# EDGAR Filing Document

**Accession Number:** 0000035315
**File Stem:** 0000035315-26-000267
**Filing Date:** 2026-5
**Character Count:** 203649
**Document Hash:** 31ac69f4af70f11a0d9510307fc7e7f2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035315-26-000267.hdr.sgml**: 20260521

**ACCESSION NUMBER**: 0000035315-26-000267

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260521

**DATE AS OF CHANGE**: 20260521

**EFFECTIVENESS DATE**: 20260521

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02105
- **FILM NUMBER:** 261006482

**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, MA 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;March 31, 2026 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Fidelity® Strategic Real Return Fund<br> **Fidelity® Strategic Real Return Fund : FSRRX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Strategic Real Return Fund for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Strategic Real Return Fund  | $36  | 0.70% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $540917925<br>|
| Number of Holdings | 445<br>|
| Portfolio Turnover | 40%<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

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 | 22.7 |
| AAA | 0.0 |
| AA | 0.0 |
| A | 0.8 |
| BBB | 3.4 |
| BB | 6.3 |
| B | 15.5 |
| CCC,CC,C | 2.1 |
| D | 0.0 |
| Not Rated | 4.7 |
| Equities | 41.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.6 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1505_20260331_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 22.7 |
| &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 - 0.8&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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 3.4&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;BB - 6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 15.5&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 2.1&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;D - 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;Not Rated - 4.7&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;Equities - 41.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.6 |
| 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 | 25.0 |
| Inflation-Protected Debt | 22.7 |
| Commodities & Related Investments | 15.2 |
| Commodity Equities | 15.0 |
| Real Estate Income | 11.9 |
| REITs | 9.7 |
| Global Infrastructure Equities | 0.2 |
| MLPs | 0.0 |
| Gold-Miners Equities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1505_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| Floating-Rate debt - 25.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Inflation-Protected Debt - 22.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commodities & Related Investments - 15.2 |
| Commodity Equities - 15.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Real Estate Income - 11.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| REITs - 9.7&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;  |
| Global Infrastructure Equities - 0.2&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;  |
| Gold-Miners Equities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.3 |

---

---

| | |
|:---|:---|
| United States | 91.3 |
| Canada | 3.0 |
| Australia | 1.3 |
| Brazil | 0.9 |
| United Kingdom | 0.7 |
| China | 0.7 |
| Finland | 0.4 |
| France | 0.3 |
| Netherlands | 0.2 |
| Others | 1.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1505_20260331_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&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 - 1.3&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;Brazil - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Finland - 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;France - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 1.2&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;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 18.6<br>|
| Fidelity Commodity Strategy Central Fund | 14.7<br>|
| US Treasury Bonds | 4.1<br>|
| Exxon Mobil Corp | 1.6<br>|
| Corteva Inc | 1.2<br>|
| Equinix Inc | 1.2<br>|
| Prologis Inc | 1.2<br>|
| Ventas Inc | 0.9<br>|
| Welltower Inc | 0.8<br>|
| Archer-Daniels-Midland Co | 0.8<br>|
|  | 45.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1505_20260331_1.jpg)<br>| ![](img129133_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915558.101 1505-TSRS-0526 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Fidelity® Strategic Real Return Fund<br> **Fidelity Advisor® Strategic Real Return Fund Class Z : FIQDX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Strategic Real Return Fund for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $32  | 0.61% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $540917925<br>|
| Number of Holdings | 445<br>|
| Portfolio Turnover | 40%<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

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 | 22.7 |
| AAA | 0.0 |
| AA | 0.0 |
| A | 0.8 |
| BBB | 3.4 |
| BB | 6.3 |
| B | 15.5 |
| CCC,CC,C | 2.1 |
| D | 0.0 |
| Not Rated | 4.7 |
| Equities | 41.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.6 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1505_20260331_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 22.7 |
| &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 - 0.8&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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 3.4&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;BB - 6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 15.5&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 2.1&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;D - 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;Not Rated - 4.7&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;Equities - 41.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.6 |
| 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 | 25.0 |
| Inflation-Protected Debt | 22.7 |
| Commodities & Related Investments | 15.2 |
| Commodity Equities | 15.0 |
| Real Estate Income | 11.9 |
| REITs | 9.7 |
| Global Infrastructure Equities | 0.2 |
| MLPs | 0.0 |
| Gold-Miners Equities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1505_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| Floating-Rate debt - 25.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Inflation-Protected Debt - 22.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commodities & Related Investments - 15.2 |
| Commodity Equities - 15.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Real Estate Income - 11.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| REITs - 9.7&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;  |
| Global Infrastructure Equities - 0.2&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;  |
| Gold-Miners Equities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.3 |

---

---

| | |
|:---|:---|
| United States | 91.3 |
| Canada | 3.0 |
| Australia | 1.3 |
| Brazil | 0.9 |
| United Kingdom | 0.7 |
| China | 0.7 |
| Finland | 0.4 |
| France | 0.3 |
| Netherlands | 0.2 |
| Others | 1.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1505_20260331_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&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 - 1.3&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;Brazil - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Finland - 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;France - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 1.2&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;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 18.6<br>|
| Fidelity Commodity Strategy Central Fund | 14.7<br>|
| US Treasury Bonds | 4.1<br>|
| Exxon Mobil Corp | 1.6<br>|
| Corteva Inc | 1.2<br>|
| Equinix Inc | 1.2<br>|
| Prologis Inc | 1.2<br>|
| Ventas Inc | 0.9<br>|
| Welltower Inc | 0.8<br>|
| Archer-Daniels-Midland Co | 0.8<br>|
|  | 45.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1505_20260331_1.jpg)<br>| ![](img129134_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915559.101 3262-TSRS-0526 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Fidelity® Strategic Real Return Fund<br> **Fidelity Advisor® Strategic Real Return Fund Class M : FSRTX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Strategic Real Return Fund for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $49  | 0.95% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $540917925<br>|
| Number of Holdings | 445<br>|
| Portfolio Turnover | 40%<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

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 | 22.7 |
| AAA | 0.0 |
| AA | 0.0 |
| A | 0.8 |
| BBB | 3.4 |
| BB | 6.3 |
| B | 15.5 |
| CCC,CC,C | 2.1 |
| D | 0.0 |
| Not Rated | 4.7 |
| Equities | 41.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.6 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1505_20260331_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 22.7 |
| &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 - 0.8&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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 3.4&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;BB - 6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 15.5&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 2.1&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;D - 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;Not Rated - 4.7&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;Equities - 41.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.6 |
| 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 | 25.0 |
| Inflation-Protected Debt | 22.7 |
| Commodities & Related Investments | 15.2 |
| Commodity Equities | 15.0 |
| Real Estate Income | 11.9 |
| REITs | 9.7 |
| Global Infrastructure Equities | 0.2 |
| MLPs | 0.0 |
| Gold-Miners Equities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1505_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| Floating-Rate debt - 25.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Inflation-Protected Debt - 22.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commodities & Related Investments - 15.2 |
| Commodity Equities - 15.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Real Estate Income - 11.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| REITs - 9.7&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;  |
| Global Infrastructure Equities - 0.2&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;  |
| Gold-Miners Equities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.3 |

---

---

| | |
|:---|:---|
| United States | 91.3 |
| Canada | 3.0 |
| Australia | 1.3 |
| Brazil | 0.9 |
| United Kingdom | 0.7 |
| China | 0.7 |
| Finland | 0.4 |
| France | 0.3 |
| Netherlands | 0.2 |
| Others | 1.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1505_20260331_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&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 - 1.3&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;Brazil - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Finland - 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;France - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 1.2&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;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 18.6<br>|
| Fidelity Commodity Strategy Central Fund | 14.7<br>|
| US Treasury Bonds | 4.1<br>|
| Exxon Mobil Corp | 1.6<br>|
| Corteva Inc | 1.2<br>|
| Equinix Inc | 1.2<br>|
| Prologis Inc | 1.2<br>|
| Ventas Inc | 0.9<br>|
| Welltower Inc | 0.8<br>|
| Archer-Daniels-Midland Co | 0.8<br>|
|  | 45.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1505_20260331_1.jpg)<br>| ![](img129135_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915556.101 1489-TSRS-0526 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Fidelity® Strategic Real Return Fund<br> **Fidelity® Strategic Real Return Fund Class K6 : FSRKX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Strategic Real Return Fund for the period October 1, 2025 to March 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class K6  | $27  | 0.51% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $540917925<br>|
| Number of Holdings | 445<br>|
| Portfolio Turnover | 40%<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

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 | 22.7 |
| AAA | 0.0 |
| AA | 0.0 |
| A | 0.8 |
| BBB | 3.4 |
| BB | 6.3 |
| B | 15.5 |
| CCC,CC,C | 2.1 |
| D | 0.0 |
| Not Rated | 4.7 |
| Equities | 41.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.6 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1505_20260331_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 22.7 |
| &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 - 0.8&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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 3.4&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;BB - 6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 15.5&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 2.1&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;D - 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;Not Rated - 4.7&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;Equities - 41.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.6 |
| 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 | 25.0 |
| Inflation-Protected Debt | 22.7 |
| Commodities & Related Investments | 15.2 |
| Commodity Equities | 15.0 |
| Real Estate Income | 11.9 |
| REITs | 9.7 |
| Global Infrastructure Equities | 0.2 |
| MLPs | 0.0 |
| Gold-Miners Equities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1505_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| Floating-Rate debt - 25.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Inflation-Protected Debt - 22.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commodities & Related Investments - 15.2 |
| Commodity Equities - 15.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Real Estate Income - 11.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| REITs - 9.7&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;  |
| Global Infrastructure Equities - 0.2&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;  |
| Gold-Miners Equities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.3 |

---

---

| | |
|:---|:---|
| United States | 91.3 |
| Canada | 3.0 |
| Australia | 1.3 |
| Brazil | 0.9 |
| United Kingdom | 0.7 |
| China | 0.7 |
| Finland | 0.4 |
| France | 0.3 |
| Netherlands | 0.2 |
| Others | 1.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1505_20260331_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&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 - 1.3&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;Brazil - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Finland - 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;France - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 1.2&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;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 18.6<br>|
| Fidelity Commodity Strategy Central Fund | 14.7<br>|
| US Treasury Bonds | 4.1<br>|
| Exxon Mobil Corp | 1.6<br>|
| Corteva Inc | 1.2<br>|
| Equinix Inc | 1.2<br>|
| Prologis Inc | 1.2<br>|
| Ventas Inc | 0.9<br>|
| Welltower Inc | 0.8<br>|
| Archer-Daniels-Midland Co | 0.8<br>|
|  | 45.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1505_20260331_1.jpg)<br>| ![](img129136_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915560.101 5020-TSRS-0526 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Fidelity® Strategic Real Return Fund<br> **Fidelity Advisor® Strategic Real Return Fund Class I : FSIRX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Strategic Real Return Fund for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $36  | 0.70% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $540917925<br>|
| Number of Holdings | 445<br>|
| Portfolio Turnover | 40%<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

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 | 22.7 |
| AAA | 0.0 |
| AA | 0.0 |
| A | 0.8 |
| BBB | 3.4 |
| BB | 6.3 |
| B | 15.5 |
| CCC,CC,C | 2.1 |
| D | 0.0 |
| Not Rated | 4.7 |
| Equities | 41.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.6 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1505_20260331_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 22.7 |
| &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 - 0.8&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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 3.4&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;BB - 6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 15.5&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 2.1&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;D - 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;Not Rated - 4.7&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;Equities - 41.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.6 |
| 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 | 25.0 |
| Inflation-Protected Debt | 22.7 |
| Commodities & Related Investments | 15.2 |
| Commodity Equities | 15.0 |
| Real Estate Income | 11.9 |
| REITs | 9.7 |
| Global Infrastructure Equities | 0.2 |
| MLPs | 0.0 |
| Gold-Miners Equities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1505_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| Floating-Rate debt - 25.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Inflation-Protected Debt - 22.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commodities & Related Investments - 15.2 |
| Commodity Equities - 15.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Real Estate Income - 11.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| REITs - 9.7&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;  |
| Global Infrastructure Equities - 0.2&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;  |
| Gold-Miners Equities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.3 |

