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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.

Quality Diversification (% of Fund's net assets)

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.

Securities rated BB or below were rated investment grade at the time of acquisition.

Asset Allocation (% of Fund's net assets)

Foreign investments - 20%

Futures - 9.2%

Geographic Diversification (% of Fund's net assets)

* Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable.

Schedule of Investments February 28, 2023 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 50.4%
	Principal Amount (a) (000s)	Value ($) (000s)
COMMUNICATION SERVICES - 1.7%
Diversified Telecommunication Services - 1.2%
AT&T, Inc. 0.9% 3/25/24	10,610	10,118
NTT Finance Corp.:
0.373% 3/3/23 (b)	8,340	8,339
0.583% 3/1/24 (b)	3,469	3,304
Verizon Communications, Inc.:
U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.500% 4.913% 3/22/24 (c)(d)	5,170	5,167
0.75% 3/22/24	3,860	3,678
		30,606
Media - 0.1%
Magallanes, Inc.:
3.428% 3/15/24 (b)	1,645	1,605
3.638% 3/15/25 (b)	901	859
		2,464
Wireless Telecommunication Services - 0.4%
Rogers Communications, Inc. 2.95% 3/15/25 (b)	4,725	4,481
T-Mobile U.S.A., Inc. 3.5% 4/15/25	7,030	6,734
		11,215
TOTAL COMMUNICATION SERVICES		44,285
CONSUMER DISCRETIONARY - 3.3%
Automobiles - 2.7%
BMW U.S. Capital LLC:
3.25% 4/1/25 (b)	8,000	7,715
3.45% 4/12/23 (b)	12,171	12,146
Daimler Finance North America LLC:
0.75% 3/1/24 (b)	8,516	8,133
5.5% 11/27/24 (b)	5,640	5,654
General Motors Financial Co., Inc.:
U.S. Secured Overnight Fin. Rate (SOFR) Index + 1.200% 5.7531% 11/17/23 (c)(d)	10,000	10,007
1.05% 3/8/24	1,943	1,856
1.25% 1/8/26	6,779	5,996
4.15% 6/19/23	4,200	4,184
Volkswagen Group of America Finance LLC:
0.875% 11/22/23 (b)	8,525	8,249
3.125% 5/12/23 (b)	5,897	5,869
3.95% 6/6/25 (b)	2,950	2,852
		72,661
Distributors - 0.2%
Genuine Parts Co. 1.75% 2/1/25	4,784	4,464
Multiline Retail - 0.3%
Dollar General Corp. 4.25% 9/20/24	6,347	6,235
Specialty Retail - 0.1%
Lowe's Companies, Inc. 4.4% 9/8/25	3,318	3,261
TOTAL CONSUMER DISCRETIONARY		86,621
CONSUMER STAPLES - 2.8%
Beverages - 0.4%
Constellation Brands, Inc. 3.6% 5/9/24	7,000	6,858
Dr. Pepper Snapple Group, Inc. 0.75% 3/15/24	5,000	4,756
		11,614
Food & Staples Retailing - 0.3%
7-Eleven, Inc. 0.8% 2/10/24 (b)	1,912	1,826
Mondelez International Holdings Netherlands BV 0.75% 9/24/24 (b)	7,661	7,117
		8,943
Food Products - 0.7%
Conagra Brands, Inc. 0.5% 8/11/23	5,758	5,635
JDE Peet's BV 0.8% 9/24/24 (b)	6,779	6,240
Mondelez International, Inc. 2.125% 3/17/24	7,500	7,266
		19,141
Tobacco - 1.4%
Altria Group, Inc. 2.35% 5/6/25	1,269	1,190
BAT Capital Corp. 3.222% 8/15/24	10,014	9,651
BAT International Finance PLC 1.668% 3/25/26	6,714	5,962
Imperial Tobacco Finance PLC 3.125% 7/26/24 (b)	7,381	7,081
Philip Morris International, Inc.:
2.875% 5/1/24	6,658	6,463
5% 11/17/25	5,425	5,393
		35,740
TOTAL CONSUMER STAPLES		75,438
ENERGY - 2.9%
Energy Equipment & Services - 0.0%
Baker Hughes Co. 1.231% 12/15/23	1,575	1,526
Oil, Gas & Consumable Fuels - 2.9%
Canadian Natural Resources Ltd. 2.05% 7/15/25	4,512	4,167
ConocoPhillips Co. 2.4% 3/7/25	2,991	2,832
Enbridge, Inc.:
0.55% 10/4/23	10,000	9,708
2.15% 2/16/24	1,167	1,130
2.5% 2/14/25	1,218	1,150
Energy Transfer LP:
4.2% 9/15/23	1,944	1,931
4.25% 3/15/23	5,208	5,206
Enterprise Products Operating LP 5.05% 1/10/26	4,128	4,119
EQT Corp. 5.678% 10/1/25	5,225	5,157
Equinor ASA 1.75% 1/22/26	1,409	1,286
Kinder Morgan Energy Partners LP 3.5% 9/1/23	3,732	3,700
MPLX LP:
1.75% 3/1/26	10,071	9,006
4.5% 7/15/23	1,148	1,144
Occidental Petroleum Corp. 2.9% 8/15/24	2,755	2,638
Phillips 66 Co.:
0.9% 2/15/24	8,080	7,735
3.85% 4/9/25	8,057	7,821
Pioneer Natural Resources Co. 0.55% 5/15/23	6,522	6,458
The Williams Companies, Inc. 5.4% 3/2/26	1,346	1,346
		76,534
TOTAL ENERGY		78,060
FINANCIALS - 30.2%
Banks - 17.1%
Bank of America Corp.:
U.S. Secured Overnight Fin. Rate (SOFR) Index + 1.290% 5.08% 1/20/27 (c)(d)	6,000	5,937
0.81% 10/24/24 (c)	7,030	6,810
0.976% 4/22/25 (c)	8,000	7,561
1.843% 2/4/25 (c)	10,000	9,636
3.841% 4/25/25 (c)	7,500	7,345
4.827% 7/22/26 (c)	5,015	4,933
Bank of Montreal 4.25% 9/14/24	7,000	6,877
Bank of Nova Scotia 0.8% 6/15/23	11,078	10,901
Banque Federative du Credit Mutuel SA 4.524% 7/13/25 (b)	5,542	5,416
Barclays PLC:
1.007% 12/10/24 (c)	4,487	4,320
2.852% 5/7/26 (c)	4,878	4,567
4.338% 5/16/24 (c)	7,085	7,058
5.304% 8/9/26 (c)	2,578	2,540
BNP Paribas SA 3.5% 3/1/23 (b)	5,640	5,640
BPCE SA 1.625% 1/14/25 (b)	9,500	8,829
Canadian Imperial Bank of Commerce:
0.95% 6/23/23	16,765	16,549
3.945% 8/4/25	6,059	5,870
Citigroup, Inc.:
0.981% 5/1/25 (c)	4,488	4,238
2.014% 1/25/26 (c)	8,000	7,461
3.106% 4/8/26 (c)	6,714	6,376
4.14% 5/24/25 (c)	7,000	6,871
5.61% 9/29/26 (c)	5,000	5,000
Danske Bank A/S:
3.875% 9/12/23 (b)	7,592	7,521
6.466% 1/9/26 (b)(c)	3,260	3,280
DNB Bank ASA 0.856% 9/30/25 (b)(c)	10,000	9,234
HSBC Holdings PLC:
0.976% 5/24/25 (c)	8,400	7,902
1.162% 11/22/24 (c)	8,100	7,815
1.645% 4/18/26 (c)	6,806	6,235
3.95% 5/18/24 (c)	5,000	4,978
Huntington National Bank 5.699% 11/18/25 (c)	5,500	5,508
Intesa Sanpaolo SpA 3.25% 9/23/24 (b)	10,000	9,525
JPMorgan Chase & Co.:
0.824% 6/1/25 (c)	6,568	6,162
1.514% 6/1/24 (c)	13,972	13,835
3.845% 6/14/25 (c)	7,500	7,321
KeyBank NA 4.15% 8/8/25	2,003	1,954
KeyCorp 3.878% 5/23/25 (c)	2,344	2,293
Lloyds Banking Group PLC:
0.695% 5/11/24 (c)	5,464	5,403
4.716% 8/11/26 (c)	7,515	7,327
Mitsubishi UFJ Financial Group, Inc.:
0.848% 9/15/24 (c)	8,059	7,846
0.953% 7/19/25 (c)	7,000	6,535
0.962% 10/11/25 (c)	8,775	8,101
2.193% 2/25/25	9,124	8,549
4.788% 7/18/25 (c)	4,000	3,946
Mizuho Financial Group, Inc.:
0.849% 9/8/24 (c)	4,265	4,153
2.651% 5/22/26 (c)	6,307	5,882
National Bank of Canada 0.55% 11/15/24 (c)	3,356	3,236
NatWest Group PLC:
2.359% 5/22/24 (c)	5,310	5,264
3.875% 9/12/23	14,202	14,063
5.847% 3/2/27 (c)	5,500	5,503
NatWest Markets PLC 0.8% 8/12/24 (b)	4,320	4,024
PNC Bank NA 2.5% 8/27/24	6,217	5,974
Rabobank Nederland New York Branch 3.875% 8/22/24	7,890	7,734
Regions Financial Corp. 2.25% 5/18/25	3,950	3,692
Royal Bank of Canada 2.55% 7/16/24	8,572	8,255
Santander Holdings U.S.A., Inc.:
3.5% 6/7/24	7,230	7,039
5.807% 9/9/26 (c)	3,956	3,955
Societe Generale:
2.226% 1/21/26 (b)(c)	10,000	9,294
2.625% 10/16/24 (b)	1,249	1,186
3.875% 3/28/24 (b)	4,871	4,772
4.351% 6/13/25 (b)	4,500	4,392
Sumitomo Mitsui Financial Group, Inc. 0.508% 1/12/24	804	771
Svenska Handelsbanken AB 0.625% 6/30/23 (b)	10,340	10,184
The Toronto-Dominion Bank 2.35% 3/8/24	7,500	7,273
Truist Financial Corp.:
4.26% 7/28/26 (c)	5,500	5,361
5.9% 10/28/26 (c)	7,375	7,487
U.S. Bancorp 5.727% 10/21/26 (c)	6,750	6,833
Wells Fargo & Co.:
1.654% 6/2/24 (c)	8,218	8,137
2.164% 2/11/26 (c)	20,142	18,824
		455,293
Capital Markets - 5.4%
Credit Suisse AG:
0.495% 2/2/24	8,000	7,542
0.52% 8/9/23	7,000	6,773
Credit Suisse Group AG 6.373% 7/15/26 (b)(c)	4,600	4,327
Deutsche Bank AG New York Branch:
0.898% 5/28/24	2,427	2,287
0.962% 11/8/23	5,352	5,191
1.447% 4/1/25 (c)	5,743	5,436
2.129% 11/24/26 (c)	5,000	4,481
2.222% 9/18/24 (c)	20,476	20,015
Goldman Sachs Group, Inc.:
0.657% 9/10/24 (c)	10,000	9,720
1.757% 1/24/25 (c)	10,000	9,625
5.7% 11/1/24	5,500	5,532
Intercontinental Exchange, Inc. 3.65% 5/23/25	4,172	4,066
Morgan Stanley:
0.731% 4/5/24 (c)	7,335	7,298
0.79% 5/30/25 (c)	8,500	7,960
3.62% 4/17/25 (c)	5,750	5,617
3.737% 4/24/24 (c)	7,548	7,526
4% 7/23/25	6,714	6,543
4.679% 7/17/26 (c)	4,223	4,141
UBS AG London Branch 1.375% 1/13/25 (b)	5,623	5,223
UBS Group AG:
1.008% 7/30/24 (b)(c)	8,398	8,231
4.49% 8/5/25 (b)(c)	7,500	7,389
		144,923
Consumer Finance - 4.0%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust:
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.680% 5.1017% 9/29/23 (c)(d)	7,000	6,966
1.15% 10/29/23	7,000	6,793
1.65% 10/29/24	7,750	7,189
1.75% 1/30/26	5,724	5,060
4.875% 1/16/24	2,014	1,994
Ally Financial, Inc.:
3.05% 6/5/23	5,730	5,691
5.125% 9/30/24	6,284	6,229
American Express Co.:
2.25% 3/4/25	3,469	3,263
3.375% 5/3/24	6,000	5,863
Capital One Financial Corp.:
1.343% 12/6/24 (c)	6,500	6,265
2.6% 5/11/23	4,486	4,464
4.166% 5/9/25 (c)	10,090	9,864
4.985% 7/24/26 (c)	2,457	2,417
Hyundai Capital America 1% 9/17/24 (b)	7,995	7,439
John Deere Capital Corp. 3.4% 6/6/25	4,589	4,427
Synchrony Financial:
4.25% 8/15/24	9,435	9,207
4.375% 3/19/24	8,076	7,964
Toyota Motor Credit Corp. 5.4% 11/10/25	6,500	6,564
		107,659
Diversified Financial Services - 1.6%
Athene Global Funding:
0.95% 1/8/24 (b)	7,220	6,939
1% 4/16/24 (b)	7,000	6,583
1.716% 1/7/25 (b)	6,500	6,024
Blackstone Private Credit Fund 4.7% 3/24/25	7,096	6,844
Corebridge Financial, Inc. 3.5% 4/4/25 (b)	812	777
GA Global Funding Trust 1.25% 12/8/23 (b)	8,200	7,918
Jackson Financial, Inc. 1.125% 11/22/23	8,613	8,347
		43,432
Insurance - 2.1%
American International Group, Inc. 2.5% 6/30/25	4,476	4,213
Equitable Financial Life Global Funding:
0.5% 11/17/23 (b)	10,000	9,646
1.1% 11/12/24 (b)	8,150	7,587
Great-West Lifeco U.S. Finance 2020 LP 0.904% 8/12/25 (b)	3,527	3,135
MassMutual Global Funding II 4.15% 8/26/25 (b)	5,651	5,492
Metropolitan Life Global Funding I 0.9% 6/8/23 (b)	5,675	5,608
Pacific Life Global Funding II 1.2% 6/24/25 (b)	5,535	5,008
Principal Life Global Funding II U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.450% 4.8969% 4/12/24 (b)(c)(d)	3,616	3,616
Protective Life Global Funding:
0.502% 4/12/23 (b)	8,500	8,456
3.218% 3/28/25 (b)	1,703	1,618
		54,379
TOTAL FINANCIALS		805,686
HEALTH CARE - 2.6%
Biotechnology - 0.3%
Amgen, Inc. 5.25% 3/2/25 (e)	8,000	7,982
Health Care Providers & Services - 1.0%
Cigna Group 0.613% 3/15/24	1,965	1,871
CVS Health Corp. 5% 2/20/26	7,000	6,961
Elevance Health, Inc. 0.45% 3/15/23	9,394	9,378
Humana, Inc. 0.65% 8/3/23	8,872	8,698
		26,908
Life Sciences Tools & Services - 0.6%
PerkinElmer, Inc. 0.85% 9/15/24	8,310	7,732
Thermo Fisher Scientific, Inc. 1.215% 10/18/24	8,500	7,965
		15,697
Pharmaceuticals - 0.7%
AstraZeneca Finance LLC 0.7% 5/28/24	6,275	5,935
Bayer U.S. Finance II LLC 4.25% 12/15/25 (b)	6,748	6,527
GSK Consumer Healthcare Capital 3.125% 3/24/25	7,390	7,027
		19,489
TOTAL HEALTH CARE		70,076
INDUSTRIALS - 2.6%
Aerospace & Defense - 0.5%
Raytheon Technologies Corp. 5% 2/27/26	3,832	3,826
The Boeing Co.:
1.95% 2/1/24	3,500	3,380
4.875% 5/1/25	4,713	4,647
		11,853
Airlines - 0.3%
Delta Air Lines, Inc. 2.9% 10/28/24	7,598	7,230
Commercial Services & Supplies - 0.3%
Republic Services, Inc. 0.875% 11/15/25	10,000	8,865
Industrial Conglomerates - 0.2%
Siemens Financieringsmaatschappij NV 0.65% 3/11/24 (b)	5,142	4,893
Machinery - 0.5%
Daimler Trucks Finance North America LLC:
1.625% 12/13/24 (b)	2,657	2,485
5.2% 1/17/25 (b)	2,880	2,861
Parker Hannifin Corp. 3.65% 6/15/24	7,000	6,843
		12,189
Road & Rail - 0.4%
Canadian Pacific Railway Co. 1.35% 12/2/24	12,296	11,462
Trading Companies & Distributors - 0.2%
Air Lease Corp.:
0.7% 2/15/24	2,930	2,792
0.8% 8/18/24	3,717	3,451
		6,243
Transportation Infrastructure - 0.2%
Avolon Holdings Funding Ltd. 2.875% 2/15/25 (b)	7,000	6,511
TOTAL INDUSTRIALS		69,246
INFORMATION TECHNOLOGY - 1.4%
Electronic Equipment & Components - 0.1%
Dell International LLC/EMC Corp. 5.45% 6/15/23	2,804	2,802
IT Services - 0.3%
The Western Union Co.:
2.85% 1/10/25	1,585	1,505
4.25% 6/9/23	6,025	6,002
		7,507
Semiconductors & Semiconductor Equipment - 0.3%
Analog Devices, Inc. U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.250% 4.6746% 10/1/24 (c)(d)	4,150	4,108
Microchip Technology, Inc. 0.983% 9/1/24	4,231	3,952
		8,060
Software - 0.7%
Oracle Corp. 5.8% 11/10/25	7,000	7,083
VMware, Inc.:
0.6% 8/15/23	8,000	7,826
1% 8/15/24	5,608	5,240
		20,149
TOTAL INFORMATION TECHNOLOGY		38,518
MATERIALS - 0.4%
Chemicals - 0.4%
Celanese U.S. Holdings LLC 5.9% 7/5/24	7,100	7,092
Nutrien Ltd. 5.9% 11/7/24	3,720	3,740
		10,832
REAL ESTATE - 0.3%
Equity Real Estate Investment Trusts (REITs) - 0.3%
American Tower Corp. 1.3% 9/15/25	2,980	2,679
Crown Castle International Corp. 1.35% 7/15/25	700	636
Welltower Op 3.625% 3/15/24	3,276	3,208
		6,523
UTILITIES - 2.2%
Electric Utilities - 1.1%
Duke Energy Corp. U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.250% 4.6101% 6/10/23 (c)(d)	6,139	6,134
FirstEnergy Corp.:
1.6% 1/15/26	747	665
2.05% 3/1/25	4,143	3,865
Florida Power & Light Co. 2.85% 4/1/25	1,893	1,812
PPL Electric Utilities Corp. 3 month U.S. LIBOR + 0.250% 4.9739% 9/28/23 (c)(d)	3,666	3,656
Southern Co.:
U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.370% 4.9251% 5/10/23 (c)(d)	6,389	6,386
0.6% 2/26/24	3,086	2,939
Tampa Electric Co. 3.875% 7/12/24	4,057	3,963
		29,420
Gas Utilities - 0.2%
CenterPoint Energy Resources Corp. 3 month U.S. LIBOR + 0.500% 5.2786% 3/2/23 (c)(d)	4,082	4,082
Dominion Gas Holdings LLC 2.5% 11/15/24	1,475	1,407
		5,489
Independent Power and Renewable Electricity Producers - 0.1%
Emera U.S. Finance LP 0.833% 6/15/24	3,897	3,656
Multi-Utilities - 0.8%
CenterPoint Energy, Inc. U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.650% 5.2048% 5/13/24 (c)(d)	5,926	5,898
DTE Energy Co. 4.22% 11/1/24	7,490	7,325
NiSource, Inc. 0.95% 8/15/25	2,976	2,683
Sempra Energy 3.3% 4/1/25	2,834	2,713
WEC Energy Group, Inc. 5% 9/27/25	2,638	2,614
		21,233
TOTAL UTILITIES		59,798
TOTAL NONCONVERTIBLE BONDS (Cost $1,395,285)		1,345,083

U.S. Treasury Obligations - 24.3%
	Principal Amount (a) (000s)	Value ($) (000s)
U.S. Treasury Notes:
0.25% 7/31/25 (f)	123,941	111,663
0.25% 10/31/25	101,409	90,563
3.875% 1/15/26	180,000	176,916
4.125% 10/31/27	135,000	134,325
4.25% 9/30/24	30,257	29,916
4.5% 11/30/24	5,000	4,964
4.5% 11/15/25	100,000	99,832
TOTAL U.S. TREASURY OBLIGATIONS (Cost $657,671)		648,179

U.S. Government Agency - Mortgage Securities - 0.3%
	Principal Amount (a) (000s)	Value ($) (000s)
Fannie Mae - 0.3%
4.5% 3/1/39 to 9/1/49	6,087	5,978
5.5% 11/1/34	1,169	1,186
7.5% 11/1/31	0	0
TOTAL FANNIE MAE		7,164
Freddie Mac - 0.0%
8.5% 5/1/26 to 7/1/28	11	11
Ginnie Mae - 0.0%
7% to 7% 1/15/25 to 8/15/32	134	138
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $7,895)		7,313

