nbsp;&nbsp; $1970400 | &nbsp;&nbsp; $2929500 |

---

<sup>A</sup> Amounts may reflect rounding.

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

\* \* \*

The aggregate non-audit fees billed by Deloitte Entities for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **<u>Billed By</u>** | &nbsp;&nbsp; **<u>September 30, 2025</u><sup>A</sup>** | &nbsp;&nbsp; **<u>September 30, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp; Deloitte Entities | &nbsp;&nbsp; $2441300  | &nbsp;&nbsp; $5195200  |

---

<sup>A</sup> Amounts may reflect rounding.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

<u>Audit Committee Pre-Approval Policies and Procedures</u>

The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.

<u>Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")</u>

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund's(s') last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

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 Real Return Fund**

**Annual Report**

**September 30, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img116047_1.jpg)

![](img116047_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_RRS-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Strategic Real Return Fund](#Sub_Sec_Fund_1505_RRS-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1505_RRS-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_RRS-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_RRS-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_RRS-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_RRS-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_RRS-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_RRS-ANN)** |

---

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 (Annual Report)**

**Fidelity® Strategic Real Return Fund**

**Schedule of Investments September 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 0.5%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.5%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.5%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Crest Clarendon Street Ltd Series 2002, 3 month U.S. LIBOR + 0.47%, 6.0632% 12/28/2035 (b)(c)(d)(e) | 500000 | 0 |
| UNITED STATES - 0.5%  |  |  |
| American Homes 4 Rent Series 2015-SFR2 Class XS, 0% 10/17/2052 (b)(d)(e)(f) | 131124 | 1 |
| Digitalbridge Issuer LLC / Digitalbridge Co-Issuer LLC Series 2021-1A Class A2, 3.933% 9/25/2051 (b) | 85000 | 83640 |
| Home Partners of America Trust Series 2021-1 Class F, 3.325% 9/17/2041 (b) | 82493 | 71123 |
| Home Partners of America Trust Series 2021-2 Class G, 4.505% 12/17/2026 (b) | 181345 | 176937 |
| New Residential Mortgage Loan Trust Series 2022-SFR2 Class E1, 4% 9/4/2039 (b) | 100000 | 96077 |
| Progress Residential Trust Series 2021-SFR6 Class F, 3.422% 7/17/2038 (b) | 100000 | 98401 |
| Progress Residential Trust Series 2022-SFR2 Class E2, 4.8% 4/17/2027 (b) | 100000 | 97683 |
| Progress Residential Trust Series 2022-SFR3 Class F, 6.6% 4/17/2039 (b) | 250000 | 250810 |
| Progress Residential Trust Series 2022-SFR4 Class E1, 6.121% 5/17/2041 (b) | 221000 | 222147 |
| Progress Residential Trust Series 2022-SFR5 Class E1, 6.618% 6/17/2039 (b) | 201000 | 201784 |
| Progress Residential Trust Series 2022-SFR5 Class E2, 6.863% 6/17/2039 (b) | 336000 | 336469 |
| Retained Vantage Data Ctrs Issuer LLC / Vantage Data Ctrs CDA Qc4 Ltd Partnership Series 2024-1A Class B, 5.775% 9/15/2049 (b) | 121000 | 122050 |
| Starwood Mortgage Residential Trust Series 2022-SFR3 Class F, CME Term SOFR 1 month Index + 4.5%, 8.6502% 5/17/2039 (b)(c)(d) | 237555 | 238351 |
| Tricon Residential Trust Series 2022-SFR1 Class E1, 5.344% 4/17/2039 (b) | 238000 | 236385 |
| Tricon Residential Trust Series 2022-SFR1 Class E2, 5.739% 4/17/2039 (b) | 295000 | 293478 |
| TOTAL UNITED STATES |  | 2525336 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $3,116,572) |  | <br> **2525336** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage Securities - 4.2%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 4.2%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 4.2%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 4.2%  |  |  |
| BAMLL Commercial Mortgage Securities Trust Series 2021-JACX Class E, CME Term SOFR 1 month Index + 3.8645%, 8.0155% 9/15/2038 (b)(c)(d) | 106000 | 94994 |
| BANK Series 2020-BN30 Class MCDG, 3.0155% 12/15/2053 (d)(e) | 264000 | 132868 |
| BANK Series 2021-BN35 Class A5, 2.285% 6/15/2064  | 134000 | 118480 |
| BANK Series 2021-BN38 Class C, 3.3253% 12/15/2064 (d) | 554000 | 462044 |
| BANK Series 2022-BNK41 Class C, 3.9158% 4/15/2065 (d) | 567000 | 474069 |
| BANK Series 2022-BNK42 Class C, 4.8802% 6/15/2055 (d) | 500000 | 454643 |
| BANK Series 2022-BNK42 Class D, 2.5% 6/15/2055 (b) | 180000 | 130348 |
| BANK Series 2022-BNK42 Class E, 2.5% 6/15/2055 (b) | 141000 | 97426 |
| BANK Series 2022-BNK44 Class A5, 5.9351% 11/15/2055 (d) | 100000 | 105866 |
| BBCMS Mortgage Trust Series 2020-C7 Class C, 3.6994% 4/15/2053 (d) | 500000 | 424001 |
| BBCMS Mortgage Trust Series 2022-C15 Class A5, 3.662% 4/15/2055  | 178000 | 165439 |
| BBCMS Mortgage Trust Series 2022-C16 Class C, 4.6% 6/15/2055 (d) | 750000 | 632724 |
| BBCMS Mortgage Trust Series 2022-C17 Class D, 2.5% 9/15/2055 (b) | 163000 | 120774 |
| Benchmark Mortgage Trust Series 2020-IG2 Class D, 3.3608% 9/15/2048 (b)(d)(e) | 417000 | 189827 |
| Benchmark Mortgage Trust Series 2022-B36 Class A5, 4.4699% 7/15/2055  | 100000 | 98321 |
| Benchmark Mortgage Trust Series 2022-B36 Class D, 2.5% 7/15/2055 (b) | 250000 | 176912 |
| BFLD Commercial Mortgage Trust Series 2024-UNIV Class D, CME Term SOFR 1 month Index + 2.6909%, 6.8411% 11/15/2041 (b)(c)(d) | 84000 | 84315 |
| BMO Mortgage Trust Series 2022-C1 Class 360D, 4.0699% 2/17/2055 (b)(d)(e) | 84000 | 66780 |
| BMO Mortgage Trust Series 2022-C1 Class 360E, 4.0699% 2/17/2055 (b)(d) | 105000 | 79090 |
| BMO Mortgage Trust Series 2023-C5 Class B, 6.6946% 6/15/2056 (d) | 250000 | 264208 |
| BPR Commercial Mortgage Trust Series 2024-PARK Class C, 6.3894% 11/5/2039 (b)(d) | 100000 | 102532 |
| BPR Trust Series 2024-PMDW Class D, 5.85% 11/5/2041 (b)(d) | 56000 | 55162 |
| BX Commercial Mortgage Trust 2020-VIVA Series 2020-VIVA Class E, 3.667% 3/11/2044 (b)(d) | 789000 | 709727 |
| BX Commercial Mortgage Trust 2024-VLT5 Series 2024-VLT5 Class B, 5.9949% 11/13/2046 (b)(d) | 100000 | 102713 |
| BX Commercial Mortgage Trust 2025-SPOT Series 2025-SPOT Class E, CME Term SOFR 1 month Index + 3.6902%, 7.7224% 4/15/2040 (b)(c)(d) | 249583 | 249583 |
| BX Commercial Mortgage Trust Series 2021-CIP Class F, CME Term SOFR 1 month Index + 3.3335%, 7.4835% 12/15/2038 (b)(c)(d) | 184725 | 184495 |
| BX Commercial Mortgage Trust Series 2021-PAC Class G, CME Term SOFR 1 month Index + 3.0606%, 7.2106% 10/15/2036 (b)(c)(d) | 198000 | 197258 |
| BX Commercial Mortgage Trust Series 2021-SOAR Class F, CME Term SOFR 1 month Index + 2.4645%, 6.4975% 6/15/2038 (b)(c)(d) | 419957 | 419957 |
| BX Commercial Mortgage Trust Series 2021-SOAR Class J, CME Term SOFR 1 month Index + 3.8645%, 7.8975% 6/15/2038 (b)(c)(d) | 526043 | 524926 |
| BX Trust 2019-OC11 Series 2019-OC11 Class E, 4.0755% 12/9/2041 (b)(d) | 284000 | 261693 |
| BX Trust 2021-VOL Series 2021-VOLT Class F, CME Term SOFR 1 month Index + 2.5145%, 6.6646% 9/15/2036 (b)(c)(d) | 96883 | 96701 |
| BX Trust 2021-VOL Series 2021-VOLT Class G, CME Term SOFR 1 month Index + 2.9645%, 7.1146% 9/15/2036 (b)(c)(d) | 101727 | 100201 |
| BX Trust 2024 VLT4 Series 2024-VLT4 Class E, CME Term SOFR 1 month Index + 2.8894%, 7.0396% 6/15/2041 (b)(c)(d) | 200000 | 200250 |
| BX Trust 2024 VLT4 Series 2024-VLT4 Class F, CME Term SOFR 1 month Index + 3.9379%, 8.088% 6/15/2041 (b)(c)(d) | 500000 | 500616 |
| BX Trust 2024-FNX Series 2024-FNX Class D, CME Term SOFR 1 month Index + 2.9402%, 7.0903% 11/15/2041 (b)(c)(d) | 56137 | 56224 |
| BX Trust 2024-FNX Series 2024-FNX Class E, CME Term SOFR 1 month Index + 3.9387%, 8.0889% 11/15/2041 (b)(c)(d) | 189576 | 188809 |
| BX Trust Series 2021-MFM1 Class F, CME Term SOFR 1 month Index + 3.1145%, 7.2645% 1/15/2034 (b)(c)(d) | 235200 | 235082 |
| BX Trust Series 2021-MFM1 Class G, CME Term SOFR 1 month Index + 4.0145%, 8.1645% 1/15/2034 (b)(c)(d) | 119000 | 118747 |