---

---

| | |
|:---|:---|
| United States | 91.3 |
| Canada | 3.0 |
| Australia | 1.3 |
| Brazil | 0.9 |
| United Kingdom | 0.7 |
| China | 0.7 |
| Finland | 0.4 |
| France | 0.3 |
| Netherlands | 0.2 |
| Others | 1.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1505_20260331_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&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 - 1.3&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;Brazil - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Finland - 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;France - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 1.2&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;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 18.6<br>|
| Fidelity Commodity Strategy Central Fund | 14.7<br>|
| US Treasury Bonds | 4.1<br>|
| Exxon Mobil Corp | 1.6<br>|
| Corteva Inc | 1.2<br>|
| Equinix Inc | 1.2<br>|
| Prologis Inc | 1.2<br>|
| Ventas Inc | 0.9<br>|
| Welltower Inc | 0.8<br>|
| Archer-Daniels-Midland Co | 0.8<br>|
|  | 45.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1505_20260331_1.jpg)<br>| ![](img129137_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915557.101 1490-TSRS-0526 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Fidelity® Strategic Real Return Fund<br> **Fidelity Advisor® Strategic Real Return Fund Class C : FCSRX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Strategic Real Return Fund for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $88  | 1.70% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $540917925<br>|
| Number of Holdings | 445<br>|
| Portfolio Turnover | 40%<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

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 | 22.7 |
| AAA | 0.0 |
| AA | 0.0 |
| A | 0.8 |
| BBB | 3.4 |
| BB | 6.3 |
| B | 15.5 |
| CCC,CC,C | 2.1 |
| D | 0.0 |
| Not Rated | 4.7 |
| Equities | 41.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.6 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1505_20260331_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 22.7 |
| &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 - 0.8&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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 3.4&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;BB - 6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 15.5&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 2.1&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;D - 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;Not Rated - 4.7&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;Equities - 41.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.6 |
| 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 | 25.0 |
| Inflation-Protected Debt | 22.7 |
| Commodities & Related Investments | 15.2 |
| Commodity Equities | 15.0 |
| Real Estate Income | 11.9 |
| REITs | 9.7 |
| Global Infrastructure Equities | 0.2 |
| MLPs | 0.0 |
| Gold-Miners Equities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1505_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| Floating-Rate debt - 25.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Inflation-Protected Debt - 22.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commodities & Related Investments - 15.2 |
| Commodity Equities - 15.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Real Estate Income - 11.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| REITs - 9.7&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;  |
| Global Infrastructure Equities - 0.2&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;  |
| Gold-Miners Equities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.3 |

---

---

| | |
|:---|:---|
| United States | 91.3 |
| Canada | 3.0 |
| Australia | 1.3 |
| Brazil | 0.9 |
| United Kingdom | 0.7 |
| China | 0.7 |
| Finland | 0.4 |
| France | 0.3 |
| Netherlands | 0.2 |
| Others | 1.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1505_20260331_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&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 - 1.3&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;Brazil - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Finland - 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;France - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 1.2&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;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 18.6<br>|
| Fidelity Commodity Strategy Central Fund | 14.7<br>|
| US Treasury Bonds | 4.1<br>|
| Exxon Mobil Corp | 1.6<br>|
| Corteva Inc | 1.2<br>|
| Equinix Inc | 1.2<br>|
| Prologis Inc | 1.2<br>|
| Ventas Inc | 0.9<br>|
| Welltower Inc | 0.8<br>|
| Archer-Daniels-Midland Co | 0.8<br>|
|  | 45.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1505_20260331_1.jpg)<br>| ![](img129138_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915555.101 1488-TSRS-0526 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Fidelity® Strategic Real Return Fund<br> **Fidelity Advisor® Strategic Real Return Fund Class A : FSRAX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Strategic Real Return Fund for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $49  | 0.95% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $540917925<br>|
| Number of Holdings | 445<br>|
| Portfolio Turnover | 40%<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

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 | 22.7 |
| AAA | 0.0 |
| AA | 0.0 |
| A | 0.8 |
| BBB | 3.4 |
| BB | 6.3 |
| B | 15.5 |
| CCC,CC,C | 2.1 |
| D | 0.0 |
| Not Rated | 4.7 |
| Equities | 41.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.6 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1505_20260331_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 22.7 |
| &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 - 0.8&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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 3.4&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;BB - 6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 15.5&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 2.1&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;D - 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;Not Rated - 4.7&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;Equities - 41.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.6 |
| 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 | 25.0 |
| Inflation-Protected Debt | 22.7 |
| Commodities & Related Investments | 15.2 |
| Commodity Equities | 15.0 |
| Real Estate Income | 11.9 |
| REITs | 9.7 |
| Global Infrastructure Equities | 0.2 |
| MLPs | 0.0 |
| Gold-Miners Equities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1505_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| Floating-Rate debt - 25.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Inflation-Protected Debt - 22.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commodities & Related Investments - 15.2 |
| Commodity Equities - 15.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Real Estate Income - 11.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| REITs - 9.7&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;  |
| Global Infrastructure Equities - 0.2&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;  |
| Gold-Miners Equities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.3 |

---

---

| | |
|:---|:---|
| United States | 91.3 |
| Canada | 3.0 |
| Australia | 1.3 |
| Brazil | 0.9 |
| United Kingdom | 0.7 |
| China | 0.7 |
| Finland | 0.4 |
| France | 0.3 |
| Netherlands | 0.2 |
| Others | 1.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1505_20260331_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&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 - 1.3&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;Brazil - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Finland - 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;France - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 1.2&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;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 18.6<br>|
| Fidelity Commodity Strategy Central Fund | 14.7<br>|
| US Treasury Bonds | 4.1<br>|
| Exxon Mobil Corp | 1.6<br>|
| Corteva Inc | 1.2<br>|
| Equinix Inc | 1.2<br>|
| Prologis Inc | 1.2<br>|
| Ventas Inc | 0.9<br>|
| Welltower Inc | 0.8<br>|
| Archer-Daniels-Midland Co | 0.8<br>|
|  | 45.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1505_20260331_1.jpg)<br>| ![](img129139_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915554.101 1486-TSRS-0526 <br>|

---

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

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

Not applicable.

Item 5.

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

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable

Item 7.

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

**Fidelity® Strategic Real Return Fund**

**Semi-Annual Report**

**March 31, 2026**

Includes Fidelity and Fidelity Advisor share classes

![](img129564_1.jpg)

![](img129564_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_RRS-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Strategic Real Return Fund](#Sub_Sec_Fund_1505_RRS-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1505_RRS-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_RRS-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_RRS-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_RRS-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_RRS-SANN)** |