Asset-Backed Securities - 15.9%
	Principal Amount (a) (000s)	Value ($) (000s)
Aimco:
Series 2021-10A Class AR, 3 month U.S. LIBOR + 1.060% 5.8753% 7/22/32 (b)(c)(d)	8,770	8,658
Series 2021-BA Class AR, 3 month U.S. LIBOR + 1.100% 5.8924% 1/15/32 (b)(c)(d)	8,883	8,772
AIMCO CLO Ltd. Series 2022-12A Class AR, CME TERM SOFR 3 MONTH INDEX + 1.170% 5.8276% 1/17/32 (b)(c)(d)	5,000	4,961
American Express Credit Account Master Trust:
Series 2021-1 Class A, 0.9% 11/15/26	9,780	9,111
Series 2022-2 Class A, 3.39% 5/15/27	8,500	8,195
Series 2022-3 Class A, 3.75% 8/15/27	7,000	6,795
Series 2022-4 Class A, 4.95% 10/15/27	4,492	4,491
AmeriCredit Automobile Receivables Trust Series 2021-3 Class A3, 0.76% 8/18/26	7,993	7,652
Ares LII CLO Ltd. Series 2021-52A Class A1R, 3 month U.S. LIBOR + 1.050% 5.8653% 4/22/31 (b)(c)(d)	7,663	7,567
Bank of America Credit Card Master Trust:
Series 2020-A1 Class A1, 0.34% 5/15/26	4,973	4,789
Series 2021-A1 Class A1, 0.44% 9/15/26	9,066	8,597
Series 2022-A1 Class A1, 3.53% 11/15/27	7,895	7,635
BMW Vechicle Lease Trust 2023-1 Series 2023-1 Class A3, 5.16% 11/25/25	3,820	3,815
Capital One Multi-Asset Execution Trust:
Series 2021-A3 Class A3, 1.04% 11/15/26	9,890	9,218
Series 2022-A1 Class A1, 2.8% 3/15/27	12,000	11,447
Series 2022-A2 Class A, 3.49% 5/15/27	7,000	6,769
Series 2022-A3 Class A, 4.95% 10/15/27	5,420	5,412
CarMax Auto Owner Trust:
Series 2020-4 Class A3, 0.5% 8/15/25	3,012	2,936
Series 2021-1 Class A3, 0.34% 12/15/25	3,298	3,185
Carmax Auto Owner Trust Series 2022-4 Class A2A, 5.34% 12/15/25	5,081	5,080
Carvana Auto Receivables Trust:
Series 2021-P2 Class A3, 0.49% 3/10/26	5,558	5,366
Series 2021-P3 Class A3, 0.7% 11/10/26	6,606	6,204
Cedar Funding Ltd.:
Series 2021-10A Class AR, 3 month U.S. LIBOR + 1.100% 5.9077% 10/20/32 (b)(c)(d)	2,196	2,165
Series 2021-14A Class A, 3 month U.S. LIBOR + 1.100% 5.8924% 7/15/33 (b)(c)(d)	9,276	9,136
Cent CLO LP Series 2021-21A Class A1R3, 3 month U.S. LIBOR + 0.970% 5.7846% 7/27/30 (b)(c)(d)	7,884	7,801
Chase Issuance Trust Series 2022-A1 Class A, 3.97% 9/15/27	6,734	6,558
Countrywide Home Loans, Inc. Series 2004-2 Class 3A4, 1 month U.S. LIBOR + 0.500% 5.117% 7/25/34 (c)(d)	129	122
Dell Equipment Finance Trust:
Series 2020-2 Class A3, 0.57% 10/23/23 (b)	744	741
Series 2021-1 Class A3, 0.43% 5/22/26 (b)	2,444	2,407
Discover Card Execution Note Trust:
Series 2021-A1 Class A1, 0.58% 9/15/26	4,839	4,503
Series 2022-A1 Class A1, 1.96% 2/15/27	4,911	4,613
Series 2022-A2 Class A, 3.32% 5/15/27	7,150	6,890
Series 2022-A3 Class A3, 3.56% 7/15/27	6,653	6,428
DLLAD LLC Series 2021-1A Class A2, 0.35% 9/20/24 (b)	1,607	1,589
Donlen Fleet Lease Funding Series 2021-2 Class A2, 0.56% 12/11/34 (b)	2,474	2,396
Eaton Vance CLO, Ltd. Series 2021-1A Class AR, 3 month U.S. LIBOR + 1.100% 5.8924% 4/15/31 (b)(c)(d)	8,070	7,996
Enterprise Fleet Financing Series 2023-1 Class A2, 5.51% 1/22/29 (b)	4,908	4,911
Enterprise Fleet Financing LLC:
Series 2020-1 Class A2, 1.78% 12/22/25 (b)	699	697
Series 2020-2 Class A2, 0.61% 7/20/26 (b)	2,613	2,561
Series 2021-1 Class A2, 0.44% 12/21/26 (b)	1,303	1,266
Series 2021-2 Class A2, 0.48% 5/20/27 (b)	4,746	4,561
Series 2022-3 Class A2, 4.38% 7/20/29 (b)	1,191	1,170
Ford Credit Floorplan Master Owner Trust Series 2020-1 Class A1, 0.7% 9/15/25	12,164	11,859
GM Financial Automobile Leasing Trust Series 2023-1 Class A3, 5.16% 4/20/26	4,665	4,662
GM Financial Consumer Automobile Receivables Series 2022-2 Class A3, 3.1% 2/16/27	6,602	6,381
GMF Floorplan Owner Revolving Trust:
Series 2020-1 Class A, 0.68% 8/15/25 (b)	3,218	3,150
Series 2020-2 Class A, 0.69% 10/15/25 (b)	6,742	6,548
Hyundai Auto Receivables Trust Series 2020-C Class A3, 0.38% 5/15/25	3,546	3,461
Madison Park Funding XXXII, Ltd. / Madison Park Funding XXXII LLC Series 2021-32A Class A1R, 3 month U.S. LIBOR + 1.000% 5.8153% 1/22/31 (b)(c)(d)	6,559	6,497
Marlette Funding Trust:
Series 2021-3A Class A, 0.65% 12/15/31 (b)	611	606
Series 2022-1A Class A, 1.36% 4/15/32 (b)	1,700	1,679
Series 2022-2A Class A, 4.25% 8/15/32 (b)	3,941	3,892
MMAF Equipment Finance LLC:
Series 2019-B Class A3, 2.01% 12/12/24 (b)	2,236	2,198
Series 2022-B Class A2, 5.57% 9/9/25 (b)	4,064	4,060
Niagara Park CLO, Ltd. Series 2021-1A Class AR, 3 month U.S. LIBOR + 1.000% 5.7924% 7/17/32 (b)(c)(d)	8,390	8,272
OneMain Direct Auto Receivables Trust Series 2021-1A Class A, 0.87% 7/14/28 (b)	8,012	7,487
Palmer Square Loan Funding, Ltd. Series 2021-2A Class A1, 3 month U.S. LIBOR + 0.800% 5.7153% 5/20/29 (b)(c)(d)	5,524	5,483
Palmer Square Loan Funding, Ltd. / Palmer Square Loan Funding LLC Series 2022-1A Class A1, CME TERM SOFR 3 MONTH INDEX + 1.050% 5.6819% 4/15/30 (b)(c)(d)	6,908	6,830
Park Place Securities, Inc. Series 2005-WCH1 Class M4, 1 month U.S. LIBOR + 1.240% 5.862% 1/25/36 (c)(d)	147	144
Prpm 2021-5, LLC Series 2021-5 Class A1, 1.793% 6/25/26 (b)(c)	4,529	4,096
Santander Consumer Auto Receivables Trust Series 2021-AA Class A3, 0.33% 10/15/25 (b)	2,543	2,503
Santander Drive Auto Receivables Trust Series 2022-5 Class A3, 4.11% 8/17/26	4,564	4,508
Santander Retail Auto Lease Trust:
Series 2020-B Class A3, 0.57% 4/22/24 (b)	5,130	5,065
Series 2021-A Class A3, 0.51% 7/22/24 (b)	3,936	3,857
Sofi Consumer Loan Program Series 2023-1S Class A, 5.81% 5/15/31 (b)	3,329	3,328
Symphony CLO XXI, Ltd. Series 2021-21A Class AR, 3 month U.S. LIBOR + 1.060% 5.8524% 7/15/32 (b)(c)(d)	6,342	6,265
Symphony CLO XXIII Ltd. Series 2021-23A Class AR, 3 month U.S. LIBOR + 1.020% 5.8124% 1/15/34 (b)(c)(d)	8,047	7,966
TCI-Flatiron CLO Ltd. / LLC Series 2021-1A Class AR, 3 month U.S. LIBOR + 0.960% 5.8366% 11/18/30 (b)(c)(d)	8,441	8,366
TCI-Symphony CLO Series 2021-1A Class AR, 3 month U.S. LIBOR + 0.920% 5.7224% 7/15/30 (b)(c)(d)	8,996	8,905
Terwin Mortgage Trust Series 2003-4HE Class A1, 1 month U.S. LIBOR + 0.860% 5.477% 9/25/34 (c)(d)	140	135
Tesla Auto Lease Trust Series 2021-A Class A3, 0.56% 3/20/25 (b)	6,423	6,274
Toyota Auto Loan Extended Note Trust Series 2020-1A Class A, 1.35% 5/25/33 (b)	4,906	4,500
Trapeza CDO XII Ltd./Trapeza CDO XII, Inc. Series 2007-12A Class B, 3 month U.S. LIBOR + 0.560% 5.3484% 4/6/42 (b)(c)(d)	261	199
Upstart Securitization Trust:
Series 2021-2 Class A, 0.91% 6/20/31 (b)	616	610
Series 2021-3 Class A, 0.83% 7/20/31 (b)	1,441	1,416
Series 2021-4 Class A, 0.84% 9/20/31 (b)	2,416	2,355
Series 2021-5 Class A, 1.31% 11/20/31 (b)	3,100	3,014
3.12% 3/20/32 (b)	4,400	4,285
VCAT Asset Securitization, LLC:
Series 2021-NPL1 Class A1, 2.2891% 12/26/50 (b)	1,006	952
Series 2021-NPL2 Class A1, 2.115% 3/27/51 (b)	4,487	4,195
Series 2021-NPL3 Class A1, 1.743% 5/25/51 (b)(c)	5,709	5,208
Verizon Master Trust:
Series 2021-1 Class A, 0.5% 5/20/27	6,240	5,892
Series 2021-2 Class A, 0.99% 4/20/28	8,190	7,655
Series 2022-5 Class A1A, 3.72% 7/20/27	3,412	3,365
Voya CLO Ltd. Series 2021-1A Class A1R, 3 month U.S. LIBOR + 0.950% 5.7424% 4/17/30 (b)(c)(d)	8,048	7,970
Wheels SPV LLC Series 2021-1A Class A, 1 month U.S. LIBOR + 0.280% 4.8713% 8/20/29 (b)(c)(d)	3,390	3,361
World Omni Automobile Lease Securitization Trust Series 2020-B Class A3, 0.45% 2/15/24	765	764
TOTAL ASSET-BACKED SECURITIES (Cost $437,741)		425,384

Collateralized Mortgage Obligations - 2.7%
	Principal Amount (a) (000s)	Value ($) (000s)
Private Sponsor - 2.3%
Ajax Mortgage Loan Trust sequential payer Series 2021-B Class A, 2.239% 6/25/66 (b)(c)	2,570	2,399
Angel Oak Mortgage Trust Series 2021-8 Class A1, 1.82% 11/25/66 (b)	4,944	4,152
Brass PLC Series 2021-10A Class A1, 0.669% 4/16/69 (b)(c)	952	907
Cascade Funding Mortgage Trust:
Series 2021-EBO1 Class A, 0.9849% 11/25/50 (b)(c)	1,457	1,368
Series 2021-HB5 Class A, 0.8006% 2/25/31 (b)	1,123	1,086
Series 2021-HB6 Class A, 0.8983% 6/25/36 (b)	1,511	1,434
Series 2021-HB7 Class A, 1.1512% 10/27/31 (b)	1,879	1,763
Cfmt 2022-Ebo2 sequential payer Series 2022-EBO2 Class A, 3.169% 7/25/54 (b)	1,250	1,208
CFMT 2022-Hb8 LLC sequential payer Series 2022-HB8 Class A, 3.75% 4/25/25 (b)	5,935	5,661
Csmc 2021-Rpl9 Trust sequential payer Series 2021-RPL9 Class A1, 2.4364% 2/25/61 (b)	6,989	6,426
Finance of America HECM Buyout sequential payer Series 2022-HB1 Class A, 2.6948% 2/25/32 (b)(c)	5,383	5,195
GCAT Trust sequential payer Series 2021-NQM7 Class A1, 1.915% 8/25/66 (b)	2,689	2,334
Legacy Mortgage Asset Trust Series 2021-GS5 Class A1, 2.25% 7/25/67 (b)(c)	5,818	5,227
New York Mortgage Trust sequential payer Series 2021-SP1 Class A1, 1.6696% 8/25/61 (b)	2,087	1,872
Oceanview Mortgage Loan Trust sequential payer Series 2020-1 Class A1A, 1.7329% 5/28/50 (b)	2,402	2,130
Oceanview Trust sequential payer Series 2021-1 Class A, 1.2187% 12/29/51 (b)(c)	2,069	1,984
Preston Ridge Partners Mortgage Trust:
sequential payer Series 2021-8 Class A1, 1.743% 9/25/26 (b)(c)	5,188	4,634
Series 2021-2 Class A1, 2.115% 3/25/26 (b)	3,992	3,759
Series 2021-RPL1 Class A1, 1.319% 7/25/51 (b)	896	784
Series 2021-RPL2 Class A1, 1.455% 10/25/51 (b)(c)	1,128	995
PRET LLC Series 2022-RN1 Class A1, 3.721% 7/25/51 (b)	3,623	3,316
RMF Buyout Issuance Trust sequential payer:
Series 2021-HB1 Class A, 1.2586% 11/25/31 (b)	2,208	2,083
Series 2022-HB1 Class A, 4.272% 4/25/32 (b)	1,014	979
Sequoia Mortgage Trust floater Series 2004-6 Class A3B, 6 month U.S. LIBOR + 0.880% 6.0669% 7/20/34 (c)(d)	2	1
TOTAL PRIVATE SPONSOR		61,697
U.S. Government Agency - 0.4%
Fannie Mae:
floater Series 2015-27 Class KF, 1 month U.S. LIBOR + 0.300% 4.917% 5/25/45 (c)(d)	2,745	2,718
sequential payer Series 2001-40 Class Z, 6% 8/25/31	49	49
Series 2016-27:
Class HK, 3% 1/25/41	2,923	2,733
Class KG, 3% 1/25/40	1,348	1,261
Series 2016-42 Class FL, 1 month U.S. LIBOR + 0.350% 4.967% 7/25/46 (c)(d)	3,107	3,091
Freddie Mac Series 3949 Class MK, 4.5% 10/15/34	309	304
TOTAL U.S. GOVERNMENT AGENCY		10,156
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $77,644)		71,853

Commercial Mortgage Securities - 5.8%
	Principal Amount (a) (000s)	Value ($) (000s)
BAMLL Commercial Mortgage Securities Trust:
floater Series 2022-DKLX Class A, CME Term SOFR 1 Month Index + 1.150% 5.713% 1/15/39 (b)(c)(d)	1,838	1,811
sequential payer Series 2019-BPR Class ANM, 3.112% 11/5/32 (b)	2,246	2,050
Benchmark Mortgage Trust:
sequential payer Series 2021-B31 Class A1, 1.357% 12/15/54	5,451	5,016
Series 2018-B7 Class A1, 3.436% 5/15/53	455	451
BLOX Trust floater sequential payer Series 2021-BLOX Class A, 1 month U.S. LIBOR + 0.750% 5.338% 9/15/26 (b)(c)(d)	4,272	4,038
BPR Trust floater Series 2022-OANA Class A, CME Term SOFR 1 Month Index + 1.890% 6.4605% 4/15/37 (b)(c)(d)	6,214	6,101
BX Commercial Mortgage Trust floater:
Series 2021-PAC Class A, 1 month U.S. LIBOR + 0.680% 5.2771% 10/15/36 (b)(c)(d)	3,704	3,620
Series 2021-VINO Class A, 1 month U.S. LIBOR + 0.650% 5.2403% 5/15/38 (b)(c)(d)	3,400	3,328
Series 2022-LP2 Class A, CME Term SOFR 1 Month Index + 1.010% 5.5754% 2/15/39 (b)(c)(d)	4,334	4,269
BX Trust:
floater:
Series 2021-ACNT Class A, 1 month U.S. LIBOR + 0.850% 5.438% 11/15/38 (b)(c)(d)	3,607	3,546
Series 2021-BXMF Class A, 1 month U.S. LIBOR + 0.630% 5.2239% 10/15/26 (b)(c)(d)	3,376	3,294
Series 2022-GPA Class A, CME Term SOFR 1 Month Index + 2.160% 6.7275% 10/15/39 (b)(c)(d)	1,533	1,530
floater sequential payer Series 2021-SOAR Class A, 5.258% 6/15/38 (b)(c)	3,606	3,542
floater, sequential payer:
Series 2019-IMC Class A, 1 month U.S. LIBOR + 1.000% 5.588% 4/15/34 (b)(c)(d)	4,300	4,224
Series 2019-XL Class A, CME Term SOFR 1 Month Index + 1.030% 5.597% 10/15/36 (b)(c)(d)	6,185	6,154
CF Hippolyta Issuer LLC sequential payer:
Series 2020-1 Class A1, 1.69% 7/15/60 (b)	7,471	6,689
Series 2021-1A Class A1, 1.53% 3/15/61 (b)	4,365	3,791
CGDB Commercial Mortgage Trust floater Series 2019-MOB Class A, 1 month U.S. LIBOR + 0.950% 5.5379% 11/15/36 (b)(c)(d)	1,678	1,653
CHC Commercial Mortgage Trust floater Series 2019-CHC Class A, 1 month U.S. LIBOR + 1.120% 5.708% 6/15/34 (b)(c)(d)	6,209	6,034
Citigroup Commercial Mortgage Trust sequential payer:
Series 2014-GC21 Class AAB, 3.477% 5/10/47	478	471
Series 2016-GC36 Class AAB, 3.368% 2/10/49	1,980	1,908
COMM Mortgage Trust sequential payer:
Series 2014-CR18 Class ASB, 3.452% 7/15/47	915	910
Series 2020-SBX Class A, 1.67% 1/10/38 (b)	6,921	6,129
Credit Suisse Mortgage Trust:
floater Series 2019-ICE4 Class A, 1 month U.S. LIBOR + 0.980% 5.568% 5/15/36 (b)(c)(d)	8,003	7,963
sequential payer Series 2020-NET Class A, 2.2569% 8/15/37 (b)	1,073	964
CSAIL 2018-CX12 Commercial Mortgage Trust sequential payer Series 2018-CX12 Class ASB, 4.1628% 8/15/51	3,364	3,222
CSMC Trust Series 2017-CHOP Class A, 1 month U.S. LIBOR + 0.750% 5.338% 7/15/32 (b)(c)(d)	7,508	7,145
ELP Commercial Mortgage Trust floater Series 2021-ELP Class A, 1 month U.S. LIBOR + 0.700% 5.289% 11/15/38 (b)(c)(d)	5,020	4,888
Extended Stay America Trust floater Series 2021-ESH Class A, 1 month U.S. LIBOR + 1.080% 5.668% 7/15/38 (b)(c)(d)	1,717	1,691
GS Mortgage Securities Trust:
floater Series 2021-IP Class A, 1 month U.S. LIBOR + 0.950% 5.538% 10/15/36 (b)(c)(d)	2,194	2,081
Series 2011-GC5 Class A/S, 5.1538% 8/10/44 (b)(c)	5,371	5,291
JPMorgan Chase Commercial Mortgage Securities Trust:
floater Series 2019-BKWD Class A, 1 month U.S. LIBOR + 1.250% 5.838% 9/15/29 (b)(c)(d)	2,788	2,650
Series 2013-LC11 Class A/S, 3.216% 4/15/46	3,949	3,624
Life Financial Services Trust floater Series 2022-BMR2 Class A1, CME Term SOFR 1 Month Index + 1.290% 5.8577% 5/15/39 (b)(c)(d)	4,992	4,973
LIFE Mortgage Trust floater Series 2021-BMR Class A, 1 month U.S. LIBOR + 0.700% 5.288% 3/15/38 (b)(c)(d)	3,374	3,312
Merit floater Series 2021-STOR Class A, 1 month U.S. LIBOR + 0.700% 5.288% 7/15/38 (b)(c)(d)	1,937	1,897
Morgan Stanley BAML Trust sequential payer Series 2016-C28:
Class A3, 3.272% 1/15/49	1,640	1,543
Class ASB, 3.288% 1/15/49	1,697	1,639
Morgan Stanley Capital I Trust:
sequential payer Series 2019-MEAD Class A, 3.17% 11/10/36 (b)	4,896	4,563
Series 2019-H7 Class A1, 2.327% 7/15/52	1,502	1,464
OPG Trust floater Series 2021-PORT Class A, 1 month U.S. LIBOR + 0.480% 5.072% 10/15/36 (b)(c)(d)	5,675	5,510
SREIT Trust floater Series 2021-MFP Class A, 1 month U.S. LIBOR + 0.730% 5.3187% 11/15/38 (b)(c)(d)	3,363	3,291
Wells Fargo Commercial Mortgage Trust sequential payer:
Series 2015-LC22 Class ASB, 3.571% 9/15/58	2,555	2,475
Series 2017-RC1 Class ASB, 3.453% 1/15/60	3,269	3,151
WF-RBS Commercial Mortgage Trust sequential payer:
Series 2013-C14 Class ASB, 2.977% 6/15/46	101	100
Series 2014-C20 Class ASB, 3.638% 5/15/47	452	446
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $161,665)		154,442

Money Market Funds - 0.5%
	Shares	Value ($) (000s)
Fidelity Cash Central Fund 4.63% (g) (Cost $12,341)	12,338,945	12,341

TOTAL INVESTMENT IN SECURITIES - 99.9% (Cost $2,750,242)	2,664,595
NET OTHER ASSETS (LIABILITIES) - 0.1%	3,071
NET ASSETS - 100.0%	2,667,666

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount ($) (000s)	Value ($) (000s)	Unrealized Appreciation/ (Depreciation) ($) (000s)
Purchased

Treasury Contracts
CBOT 2-Year U.S. Treasury Note Contracts (United States)	1,061	Jun 2023	216,154	(491)	(491)
CBOT 5-Year U.S. Treasury Note Contracts (United States)	284	Jun 2023	30,404	(38)	(38)

TOTAL FUTURES CONTRACTS					(529)
The notional amount of futures purchased as a percentage of Net Assets is 9.2%

For the period, the average monthly notional amount at value for futures contracts in the aggregate was $203,243,000.

Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.

Legend

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

(b)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $729,525,000 or 27.3% of net assets.

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

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

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

(f)	Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,515,000.

(g)

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 (Amounts in thousands)	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 4.63%	6,183	257,014	250,856	197	-	-	12,341	0.0%
Fidelity Securities Lending Cash Central Fund 4.63%	-	230,443	230,443	44	-	-	-	0.0%
Total	6,183	487,457	481,299	241	-	-	12,341

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.

Amount 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 payments 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 February 28, 2023, 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:
Description (Amounts in thousands)	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Corporate Bonds	1,345,083	-	1,345,083	-

U.S. Government and Government Agency Obligations	648,179	-	648,179	-

U.S. Government Agency - Mortgage Securities	7,313	-	7,313	-

Asset-Backed Securities	425,384	-	425,384	-

Collateralized Mortgage Obligations	71,853	-	71,853	-

Commercial Mortgage Securities	154,442	-	154,442	-

Money Market Funds	12,341	12,341	-	-
Total Investments in Securities:	2,664,595	12,341	2,652,254	-
Derivative Instruments:

Liabilities
Futures Contracts	(529)	(529)	-	-
Total Liabilities	(529)	(529)	-	-
Total Derivative Instruments:	(529)	(529)	-	-

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of February 28, 2023. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type	Value
(Amounts in thousands)	Asset ($)	Liability ($)
Interest Rate Risk
Futures Contracts (a)	0	(529)
Total Interest Rate Risk	0	(529)
Total Value of Derivatives	0	(529)

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

Financial Statements (Unaudited)

Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts)				February 28, 2023 (Unaudited)

Assets
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $2,737,901)	$	2,652,254
Fidelity Central Funds (cost $12,341)		12,341


Total Investment in Securities (cost $2,750,242)			$	2,664,595
Receivable for investments sold				90,163
Receivable for fund shares sold				14,706
Interest receivable				14,066
Distributions receivable from Fidelity Central Funds				67
Receivable from investment adviser for expense reductions				9
Other receivables				8
Total assets				2,783,614
Liabilities
Payable for investments purchased
Regular delivery	$	101,274
Delayed delivery		7,995
Payable for fund shares redeemed		4,797
Distributions payable		766
Accrued management fee		666
Distribution and service plan fees payable		58
Payable for daily variation margin on futures contracts		27
Other affiliated payables		358
Other payables and accrued expenses		7
Total Liabilities				115,948
Net Assets			$	2,667,666
Net Assets consist of:
Paid in capital			$	2,809,375
Total accumulated earnings (loss)				(141,709)
Net Assets			$	2,667,666

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($215,531 ÷ 26,220 shares) (a)			$	8.22
Maximum offering price per share (100/98.50 of $8.22)			$	8.35
Class M :
Net Asset Value and redemption price per share ($53,178 ÷ 6,469 shares) (a)			$	8.22
Maximum offering price per share (100/98.50 of $8.22)			$	8.35
Class C :
Net Asset Value and offering price per share ($29,436 ÷ 3,597 shares) (a)			$	8.18
Short-Term Bond :
Net Asset Value , offering price and redemption price per share ($1,979,347 ÷ 240,896 shares)			$	8.22
Class I :
Net Asset Value , offering price and redemption price per share ($241,087 ÷ 29,328 shares)			$	8.22
Class Z :
Net Asset Value , offering price and redemption price per share ($149,087 ÷ 18,147 shares)			$	8.22
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Statement of Operations
Amounts in thousands				Six months ended February 28, 2023 (Unaudited)
Investment Income
Interest			$	36,070
Income from Fidelity Central Funds (including $44 from security lending)				241
Total Income				36,311
Expenses
Management fee	$	4,082
Transfer agent fees		1,471
Distribution and service plan fees		347
Fund wide operations fee		704
Independent trustees' fees and expenses		5
Total expenses before reductions		6,609
Expense reductions		(34)
Total expenses after reductions				6,575
Net Investment income (loss)				29,736
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(36,666)
Futures contracts		(4,954)
Total net realized gain (loss)				(41,620)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		18,207
Futures contracts		(215)
Total change in net unrealized appreciation (depreciation)				17,992
Net gain (loss)				(23,628)
Net increase (decrease) in net assets resulting from operations			$	6,108

Statement of Changes in Net Assets

Amount in thousands		Six months ended February 28, 2023 (Unaudited)		Year ended August 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	29,736	$	26,764
Net realized gain (loss)		(41,620)		(24,983)
Change in net unrealized appreciation (depreciation)		17,992		(132,210)
Net increase (decrease) in net assets resulting from operations		6,108		(130,429)
Distributions to shareholders		(22,576)		(34,111)
Share transactions - net increase (decrease)		(110,499)		(366,829)
Total increase (decrease) in net assets		(126,967)		(531,369)

Net Assets
Beginning of period		2,794,633		3,326,002
End of period	$	2,667,666	$	2,794,633

Financial Highlights

Fidelity Advisor® Short-Term Bond Fund Class A

		Six months ended (Unaudited) February 28, 2023		Years ended August 31, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	8.27	$	8.73	$	8.89	$	8.72	$	8.53	$	8.64
Income from Investment Operations
Net investment income (loss) A,B		.082		.061		.082		.153		.178		.123
Net realized and unrealized gain (loss)		(.071)		(.441)		(.065)		.168		.171		(.114)
Total from investment operations		.011		(.380)		.017		.321		.349		.009
Distributions from net investment income		(.061)		(.054)		(.118)		(.151)		(.159)		(.119)
Distributions from net realized gain		-		(.026)		(.059)		-		-		-
Total distributions		(.061)		(.080)		(.177)		(.151)		(.159)		(.119)
Net asset value, end of period	$	8.22	$	8.27	$	8.73	$	8.89	$	8.72	$	8.53
Total Return C,D,E		.14%		(4.38)%		.20%		3.73%		4.13%		.12%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.65% H		.65%		.65%		.65%		.65%		.65%
Expenses net of fee waivers, if any		.65% H		.65%		.65%		.65%		.65%		.65%
Expenses net of all reductions		.65% H		.65%		.65%		.65%		.65%		.65%
Net investment income (loss)		2.02% H		.72%		.93%		1.75%		2.08%		1.43%
Supplemental Data
Net assets, end of period (in millions)	$	216	$	225	$	234	$	222	$	175	$	143
Portfolio turnover rate I		56% H		52%		64% J		67% J		46%		56%

A Calculated based on average shares outstanding during the period.

B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

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

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

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

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

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

H Annualized.

I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

J Portfolio turnover rate excludes securities received or delivered in-kind.