| BX Trust Series 2022-LBA6 Class F, CME Term SOFR 1 month Index + 3.35%, 7.5002% 1/15/2039 (b)(c)(d) | 100000 | 99813 |
| BX Trust Series 2022-LBA6 Class G, CME Term SOFR 1 month Index + 4.2%, 8.3502% 1/15/2039 (b)(c)(d) | 100000 | 99994 |
| BX Trust Series 2022-VAMF Class F, CME Term SOFR 1 month Index + 3.299%, 7.4492% 1/15/2039 (b)(c)(d) | 157000 | 155724 |
| Citigroup Commercial Mortgage Trust Series 2023-SMRT Class C, 6.0475% 10/12/2040 (b)(d) | 250000 | 253058 |
| COMM Mortgage Trust Series 2017-CD4 Class C, 4.3497% 5/10/2050 (d) | 232000 | 213398 |
| COMM Mortgage Trust Series 2017-CD4 Class D, 3.3% 5/10/2050 (b) | 56000 | 47461 |
| Computershare Corporate Trust Series 2020-C58 Class C, 3.162% 7/15/2053  | 1000000 | 840735 |
| Cone Trust Series 2024-DFW1 Class E, CME Term SOFR 1 month Index + 3.8885%, 8.0386% 8/15/2041 (b)(c)(d) | 200000 | 199885 |
| Credit Suisse Commercial Mortgage Trust Series 2021-SOP2 Class F, CME Term SOFR 1 month Index + 4.4314%, 8.5815% 6/15/2034 (b)(c)(e) | 80000 | 37710 |
| CSAIL Commercial Mortgage Trust Series 2019-C16 Class C, 4.2371% 6/15/2052 (d) | 750000 | 711872 |
| ELP Commercial Mortgage Trust Series 2021-ELP Class F, CME Term SOFR 1 month Index + 2.7815%, 6.9325% 11/15/2038 (b)(c)(d) | 475042 | 474448 |
| ELP Commercial Mortgage Trust Series 2021-ELP Class J, CME Term SOFR 1 month Index + 3.7294%, 7.8804% 11/15/2038 (b)(c)(d) | 208265 | 207219 |
| EQT Trust Series 2024-EXTR Class B, 5.6546% 7/5/2041 (b)(d) | 200000 | 204092 |
| GS Mortgage Securities Trust Series 2011-GC5 Class E, 5.3144% 8/10/2044 (b)(d) | 63000 | 16877 |
| GS Mortgage Securities Trust Series 2011-GC5 Class F, 4.5% 8/10/2044 (b)(e) | 42000 | 125 |
| GS Mortgage Securities Trust Series 2024-RVR Class A, 5.3716% 8/10/2041 (b)(d) | 200000 | 202260 |
| Hilton USA Trust Series 2016-HHV Class E, 4.3333% 11/5/2038 (b)(d) | 900000 | 885540 |
| Hilton USA Trust Series 2016-HHV Class F, 4.3333% 11/5/2038 (b)(d) | 163000 | 158440 |
| JPMBB Commercial Mortgage Securities Trust Series 2014-C23 Class UH5, 4.7094% 9/15/2047 (b) | 54000 | 53112 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class G, 4% 6/15/2045 (b)(e) | 151000 | 98950 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2021-MHC Class F, CME Term SOFR 1 month Index + 3.3145%, 7.4655% 4/15/2038 (b)(c)(d) | 210000 | 210394 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI Class E, 5.9904% 10/5/2039 (b)(d) | 100000 | 98338 |
| KNDR Trust Series 2021-KIND Class F, CME Term SOFR 1 month Index + 4.0645%, 8.22% 8/15/2038 (b)(c)(d) | 99185 | 97555 |
| MHC Commercial Mortgage Trust Series 2021-MHC Class F, CME Term SOFR 1 month Index + 2.7154%, 6.8654% 4/15/2038 (b)(c)(d) | 80000 | 80050 |
| MHC Commercial Mortgage Trust Series 2021-MHC Class G, CME Term SOFR 1 month Index + 3.3154%, 7.4654% 4/15/2038 (b)(c)(d) | 160000 | 160200 |
| MHP Commercial Mortgage Trust Series 2021-STOR Class G, CME Term SOFR 1 month Index + 2.8645%, 7.0155% 7/15/2038 (b)(c)(d) | 105000 | 105000 |
| MHP Commercial Mortgage Trust Series 2021-STOR Class J, CME Term SOFR 1 month Index + 4.0645%, 8.2155% 7/15/2038 (b)(c)(d) | 100000 | 99654 |
| MHP Commercial Mortgage Trust Series 2022-MHIL Class F, CME Term SOFR 1 month Index + 3.2592%, 7.4094% 1/15/2039 (b)(c)(d) | 80000 | 80000 |
| Morgan Stanley Cap I Tr 2020-L4 Series 2020-L4 Class C, 3.536% 2/15/2053  | 542000 | 482929 |
| Morgan Stanley Capital I Trust Series 2011-C2 Class D, 5.385% 6/15/2044 (b)(d) | 115282 | 114164 |
| Morgan Stanley Capital I Trust Series 2011-C2 Class XB, 0.5356% 6/15/2044 (b)(d)(f) | 4999096 | 18088 |
| Morgan Stanley Capital I Trust Series 2011-C3 Class G, 5.1054% 7/15/2049 (b)(d) | 112000 | 104788 |
| Morgan Stanley Capital I Trust Series 2017-H1 Class C, 4.281% 6/15/2050  | 231000 | 216447 |
| Morgan Stanley Capital I Trust Series 2021-L5 Class C, 3.156% 5/15/2054  | 513000 | 437784 |
| Morgan Stanley Capital I Trust Series 2024-NSTB Class B, 3.9% 9/24/2057 (b)(d) | 162000 | 155235 |
| MSWF Commercial Mortgage Trust Series 2023-1 Class B, 6.9056% 5/15/2056 (d) | 250000 | 266508 |
| NXPT Commercial Mortgage Trust Series 2024-STOR Class E, 6.9267% 11/5/2041 (b)(d) | 224000 | 226738 |
| OPEN Trust Series 2023-AIR Class D, CME Term SOFR 1 month Index + 6.6838%, 10.8339% 11/15/2040 (b)(c)(d) | 200000 | 200125 |
| PKHL Commercial Mortgage Trust Series 2021-MF Class E, CME Term SOFR 1 month Index + 2.7145%, 6.8655% 7/15/2038 (b)(c)(d)(e) | 100000 | 53074 |
| PKHL Commercial Mortgage Trust Series 2021-MF Class G, CME Term SOFR 1 month Index + 4.4645%, 8.6155% 7/15/2038 (b)(c)(d)(e) | 100000 | 41027 |
| Prima Capital CRE Securitization Ltd Series 2020-8A Class C, 3% 12/26/2070 (b) | 350000 | 295820 |
| Providence Place Group LP Series 2000-C1 Class A2, 7.75% 7/20/2028 (b) | 105549 | 107821 |
| ROCK Trust Series 2024-CNTR Class E, 8.8191% 11/13/2041 (b) | 158000 | 165392 |
| SELF Commercial Mortgage Trust Series 2024-STRG Class D, CME Term SOFR 1 month Index + 2.9403%, 7.0905% 11/15/2034 (b)(c)(d) | 100000 | 99782 |
| SELF Commercial Mortgage Trust Series 2024-STRG Class E, CME Term SOFR 1 month Index + 4.1885%, 8.3387% 11/15/2034 (b)(c)(d) | 100000 | 99781 |
| SG Commercial Mortgage Securities Trust Series 2020-COVE Class F, 3.8518% 3/15/2037 (b)(d) | 150000 | 115700 |
| SHR Trust Series 2024-LXRY Class D, CME Term SOFR 1 month Index + 3.6%, 7.7502% 10/15/2041 (b)(c)(d) | 112000 | 112799 |
| SREIT Trust Series 2021-MFP Class G, CME Term SOFR 1 month Index + 3.0883%, 7.2384% 11/15/2038 (b)(c)(d) | 105694 | 105577 |
| SREIT Trust Series 2021-MFP2 Class F, CME Term SOFR 1 month Index + 2.7327%, 6.8827% 11/15/2036 (b)(c)(d) | 100000 | 100000 |
| SREIT Trust Series 2021-MFP2 Class J, CME Term SOFR 1 month Index + 4.03%, 8.18% 11/15/2036 (b)(c)(d) | 128000 | 127756 |
| SREIT Trust Series 2021-PALM Class G, CME Term SOFR 1 month Index + 3.7306%, 7.8806% 10/15/2034 (b)(c)(d) | 164000 | 163769 |
| STWD Trust Series 2021-LIH Class F, CME Term SOFR 1 month Index + 3.6655%, 7.816% 11/15/2036 (b)(c)(d) | 100000 | 99813 |
| STWD Trust Series 2021-LIH Class G, CME Term SOFR 1 month Index + 4.3145%, 8.465% 11/15/2036 (b)(c)(d) | 42000 | 41739 |
| SWCH Commercial Mortgage Trust Series 2025-DATA Class F, CME Term SOFR 1 month Index + 4.2389%, 8.3891% 2/15/2042 (b)(c)(d) | 100000 | 99500 |
| Wells Fargo Commercial Mortgage Trust Series 2018-C44 Class D, 3% 5/15/2051 (b) | 535000 | 410626 |
| Wells Fargo Commercial Mortgage Trust Series 2019-C52 Class B, 3.375% 8/15/2052  | 785000 | 716029 |
| Wells Fargo Commercial Mortgage Trust Series 2019-C52 Class C, 3.561% 8/15/2052  | 100000 | 84494 |
| WF-RBS Commercial Mortgage Trust Series 2013-C11 Class E, 4.2021% 3/15/2045 (b)(d) | 220000 | 154138 |
| WFCM Series 2022-C62 Class C, 4.4829% 4/15/2055 (d) | 500000 | 423790 |
| WFCM Series 2022-C62 Class D, 2.5% 4/15/2055 (b)(e) | 294000 | 176971 |
| WP Glimcher Mall Trust Series 2015-WPG Class PR1, 3.6332% 6/5/2035 (b)(d) | 140000 | 124963 |
| TOTAL UNITED STATES |  | 20712876 |
| <br> **TOTAL COMMERCIAL MORTGAGE SECURITIES**<br> (Cost $21,004,008) |  | <br> **20712876** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 14.9%** | &nbsp;&nbsp;**Common Stocks - 14.9%** | &nbsp;&nbsp;**Common Stocks - 14.9%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.6%  |  |  |
| Materials - 0.6% |  |  |
| Metals & Mining - 0.6% |  |  |
| BHP Group Ltd  | 50754 | 1417824 |
| Glencore PLC  | 369500 | 1701780 |
| TOTAL AUSTRALIA |  | 3119604 |
| AUSTRIA - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Paper & Forest Products - 0.2% |  |  |
| Mondi PLC  | 57612 | 793420 |
| BRAZIL - 1.0%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| PRIO SA/Brazil (g) | 56900 | 407647 |
| Materials - 0.9% |  |  |
| Chemicals - 0.2% |  |  |
| Yara International ASA  | 23600 | 862219 |
| Metals & Mining - 0.7% |  |  |
| Gerdau SA  | 136300 | 425373 |
| Vale SA  | 129800 | 1404272 |
| Wheaton Precious Metals Corp  | 14510 | 1623760 |
|  |  | 3453405 |
| TOTAL MATERIALS |  | 4315624 |
| TOTAL BRAZIL |  | 4723271 |
| CANADA - 3.1%  |  |  |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| Cameco Corp  | 10100 | 847654 |