---

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

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

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

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

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

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

**Fidelity® Strategic Real Return Fund**

**Schedule of Investments March 31, 2026 (Unaudited)**

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 (d)(e)(f)(g) | 500000 | 0 |
| UNITED STATES - 0.5%  |  |  |
| Digitalbridge Issuer LLC / Digitalbridge Co-Issuer LLC Series 2021-1A Class A2, 3.933% 9/25/2051 (f) | 85000 | 84329 |
| Home Partners of America Trust Series 2021-1 Class F, 3.325% 9/17/2041 (f) | 81056 | 73217 |
| Home Partners of America Trust Series 2021-2 Class G, 4.505% 12/17/2026 (f) | 181316 | 178943 |
| MetroNet Infrastructure Issuer LLC Series 2026-1A Class C, 7.1% 4/20/2056 (f) | 210000 | 208061 |
| Progress Residential Trust Series 2021-SFR6 Class F, 3.422% 7/17/2038 (f) | 100000 | 99362 |
| Progress Residential Trust Series 2022-SFR2 Class E2, 4.8% 4/17/2027 (f) | 100000 | 98312 |
| Progress Residential Trust Series 2022-SFR3 Class F, 6.6% 4/17/2039 (f) | 250000 | 249995 |
| Progress Residential Trust Series 2022-SFR4 Class E1, 6.121% 5/17/2041 (f) | 221000 | 220485 |
| Progress Residential Trust Series 2022-SFR5 Class E1, 6.618% 6/17/2039 (f) | 201000 | 200469 |
| Progress Residential Trust Series 2022-SFR5 Class E2, 6.863% 6/17/2039 (f) | 336000 | 334816 |
| Retained Vantage Data Centers Issuer LLC / Vantage Data Centers CDA Ltd Series 2024-1A Class B, 5.775% 9/15/2049 (f) | 121000 | 117306 |
| Starwood Mortgage Residential Trust Series 2022-SFR3 Class F, CME Term SOFR 1 month Index + 4.5%, 8.1725% 5/17/2039 (d)(e)(f) | 237555 | 237975 |
| Tricon Residential Trust Series 2022-SFR1 Class E1, 5.344% 4/17/2039 (f) | 238000 | 235819 |
| Tricon Residential Trust Series 2022-SFR1 Class E2, 5.739% 4/17/2039 (f) | 295000 | 292609 |
| VB-S1 Issuer LLC Series 2026-1A Class F, 6.843% 3/15/2056 (f) | 100000 | 100415 |
| TOTAL UNITED STATES |  | 2732113 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $3,335,541) |  | <br> **2732113** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage Securities - 4.0%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 4.0%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 4.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 4.0%  |  |  |
| BAMLL Commercial Mortgage Securities Trust Series 2021-JACX Class E, CME Term SOFR 1 month Index + 3.8645%, 7.5375% 9/15/2038 (d)(e)(f) | 106000 | 96902 |
| BANK Series 2020-BN30 Class MCDG, 2.9182% 12/15/2053 (d)(f)(g) | 264000 | 158818 |
| BANK Series 2021-BN35 Class A5, 2.285% 6/15/2064  | 134000 | 118364 |
| BANK Series 2021-BN38 Class C, 3.2181% 12/15/2064 (d) | 554000 | 459840 |
| BANK Series 2022-BNK41 Class C, 3.7892% 4/15/2065 (d) | 567000 | 499536 |
| BANK Series 2022-BNK42 Class C, 4.7227% 6/15/2055 (d) | 500000 | 448962 |
| BANK Series 2022-BNK42 Class D, 2.5% 6/15/2055 (f) | 180000 | 130320 |
| BANK Series 2022-BNK42 Class E, 2.5% 6/15/2055 (f) | 141000 | 96113 |
| BANK Series 2022-BNK44 Class A5, 5.7433% 11/15/2055 (d) | 100000 | 104083 |
| BANK Series 2025-BNK51 Class B, 5.895% 12/25/2067 (d) | 175000 | 176217 |
| BBCMS Mortgage Trust Series 2020-C7 Class C, 3.5861% 4/15/2053 (d) | 500000 | 426418 |
| BBCMS Mortgage Trust Series 2022-C15 Class A5, 3.662% 4/15/2055  | 178000 | 164090 |
| BBCMS Mortgage Trust Series 2022-C16 Class C, 4.6% 6/15/2055 (d) | 750000 | 628020 |
| BBCMS Mortgage Trust Series 2022-C17 Class D, 2.5% 9/15/2055 (f) | 163000 | 120362 |
| Benchmark Mortgage Trust Series 2020-IG2 Class D, 3.2524% 9/15/2048 (d)(f)(g) | 417000 | 151787 |
| Benchmark Mortgage Trust Series 2022-B36 Class A5, 4.4699% 7/15/2055  | 100000 | 96798 |
| Benchmark Mortgage Trust Series 2022-B36 Class D, 2.5% 7/15/2055 (f) | 250000 | 176857 |
| BFLD Commercial Mortgage Trust Series 2024-UNIV Class D, CME Term SOFR 1 month Index + 2.6909%, 6.3634% 11/15/2041 (d)(e)(f) | 84000 | 84026 |
| BMO Mortgage Trust Series 2022-C1 Class 360D, 3.9387% 2/17/2055 (d)(f)(g) | 84000 | 67089 |
| BMO Mortgage Trust Series 2022-C1 Class 360E, 3.9387% 2/17/2055 (d)(f) | 105000 | 79983 |
| BMO Mortgage Trust Series 2023-C5 Class B, 6.4729% 6/15/2056 (d) | 250000 | 258659 |
| BPR Commercial Mortgage Trust Series 2024-PARK Class C, 6.3894% 11/5/2039 (d)(f) | 100000 | 102306 |
| BPR Trust Series 2024-PMDW Class D, 5.85% 11/5/2041 (d)(f) | 56000 | 55625 |
| BRES Commercial Mortgage Trust Series 2025-ATCAP Class F, CME Term SOFR 1 month Index + 5.1885%, 8.861% 11/15/2042 (d)(e)(f) | 250000 | 248453 |
| BX 2019 Trust Series 2019-OC11 Class E, 3.944% 12/9/2041 (d)(f) | 284000 | 262454 |
| BX 2024 Trust Series 2024-VLT4 Class E, CME Term SOFR 1 month Index + 2.8894%, 6.5619% 6/15/2041 (d)(e)(f) | 200000 | 196261 |
| BX 2024 Trust Series 2024-VLT4 Class F, CME Term SOFR 1 month Index + 3.9379%, 7.6104% 6/15/2041 (d)(e)(f) | 500000 | 494812 |
| BX 2025-DIME Trust Series 2025-DIME Class F, CME Term SOFR 1 month Index + 3.7%, 7.3725% 2/15/2035 (d)(e)(f) | 300000 | 298819 |
| BX 2025-VLT6 Trust Series 2025-VLT6 Class E, CME Term SOFR 1 month Index + 3.1907%, 6.8632% 3/15/2042 (d)(e)(f) | 500000 | 495474 |
| BX Commercial Mortgage 2020 Trust Series 2020-VIVA Class E, 3.5488% 3/11/2044 (d)(f) | 789000 | 711658 |
| BX Commercial Mortgage 2024-VLT5 Trust Series 2024-VLT5 Class B, 5.4147% 11/13/2046 (d)(f) | 100000 | 101141 |
| BX Commercial Mortgage 2024-VLT5 Trust Series 2024-VLT5 Class E, 8.1339% 11/13/2046 (d)(f) | 200000 | 204014 |
| BX Commercial Mortgage 2025 Trust Series 2025-SPOT Class E, CME Term SOFR 1 month Index + 3.6902%, 7.3627% 4/15/2040 (d)(e)(f) | 226661 | 226377 |
| BX Commercial Mortgage Trust Series 2021-CIP Class F, CME Term SOFR 1 month Index + 3.3335%, 7.0065% 12/15/2038 (d)(e)(f) | 177832 | 177665 |
| BX Commercial Mortgage Trust Series 2021-PAC Class G, CME Term SOFR 1 month Index + 3.0606%, 6.7336% 10/15/2036 (d)(e)(f) | 198000 | 196268 |
| BX Commercial Mortgage Trust Series 2026-XL6 Class D, CME Term SOFR 1 month Index + 2.1%, 5.7725% 3/15/2043 (d)(e)(f) | 215000 | 213655 |
| BX Commercial Mortgage Trust Series 2026-XL6 Class E, CME Term SOFR 1 month Index + 3%, 6.6725% 3/15/2043 (d)(e)(f) | 100000 | 99376 |
| BX Trust Series 2022-LBA6 Class F, CME Term SOFR 1 month Index + 3.35%, 7.0225% 1/15/2039 (d)(e)(f) | 100000 | 99500 |
| BX Trust Series 2022-LBA6 Class G, CME Term SOFR 1 month Index + 4.2%, 7.8725% 1/15/2039 (d)(e)(f) | 100000 | 99750 |
| BX Trust Series 2022-VAMF Class F, CME Term SOFR 1 month Index + 3.299%, 6.9715% 1/15/2039 (d)(e)(f) | 119481 | 119076 |
| BX Trust Series 2024-FNX Class D, CME Term SOFR 1 month Index + 2.9402%, 6.6127% 11/15/2041 (d)(e)(f) | 45914 | 45886 |
| BX Trust Series 2024-FNX Class E, CME Term SOFR 1 month Index + 3.9387%, 7.6113% 11/15/2041 (d)(e)(f) | 155055 | 154191 |
| BX Trust Series 2025-OMG Class F, CME Term SOFR 1 month Index + 3.6%, 7.273% 10/15/2042 (d)(e)(f) | 200000 | 199600 |
| BX Trust Series 2026-CART Class D, CME Term SOFR 1 month Index + 1.9%, 5.5725% 2/15/2036 (d)(e)(f) | 345000 | 341676 |
| BX Trust Series 2026-RISE Class E, CME Term SOFR 1 month Index + 2.8%, 6.47% 4/15/2041 (d)(e)(f) | 160000 | 160000 |
| CIP Commercial Mortgage Trust Series 2025-SBAY Class E, CME Term SOFR 1 month Index + 3.75%, 7.4225% 10/15/2037 (d)(e)(f) | 100000 | 99625 |
| Citigroup Commercial Mortgage Trust Series 2023-SMRT Class C, 5.8524% 10/12/2040 (d)(f) | 250000 | 251160 |
| COMM Mortgage Trust Series 2017-CD4 Class C, 4.3497% 5/10/2050 (d) | 232000 | 213815 |
| COMM Mortgage Trust Series 2017-CD4 Class D, 3.3% 5/10/2050 (f) | 56000 | 44079 |
| Computershare Corporate Trust Series 2020-C58 Class C, 3.162% 7/15/2053  | 1000000 | 814580 |
| Cone Trust Series 2024-DFW1 Class E, CME Term SOFR 1 month Index + 3.8885%, 7.561% 8/15/2041 (d)(e)(f) | 200000 | 198169 |
| Credit Suisse Commercial Mortgage Trust Series 2021-SOP2 Class F, CME Term SOFR 1 month Index + 4.4314%, 8.1039% 6/15/2034 (e)(f) | 80000 | 33353 |
| CSAIL Commercial Mortgage Trust Series 2019-C16 Class C, 4.2371% 6/15/2052 (d) | 750000 | 708550 |
| ELP Series 2025-ELP Class E, 6.665% 11/13/2042 (d)(f) | 240000 | 236818 |
| EQT Trust Series 2024-EXTR Class B, 5.6546% 7/5/2041 (d)(f) | 200000 | 201810 |
| Extended Stay America Trust Series 2026-ESH2 Class E, CME Term SOFR 1 month Index + 2.9%, 6.5725% 2/15/2043 (d)(e)(f) | 158509 | 158855 |
| Extended Stay America Trust Series 2026-ESH2 Class F, 7.4225% 2/15/2043 (d)(f) | 247670 | 247668 |
| GS Mortgage Securities Trust Series 2011-GC5 Class E, 5.141% 8/10/2044 (d)(f) | 63000 | 21168 |
| GS Mortgage Securities Trust Series 2011-GC5 Class F, 4.5% 8/10/2044 (f)(g) | 42000 | 126 |
| GS Mortgage Securities Trust Series 2024-RVR Class A, 5.3716% 8/10/2041 (d)(f) | 200000 | 201164 |
| Hilton USA Trust Series 2016-HHV Class E, 4.1935% 11/5/2038 (d)(f) | 900000 | 892996 |
| Hilton USA Trust Series 2016-HHV Class F, 4.1935% 11/5/2038 (d)(f) | 163000 | 160462 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class G, 4% 6/15/2045 (f) | 151000 | 102541 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI Class E, 5.7972% 10/5/2039 (d)(f) | 100000 | 98162 |
| JPMBB Commercial Mortgage Securities Trust Series 2014-C23 Class UH5, 4.7094% 9/15/2047 (f) | 51770 | 50488 |
| KNDR Trust Series 2021-KIND Class F, CME Term SOFR 1 month Index + 4.0645%, 7.74% 8/15/2038 (d)(e)(f) | 99185 | 97938 |
| MHC Commercial Mortgage Trust Series 2021-MHC Class F, CME Term SOFR 1 month Index + 2.7154%, 6.3884% 4/15/2038 (d)(e)(f) | 80000 | 79950 |
| MHC Commercial Mortgage Trust Series 2021-MHC Class G, CME Term SOFR 1 month Index + 3.3154%, 6.9884% 4/15/2038 (d)(e)(f) | 160000 | 159900 |
| MHP Commercial Mortgage Trust Series 2021-STOR Class G, CME Term SOFR 1 month Index + 2.8645%, 6.5375% 7/15/2038 (d)(e)(f) | 105000 | 104935 |
| MHP Commercial Mortgage Trust Series 2021-STOR Class J, CME Term SOFR 1 month Index + 4.0645%, 7.7375% 7/15/2038 (d)(e)(f) | 100000 | 99684 |
| MHP Commercial Mortgage Trust Series 2022-MHIL Class F, CME Term SOFR 1 month Index + 3.2592%, 6.9317% 1/15/2039 (d)(e)(f) | 80000 | 79950 |
| Morgan Stanley Capital I Trust Series 2011-C2 Class D, 5.2113% 6/15/2044 (d)(f) | 92363 | 91457 |
| Morgan Stanley Capital I Trust Series 2011-C2 Class XB, 0.494% 6/15/2044 (d)(f)(h) | 4902529 | 18422 |