Fidelity Advisor® Short-Term Bond Fund Class M

		Six months ended (Unaudited) February 28, 2023		Years ended August 31, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	8.27	$	8.73	$	8.89	$	8.72	$	8.53	$	8.64
Income from Investment Operations
Net investment income (loss) A,B		.082		.060		.082		.152		.177		.122
Net realized and unrealized gain (loss)		(.071)		(.441)		(.065)		.169		.171		(.114)
Total from investment operations		.011		(.381)		.017		.321		.348		.008
Distributions from net investment income		(.061)		(.053)		(.118)		(.151)		(.158)		(.118)
Distributions from net realized gain		-		(.026)		(.059)		-		-		-
Total distributions		(.061)		(.079)		(.177)		(.151)		(.158)		(.118)
Net asset value, end of period	$	8.22	$	8.27	$	8.73	$	8.89	$	8.72	$	8.53
Total Return C,D,E		.13%		(4.39)%		.19%		3.72%		4.12%		.10%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.66% H		.65%		.65%		.66%		.67%		.67%
Expenses net of fee waivers, if any		.66% H		.65%		.65%		.66%		.67%		.67%
Expenses net of all reductions		.66% H		.65%		.65%		.66%		.67%		.66%
Net investment income (loss)		2.01% H		.71%		.93%		1.74%		2.06%		1.42%
Supplemental Data
Net assets, end of period (in millions)	$	53	$	57	$	67	$	73	$	71	$	70
Portfolio turnover rate I		56% H		52%		64% J		67% J		46%		56%

A Calculated based on average shares outstanding during the period.

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

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

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

H Annualized.

I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

J Portfolio turnover rate excludes securities received or delivered in-kind.

Fidelity Advisor® Short-Term Bond Fund Class C

		Six months ended (Unaudited) February 28, 2023		Years ended August 31, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	8.24	$	8.72	$	8.88	$	8.72	$	8.52	$	8.64
Income from Investment Operations
Net investment income (loss) A,B		.047		(.012)		.007		.078		.104		.049
Net realized and unrealized gain (loss)		(.082)		(.437)		(.058)		.158		.181		(.123)
Total from investment operations		(.035)		(.449)		(.051)		.236		.285		(.074)
Distributions from net investment income		(.025)		(.005)		(.050)		(.076)		(.085)		(.046)
Distributions from net realized gain		-		(.026)		(.059)		-		-		-
Total distributions		(.025)		(.031)		(.109)		(.076)		(.085)		(.046)
Net asset value, end of period	$	8.18	$	8.24	$	8.72	$	8.88	$	8.72	$	8.52
Total Return C,D,E		(.42)%		(5.17)%		(.58)%		2.73%		3.36%		(.86)%
Ratios to Average Net Assets B,F,G
Expenses before reductions		1.53% H		1.51%		1.51%		1.51%		1.51%		1.51%
Expenses net of fee waivers, if any		1.53% H		1.51%		1.51%		1.51%		1.51%		1.51%
Expenses net of all reductions		1.52% H		1.51%		1.51%		1.51%		1.51%		1.51%
Net investment income (loss)		1.15% H		(.15)%		.08%		.89%		1.20%		.57%
Supplemental Data
Net assets, end of period (in millions)	$	29	$	27	$	33	$	43	$	33	$	52
Portfolio turnover rate I		56% H		52%		64% J		67% J		46%		56%

A Calculated based on average shares outstanding during the period.

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

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

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

H Annualized.

I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

J Portfolio turnover rate excludes securities received or delivered in-kind.

Fidelity® Short-Term Bond Fund

		Six months ended (Unaudited) February 28, 2023		Years ended August 31, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	8.27	$	8.73	$	8.88	$	8.72	$	8.52	$	8.64
Income from Investment Operations
Net investment income (loss) A,B		.090		.078		.100		.171		.195		.140
Net realized and unrealized gain (loss)		(.071)		(.442)		(.055)		.158		.181		(.123)
Total from investment operations		.019		(.364)		.045		.329		.376		.017
Distributions from net investment income		(.069)		(.070)		(.136)		(.169)		(.176)		(.137)
Distributions from net realized gain		-		(.026)		(.059)		-		-		-
Total distributions		(.069)		(.096)		(.195)		(.169)		(.176)		(.137)
Net asset value, end of period	$	8.22	$	8.27	$	8.73	$	8.88	$	8.72	$	8.52
Total Return C,D		.23%		(4.19)%		.51%		3.82%		4.47%		.20%
Ratios to Average Net Assets B,E,F
Expenses before reductions		.45% G		.45%		.45%		.45%		.45%		.45%
Expenses net of fee waivers, if any		.45% G		.45%		.45%		.45%		.45%		.45%
Expenses net of all reductions		.45% G		.45%		.45%		.45%		.45%		.45%
Net investment income (loss)		2.22% G		.91%		1.13%		1.95%		2.28%		1.64%
Supplemental Data
Net assets, end of period (in millions)	$	1,979	$	2,086	$	2,568	$	4,420	$	5,017	$	4,617
Portfolio turnover rate H		56% G		52%		64% I		67% I		46%		56%

A Calculated based on average shares outstanding during the period.

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

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

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

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

G Annualized.

H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

I Portfolio turnover rate excludes securities received or delivered in-kind.

Fidelity Advisor® Short-Term Bond Fund Class I

		Six months ended (Unaudited) February 28, 2023		Years ended August 31, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	8.27	$	8.73	$	8.89	$	8.72	$	8.53	$	8.64
Income from Investment Operations
Net investment income (loss) A,B		.088		.073		.095		.166		.191		.135
Net realized and unrealized gain (loss)		(.071)		(.441)		(.065)		.168		.171		(.113)
Total from investment operations		.017		(.368)		.030		.334		.362		.022
Distributions from net investment income		(.067)		(.066)		(.131)		(.164)		(.172)		(.132)
Distributions from net realized gain		-		(.026)		(.059)		-		-		-
Total distributions		(.067)		(.092)		(.190)		(.164)		(.172)		(.132)
Net asset value, end of period	$	8.22	$	8.27	$	8.73	$	8.89	$	8.72	$	8.53
Total Return C,D		.21%		(4.24)%		.34%		3.88%		4.29%		.26%
Ratios to Average Net Assets B,E,F
Expenses before reductions		.50% G		.50%		.50%		.50%		.51%		.51%
Expenses net of fee waivers, if any		.50% G		.50%		.50%		.50%		.51%		.51%
Expenses net of all reductions		.50% G		.50%		.50%		.50%		.51%		.51%
Net investment income (loss)		2.17% G		.86%		1.08%		1.89%		2.22%		1.58%
Supplemental Data
Net assets, end of period (in millions)	$	241	$	253	$	269	$	291	$	334	$	367
Portfolio turnover rate H		56% G		52%		64% I		67% I		46%		56%

A Calculated based on average shares outstanding during the period.

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

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

G Annualized.

H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

I Portfolio turnover rate excludes securities received or delivered in-kind.

Fidelity Advisor® Short-Term Bond Fund Class Z

		Six months ended (Unaudited) February 28, 2023		Years ended August 31, 2022		2021		2020		2019 A
Selected Per-Share Data
Net asset value, beginning of period	$	8.27	$	8.73	$	8.88	$	8.72	$	8.51
Income from Investment Operations
Net investment income (loss) B,C		.094		.085		.107		.178		.190
Net realized and unrealized gain (loss)		(.071)		(.441)		(.055)		.159		.189
Total from investment operations		.023		(.356)		.052		.337		.379
Distributions from net investment income		(.073)		(.078)		(.143)		(.177)		(.169)
Distributions from net realized gain		-		(.026)		(.059)		-		-
Total distributions		(.073)		(.104)		(.202)		(.177)		(.169)
Net asset value, end of period	$	8.22	$	8.27	$	8.73	$	8.88	$	8.72
Total Return D,E		.28%		(4.10)%		.60%		3.91%		4.50%
Ratios to Average Net Assets C,F,G
Expenses before reductions		.40% H		.40%		.40%		.40%		.40% H
Expenses net of fee waivers, if any		.36% H		.36%		.36%		.36%		.36% H
Expenses net of all reductions		.36% H		.36%		.36%		.36%		.36% H
Net investment income (loss)		2.31% H		1.00%		1.22%		2.04%		2.43% H
Supplemental Data
Net assets, end of period (in millions)	$	149	$	146	$	155	$	118	$	116
Portfolio turnover rate I		56% H		52%		64% J		67% J		46%

A For the period October 2, 2018 (commencement of sale of shares) through August 31, 2019.

B Calculated based on average shares outstanding during the period.

C 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.

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.

H Annualized.

I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

J Portfolio turnover rate excludes securities received or delivered in-kind.

Notes to Financial Statements (Unaudited)

For the period ended February 28, 2023

( Amounts in thousands except percentages)

1. Organization.

Fidelity Short-Term Bond 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, Short-Term Bond, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. 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 Ratio A
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.

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. 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 (ETFs) 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, collateralized mortgage obligations, commercial mortgage securities and U.S. government agency 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.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of February 28, 2023 is included at the end of the Fund's Schedule of Investments.

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.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

Fidelity Short-Term Bond Fund

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.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, 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 futures contracts, market discount, 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	$1,583
Gross unrealized depreciation	(83,685)
Net unrealized appreciation (depreciation)	$(82,102)
Tax cost	$2,746,168

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	$(12,394)
Long-term	(10,129)
Total capital loss carryforward	$(22,523)

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

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

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

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


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

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the bond market and fluctuations in interest rates.

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

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

5. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Short-Term Bond Fund	185,700	207,072

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .20% of the Fund's average net assets and an annualized group fee rate that averaged .10% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .30% of the Fund's average net assets.

During March 2023, the Board approved changes to the management fee effective April 1, 2023. The Fund will pay a monthly management fee that is based on an annual rate of .20% of the Fund's average net assets. Under the management contract, the investment adviser will pay all other fund-level expenses, except the compensation of the independent Trustees and certain other expenses such as proxy and shareholder meeting expenses.

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	-%	.15%	$166	$19
Class M	-%	.15%	41	- A
Class C	.75%	.25%	140	24
			$347	$43

A Amount represents less than five hundred dollars.

Sales Load. FDC may receive a front-end sales charge of up to 1.50% for selling Class A 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 a 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, .75% or .50% 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	$18
Class M	2
Class C A	- B
	$20

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

B Amount represents less than five hundred dollars.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of each respective class of the Fund, with the exception of Short-Term Bond and Class Z. FIIOC receives an asset-based fee of Short-Term Bond's and Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

	Amount	% of Class-Level Average Net Assets A
Class A	$162	.15
Class M	44	.16
Class C	23	.16
Short-Term Bond	1,015	.10
Class I	188	.15
Class Z	39	.05
	$1,471

A Annualized

Fund Wide Operations Fee. Pursuant to the Fund Wide Operations and Expense Agreement (FWOE), the investment adviser has agreed to provide for fund-level expenses (which may not include transfer agent, the compensation of the independent Trustees, interest, taxes or extraordinary expenses, as applicable) in return for a FWOE fee equal to .35% of fund-level average net assets less the total amount of the management fee. The FWOE paid by a fund is reduced by an amount equal to the fees and expenses paid to the independent Trustees. For the period, the FWOE fees were equivalent to the following annualized rate expressed as a percentage of average net assets:

Fidelity Short-Term Bond Fund

.05%

During March 2023, the Board approved the termination of the FWOE effective April 1, 2023.

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. 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. During the period, there were no interfund trades.

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

8. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives 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 market value of the loaned securities during the period of the loan. The market 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. 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 Short-Term Bond Fund	$5	$-	$-

9. 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. Some expenses, for example the compensation of the independent Trustees and certain other expenses such as interest expense, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement
Class Z	.36%	$33

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $1.

Effective April 1, 2023, the investment adviser contractually agreed to reimburse expenses to the extent annual operating expenses exceed certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2024. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such proxy and shareholder meeting expenses, are excluded from this reimbursement.

	Expense Limitations
Class A	None
Class M	None
Class C	None
Short-Term Bond	None
Class I	.30%
Class Z	None

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended February 28, 2023	Year ended August 31, 2022
Fidelity Short-Term Bond Fund
Distributions to shareholders
Class A	$1,634	$2,129
Class M	405	583
Class C	88	119
Short-Term Bond	17,044	26,668
Class I	2,035	2,734
Class Z	1,370	1,878
Total	$22,576	$34,111

11. 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 February 28, 2023	Year ended August 31, 2022	Six months ended February 28, 2023	Year ended August 31, 2022
Fidelity Short-Term Bond Fund
Class A
Shares sold	5,953	19,288	$48,861	$163,691
Reinvestment of distributions	179	234	1,467	1,991
Shares redeemed	(7,171)	(19,072)	(58,832)	(162,116)
Net increase (decrease)	(1,039)	450	$(8,504)	$3,566
Class M
Shares sold	352	1,266	$2,895	$10,745
Reinvestment of distributions	47	65	386	558
Shares redeemed	(854)	(2,054)	(7,009)	(17,437)
Net increase (decrease)	(455)	(723)	$(3,728)	$(6,134)
Class C
Shares sold	1,277	1,751	$10,419	$14,829
Reinvestment of distributions	10	13	85	115
Shares redeemed	(932)	(2,316)	(7,611)	(19,617)
Net increase (decrease)	355	(552)	$2,893	$(4,673)
Short-Term Bond
Shares sold	31,111	41,855	$254,482	$354,127
Reinvestment of distributions	1,652	2,640	13,556	22,511
Shares redeemed	(44,197)	(86,466)	(362,667)	(732,749)
Net increase (decrease)	(11,434)	(41,971)	$(94,629)	$(356,111)
Class I
Shares sold	10,506	17,325	$86,131	$145,973
Reinvestment of distributions	237	298	1,948	2,543
Shares redeemed	(11,989)	(17,812)	(98,502)	(150,956)
Net increase (decrease)	(1,246)	(189)	$(10,423)	$(2,440)
Class Z
Shares sold	6,036	9,084	$49,436	$76,963
Reinvestment of distributions	133	165	1,093	1,406
Shares redeemed	(5,686)	(9,349)	(46,637)	(79,406)
Net increase (decrease)	483	(100)	$3,892	$(1,037)

12. 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.

13. Credit Risk.

The Fund invests a significant portion of its assets in structured securities of issuers backed by commercial and residential mortgage loans, credit card receivables and automotive loans. The value and related income of these securities is sensitive to changes in economic conditions, including delinquencies and/or defaults.

14. Risk and Uncertainties.

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

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2022 to February 28, 2023).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Annualized Expense Ratio- A	Beginning Account Value September 1, 2022	Ending Account Value February 28, 2023	Expenses Paid During Period- C September 1, 2022 to February 28, 2023
Fidelity® Short-Term Bond Fund
Class A **	.65%
Actual		$ 1,000	$ 1,001.40	$ 3.23
Hypothetical- B		$ 1,000	$ 1,021.57	$ 3.26
Class M **	.66%
Actual		$ 1,000	$ 1,001.30	$ 3.28
Hypothetical- B		$ 1,000	$ 1,021.52	$ 3.31
Class C **	1.53%
Actual		$ 1,000	$ 995.80	$ 7.57
Hypothetical- B		$ 1,000	$ 1,017.21	$ 7.65
Fidelity® Short-Term Bond Fund **	.45%
Actual		$ 1,000	$ 1,002.30	$ 2.23
Hypothetical- B		$ 1,000	$ 1,022.56	$ 2.26
Class I **	.50%
Actual		$ 1,000	$ 1,002.10	$ 2.48
Hypothetical- B		$ 1,000	$ 1,022.32	$ 2.51
Class Z **	.36%
Actual		$ 1,000	$ 1,002.80	$ 1.79
Hypothetical- B		$ 1,000	$ 1,023.01	$ 1.81

A Annualized expense ratio reflects expenses net of applicable fee waivers.

B 5% return per year before expenses

C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

** If fees and changes to the expense contract and/or expense cap, effective April 1, 2023, had been in effect during the current period, the restated annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:

	Annualized Expense Ratio- A	Expenses Paid
Fidelity® Short-Term Bond Fund
Class A	.50%
Actual		$ 2.48
Hypothetical - B		$ 2.51
Class M	.51%
Actual		$ 2.53
Hypothetical - B		$ 2.56
Class C	1.38%
Actual		$ 6.83
Hypothetical - B		$ 6.90
Fidelity® Short-Term Bond Fund	.30%
Actual		$ 1.49
Hypothetical - B		$ 1.51
Class I	.30%
Actual		$ 1.49
Hypothetical - B		$ 1.51
Class Z	.25%
Actual		$ 1.24
Hypothetical - B		$ 1.25

A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Short-Term Bond Fund

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

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) - Operations, Audit, Fair Valuation, and Governance and Nominating - each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class); (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided . The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds throughout the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.

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

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.

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

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds, ETFs, and share classes with innovative structures, strategies and pricing and making other enhancements to meet investor needs; (iv) broadening eligibility requirements for certain funds and share classes; (v) reducing management fees and total expenses for certain funds and classes; (vi) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (vii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (ix) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also receives and considers information about performance attribution. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses) compared to appropriate peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; the potential for incremental return versus the fund's benchmark index weighed against the risks involved in obtaining that incremental return, including the risk of diminished or negative total returns; and fund cash flows and other factors. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the representative class (the retail class) and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.

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

Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to selected groups of competitive funds and classes (referred to as "mapped groups" below) for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. Combining funds with similar investment objective categories aids the Board's comparison of management fees and total expense ratios by broadening the competitive group used for such comparison.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2021.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of the total expense ratio of the representative class (the retail class) of the fund, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund's representative classis compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the similar sales load structure group that are similar in size and management fee structure. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.

The Board noted that the total net expense ratio of the retail class ranked below the similar sales load structure group competitive median for 2021 and above the ASPG competitive median for 2021. The Board further noted that total expense ratio of the retail class was 10 BP above its ASPG median but that, when compared to funds with investment strategies of investing primarily in short term investment grade debt within the ASPG, and excluding funds in a fund complex with an unique at-cost service model from the ASPG, the retail class ranked below median. The Board noted that the fund offers multiple classes, each of which has a different 12b-1 fee structure than the others, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expense ratios of the classes vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

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

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

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

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

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

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

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

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable and that the fund's Advisory Contracts should be renewed.

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.

In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

Highly liquid investments - cash or convertible to cash within three business days or less
Moderately liquid investments - convertible to cash in three to seven calendar days
Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
Illiquid investments - cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.

1.538290.125

STP-SANN-0423

Fidelity® Tactical Bond Fund

Semi-Annual Report

February 28, 2023

Includes Fidelity and Fidelity Advisor share classes

Contents

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.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

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

Quality Diversification (% of Fund's net assets)

Asset Allocation (% of Fund's net assets)

Foreign investments - 13.6%

Futures and Swaps - 4.2%

An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional. fidelity.com, as applicable.

Geographic Diversification (% of Fund's net assets)

* Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable.

Schedule of Investments February 28, 2023 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 10.6%
	Principal Amount (a)	Value ($)
COMMUNICATION SERVICES - 2.1%
Media - 1.2%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.:
3.7% 4/1/51	250,000	152,867
5.5% 4/1/63	130,000	101,048
Magallanes, Inc.:
5.05% 3/15/42 (b)	10,000	8,101
5.141% 3/15/52 (b)	16,000	12,542
Sirius XM Radio, Inc. 4.125% 7/1/30 (b)	140,000	113,782
		388,340
Wireless Telecommunication Services - 0.9%
Millicom International Cellular SA:
4.5% 4/27/31 (b)	310,000	250,325
6.25% 3/25/29 (b)	72,000	65,160
		315,485
TOTAL COMMUNICATION SERVICES		703,825
CONSUMER DISCRETIONARY - 1.0%
Household Durables - 1.0%
Toll Brothers Finance Corp. 4.875% 3/15/27	360,000	345,467
ENERGY - 3.6%
Oil, Gas & Consumable Fuels - 3.6%
DCP Midstream Operating LP:
5.125% 5/15/29	12,000	11,551
5.85% 5/21/43 (b)(c)	260,000	257,296
Kinder Morgan, Inc. 3.6% 2/15/51	600,000	405,468
MPLX LP:
5% 3/1/33	100,000	93,823
5.65% 3/1/53	100,000	92,079
Petroleos Mexicanos 7.69% 1/23/50	250,000	175,613
Targa Resources Corp.:
4.2% 2/1/33	130,000	113,183
4.95% 4/15/52	130,000	103,985
		1,252,998
FINANCIALS - 2.4%
Banks - 1.3%
Bank of America Corp. 2.299% 7/21/32 (c)	280,000	218,973
Intesa Sanpaolo SpA 5.71% 1/15/26 (b)	250,000	239,303
		458,276
Consumer Finance - 0.8%
Capital One Financial Corp.:
5.468% 2/1/29 (c)	18,000	17,672
5.817% 2/1/34 (c)	32,000	31,073
Ford Motor Credit Co. LLC 3.375% 11/13/25	250,000	230,268
		279,013
Diversified Financial Services - 0.3%
Blackstone Private Credit Fund 4.7% 3/24/25	61,000	58,834
Corebridge Financial, Inc.:
3.85% 4/5/29 (b)	7,000	6,323
3.9% 4/5/32 (b)	9,000	7,875
4.35% 4/5/42 (b)	2,000	1,649
4.4% 4/5/52 (b)	6,000	4,783
		79,464
TOTAL FINANCIALS		816,753
HEALTH CARE - 0.6%
Health Care Providers & Services - 0.6%
Centene Corp. 4.625% 12/15/29	120,000	109,739
Prime Healthcare Foundation, Inc. 7% 12/1/27	110,000	107,889
		217,628
INFORMATION TECHNOLOGY - 0.3%
Software - 0.3%
Oracle Corp. 3.85% 4/1/60	160,000	106,647
REAL ESTATE - 0.0%
Equity Real Estate Investment Trusts (REITs) - 0.0%
American Homes 4 Rent LP:
3.625% 4/15/32	8,000	6,759
4.3% 4/15/52	6,000	4,598
		11,357
UTILITIES - 0.6%
Electric Utilities - 0.6%
DPL, Inc. 4.125% 7/1/25	200,000	187,865
Multi-Utilities - 0.0%
Puget Energy, Inc. 4.224% 3/15/32	15,000	13,263
TOTAL UTILITIES		201,128
TOTAL NONCONVERTIBLE BONDS (Cost $4,139,695)		3,655,803

U.S. Treasury Obligations - 34.7%
	Principal Amount (a)	Value ($)
U.S. Treasury Bonds 2.875% 5/15/52	4,240,000	3,471,997
U.S. Treasury Notes:
3.5% 1/31/30	1,600,000	1,545,250
4.125% 11/15/32	6,880,000	6,989,649
TOTAL U.S. TREASURY OBLIGATIONS (Cost $12,456,816)		12,006,896

Asset-Backed Securities - 12.3%
	Principal Amount (a)	Value ($)
Allegro CLO XV, Ltd. / Allegro CLO VX LLC Series 2022-1A Class B, CME TERM SOFR 3 MONTH INDEX + 2.050% 6.689% 7/20/35 (b)(c)(d)	250,000	246,438
Ares XXXIV CLO Ltd. Series 2020-2A Class BR2, 3 month U.S. LIBOR + 1.600% 6.3924% 4/17/33 (b)(c)(d)	250,000	243,407
Cedar Funding Ltd. Series 2022-15A Class B, CME TERM SOFR 3 MONTH INDEX + 1.800% 6.439% 4/20/35 (b)(c)(d)	750,000	722,631
Columbia Cent Clo 32 Ltd. / Coliseum Series 2022-32A Class B1, CME TERM SOFR 3 MONTH INDEX + 2.400% 7.0586% 7/24/34 (b)(c)(d)	100,000	96,590
DB Master Finance LLC Series 2021-1A Class A23, 2.791% 11/20/51 (b)	246,875	198,145
Dominos Pizza Master Issuer LLC Series 2021-1A Class A2II, 3.151% 4/25/51 (b)	933,375	778,357
Horizon Aircraft Finance Ltd. Series 2019-1 Class A, 3.721% 7/15/39 (b)	194,506	165,328
Magnetite XXIX, Ltd. / Magnetite XXIX LLC Series 2021-29A Class B, 3 month U.S. LIBOR + 1.400% 6.1924% 1/15/34 (b)(c)(d)	650,000	634,997
Planet Fitness Master Issuer LLC Series 2022-1A Class A2II, 4.008% 12/5/51 (b)	496,250	411,512
SYMP Series 2022-32A Class B, CME TERM SOFR 3 MONTH INDEX + 1.850% 6.5035% 4/23/35 (b)(c)(d)	760,000	741,967
TOTAL ASSET-BACKED SECURITIES (Cost $4,447,826)		4,239,372