| Cameco Corp (United States)  | 1312 | 110024 |
| Canadian Natural Resources Ltd  | 40430 | 1292761 |
| Imperial Oil Ltd  | 11500 | 1042743 |
| PrairieSky Royalty Ltd  | 1800 | 33395 |
| South Bow Corp  | 610 | 17261 |
|  |  | 3343838 |
| Industrials - 0.0% |  |  |
| Ground Transportation - 0.0% |  |  |
| Canadian Pacific Kansas City Ltd (United States)  | 411 | 30615 |
| Materials - 2.4% |  |  |
| Chemicals - 0.7% |  |  |
| Nutrien Ltd  | 60110 | 3530064 |
| Metals & Mining - 1.5% |  |  |
| Agnico Eagle Mines Ltd/CA  | 15900 | 2677991 |
| Alamos Gold Inc Class A  | 29770 | 1037682 |
| Barrick Mining Corp  | 29600 | 972204 |
| Franco-Nevada Corp  | 8510 | 1894189 |
| Hudbay Minerals Inc  | 5500 | 83308 |
| Teck Resources Ltd Class B  | 10080 | 442182 |
|  |  | 7107556 |
| Paper & Forest Products - 0.2% |  |  |
| West Fraser Timber Co Ltd  | 14060 | 955821 |
| TOTAL MATERIALS |  | 11593441 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| TransAlta Corp  | 5843 | 79813 |
| TOTAL CANADA |  | 15047707 |
| CHILE - 0.4%  |  |  |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| Antofagasta PLC  | 27800 | 1028550 |
| Lundin Mining Corp  | 68400 | 1020323 |
| TOTAL CHILE |  | 2048873 |
| CHINA - 0.4%  |  |  |
| Industrials - 0.0% |  |  |
| Transportation Infrastructure - 0.0% |  |  |
| Beijing Capital International Airport Co Ltd H Shares (g) | 90651 | 32384 |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| MMG Ltd (g) | 872000 | 756366 |
| Zijin Mining Group Co Ltd H Shares  | 322000 | 1348916 |
|  |  | 2105282 |
| TOTAL CHINA |  | 2137666 |
| FINLAND - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Paper & Forest Products - 0.3% |  |  |
| UPM-Kymmene Oyj  | 58980 | 1615264 |
| FRANCE - 0.0%  |  |  |
| Utilities - 0.0% |  |  |
| Multi-Utilities - 0.0% |  |  |
| Engie SA  | 2426 | 52150 |
| GERMANY - 0.0%  |  |  |
| Utilities - 0.0% |  |  |
| Multi-Utilities - 0.0% |  |  |
| E.ON SE  | 4979 | 93782 |
| HONG KONG - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Zijin Gold International Co Ltd  | 2416 | 37441 |
| ITALY - 0.0%  |  |  |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Enel SpA  | 6002 | 56877 |
| MEXICO - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Transportation Infrastructure - 0.1% |  |  |
| Grupo Aeroportuario del Centro Norte SAB de CV Class B ADR  | 967 | 100442 |
| Grupo Aeroportuario del Pacifico SAB de CV Class B ADR  | 509 | 120730 |
| Grupo Aeroportuario del Sureste SAB de CV Class B ADR  | 172 | 55613 |
| TOTAL MEXICO |  | 276785 |
| NORWAY - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Norsk Hydro ASA  | 96900 | 658835 |
| SOUTH AFRICA - 0.4%  |  |  |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| Anglo American PLC  | 20747 | 782314 |
| Impala Platinum Holdings Ltd  | 32800 | 418292 |
| Northam Platinum Holdings Ltd  | 13750 | 223726 |
| Valterra Platinum Ltd  | 6500 | 463871 |
| TOTAL SOUTH AFRICA |  | 1888203 |
| SPAIN - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Cellnex Telecom SA (b)(h) | 1597 | 55315 |
| Industrials - 0.1% |  |  |
| Transportation Infrastructure - 0.1% |  |  |
| Aena SME SA (b)(h) | 8479 | 231648 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Iberdrola SA  | 7588 | 143636 |
| TOTAL SPAIN |  | 430599 |
| TAIWAN - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 534 | 149141 |
| UNITED KINGDOM - 0.4%  |  |  |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Subsea 7 SA  | 13300 | 274541 |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Anglogold Ashanti Plc (South Africa)  | 18600 | 1306987 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.0% |  |  |
| SSE PLC  | 5780 | 135574 |
| Multi-Utilities - 0.1% |  |  |
| National Grid PLC  | 12725 | 182841 |
| TOTAL UTILITIES |  | 318415 |
| TOTAL UNITED KINGDOM |  | 1899943 |
| UNITED STATES - 7.6%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| EchoStar Corp Class A (g) | 409 | 31231 |
| Consumer Staples - 1.2% |  |  |
| Food Products - 1.2% |  |  |
| Archer-Daniels-Midland Co  | 54520 | 3257025 |
| Bunge Global SA  | 30470 | 2475687 |
|  |  | 5732712 |
| Energy - 3.9% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Tidewater Inc (g) | 2900 | 154657 |
| Oil, Gas & Consumable Fuels - 3.9% |  |  |
| Antero Resources Corp (g) | 19471 | 653447 |
| BP PLC  | 218400 | 1253977 |
| Cheniere Energy Inc  | 816 | 191744 |
| Chevron Corp  | 23942 | 3717953 |
| Core Natural Resources Inc  | 6356 | 530599 |
| Diamondback Energy Inc  | 6300 | 901530 |
| Exxon Mobil Corp  | 48030 | 5415383 |
| Kinder Morgan Inc  | 25400 | 719074 |
| Navigator Holdings Ltd  | 27100 | 419779 |
| Occidental Petroleum Corp  | 14300 | 675675 |
| Ovintiv Inc  | 16420 | 663040 |
| Shell PLC  | 86936 | 3098489 |
| Targa Resources Corp  | 353 | 59141 |
| Williams Cos Inc/The  | 1745 | 110546 |
|  |  | 18410377 |
| TOTAL ENERGY |  | 18565034 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| BWX Technologies Inc  | 223 | 41115 |
| Commercial Services & Supplies - 0.0% |  |  |
| GFL Environmental Inc Subordinate Voting Shares (United States)  | 1302 | 61689 |
| Waste Connections Inc (United States)  | 197 | 34632 |
|  |  | 96321 |
| Construction & Engineering - 0.1% |  |  |
| Ferrovial SE  | 1085 | 62139 |
| MasTec Inc (g) | 289 | 61502 |
| Primoris Services Corp  | 225 | 30899 |
| Quanta Services Inc  | 101 | 41856 |
|  |  | 196396 |
| Electrical Equipment - 0.0% |  |  |
| GE Vernova Inc  | 159 | 97769 |
| NEXTracker Inc Class A (g) | 276 | 20421 |
|  |  | 118190 |
| Ground Transportation - 0.0% |  |  |
| CSX Corp  | 883 | 31355 |
| Norfolk Southern Corp  | 237 | 71197 |
| Union Pacific Corp  | 314 | 74221 |
|  |  | 176773 |
| TOTAL INDUSTRIALS |  | 628795 |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| Advanced Micro Devices Inc (g) | 773 | 125064 |
| Broadcom Inc  | 539 | 177821 |
| First Solar Inc (g) | 474 | 104531 |
| NVIDIA Corp  | 2651 | 494624 |
|  |  | 902040 |
| Materials - 1.7% |  |  |
| Chemicals - 1.1% |  |  |
| CF Industries Holdings Inc  | 7500 | 672750 |
| Corteva Inc  | 71420 | 4830135 |
|  |  | 5502885 |
| Containers & Packaging - 0.2% |  |  |
| International Paper Co  | 13220 | 613408 |
| Smurfit WestRock PLC (United Kingdom)  | 8470 | 354953 |
|  |  | 968361 |
| Metals & Mining - 0.4% |  |  |
| Ivanhoe Electric Inc / US (g) | 31300 | 392815 |
| Nucor Corp  | 6600 | 893838 |
| Steel Dynamics Inc  | 4900 | 683207 |
|  |  | 1969860 |
| TOTAL MATERIALS |  | 8441106 |
| Real Estate - 0.0% |  |  |
| Health Care REITs - 0.0% |  |  |
| Welltower Inc  | 528 | 94058 |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.3% |  |  |
| Constellation Energy Corp  | 862 | 283658 |
| Duke Energy Corp  | 1878 | 232403 |
| Entergy Corp  | 1516 | 141276 |
| Evergy Inc  | 1111 | 84458 |
| Exelon Corp  | 3338 | 150243 |
| NextEra Energy Inc  | 4305 | 324985 |
| NRG Energy Inc  | 800 | 129560 |
| PG&E Corp  | 5597 | 84403 |
|  |  | 1430986 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| AES Corp/The  | 2524 | 33215 |
| Talen Energy Corp (g) | 166 | 70613 |
| Vistra Corp  | 1185 | 232165 |
|  |  | 335993 |
| Multi-Utilities - 0.1% |  |  |
| Ameren Corp  | 513 | 53547 |
| CenterPoint Energy Inc  | 2715 | 105342 |
| NiSource Inc  | 1096 | 47457 |
| Sempra  | 3105 | 279388 |
|  |  | 485734 |
| TOTAL UTILITIES |  | 2252713 |
| TOTAL UNITED STATES |  | 36647689 |
| ZAMBIA - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| First Quantum Minerals Ltd (g) | 45345 | 1025696 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $57,930,685) |  | <br> **72702946** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.5%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.5%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.5%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Mortgage Real Estate Investment Trusts (REITs) - 0.5% |  |  |
| AGNC Investment Corp CME Term SOFR 3 month Index + 4.9586%, 0% (c)(d) | 7000 | 177660 |
| AGNC Investment Corp CME Term SOFR 3 month Index + 4.993%, 0% (c)(d) | 17400 | 447441 |
| Annaly Capital Management Inc CME Term SOFR 3 month Index + 5.2506%, 0% (c)(d) | 8600 | 218096 |
| Chimera Investment Corp CME Term SOFR 3 month Index + 5.5995%, 10.9014% (c)(d) | 5000 | 119400 |