| Morgan Stanley Capital I Trust Series 2011-C3 Class G, 4.9399% 7/15/2049 (d)(f) | 112000 | 109099 |
| Morgan Stanley Capital I Trust Series 2017-H1 Class C, 4.281% 6/15/2050  | 231000 | 218895 |
| Morgan Stanley Capital I Trust Series 2020-L4 Class C, 3.536% 2/15/2053  | 542000 | 482717 |
| Morgan Stanley Capital I Trust Series 2021-L5 Class C, 3.156% 5/15/2054  | 513000 | 440667 |
| Morgan Stanley Capital I Trust Series 2024-NSTB Class B, 3.9% 9/24/2057 (d)(f) | 162000 | 156088 |
| MSWF Commercial Mortgage Trust Series 2023-1 Class B, 6.6828% 5/15/2056 (d) | 250000 | 261939 |
| NXPT Commercial Mortgage Trust Series 2024-STOR Class E, 6.7033% 11/5/2041 (d)(f) | 224000 | 224107 |
| NYC Commercial Mortgage Trust Series 2025-77C Class B, 4.984% 1/10/2036 (d)(f) | 100000 | 99208 |
| NYC Commercial Mortgage Trust Series 2025-77C Class E, 6.2628% 1/10/2036 (d)(f) | 100000 | 98697 |
| PCY Series 2026-FCMT Class C, 5.6846% 4/5/2041 (d)(f) | 100000 | 100339 |
| PKHL Commercial Mortgage Trust Series 2021-MF Class E, CME Term SOFR 1 month Index + 2.7145%, 6.3745% 7/15/2038 (d)(e)(f)(g) | 100000 | 34533 |
| PKHL Commercial Mortgage Trust Series 2021-MF Class G, CME Term SOFR 1 month Index + 4.4645%, 8.1375% 7/15/2038 (d)(e)(f) | 100000 | 18762 |
| Plym Commercial Mortgage Trust Series 2026-IND Class D, CME Term SOFR 1 month Index + 2.15%, 5.8225% 3/15/2043 (d)(e)(f) | 100000 | 99004 |
| Prima Capital CRE Securitization Ltd Series 2020-8A Class C, 3% 12/26/2070 (f) | 350000 | 300020 |
| PRM Trust Series 2025-PRM6 Class F, 7.0585% 7/5/2033 (d)(f) | 170000 | 168516 |
| Providence Place Group LP Series 2000-C1 Class A2, 7.75% 7/20/2028 (f) | 89407 | 90828 |
| Ride Series 2025-SHRE Class E, 8.069% 2/14/2047 (d)(f) | 100000 | 103040 |
| Rocket Mortgage Trust Series 2024-CNTR Class E, 8.8191% 11/13/2041 (f) | 158000 | 164376 |
| SELF Commercial Mortgage Trust Series 2024-STRG Class D, CME Term SOFR 1 month Index + 2.9403%, 6.6128% 11/15/2034 (d)(e)(f) | 70000 | 69913 |
| SELF Commercial Mortgage Trust Series 2024-STRG Class E, CME Term SOFR 1 month Index + 4.1885%, 7.861% 11/15/2034 (d)(e)(f) | 70000 | 69810 |
| SG Commercial Mortgage Securities Trust Series 2020-COVE Class F, 3.7276% 3/15/2037 (d)(f) | 150000 | 135744 |
| SHR Trust Series 2024-LXRY Class D, CME Term SOFR 1 month Index + 3.6%, 7.2725% 10/15/2041 (d)(e)(f) | 112000 | 111721 |
| SMRT Trust Series 2022-MINI Class D, CME Term SOFR 1 month Index + 1.95%, 5.623% 1/15/2039 (d)(e)(f) | 250000 | 249219 |
| SMRT Trust Series 2022-MINI Class F, CME Term SOFR 1 month Index + 3.35%, 7.023% 1/15/2039 (d)(e)(f) | 135000 | 131625 |
| SREIT Trust Series 2021-MFP2 Class F, CME Term SOFR 1 month Index + 2.7327%, 6.4057% 11/15/2036 (d)(e)(f) | 100000 | 99938 |
| SREIT Trust Series 2021-MFP2 Class J, CME Term SOFR 1 month Index + 4.03%, 7.703% 11/15/2036 (d)(e)(f) | 128000 | 127543 |
| SREIT Trust Series 2021-PALM Class E, CME Term SOFR 1 month Index + 2.0245%, 5.6975% 10/15/2034 (d)(e)(f) | 100000 | 99937 |
| SREIT Trust Series 2021-PALM Class G, CME Term SOFR 1 month Index + 3.7306%, 7.4036% 10/15/2034 (d)(e)(f) | 164000 | 164155 |
| STWD Trust Series 2021-LIH Class F, CME Term SOFR 1 month Index + 3.6655%, 7.338% 11/15/2036 (d)(e)(f) | 100000 | 99875 |
| STWD Trust Series 2021-LIH Class G, CME Term SOFR 1 month Index + 4.3145%, 7.987% 11/15/2036 (d)(e)(f) | 42000 | 41948 |
| SWCH Commercial Mortgage Trust Series 2025-DATA Class F, CME Term SOFR 1 month Index + 4.2389%, 7.9114% 2/15/2042 (d)(e)(f) | 100000 | 98468 |
| Wells Fargo Commercial Mortgage Trust Series 2018-C44 Class D, 3% 5/15/2051 (f) | 255000 | 188311 |
| Wells Fargo Commercial Mortgage Trust Series 2019-C52 Class B, 3.375% 8/15/2052  | 785000 | 716215 |
| Wells Fargo Commercial Mortgage Trust Series 2019-C52 Class C, 3.561% 8/15/2052  | 100000 | 85074 |
| WF-RBS Commercial Mortgage Trust Series 2013-C11 Class E, 4.2152% 3/15/2045 (d)(f) | 220000 | 156193 |
| WFCM Series 2022-C62 Class C, 4.3448% 4/15/2055 (d) | 500000 | 418132 |
| WP Glimcher Mall Trust Series 2015-WPG Class PR1, 3.516% 6/5/2035 (d)(f) | 140000 | 69999 |
| TOTAL UNITED STATES |  | 21619761 |
| <br> **TOTAL COMMERCIAL MORTGAGE SECURITIES**<br> (Cost $22,149,879) |  | <br> **21619761** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 15.0%** | &nbsp;&nbsp;**Common Stocks - 15.0%** | &nbsp;&nbsp;**Common Stocks - 15.0%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 1.3%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Woodside Energy Group Ltd  | 27107 | 643453 |
| Materials - 1.2% |  |  |
| Metals & Mining - 1.2% |  |  |
| Anglogold Ashanti Plc (South Africa)  | 13900 | 1387387 |
| BHP Group Ltd  | 81720 | 2956836 |
| Glencore PLC  | 237300 | 1797280 |
| TOTAL MATERIALS |  | 6141503 |
| TOTAL AUSTRALIA |  | 6784956 |
| BRAZIL - 0.9%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| PRIO SA/Brazil (c) | 96800 | 1237319 |
| Materials - 0.7% |  |  |
| Chemicals - 0.0% |  |  |
| Yara International ASA  | 3300 | 192900 |
| Metals & Mining - 0.7% |  |  |
| Vale SA  | 143900 | 2291354 |
| Wheaton Precious Metals Corp  | 9610 | 1261438 |
|  |  | 3552792 |
| TOTAL MATERIALS |  | 3745692 |
| TOTAL BRAZIL |  | 4983011 |
| CANADA - 2.7%  |  |  |
| Energy - 0.8% |  |  |
| Oil, Gas & Consumable Fuels - 0.8% |  |  |
| Cameco Corp  | 1700 | 184872 |
| Canadian Natural Resources Ltd  | 37230 | 1816137 |
| Imperial Oil Ltd  | 17300 | 2266000 |
| PrairieSky Royalty Ltd  | 4300 | 99533 |
| TOTAL ENERGY |  | 4366542 |
| Industrials - 0.0% |  |  |
| Ground Transportation - 0.0% |  |  |
| Canadian Pacific Kansas City Ltd (United States)  | 76 | 5978 |
| Materials - 1.9% |  |  |
| Chemicals - 0.7% |  |  |
| Nutrien Ltd  | 53610 | 4046859 |
| Metals & Mining - 1.1% |  |  |
| Agnico Eagle Mines Ltd/CA  | 8600 | 1745657 |
| Alamos Gold Inc Class A  | 11570 | 514749 |
| Barrick Mining Corp  | 7700 | 314675 |
| Franco-Nevada Corp  | 4610 | 1141481 |
| G Mining Ventures Corp (c) | 34100 | 1196724 |
| Hemlo Mining Corp (c) | 38500 | 179617 |
| Hudbay Minerals Inc  | 8700 | 182180 |
| Major Drilling Group International Inc (c) | 14800 | 170438 |
|  |  | 5445521 |
| Paper & Forest Products - 0.1% |  |  |
| West Fraser Timber Co Ltd  | 10260 | 670134 |
| TOTAL MATERIALS |  | 10162514 |
| TOTAL CANADA |  | 14535034 |
| CHILE - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Antofagasta PLC  | 18200 | 816170 |
| CHINA - 0.7%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| China Shenhua Energy Co Ltd H Shares  | 79500 | 470574 |
| Materials - 0.6% |  |  |
| Metals & Mining - 0.6% |  |  |
| Chuangxin Industries Holdings Ltd H Shares  | 171000 | 637158 |
| MMG Ltd (c) | 1152000 | 1091463 |
| Zijin Mining Group Co Ltd H Shares  | 362000 | 1628457 |
| TOTAL MATERIALS |  | 3357078 |
| TOTAL CHINA |  | 3827652 |
| FINLAND - 0.4%  |  |  |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Wartsila OYJ Abp  | 179 | 6667 |
| Materials - 0.4% |  |  |
| Paper & Forest Products - 0.4% |  |  |
| UPM-Kymmene Oyj  | 63480 | 1986910 |
| TOTAL FINLAND |  | 1993577 |
| GERMANY - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Siemens Energy AG  | 45 | 7760 |
| Utilities - 0.0% |  |  |
| Multi-Utilities - 0.0% |  |  |
| E.ON SE  | 871 | 19076 |
| TOTAL GERMANY |  | 26836 |
| INDIA - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Coal India Ltd  | 80100 | 388715 |
| ITALY - 0.0%  |  |  |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Enel SpA  | 1050 | 11479 |
| JAPAN - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| JX Advanced Metals Corp  | 16900 | 374568 |
| MEXICO - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Transportation Infrastructure - 0.0% |  |  |
| Grupo Aeroportuario del Centro Norte SAB de CV Class B ADR  | 171 | 19619 |
| Grupo Aeroportuario del Pacifico SAB de CV Class B ADR  | 89 | 21971 |
| Grupo Aeroportuario del Sureste SAB de CV Class B ADR  | 31 | 10420 |
| TOTAL MEXICO |  | 52010 |
| NORWAY - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Norsk Hydro ASA  | 63400 | 675742 |
| PORTUGAL - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Galp Energia SGPS SA  | 17500 | 419608 |
| SPAIN - 0.0%  |  |  |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Iberdrola SA  | 1124 | 25733 |
| TAIWAN - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 149 | 50355 |
| UNITED KINGDOM - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Subsea 7 SA  | 21300 | 659847 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| SSE PLC  | 892 | 30835 |
| Multi-Utilities - 0.0% |  |  |
| National Grid PLC  | 2432 | 41053 |
| TOTAL UTILITIES |  | 71888 |
| TOTAL UNITED KINGDOM |  | 731735 |
| UNITED STATES - 8.3%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| EchoStar Corp Class A (c) | 246 | 28799 |
| Consumer Staples - 1.6% |  |  |
| Food Products - 1.6% |  |  |
| Archer-Daniels-Midland Co  | 61920 | 4500965 |
| Bunge Global SA  | 34270 | 4359144 |
| TOTAL CONSUMER STAPLES |  | 8860109 |
| Energy - 4.4% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| National Energy Services Reunited Corp (c) | 4800 | 103056 |
| Oil, Gas & Consumable Fuels - 4.4% |  |  |
| Antero Resources Corp (c) | 16571 | 703273 |
| BP PLC  | 211000 | 1651456 |
| Cheniere Energy Inc  | 143 | 40578 |
| Chevron Corp  | 20542 | 4250140 |
| Core Natural Resources Inc  | 2000 | 209460 |
| Diamondback Energy Inc  | 5800 | 1147182 |
| Exxon Mobil Corp  | 44030 | 7470130 |
| HF Sinclair Corp  | 9300 | 580227 |
| Kinder Morgan Inc  | 21400 | 717542 |
| Murphy Oil Corp  | 18600 | 767250 |
| Navigator Holdings Ltd  | 35791 | 691840 |
| Occidental Petroleum Corp  | 8600 | 559000 |
| Ovintiv Inc  | 20420 | 1212131 |
| Shell PLC  | 65036 | 3012145 |
| Targa Resources Corp  | 62 | 15544 |
| Williams Cos Inc/The  | 351 | 25546 |
|  |  | 23053444 |
| TOTAL ENERGY |  | 23156500 |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| GFL Environmental Inc Subordinate Voting Shares (United States)  | 227 | 9470 |
| Waste Connections Inc (United States)  | 106 | 17219 |
|  |  | 26689 |
| Construction & Engineering - 0.0% |  |  |
| Ferrovial SE  | 191 | 12426 |
| MasTec Inc (c) | 65 | 20913 |
| Quanta Services Inc  | 16 | 8784 |
|  |  | 42123 |
| Electrical Equipment - 0.0% |  |  |
| Bloom Energy Corp Class A (c) | 28 | 3794 |
| GE Vernova Inc  | 22 | 19204 |
| Nextpower Inc Class A (c) | 198 | 23869 |
|  |  | 46867 |
| Ground Transportation - 0.0% |  |  |
| CSX Corp  | 157 | 6445 |
| Norfolk Southern Corp  | 43 | 12341 |
| Union Pacific Corp  | 41 | 9947 |
|  |  | 28733 |
| Machinery - 0.0% |  |  |