Commercial Mortgage Securities - 1.8%
	Principal Amount (a)	Value ($)
BPR Trust floater Series 2022-OANA Class B, CME Term SOFR 1 Month Index + 2.440% 7.0095% 4/15/37 (b)(c)(d)	11,000	10,794
BX Trust floater Series 2022-IND:
Class C, CME Term SOFR 1 Month Index + 2.290% 6.8518% 4/15/37 (b)(c)(d)	252,068	245,684
Class D, CME Term SOFR 1 Month Index + 2.830% 7.4008% 4/15/37 (b)(c)(d)	9,336	9,003
Life Financial Services Trust floater Series 2022-BMR2:
Class B, CME Term SOFR 1 Month Index + 1.790% 6.3564% 5/15/39 (b)(c)(d)	100,000	99,605
Class C, CME Term SOFR 1 Month Index + 2.090% 6.6556% 5/15/39 (b)(c)(d)	100,000	98,780
Class D, CME Term SOFR 1 Month Index + 2.540% 7.1044% 5/15/39 (b)(c)(d)	100,000	98,516
VLS Commercial Mortgage Trust sequential payer Series 2020-LAB Class A, 2.13% 10/10/42 (b)	100,000	78,385
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $646,582)		640,767

Municipal Securities - 0.5%
	Principal Amount (a)	Value ($)
Chicago Board of Ed.:
Series 2009 G, 1.75% 12/15/25	120,000	105,107
Series 2010 C, 6.319% 11/1/29	60,000	58,729
TOTAL MUNICIPAL SECURITIES (Cost $170,962)		163,836

Foreign Government and Government Agency Obligations - 4.1%
		Principal Amount (a)	Value ($)
Brazilian Federative Republic:
5.625% 2/21/47		140,000	114,083
10% 1/1/27	BRL	1,000,000	174,909
Dominican Republic:
5.5% 2/22/29 (b)		250,000	231,297
6% 2/22/33 (b)		250,000	226,219
United Mexican States:
7.75% 5/29/31	MXN	6,900,000	343,222
7.75% 11/13/42	MXN	7,300,000	342,563
TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $1,486,493)			1,432,293

Fixed-Income Funds - 32.9%
	Shares	Value ($)
Fidelity Floating Rate Central Fund (e)	48,526	4,698,805
Fidelity High Income Central Fund (e)	17,875	1,825,981
Fidelity International Credit Central Fund (e)	60,878	4,830,070
TOTAL FIXED-INCOME FUNDS (Cost $12,475,578)		11,354,856

Preferred Securities - 1.3%
	Principal Amount (a)	Value ($)
ENERGY - 0.7%
Oil, Gas & Consumable Fuels - 0.7%
Enbridge, Inc. 5.75% 7/15/80 (c)	250,000	236,254
FINANCIALS - 0.6%
Banks - 0.6%
Bank of Nova Scotia 4.9% (c)(f)	240,000	233,016
TOTAL PREFERRED SECURITIES (Cost $516,717)		469,270

Money Market Funds - 0.4%
	Shares	Value ($)
Fidelity Cash Central Fund 4.63% (g) (Cost $123,913)	123,888	123,913

TOTAL INVESTMENT IN SECURITIES - 98.6% (Cost $36,464,582)	34,087,006
NET OTHER ASSETS (LIABILITIES) - 1.4%	469,262
NET ASSETS - 100.0%	34,556,268

Forward Foreign Currency Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation) ($)

USD	344,349	MXN	6,365,000	BNP Paribas S.A.	3/30/23	(1,581)

TOTAL FORWARD FOREIGN CURRENCY CONTRACTS						(1,581)

Unrealized Depreciation						(1,581)

Currency Abbreviations

BRL	-	Brazilian real
MXN	-	Mexican peso
USD	-	U.S. dollar

Legend

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

(b)

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

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

(e)

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

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

(g)

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 4.63%	2,250,044	6,593,080	8,719,211	31,406	-	-	123,913	0.0%
Fidelity Floating Rate Central Fund	6,441,145	234,483	1,970,000	234,483	(81,046)	74,223	4,698,805	0.2%
Fidelity High Income Central Fund	1,001,612	844,607	-	44,607	(143)	(20,095)	1,825,981	0.1%
Fidelity International Credit Central Fund	6,065,161	280,592	1,150,000	280,594	(225,908)	(139,775)	4,830,070	1.3%
Total	15,757,962	7,952,762	11,839,211	591,090	(307,097)	(85,647)	11,478,769

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

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Corporate Bonds	3,655,803	-	3,655,803	-

U.S. Government and Government Agency Obligations	12,006,896	-	12,006,896	-

Asset-Backed Securities	4,239,372	-	4,239,372	-

Commercial Mortgage Securities	640,767	-	640,767	-

Municipal Securities	163,836	-	163,836	-

Foreign Government and Government Agency Obligations	1,432,293	-	1,432,293	-

Fixed-Income Funds	11,354,856	11,354,856	-	-

Preferred Securities	469,270	-	469,270	-

Money Market Funds	123,913	123,913	-	-
Total Investments in Securities:	34,087,006	11,478,769	22,608,237	-
Derivative Instruments:

Assets
Forward Foreign Currency Contracts	-	-	-	-
Total Assets	-	-	-	-

Liabilities
Forward Foreign Currency Contracts	(1,581)	-	(1,581)	-
Total Liabilities	(1,581)	-	(1,581)	-
Total Derivative Instruments:	(1,581)	-	(1,581)	-

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
	Asset ($)	Liability ($)
Foreign Exchange Risk
Forward Foreign Currency Contracts (a)	0	(1,581)
Total Foreign Exchange Risk	0	(1,581)
Total Value of Derivatives	0	(1,581)

(a)Gross value is presented in the Statement of Assets and Liabilities in the unrealized appreciation/depreciation on forward foreign currency contracts line-items.

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				February 28, 2023 (Unaudited)

Assets
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $23,865,091)	$	22,608,237
Fidelity Central Funds (cost $12,599,491)		11,478,769


Total Investment in Securities (cost $36,464,582)			$	34,087,006
Cash				1
Foreign currency held at value (cost $355,271)				340,058
Receivable for investments sold				2,411,269
Receivable for fund shares sold				74,378
Interest receivable				197,793
Distributions receivable from Fidelity Central Funds				2,227
Prepaid expenses				21
Receivable from investment adviser for expense reductions				9,632
Total assets				37,122,385
Liabilities
Payable for investments purchased	$	2,484,354
Unrealized depreciation on forward foreign currency contracts		1,581
Payable for fund shares redeemed		5,753
Distributions payable		8,680
Accrued management fee		15,397
Distribution and service plan fees payable		3,206
Other affiliated payables		3,533
Other payables and accrued expenses		43,613
Total Liabilities				2,566,117
Net Assets			$	34,556,268
Net Assets consist of:
Paid in capital			$	38,009,759
Total accumulated earnings (loss)				(3,453,491)
Net Assets			$	34,556,268

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($3,310,879 ÷ 374,000 shares) (a)			$	8.85
Maximum offering price per share (100/96.00 of $8.85)			$	9.22
Class M :
Net Asset Value and redemption price per share ($2,564,302 ÷ 289,669 shares) (a)			$	8.85
Maximum offering price per share (100/96.00 of $8.85)			$	9.22
Class C :
Net Asset Value and offering price per share ($2,352,032 ÷ 265,717 shares) (a)			$	8.85
Fidelity Tactical Bond Fund :
Net Asset Value , offering price and redemption price per share ($16,799,570 ÷ 1,897,656 shares)			$	8.85
Class I :
Net Asset Value , offering price and redemption price per share ($4,850,280 ÷ 547,894 shares)			$	8.85
Class Z :
Net Asset Value , offering price and redemption price per share ($4,679,205 ÷ 528,541 shares)			$	8.85
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Statement of Operations
				Six months ended February 28, 2023 (Unaudited)
Investment Income
Dividends			$	13,067
Interest				368,657
Income from Fidelity Central Funds				591,090
Total Income				972,814
Expenses
Management fee	$	83,631
Transfer agent fees		13,662
Distribution and service plan fees		18,365
Accounting fees and expenses		6,241
Custodian fees and expenses		566
Independent trustees' fees and expenses		57
Registration fees		119,222
Audit		42,996
Legal		21
Miscellaneous		110
Total expenses before reductions		284,871
Expense reductions		(163,163)
Total expenses after reductions				121,708
Net Investment income (loss)				851,106
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(44,556)
Fidelity Central Funds		(307,097)
Forward foreign currency contracts		(46,308)
Foreign currency transactions		2,742
Total net realized gain (loss)				(395,219)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(459,041)
Fidelity Central Funds		(85,647)
Forward foreign currency contracts		(5,425)
Assets and liabilities in foreign currencies		5,947
Total change in net unrealized appreciation (depreciation)				(544,166)
Net gain (loss)				(939,385)
Net increase (decrease) in net assets resulting from operations			$	(88,279)

Statement of Changes in Net Assets

		Six months ended February 28, 2023 (Unaudited)		For the period February 10, 2022 (commencement of operations) through August 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	851,106	$	460,774
Net realized gain (loss)		(395,219)		(719,649)
Change in net unrealized appreciation (depreciation)		(544,166)		(1,849,708)
Net increase (decrease) in net assets resulting from operations		(88,279)		(2,108,583)
Distributions to shareholders		(894,170)		(362,461)
Share transactions - net increase (decrease)		6,661,107		31,348,654
Total increase (decrease) in net assets		5,678,658		28,877,610

Net Assets
Beginning of period		28,877,610		-
End of period	$	34,556,268	$	28,877,610

Financial Highlights

Fidelity Advisor® Tactical Bond Fund Class A

		Six months ended (Unaudited) February 28, 2023		Years ended August 31, 2022 A
Selected Per-Share Data
Net asset value, beginning of period	$	9.15	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.245		.144
Net realized and unrealized gain (loss)		(.286)		(.885)
Total from investment operations		(.041)		(.741)
Distributions from net investment income		(.259)		(.109)
Total distributions		(.259)		(.109)
Net asset value, end of period	$	8.85	$	9.15
Total Return D,E,F		(.41)%		(7.43)%
Ratios to Average Net Assets C,G,H
Expenses before reductions		2.10% I		1.97% I
Expenses net of fee waivers, if any		.96% I		1.00% I
Expenses net of all reductions		.95% I		1.00% I
Net investment income (loss)		5.57% I		2.73% I
Supplemental Data
Net assets, end of period (000 omitted)	$	3,311	$	2,432
Portfolio turnover rate J		42% I		96% I

A For the period February 10, 2022 (commencement of operations) through August 31, 2022

B Calculated based on average shares outstanding during the period.

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).

Fidelity Advisor® Tactical Bond Fund Class M

		Six months ended (Unaudited) February 28, 2023		Years ended August 31, 2022 A
Selected Per-Share Data
Net asset value, beginning of period	$	9.15	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.246		.144
Net realized and unrealized gain (loss)		(.287)		(.885)
Total from investment operations		(.041)		(.741)
Distributions from net investment income		(.259)		(.109)
Total distributions		(.259)		(.109)
Net asset value, end of period	$	8.85	$	9.15
Total Return D,E,F		(.40)%		(7.43)%
Ratios to Average Net Assets C,G,H
Expenses before reductions		2.11% I		1.97% I
Expenses net of fee waivers, if any		.96% I		1.00% I
Expenses net of all reductions		.96% I		1.00% I
Net investment income (loss)		5.57% I		2.73% I
Supplemental Data
Net assets, end of period (000 omitted)	$	2,564	$	2,511
Portfolio turnover rate J		42% I		96% I

A For the period February 10, 2022 (commencement of operations) through August 31, 2022

B Calculated based on average shares outstanding during the period.

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.

I Annualized.

J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity Advisor® Tactical Bond Fund Class C

		Six months ended (Unaudited) February 28, 2023		Years ended August 31, 2022 A
Selected Per-Share Data
Net asset value, beginning of period	$	9.14	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.213		.104
Net realized and unrealized gain (loss)		(.277)		(.893)
Total from investment operations		(.064)		(.789)
Distributions from net investment income		(.226)		(.071)
Total distributions		(.226)		(.071)
Net asset value, end of period	$	8.85	$	9.14
Total Return D,E,F		(.67)%		(7.90)%
Ratios to Average Net Assets C,G,H
Expenses before reductions		2.87% I		2.71% I
Expenses net of fee waivers, if any		1.71% I		1.75% I
Expenses net of all reductions		1.71% I		1.75% I
Net investment income (loss)		4.82% I		1.98% I
Supplemental Data
Net assets, end of period (000 omitted)	$	2,352	$	2,344
Portfolio turnover rate J		42% I		96% I

A For the period February 10, 2022 (commencement of operations) through August 31, 2022

B Calculated based on average shares outstanding during the period.

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.

I Annualized.

J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity® Tactical Bond Fund

		Six months ended (Unaudited) February 28, 2023		Years ended August 31, 2022 A
Selected Per-Share Data
Net asset value, beginning of period	$	9.15	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.257		.156
Net realized and unrealized gain (loss)		(.287)		(.884)
Total from investment operations		(.030)		(.728)
Distributions from net investment income		(.270)		(.122)
Total distributions		(.270)		(.122)
Net asset value, end of period	$	8.85	$	9.15
Total Return D,E		(.28)%		(7.30)%
Ratios to Average Net Assets C,F,G
Expenses before reductions		1.77% H		1.63% H
Expenses net of fee waivers, if any		.71% H		.75% H
Expenses net of all reductions		.71% H		.75% H
Net investment income (loss)		5.82% H		2.98% H
Supplemental Data
Net assets, end of period (000 omitted)	$	16,800	$	16,048
Portfolio turnover rate I		42% H		96% H

A For the period February 10, 2022 (commencement of operations) through August 31, 2022

B Calculated based on average shares outstanding during the period.

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.

H Annualized.

I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity Advisor® Tactical Bond Fund Class I

		Six months ended (Unaudited) February 28, 2023		Years ended August 31, 2022 A
Selected Per-Share Data
Net asset value, beginning of period	$	9.15	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.256		.156
Net realized and unrealized gain (loss)		(.286)		(.884)
Total from investment operations		(.030)		(.728)
Distributions from net investment income		(.270)		(.122)
Total distributions		(.270)		(.122)
Net asset value, end of period	$	8.85	$	9.15
Total Return D,E		(.28)%		(7.30)%
Ratios to Average Net Assets C,F,G
Expenses before reductions		1.73% H		1.64% H
Expenses net of fee waivers, if any		.71% H		.75% H
Expenses net of all reductions		.71% H		.75% H
Net investment income (loss)		5.82% H		2.98% H
Supplemental Data
Net assets, end of period (000 omitted)	$	4,850	$	2,924
Portfolio turnover rate I		42% H		96% H

A For the period February 10, 2022 (commencement of operations) through August 31, 2022

B Calculated based on average shares outstanding during the period.

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.

H Annualized.

I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity Advisor® Tactical Bond Fund Class Z

		Six months ended (Unaudited) February 28, 2023		Years ended August 31, 2022 A
Selected Per-Share Data
Net asset value, beginning of period	$	9.15	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.259		.161
Net realized and unrealized gain (loss)		(.285)		(.884)
Total from investment operations		(.026)		(.723)
Distributions from net investment income		(.274)		(.127)
Total distributions		(.274)		(.127)
Net asset value, end of period	$	8.85	$	9.15
Total Return D,E		(.24)%		(7.25)%
Ratios to Average Net Assets C,F,G
Expenses before reductions		1.76% H		1.62% H
Expenses net of fee waivers, if any		.61% H		.66% H
Expenses net of all reductions		.61% H		.66% H
Net investment income (loss)		5.91% H		3.07% H
Supplemental Data
Net assets, end of period (000 omitted)	$	4,679	$	2,620
Portfolio turnover rate I		42% H		96% H

A For the period February 10, 2022 (commencement of operations) through August 31, 2022

B Calculated based on average shares outstanding during the period.

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.

H Annualized.

I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Notes to Financial Statements (Unaudited)

For the period ended February 28, 2023

1. Organization.

Fidelity Tactical Bond 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, Tactical Bond, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. 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.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio A
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.	Foreign Securities Loans & Direct Debt Instruments Restricted Securities	Less than .005%
Fidelity High Income Central Fund	Fidelity Management & Research Company LLC (FMR)	Seeks a high level of income and may also seek capital appreciation by investing primarily in debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities.	Loans & Direct Debt Instruments Restricted Securities	.03%
Fidelity International Credit Central Fund	Fidelity Management & Research Company LLC (FMR)	Seeks a high level of current income by normally investing in debt securities of foreign issuers, including debt securities of issuers located in emerging markets. Foreign currency exposure is hedged utilizing foreign currency contracts.	Foreign Securities Futures Options Restricted Securities Swaps	Less than .005%
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

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

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

3. Significant Accounting Policies.

The Fund 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:

The U.S. dollar value of forward foreign currency contracts is determined using currency exchange rates supplied by a pricing service and are categorized as Level 2 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.

Foreign Currency. 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.

Realized gains and losses on foreign currency transactions arise from the disposition of foreign currency, realized changes in the value of foreign currency between the trade and settlement dates on security transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on transaction date and the U.S. dollar equivalent of the amounts actually received or paid. Unrealized gains and losses on assets and liabilities in foreign currencies arise from changes in the value of foreign currency, and from assets and liabilities denominated in foreign currencies, other than investments, which are held at period end.

Book-tax differences are primarily due to the short-term gain distributions from the underlying mutual funds or exchange-traded funds (ETFs), foreign currency transactions, market discount, capital loss carryforwards, and losses deferred due to wash sales and currency forward transactions.

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	$58,874
Gross unrealized depreciation	(2,431,584)
Net unrealized appreciation (depreciation)	$(2,372,710)
Tax cost	$36,458,135

Short-term	$(686,778)

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns, to facilitate transactions in foreign-denominated securities and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

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


Foreign Exchange Risk	Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in currency exchange rates.

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain OTC derivatives such as forward foreign currency contracts, a fund attempts to reduce its exposure to counterparty credit risk by entering into an International Swaps and Derivatives Association, Inc. (ISDA) Master Agreement with each of its counterparties. The ISDA Master Agreement gives a fund the right to terminate all transactions traded under such agreement upon the deterioration in the credit quality of the counterparty beyond specified levels. The ISDA Master Agreement gives each party the right, upon an event of default by the other party or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net payable by one party to the other. To mitigate counterparty credit risk on bi-lateral OTC derivatives, a fund receives collateral in the form of cash or securities once net unrealized appreciation on outstanding derivative contracts under an ISDA Master Agreement exceeds certain applicable thresholds, subject to certain minimum transfer provisions. The collateral received is held in segregated accounts with the custodian bank in accordance with the collateral agreements entered into between a fund, the counterparty and the custodian bank. A fund could experience delays and costs in gaining access to the collateral even though it is held by the custodian bank. The maximum risk of loss to a fund from counterparty credit risk related to bi-lateral OTC derivatives is generally the aggregate unrealized appreciation and unpaid counterparty payments in excess of any collateral pledged by the counterparty to a fund. A fund may be required to pledge collateral for the benefit of the counterparties on bi-lateral OTC derivatives in an amount not less than each counterparty's unrealized appreciation on outstanding derivative contracts, subject to certain minimum transfer provisions, and any such pledged collateral is identified in the Schedule of Investments.

Forward Foreign Currency Contracts. Forward foreign currency contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Forward foreign currency contracts were used to facilitate transactions in foreign-denominated securities and to manage exposure to certain foreign currencies.

Forward foreign currency contracts are valued daily and fluctuations in exchange rates on open contracts are recorded as unrealized appreciation or (depreciation) and reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When the contract is closed, a gain or loss is realized equal to the difference between the closing value and the value at the time it was opened. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on forward foreign currency contracts during the period is presented in the Statement of Operations.

Any open forward foreign currency contracts at period end are presented in the Schedule of Investments under the caption "Forward Foreign Currency Contracts." The contract amount and unrealized appreciation (depreciation) reflects each contract's exposure to the underlying currency at period end, and is representative of volume of activity during the period unless an average contract value is presented.

5. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Tactical Bond Fund	2,553,395	3,204,830

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .10% during the period. In September 2022 the Board approved a change in the individual fund fee rate from .50% to .45% effective October 1, 2022. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .56% of the Fund's average net assets.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$3,616	$2,856
Class M	-%	.25%	3,114	2,848
Class C	.75%	.25%	11,635	11,330
			$18,365	$17,034

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, .75% 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	$102

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

	Amount	% of Class-Level Average Net Assets A
Class A	$1,969	.14
Class M	1,911	.15
Class C	1,753	.15
Fidelity Tactical Bond Fund	5,157	.07
Class I	1,939	.12
Class Z	933	.05
	$13,662

A Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

	% of Average Net Assets
Fidelity Tactical Bond Fund	.04

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

	Amount
Fidelity Tactical Bond Fund	$27

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 December 31, 2024. 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	1.00%/.95% A	$16,354
Class M	1.00%/.95% A	14,271
Class C	1.75%/1.70% A	13,355
Fidelity Tactical Bond Fund	.75%/.70% A	81,876
Class I	.75%/.70% A	15,850
Class Z	.66%/.61% A	21,059
		$162,765

A Expense limitation effective October 1, 2022.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $302.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended February 28, 2023	Year ended August 31, 2022 (a)
Fidelity Tactical Bond Fund
Distributions to shareholders
Class A	$85,407	$28,599
Class M	72,493	29,281
Class C	59,411	17,846
Fidelity Tactical Bond Fund	467,496	190,476
Class I	92,599	63,990
Class Z	116,764	32,269
Total	$894,170	$362,461

(a) For the period February 10, 2022 (commencement of operations) through August 31, 2022.

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 February 28, 2023	Year ended August 31, 2022 (a)	Six months ended February 28, 2023	Year ended August 31, 2022 A
Fidelity Tactical Bond Fund
Class A
Shares sold	129,488	267,406	$1,139,584	$2,665,959
Reinvestment of distributions	9,666	3,059	85,406	28,599
Shares redeemed	(31,107)	(4,512)	(278,010)	(42,144)
Net increase (decrease)	108,047	265,953	$946,980	$2,652,414
Class M
Shares sold	15,213	271,401	$137,640	$2,706,943
Reinvestment of distributions	8,208	3,131	72,490	29,281
Shares redeemed	(8,284)	-	(71,459)	-
Net increase (decrease)	15,137	274,532	$138,671	$2,736,224
Class C
Shares sold	5,963	254,415	$52,878	$2,541,585
Reinvestment of distributions	6,725	1,914	59,401	17,846
Shares redeemed	(3,290)	(10)	(29,443)	(92)
Net increase (decrease)	9,398	256,319	$82,836	$2,559,339
Fidelity Tactical Bond Fund
Shares sold	291,177	1,813,635	$2,604,789	$17,855,558
Reinvestment of distributions	51,484	19,973	454,744	186,588
Shares redeemed	(199,727)	(78,886)	(1,773,711)	(737,945)
Net increase (decrease)	142,934	1,754,722	$1,285,822	$17,304,201
Class I
Shares sold	253,636	913,955	$2,270,515	$8,816,450
Reinvestment of distributions	10,484	3,680	92,599	34,370
Shares redeemed	(35,911)	(597,950)	(322,211)	(5,590,738)
Net increase (decrease)	228,209	319,685	$2,040,903	$3,260,082
Class Z
Shares sold	233,533	284,036	$2,090,112	$2,813,700
Reinvestment of distributions	8,620	3,412	76,140	31,948
Shares redeemed	(39)	(1,021)	(357)	(9,254)
Net increase (decrease)	242,114	286,427	$2,165,895	$2,836,394

(a) For the period February 10, 2022 (commencement of operations) through February 28, 2022.

11. Other.

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:

Fund	Affiliated %
Fidelity Tactical Bond Fund	67%

12. Risk and Uncertainties.

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2022 to February 28, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value September 1, 2022	Ending Account Value February 28, 2023	Expenses Paid During Period- C September 1, 2022 to February 28, 2023
Fidelity® Tactical Bond Fund
Class A	.96%
Actual		$ 1,000	$ 995.90	$ 4.75
Hypothetical- B		$ 1,000	$ 1,020.03	$ 4.81
Class M	.96%
Actual		$ 1,000	$ 996.00	$ 4.75
Hypothetical- B		$ 1,000	$ 1,020.03	$ 4.81
Class C	1.71%
Actual		$ 1,000	$ 993.30	$ 8.45
Hypothetical- B		$ 1,000	$ 1,016.31	$ 8.55
Fidelity® Tactical Bond Fund	.71%
Actual		$ 1,000	$ 997.20	$ 3.52
Hypothetical- B		$ 1,000	$ 1,021.27	$ 3.56
Class I	.71%
Actual		$ 1,000	$ 997.20	$ 3.52
Hypothetical- B		$ 1,000	$ 1,021.27	$ 3.56
Class Z	.61%
Actual		$ 1,000	$ 997.60	$ 3.02
Hypothetical- B		$ 1,000	$ 1,021.77	$ 3.06

A Annualized expense ratio reflects expenses net of applicable fee waivers.

B 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Tactical Bond Fund

At its September 2022 meeting the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended and restated management contract (the Amended Contract) for the fund to decrease the management fees paid to Fidelity Management & Research Company LLC (FMR), the fund's investment adviser, by 5 basis points, effective October 1, 2022. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.

Nature, Extent, and Quality of Services Provided. The Board previously received and considered materials relating to the nature, extent and quality of services to be provided by FMR to the fund, including the resources dedicated to investment management and support services, shareholder and administrative services, and the benefits to shareholders of investment in a large fund family in connection with the approval of the fund's current management contract (Current Management Contract). At its November 2021 meeting, the Board concluded that the nature, extent and quality of the services to be provided to the fund under the Current Management Contract should benefit the fund's shareholders. In connection with its approval of the Amended Contract at its September 2022 meeting, the Board noted that such approval would not change the fund's portfolio managers, the investment processes, the level or nature of services provided, the resources and personnel allocated or trading and compliance operations. The Board concluded that the nature, extent, and quality of services to be provided to the fund under the Amended Contract will continue to benefit the fund's shareholders.