| Chimera Investment Corp Series B, CME Term SOFR 3 month Index + 6.0526%, 11.3508% (c)(d) | 10787 | 260182 |
| Dynex Capital Inc Series C, CME Term SOFR 3 month Index + 5.7226%, 9.9787% (c)(d) | 23400 | 611676 |
| Rithm Capital Corp CME Term SOFR 3 month Index + 5.2306%, 0% (c)(d) | 10300 | 253071 |
| Rithm Capital Corp CME Term SOFR 3 month Index + 5.64%, 7.125% (c)(d) | 6200 | 157604 |
| Rithm Capital Corp CME Term SOFR 3 month Index + 5.802%, 7.5% (c)(d) | 9958 | 252734 |
|  |  | 2497864 |
| Real Estate - 0.0% |  |  |
| Hotel & Resort REITs - 0.0% |  |  |
| Braemar Hotels & Resorts Inc 5.5%  | 2700 | 43848 |
| RLJ Lodging Trust Series A,1.95%  | 400 | 10084 |
|  |  | 53932 |
| TOTAL UNITED STATES |  | 2551796 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $2,088,631) |  | <br> **2551796** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 23.5%** | &nbsp;&nbsp;**Domestic Equity Funds - 23.5%** | &nbsp;&nbsp;**Domestic Equity Funds - 23.5%** |
|  | Shares | Value ($)<br>|
| Fidelity Commodity Strategy Central Fund (i) | 760070 | 71119713 |
| Fidelity Real Estate Equity Central Fund (i) | 321562 | 43848213 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $121,527,343) |  | **114967926** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fixed-Income Funds - 25.3%** | &nbsp;&nbsp;**Fixed-Income Funds - 25.3%** | &nbsp;&nbsp;**Fixed-Income Funds - 25.3%** |
|  | Shares | Value ($)<br>|
| Fidelity Floating Rate Central Fund (i)<br>(Cost $125,649,592)<br>| 1279178 | **122980128** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 3.9%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 3.9%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 3.9%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED KINGDOM - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| EG Global Finance PLC 12% 11/30/2028 (b) | 250000 | 274864 |
| UNITED STATES - 3.9%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Hilton Domestic Operating Co Inc 4% 5/1/2031 (b) | 350000 | 331181 |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 4.875% 7/1/2031 (b) | 395000 | 368630 |
| Hyatt Hotels Corp 5.5% 6/30/2034  | 100000 | 102344 |
| Las Vegas Sands Corp 6% 6/14/2030  | 100000 | 104134 |
| Times Square Hotel Trust 8.528% 8/1/2026 (b) | 64984 | 65192 |
|  |  | 971481 |
| Household Durables - 0.1% |  |  |
| LGI Homes Inc 4% 7/15/2029 (b) | 170000 | 155120 |
| Tri Pointe Homes Inc 5.25% 6/1/2027  | 100000 | 99891 |
|  |  | 255011 |
| TOTAL CONSUMER DISCRETIONARY |  | 1226492 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Sabra Health Care LP 3.2% 12/1/2031  | 250000 | 227006 |
| Real Estate - 3.6% |  |  |
| Diversified REITs - 0.9% |  |  |
| GLP Capital LP / GLP Financing II Inc 3.25% 1/15/2032  | 250000 | 224918 |
| GLP Capital LP / GLP Financing II Inc 4% 1/15/2031  | 500000 | 478559 |
| GLP Capital LP / GLP Financing II Inc 5.3% 1/15/2029  | 1000000 | 1018288 |
| GLP Capital LP / GLP Financing II Inc 5.625% 9/15/2034  | 100000 | 101212 |
| GLP Capital LP / GLP Financing II Inc 6.25% 9/15/2054  | 100000 | 100746 |
| Safehold GL Holdings LLC 6.1% 4/1/2034  | 500000 | 526734 |
| Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 6% 1/15/2030 (b) | 105000 | 95068 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 10.5% 2/15/2028 (b) | 185000 | 194842 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (b) | 195000 | 183131 |
| Vici Properties LP / Vici Note Co Inc 4.625% 12/1/2029 (b) | 500000 | 495075 |
| VICI Properties LP 5.125% 5/15/2032  | 750000 | 757382 |
|  |  | 4175955 |
| Health Care REITs - 0.3% |  |  |
| MPT Operating Partnership LP / MPT Finance Corp 4.625% 8/1/2029  | 915000 | 763585 |
| MPT Operating Partnership LP / MPT Finance Corp 8.5% 2/15/2032 (b) | 75000 | 79692 |
| Omega Healthcare Investors Inc 3.375% 2/1/2031  | 500000 | 463982 |
| Omega Healthcare Investors Inc 4.5% 4/1/2027  | 83000 | 83231 |
| Ventas Realty LP 4.75% 11/15/2030  | 250000 | 253067 |
|  |  | 1643557 |
| Hotel & Resort REITs - 0.0% |  |  |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 7% 2/1/2030 (b) | 40000 | 41236 |
| RHP Hotel Properties LP / RHP Finance Corp 6.5% 6/15/2033 (b) | 65000 | 66943 |
|  |  | 108179 |
| Industrial REITs - 0.0% |  |  |
| Prologis LP 5% 3/15/2034  | 176000 | 178830 |
| Real Estate Management & Development - 0.2% |  |  |
| Americold Realty Operating Partnership LP 5.409% 9/12/2034  | 150000 | 147482 |
| Americold Realty Operating Partnership LP 5.6% 5/15/2032  | 250000 | 253027 |
| Cushman & Wakefield US Borrower LLC 6.75% 5/15/2028 (b) | 285000 | 287594 |
| Extra Space Storage LP 2.35% 3/15/2032  | 500000 | 433939 |
|  |  | 1122042 |
| Residential REITs - 0.8% |  |  |
| American Homes 4 Rent LP 2.375% 7/15/2031  | 750000 | 664393 |
| American Homes 4 Rent LP 3.625% 4/15/2032  | 1000000 | 935799 |
| Invitation Homes Operating Partnership LP 2% 8/15/2031  | 750000 | 648049 |
| Invitation Homes Operating Partnership LP 4.15% 4/15/2032  | 1000000 | 966733 |
| Sun Communities Operating LP 2.7% 7/15/2031  | 1000000 | 904536 |
| Sun Communities Operating LP 4.2% 4/15/2032  | 4000 | 3875 |
|  |  | 4123385 |
| Retail REITs - 0.4% |  |  |
| Agree LP 5.625% 6/15/2034  | 3000 | 3123 |
| Brixmor Operating Partnership LP 4.05% 7/1/2030  | 350000 | 342603 |
| CBL & Associates LP 5.95% (e)(j) | 132000 | 0 |
| Phillips Edison Grocery Center Operating Partnership I LP 5.75% 7/15/2034  | 500000 | 520230 |
| Realty Income Corp 4% 7/15/2029  | 250000 | 248420 |
| Realty Income Corp 5.125% 2/15/2034  | 250000 | 256340 |
| Simon Property Group LP 4.75% 9/26/2034  | 500000 | 496957 |
|  |  | 1867673 |
| Specialized REITs - 1.0% |  |  |
| American Tower Corp 4.05% 3/15/2032  | 750000 | 726731 |
| Crown Castle Inc 2.25% 1/15/2031  | 1250000 | 1112481 |
| Crown Castle Inc 2.5% 7/15/2031  | 500000 | 445130 |
| Crown Castle Inc 3.8% 2/15/2028  | 100000 | 98840 |
| EPR Properties 3.6% 11/15/2031  | 250000 | 230729 |
| EPR Properties 4.95% 4/15/2028  | 250000 | 251934 |
| Equinix Inc 3.9% 4/15/2032  | 250000 | 239799 |
| Public Storage Operating Co 5.1% 8/1/2033  | 500000 | 519127 |
| SBA Communications Corp 3.125% 2/1/2029  | 500000 | 467656 |
| Weyerhaeuser Co 4% 4/15/2030  | 250000 | 246547 |
|  |  | 4338974 |
| TOTAL REAL ESTATE |  | 17558595 |
| TOTAL UNITED STATES |  | 19012093 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $19,194,365) |  | <br> **19286957** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 1.8%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 1.8%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 1.8%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 1.8%  |  |  |
| Financials - 0.7% |  |  |
| Capital Markets - 0.1% |  |  |
| DigitalBridge Group Inc 7.125% Series J  | 10900 | 239908 |
| DigitalBridge Group Inc Series H, 7.125%  | 11030 | 246521 |
| DigitalBridge Group Inc Series I, 7.15%  | 11100 | 248307 |
|  |  | 734736 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.6% |  |  |
| AGNC Investment Corp 7.75% Series G (d) | 16000 | 402955 |
| AGNC Investment Corp CME Term SOFR 3 month Index + 5.111%, 10.3713% (c)(d) | 14200 | 370478 |
| Annaly Capital Management Inc CME Term SOFR 3 month Index + 4.4336%, 0% (c)(d) | 23000 | 577990 |
| Annaly Capital Management Inc CME Term SOFR 3 month Index + 4.993%, 10.1521% (c)(d) | 8800 | 222709 |
| Arbor Realty Trust Inc Series D 6.375%  | 1500 | 27838 |
| Arbor Realty Trust Inc Series F, 6.25% (d) | 13000 | 293800 |
| ARMOUR Residential REIT Inc 7% Series C  | 1000 | 21390 |
| Chimera Investment Corp Series C CME Term SOFR 3 month Index + 4.743%, 0% (c)(d) | 7100 | 165217 |
| Ellington Financial Inc Series A 3 month U.S. LIBOR + 5.196%, 0% (c)(d) | 2000 | 50134 |
| Pennymac Mortgage Investment Trust 6.75%  | 1300 | 24687 |
| Pennymac Mortgage Investment Trust 8.125% (d) | 2000 | 49240 |
| Pennymac Mortgage Investment Trust Series B 3 month U.S. Treasury Index + 8%, 0% (c)(d) | 4200 | 103824 |
| Rithm Capital Corp 7% Series D (d) | 2700 | 66285 |
| Two Harbors Investment Corp 7.625% Series B (d) | 6320 | 146339 |
| Two Harbors Investment Corp 8.125% Series A (d) | 6938 | 166651 |
|  |  | 2689537 |
| TOTAL FINANCIALS |  | 3424273 |
| Real Estate - 1.1% |  |  |
| Diversified REITs - 0.3% |  |  |