| Caterpillar Inc  | 17 | 12044 |
| TOTAL INDUSTRIALS |  | 156456 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Advanced Micro Devices Inc (c) | 48 | 9765 |
| Broadcom Inc  | 70 | 21666 |
| NVIDIA Corp  | 466 | 81270 |
| TOTAL INFORMATION TECHNOLOGY |  | 112701 |
| Materials - 2.2% |  |  |
| Chemicals - 1.7% |  |  |
| CF Industries Holdings Inc  | 19500 | 2531880 |
| Corteva Inc  | 80220 | 6715216 |
|  |  | 9247096 |
| Containers & Packaging - 0.1% |  |  |
| International Paper Co  | 11320 | 404124 |
| Metals & Mining - 0.4% |  |  |
| Nucor Corp  | 7300 | 1234430 |
| Steel Dynamics Inc  | 5600 | 1008000 |
|  |  | 2242430 |
| TOTAL MATERIALS |  | 11893650 |
| Real Estate - 0.0% |  |  |
| Health Care REITs - 0.0% |  |  |
| Welltower Inc  | 154 | 30447 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| American Electric Power Co Inc  | 86 | 11273 |
| Constellation Energy Corp  | 208 | 58084 |
| Duke Energy Corp  | 281 | 36794 |
| Entergy Corp  | 266 | 29888 |
| Evergy Inc  | 196 | 16056 |
| Exelon Corp  | 586 | 28726 |
| NextEra Energy Inc  | 797 | 74025 |
| NRG Energy Inc  | 597 | 87246 |
| PG&E Corp  | 1447 | 25424 |
|  |  | 367516 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Talen Energy Corp (c) | 29 | 9257 |
| Vistra Corp  | 387 | 58178 |
|  |  | 67435 |
| Multi-Utilities - 0.0% |  |  |
| Ameren Corp  | 90 | 9893 |
| CenterPoint Energy Inc  | 476 | 20544 |
| NiSource Inc  | 199 | 9285 |
| Sempra  | 416 | 40423 |
|  |  | 80145 |
| TOTAL UTILITIES |  | 515096 |
| TOTAL UNITED STATES |  | 44753758 |
| ZAMBIA - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| First Quantum Minerals Ltd (c) | 25445 | 608368 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $55,984,230) |  | <br> **81059307** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.4%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Mortgage Real Estate Investment Trusts (REITs) - 0.4% |  |  |
| AGNC Investment Corp CME Term SOFR 3 month Index + 4.9586%, 0% (d)(e) | 7000 | 170030 |
| AGNC Investment Corp CME Term SOFR 3 month Index + 4.993%, 0% (d)(e) | 17400 | 434304 |
| Annaly Capital Management Inc CME Term SOFR 3 month Index + 5.2506%, 8.95% (d)(e) | 8600 | 213194 |
| Chimera Investment Corp CME Term SOFR 3 month Index + 5.5995%, 10.9014% (d)(e) | 5000 | 111599 |
| Chimera Investment Corp Series B, CME Term SOFR 3 month Index + 6.0526%, 11.3508% (d)(e) | 10787 | 236559 |
| Chimera Investment Corp Series C, CME Term SOFR 3 month Index + 4.743%, 7.75% (d)(e) | 7100 | 140758 |
| Dynex Capital Inc Series C, CME Term SOFR 3 month Index + 5.7226%, 9.9787% (d)(e) | 23400 | 601848 |
| Rithm Capital Corp CME Term SOFR 3 month Index + 5.2306%, 0% (d)(e) | 10300 | 233810 |
| Rithm Capital Corp CME Term SOFR 3 month Index + 5.9016%, 7.125% (d)(e) | 6200 | 150319 |
| Rithm Capital Corp CME Term SOFR 3 month Index + 6.0636%, 7.5% (d)(e) | 9958 | 246541 |
| TOTAL FINANCIALS |  | 2538962 |
| Real Estate - 0.0% |  |  |
| Hotel & Resort REITs - 0.0% |  |  |
| Braemar Hotels & Resorts Inc 5.5%  | 2700 | 39258 |
| RLJ Lodging Trust Series A,1.95%  | 400 | 9720 |
| TOTAL REAL ESTATE |  | 48978 |
| TOTAL UNITED STATES |  | 2587940 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $2,247,487) |  | <br> **2587940** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 24.7%** | &nbsp;&nbsp;**Domestic Equity Funds - 24.7%** | &nbsp;&nbsp;**Domestic Equity Funds - 24.7%** |
|  | Shares | Value ($)<br>|
| Fidelity Commodity Strategy Central Fund (b) | 703217 | 79280658 |
| Fidelity Real Estate Equity Central Fund (b) | 386507 | 54516839 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $123,957,717) |  | **133797497** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fixed-Income Funds - 25.1%** | &nbsp;&nbsp;**Fixed-Income Funds - 25.1%** | &nbsp;&nbsp;**Fixed-Income Funds - 25.1%** |
|  | Shares | Value ($)<br>|
| Fidelity Floating Rate Central Fund (b)<br>(Cost $140,971,161)<br>| 1442784 | **135592855** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 4.8%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 4.8%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 4.8%** |
|  | 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 (f) | 250000 | 267458 |
| UNITED STATES - 4.8%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| APLD ComputeCo 2 LLC 6.75% 3/15/2031 (f) | 95000 | 94308 |
| Cipher Compute LLC 7.125% 11/15/2030 (f) | 40000 | 41441 |
| Flash Compute LLC 7.25% 12/31/2030 (f) | 100000 | 100679 |
| Uniti Services LLC 7.5% 10/15/2033 (f) | 100000 | 103965 |
| WULF Compute LLC 7.75% 10/15/2030 (f) | 115000 | 121519 |
| TOTAL COMMUNICATION SERVICES |  | 461912 |
| Consumer Discretionary - 0.4% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Hilton Domestic Operating Co Inc 4% 5/1/2031 (f) | 350000 | 328179 |
| Hilton Domestic Operating Co Inc 5.5% 3/31/2034 (f) | 100000 | 97698 |
| Hilton Domestic Operating Co Inc 5.875% 3/15/2033 (f) | 250000 | 251526 |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 4.875% 7/1/2031 (f) | 395000 | 356430 |
| Hyatt Hotels Corp 5.5% 6/30/2034  | 100000 | 101003 |
| Las Vegas Sands Corp 6% 6/14/2030  | 100000 | 102855 |
| Times Square Hotel Trust 8.528% 8/1/2026 (f) | 30167 | 30193 |
|  |  | 1267884 |
| Household Durables - 0.2% |  |  |
| Century Communities Inc 6.625% 9/15/2033 (f) | 250000 | 244911 |
| LGI Homes Inc 4% 7/15/2029 (f) | 170000 | 151416 |
| LGI Homes Inc 7% 11/15/2032 (f) | 325000 | 301349 |
| M/I Homes Inc 3.95% 2/15/2030  | 300000 | 281348 |
| Tri Pointe Homes Inc 5.25% 6/1/2027  | 100000 | 99745 |
|  |  | 1078769 |
| TOTAL CONSUMER DISCRETIONARY |  | 2346653 |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Sabra Health Care LP 3.2% 12/1/2031  | 335000 | 302486 |
| Real Estate - 4.2% |  |  |
| Diversified REITs - 0.7% |  |  |
| GLP Capital LP / GLP Financing II Inc 3.25% 1/15/2032  | 250000 | 222868 |
| GLP Capital LP / GLP Financing II Inc 4% 1/15/2031  | 500000 | 472790 |
| GLP Capital LP / GLP Financing II Inc 5.3% 1/15/2029  | 1000000 | 1008673 |
| GLP Capital LP / GLP Financing II Inc 5.625% 9/15/2034  | 100000 | 98439 |
| GLP Capital LP / GLP Financing II Inc 6.25% 9/15/2054  | 100000 | 97016 |
| Safehold GL Holdings LLC 6.1% 4/1/2034  | 500000 | 525398 |
| Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 6% 1/15/2030 (f) | 105000 | 98761 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (f) | 235000 | 228241 |
| Vici Properties LP / Vici Note Co Inc 4.625% 12/1/2029 (f) | 500000 | 491567 |
| VICI Properties LP 5.125% 5/15/2032  | 750000 | 739094 |
|  |  | 3982847 |
| Health Care REITs - 0.3% |  |  |
| MPT Operating Partnership LP / MPT Finance Corp 4.625% 8/1/2029  | 915000 | 711441 |
| MPT Operating Partnership LP / MPT Finance Corp 8.5% 2/15/2032 (f) | 75000 | 76036 |
| Omega Healthcare Investors Inc 3.375% 2/1/2031  | 500000 | 462112 |
| Omega Healthcare Investors Inc 4.5% 4/1/2027  | 83000 | 82889 |
| Ventas Realty LP 4.75% 11/15/2030  | 250000 | 250436 |
| Ventas Realty LP 5% 2/15/2036  | 245000 | 239481 |
| Welltower OP LLC 5.125% 7/1/2035  | 50000 | 50186 |
|  |  | 1872581 |
| Hotel & Resort REITs - 0.0% |  |  |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 7% 2/1/2030 (f) | 40000 | 40489 |
| RHP Hotel Properties LP / RHP Finance Corp 6.5% 6/15/2033 (f) | 65000 | 66188 |
|  |  | 106677 |
| Industrial REITs - 0.0% |  |  |
| Prologis LP 5% 3/15/2034  | 176000 | 176403 |
| Prologis LP 5.25% 5/15/2035  | 50000 | 50824 |
|  |  | 227227 |
| Real Estate Management & Development - 0.4% |  |  |
| Americold Realty Operating Partnership LP 5.409% 9/12/2034  | 150000 | 142631 |
| Americold Realty Operating Partnership LP 5.6% 5/15/2032  | 250000 | 247307 |
| CoStar Group Inc 2.8% 7/15/2030 (f) | 215000 | 194422 |
| Cushman & Wakefield US Borrower LLC 6.75% 5/15/2028 (f) | 285000 | 284972 |
| Essex Portfolio LP 4.5% 3/15/2048  | 40000 | 32684 |
| Essex Portfolio LP 4.875% 2/15/2036  | 295000 | 283546 |
| Extra Space Storage LP 2.35% 3/15/2032  | 500000 | 429022 |
| Extra Space Storage LP 5.35% 1/15/2035  | 100000 | 100333 |
| Extra Space Storage LP 5.4% 2/1/2034  | 250000 | 252051 |
| Extra Space Storage LP 5.4% 6/15/2035  | 150000 | 150374 |
| Taylor Morrison Communities Inc 5.125% 8/1/2030 (f) | 50000 | 49427 |
| Taylor Morrison Communities Inc 5.75% 11/15/2032 (f) | 50000 | 50044 |
|  |  | 2216813 |
| Residential REITs - 0.8% |  |  |
| American Homes 4 Rent LP 2.375% 7/15/2031  | 750000 | 659974 |
| American Homes 4 Rent LP 3.625% 4/15/2032  | 1000000 | 923172 |
| Invitation Homes Operating Partnership LP 2% 8/15/2031  | 750000 | 641953 |
| Invitation Homes Operating Partnership LP 4.15% 4/15/2032  | 1000000 | 938706 |
| Sun Communities Operating LP 2.7% 7/15/2031  | 1000000 | 894483 |
| Sun Communities Operating LP 4.2% 4/15/2032  | 4000 | 3808 |
|  |  | 4062096 |
| Retail REITs - 0.7% |  |  |
| Agree LP 5.625% 6/15/2034  | 3000 | 3064 |
| Brixmor Operating Partnership LP 4.05% 7/1/2030  | 350000 | 340532 |
| Kimco Realty OP LLC 5.3% 2/1/2036  | 100000 | 101030 |
| Kite Realty Group LP 5.2% 8/15/2032  | 300000 | 300780 |
| NNN REIT Inc 5.5% 6/15/2034  | 300000 | 304561 |
| Phillips Edison Grocery Center Operating Partnership I LP 4.95% 1/15/2035  | 240000 | 232455 |
| Phillips Edison Grocery Center Operating Partnership I LP 5.75% 7/15/2034  | 500000 | 512988 |
| Realty Income Corp 4% 7/15/2029  | 250000 | 247203 |
| Realty Income Corp 4.65% 3/15/2047  | 200000 | 172121 |
| Realty Income Corp 5.125% 2/15/2034  | 250000 | 251678 |
| Realty Income Corp 5.125% 4/15/2035  | 330000 | 330091 |
| Simon Property Group LP 3.25% 9/13/2049  | 50000 | 33504 |
| Simon Property Group LP 4.75% 9/26/2034  | 500000 | 489270 |
| Simon Property Group LP 5.125% 10/1/2035  | 200000 | 200315 |
|  |  | 3519592 |
| Specialized REITs - 1.3% |  |  |
| American Tower Corp 3.7% 10/15/2049  | 500000 | 358925 |
| American Tower Corp 4.05% 3/15/2032  | 750000 | 718513 |
| American Tower Corp 5.35% 3/15/2035  | 250000 | 251621 |
| American Tower Corp 5.4% 1/31/2035  | 300000 | 302713 |
| American Tower Corp 5.45% 2/15/2034  | 300000 | 304969 |
| Crown Castle Inc 2.25% 1/15/2031  | 1250000 | 1103956 |
| Crown Castle Inc 2.5% 7/15/2031  | 500000 | 440472 |
| Crown Castle Inc 2.9% 4/1/2041  | 240000 | 169593 |
| Crown Castle Inc 3.8% 2/15/2028  | 100000 | 98569 |
| Crown Castle Inc 5.2% 9/1/2034  | 175000 | 173018 |
| EPR Properties 3.6% 11/15/2031  | 250000 | 226907 |
| EPR Properties 4.95% 4/15/2028  | 250000 | 249666 |
| Equinix Inc 3% 7/15/2050  | 50000 | 31115 |