Competitiveness of Management Fee and Total Expense Ratio. In reviewing the Amended Contract, the Board considered the fund's proposed management fee rate, which is 5 basis points lower than the current management fee rate, and the projected total net expense ratio of each class of the fund. The Board noted that the fund's proposed management fee rate is lower than the median fee rate of funds with similar Lipper investment objective categories and comparable investment mandates, regardless of whether their management fee structures are comparable. The Board also considered that the projected total net expense ratio of each of Class A, Class M, Class C, Class Z, and the retail class of the fund is below the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure, and the projected total net expense ratio of Class I is at the median.

The Board also noted that FMR has contractually agreed to reimburse each class of the fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed a certain limit through December 31, 2024.

Based on its review, the Board concluded that the management fee and the projected total net expense ratio of each class of the fund continue to be fair and reasonable in light of the services that each fund receives and the other factors considered.

Costs of the Services and Profitability. Because the Board was approving an arrangement under which the management fees were being reduced, the Board did not consider FMR's costs of services, revenues, or profitability to be significant factors in its decision to approve the Amended Contract.

Economies of Scale. In connection with the approval of the fund's Amended Contract, the Board did not consider economies of scale because the proposed fee arrangement lowers the fund's management fee and FMR will continue to contractually limit expenses. The Board will review economies of scale in connection with its consideration of future renewals of the Amended Contract.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the fund's Amended Contract should be approved.

Highly liquid investments - cash or convertible to cash within three business days or less
Moderately liquid investments - convertible to cash in three to seven calendar days
Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
Illiquid investments - cannot be sold or disposed of within seven calendar days

1.9904497.101

TBF-SANN-0423

Fidelity® Sustainable Low Duration Bond Fund

Semi-Annual Report

February 28, 2023

Includes Fidelity and Fidelity Advisor share classes

Contents

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.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Quality Diversification (% of Fund's net assets)

Asset Allocation (% of Fund's net assets)

Foreign investments - 12.7%

Geographic Diversification (% of Fund's net assets)

* Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable.

Schedule of Investments February 28, 2023 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 65.3%
	Principal Amount (a)	Value ($)
COMMUNICATION SERVICES - 2.4%
Diversified Telecommunication Services - 1.7%
AT&T, Inc.:
U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.640% 5.0552% 3/25/24 (b)(c)	50,000	50,003
0.9% 3/25/24	125,000	119,204
Verizon Communications, Inc.:
U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.500% 4.913% 3/22/24 (b)(c)	150,000	149,905
0.75% 3/22/24	75,000	71,468
		390,580
Media - 0.7%
Discovery Communications LLC 3.8% 3/13/24	50,000	49,057
Magallanes, Inc.:
U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 1.780% 6.1741% 3/15/24 (b)(c)(d)	50,000	50,342
3.428% 3/15/24 (d)	75,000	73,199
		172,598
TOTAL COMMUNICATION SERVICES		563,178
CONSUMER DISCRETIONARY - 4.3%
Automobiles - 2.2%
American Honda Finance Corp. 3.55% 1/12/24	100,000	98,466
General Motors Financial Co., Inc.:
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.000% 5.0719% 10/15/24 (b)(c)	75,000	74,412
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.760% 5.1077% 3/8/24 (b)(c)	75,000	74,848
U.S. Secured Overnight Fin. Rate (SOFR) Index + 1.200% 5.7531% 11/17/23 (b)(c)	50,000	50,037
1.7% 8/18/23	50,000	49,061
4.25% 5/15/23	50,000	49,890
5.1% 1/17/24	50,000	49,762
Toyota Motor Corp. 3.419% 7/20/23	50,000	49,669
		496,145
Hotels, Restaurants & Leisure - 0.7%
Starbucks Corp. U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.420% 4.9745% 2/14/24 (b)(c)	155,000	154,779
Specialty Retail - 1.4%
AutoZone, Inc. 3.125% 7/15/23	180,000	178,477
The Home Depot, Inc.:
2.7% 4/1/23	105,000	104,781
3.75% 2/15/24	50,000	49,345
		332,603
TOTAL CONSUMER DISCRETIONARY		983,527
CONSUMER STAPLES - 0.3%
Food Products - 0.3%
Conagra Brands, Inc. 0.5% 8/11/23	75,000	73,403
ENERGY - 2.4%
Energy Equipment & Services - 0.6%
Baker Hughes Co. 1.231% 12/15/23	150,000	145,348
Oil, Gas & Consumable Fuels - 1.8%
Chevron Corp. 1.141% 5/11/23	50,000	49,621
ConocoPhillips Co. 2.125% 3/8/24	75,000	72,675
Enbridge, Inc.:
U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.630% 5.1834% 2/16/24 (b)(c)	50,000	49,895
0.55% 10/4/23	20,000	19,415
4% 10/1/23	75,000	74,360
Shell International Finance BV 3.5% 11/13/23	100,000	98,803
Spectra Energy Partners LP 4.75% 3/15/24	50,000	49,562
		414,331
TOTAL ENERGY		559,679
FINANCIALS - 37.7%
Banks - 22.4%
Bank of America Corp.:
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.660% 5.2163% 2/4/25 (b)(c)	125,000	124,931
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.730% 5.2301% 10/24/24 (b)(c)	100,000	100,073
0.523% 6/14/24 (b)	50,000	49,205
3.841% 4/25/25 (b)	100,000	97,933
4.125% 1/22/24	75,000	74,234
Bank of Montreal:
U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.460% 4.9036% 1/10/25 (b)(c)	108,000	107,814
3.3% 2/5/24	150,000	147,021
Bank of Nova Scotia:
U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.440% 4.8969% 4/15/24 (b)(c)	50,000	50,001
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.380% 4.8925% 7/31/24 (b)(c)	50,000	49,934
0.55% 9/15/23	125,000	121,820
3.4% 2/11/24	75,000	73,575
BB&T Corp. 3.75% 12/6/23	375,000	371,285
BNP Paribas SA 3.25% 3/3/23	308,000	307,987
Canadian Imperial Bank of Commerce:
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.800% 5.2168% 3/17/23 (b)(c)	105,000	105,026
0.45% 6/22/23	100,000	98,506
0.5% 12/14/23	125,000	120,423
Citigroup, Inc.:
3 month U.S. LIBOR + 1.020% 4.044% 6/1/24 (b)(c)	190,000	189,238
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.690% 5.1852% 1/25/26 (b)(c)	40,000	39,674
U.S. Secured Overnight Fin. Rate (SOFR) Index + 1.370% 5.9232% 5/24/25 (b)(c)	50,000	50,359
0.981% 5/1/25 (b)	100,000	94,440
3.375% 3/1/23	108,000	108,000
Fifth Third Bancorp:
1.625% 5/5/23	233,000	231,511
3.65% 1/25/24	100,000	98,575
JPMorgan Chase & Co.:
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.530% 4.8313% 6/1/25 (b)(c)	50,000	49,812
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.580% 4.9815% 3/16/24 (b)(c)	100,000	100,008
0.563% 2/16/25 (b)	50,000	47,413
0.697% 3/16/24 (b)	150,000	149,634
3.375% 5/1/23	100,000	99,704
4.023% 12/5/24 (b)	100,000	98,697
Mitsubishi UFJ Financial Group, Inc.:
3 month U.S. LIBOR + 0.740% 5.5186% 3/2/23 (b)(c)	75,000	75,000
3 month U.S. LIBOR + 0.860% 5.6819% 7/26/23 (b)(c)	25,000	25,054
3.455% 3/2/23	195,000	195,000
PNC Financial Services Group, Inc. 3.5% 1/23/24	125,000	123,038
Royal Bank of Canada:
U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.340% 4.7767% 10/7/24 (b)(c)	50,000	49,888
U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.360% 4.8666% 7/29/24 (b)(c)	50,000	49,925
U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.450% 4.9461% 10/26/23 (b)(c)	50,000	50,055
0.425% 1/19/24	50,000	47,924
1.6% 4/17/23	250,000	248,914
The Toronto-Dominion Bank:
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.350% 4.6748% 3/4/24 (b)(c)	50,000	49,952
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.910% 5.2577% 3/8/24 (b)(c)	50,000	50,223
0.75% 6/12/23	200,000	197,626
2.35% 3/8/24	125,000	121,216
Truist Financial Corp. U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.400% 4.7538% 6/9/25 (b)(c)	50,000	49,612
Wells Fargo & Co.:
1.654% 6/2/24 (b)	108,000	106,932
3.75% 1/24/24	100,000	98,498
4.125% 8/15/23	265,000	263,799
		5,159,489
Capital Markets - 6.5%
Bank of New York Mellon Corp.:
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.200% 4.6912% 10/25/24 (b)(c)	150,000	149,178
0.35% 12/7/23	125,000	120,395
Goldman Sachs Group, Inc.:
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.700% 5.1779% 1/24/25 (b)(c)	80,000	79,878
U.S. Secured Overnight Fin. Rate (SOFR) Index + 1.390% 5.7841% 3/15/24 (b)(c)	75,000	75,533
1.757% 1/24/25 (b)	100,000	96,254
3% 3/15/24	100,000	97,364
3.625% 2/20/24	75,000	73,654
Morgan Stanley:
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.460% 5.0208% 11/10/23 (b)(c)	50,000	49,993
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.620% 5.1251% 1/24/25 (b)(c)	50,000	49,890
0.791% 1/22/25 (b)	225,000	215,155
3.62% 4/17/25 (b)	50,000	48,843
3.737% 4/24/24 (b)	50,000	49,853
State Street Corp.:
3.1% 5/15/23	100,000	99,542
3.7% 11/20/23	200,000	197,721
3.776% 12/3/24 (b)	100,000	98,718
		1,501,971
Consumer Finance - 4.8%
Ally Financial, Inc.:
1.45% 10/2/23	50,000	48,734
3.875% 5/21/24	50,000	48,957
American Express Co.:
U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.230% 4.7786% 11/3/23 (b)(c)	105,000	104,814
U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.720% 5.2686% 5/3/24 (b)(c)	50,000	50,159
Capital One Financial Corp.:
U.S. Secured Overnight Fin. Rate (SOFR) Index + 1.350% 5.9054% 5/9/25 (b)(c)	45,000	44,988
1.343% 12/6/24 (b)	75,000	72,287
2.6% 5/11/23	203,000	202,003
3.9% 1/29/24	175,000	172,494
Toyota Motor Credit Corp.:
U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.330% 4.7747% 1/11/24 (b)(c)	50,000	49,978
U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.650% 5.0717% 12/29/23 (b)(c)	57,000	57,209
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.620% 5.033% 3/22/24 (b)(c)	50,000	50,108
0.5% 8/14/23	75,000	73,463
2.9% 3/30/23	125,000	124,776
		1,099,970
Diversified Financial Services - 2.2%
AIG Global Funding 0.8% 7/7/23 (d)	175,000	172,473
Athene Global Funding:
U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.700% 5.2511% 5/24/24 (b)(c)(d)	75,000	74,539
0.95% 1/8/24 (d)	100,000	96,105
Equitable Holdings, Inc. 3.9% 4/20/23	50,000	49,869
Jackson Financial, Inc. 1.125% 11/22/23	100,000	96,916
		489,902
Insurance - 1.8%
Equitable Financial Life Global Funding:
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.390% 4.8301% 4/6/23 (b)(c)(d)	75,000	74,974
0.5% 11/17/23 (d)	50,000	48,229
Lincoln National Corp. 4% 9/1/23	100,000	99,218
Marsh & McLennan Companies, Inc.:
3.875% 3/15/24	75,000	73,740
4.05% 10/15/23	75,000	74,358
New York Life Global Funding 1.1% 5/5/23 (d)	50,000	49,606
		420,125
TOTAL FINANCIALS		8,671,457
HEALTH CARE - 5.2%
Biotechnology - 0.6%
AbbVie, Inc.:
2.85% 5/14/23	25,000	24,891
3.85% 6/15/24	50,000	49,060
Amgen, Inc. 5.25% 3/2/25 (e)	75,000	74,833
		148,784
Health Care Providers & Services - 2.6%
Cigna Group:
0.613% 3/15/24	125,000	119,022
3% 7/15/23	50,000	49,525
3.75% 7/15/23	50,000	49,655
CVS Health Corp. 4% 12/5/23	100,000	99,153
Elevance Health, Inc. 0.45% 3/15/23	25,000	24,958
Humana, Inc. 0.65% 8/3/23	100,000	98,035
UnitedHealth Group, Inc.:
2.875% 3/15/23	75,000	74,938
3.5% 6/15/23	75,000	74,677
		589,963
Life Sciences Tools & Services - 0.5%
Thermo Fisher Scientific, Inc. U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.530% 4.9846% 10/18/24 (b)(c)	115,000	114,885
Pharmaceuticals - 1.5%
AstraZeneca PLC 3.5% 8/17/23	100,000	99,127
Bristol-Myers Squibb Co. 0.537% 11/13/23	75,000	72,559
Shire Acquisitions Investments Ireland DAC 2.875% 9/23/23	175,000	172,408
		344,094
TOTAL HEALTH CARE		1,197,726
INDUSTRIALS - 1.4%
Machinery - 1.1%
Caterpillar Financial Services Corp.:
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.270% 4.6365% 9/13/24 (b)(c)	200,000	199,522
3.75% 11/24/23	50,000	49,541
		249,063
Trading Companies & Distributors - 0.3%
Air Lease Corp.:
0.7% 2/15/24	30,000	28,588
3% 9/15/23	50,000	49,352
		77,940
TOTAL INDUSTRIALS		327,003
INFORMATION TECHNOLOGY - 3.2%
Electronic Equipment & Components - 0.1%
Dell International LLC/EMC Corp. 5.45% 6/15/23	25,000	24,982
IT Services - 0.2%
The Western Union Co. 4.25% 6/9/23	50,000	49,808
Semiconductors & Semiconductor Equipment - 0.2%
Analog Devices, Inc. U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.250% 4.6746% 10/1/24 (b)(c)	50,000	49,496
Software - 2.7%
Microsoft Corp.:
2.375% 5/1/23	50,000	49,776
3.625% 12/15/23	100,000	98,892
Oracle Corp. 3.625% 7/15/23	150,000	149,179
Roper Technologies, Inc.:
2.35% 9/15/24	75,000	71,596
3.65% 9/15/23	200,000	197,880
VMware, Inc. 0.6% 8/15/23	50,000	48,913
		616,236
TOTAL INFORMATION TECHNOLOGY		740,522
MATERIALS - 0.9%
Chemicals - 0.9%
The Mosaic Co. 4.25% 11/15/23	205,000	203,443
REAL ESTATE - 0.9%
Equity Real Estate Investment Trusts (REITs) - 0.9%
Federal Realty Investment Trust 3.95% 1/15/24	100,000	98,525
Simon Property Group LP U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.430% 4.8747% 1/11/24 (b)(c)	105,000	104,746
		203,271
UTILITIES - 6.6%
Electric Utilities - 5.4%
Alabama Power Co. 3.55% 12/1/23	125,000	123,113
Duke Energy Carolinas LLC 3.05% 3/15/23	75,000	74,938
Duke Energy Corp.:
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.250% 4.6101% 6/10/23 (b)(c)	155,000	154,869
3.75% 4/15/24	100,000	98,135
Edison International 2.95% 3/15/23	25,000	24,973
Eversource Energy U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.250% 4.8037% 8/15/23 (b)(c)	80,000	79,841
Mississippi Power Co. U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.300% 4.7164% 6/28/24 (b)(c)	105,000	103,575
NextEra Energy Capital Holdings, Inc.:
U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.400% 4.9486% 11/3/23 (b)(c)	50,000	49,979
U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.540% 4.8363% 3/1/23 (b)(c)	100,000	100,000
Southern California Edison Co. U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.830% 5.2546% 4/1/24 (b)(c)	75,000	74,903
Southern Co.:
U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.370% 4.9251% 5/10/23 (b)(c)	45,000	44,982
0.6% 2/26/24	50,000	47,612
2.95% 7/1/23	75,000	74,374
Tampa Electric Co. 3.875% 7/12/24	85,000	83,031
Virginia Electric & Power Co.:
2.75% 3/15/23	50,000	49,953
3.45% 2/15/24	50,000	49,028
		1,233,306
Gas Utilities - 0.2%
Southern California Gas Co. 3 month U.S. LIBOR + 0.350% 5.1027% 9/14/23 (b)(c)	50,000	49,929
Multi-Utilities - 1.0%
CenterPoint Energy, Inc. U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.650% 5.2048% 5/13/24 (b)(c)	75,000	74,640
Dominion Energy, Inc. 3 month U.S. LIBOR + 0.530% 5.299% 9/15/23 (b)(c)	150,000	149,991
		224,631
TOTAL UTILITIES		1,507,866
TOTAL NONCONVERTIBLE BONDS (Cost $15,046,914)		15,031,075

U.S. Treasury Obligations - 30.8%
	Principal Amount (a)	Value ($)
U.S. Treasury Bills, yield at date of purchase 3.72% to 5.03% 6/15/23 to 1/25/24	6,800,000	6,603,285
U.S. Treasury Notes 3% 6/30/24	500,000	486,484
TOTAL U.S. TREASURY OBLIGATIONS (Cost $7,103,260)		7,089,769

Asset-Backed Securities - 3.5%
	Principal Amount (a)	Value ($)
BMW Vechicle Lease Trust 2023-1 Series 2023-1 Class A2, 5.27% 2/25/25	38,000	37,985
BMW Vehicle Owner Trust Series 2022-A Class A2B, U.S. 30-Day Avg. Secured Overnight Fin. Rate (SOFR) Index + 0.950% 5.0041% 12/26/24 (b)(c)	16,166	16,174
BMWLT 2021 Series 2021-2 Class A3, 0.33% 12/26/24	23,964	23,489
Capital One Prime Auto Receivables Series 2023-1 Class A2, 5.2% 5/15/26	50,000	49,953
CarMax Auto Owner Trust:
Series 2021-1 Class A3, 0.34% 12/15/25	6,583	6,359
Series 2022-2 Class A2B, U.S. 30-Day Avg. Secured Overnight Fin. Rate (SOFR) Index + 0.600% 5.0012% 5/15/25 (b)(c)	4,946	4,947
Series 2022-3 Class A2A, 3.81% 9/15/25	16,187	16,055
Carmax Owner Trust Series 2023-1 Class A2A, 5.23% 1/15/26	34,000	33,901
DLLAD Series 2023-1A Class A2, 5.19% 4/20/26 (d)	48,000	47,712
Ford Credit Auto Lease Trust Series 2022-A Class A2B, U.S. 30-Day Avg. Secured Overnight Fin. Rate (SOFR) Index + 0.600% 5.0012% 10/15/24 (b)(c)	5,492	5,495
Ford Credit Auto Owner Trust:
Series 2019-1 Class A, 3.52% 7/15/30 (d)	100,000	98,393
Series 2022-C Class A2A, 4.52% 4/15/25	24,000	23,897
Fordl 2023-A Series 2023-A Class A2A, 5.19% 6/15/25	26,000	25,961
FORDO Series 2022-B Class A2B, U.S. 30-Day Avg. Secured Overnight Fin. Rate (SOFR) Index + 1.840% 5.0012% 2/15/25 (b)(c)	11,841	11,849
GM Financial Automobile Leasing Trust:
Series 2021-3 Class A3, 0.39% 10/21/24	24,741	24,177
Series 2022-2 Class A2, 2.93% 10/21/24	7,225	7,136
Series 2023-A Class A2A, 5.27% 6/20/25	56,000	55,989
Gm Financial Consumer Automobile Re Series 2023-1 Class A2A, 5.19% 3/16/26	25,000	24,968
GM Financial Consumer Automobile Receivables Trust:
Series 2022-3 Class A2A, 3.5% 9/16/25	23,244	23,011
Series 2022-4 Class A2A, 4.6% 11/17/25	25,000	24,858
Hyundai Auto Receivables Trust:
Series 2022-B Class A2A, 3.64% 5/15/25	19,260	19,081
Series 2022-C, Class A2A, 5.35% 11/17/25	63,000	62,990
Mercedes-Benz Auto Receivables Series 2023-1 Class A2, 5.09% 1/15/26	32,000	31,924
Toyota Auto Receivables Series 2022-D Class A2A, 5.27% 1/15/26	69,000	68,964
Toyota Auto Receivables Owner Trust Series 2023-A Class A2, 5.05% 1/15/26	52,000	51,882
World Omni Auto Receivables Trust Series 2022-B, Class A2B, U.S. 30-Day Avg. Secured Overnight Fin. Rate (SOFR) Index + 1.050% 4.9712% 10/15/25 (b)(c)	11,032	11,036
TOTAL ASSET-BACKED SECURITIES (Cost $810,028)		808,186

Bank Notes - 0.3%
	Principal Amount (a)	Value ($)
Truist Bank 3.689% 8/2/24 (b) (Cost $74,419)	75,000	74,411

Money Market Funds - 0.7%
	Shares	Value ($)
Fidelity Cash Central Fund 4.63% (f) (Cost $152,175)	152,145	152,175

TOTAL INVESTMENT IN SECURITIES - 100.6% (Cost $23,186,796)	23,155,616
NET OTHER ASSETS (LIABILITIES) - (0.6)%	(140,631)
NET ASSETS - 100.0%	23,014,985

Legend

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

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

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

(d)	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 $785,572 or 3.4% of net assets.

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

(f)

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 4.63%	826,951	14,619,288	15,294,064	12,215	-	-	152,175	0.0%
Total	826,951	14,619,288	15,294,064	12,215	-	-	152,175

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

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Corporate Bonds	15,031,075	-	15,031,075	-

U.S. Government and Government Agency Obligations	7,089,769	-	7,089,769	-

Asset-Backed Securities	808,186	-	808,186	-

Bank Notes	74,411	-	74,411	-

Money Market Funds	152,175	152,175	-	-
Total Investments in Securities:	23,155,616	152,175	23,003,441	-

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				February 28, 2023 (Unaudited)

Assets
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $23,034,621)	$	23,003,441
Fidelity Central Funds (cost $152,175)		152,175


Total Investment in Securities (cost $23,186,796)			$	23,155,616
Cash				103,333
Receivable for fund shares sold				40,182
Interest receivable				111,512
Distributions receivable from Fidelity Central Funds				2,289
Receivable from investment adviser for expense reductions				1,231
Total assets				23,414,163
Liabilities
Payable for investments purchased
Regular delivery	$	292,013
Delayed delivery		74,951
Payable for fund shares redeemed		18,791
Distributions payable		5,148
Accrued management fee		5,559
Distribution and service plan fees payable		1,272
Other affiliated payables		1,444
Total Liabilities				399,178
Net Assets			$	23,014,985
Net Assets consist of:
Paid in capital			$	22,904,575
Total accumulated earnings (loss)				110,410
Net Assets			$	23,014,985

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($3,726,165 ÷ 372,015 shares) (a)			$	10.02
Maximum offering price per share (100/98.50 of $10.02)			$	10.17
Class M :
Net Asset Value and redemption price per share ($671,247 ÷ 67,017 shares) (a)			$	10.02
Maximum offering price per share (100/98.50 of $10.02)			$	10.17
Class C :
Net Asset Value and offering price per share ($897,601 ÷ 89,664 shares) (a)			$	10.01
Fidelity Sustainable Low Duration Bond Fund :
Net Asset Value , offering price and redemption price per share ($8,297,526 ÷ 828,392 shares)			$	10.02
Class I :
Net Asset Value , offering price and redemption price per share ($561,562 ÷ 56,065 shares)			$	10.02
Class Z :
Net Asset Value , offering price and redemption price per share ($8,860,884 ÷ 884,609 shares)			$	10.02
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Statement of Operations
				Six months ended February 28, 2023 (Unaudited)
Investment Income
Interest			$	357,194
Income from Fidelity Central Funds				12,215
Total Income				369,409
Expenses
Management fee	$	28,098
Transfer agent fees		7,278
Distribution and service plan fees		6,583
Independent trustees' fees and expenses		28
Total expenses before reductions		41,987
Expense reductions		(4,315)
Total expenses after reductions				37,672
Net Investment income (loss)				331,737
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(9,668)
Total net realized gain (loss)				(9,668)
Change in net unrealized appreciation (depreciation) on investment securities				(1,290)
Net gain (loss)				(10,958)
Net increase (decrease) in net assets resulting from operations			$	320,779

Statement of Changes in Net Assets

		Six months ended February 28, 2023 (Unaudited)		For the period April 13, 2022 (commencement of operations) through August 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	331,737	$	36,746
Net realized gain (loss)		(9,668)		(775)
Change in net unrealized appreciation (depreciation)		(1,290)		(29,890)
Net increase (decrease) in net assets resulting from operations		320,779		6,081
Distributions to shareholders		(190,475)		(25,975)
Share transactions - net increase (decrease)		13,892,720		9,011,855
Total increase (decrease) in net assets		14,023,024		8,991,961

Net Assets
Beginning of period		8,991,961		-
End of period	$	23,014,985	$	8,991,961

Financial Highlights

Fidelity Advisor® Sustainable Low Duration Bond Fund Class A

		Six months ended (Unaudited) February 28, 2023		Years ended August 31, 2022 A
Selected Per-Share Data
Net asset value, beginning of period	$	9.96	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.171		.053
Net realized and unrealized gain (loss)		(.018)		(.058)
Total from investment operations		.153		(.005)
Distributions from net investment income		(.093)		(.035)
Total distributions		(.093)		(.035)
Net asset value, end of period	$	10.02	$	9.96
Total Return D,E,F		1.54%		(.05)%
Ratios to Average Net Assets C,G,H
Expenses before reductions		.57% I		.51% I
Expenses net of fee waivers, if any		.55% I		.51% I
Expenses net of all reductions		.55% I		.51% I
Net investment income (loss)		3.48% I		1.40% I
Supplemental Data
Net assets, end of period (000 omitted)	$	3,726	$	1,730
Portfolio turnover rate J		12% I		5% K

A For the period April 13, 2022 (commencement of operations) through August 31, 2022

B Calculated based on average shares outstanding during the period.