| Armada Hoffler Properties Inc Series A 6.75%  | 6000 | 132060 |
| CTO Realty Growth Inc 6.375%  | 1000 | 21300 |
| Gladstone Commercial Corp Series E 6.625%  | 3600 | 80100 |
| Gladstone Commercial Corp Series G, 6%  | 18200 | 366095 |
| Global Net Lease Inc 6.875% Series B  | 2200 | 51227 |
| Global Net Lease Inc 7.25% Series A  | 9300 | 218829 |
| Global Net Lease Inc 7.375% Series E  | 10000 | 237500 |
| Global Net Lease Inc 7.5%  | 16700 | 418168 |
|  |  | 1525279 |
| Health Care REITs - 0.0% |  |  |
| Global Medical REIT Inc 7.5% Series A  | 2100 | 52962 |
| National Healthcare Properties Inc Series A, 7.375%  | 4200 | 78393 |
| National Healthcare Properties Inc Series B, 7.125%  | 2000 | 37000 |
|  |  | 168355 |
| Hotel & Resort REITs - 0.4% |  |  |
| DiamondRock Hospitality Co 8.25%  | 11337 | 284559 |
| Pebblebrook Hotel Trust 6.3% Series F  | 10273 | 208028 |
| Pebblebrook Hotel Trust 6.375%  | 17200 | 344000 |
| Pebblebrook Hotel Trust 6.375% Series E  | 8700 | 174174 |
| Pebblebrook Hotel Trust Series H, 5.7%  | 10600 | 190164 |
| Sotherly Hotels Inc 7.875% Series C  | 1700 | 19652 |
| Summit Hotel Properties Inc Series E, 6.25%  | 6800 | 130764 |
| Summit Hotel Properties Inc Series F, 5.875%  | 4000 | 76160 |
| Sunstone Hotel Investors Inc Series H, 6.125%  | 3500 | 74760 |
| Sunstone Hotel Investors Inc Series I, 5.7%  | 9600 | 202560 |
|  |  | 1704821 |
| Industrial REITs - 0.0% |  |  |
| Rexford Industrial Realty Inc 5.625% Series C  | 4400 | 100320 |
| Rexford Industrial Realty Inc 5.875% Series B  | 1200 | 27960 |
|  |  | 128280 |
| Office REITs - 0.1% |  |  |
| Hudson Pacific Properties Inc 4.75% Series C  | 18100 | 259192 |
| Vornado Realty Trust 5.25% Series M  | 300 | 5430 |
| Vornado Realty Trust Series L, 5.4%  | 1000 | 17745 |
|  |  | 282367 |
| Residential REITs - 0.0% |  |  |
| American Homes 4 Rent 5.875% Series G  | 5200 | 125268 |
| UMH Properties Inc 6.375% Series D  | 3900 | 87987 |
|  |  | 213255 |
| Retail REITs - 0.2% |  |  |
| Agree Realty Corp 4.25%  | 1500 | 27240 |
| Cedar Realty Trust Inc 7.25%  | 415 | 7375 |
| Kimco Realty Corp 5.125%  | 11600 | 248588 |
| Kimco Realty Corp Series M 5.25%  | 16500 | 364980 |
| Regency Centers Corp 5.875%  | 2000 | 48100 |
| Regency Centers Corp 6.25% Series A  | 4500 | 109935 |
| Saul Centers Inc 6.125% Series D  | 1300 | 29503 |
|  |  | 835721 |
| Specialized REITs - 0.1% |  |  |
| Digital Realty Trust Inc 5.25%  | 5800 | 129340 |
| Digital Realty Trust Inc Series L, 5.2%  | 12700 | 278511 |
| National Storage Affiliates Trust Series A, 6%  | 200 | 4673 |
| Public Storage Operating Co 4%  | 2300 | 39376 |
| Public Storage Operating Co 4%  | 1200 | 20700 |
| Public Storage Operating Co 5.05% Series G  | 6000 | 132180 |
| Public Storage Operating Co 5.15% Series F  | 3200 | 73120 |
| Public Storage Operating Co Series MM, 4.125%  | 1000 | 17480 |
|  |  | 695380 |
| TOTAL REAL ESTATE |  | 5553458 |
| TOTAL UNITED STATES |  | 8977731 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $8,835,746) |  | <br> **8977731** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 23.9%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 23.9%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 23.9%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 23.9%** |
|  | Yield (%) (k) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bonds Inflation-Indexed 0.125% 2/15/2051  | -0.41 to 2.20 | 1543568 | 857155 |
| US Treasury Bonds Inflation-Indexed 0.125% 2/15/2052  | -0.15 to 2.64 | 2320960 | 1259296 |
| US Treasury Bonds Inflation-Indexed 0.625% 2/15/2043  | -0.53 to 2.54 | 1527344 | 1161141 |
| US Treasury Bonds Inflation-Indexed 0.75% 2/15/2042  | -0.44 to 2.42 | 253052 | 200859 |
| US Treasury Bonds Inflation-Indexed 0.75% 2/15/2045  | -0.38 to 2.67 | 2085227 | 1556410 |
| US Treasury Bonds Inflation-Indexed 0.875% 2/15/2047  | -0.39 to 2.41 | 1128162 | 833920 |
| US Treasury Bonds Inflation-Indexed 1% 2/15/2046  | -0.28 to 2.46 | 426741 | 329381 |
| US Treasury Bonds Inflation-Indexed 1% 2/15/2048  | -0.38 to 2.37 | 784708 | 588598 |
| US Treasury Bonds Inflation-Indexed 1% 2/15/2049  | -0.40 to 1.67 | 1900009 | 1403348 |
| US Treasury Bonds Inflation-Indexed 1.375% 2/15/2044  | -0.50 to 1.54 | 3174215 | 2716884 |
| US Treasury Bonds Inflation-Indexed 1.5% 2/15/2053  | 1.57 to 2.64 | 1445404 | 1157988 |
| US Treasury Bonds Inflation-Indexed 2.125% 2/15/2040  | -0.60 to 1.00 | 753294 | 759703 |
| US Treasury Bonds Inflation-Indexed 2.125% 2/15/2041  | -0.54 to 2.29 | 1600559 | 1600397 |
| US Treasury Bonds Inflation-Indexed 2.125% 2/15/2054  | 2.05 to 2.07 | 1168386 | 1079619 |
| US Treasury Bonds Inflation-Indexed 2.375% 1/15/2027  | -1.82 to 2.47 | 2324371 | 2366160 |
| US Treasury Bonds Inflation-Indexed 2.375% 2/15/2055  | 2.19 to 2.64 | 1367743 | 1336628 |
| US Treasury Bonds Inflation-Indexed 2.5% 1/15/2029  | -1.54 to 1.74 | 73728 | 77058 |
| US Treasury Bonds Inflation-Indexed 3.375% 4/15/2032  | -1.05 to 1.87 | 618797 | 692850 |
| US Treasury Bonds Inflation-Indexed 3.625% 4/15/2028  | -1.61 to 1.92 | 1777624 | 1891673 |
| US Treasury Bonds Inflation-Indexed 3.875% 4/15/2029  | 1.37 to 1.82 | 1552421 | 1697708 |
| US Treasury Notes Inflation-Indexed 0.125% 1/15/2030  | -1.19 to 2.04 | 4222616 | 4032491 |
| US Treasury Notes Inflation-Indexed 0.125% 1/15/2031  | -1.15 to 1.92 | 3487154 | 3275395 |
| US Treasury Notes Inflation-Indexed 0.125% 1/15/2032  | -0.90 to 2.47 | 3589401 | 3306037 |
| US Treasury Notes Inflation-Indexed 0.125% 10/15/2026  | -1.93 to 0.80 | 2275754 | 2263273 |
| US Treasury Notes Inflation-Indexed 0.125% 4/15/2027  | -0.44 to 2.13 | 4679574 | 4615543 |
| US Treasury Notes Inflation-Indexed 0.125% 7/15/2030  | -1.29 to 2.17 | 3568263 | 3393591 |
| US Treasury Notes Inflation-Indexed 0.125% 7/15/2031  | -1.17 to 1.99 | 4069127 | 3801107 |
| US Treasury Notes Inflation-Indexed 0.25% 7/15/2029  | -1.43 to 1.85 | 4133537 | 4010890 |
| US Treasury Notes Inflation-Indexed 0.375% 1/15/2027  | -1.87 to 1.53 | 2852568 | 2830837 |
| US Treasury Notes Inflation-Indexed 0.375% 7/15/2027  | -1.79 to 1.88 | 2956868 | 2937191 |
| US Treasury Notes Inflation-Indexed 0.5% 1/15/2028  | -1.66 to 1.98 | 5601416 | 5537322 |
| US Treasury Notes Inflation-Indexed 0.625% 7/15/2032  | 0.09 to 1.97 | 4269542 | 4042269 |
| US Treasury Notes Inflation-Indexed 0.75% 7/15/2028  | -1.44 to 1.83 | 3842863 | 3825674 |
| US Treasury Notes Inflation-Indexed 0.875% 1/15/2029  | -1.49 to 1.72 | 2332328 | 2315010 |
| US Treasury Notes Inflation-Indexed 1.125% 1/15/2033  | 1.15 to 2.28 | 4164480 | 4037451 |
| US Treasury Notes Inflation-Indexed 1.25% 4/15/2028  | 1.27 | 2283261 | 2292297 |
| US Treasury Notes Inflation-Indexed 1.375% 7/15/2033  | 1.57 to 2.23 | 4201536 | 4138204 |
| US Treasury Notes Inflation-Indexed 1.625% 10/15/2027  | 1.46 to 1.84 | 2344661 | 2382612 |
| US Treasury Notes Inflation-Indexed 1.625% 10/15/2029  | 1.12 to 1.99 | 2322328 | 2368841 |
| US Treasury Notes Inflation-Indexed 1.625% 4/15/2030  | 1.41 to 1.61 | 3582315 | 3638191 |
| US Treasury Notes Inflation-Indexed 1.75% 1/15/2034  | 1.69 to 2.13 | 3983063 | 4003091 |
| US Treasury Notes Inflation-Indexed 1.875% 7/15/2034  | 1.60 to 2.03 | 4828496 | 4900356 |
| US Treasury Notes Inflation-Indexed 1.875% 7/15/2035  | 1.78 to 1.97 | 3360274 | 3388368 |
| US Treasury Notes Inflation-Indexed 2.125% 1/15/2035  | 1.78 to 2.12 | 4340234 | 4469345 |
| US Treasury Notes Inflation-Indexed 2.125% 4/15/2029  | 1.87 to 2.29 | 4162014 | 4296859 |
| US Treasury Notes Inflation-Indexed 2.375% 10/15/2028  | 1.67 to 2.43 | 3185194 | 3318212 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $120,838,270) |  |  | **116987233** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.1%** | &nbsp;&nbsp;**Money Market Funds - 1.1%** | &nbsp;&nbsp;**Money Market Funds - 1.1%** | &nbsp;&nbsp;**Money Market Funds - 1.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (l)<br>(Cost $5,317,141)<br>| 4.21 | 5316077 | **5317141** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.6%**<br> (Cost $485,502,353)<br>| <br>**487010070** |
| **NET OTHER ASSETS (LIABILITIES) - 0.4%**  | **1956309** |
| **NET ASSETS - 100.0%** | **488966379** |