| Equinix Inc 3.9% 4/15/2032  | 250000 | 236012 |
| Iron Mountain Inc 6.25% 1/15/2033 (f) | 350000 | 348881 |
| Millrose Properties Inc 6.25% 9/15/2032 (f) | 50000 | 49080 |
| Millrose Properties Inc 6.375% 8/1/2030 (f) | 95000 | 94971 |
| Public Storage Operating Co 5.1% 8/1/2033  | 500000 | 510616 |
| Public Storage Operating Co 5.35% 8/1/2053  | 65000 | 61299 |
| SBA Communications Corp 3.125% 2/1/2029  | 500000 | 473785 |
| Weyerhaeuser Co 4% 4/15/2030  | 250000 | 243319 |
|  |  | 6448000 |
| TOTAL REAL ESTATE |  | 22435833 |
| TOTAL UNITED STATES |  | 25546884 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $26,153,592) |  | <br> **25814342** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 1.4%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 1.4%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 1.4%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 1.4%  |  |  |
| Financials - 0.4% |  |  |
| Capital Markets - 0.0% |  |  |
| DigitalBridge Group Inc 7.125% Series J  | 2561 | 42206 |
| DigitalBridge Group Inc Series H, 7.125%  | 1906 | 31906 |
| DigitalBridge Group Inc Series I, 7.15%  | 1749 | 28421 |
|  |  | 102533 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.4% |  |  |
| AGNC Investment Corp 7.75% Series G (d) | 16000 | 395840 |
| AGNC Investment Corp CME Term SOFR 3 month Index + 5.111%, 10.3713% (d)(e) | 14200 | 356988 |
| Annaly Capital Management Inc CME Term SOFR 3 month Index + 4.4336%, 0% (d)(e) | 23000 | 561200 |
| Annaly Capital Management Inc CME Term SOFR 3 month Index + 4.993%, 10.1521% (d)(e) | 8800 | 220616 |
| Arbor Realty Trust Inc Series D 6.375%  | 1500 | 25260 |
| Arbor Realty Trust Inc Series F, 6.25% (d) | 13000 | 282750 |
| ARMOUR Residential REIT Inc 7% Series C  | 1000 | 20300 |
| Pennymac Mortgage Investment Trust 6.75%  | 1300 | 22633 |
| Pennymac Mortgage Investment Trust 8.125% (d) | 2000 | 45380 |
| Pennymac Mortgage Investment Trust Series B 3 month U.S. Treasury Index + 8%, 0% (d)(e) | 4200 | 92232 |
| Rithm Capital Corp 7% Series D (d) | 2700 | 65745 |
| Two Harbors Investment Corp 7.625% Series B (d) | 2699 | 67340 |
| Two Harbors Investment Corp 8.125% Series A (d) | 3571 | 88525 |
|  |  | 2244809 |
| TOTAL FINANCIALS |  | 2347342 |
| Real Estate - 1.0% |  |  |
| Diversified REITs - 0.4% |  |  |
| Armada Hoffler Properties Inc Series A 6.75%  | 6000 | 131160 |
| CTO Realty Growth Inc 6.375%  | 1000 | 19955 |
| Gladstone Commercial Corp Series E 6.625%  | 3600 | 79956 |
| Gladstone Commercial Corp Series G, 6%  | 18200 | 353990 |
| Global Net Lease Inc 6.875% Series B  | 2200 | 46728 |
| Global Net Lease Inc 7.25% Series A  | 9300 | 201717 |
| Global Net Lease Inc 7.375% Series E  | 10000 | 220000 |
| Global Net Lease Inc 7.5%  | 16700 | 374080 |
|  |  | 1427586 |
| Health Care REITs - 0.0% |  |  |
| Global Medical REIT Inc 7.5% Series A  | 2100 | 51450 |
| National Healthcare Properties Inc Series A, 7.375%  | 4200 | 78330 |
| National Healthcare Properties Inc Series B, 7.125%  | 2000 | 37240 |
|  |  | 167020 |
| Hotel & Resort REITs - 0.3% |  |  |
| Pebblebrook Hotel Trust 6.3% Series F  | 10273 | 199296 |
| Pebblebrook Hotel Trust 6.375%  | 17200 | 334024 |
| Pebblebrook Hotel Trust 6.375% Series E  | 8700 | 168954 |
| Pebblebrook Hotel Trust Series H, 5.7%  | 10600 | 185076 |
| Summit Hotel Properties Inc Series E, 6.25%  | 6800 | 117980 |
| Summit Hotel Properties Inc Series F, 5.875%  | 4000 | 68860 |
| Sunstone Hotel Investors Inc Series H, 6.125%  | 3500 | 67865 |
| Sunstone Hotel Investors Inc Series I, 5.7%  | 9600 | 179712 |
|  |  | 1321767 |
| Industrial REITs - 0.0% |  |  |
| Rexford Industrial Realty Inc 5.625% Series C  | 4400 | 90200 |
| Rexford Industrial Realty Inc 5.875% Series B  | 1200 | 25938 |
|  |  | 116138 |
| Office REITs - 0.1% |  |  |
| Hudson Pacific Properties Inc 4.75% Series C  | 18100 | 239825 |
| Vornado Realty Trust 5.25% Series M  | 2263 | 36661 |
| Vornado Realty Trust Series L, 5.4%  | 1496 | 24265 |
| Vornado Realty Trust Series N 5.25%  | 1959 | 31853 |
|  |  | 332604 |
| Residential REITs - 0.0% |  |  |
| American Homes 4 Rent 5.875% Series G  | 5200 | 117000 |
| American Homes 4 Rent Series H, 6.25%  | 481 | 11405 |
| UMH Properties Inc 6.375% Series D  | 3900 | 81315 |
|  |  | 209720 |
| Retail REITs - 0.1% |  |  |
| Agree Realty Corp 4.25%  | 1500 | 25260 |
| Cedar Realty Trust Inc 7.25%  | 415 | 8985 |
| Kimco Realty Corp 5.125%  | 11600 | 224692 |
| Kimco Realty Corp Series M 5.25%  | 17015 | 340810 |
| Regency Centers Corp 5.875%  | 2000 | 44220 |
| Regency Centers Corp 6.25% Series A  | 4500 | 101385 |
| Saul Centers Inc 6.125% Series D  | 1300 | 26780 |
|  |  | 772132 |
| Specialized REITs - 0.1% |  |  |
| Digital Realty Trust Inc 5.25%  | 5800 | 117392 |
| Digital Realty Trust Inc Series L, 5.2%  | 13670 | 265062 |
| National Storage Affiliates Trust Series A, 6%  | 200 | 4530 |
| Public Storage 4%  | 4445 | 67697 |
| Public Storage 4%  | 2815 | 42844 |
| Public Storage Operating Co 5.05% Series G  | 6300 | 121906 |
| Public Storage Operating Co 5.15% Series F  | 3200 | 62784 |
| Public Storage Series J, 4.7%  | 496 | 8898 |
| Public Storage Series L, 4.625%  | 2265 | 39705 |
| Public Storage Series MM, 4.125%  | 1000 | 15650 |
|  |  | 746468 |
| TOTAL REAL ESTATE |  | 5093435 |
| TOTAL UNITED STATES |  | 7440777 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $7,765,019) |  | <br> **7440777** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 22.7%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 22.7%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 22.7%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 22.7%** |
|  | Yield (%) (i) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bonds Inflation-Indexed 0.125% 2/15/2051  | -0.41 to 2.20 | 304824 | 162302 |
| US Treasury Bonds Inflation-Indexed 0.125% 2/15/2052  | -0.15 to 2.64 | 2009648 | 1044424 |
| US Treasury Bonds Inflation-Indexed 0.25% 2/15/2050  | 2.74 | 2403690 | 1362202 |
| US Treasury Bonds Inflation-Indexed 0.625% 2/15/2043  | -0.53 to 2.54 | 1919734 | 1415692 |
| US Treasury Bonds Inflation-Indexed 0.75% 2/15/2042  | -0.44 to 2.42 | 557056 | 429579 |
| US Treasury Bonds Inflation-Indexed 0.75% 2/15/2045  | -0.38 to 2.67 | 2734816 | 1966709 |
| US Treasury Bonds Inflation-Indexed 0.875% 2/15/2047  | -0.39 to 2.41 | 691216 | 490728 |
| US Treasury Bonds Inflation-Indexed 1% 2/15/2046  | -0.28 to 2.46 | 429652 | 318983 |
| US Treasury Bonds Inflation-Indexed 1% 2/15/2048  | -0.38 to 2.69 | 1238503 | 890404 |
| US Treasury Bonds Inflation-Indexed 1% 2/15/2049  | -0.40 to 1.67 | 426542 | 302241 |
| US Treasury Bonds Inflation-Indexed 1.375% 2/15/2044  | -0.50 to 1.54 | 3195878 | 2642984 |
| US Treasury Bonds Inflation-Indexed 1.5% 2/15/2053  | 1.57 to 2.71 | 2078961 | 1595179 |
| US Treasury Bonds Inflation-Indexed 2.125% 2/15/2040  | -0.60 to 1.00 | 758429 | 742935 |
| US Treasury Bonds Inflation-Indexed 2.125% 2/15/2041  | -0.54 to 2.29 | 1121349 | 1085979 |
| US Treasury Bonds Inflation-Indexed 2.125% 2/15/2054  | 2.05 to 2.07 | 1176356 | 1038209 |
| US Treasury Bonds Inflation-Indexed 2.375% 2/15/2055  | 2.19 to 2.64 | 1377082 | 1281115 |
| US Treasury Bonds Inflation-Indexed 2.375% 2/15/2056  | 2.43 | 802872 | 746369 |
| US Treasury Bonds Inflation-Indexed 2.5% 1/15/2029  | -1.54 to 1.74 | 392364 | 407078 |
| US Treasury Bonds Inflation-Indexed 3.375% 4/15/2032  | -1.05 to 1.87 | 861233 | 950487 |
| US Treasury Bonds Inflation-Indexed 3.625% 4/15/2028  | -1.61 to 1.92 | 1789754 | 1882314 |
| US Treasury Bonds Inflation-Indexed 3.875% 4/15/2029  | 1.37 to 1.82 | 1563015 | 1686446 |
| US Treasury Notes Inflation-Indexed 0.125% 1/15/2030  | -1.19 to 2.04 | 4023885 | 3852035 |
| US Treasury Notes Inflation-Indexed 0.125% 1/15/2031  | -1.15 to 1.92 | 3660889 | 3442528 |
| US Treasury Notes Inflation-Indexed 0.125% 1/15/2032  | -0.90 to 2.47 | 3261885 | 3002590 |
| US Treasury Notes Inflation-Indexed 0.125% 4/15/2027  | -0.44 to 2.13 | 4077938 | 4054731 |
| US Treasury Notes Inflation-Indexed 0.125% 7/15/2030  | -1.29 to 2.17 | 3592619 | 3420463 |
| US Treasury Notes Inflation-Indexed 0.125% 7/15/2031  | -1.17 to 1.99 | 4521613 | 4225548 |
| US Treasury Notes Inflation-Indexed 0.25% 7/15/2029  | -1.43 to 1.85 | 3195380 | 3108323 |
| US Treasury Notes Inflation-Indexed 0.375% 7/15/2027  | -1.79 to 1.88 | 3455708 | 3455236 |
| US Treasury Notes Inflation-Indexed 0.5% 1/15/2028  | -1.66 to 1.98 | 4888013 | 4850888 |
| US Treasury Notes Inflation-Indexed 0.625% 7/15/2032  | 0.09 to 1.97 | 4936730 | 4658892 |
| US Treasury Notes Inflation-Indexed 0.75% 7/15/2028  | -1.44 to 1.83 | 3869080 | 3858396 |
| US Treasury Notes Inflation-Indexed 0.875% 1/15/2029  | -1.49 to 1.72 | 1820099 | 1807000 |
| US Treasury Notes Inflation-Indexed 1.125% 1/15/2033  | 1.15 to 2.28 | 4040030 | 3892004 |
| US Treasury Notes Inflation-Indexed 1.125% 10/15/2030  | 1.06 to 1.42 | 4082411 | 4046625 |
| US Treasury Notes Inflation-Indexed 1.25% 4/15/2028  | 1.07 to 1.27 | 2602464 | 2613030 |
| US Treasury Notes Inflation-Indexed 1.375% 7/15/2033  | 1.39 to 2.23 | 4487239 | 4387466 |
| US Treasury Notes Inflation-Indexed 1.625% 10/15/2027  | 0.73 to 1.84 | 3228061 | 3278804 |
| US Treasury Notes Inflation-Indexed 1.625% 10/15/2029  | 1.09 to 1.99 | 4240155 | 4308012 |
| US Treasury Notes Inflation-Indexed 1.625% 4/15/2030  | 1.40 to 1.61 | 3780475 | 3819101 |
| US Treasury Notes Inflation-Indexed 1.75% 1/15/2034  | 1.69 to 2.13 | 3999656 | 3983804 |
| US Treasury Notes Inflation-Indexed 1.875% 1/15/2036  | 1.92 to 2.01 | 3383312 | 3343251 |
| US Treasury Notes Inflation-Indexed 1.875% 7/15/2034  | 1.60 to 2.03 | 5203481 | 5230435 |
| US Treasury Notes Inflation-Indexed 1.875% 7/15/2035  | 1.63 to 1.97 | 4912759 | 4889692 |
| US Treasury Notes Inflation-Indexed 2.125% 1/15/2035  | 1.70 to 2.12 | 4823348 | 4905743 |
| US Treasury Notes Inflation-Indexed 2.125% 4/15/2029  | 1.87 to 2.29 | 4190427 | 4302736 |
| US Treasury Notes Inflation-Indexed 2.375% 10/15/2028  | 0.97 to 2.43 | 3376842 | 3496544 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $126,335,264) |  |  | **122676236** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (j)<br>(Cost $5,930,328)<br>| 3.69 | 5929142 | **5930328** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.7%**<br> (Cost $514,830,218)<br>| <br>**539251156** |
| **NET OTHER ASSETS (LIABILITIES) - 0.3%**  | **1666769** |
| **NET ASSETS - 100.0%** | **540917925** |