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.

I Annualized.

J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

K Amount not annualized.

Fidelity Advisor® Sustainable Low Duration Bond Fund Class M

		Six months ended (Unaudited) February 28, 2023		Years ended August 31, 2022 A
Selected Per-Share Data
Net asset value, beginning of period	$	9.96	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.171		.054
Net realized and unrealized gain (loss)		(.018)		(.059)
Total from investment operations		.153		(.005)
Distributions from net investment income		(.093)		(.035)
Total distributions		(.093)		(.035)
Net asset value, end of period	$	10.02	$	9.96
Total Return D,E,F		1.55%		(.05)%
Ratios to Average Net Assets C,G,H
Expenses before reductions		.53% I		.51% I
Expenses net of fee waivers, if any		.53% I		.51% I
Expenses net of all reductions		.53% I		.51% I
Net investment income (loss)		3.50% I		1.40% I
Supplemental Data
Net assets, end of period (000 omitted)	$	671	$	515
Portfolio turnover rate J		12% I		5% K

A For the period April 13, 2022 (commencement of operations) through August 31, 2022

B Calculated based on average shares outstanding during the period.

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.

I Annualized.

J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

K Amount not annualized.

Fidelity Advisor® Sustainable Low Duration Bond Fund Class C

		Six months ended (Unaudited) February 28, 2023		Years ended August 31, 2022 A
Selected Per-Share Data
Net asset value, beginning of period	$	9.95	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.129		.021
Net realized and unrealized gain (loss)		(.018)		(.064)
Total from investment operations		.111		(.043)
Distributions from net investment income		(.051)		(.007)
Total distributions		(.051)		(.007)
Net asset value, end of period	$	10.01	$	9.95
Total Return D,E,F		1.11%		(.43)%
Ratios to Average Net Assets C,G,H
Expenses before reductions		1.40% I		1.36% I
Expenses net of fee waivers, if any		1.40% I		1.36% I
Expenses net of all reductions		1.40% I		1.36% I
Net investment income (loss)		2.63% I		.55% I
Supplemental Data
Net assets, end of period (000 omitted)	$	898	$	759
Portfolio turnover rate J		12% I		5% K

A For the period April 13, 2022 (commencement of operations) through August 31, 2022

B Calculated based on average shares outstanding during the period.

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.

I Annualized.

J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

K Amount not annualized.

Fidelity Sustainable Low Duration Bond Fund

		Six months ended (Unaudited) February 28, 2023		Years ended August 31, 2022 A
Selected Per-Share Data
Net asset value, beginning of period	$	9.96	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.179		.059
Net realized and unrealized gain (loss)		(.017)		(.058)
Total from investment operations		.162		.001
Distributions from net investment income		(.102)		(.041)
Total distributions		(.102)		(.041)
Net asset value, end of period	$	10.02	$	9.96
Total Return D,E		1.64%		.01%
Ratios to Average Net Assets C,F,G
Expenses before reductions		.41% H		.39% H
Expenses net of fee waivers, if any		.35% H		.35% H
Expenses net of all reductions		.35% H		.35% H
Net investment income (loss)		3.68% H		1.56% H
Supplemental Data
Net assets, end of period (000 omitted)	$	8,298	$	4,499
Portfolio turnover rate I		12% H		5% J

A For the period April 13, 2022 (commencement of operations) through August 31, 2022

B Calculated based on average shares outstanding during the period.

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.

H Annualized.

I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

J Amount not annualized.

Fidelity Advisor® Sustainable Low Duration Bond Fund Class I

		Six months ended (Unaudited) February 28, 2023		Years ended August 31, 2022 A
Selected Per-Share Data
Net asset value, beginning of period	$	9.96	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.180		.060
Net realized and unrealized gain (loss)		(.018)		(.059)
Total from investment operations		.162		.001
Distributions from net investment income		(.102)		(.041)
Total distributions		(.102)		(.041)
Net asset value, end of period	$	10.02	$	9.96
Total Return D,E		1.64%		.01%
Ratios to Average Net Assets C,F,G
Expenses before reductions		.38% H		.37% H
Expenses net of fee waivers, if any		.35% H		.35% H
Expenses net of all reductions		.35% H		.35% H
Net investment income (loss)		3.69% H		1.56% H
Supplemental Data
Net assets, end of period (000 omitted)	$	562	$	526
Portfolio turnover rate I		12% H		5% J

A For the period April 13, 2022 (commencement of operations) through August 31, 2022

B Calculated based on average shares outstanding during the period.

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.

H Annualized.

I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

J Amount not annualized.

Fidelity Advisor® Sustainable Low Duration Bond Fund Class Z

		Six months ended (Unaudited) February 28, 2023		Years ended August 31, 2022 A
Selected Per-Share Data
Net asset value, beginning of period	$	9.96	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.181		.061
Net realized and unrealized gain (loss)		(.017)		(.058)
Total from investment operations		.164		.003
Distributions from net investment income		(.104)		(.043)
Total distributions		(.104)		(.043)
Net asset value, end of period	$	10.02	$	9.96
Total Return D,E		1.66%		.03%
Ratios to Average Net Assets C,F,G
Expenses before reductions		.36% H		.35% H
Expenses net of fee waivers, if any		.30% H		.30% H
Expenses net of all reductions		.30% H		.30% H
Net investment income (loss)		3.73% H		1.61% H
Supplemental Data
Net assets, end of period (000 omitted)	$	8,861	$	962
Portfolio turnover rate I		12% H		5% J

A For the period April 13, 2022 (commencement of operations) through August 31, 2022

B Calculated based on average shares outstanding during the period.

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.

H Annualized.

I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

J Amount not annualized.

Notes to Financial Statements (Unaudited)

For the period ended February 28, 2023

1. Organization.

Fidelity Sustainable Low Duration Bond 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, Sustainable Low Duration Bond, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. 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.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio A
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.

3. Significant Accounting Policies.

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, bank notes 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 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.

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.

Book-tax differences are primarily due to market discount 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	$99,332
Gross unrealized depreciation	(17,727)
Net unrealized appreciation (depreciation)	$81,605
Tax cost	$23,074,011

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 Sustainable Low Duration Bond Fund	7,080,293	438,697

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 that is based on an annual rate of .30% of the Fund's average net assets. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain other expenses such as proxy and shareholder meeting expenses.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	- %	.15%	$1,986	$644
Class M	- %	.15%	476	378
Class C	.75%	.25%	4,121	3,210
			$6,583	$4,232

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

	Retained by FDC
Class A	$159

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

	Amount	% of Class-Level Average Net Assets A
Class A	$1,408	.11
Class M	231	.07
Class C	326	.08
Fidelity Sustainable Low Duration Bond Fund	3,174	.10
Class I	191	.07
Class Z	1,948	.05
	$7,278

A Annualized

6. 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. 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	.55%	$161
Class M	.55%	-
Class C	1.40%	-
Fidelity Sustainable Low Duration Bond Fund	.35%	1,727
Class I	.35%	67
Class Z	.30%	2,067
		$4,022

Effective April 1, 2023, the investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceed certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2024. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such proxy and shareholder meeting expenses, are excluded from this reimbursement.

	Expense Limitations
Class A	.45%
Class M	.45%
Class C	1.30%
Fidelity Limited Term Bond Fund	.25%
Class I	.25%
Class Z	.20%

7. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended February 28, 2023	Year ended August 31, 2022 A
Fidelity Sustainable Low Duration Bond Fund
Distributions to shareholders
Class A	$25,388	$4,872
Class M	5,985	1,800
Class C	4,225	563
Fidelity Sustainable Low Duration Bond Fund	65,455	14,311
Class I	5,485	2,146
Class Z	83,937	2,283
Total	$190,475	$25,975

A For the period April 13, 2022 (commencement of operations) through August 31, 2022.

8. 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 February 28, 2023	Year ended August 31, 2022 A	Six months ended February 28, 2023	Year ended August 31, 2022 A
Fidelity Sustainable Low Duration Bond Fund
Class A
Shares sold	336,465	189,715	$3,353,435	$1,891,861
Reinvestment of distributions	2,537	485	25,330	4,830
Shares redeemed	(140,681)	(16,506)	(1,401,718)	(164,308)
Net increase (decrease)	198,321	173,694	$1,977,047	$1,732,383
Class M
Shares sold	14,718	51,520	$146,470	$515,153
Reinvestment of distributions	600	181	5,985	1,799
Shares redeemed	(2)	-	(15)	-
Net increase (decrease)	15,316	51,701	$152,440	$516,952
Class C
Shares sold	14,035	76,426	$139,792	$763,276
Reinvestment of distributions	423	57	4,225	562
Shares redeemed	(1,084)	(193)	(10,807)	(1,921)
Net increase (decrease)	13,374	76,290	$133,210	$761,917
Fidelity Sustainable Low Duration Bond Fund
Shares sold	643,456	456,050	$6,420,056	$4,551,570
Reinvestment of distributions	6,232	1,410	62,203	14,040
Shares redeemed	(273,021)	(5,735)	(2,725,398)	(57,099)
Net increase (decrease)	376,667	451,725	$3,756,861	$4,508,511
Class I
Shares sold	5,703	52,639	$56,937	$526,334
Reinvestment of distributions	544	215	5,424	2,146
Shares redeemed	(3,036)	-	(30,288)	-
Net increase (decrease)	3,211	52,854	$32,073	$528,480
Class Z
Shares sold	905,375	96,323	$9,014,827	$961,329
Reinvestment of distributions	5,825	229	58,161	2,283
Shares redeemed	(123,143)	-	(1,231,899)	-
Net increase (decrease)	788,057	96,552	$7,841,089	$963,612

A For the period April 13, 2022 (commencement of operations) through August 31, 2022.

9. Other.

10. Risk and Uncertainties.

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2022 to February 28, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value September 1, 2022	Ending Account Value February 28, 2023	Expenses Paid During Period- C September 1, 2022 to February 28, 2023
Fidelity® Sustainable Low Duration Bond Fund
Class A **	.55%
Actual		$ 1,000	$ 1,015.40	$ 2.75
Hypothetical- B		$ 1,000	$ 1,022.07	$ 2.76
Class M **	.53%
Actual		$ 1,000	$ 1,015.50	$ 2.65
Hypothetical- B		$ 1,000	$ 1,022.17	$ 2.66
Class C **	1.40%
Actual		$ 1,000	$ 1,011.10	$ 6.98
Hypothetical- B		$ 1,000	$ 1,017.85	$ 7.00
Fidelity® Sustainable Low Duration Bond Fund **	.35%
Actual		$ 1,000	$ 1,016.40	$ 1.75
Hypothetical- B		$ 1,000	$ 1,023.06	$ 1.76
Class I **	.35%
Actual		$ 1,000	$ 1,016.40	$ 1.75
Hypothetical- B		$ 1,000	$ 1,023.06	$ 1.76
Class Z **	.30%
Actual		$ 1,000	$ 1,016.60	$ 1.50
Hypothetical- B		$ 1,000	$ 1,023.31	$ 1.51

A Annualized expense ratio reflects expenses net of applicable fee waivers.

B 5% return per year before expenses

	Annualized Expense Ratio- A	Expenses Paid
Fidelity® Sustainable Low Duration Bond Fund
Class A	.45%
Actual		$ 2.25
Hypothetical - B		$ 2.26
Class M	.45%
Actual		$ 2.25
Hypothetical - B		$ 2.26
Class C	1.30%
Actual		$ 6.48
Hypothetical - B		$ 6.51
Fidelity® Sustainable Low Duration Bond Fund	.25%
Actual		$ 1.25
Hypothetical - B		$ 1.25
Class I	.25%
Actual		$ 1.25
Hypothetical - B		$ 1.25
Class Z	.20%
Actual		$ 1.00
Hypothetical - B		$ 1.00

A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses

Highly liquid investments - cash or convertible to cash within three business days or less
Moderately liquid investments - convertible to cash in three to seven calendar days
Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
Illiquid investments - cannot be sold or disposed of within seven calendar days

1.9904901.100

SLD-SANN-0423

Fidelity® Sustainable Core Plus Bond Fund

Semi-Annual Report

February 28, 2023

Includes Fidelity and Fidelity Advisor share classes

Contents

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.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Quality Diversification (% of Fund's net assets)

Asset Allocation (% of Fund's net assets)

Foreign investments - 15.6%

Futures - 1.4%

Percentages in the above tables are adjusted for the effect of TBA Sale Commitments.

Geographic Diversification (% of Fund's net assets)

* Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable.

Schedule of Investments February 28, 2023 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 40.6%
		Principal Amount (a)	Value ($)
Convertible Bonds - 0.1%
COMMUNICATION SERVICES - 0.1%
Media - 0.1%
DISH Network Corp.:
2.375% 3/15/24		5,000	4,592
3.375% 8/15/26		32,000	20,451
			25,043
CONSUMER DISCRETIONARY - 0.0%
Hotels, Restaurants & Leisure - 0.0%
DraftKings, Inc. 0% 3/15/28		4,000	2,772

Internet & Direct Marketing Retail - 0.0%
Wayfair LLC 0.625% 10/1/25		3,000	2,226

TOTAL CONSUMER DISCRETIONARY			4,998

HEALTH CARE - 0.0%
Health Care Providers & Services - 0.0%
Oak Street Health, Inc. 0% 3/15/26		2,000	1,850

INFORMATION TECHNOLOGY - 0.0%
Software - 0.0%
MicroStrategy, Inc. 0% 2/15/27		5,000	2,340

REAL ESTATE - 0.0%
Real Estate Management & Development - 0.0%
Redfin Corp. 0.5% 4/1/27		16,000	9,622

TOTAL CONVERTIBLE BONDS			43,853
Nonconvertible Bonds - 40.5%
COMMUNICATION SERVICES - 3.5%
Diversified Telecommunication Services - 1.5%
Altice France SA 5.125% 7/15/29 (b)		10,000	7,716
Frontier Communications Holdings LLC 8.75% 5/15/30 (b)		10,000	10,113
Level 3 Financing, Inc. 3.75% 7/15/29 (b)		46,000	28,916
TELUS Corp. 3.4% 5/13/32		130,000	110,819
Verizon Communications, Inc.:
2.355% 3/15/32		70,000	55,031
3.875% 3/1/52		270,000	206,738
Virgin Media Finance PLC 5% 7/15/30 (b)		8,000	6,520
Zayo Group Holdings, Inc. 6.125% 3/1/28 (b)		18,000	11,339
			437,192
Entertainment - 0.4%
The Walt Disney Co. 2.65% 1/13/31		140,000	119,244

Media - 1.2%
Altice Financing SA 5.75% 8/15/29 (b)		29,000	23,716
Altice France Holding SA 6% 2/15/28 (b)		32,000	22,000
CCO Holdings LLC/CCO Holdings Capital Corp.:
4.25% 1/15/34(b)		25,000	18,714
4.75% 2/1/32(b)		47,000	38,070
DIRECTV Financing LLC / DIRECTV Financing Co-Obligor, Inc. 5.875% 8/15/27 (b)		10,000	8,940
DISH DBS Corp. 5.75% 12/1/28 (b)		2,000	1,598
DISH Network Corp. 11.75% 11/15/27 (b)		6,000	6,079
Magallanes, Inc.:
4.279% 3/15/32(b)		135,000	116,547
5.141% 3/15/52(b)		141,000	110,530
TEGNA, Inc. 4.75% 3/15/26 (b)		8,000	7,600
UPC Broadband Finco BV 4.875% 7/15/31 (b)		8,000	6,754
			360,548
Wireless Telecommunication Services - 0.4%
Millicom International Cellular SA 4.5% 4/27/31 (b)		13,000	10,498
Rogers Communications, Inc.:
3.2% 3/15/27(b)		60,000	55,168
4.55% 3/15/52(b)		70,000	55,828
			121,494
TOTAL COMMUNICATION SERVICES			1,038,478

CONSUMER DISCRETIONARY - 3.8%
Auto Components - 0.0%
Patrick Industries, Inc. 4.75% 5/1/29 (b)		12,000	10,201

Automobiles - 0.2%
General Motors Co. 5.4% 10/15/29		40,000	38,410
McLaren Finance PLC 7.5% 8/1/26 (b)		4,000	3,101
Rivian Holdco & Rivian LLC & Rivian Automotive LLC 6 month U.S. LIBOR + 5.620% 10.1636% 10/15/26 (b)(c)(d)		18,000	17,550
			59,061
Diversified Consumer Services - 0.3%
Adtalem Global Education, Inc. 5.5% 3/1/28 (b)		10,000	9,205
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (b)		11,000	10,700
Sotheby's 7.375% 10/15/27 (b)		10,000	9,434
StoneMor, Inc. 8.5% 5/15/29 (b)		6,000	4,338
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (b)		42,000	39,070
			72,747
Hotels, Restaurants & Leisure - 0.6%
1011778 BC Unlimited Liability Co./New Red Finance, Inc.:
3.5% 2/15/29(b)		13,000	11,025
4% 10/15/30(b)		5,000	4,130
Carnival Corp. 6% 5/1/29 (b)		35,000	27,143
Constellation Merger Sub, Inc. 8.5% 9/15/25 (b)		8,000	6,680
Hilton Domestic Operating Co., Inc. 3.625% 2/15/32 (b)		26,000	21,346
Life Time, Inc. 8% 4/15/26 (b)		10,000	9,636
MajorDrive Holdings IV LLC 6.375% 6/1/29 (b)		12,000	9,275
Royal Caribbean Cruises Ltd. 5.5% 4/1/28 (b)		24,000	20,918
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25% 5/15/27 (b)		30,000	27,939
Yum! Brands, Inc. 4.625% 1/31/32		34,000	30,054
			168,146
Household Durables - 0.3%
The Berkeley Group PLC 2.5% 8/11/31 (Reg. S)	GBP	100,000	85,064

Internet & Direct Marketing Retail - 0.2%
Match Group Holdings II LLC 4.625% 6/1/28 (b)		10,000	8,883
Uber Technologies, Inc.:
4.5% 8/15/29(b)		65,000	57,465
8% 11/1/26(b)		2,000	2,030
			68,378
Multiline Retail - 0.0%
Macy's Retail Holdings LLC 5.875% 4/1/29 (b)		4,000	3,633
Nordstrom, Inc. 4.375% 4/1/30		6,000	4,733
			8,366
Specialty Retail - 1.7%
At Home Group, Inc. 4.875% 7/15/28 (b)		8,000	5,880
Bath & Body Works, Inc. 6.95% 3/1/33		8,000	6,960
Carvana Co. 4.875% 9/1/29 (b)		30,000	14,191
LBM Acquisition LLC 6.25% 1/15/29 (b)		10,000	7,125
Lowe's Companies, Inc.:
3.75% 4/1/32		130,000	115,160
4.25% 4/1/52		130,000	102,360
Michaels Companies, Inc. 5.25% 5/1/28 (b)		24,000	19,974
The Home Depot, Inc. 3.25% 4/15/32		130,000	113,884
TJX Companies, Inc. 3.875% 4/15/30		120,000	112,855
Upbound Group, Inc. 6.375% 2/15/29 (b)		14,000	12,010
Victoria's Secret & Co. 4.625% 7/15/29 (b)		8,000	6,524
			516,923
Textiles, Apparel & Luxury Goods - 0.5%
Crocs, Inc. 4.125% 8/15/31 (b)		18,000	14,760
Hanesbrands, Inc. 4.625% 5/15/24 (b)		10,000	9,993
Tapestry, Inc. 3.05% 3/15/32		140,000	111,240
			135,993
TOTAL CONSUMER DISCRETIONARY			1,124,879

CONSUMER STAPLES - 1.3%
Beverages - 0.0%
Triton Water Holdings, Inc. 6.25% 4/1/29 (b)		12,000	9,565

Food & Staples Retailing - 0.4%
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC:
3.25% 3/15/26(b)		12,000	11,011
4.875% 2/15/30(b)		6,000	5,384
Alimentation Couche-Tard, Inc. 3.625% 5/13/51 (b)		150,000	101,935
U.S. Foods, Inc. 4.625% 6/1/30 (b)		8,000	6,988
			125,318
Food Products - 0.9%
Darling Ingredients, Inc. 6% 6/15/30 (b)		5,000	4,831
General Mills, Inc. 2.25% 10/14/31		290,000	232,529
Post Holdings, Inc. 4.5% 9/15/31 (b)		10,000	8,421
TreeHouse Foods, Inc. 4% 9/1/28		8,000	6,861
			252,642
TOTAL CONSUMER STAPLES			387,525

ENERGY - 1.1%
Energy Equipment & Services - 0.2%
Archrock Partners LP / Archrock Partners Finance Corp. 6.25% 4/1/28 (b)		12,000	11,391
CGG SA 8.75% 4/1/27 (b)		18,000	15,770
Oceaneering International, Inc. 6% 2/1/28		12,000	11,383
Transocean Titan Finance Ltd. 8.375% 2/1/28 (b)		2,000	2,041
Transocean, Inc. 8.75% 2/15/30 (b)		5,000	5,088
Weatherford International Ltd. 8.625% 4/30/30 (b)		8,000	7,989
			53,662
Multi Industry Energy - 0.0%
Enviva Partners LP / Enviva Partners Finance Corp. 6.5% 1/15/26 (b)		10,000	9,375

Oil, Gas & Consumable Fuels - 0.9%
California Resources Corp. 7.125% 2/1/26 (b)		26,000	26,196
CNX Resources Corp.:
6% 1/15/29(b)		4,000	3,627
7.375% 1/15/31(b)		5,000	4,764
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 6% 2/1/29 (b)		25,000	22,743
CVR Energy, Inc. 5.25% 2/15/25 (b)		38,000	36,480
EG Global Finance PLC 6.75% 2/7/25 (b)		15,000	13,538
Energean PLC 6.5% 4/30/27 (b)		10,000	9,200
Global Partners LP/GLP Finance Corp. 6.875% 1/15/29		6,000	5,550
Holly Energy Partners LP/Holly Energy Finance Corp. 5% 2/1/28 (b)		10,000	9,075
MEG Energy Corp. 5.875% 2/1/29 (b)		30,000	27,980
New Fortress Energy, Inc. 6.5% 9/30/26 (b)		56,000	51,240
Northern Oil & Gas, Inc. 8.125% 3/1/28 (b)		8,000	7,720
Parkland Corp. 4.625% 5/1/30 (b)		15,000	12,488
SM Energy Co. 6.5% 7/15/28		8,000	7,380
Sunoco LP/Sunoco Finance Corp. 4.5% 5/15/29		14,000	12,287
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 6% 3/1/27 (b)		5,000	4,642
Teine Energy Ltd. 6.875% 4/15/29 (b)		18,000	16,461
			271,371
TOTAL ENERGY			334,408

FINANCIALS - 11.8%
Banks - 7.0%
AIB Group PLC 2.875% 5/30/31 (Reg. S) (c)	EUR	100,000	95,752
Banco Bilbao Vizcaya Argentaria SA 1% 1/16/30 (Reg. S) (c)	EUR	100,000	96,699
Bank of America Corp.:
2.456% 10/22/25(c)		260,000	246,731
2.687% 4/22/32(c)		70,000	56,772
5.015% 7/22/33(c)		168,000	161,633
6.204% 11/10/28(c)		50,000	51,409
Citigroup, Inc.:
2.014% 1/25/26(c)		260,000	242,471
4.91% 5/24/33(c)		90,000	85,292
ING Groep NV 1.4% 7/1/26 (b)(c)		200,000	181,194
Intesa Sanpaolo SpA 4% 9/23/29 (b)		210,000	183,690
JPMorgan Chase & Co.:
0.768% 8/9/25(c)		260,000	241,432
2.963% 1/25/33(c)		70,000	57,676
4.586% 4/26/33(c)		142,000	132,341
4.912% 7/25/33(c)		28,000	26,810
KBC Group NV 0.5% 12/3/29 (c)	EUR	100,000	96,917
NatWest Group PLC 2.057% 11/9/28 (Reg. S) (c)	GBP	100,000	102,507
Santander Holdings U.S.A., Inc. 5.807% 9/9/26 (c)		35,000	34,994
			2,094,320
Capital Markets - 2.4%
Coinbase Global, Inc.:
3.375% 10/1/28(b)		8,000	5,240
3.625% 10/1/31(b)		5,000	3,015
Goldman Sachs Group, Inc.:
3.102% 2/24/33(c)		109,000	89,845
3.615% 3/15/28(c)		130,000	120,647
Hightower Holding LLC 6.75% 4/15/29 (b)		10,000	8,459
Morgan Stanley:
0.864% 10/21/25(c)		270,000	248,704
2.943% 1/21/33(c)		70,000	57,281
4.889% 7/20/33(c)		68,000	64,567
State Street Corp. 3.031% 11/1/34 (c)		130,000	111,131
StoneX Group, Inc. 8.625% 6/15/25 (b)		6,000	6,035
			714,924
Consumer Finance - 0.5%
Ally Financial, Inc. 2.2% 11/2/28		140,000	114,055
OneMain Finance Corp. 3.875% 9/15/28		46,000	36,570
			150,625
Diversified Financial Services - 0.0%
Altus Midstream LP 5.875% 6/15/30 (b)		5,000	4,621