---

**Legend**

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

(b) 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 $18,437,094 or 3.8% of net assets.

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

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

(e) Level 3 security.

(f) Interest Only (IO) security represents the right to receive only monthly interest payments on an underlying pool of assets. Principal shown is the outstanding par amount of the pool as of the end of the period.

(g) Non-income producing.

(h) 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 $286,963 or 0.1% of net assets.

(i) 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, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements,which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(j) Non-income producing - Security is in default.

(k) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(l) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

**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 | 7375200 | 95562376 | 97620479 | 256721 | 44 | - | 5317141 | 5316077 | 0.0% |
| Fidelity Commodity Strategy Central Fund | 74313297 | 7166390 | 12523345 | 5082871 | (2752964) | 4916335 | 71119713 | 760070 | 19.4% |
| Fidelity Floating Rate Central Fund | 126007599 | 18218205 | 19165282 | 10549485 | (355452) | (1724942) | 122980128 | 1279178 | 6.2% |
| Fidelity Real Estate Equity Central Fund | 46489288 | 9287749 | 9329539 | 1359165 | 510497 | (3109782) | 43848213 | 321562 | 5.0% |
| Fidelity Securities Lending Cash Central Fund | 966947 | 12274655 | 13241602 | 5939 | - | - | - | - | 0.0% |
| Total | 255152331 | 142509375 | 151880247 | 17254181 | (2597875) | 81611 | 243265195 |  |  |

---

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 September 30, 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>** |  |  |  |  |
|  **Asset-Backed Securities** | 2525336 | - | 2525335 | 1 |
|  **Commercial Mortgage Securities** | 20712876 | - | 19915544 | 797332 |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 86546 | 31231 | 55315 | - |
| Consumer Staples | 5732712 | 5732712 | - | - |
| Energy | 22591060 | 18238594 | 4352466 | - |
| Industrials | 1237668 | 1237668 | - | - |
| Information Technology | 1051181 | 1051181 | - | - |
| Materials | 38912335 | 31854155 | 7058180 | - |
| Real Estate | 94058 | 94058 | - | - |
| Utilities | 2997386 | 2332526 | 664860 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 2497864 | 2497864 | - | - |
| Real Estate | 53932 | - | 53932 | - |
|  **Domestic Equity Funds** | 114967926 | 114967926 | - | - |
|  **Fixed-Income Funds** | 122980128 | 122980128 | - | - |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Consumer Discretionary | 1226492 | - | 1226492 | - |
| Energy | 274864 | - | 274864 | - |
| Health Care | 227006 | - | 227006 | - |
| Real Estate | 17558595 | - | 17558595 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Financials | 3424273 | 3424273 | - | - |
| Real Estate | 5553458 | 5553458 | - | - |
|  **U.S. Treasury Obligations** | 116987233 | - | 116987233 | - |
|  **Money Market Funds** | 5317141 | 5317141 | - | - |
| **Total Investments in Securities:** | 487010070 | 315312915 | 170899822 | 797333 |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $233,008,277) | $243744875 |  |
| Fidelity Central Funds (cost $252,494,076) | 243265195 |  |
| Total Investment in Securities (cost $485,502,353) |  | $487010070 |
| Cash |  | 1199 |
| Foreign currency held at value (cost $658,397) |  | 658128 |
| Receivable for investments sold |  | 3898656 |
| Receivable for fund shares sold |  | 405851 |
| Dividends receivable |  | 110324 |
| Interest receivable |  | 693758 |
| Distributions receivable from Fidelity Central Funds |  | 18489 |
| Prepaid expenses |  | 533 |
| Receivable from investment adviser for expense reductions |  | 55473 |
| Other receivables |  | 572 |
| **Total assets** |  | 492853053 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $2970696 |  |
| Payable for fund shares redeemed | 531904 |  |
| Accrued management fee | 271786 |  |
| Distribution and service plan fees payable | 14983 |  |
| Other payables and accrued expenses | 97305 |  |
| **Total liabilities** |  | 3886674 |
| **Net Assets**  |  | $488966379 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $778985379 |
| Total accumulated earnings (loss) |  | (290019000) |
| **Net Assets** |  | $488966379 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($39,191,273 ÷ 4,413,723 shares)(a) |  | $8.88 |
| Maximum offering price per share (100/96.00 of $8.88) |  | $9.25 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($7,268,165 ÷ 817,628 shares)(a) |  | $8.89 |
| Maximum offering price per share (100/96.00 of $8.89) |  | $9.26 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($6,374,521 ÷ 731,543 shares)(a) |  | $8.71 |
| **Strategic Real Return :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($278,413,902 ÷ 31,173,309 shares) |  | $8.93 |
| **Class K6 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($103,427,917 ÷ 11,522,758 shares) |  | $8.98 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($39,089,059 ÷ 4,389,617 shares) |  | $8.90 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($15,201,542 ÷ 1,704,529 shares) |  | $8.92 |
| *(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** |
| <br> **Year ended September 30, 2025** | <br> **Year ended September 30, 2025** | <br> **Year ended September 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $3460375 |
| Interest  |  | 7127103 |
| Income from Fidelity Central Funds (including $5,939 from security lending)  |  | 17254181 |
| **Total income** |  | 27841659 |
| **Expenses** |  |  |
| Management fee | $3291988 |  |
| Distribution and service plan fees | 188709 |  |
| Custodian fees and expenses | 80298 |  |
| Independent trustees' fees and expenses | 1218 |  |
| Registration fees | 126311 |  |
| Audit fees | 123084 |  |
| Legal | 1410 |  |
| Miscellaneous | 1563 |  |
| Total expenses before reductions | 3814581 |  |
| Expense reductions | (402972) |  |
| Total expenses after reductions |  | 3411609 |
| **Net Investment income (loss)** |  | 24430050 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $14,135)  | 2275994 |  |
| Fidelity Central Funds | (2597875) |  |
| Foreign currency transactions | (24530) |  |
| Total net realized gain (loss) |  | (346411) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $50,915)  | 6387154 |  |
| Fidelity Central Funds  | 81611 |  |
| Assets and liabilities in foreign currencies | 115 |  |
| Total change in net unrealized appreciation (depreciation) |  | 6468880 |
| **Net gain (loss)** |  | 6122469 |
| **Net increase (decrease) in net assets resulting from operations** |  | $30552519 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **September 30, 2025** | **Year ended**<br> **September 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $24430050 | $24222384 |
| &nbsp;&nbsp;Net realized gain (loss) | (346411)<br>| (7292421)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 6468880 | 35394339<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 30552519<br>| 52324302<br>|
| Distributions to shareholders | (22545893)<br>| (26735852)<br>|
| Share transactions - net increase (decrease) | (25520568)<br>| (63313396)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (17513942)<br>| (37724946)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 506480321 | 544205267<br>|
| &nbsp;&nbsp;End of period | $488966379 | $506480321 |

---

**Financial Highlights** 

**Fidelity Advisor® Strategic Real Return Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $8.73 | $8.29 | $8.53 | $9.42 | $8.07 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .407  | .379  | .358  | .719  | .568  |
| Net realized and unrealized gain (loss)  | .117  | .475  | .050  | (1.078) C | .950  |
| Total from investment operations  | .524  | .854  | .408  | (.359)  | 1.518  |
| Distributions from net investment income  | (.374)  | (.414)  | (.648)  | (.531)  | (.168)  |
| Total distributions  | (.374)  | (.414)  | (.648)  | (.531)  | (.168)  |
| Net asset value, end of period  | $8.88 | $8.73 | $8.29 | $8.53 | $9.42 |
| **Total Return** D,E | 6.28% <br>| 10.70%  | 4.93%  | (4.09)% C | 19.05%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.04%  | 1.04%  | 1.05%  | 1.06%  | 1.11%  |
| Expenses net of fee waivers, if any  | .95% <br>| .95%  | .95%  | .96%  | 1.00%  |
| Expenses net of all reductions, if any  | .95%  | .95%  | .95%  | .96%  | 1.00%  |
| Net investment income (loss)  | 4.74%  | 4.53%  | 4.26%  | 7.81%  | 6.40%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $39191 | $45775 | $54548 | $76811 | $37357 |
| Portfolio turnover rate H | 29% <br>| 23%  | 29%  | 32%  | 13%  |