---

**Legend**

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

(b) 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 are available on the SEC's website or upon request.

(c) Non-income producing.

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

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

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $21,174,454 or 3.9% of net assets.

(g) Level 3 security.

(h) 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.

(i) 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.

(j) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

**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 | 5317141 | 84273490 | 83660257 | 177594 | (46) | - | 5930328 | 5929142 | 0.0% |
| Fidelity Commodity Strategy Central Fund | 71119713 | 8427590 | 14201714 | 1019309 | (788596) | 14723665 | 79280658 | 703217 | 14.3% |
| Fidelity Floating Rate Central Fund | 122980128 | 22269375 | 6801350 | 4928808 | (146456) | (2708842) | 135592855 | 1442784 | 7.0% |
| Fidelity Real Estate Equity Central Fund | 43848213 | 15341294 | 6644097 | 610529 | 295897 | 1675532 | 54516839 | 386507 | 5.7% |
| Fidelity Securities Lending Cash Central Fund | - | 12773638 | 12773525 | 540 | (113) | - | - | - | 0.0% |
| Total | 243265195 | 143085387 | 124080943 | 6736780 | (639314) | 13690355 | 275320680 |  |  |

---

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 March 31, 2026, 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** | 2732113 | - | 2732113 | - |
|  **Commercial Mortgage Securities** | 21619761 | - | 21207408 | 412353 |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 28799 | 28799 | - | - |
| Consumer Staples | 8860109 | 8860109 | - | - |
| Energy | 31342558 | 24096760 | 7245798 | - |
| Industrials | 228871 | 202018 | 26853 | - |
| Information Technology | 163056 | 163056 | - | - |
| Materials | 39762195 | 26217324 | 13544871 | - |
| Real Estate | 30447 | 30447 | - | - |
| Utilities | 643272 | 515096 | 128176 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 2538962 | 2538962 | - | - |
| Real Estate | 48978 | - | 48978 | - |
|  **Domestic Equity Funds** | 133797497 | 133797497 | - | - |
|  **Fixed-Income Funds** | 135592855 | 135592855 | - | - |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 461912 | - | 461912 | - |
| Consumer Discretionary | 2346653 | - | 2346653 | - |
| Energy | 267458 | - | 267458 | - |
| Health Care | 302486 | - | 302486 | - |
| Real Estate | 22435833 | - | 22435833 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Financials | 2347342 | 2347342 | - | - |
| Real Estate | 5093435 | 5093435 | - | - |
|  **U.S. Treasury Obligations** | 122676236 | - | 122676236 | - |
|  **Money Market Funds** | 5930328 | 5930328 | - | - |
| **Total Investments in Securities:** | 539251156 | 345414028 | 193424775 | 412353 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of March 31, 2026 (Unaudited)** | <br> **As of March 31, 2026 (Unaudited)** | <br> **As of March 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $243,971,012) | $263930476 |  |
| Fidelity Central Funds (cost $270,859,206) | 275320680 |  |
| Total Investment in Securities (cost $514,830,218) |  | $539251156 |
| Cash |  | 16318 |
| Foreign currency held at value (cost $24,922) |  | 24898 |
| Receivable for investments sold |  | 6200588 |
| Receivable for fund shares sold |  | 738102 |
| Dividends receivable |  | 128665 |
| Interest receivable |  | 866727 |
| Distributions receivable from Fidelity Central Funds |  | 32889 |
| Prepaid expenses |  | 178 |
| Receivable from investment adviser for expense reductions |  | 26709 |
| Other receivables |  | 1837 |
| **Total assets** |  | 547288067 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $5474606 |  |
| Payable for fund shares redeemed | 520850 |  |
| Accrued management fee | 298558 |  |
| Distribution and service plan fees payable | 14987 |  |
| Other payables and accrued expenses | 61141 |  |
| **Total liabilities** |  | 6370142 |
| **Net Assets**  |  | $540917925 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $804728859 |
| Total accumulated earnings (loss) |  | (263810934) |
| **Net Assets** |  | $540917925 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($40,260,338 ÷ 4,310,770 shares)(a) |  | $9.34 |
| Maximum offering price per share (100/96.00 of $9.34) |  | $9.73 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($7,151,741 ÷ 764,786 shares)(a) |  | $9.35 |
| Maximum offering price per share (100/96.00 of $9.35) |  | $9.74 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($6,067,694 ÷ 662,262 shares)(a) |  | $9.16 |
| **Strategic Real Return :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($290,065,272 ÷ 30,876,400 shares) |  | $9.39 |
| **Class K6 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($119,700,904 ÷ 12,674,178 shares) |  | $9.44 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($61,810,025 ÷ 6,599,451 shares) |  | $9.37 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($15,861,951 ÷ 1,690,957 shares) |  | $9.38 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended March 31, 2026 (Unaudited)** | **Six months ended March 31, 2026 (Unaudited)** | **Six months ended March 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $1189788 |
| Interest  |  | 2928182 |
| Income from Fidelity Central Funds (including $540 from security lending)  |  | 6736780 |
| **Total income** |  | 10854750 |
| **Expenses** |  |  |
| Management fee | $1708048 |  |
| Distribution and service plan fees | 89107 |  |
| Custodian fees and expenses | 13538 |  |
| Independent trustees' fees and expenses | 587 |  |
| Registration fees | 41219 |  |
| Audit fees | 60626 |  |
| Legal | 975 |  |
| Miscellaneous | 801 |  |
| Total expenses before reductions | 1914901 |  |
| Expense reductions | (152776) |  |
| Total expenses after reductions |  | 1762125 |
| **Net Investment income (loss)** |  | 9092625 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 9371045 |  |
| Fidelity Central Funds | (639314) |  |
| Foreign currency transactions | 538 |  |
| Total net realized gain (loss) |  | 8732269 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 9222866 |  |
| Fidelity Central Funds  | 13690355 |  |
| Assets and liabilities in foreign currencies | (289) |  |
| Total change in net unrealized appreciation (depreciation) |  | 22912932 |
| **Net gain (loss)** |  | 31645201 |
| **Net increase (decrease) in net assets resulting from operations** |  | $40737826 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **March 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **September 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $9092625 | $24430050 |
| &nbsp;&nbsp;Net realized gain (loss) | 8732269<br>| (346411)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 22912932 | 6468880<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 40737826<br>| 30552519<br>|
| Distributions to shareholders | (14529760)<br>| (22545893)<br>|
| Share transactions - net increase (decrease) | 25743480<br>| (25520568)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 51951546<br>| (17513942)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 488966379 | 506480321<br>|
| &nbsp;&nbsp;End of period | $540917925 | $488966379 |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **March 31, 2026**<br> **(Unaudited)**  | **Years ended September 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $8.88 | $8.73 | $8.29 | $8.53 | $9.42 | $8.07 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .149  | .407  | .379  | .358  | .719  | .568  |
| Net realized and unrealized gain (loss)  | .562  | .117  | .475  | .050  | (1.078) C | .950  |
| Total from investment operations  | .711  | .524  | .854  | .408  | (.359)  | 1.518  |
| Distributions from net investment income  | (.251)  | (.374)  | (.414)  | (.648)  | (.531)  | (.168)  |
| Total distributions  | (.251)  | (.374)  | (.414)  | (.648)  | (.531)  | (.168)  |
| Net asset value, end of period  | $9.34 | $8.88 | $8.73 | $8.29 | $8.53 | $9.42 |
| **Total Return** D,E,F | 8.21% <br>| 6.28%  | 10.70%  | 4.93%  | (4.09)% C | 19.05%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 1.02% I | 1.04%  | 1.04%  | 1.05%  | 1.06%  | 1.11%  |
| Expenses net of fee waivers, if any  | .95% I<br>| .95%  | .95%  | .95%  | .96%  | 1.00%  |
| Expenses net of all reductions, if any  | .95% I | .95%  | .95%  | .95%  | .96%  | 1.00%  |
| Net investment income (loss)  | 3.31% I | 4.74%  | 4.53%  | 4.26%  | 7.81%  | 6.40%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $40260 | $39191 | $45775 | $54548 | $76811 | $37357 |
| Portfolio turnover rate J | 40% I<br>| 29%  | 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 do not include the effect of the sales charges.*

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

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

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **March 31, 2026**<br> **(Unaudited)**  | **Years ended September 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $8.89 | $8.74 | $8.30 | $8.54 | $9.43 | $8.07 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .149  | .407  | .379  | .359  | .721  | .567  |
| Net realized and unrealized gain (loss)  | .561  | .117  | .476  | .050  | (1.080) C | .960  |
| Total from investment operations  | .710  | .524  | .855  | .409  | (.359)  | 1.527  |
| Distributions from net investment income  | (.250)  | (.374)  | (.415)  | (.649)  | (.531)  | (.167)  |
| Total distributions  | (.250)  | (.374)  | (.415)  | (.649)  | (.531)  | (.167)  |
| Net asset value, end of period  | $9.35 | $8.89 | $8.74 | $8.30 | $8.54 | $9.43 |
| **Total Return** D,E,F | 8.19% <br>| 6.27%  | 10.70%  | 4.94%  | (4.09)% C | 19.17%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 1.03% I | 1.05%  | 1.05%  | 1.06%  | 1.06%  | 1.12%  |
| Expenses net of fee waivers, if any  | .95% I<br>| .95%  | .95%  | .95%  | .96%  | 1.00%  |
| Expenses net of all reductions, if any  | .95% I | .95%  | .95%  | .95%  | .96%  | 1.00%  |
| Net investment income (loss)  | 3.31% I | 4.74%  | 4.53%  | 4.26%  | 7.81%  | 6.40%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $7152 | $7268 | $7473 | $8796 | $11557 | $7293 |
| Portfolio turnover rate J | 40% I<br>| 29%  | 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 for periods of less than one year are not annualized.*

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

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

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **March 31, 2026**<br> **(Unaudited)**  | **Years ended September 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $8.71 | $8.57 | $8.15 | $8.39 | $9.28 | $7.95 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .113  | .336  | .311  | .290  | .639  | .491  |
| Net realized and unrealized gain (loss)  | .554  | .112  | .459  | .055  | (1.057) C | .946  |
| Total from investment operations  | .667  | .448  | .770  | .345  | (.418)  | 1.437  |
| Distributions from net investment income  | (.217)  | (.308)  | (.350)  | (.585)  | (.472)  | (.107)  |
| Total distributions  | (.217)  | (.308)  | (.350)  | (.585)  | (.472)  | (.107)  |
| Net asset value, end of period  | $9.16 | $8.71 | $8.57 | $8.15 | $8.39 | $9.28 |
| **Total Return** D,E,F | 7.83% <br>| 5.44%  | 9.77%  | 4.22%  | (4.78)% C | 18.24%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 1.76% I | 1.78%  | 1.78%  | 1.80%  | 1.79%  | 1.88%  |
| Expenses net of fee waivers, if any  | 1.70% I<br>| 1.70%  | 1.70%  | 1.70%  | 1.71%  | 1.75%  |
| Expenses net of all reductions, if any  | 1.70% I | 1.70%  | 1.70%  | 1.70%  | 1.71%  | 1.75%  |
| Net investment income (loss)  | 2.56% I | 3.99%  | 3.78%  | 3.51%  | 7.07%  | 5.65%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $6068 | $6375 | $8029 | $10720 | $13730 | $4549 |
| Portfolio turnover rate J | 40% I<br>| 29%  | 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 for periods of less than one year are not annualized.*