Insurance - 1.8%
AIA Group Ltd. 3.375% 4/7/30 (b)		200,000	180,314
Equitable Financial Life Global Funding 1.3% 7/12/26 (b)		200,000	174,210
Marsh & McLennan Companies, Inc. 2.375% 12/15/31		210,000	168,387
			522,911
Mortgage Real Estate Investment Trusts - 0.0%
Rithm Capital Corp. 6.25% 10/15/25 (b)		8,000	7,299

Thrifts & Mortgage Finance - 0.1%
Radian Group, Inc. 6.625% 3/15/25		8,000	7,994

TOTAL FINANCIALS			3,502,694

HEALTH CARE - 3.2%
Biotechnology - 0.8%
Amgen, Inc. 3% 2/22/29		260,000	231,344
Emergent BioSolutions, Inc. 3.875% 8/15/28 (b)		10,000	6,050
			237,394
Health Care Providers & Services - 1.3%
Akumin Escrow, Inc. 7.5% 8/1/28 (b)		8,000	5,600
Cano Health, Inc. 6.25% 10/1/28 (b)		15,000	9,750
Cigna Group 3.4% 3/15/51		150,000	105,211
Community Health Systems, Inc.:
4.75% 2/15/31(b)		34,000	26,265
5.25% 5/15/30(b)		15,000	12,002
6.875% 4/15/29(b)		10,000	6,994
8% 3/15/26(b)		5,000	4,875
DaVita HealthCare Partners, Inc. 3.75% 2/15/31 (b)		16,000	12,082
Encompass Health Corp. 4.625% 4/1/31		10,000	8,551
HealthEquity, Inc. 4.5% 10/1/29 (b)		18,000	15,732
Horizon Pharma U.S.A., Inc. 5.5% 8/1/27 (b)		8,000	8,129
Humana, Inc. 3.7% 3/23/29		130,000	117,942
Pediatrix Medical Group, Inc. 5.375% 2/15/30 (b)		20,000	17,644
RegionalCare Hospital Partners Holdings, Inc. 5.375% 1/15/29 (b)		12,000	7,876
Tenet Healthcare Corp. 6.125% 10/1/28		45,000	41,625
			400,278
Health Care Technology - 0.0%
Athenahealth Group, Inc. 6.5% 2/15/30 (b)		10,000	7,909

Life Sciences Tools & Services - 0.0%
Charles River Laboratories International, Inc. 3.75% 3/15/29 (b)		3,000	2,605

Pharmaceuticals - 1.1%
AstraZeneca Finance LLC 1.75% 5/28/28		140,000	119,945
Bristol-Myers Squibb Co. 2.95% 3/15/32		70,000	60,431
Catalent Pharma Solutions 3.5% 4/1/30 (b)		18,000	15,634
HLF Financing SARL LLC / Herbalife International, Inc. 4.875% 6/1/29 (b)		2,000	1,550
Zoetis, Inc. 2% 5/15/30		140,000	114,734
			312,294
TOTAL HEALTH CARE			960,480

INDUSTRIALS - 2.5%
Aerospace & Defense - 0.2%
Bombardier, Inc. 6% 2/15/28 (b)		27,000	25,297
Howmet Aerospace, Inc. 3% 1/15/29		3,000	2,576
Triumph Group, Inc.:
8.875% 6/1/24(b)		10,000	10,403
9% 3/15/28(b)(e)		10,000	10,000
			48,276
Air Freight & Logistics - 0.0%
Rand Parent LLC 8.5% 2/15/30 (b)		10,000	9,601

Building Products - 0.4%
Carrier Global Corp. 2.493% 2/15/27		130,000	117,171
Cornerstone Building Brands, Inc. 6.125% 1/15/29 (b)		8,000	5,800
			122,971
Commercial Services & Supplies - 0.3%
APX Group, Inc. 5.75% 7/15/29 (b)		12,000	10,054
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (b)		14,000	11,714
Covanta Holding Corp. 4.875% 12/1/29 (b)		38,000	32,097
KAR Auction Services, Inc. 5.125% 6/1/25 (b)		2,000	1,949
Neptune BidCo U.S., Inc. 9.29% 4/15/29 (b)		5,000	4,727
Stericycle, Inc.:
3.875% 1/15/29(b)		24,000	20,574
5.375% 7/15/24(b)		16,000	15,765
			96,880
Construction & Engineering - 0.1%
AECOM 5.125% 3/15/27		12,000	11,476
Pike Corp. 5.5% 9/1/28 (b)		4,000	3,471
Railworks Holdings LP 8.25% 11/15/28 (b)		10,000	9,357
			24,304
Electrical Equipment - 0.1%
Atkore, Inc. 4.25% 6/1/31 (b)		8,000	6,964
Regal Rexnord Corp.:
6.05% 4/15/28(b)		2,000	1,956
6.3% 2/15/30(b)		2,000	1,957
Sensata Technologies BV 4% 4/15/29 (b)		8,000	7,056
			17,933
Industrial Conglomerates - 0.6%
Honeywell International, Inc. 1.75% 9/1/31		140,000	110,764
Trane Technologies Financing Ltd. 5.25% 3/3/33 (e)		50,000	49,633
			160,397
Machinery - 0.8%
Ingersoll-Rand Luxembourg Finance SA 3.8% 3/21/29		130,000	119,708
Otis Worldwide Corp. 2.565% 2/15/30		140,000	117,963
Vertical Holdco GmbH 7.625% 7/15/28 (b)		7,000	6,425
			244,096
Marine - 0.0%
Seaspan Corp. 5.5% 8/1/29 (b)		10,000	7,525

Professional Services - 0.0%
Dun & Bradstreet Corp. 5% 12/15/29 (b)		3,000	2,482

Road & Rail - 0.0%
Hertz Corp. 4.625% 12/1/26 (b)		12,000	10,686

Trading Companies & Distributors - 0.0%
Fortress Transportation & Infrastructure Investors LLC 5.5% 5/1/28 (b)		12,000	10,717

TOTAL INDUSTRIALS			755,868

INFORMATION TECHNOLOGY - 1.8%
Communications Equipment - 0.1%
CommScope, Inc. 4.75% 9/1/29 (b)		16,000	13,040
HTA Group Ltd. 7% 12/18/25 (b)		8,000	7,562
			20,602
Electronic Equipment & Components - 0.4%
Coherent Corp. 5% 12/15/29 (b)		10,000	8,761
Dell International LLC/EMC Corp. 6.2% 7/15/30		110,000	111,687
			120,448
IT Services - 0.2%
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 3.5% 3/1/29 (b)		28,000	23,458
Rackspace Hosting, Inc. 3.5% 2/15/28 (b)		4,000	2,435
Tempo Acquisition LLC 5.75% 6/1/25 (b)		6,000	5,940
Twilio, Inc. 3.625% 3/15/29		18,000	15,121
Virtusa Corp. 7.125% 12/15/28 (b)		12,000	9,966
			56,920
Semiconductors & Semiconductor Equipment - 0.9%
Broadcom, Inc. 2.6% 2/15/33 (b)		10,000	7,558
Entegris Escrow Corp. 5.95% 6/15/30 (b)		20,000	18,602
Entegris, Inc. 3.625% 5/1/29 (b)		28,000	23,218
Micron Technology, Inc. 2.703% 4/15/32		140,000	106,225
NXP BV/NXP Funding LLC/NXP U.S.A., Inc. 2.5% 5/11/31		140,000	109,851
onsemi 3.875% 9/1/28 (b)		2,000	1,758
			267,212
Software - 0.2%
Black Knight InfoServ LLC 3.625% 9/1/28 (b)		8,000	6,920
Elastic NV 4.125% 7/15/29 (b)		28,000	22,979
Gen Digital, Inc. 5% 4/15/25 (b)		14,000	13,599
MicroStrategy, Inc. 6.125% 6/15/28 (b)		4,000	3,320
NCR Corp. 6.125% 9/1/29 (b)		15,000	14,588
Open Text Corp. 3.875% 12/1/29 (b)		14,000	11,300
Open Text Holdings, Inc.:
4.125% 2/15/30(b)		5,000	4,114
4.125% 12/1/31(b)		1,000	796
			77,616
TOTAL INFORMATION TECHNOLOGY			542,798

MATERIALS - 1.5%
Chemicals - 0.8%
International Flavors & Fragrances, Inc. 2.3% 11/1/30 (b)		150,000	115,816
Methanex Corp.:
5.125% 10/15/27		10,000	9,399
5.65% 12/1/44		30,000	24,450
NOVA Chemicals Corp.:
4.875% 6/1/24(b)		10,000	9,801
5.25% 6/1/27(b)		10,000	9,000
Nufarm Australia Ltd. 5% 1/27/30 (b)		10,000	8,730
Olympus Water U.S. Holding Corp. 6.25% 10/1/29 (b)		18,000	14,590
The Chemours Co. LLC 4.625% 11/15/29 (b)		43,000	34,898
			226,684
Construction Materials - 0.1%
Eco Material Technologies, Inc. 7.875% 1/31/27 (b)		2,000	1,909
VM Consolidated, Inc. 5.5% 4/15/29 (b)		28,000	24,796
			26,705
Containers & Packaging - 0.2%
Berry Global, Inc. 5.625% 7/15/27 (b)		30,000	28,875
Clydesdale Acquisition Holdings, Inc. 6.625% 4/15/29 (b)		10,000	9,541
Crown Americas LLC/Crown Americas Capital Corp. IV 4.75% 2/1/26		10,000	9,550
			47,966
Metals & Mining - 0.4%
ATI, Inc. 4.875% 10/1/29		12,000	10,744
Coeur d'Alene Mines Corp. 5.125% 2/15/29 (b)		6,000	4,541
Eldorado Gold Corp. 6.25% 9/1/29 (b)		10,000	8,793
ERO Copper Corp. 6.5% 2/15/30 (b)		22,000	18,618
First Quantum Minerals Ltd. 6.875% 10/15/27 (b)		10,000	9,356
FMG Resources Pty Ltd. 6.125% 4/15/32 (b)		20,000	18,900
IAMGOLD Corp. 5.75% 10/15/28 (b)		6,000	4,485
Infrabuild Australia Pty Ltd. 12% 10/1/24 (b)		14,000	13,545
Mineral Resources Ltd. 8.5% 5/1/30 (b)		24,000	24,029
			113,011
Paper & Forest Products - 0.0%
Domtar Corp. 6.75% 10/1/28 (b)		8,000	7,200
Mercer International, Inc. 5.125% 2/1/29		10,000	8,200
			15,400
TOTAL MATERIALS			429,766

REAL ESTATE - 4.1%
Equity Real Estate Investment Trusts (REITs) - 3.4%
Alexandria Real Estate Equities, Inc. 2% 5/18/32		220,000	168,309
Boston Properties, Inc.:
2.45% 10/1/33		220,000	160,656
6.75% 12/1/27		19,000	19,720
Corporate Office Properties LP 2% 1/15/29		150,000	115,468
Hudson Pacific Properties LP 5.95% 2/15/28		122,000	113,413
MPT Operating Partnership LP/MPT Finance Corp.:
4.625% 8/1/29		10,000	7,475
5% 10/15/27		48,000	39,400
Prologis LP 2.875% 11/15/29		200,000	173,573
SBA Communications Corp. 3.125% 2/1/29		7,000	5,780
Uniti Group LP / Uniti Group Finance, Inc. 10.5% 2/15/28 (b)		5,000	5,001
Uniti Group, Inc. 6% 1/15/30 (b)		34,000	21,073
WP Carey, Inc. 2.45% 2/1/32		220,000	173,842
			1,003,710
Real Estate Management & Development - 0.7%
CBRE Group, Inc. 2.5% 4/1/31		140,000	113,768
Howard Hughes Corp. 4.375% 2/1/31 (b)		15,000	12,222
Realogy Group LLC/Realogy Co.-Issuer Corp. 5.25% 4/15/30 (b)		6,000	4,110
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.125% 8/1/30 (b)		14,000	12,355
Vonovia SE 0.625% 3/24/31 (Reg. S)	EUR	100,000	77,070
			219,525
TOTAL REAL ESTATE			1,223,235

UTILITIES - 5.9%
Electric Utilities - 2.4%
Duke Energy Carolinas LLC 3.95% 11/15/28		170,000	162,014
NextEra Energy Capital Holdings, Inc. 1.9% 6/15/28		130,000	109,900
Northern States Power Co. 2.25% 4/1/31		210,000	173,359
Oncor Electric Delivery Co. LLC 4.15% 6/1/32		130,000	122,154
PG&E Corp. 5% 7/1/28		10,000	9,131
Wisconsin Electric Power Co. 4.75% 9/30/32		160,000	156,375
			732,933
Independent Power and Renewable Electricity Producers - 1.2%
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (b)		24,000	21,182
Sunnova Energy Corp. 5.875% 9/1/26 (b)		20,000	17,428
TerraForm Power Operating LLC 4.75% 1/15/30 (b)		8,000	6,916
The AES Corp.:
1.375% 1/15/26		140,000	123,895
2.45% 1/15/31		228,000	181,108
			350,529
Multi-Utilities - 2.3%
Consolidated Edison Co. of New York, Inc. 3.35% 4/1/30		190,000	169,812
Dominion Energy, Inc. 2.25% 8/15/31		220,000	173,971
NiSource, Inc. 1.7% 2/15/31		230,000	175,318
Puget Energy, Inc. 4.224% 3/15/32		190,000	167,997
			687,098
TOTAL UTILITIES			1,770,560

TOTAL NONCONVERTIBLE BONDS			12,070,691
TOTAL CORPORATE BONDS (Cost $13,226,406)			12,114,544

U.S. Treasury Obligations - 32.6%
	Principal Amount (a)	Value ($)
U.S. Treasury Bills, yield at date of purchase 1.91% 4/20/23	1,950,000	1,937,558
U.S. Treasury Bonds:
2.25% 2/15/52	2,500,000	1,782,520
2.875% 5/15/52	250,000	204,717
3.25% 5/15/42	200,000	176,773
3.375% 8/15/42	700,000	630,219
4% 11/15/42	100,000	98,578
5% 5/15/37	10,000	11,180
U.S. Treasury Notes:
2.5% 4/30/24	500,000	485,059
2.5% 5/31/24	500,000	484,180
2.5% 3/31/27	200,000	186,531
2.625% 7/31/29	200,000	183,391
3.5% 1/31/28	300,000	290,883
3.5% 1/31/30	430,000	415,286
3.5% 2/15/33	710,000	686,592
3.875% 11/30/27	100,000	98,574
3.875% 12/31/27	450,000	443,257
3.875% 2/28/30	400,000	398,500
4% 10/31/29	25,000	24,853
4.125% 10/31/27	600,000	597,000
4.125% 11/15/32	600,000	609,563
TOTAL U.S. TREASURY OBLIGATIONS (Cost $10,396,621)		9,745,214

U.S. Government Agency - Mortgage Securities - 20.5%
	Principal Amount (a)	Value ($)
Fannie Mae - 2.4%
2% 10/1/35	46,988	41,898
2.5% 7/1/51 to 1/1/52	249,516	212,242
3% 10/1/51 to 5/1/52	296,148	261,065
4% 4/1/52 to 9/1/52	98,919	93,548
4.5% 7/1/52	48,587	47,453
5% 11/1/52	49,279	49,096
TOTAL FANNIE MAE		705,302
Freddie Mac - 3.3%
2% 11/1/51	349,966	285,438
2.5% 12/1/51 to 8/1/52	196,325	166,389
3.5% 6/1/52	199,999	182,224
4% 10/1/52	49,624	47,171
4.5% 11/1/52	148,723	143,252
5% 12/1/52 to 3/1/53	149,402	147,457
TOTAL FREDDIE MAC		971,931
Ginnie Mae - 3.3%
2% 1/20/51 to 2/20/51	73,787	62,209
2% 3/1/53 (e)	50,000	41,909
2% 3/1/53 (e)	100,000	83,817
2% 3/1/53 (e)	50,000	41,909
2% 3/1/53 (e)	75,000	62,863
2% 4/1/53 (e)	100,000	83,907
2% 4/1/53 (e)	50,000	41,954
2.5% 3/1/53 (e)	150,000	129,715
2.5% 3/1/53 (e)	75,000	64,857
2.5% 3/1/53 (e)	75,000	64,857
3% 3/1/53 (e)	50,000	44,603
3% 3/1/53 (e)	50,000	44,603
3% 3/1/53 (e)	50,000	44,603
3.5% 3/1/53 (e)	50,000	45,960
3.5% 3/1/53 (e)	25,000	22,980
3.5% 3/1/53 (e)	25,000	22,980
4% 3/1/53 (e)	100,000	94,491
TOTAL GINNIE MAE		998,217
Uniform Mortgage Backed Securities - 11.5%
1.5% 3/1/53 (e)	100,000	77,214
1.5% 3/1/53 (e)	25,000	19,304
2% 3/1/38 (e)	100,000	88,752
2% 3/1/38 (e)	100,000	88,752
2% 3/1/38 (e)	150,000	133,128
2% 4/1/38 (e)	250,000	222,153
2% 4/1/38 (e)	100,000	88,861
2% 3/1/53 (e)	100,000	81,425
2% 3/1/53 (e)	400,000	325,702
2% 3/1/53 (e)	200,000	162,851
2% 3/1/53 (e)	50,000	40,713
2% 3/1/53 (e)	350,000	284,989
2% 4/1/53 (e)	400,000	326,092
2% 4/1/53 (e)	200,000	163,046
2% 4/1/53 (e)	50,000	40,762
2.5% 3/1/53 (e)	200,000	169,438
2.5% 3/1/53 (e)	150,000	127,078
2.5% 3/1/53 (e)	50,000	42,359
2.5% 4/1/53 (e)	50,000	42,402
3% 3/1/38 (e)	150,000	139,992
3% 3/1/53 (e)	100,000	87,957
3% 3/1/53 (e)	100,000	87,957
3% 3/1/53 (e)	100,000	87,957
3% 3/1/53 (e)	50,000	43,979
3% 4/1/53 (e)	200,000	176,070
3% 4/1/53 (e)	50,000	44,018
4% 3/1/53 (e)	150,000	140,695
4.5% 3/1/53 (e)	25,000	24,069
4.5% 3/1/53 (e)	75,000	72,208
TOTAL UNIFORM MORTGAGE BACKED SECURITIES		3,429,923
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $6,236,778)		6,105,373

Asset-Backed Securities - 6.7%
	Principal Amount (a)	Value ($)
Allegro CLO XV, Ltd. / Allegro CLO VX LLC Series 2022-1A Class A, CME TERM SOFR 3 MONTH INDEX + 1.500% 6.139% 7/20/35 (b)(c)(d)	250,000	247,167
Ares LIX CLO Ltd. Series 2021-59A Class A, 3 month U.S. LIBOR + 1.030% 5.8477% 4/25/34 (b)(c)(d)	250,000	244,859
CEDF Series 2021-6A Class ARR, 3 month U.S. LIBOR + 1.050% 5.8577% 4/20/34 (b)(c)(d)	200,000	194,370
Dryden CLO, Ltd. Series 2021-76A Class A1R, 3 month U.S. LIBOR + 1.150% 5.9577% 10/20/34 (b)(c)(d)	320,000	314,519
Eaton Vance CLO, Ltd. Series 2021-1A Class AR, 3 month U.S. LIBOR + 1.100% 5.8924% 4/15/31 (b)(c)(d)	250,000	247,717
Planet Fitness Master Issuer LLC Series 2022-1A Class A2I, 3.251% 12/5/51 (b)	99,250	87,793
Symphony CLO XXVI Ltd. / Symphony CLO XXVI LLC Series 2021-26A Class AR, 3 month U.S. LIBOR + 1.080% 5.8877% 4/20/33 (b)(c)(d)	570,000	559,294
Verizon Master Trust Series 2021-2 Class A, 0.99% 4/20/28	109,000	101,874
TOTAL ASSET-BACKED SECURITIES (Cost $2,020,722)		1,997,593

Commercial Mortgage Securities - 1.2%
	Principal Amount (a)	Value ($)
BXHPP Trust floater Series 2021-FILM Class A, 1 month U.S. LIBOR + 0.650% 5.238% 8/15/36 (b)(c)(d)	250,000	236,721
SLG Office Trust sequential payer Series 2021-OVA Class A, 2.5854% 7/15/41 (b)	150,000	121,154
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $381,124)		357,875

Foreign Government and Government Agency Obligations - 0.5%
		Principal Amount (a)	Value ($)
German Federal Republic 0% 8/15/31	EUR	46,000	39,221
United Kingdom, Great Britain and Northern Ireland:
1% 4/22/24(Reg. S)	GBP	3,000	3,486
1.75% 9/7/37 (Reg. S)	GBP	23,000	20,707
2.25% 9/7/23	GBP	25,000	29,797
4.25% 6/7/32 (f)	GBP	39,000	48,895
4.5% 9/7/34	GBP	16,000	20,366
TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $154,286)			162,472

Common Stocks - 0.1%
	Shares	Value ($)
COMMUNICATION SERVICES - 0.0%
Media - 0.0%
Charter Communications, Inc. Class A (g)	8	2,941
CONSUMER DISCRETIONARY - 0.0%
Auto Components - 0.0%
Aptiv PLC (g)	25	2,907
ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
Denbury, Inc. (g)	38	3,168
EQT Corp.	61	2,024
New Fortress Energy, Inc.	114	3,761
		8,953
HEALTH CARE - 0.0%
Health Care Providers & Services - 0.0%
Cano Health, Inc. (g)	400	660
INDUSTRIALS - 0.0%
Electrical Equipment - 0.0%
Regal Rexnord Corp.	20	3,153
INFORMATION TECHNOLOGY - 0.0%
Electronic Equipment & Components - 0.0%
Coherent Corp. (g)	65	2,803
TOTAL COMMON STOCKS (Cost $21,225)		21,417

Bank Loan Obligations - 0.0%
	Principal Amount (a)	Value ($)
INDUSTRIALS - 0.0%
Commercial Services & Supplies - 0.0%
Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 9.0646% 6/21/24 (c)(d)(h)	5,953	5,615
Neptune BidCo U.S., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 9.735% 4/11/29 (c)(d)(h)	5,000	4,588
TOTAL BANK LOAN OBLIGATIONS (Cost $10,188)		10,203

Preferred Securities - 1.0%
		Principal Amount (a)	Value ($)
COMMUNICATION SERVICES - 0.3%
Diversified Telecommunication Services - 0.3%
Telefonica Europe BV 2.502% (Reg. S) (c)(i)	EUR	100,000	92,767
CONSUMER STAPLES - 0.3%
Food Products - 0.3%
Danone SA 1% (Reg. S) (c)(i)	EUR	100,000	90,441
FINANCIALS - 0.0%
Consumer Finance - 0.0%
Ally Financial, Inc. 4.7% (c)(i)		20,000	15,710
UTILITIES - 0.4%
Electric Utilities - 0.4%
TenneT Holding BV 2.995% (Reg. S) (c)(i)	EUR	100,000	105,892
TOTAL PREFERRED SECURITIES (Cost $335,232)			304,810

Money Market Funds - 11.3%
	Shares	Value ($)
Fidelity Cash Central Fund 4.63% (j) (Cost $3,360,370)	3,359,698	3,360,370

TOTAL INVESTMENT IN SECURITIES - 114.5% (Cost $36,142,952)	34,179,871
NET OTHER ASSETS (LIABILITIES) - (14.5)%	(4,338,369)
NET ASSETS - 100.0%	29,841,502

TBA Sale Commitments
	Principal Amount (a)	Value ($)
Ginnie Mae
2% 3/1/53	(50,000)	(41,909)
2% 3/1/53	(100,000)	(83,817)
2% 3/1/53	(50,000)	(41,909)

TOTAL GINNIE MAE		(167,635)

Uniform Mortgage Backed Securities
2% 3/1/38	(250,000)	(221,880)
2% 3/1/38	(100,000)	(88,752)
2% 3/1/53	(400,000)	(325,699)
2% 3/1/53	(200,000)	(162,851)
2% 3/1/53	(50,000)	(40,713)
2% 3/1/53	(50,000)	(40,713)
2% 3/1/53	(50,000)	(40,713)
2% 3/1/53	(50,000)	(40,713)
2% 3/1/53	(50,000)	(40,713)
2.5% 3/1/53	(50,000)	(42,359)
2.5% 3/1/53	(50,000)	(42,359)
2.5% 3/1/53	(50,000)	(42,359)
2.5% 3/1/53	(50,000)	(42,359)
3% 3/1/53	(200,000)	(175,914)
3% 3/1/53	(50,000)	(43,979)

TOTAL UNIFORM MORTGAGE BACKED SECURITIES		(1,392,076)

TOTAL TBA SALE COMMITMENTS (Proceeds $1,568,975)		(1,559,711)

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount ($)	Value ($)	Unrealized Appreciation/ (Depreciation) ($)
Purchased

Treasury Contracts
CBOT 2-Year U.S. Treasury Note Contracts (United States)	1	Jun 2023	203,727	(463)	(463)
CBOT 5-Year U.S. Treasury Note Contracts (United States)	1	Jun 2023	107,055	(135)	(135)
CBOT Ultra 10-Year U.S. Treasury Note Contracts (United States)	2	Jun 2023	234,375	652	652

TOTAL PURCHASED					54

Sold

Bond Index Contracts
ICE Long Gilt Contracts (United Kingdom)	1	Jun 2023	120,237	778	778

TOTAL FUTURES CONTRACTS					832
The notional amount of futures purchased as a percentage of Net Assets is 1.9%
The notional amount of futures sold as a percentage of Net Assets is 0.4%

For the period, the average monthly notional amount at value for futures contracts in the aggregate was $669,872.