---

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*Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been (4.12)%.*

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*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 Real Return Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $8.74 | $8.30 | $8.54 | $9.43 | $8.07 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .407  | .379  | .359  | .721  | .567  |
| Net realized and unrealized gain (loss)  | .117  | .476  | .050  | (1.080) C | .960  |
| Total from investment operations  | .524  | .855  | .409  | (.359)  | 1.527  |
| Distributions from net investment income  | (.374)  | (.415)  | (.649)  | (.531)  | (.167)  |
| Total distributions  | (.374)  | (.415)  | (.649)  | (.531)  | (.167)  |
| Net asset value, end of period  | $8.89 | $8.74 | $8.30 | $8.54 | $9.43 |
| **Total Return** D,E | 6.27% <br>| 10.70%  | 4.94%  | (4.09)% C | 19.17%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.05%  | 1.05%  | 1.06%  | 1.06%  | 1.12%  |
| Expenses net of fee waivers, if any  | .95% <br>| .95%  | .95%  | .96%  | 1.00%  |
| Expenses net of all reductions, if any  | .95%  | .95%  | .95%  | .96%  | 1.00%  |
| Net investment income (loss)  | 4.74%  | 4.53%  | 4.26%  | 7.81%  | 6.40%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $7268 | $7473 | $8796 | $11557 | $7293 |
| Portfolio turnover rate H | 29% <br>| 23%  | 29%  | 32%  | 13%  |

---

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*Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been (4.12)%.*

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*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 Real Return Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $8.57 | $8.15 | $8.39 | $9.28 | $7.95 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .336  | .311  | .290  | .639  | .491  |
| Net realized and unrealized gain (loss)  | .112  | .459  | .055  | (1.057) C | .946  |
| Total from investment operations  | .448  | .770  | .345  | (.418)  | 1.437  |
| Distributions from net investment income  | (.308)  | (.350)  | (.585)  | (.472)  | (.107)  |
| Total distributions  | (.308)  | (.350)  | (.585)  | (.472)  | (.107)  |
| Net asset value, end of period  | $8.71 | $8.57 | $8.15 | $8.39 | $9.28 |
| **Total Return** D,E | 5.44% <br>| 9.77%  | 4.22%  | (4.78)% C | 18.24%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.78%  | 1.78%  | 1.80%  | 1.79%  | 1.88%  |
| Expenses net of fee waivers, if any  | 1.70% <br>| 1.70%  | 1.70%  | 1.71%  | 1.75%  |
| Expenses net of all reductions, if any  | 1.70%  | 1.70%  | 1.70%  | 1.71%  | 1.75%  |
| Net investment income (loss)  | 3.99%  | 3.78%  | 3.51%  | 7.07%  | 5.65%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $6375 | $8029 | $10720 | $13730 | $4549 |
| Portfolio turnover rate H | 29% <br>| 23%  | 29%  | 32%  | 13%  |

---

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*Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been (4.81)%.*

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 contingent deferred sales charge.*

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*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 Real Return Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $8.78 | $8.34 | $8.58 | $9.47 | $8.10 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .430  | .402  | .382  | .749  | .593  |
| Net realized and unrealized gain (loss)  | .117  | .474  | .050  | (1.087) C | .965  |
| Total from investment operations  | .547  | .876  | .432  | (.338)  | 1.558  |
| Distributions from net investment income  | (.397)  | (.436)  | (.672)  | (.552)  | (.188)  |
| Total distributions  | (.397)  | (.436)  | (.672)  | (.552)  | (.188)  |
| Net asset value, end of period  | $8.93 | $8.78 | $8.34 | $8.58 | $9.47 |
| **Total Return** D | 6.53% <br>| 10.93%  | 5.21%  | (3.85)% C | 19.51%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .77%  | .78%  | .79%  | .78%  | .85%  |
| Expenses net of fee waivers, if any  | .70% <br>| .70%  | .70%  | .71%  | .75%  |
| Expenses net of all reductions, if any  | .70%  | .70%  | .70%  | .71%  | .75%  |
| Net investment income (loss)  | 4.99%  | 4.78%  | 4.51%  | 8.06%  | 6.64%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $278414 | $273820 | $260909 | $387040 | $236076 |
| Portfolio turnover rate G | 29% <br>| 23%  | 29%  | 32%  | 13%  |

---

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*Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been (3.88)%.*

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

E*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.*

F*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.*

G*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 Real Return Fund Class K6**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $8.82 | $8.37 | $8.60 | $9.48 | $8.11 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .449  | .420  | .398  | .760  | .616  |
| Net realized and unrealized gain (loss)  | .124  | .479  | .054  | (1.082) C | .948  |
| Total from investment operations  | .573  | .899  | .452  | (.322)  | 1.564  |
| Distributions from net investment income  | (.413)  | (.449)  | (.682)  | (.558)  | (.194)  |
| Total distributions  | (.413)  | (.449)  | (.682)  | (.558)  | (.194)  |
| Net asset value, end of period  | $8.98 | $8.82 | $8.37 | $8.60 | $9.48 |
| **Total Return** D | 6.82% <br>| 11.18%  | 5.44%  | (3.68)% C | 19.57%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .64%  | .64%  | .65%  | .66%  | .69%  |
| Expenses net of fee waivers, if any  | .51% <br>| .51%  | .51%  | .52%  | .56%  |
| Expenses net of all reductions, if any  | .51%  | .51%  | .51%  | .52%  | .56%  |
| Net investment income (loss)  | 5.18%  | 4.97%  | 4.70%  | 8.25%  | 6.83%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $103428 | $107717 | $101688 | $99831 | $20606 |
| Portfolio turnover rate G | 29% <br>| 23%  | 29%  | 32%  | 13%  |

---

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*Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been (3.71)%.*

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

E*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.*

F*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.*

G*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 Real Return Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $8.76 | $8.32 | $8.55 | $9.44 | $8.08 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .429  | .401  | .381  | .741  | .594  |
| Net realized and unrealized gain (loss)  | .108  | .474  | .060  | (1.079) C | .955  |
| Total from investment operations  | .537  | .875  | .441  | (.338)  | 1.549  |
| Distributions from net investment income  | (.397)  | (.435)  | (.671)  | (.552)  | (.189)  |
| Total distributions  | (.397)  | (.435)  | (.671)  | (.552)  | (.189)  |
| Net asset value, end of period  | $8.90 | $8.76 | $8.32 | $8.55 | $9.44 |
| **Total Return** D | 6.43% <br>| 10.94%  | 5.33%  | (3.86)% C | 19.45%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .78%  | .78%  | .79%  | .79%  | .83%  |
| Expenses net of fee waivers, if any  | .70% <br>| .70%  | .70%  | .71%  | .75%  |
| Expenses net of all reductions, if any  | .70%  | .70%  | .70%  | .71%  | .75%  |
| Net investment income (loss)  | 4.99%  | 4.78%  | 4.51%  | 8.07%  | 6.64%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $39089 | $41478 | $66743 | $185361 | $49988 |
| Portfolio turnover rate G | 29% <br>| 23%  | 29%  | 32%  | 13%  |

---

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*Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been (3.89)%.*

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

E*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.*

F*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.*

G*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 Real Return Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $8.77 | $8.32 | $8.56 | $9.45 | $8.08 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .437  | .408  | .389  | .755  | .610  |
| Net realized and unrealized gain (loss)  | .113  | .483  | .051  | (1.087) C | .952  |
| Total from investment operations  | .550  | .891  | .440  | (.332)  | 1.562  |
| Distributions from net investment income  | (.400)  | (.441)  | (.680)  | (.558)  | (.192)  |
| Total distributions  | (.400)  | (.441)  | (.680)  | (.558)  | (.192)  |
| Net asset value, end of period  | $8.92 | $8.77 | $8.32 | $8.56 | $9.45 |
| **Total Return** D | 6.58% <br>| 11.14%  | 5.32%  | (3.79)% C | 19.61%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .68%  | .69%  | .69%  | .70%  | .73%  |
| Expenses net of fee waivers, if any  | .61% <br>| .61%  | .61%  | .62%  | .66%  |
| Expenses net of all reductions, if any  | .61%  | .61%  | .61%  | .62%  | .66%  |
| Net investment income (loss)  | 5.08%  | 4.87%  | 4.60%  | 8.15%  | 6.73%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $15202 | $22188 | $40802 | $87627 | $56997 |
| Portfolio turnover rate G | 29% <br>| 23%  | 29%  | 32%  | 13%  |

---

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*Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been (3.82)%.*

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

E*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.*

F*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.*

G*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**

For the period ended September 30, 2025

**1. Organization.**

Fidelity Strategic Real Return 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 Real Return, Class K6, 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 Commodity Strategy Central Fund | Geode Capital Management, LLC (Geode) | Seeks to provide investment returns that correspond to the performance of the commodities market. | Investment in commodity-related investments through a wholly-owned subsidiary organized under the laws of the Cayman Islands<br>| .01% |
| Fidelity Floating Rate Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks a high level of income by normally investing in floating rate loans and other floating rate securities.<br>| Loans & Direct Debt Instruments<br>Restricted Securities<br>| .01% |
| 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.<br>|  | 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, other than the Commodity Strategy Central Fund, 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:

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, and U.S. government and government agency 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. Asset backed securities and commercial mortgage securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, 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.

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.