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

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

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

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

**Fidelity® Strategic Real Return Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **March 31, 2026**<br> **(Unaudited)**  | **Years ended September 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $8.93 | $8.78 | $8.34 | $8.58 | $9.47 | $8.10 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .161  | .430  | .402  | .382  | .749  | .593  |
| Net realized and unrealized gain (loss)  | .562  | .117  | .474  | .050  | (1.087) C | .965  |
| Total from investment operations  | .723  | .547  | .876  | .432  | (.338)  | 1.558  |
| Distributions from net investment income  | (.263)  | (.397)  | (.436)  | (.672)  | (.552)  | (.188)  |
| Total distributions  | (.263)  | (.397)  | (.436)  | (.672)  | (.552)  | (.188)  |
| Net asset value, end of period  | $9.39 | $8.93 | $8.78 | $8.34 | $8.58 | $9.47 |
| **Total Return** D,E | 8.31% <br>| 6.53%  | 10.93%  | 5.21%  | (3.85)% C | 19.51%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .74% H | .77%  | .78%  | .79%  | .78%  | .85%  |
| Expenses net of fee waivers, if any  | .70% H<br>| .70%  | .70%  | .70%  | .71%  | .75%  |
| Expenses net of all reductions, if any  | .70% H | .70%  | .70%  | .70%  | .71%  | .75%  |
| Net investment income (loss)  | 3.56% H | 4.99%  | 4.78%  | 4.51%  | 8.06%  | 6.64%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $290065 | $278414 | $273820 | $260909 | $387040 | $236076 |
| Portfolio turnover rate I | 40% H<br>| 29%  | 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 for periods of less than one year are not annualized.*

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

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

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

**Fidelity® Strategic Real Return Fund Class K6**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **March 31, 2026**<br> **(Unaudited)**  | **Years ended September 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $8.98 | $8.82 | $8.37 | $8.60 | $9.48 | $8.11 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .170  | .449  | .420  | .398  | .760  | .616  |
| Net realized and unrealized gain (loss)  | .560  | .124  | .479  | .054  | (1.082) C | .948  |
| Total from investment operations  | .730  | .573  | .899  | .452  | (.322)  | 1.564  |
| Distributions from net investment income  | (.270)  | (.413)  | (.449)  | (.682)  | (.558)  | (.194)  |
| Total distributions  | (.270)  | (.413)  | (.449)  | (.682)  | (.558)  | (.194)  |
| Net asset value, end of period  | $9.44 | $8.98 | $8.82 | $8.37 | $8.60 | $9.48 |
| **Total Return** D,E | 8.35% <br>| 6.82%  | 11.18%  | 5.44%  | (3.68)% C | 19.57%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .62% H | .64%  | .64%  | .65%  | .66%  | .69%  |
| Expenses net of fee waivers, if any  | .51% H<br>| .51%  | .51%  | .51%  | .52%  | .56%  |
| Expenses net of all reductions, if any  | .51% H | .51%  | .51%  | .51%  | .52%  | .56%  |
| Net investment income (loss)  | 3.75% H | 5.18%  | 4.97%  | 4.70%  | 8.25%  | 6.83%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $119701 | $103428 | $107717 | $101688 | $99831 | $20606 |
| Portfolio turnover rate I | 40% H<br>| 29%  | 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 for periods of less than one year are not annualized.*

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

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **March 31, 2026**<br> **(Unaudited)**  | **Years ended September 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $8.90 | $8.76 | $8.32 | $8.55 | $9.44 | $8.08 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .160  | .429  | .401  | .381  | .741  | .594  |
| Net realized and unrealized gain (loss)  | .573  | .108  | .474  | .060  | (1.079) C | .955  |
| Total from investment operations  | .733  | .537  | .875  | .441  | (.338)  | 1.549  |
| Distributions from net investment income  | (.263)  | (.397)  | (.435)  | (.671)  | (.552)  | (.189)  |
| Total distributions  | (.263)  | (.397)  | (.435)  | (.671)  | (.552)  | (.189)  |
| Net asset value, end of period  | $9.37 | $8.90 | $8.76 | $8.32 | $8.55 | $9.44 |
| **Total Return** D,E | 8.45% <br>| 6.43%  | 10.94%  | 5.33%  | (3.86)% C | 19.45%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .76% H | .78%  | .78%  | .79%  | .79%  | .83%  |
| Expenses net of fee waivers, if any  | .70% H<br>| .70%  | .70%  | .70%  | .71%  | .75%  |
| Expenses net of all reductions, if any  | .70% H | .70%  | .70%  | .70%  | .71%  | .75%  |
| Net investment income (loss)  | 3.56% H | 4.99%  | 4.78%  | 4.51%  | 8.07%  | 6.64%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $61810 | $39089 | $41478 | $66743 | $185361 | $49988 |
| Portfolio turnover rate I | 40% H<br>| 29%  | 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 for periods of less than one year are not annualized.*

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

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **March 31, 2026**<br> **(Unaudited)**  | **Years ended September 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $8.92 | $8.77 | $8.32 | $8.56 | $9.45 | $8.08 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .164  | .437  | .408  | .389  | .755  | .610  |
| Net realized and unrealized gain (loss)  | .563  | .113  | .483  | .051  | (1.087) C | .952  |
| Total from investment operations  | .727  | .550  | .891  | .440  | (.332)  | 1.562  |
| Distributions from net investment income  | (.267)  | (.400)  | (.441)  | (.680)  | (.558)  | (.192)  |
| Total distributions  | (.267)  | (.400)  | (.441)  | (.680)  | (.558)  | (.192)  |
| Net asset value, end of period  | $9.38 | $8.92 | $8.77 | $8.32 | $8.56 | $9.45 |
| **Total Return** D,E | 8.37% <br>| 6.58%  | 11.14%  | 5.32%  | (3.79)% C | 19.61%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .66% H | .68%  | .69%  | .69%  | .70%  | .73%  |
| Expenses net of fee waivers, if any  | .61% H<br>| .61%  | .61%  | .61%  | .62%  | .66%  |
| Expenses net of all reductions, if any  | .61% H | .61%  | .61%  | .61%  | .62%  | .66%  |
| Net investment income (loss)  | 3.65% H | 5.08%  | 4.87%  | 4.60%  | 8.15%  | 6.73%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $15862 | $15202 | $22188 | $40802 | $87627 | $56997 |
| Portfolio turnover rate I | 40% H<br>| 29%  | 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*Total returns for periods of less than one year are not annualized.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

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

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

For the period ended March 31, 2026

**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> Futures<br> Swaps | .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. | Delayed Delivery & When Issued Securities<br> Foreign Securities<br> Loans & Direct Debt Instruments<br> Restricted Securities | Less than .005% |
| Fidelity Real Estate Equity Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks above-average income and long-term capital growth by investing primarily in equity securities of issuers in the real estate industry. |  | Less than .005% |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

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

An unaudited holdings listing for the investing fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, 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 March 31, 2026 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, 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 dividend receivable.

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. 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** | $39049156 |
| **Gross unrealized depreciation** | <u>(15058252)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$23990904</u> |
| **Tax cost** | <u>$515260252</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 prior fiscal period end and is subject to adjustment.

---

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

---

**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.

**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** | 91715756 | 78618411 |

---

**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% | 49340 | 982 |
| **Class M** | - % | .25% | 9022 | 37 |
| **Class C** | .75% | .25% | <u>30745</u> | <u>2026</u> |
|  |  |  | <u>89107</u> | <u>3045</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** | 2893 |
| **Class M** | 165 |
| **Class C** A | <u>3</u> |
|  | <u>3061</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** | 371 |

---

**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** | 1303128 | 1901205 | 505740 |

---

**Other.** During the period, the investment adviser reimbursed the Fund for certain losses as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Strategic Real Return Fund** | 6297 |

---

**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, (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 2027 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Strategic Real Return Fund** | 445 |

---

**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 in security lending. 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** | 58 | - | - |

---

**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% | 13081 |
| **Class M** | .95% | 2753 |
| **Class C** | 1.70% | 1715 |
| **Strategic Real Return** | .70% | 57680 |
| **Class K6** | .51% | 59994 |
| **Class I** | .70% | 13965 |
| **Class Z** | .61% | <u>3588</u> |
|  |  | <u>152776</u> |

---

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **March 31, 2026** | **Year ended**<br> **September 30, 2025** |
| **Fidelity Strategic Real Return Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $1101784 | $1801959 |
| Class M | 202571 | 316798 |
| Class C | 154112 | 267954 |
| Strategic Real Return | 8087590 | 12634713 |
| Class K6 | 3240605 | 4767612 |
| Class I | 1284902 | 1878610 |
| Class Z | <u>458196</u> | <u>878247</u> |
| Total  | <u>$14529760</u> | <u>$22545893</u> |

---

**10. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **March 31, 2026**  | **Year ended**<br> **September 30, 2025** | **Six months ended** <br> **March 31, 2026**  | **Year ended**<br> **September 30, 2025** |
| **Fidelity Strategic Real Return Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 183386 | 588699 | $1653151 | $5045858 |
| Reinvestment of distributions  | 123003 | 208064 | 1078736 | 1763619 |
| Shares redeemed | <u>(409342)</u> | <u>(1624893)</u> | <u>(3677451)</u> | <u>(13903309)</u> |
| Net increase (decrease) | <u>(102953)</u> | <u>(828130)</u> | <u>$(945564)</u> | <u>$(7093832)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 13631 | 38608 | $121756 | $331236 |
| Reinvestment of distributions  | 22942 | 37001 | 201431 | 313833 |
| Shares redeemed | <u>(89415)</u> | <u>(112776)</u> | <u>(807736)</u> | <u>(970673)</u> |
| Net increase (decrease) | <u>(52842)</u> | <u>(37167)</u> | <u>$(484549)</u> | <u>$(325604)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 14098 | 123891 | $125099 | $1041973 |
| Reinvestment of distributions  | 17857 | 32138 | 153928 | 267693 |
| Shares redeemed | <u>(101236)</u> | <u>(361089)</u> | <u>(889952)</u> | <u>(3046742)</u> |
| Net increase (decrease) | <u>(69281)</u> | <u>(205060)</u> | <u>$(610925)</u> | <u>$(1737076)</u> |
| **Strategic Real Return** |  |  |  |  |
| Shares sold | 2343879 | 7447568 | $21241358 | $64118345 |
| Reinvestment of distributions  | 848920 | 1364652 | 7483369 | 11613303 |
| Shares redeemed | <u>(3489708)</u> | <u>(8814587)</u> | <u>(31423807)</u> | <u>(75870129)</u> |
| Net increase (decrease) | <u>(296909)</u> | <u>(2367)</u> | <u>$(2699080)</u> | <u>$(138481)</u> |
| **Class K6** |  |  |  |  |
| Shares sold | 2076068 | 3327349 | $18862372 | $28589667 |
| Reinvestment of distributions  | 365757 | 557101 | 3240605 | 4767612 |
| Shares redeemed | <u>(1290405)</u> | <u>(4568494)</u> | <u>(11778243)</u> | <u>(39483184)</u> |
| Net increase (decrease) | <u>1151420</u> | <u>(684044)</u> | <u>$10324734</u> | <u>$(6125905)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 4191808 | 2159148 | $38562925 | $18569704 |
| Reinvestment of distributions  | 145174 | 218895 | 1276079 | 1860949 |
| Shares redeemed | <u>(2127148)</u> | <u>(2723887)</u> | <u>(19535626)</u> | <u>(23467597)</u> |
| Net increase (decrease) | <u>2209834</u> | <u>(345844)</u> | <u>$20303378</u> | <u>$(3036944)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 259720 | 553739 | $2330171 | $4786745 |
| Reinvestment of distributions  | 48108 | 88654 | 423346 | 752891 |
| Shares redeemed | <u>(321400)</u> | <u>(1468688)</u> | <u>(2898031)</u> | <u>(12602362)</u> |
| Net increase (decrease) | <u>(13572)</u> | <u>(826295)</u> | <u>$(144514)</u> | <u>$(7062726)</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.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img129564_4.jpg)<br>

1.814963.120 RRS-SANN-0526

Item 8.

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

See Item 7.

Item 9.

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

See Item 7.

Item 10.

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

See Item 7.

Item 11.

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

See Item 7.

Item 12.

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

Not applicable.

Item 13.

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

Not applicable.

Item 14.

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

Not applicable.

Item 15.

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

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

Item 16.

<u>Controls and Procedures</u>

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

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

Item 17.

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

Not applicable.

Item 18.

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

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) Not applicable.

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.](ex99.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.](ex99.906.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; May 21, 2026 |

---

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; May 21, 2026 |

---

---

| | |
|:---|:---|
| &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; May 21, 2026 |

---

## 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:

May 21, 2026

---

| |
|:---|
| &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:

May 21, 2026

---

| |
|:---|
| &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: May 21, 2026

---

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

---

Dated: May 21, 2026

---

| |
|:---|
| &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>