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 September 30, 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. For Treasury Inflation-Protected Securities (TIPS) the principal amount is adjusted daily to keep pace with inflation. Interest is accrued based on the adjusted principal amount. The adjustments to principal due to inflation are reflected as increases or decreases to Interest in the accompanying Statement of Operations. Such adjustments may result in negative Interest and may have a significant impact on the Fund's distributions. 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. As of September 30, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. The Fund is subject to a tax imposed on capital gains by certain countries 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, certain foreign taxes, passive foreign investment companies (PFIC), market discount, partnerships, capital loss carryforwards 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**  | $25554618 |
| **Gross unrealized depreciation**  | <u>(24664373)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$890245</u> |
| **Tax Cost**  | <u>$486119825</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$8441706</u> |
| **Capital loss carryforward**  | <u>$(299351605)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$890897</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(29001416) |
| Long-term | <u>(270350189)</u> |
| **Total capital loss carryforward** | <u>$(299351605)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2024** |
| **Ordinary Income**  | $22545893 | $26735852 |

---

**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.

**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. 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 Real Return Fund** | 106909563 | 126486522 |

---

**5. 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** | .72 |
| **Class M** | .73 |
| **Class C** | .71 |
| **Strategic Real Return** | .72 |
| **Class K6** | .57 |
| **Class I** | .71 |
| **Class Z** | .61 |

---

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** | .72 |
| **Class M** | .73 |
| **Class C** | .71 |
| **Strategic Real Return** | .70 |
| **Class K6** | .57 |
| **Class I** | .71 |
| **Class Z** | .61 |

---

**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% | 100056 | 1556 |
| **Class M** | - % | .25% | 18217 | 27 |
| **Class C** | .75% | .25% | <u>70436</u> | <u>4149</u> |
|  |  |  | <u>188709</u> | <u>5732</u> |

---

**Sales Load.** FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and 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** | 3130 |
| **Class M** | 350 |
| **Class C** A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>173</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>3653</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 Real Return Fund** | 1698 |

---

**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 Real Return Fund** | 6690012 | 6322035 | 778736 |

---

**6. 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 Real Return Fund** | 701 |

---

**7. 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 interest. 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 Real Return Fund** | 641 | - | - |

---

**8. Expense Reductions.** 

The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through January 31, 2027. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

---

| | | |
|:---|:---|:---|
|  | **Expense Limitations** | **Reimbursement ($)** |
| **Class A** | .95% | 35113 |
| **Class M** | .95% | 7114 |
| **Class C** | 1.70% | 5463 |
| **Strategic Real Return** | .70% | 184874 |
| **Class K6** | .51% | 126668 |
| **Class I** | .70% | 32011 |
| **Class Z** | .61% | <u>11729</u> |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>402972</u> |

---

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **September 30, 2025** | **Year ended**<br> **September 30, 2024** |
| **Fidelity Strategic Real Return Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $1801959 | $2510476 |
| Class M | 316798 | 407512 |
| Class C | 267954 | 411406 |
| Strategic Real Return | 12634713 | 13480924 |
| Class K6 | 4767612 | 5251921 |
| Class I | 1878610 | 2944588 |
| Class Z | <u>878247</u> | <u>1729025</u> |
| Total  | <u>$22545893</u> | <u>$26735852</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** |
|  | **Year ended** <br> **September 30, 2025**  | **Year ended**<br> **September 30, 2024** | **Year ended** <br> **September 30, 2025**  | **Year ended**<br> **September 30, 2024** |
| **Fidelity Strategic Real Return Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 588699 | 406581 | $5045858 | $3392714 |
| Reinvestment of distributions | 208064 | 299610 | 1763619 | 2463070 |
| Shares redeemed | <u>(1624893)</u> | <u>(2042394)</u> | <u>(13903309)</u> | <u>(17003226)</u> |
| Net increase (decrease) | <u>(828130)</u> | <u>(1336203)</u> | <u>$(7093832)</u> | <u>$(11147442)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 38608 | 27288 | $331236 | $227735 |
| Reinvestment of distributions | 37001 | 48941 | 313833 | 403020 |
| Shares redeemed | <u>(112776)</u> | <u>(280890)</u> | <u>(970673)</u> | <u>(2342432)</u> |
| Net increase (decrease) | <u>(37167)</u> | <u>(204661)</u> | <u>$(325604)</u> | <u>$(1711677)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 123891 | 67376 | $1041973 | $549443 |
| Reinvestment of distributions | 32138 | 50514 | 267693 | 407771 |
| Shares redeemed | <u>(361089)</u> | <u>(497338)</u> | <u>(3046742)</u> | <u>(4065231)</u> |
| Net increase (decrease) | <u>(205060)</u> | <u>(379448)</u> | <u>$(1737076)</u> | <u>$(3108017)</u> |
| **Strategic Real Return** |  |  |  |  |
| Shares sold | 7447568 | 8945463 | $64118345 | $75090924 |
| Reinvestment of distributions | 1364652 | 1463305 | 11613303 | 12112895 |
| Shares redeemed | <u>(8814587)</u> | <u>(10519295)</u> | <u>(75870129)</u> | <u>(87979127)</u> |
| Net increase (decrease) | <u>(2367)</u> | <u>(110527)</u> | <u>$(138481)</u> | <u>$(775308)</u> |
| **Class K6** |  |  |  |  |
| Shares sold | 3327349 | 3163842 | $28589667 | $26702288 |
| Reinvestment of distributions | 557101 | 631597 | 4767612 | 5251921 |
| Shares redeemed | <u>(4568494)</u> | <u>(3732609)</u> | <u>(39483184)</u> | <u>(31443297)</u> |
| Net increase (decrease) | <u>(684044)</u> | <u>62830</u> | <u>$(6125905)</u> | <u>$510912</u> |
| **Class I** |  |  |  |  |
| Shares sold | 2159148 | 2506316 | $18569704 | $21120247 |
| Reinvestment of distributions | 218895 | 354271 | 1860949 | 2916975 |
| Shares redeemed | <u>(2723887)</u> | <u>(6150817)</u> | <u>(23467597)</u> | <u>(51394364)</u> |
| Net increase (decrease) | <u>(345844)</u> | <u>(3290230)</u> | <u>$(3036944)</u> | <u>$(27357142)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 553739 | 654545 | $4786745 | $5481728 |
| Reinvestment of distributions | 88654 | 176982 | 752891 | 1456757 |
| Shares redeemed | <u>(1468688)</u> | <u>(3203677)</u> | <u>(12602362)</u> | <u>(26663207)</u> |
| Net increase (decrease) | <u>(826295)</u> | <u>(2372150)</u> | <u>$(7062726)</u> | <u>$(19724722)</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 public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Salem Street Trust and the Shareholders of Fidelity Strategic Real Return Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity Strategic Real Return Fund (the "Fund"), a fund of Fidelity Salem Street Trust, including the schedule of investments, as of September 30, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

November 12, 2025

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

A total of 21.90% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $17,980,256 of distributions paid in the calendar year 2024 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund designates $17,564,672 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Class A designates 2%, 8%, and 8%; Class M designates 2%, 8%, and 8%; Class C designates 2%, 12%, and 10%; Strategic Real Return designates 2%, 7%, and 7%; Class K6 designates 2%, 7%, and 7%; Class I designates 2%, 7%, and 7%; and Class Z designates 2%, 7%, and 7%; of the dividends distributed in December 2024, April 2025, and July 2025, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class A designates 8.85%, 18.35%, and 17.43%; Class M designates 8.85%, 18.00%, and 17.43%; Class C designates 10.13%, 27.26%, and 21.54%; Strategic Real Return designates 8.45%, 16.45%, and 16.50%; Class K6 designates 8.21%, 15.39%, and 15.83%; Class I designates 8.52%, 16.45%, and 16.16%; and Class Z designates 8.33%, 16.17%, and 16.50%; of the dividends distributed in December, April and July, respectively during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

Class A designates 2.30%, 26.47%, and 25.14%; Class M designates 2.30%, 25.97%, and 25.14%; Class C designates 2.63%, 39.33%, and 31.08%; Strategic Real Return designates 2.20%, 23.73%, and 23.80%; Class K6 designates 2.14%, 22.20%, and 22.83%; Class I designates 2.22%, 23.73%, and 23.31%; and Class Z designates 2.17%, 23.33%, and 23.80%; of the dividends distributed in December 2024, April 2025, and July 2025, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Strategic Real Return Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund, including the fund's sub-advisory agreement with Geode Capital Management, LLC (Geode). FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, such as size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by Fidelity under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via the Fidelity mobile app and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against one or more appropriate indices, including a customized blended index that reflects the respective weights of the fund's asset classes (each a benchmark index). The Board also considered information about performance attribution. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the representative class of the fund (the retail class), the Board considered the effective management fee rate for the retail class from March 2024 to December 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of the retail class of the fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of the retail class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the retail class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the retail class of the fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures. The Board also reviewed information about any share classes with above median management fees or total expense ratios.

The information provided to the Board indicated that the management fee rate of the retail class of the fund ranked above the competitive median of the total peer group for 2024 and above the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund's retail class ranked above the competitive median of the total peer group for 2024 and above the competitive median of the asset-sized peer group for 2024.

The Board considered that the fund has a unified management fee that covers expenses beyond portfolio management, unlike the majority of funds within the total peer group. The Board noted that, although total expenses ranked above the total expense asset size peer group median, Fidelity believes the fees charged are reasonable for the overall value of services shareholders receive.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and 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.

The Board also considered that the total expenses for Class C of the fund ranked in the 4th quartile of the total peer group. The Board noted that Class C has a 1.00% 12b-1 fee, while Lipper's level load definition is broad and includes both traditionally priced (1.00%) 12b-1 fee classes and funds without sales loads that have relatively lower distribution and service fees.

The Board also considered that the total expenses for Class I of the fund ranked in the 3rd quartile of the total peer group. The Board noted that Lipper categorizes Class I as institutional load, but Fidelity's Class I has no investment minimum, unlike many institutional load funds. The Board further noted that Lipper's institutional load classification includes classes with a range of investment minimums, 12b-1 fees and distribution methods, and that funds with higher investment minimums tend to have lower total expenses. In information provided to the Board, Fidelity stated that it believes Class I is generally more comparable to retail no-load funds and classes, which tend to have similar investment minimums.

<u>Other Contractual Arrangements</u>. The Board further considered that FMR has contractually agreed to reimburse Class A, Class M, Class C, Class I, Class Z, the retail class, and Class K6 of the fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 0.95%, 0.95%, 1.70%, 0.70%, 0.61%, 0.70%, and 0.51% through January 31, 2025.

Based on its review, the Board concluded that the management fee of each class of the fund is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the lineup of the Fidelity funds; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2026.

![](img116047_4.jpg)<br>

1.814960.120 RRS-ANN-1125

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>Purchase 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 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 trust's 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) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH](code.htm) .

(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

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; November 20, 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.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; November 20, 2025 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; November 20, 2025 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

## 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:

November 20, 2025

---

| |
|:---|
| &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
| &nbsp;&nbsp; Laura M. Del Prato |
| &nbsp;&nbsp; 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:

November 20, 2025

---

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

---

## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u>

**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: November 20, 2025

---

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

---

Dated: November 20, 2025

---

| |
|:---|
| &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp; Stephanie Caron |
| &nbsp;&nbsp; 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>