Forward Foreign Currency Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation) ($)

EUR	2,000	USD	2,136	Brown Brothers Harriman & Co	4/20/23	(15)
EUR	7,000	USD	7,451	JPMorgan Chase Bank, N.A.	4/20/23	(25)
GBP	3,000	USD	3,638	JPMorgan Chase Bank, N.A.	4/20/23	(26)
GBP	2,000	USD	2,434	JPMorgan Chase Bank, N.A.	4/20/23	(26)
GBP	2,000	USD	2,421	JPMorgan Chase Bank, N.A.	4/20/23	(13)
USD	708,183	EUR	654,000	BNP Paribas S.A.	4/20/23	14,396
USD	2,179	EUR	2,000	BNP Paribas S.A.	4/20/23	58
USD	2,144	EUR	2,000	Bank of America, N.A.	4/20/23	23
USD	2,178	EUR	2,000	Brown Brothers Harriman & Co	4/20/23	57
USD	2,182	EUR	2,000	Brown Brothers Harriman & Co	4/20/23	60
USD	9,821	EUR	9,000	JPMorgan Chase Bank, N.A.	4/20/23	273
USD	2,199	EUR	2,000	JPMorgan Chase Bank, N.A.	4/20/23	77
USD	329,951	GBP	270,000	Bank of America, N.A.	4/20/23	4,880
USD	2,467	GBP	2,000	Brown Brothers Harriman & Co	4/20/23	59
USD	7,344	GBP	6,000	HSBC Bank	4/20/23	120
USD	2,455	GBP	2,000	JPMorgan Chase Bank, N.A.	4/20/23	47
USD	2,436	GBP	2,000	State Street Bank and Trust Co	4/20/23	28

TOTAL FORWARD FOREIGN CURRENCY CONTRACTS						19,973

Unrealized Appreciation						20,078
Unrealized Depreciation						(105)

Currency Abbreviations

EUR	-	European Monetary Unit
GBP	-	British pound sterling
USD	-	U.S. dollar

Legend

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

(b)

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

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

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

(f)	Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $25,077.

(g)	Non-income producing

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

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

(j)

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 4.63%	3,745,873	5,275,785	5,661,288	83,714	-	-	3,360,370	0.0%
Total	3,745,873	5,275,785	5,661,288	83,714	-	-	3,360,370

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

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	2,941	2,941	-	-
Consumer Discretionary	2,907	2,907	-	-
Energy	8,953	8,953	-	-
Health Care	660	660	-	-
Industrials	3,153	3,153	-	-
Information Technology	2,803	2,803	-	-

Corporate Bonds	12,114,544	-	12,114,544	-

U.S. Government and Government Agency Obligations	9,745,214	-	9,745,214	-

U.S. Government Agency - Mortgage Securities	6,105,373	-	6,105,373	-

Asset-Backed Securities	1,997,593	-	1,997,593	-

Commercial Mortgage Securities	357,875	-	357,875	-

Foreign Government and Government Agency Obligations	162,472	-	162,472	-

Bank Loan Obligations	10,203	-	10,203	-

Preferred Securities	304,810	-	304,810	-

Money Market Funds	3,360,370	3,360,370	-	-
Total Investments in Securities:	34,179,871	3,381,787	30,798,084	-
Derivative Instruments:

Assets
Futures Contracts	1,430	1,430	-	-
Forward Foreign Currency Contracts	20,078	20,078	-	-
Total Assets	21,508	21,508	-	-

Liabilities
Futures Contracts	(598)	(598)	-	-
Forward Foreign Currency Contracts	(105)	(105)	-	-
Total Liabilities	(703)	(703)	-	-
Total Derivative Instruments:	20,805	20,805	-	-
Other Financial Instruments:

TBA Sale Commitments	(1,559,711)	-	(1,559,711)	-
Total Other Financial Instruments:	(1,559,711)	-	(1,559,711)	-

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
	Asset ($)	Liability ($)
Foreign Exchange Risk
Forward Foreign Currency Contracts (a)	20,078	(105)
Total Foreign Exchange Risk	20,078	(105)
Interest Rate Risk
Futures Contracts (b)	1,430	(598)
Total Interest Rate Risk	1,430	(598)
Total Value of Derivatives	21,508	(703)

(a)Gross value is presented in the Statement of Assets and Liabilities in the unrealized appreciation/depreciation on forward foreign currency contracts line-items.

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

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				February 28, 2023 (Unaudited)

Assets
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $32,782,582)	$	30,819,501
Fidelity Central Funds (cost $3,360,370)		3,360,370


Total Investment in Securities (cost $36,142,952)			$	34,179,871
Cash				26,957
Foreign currency held at value (cost $14,934)				14,795
Receivable for investments sold				696,778
Receivable for TBA sale commitments				1,568,975
Unrealized appreciation on forward foreign currency contracts				20,078
Receivable for fund shares sold				1,849
Dividends receivable				10
Interest receivable				197,905
Distributions receivable from Fidelity Central Funds				13,738
Receivable for daily variation margin on futures contracts				818
Receivable from investment adviser for expense reductions				148
Total assets				36,721,922
Liabilities
Payable for investments purchased
Regular delivery	$	776,685
Delayed delivery		4,525,328
TBA sale commitments, at value		1,559,711
Unrealized depreciation on forward foreign currency contracts		105
Payable for fund shares redeemed		9
Distributions payable		5,340
Accrued management fee		8,654
Distribution and service plan fees payable		1,254
Other affiliated payables		2,193
Other payables and accrued expenses		1,141
Total Liabilities				6,880,420
Net Assets			$	29,841,502
Net Assets consist of:
Paid in capital			$	32,115,388
Total accumulated earnings (loss)				(2,273,886)
Net Assets			$	29,841,502

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($1,214,472 ÷ 132,390 shares) (a)			$	9.17
Maximum offering price per share (100/96.00 of $9.17)			$	9.55
Class M :
Net Asset Value and redemption price per share ($1,003,933 ÷ 109,440 shares) (a)			$	9.17
Maximum offering price per share (100/96.00 of $9.17)			$	9.55
Class C :
Net Asset Value and offering price per share ($936,410 ÷ 102,090 shares) (a)			$	9.17
Fidelity Sustainable Core Plus Bond Fund :
Net Asset Value , offering price and redemption price per share ($23,140,944 ÷ 2,522,570 shares)			$	9.17
Class I :
Net Asset Value , offering price and redemption price per share ($946,240 ÷ 103,148 shares)			$	9.17
Class Z :
Net Asset Value , offering price and redemption price per share ($2,599,503 ÷ 283,365 shares)			$	9.17
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Statement of Operations
				Six months ended February 28, 2023 (Unaudited)
Investment Income
Dividends			$	8,698
Interest				486,419
Income from Fidelity Central Funds				83,714
Total Income				578,831
Expenses
Management fee	$	48,940
Transfer agent fees		12,704
Distribution and service plan fees		7,408
Independent trustees' fees and expenses		52
Total expenses before reductions		69,104
Expense reductions		(1,077)
Total expenses after reductions				68,027
Net Investment income (loss)				510,804
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(287,115)
Forward foreign currency contracts		(18,434)
Foreign currency transactions		164
Futures contracts		(25,678)
Total net realized gain (loss)				(331,063)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(581,867)
Forward foreign currency contracts		(12,154)
Assets and liabilities in foreign currencies		1,766
Futures contracts		4,997
TBA Sale commitments		1,304
Total change in net unrealized appreciation (depreciation)				(585,954)
Net gain (loss)				(917,017)
Net increase (decrease) in net assets resulting from operations			$	(406,213)

Statement of Changes in Net Assets

		Six months ended February 28, 2023 (Unaudited)		For the period April 13, 2022 (commencement of operations) through August 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	510,804	$	266,038
Net realized gain (loss)		(331,063)		(4,851)
Change in net unrealized appreciation (depreciation)		(585,954)		(1,347,011)
Net increase (decrease) in net assets resulting from operations		(406,213)		(1,085,824)
Distributions to shareholders		(564,836)		(216,947)
Share transactions - net increase (decrease)		3,667,388		28,447,934
Total increase (decrease) in net assets		2,696,339		27,145,163

Net Assets
Beginning of period		27,145,163		-
End of period	$	29,841,502	$	27,145,163

Financial Highlights

Fidelity Advisor® Sustainable Core Plus Bond Fund Class A

		Six months ended (Unaudited) February 28, 2023		Years ended August 31, 2022 A
Selected Per-Share Data
Net asset value, beginning of period	$	9.51	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.160		.094
Net realized and unrealized gain (loss)		(.323)		(.508)
Total from investment operations		(.163)		(.414)
Distributions from net investment income		(.177)		(.076)
Total distributions		(.177)		(.076)
Net asset value, end of period	$	9.17	$	9.51
Total Return D,E,F		(1.70)%		(4.15)%
Ratios to Average Net Assets C,G,H
Expenses before reductions		.68% I		.65% I
Expenses net of fee waivers, if any		.68% I		.65% I
Expenses net of all reductions		.68% I		.65% I
Net investment income (loss)		3.50% I		2.54% I
Supplemental Data
Net assets, end of period (000 omitted)	$	1,214	$	1,226
Portfolio turnover rate J		334% I		118% K

A For the period April 13, 2022 (commencement of operations) through August 31, 2022

B Calculated based on average shares outstanding during the period.

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.

I Annualized.

J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

K Amount not annualized.

Fidelity Advisor® Sustainable Core Plus Bond Fund Class M

		Six months ended (Unaudited) February 28, 2023		Years ended August 31, 2022 A
Selected Per-Share Data
Net asset value, beginning of period	$	9.51	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.161		.095
Net realized and unrealized gain (loss)		(.323)		(.509)
Total from investment operations		(.162)		(.414)
Distributions from net investment income		(.178)		(.076)
Total distributions		(.178)		(.076)
Net asset value, end of period	$	9.17	$	9.51
Total Return D,E,F		(1.69)%		(4.15)%
Ratios to Average Net Assets C,G,H
Expenses before reductions		.66% I		.65% I
Expenses net of fee waivers, if any		.66% I		.65% I
Expenses net of all reductions		.66% I		.65% I
Net investment income (loss)		3.52% I		2.54% I
Supplemental Data
Net assets, end of period (000 omitted)	$	1,004	$	1,020
Portfolio turnover rate J		334% I		118% K

A For the period April 13, 2022 (commencement of operations) through August 31, 2022

B Calculated based on average shares outstanding during the period.

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.

I Annualized.

J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

K Amount not annualized.

Fidelity Advisor® Sustainable Core Plus Bond Fund Class C

		Six months ended (Unaudited) February 28, 2023		Years ended August 31, 2022 A
Selected Per-Share Data
Net asset value, beginning of period	$	9.51	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.126		.067
Net realized and unrealized gain (loss)		(.323)		(.508)
Total from investment operations		(.197)		(.441)
Distributions from net investment income		(.143)		(.049)
Total distributions		(.143)		(.049)
Net asset value, end of period	$	9.17	$	9.51
Total Return D,E,F		(2.06)%		(4.41)%
Ratios to Average Net Assets C,G,H
Expenses before reductions		1.41% I		1.39% I
Expenses net of fee waivers, if any		1.41% I		1.39% I
Expenses net of all reductions		1.41% I		1.39% I
Net investment income (loss)		2.77% I		1.79% I
Supplemental Data
Net assets, end of period (000 omitted)	$	936	$	955
Portfolio turnover rate J		334% I		118% K

A For the period April 13, 2022 (commencement of operations) through August 31, 2022

B Calculated based on average shares outstanding during the period.

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.

I Annualized.

J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

K Amount not annualized.

Fidelity Sustainable Core Plus Bond Fund

		Six months ended (Unaudited) February 28, 2023		Years ended August 31, 2022 A
Selected Per-Share Data
Net asset value, beginning of period	$	9.51	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.170		.102
Net realized and unrealized gain (loss)		(.323)		(.509)
Total from investment operations		(.153)		(.407)
Distributions from net investment income		(.187)		(.083)
Total distributions		(.187)		(.083)
Net asset value, end of period	$	9.17	$	9.51
Total Return D,E		(1.59)%		(4.08)%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.45% H		.45% H
Expenses net of fee waivers, if any		.45% H		.45% H
Expenses net of all reductions		.45% H		.44% H
Net investment income (loss)		3.73% H		2.74% H
Supplemental Data
Net assets, end of period (000 omitted)	$	23,141	$	21,580
Portfolio turnover rate I		334% H		118% J

A For the period April 13, 2022 (commencement of operations) through August 31, 2022

C Calculated based on average shares outstanding during the period.

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.

H Annualized.

I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

J Amount not annualized.

Fidelity Advisor® Sustainable Core Plus Bond Fund Class I

		Six months ended (Unaudited) February 28, 2023		Years ended August 31, 2022 A
Selected Per-Share Data
Net asset value, beginning of period	$	9.51	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.172		.104
Net realized and unrealized gain (loss)		(.323)		(.509)
Total from investment operations		(.151)		(.405)
Distributions from net investment income		(.189)		(.085)
Total distributions		(.189)		(.085)
Net asset value, end of period	$	9.17	$	9.51
Total Return D,E		(1.57)%		(4.06)%
Ratios to Average Net Assets C,F,G
Expenses before reductions		.41% H		.40% H
Expenses net of fee waivers, if any		.41% H		.40% H
Expenses net of all reductions		.41% H		.40% H
Net investment income (loss)		3.77% H		2.79% H
Supplemental Data
Net assets, end of period (000 omitted)	$	946	$	959
Portfolio turnover rate I		334% H		118% J

A For the period April 13, 2022 (commencement of operations) through August 31, 2022

B Calculated based on average shares outstanding during the period.

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.

H Annualized.

I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

J Amount not annualized.

Fidelity Advisor® Sustainable Core Plus Bond Fund Class Z

		Six months ended (Unaudited) February 28, 2023		Years ended August 31, 2022 A
Selected Per-Share Data
Net asset value, beginning of period	$	9.51	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.174		.105
Net realized and unrealized gain (loss)		(.322)		(.509)
Total from investment operations		(.148)		(.404)
Distributions from net investment income		(.192)		(.086)
Total distributions		(.192)		(.086)
Net asset value, end of period	$	9.17	$	9.51
Total Return D,E		(1.54)%		(4.05)%
Ratios to Average Net Assets C,F,G
Expenses before reductions		.40% H		.40% H
Expenses net of fee waivers, if any		.36% H		.36% H
Expenses net of all reductions		.36% H		.36% H
Net investment income (loss)		3.82% H		2.82% H
Supplemental Data
Net assets, end of period (000 omitted)	$	2,600	$	1,404
Portfolio turnover rate I		334% H		118% J

A For the period April 13, 2022 (commencement of operations) through August 31, 2022

B Calculated based on average shares outstanding during the period.

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.

H Annualized.

I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

J Amount not annualized.

Notes to Financial Statements (Unaudited)

For the period ended February 28, 2023

1. Organization.

Fidelity Sustainable Core Plus Bond 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, Fidelity Sustainable Core Plus Bond Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. 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.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio A
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.

3. Significant Accounting Policies.

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, bank loan obligations, foreign government and government agency obligations, preferred securities 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, commercial mortgage securities and U.S. government agency 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. For foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. 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, 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.

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.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, market discount, 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	$85,541
Gross unrealized depreciation	(1,907,638)
Net unrealized appreciation (depreciation)	$(1,822,097)
Tax cost	$36,032,037

Short-term	$(75,548)
Long-term	(1,343)
Total capital loss carryforward	$(76,891)

To-Be-Announced (TBA) Securities and Mortgage Dollar Rolls. TBA securities involve buying or selling mortgage-backed securities (MBS) on a forward commitment basis. A TBA transaction typically does not designate the actual security to be delivered and only includes an approximate principal amount; however delivered securities must meet specified terms defined by industry guidelines, including issuer, rate and current principal amount outstanding on underlying mortgage pools. Funds may enter into a TBA transaction with the intent to take possession of or deliver the underlying MBS, or a fund may elect to extend the settlement by entering into either a mortgage or reverse mortgage dollar roll. Mortgage dollar rolls are transactions where a fund sells TBA securities and simultaneously agrees to repurchase MBS on a later date at a lower price and with the same counterparty. Reverse mortgage dollar rolls involve the purchase and simultaneous agreement to sell TBA securities on a later date at a lower price. Transactions in mortgage dollar rolls and reverse mortgage dollar rolls are accounted for as purchases and sales and may result in an increase to a fund's portfolio turnover rate.

Purchases and sales of TBA securities involve risks similar to those discussed above for delayed delivery and when-issued securities. Also, if the counterparty in a mortgage dollar roll or a reverse mortgage dollar roll transaction files for bankruptcy or becomes insolvent, a fund's right to repurchase or sell securities may be limited. Additionally, when a fund sells TBA securities without already owning or having the right to obtain the deliverable securities (an uncovered forward commitment to sell), it incurs a risk of loss because it could have to purchase the securities at a price that is higher than the price at which it sold them. A fund may be unable to purchase the deliverable securities if the corresponding market is illiquid.

TBA securities subject to a forward commitment to sell at period end are included at the end of the Schedule of Investments under the caption "TBA Sale Commitments." The proceeds and value of these commitments are reflected in the Statement of Assets and Liabilities as "Receivable for TBA sale commitments" and "TBA sale commitments, at value," respectively.

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

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

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


Foreign Exchange Risk	Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in currency exchange rates.
Interest Rate Risk	Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.

Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives. The table below, which reflects the impacts of derivatives on the financial performance, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Statement of Operations.

Primary Risk Exposure / Derivative Type	Net Realized Gain (Loss)	Change in Net Unrealized Appreciation (Depreciation)
Fidelity Sustainable Core Plus Bond Fund
Foreign Exchange Risk
Forward Foreign Currency Contracts	$(18,434)	$(12,154)
Total Foreign Exchange Risk	(18,434)	(12,154)
Interest Rate Risk
Futures Contracts	$(25,678)	$4,997
Total Interest Rate Risk	(25,678)	4,997
Totals	$(44,112)	$(7,157)

If there are any open positions at period end, a summary of the value of derivatives by primary risk exposure is included at the end of the Schedule of Investments.

5. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Sustainable Core Plus Bond Fund	31,130,833	30,793,734

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .35% of the Fund's average net assets. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain other expenses such as proxy and shareholder meeting expenses.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$1,498	$1,180
Class M	-%	.25%	1,247	1,172
Class C	.75%	.25%	4,663	4,663
			$7,408	$7,015

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

	Retained by FDC
Class A	$28

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

	Amount	% of Class-Level Average Net Assets A
Class A	$438	.07
Class M	269	.05
Class C	243	.05
Fidelity Sustainable Core Plus Bond Fund	10,939	.10
Class I	280	.06
Class Z	535	.05
	$12,704

A Annualized

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Sustainable Core Plus Bond Fund	2,577	-	-

7. 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 December 31, 2023. 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 I	.45%	$-
Class Z	.36%	466
		$466

Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $449. During the period, transfer agent credits reduced each class' expenses as noted in the table below.

	Expense reduction
Class M	$4
Fidelity Sustainable Core Plus Bond Fund	151
Class Z	7
	$162

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended February 28, 2023	Year ended August 31, 2022 A
Fidelity Sustainable Core Plus Bond Fund
Distributions to shareholders
Class A	$22,962	$8,626
Class M	19,254	7,990
Class C	14,505	4,929
Fidelity Sustainable Core Plus Bond Fund	442,742	176,769
Class I	19,274	8,539
Class Z	46,099	10,094
Total	$564,836	$216,947

A Distributions for Class A, Class M, Class C, Fidelity Sustainable Core Plus Bond Fund, Class I, Class Z are for the period April 13, 2022

(commencement of sale of shares) through August 31, 2022.

9. 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 February 28, 2023	Year ended August 31, 2022 A	Six months ended February 28, 2023	Year ended August 31, 2022 A
Fidelity Sustainable Core Plus Bond Fund
Class A
Shares sold	4,737	128,095	$43,334	$1,274,103
Reinvestment of distributions	2,499	894	22,948	8,626
Shares redeemed	(3,835)	-	(34,397)	-
Net increase (decrease)	3,401	128,989	$31,885	$1,282,729
Class M
Shares sold	-	106,515	$ -	$1,063,912
Reinvestment of distributions	2,097	828	19,254	7,990
Net increase (decrease)	2,097	107,343	$19,254	$1,071,902
Class C
Shares sold	-	100,000	$ -	$1,000,000
Reinvestment of distributions	1,579	511	14,505	4,929
Net increase (decrease)	1,579	100,511	$14,505	$1,004,929
Fidelity Sustainable Core Plus Bond Fund
Shares sold	256,604	2,282,092	$2,375,742	$22,734,686
Reinvestment of distributions	46,746	18,248	429,201	176,180
Shares redeemed	(50,764)	(30,356)	(470,821)	(289,711)
Net increase (decrease)	252,586	2,269,984	$2,334,122	$22,621,155
Class I
Shares sold	165	100,000	$1,500	$1,000,000
Reinvestment of distributions	2,099	884	19,274	8,539
Net increase (decrease)	2,264	100,884	$20,774	$1,008,539
Class Z
Shares sold	166,128	146,829	$1,519,300	$1,450,000
Reinvestment of distributions	3,311	899	30,453	8,680
Shares redeemed	(33,802)	-	(302,905)	-
Net increase (decrease)	135,637	147,728	$1,246,848	$1,458,680

A For the period April 13, 2022 (commencement of operations)through August 31, 2022.

10. Other.

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:

Fund	Affiliated %
Fidelity Sustainable Core Plus Bond Fund	79%

11. Risk and Uncertainties.

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2022 to February 28, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value September 1, 2022	Ending Account Value February 28, 2023	Expenses Paid During Period- C September 1, 2022 to February 28, 2023
Fidelity® Sustainable Core Plus Bond Fund
Class A	.68%
Actual		$ 1,000	$ 983.00	$ 3.34
Hypothetical- B		$ 1,000	$ 1,021.42	$ 3.41
Class M	.66%
Actual		$ 1,000	$ 983.10	$ 3.25
Hypothetical- B		$ 1,000	$ 1,021.52	$ 3.31
Class C	1.41%
Actual		$ 1,000	$ 979.40	$ 6.92
Hypothetical- B		$ 1,000	$ 1,017.80	$ 7.05
Fidelity® Sustainable Core Plus Bond Fund	.45%
Actual		$ 1,000	$ 984.10	$ 2.21
Hypothetical- B		$ 1,000	$ 1,022.56	$ 2.26
Class I	.41%
Actual		$ 1,000	$ 984.30	$ 2.02
Hypothetical- B		$ 1,000	$ 1,022.76	$ 2.06
Class Z	.36%
Actual		$ 1,000	$ 984.60	$ 1.77
Hypothetical- B		$ 1,000	$ 1,023.01	$ 1.81

A Annualized expense ratio reflects expenses net of applicable fee waivers.

B 5% return per year before expenses

Investment Summary/Performance

Highly liquid investments - cash or convertible to cash within three business days or less
Moderately liquid investments - convertible to cash in three to seven calendar days
Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
Illiquid investments - cannot be sold or disposed of within seven calendar days

1.9904880.100

SCB-SANN-0423

Fidelity® Series Government Money Market Fund

Semi-Annual Report

February 28, 2023

Contents

You may also call 1-800-544-8544 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.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Investment Summary/Performance February 28, 2023 (Unaudited)

Current 7-Day Yields

Fidelity® Series Government Money Market Fund	4.64%

Yield refers to the income paid by the Fund over a given period. Yield for money market funds is usually for seven-day periods, as it is here, though it is expressed as an annual percentage rate. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund.

Effective Maturity Diversification (% of Fund's Investments)
Days
1 - 7	95.5
8 - 30	1.2
31 - 60	1.7
61 - 90	1.0
91 - 180	0.3
> 180	0.3
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.

Asset Allocation (% of Fund's net assets)

Net Other Assets (Liabilities) - (1.1)%

Net Other Assets (Liabilities) are not available in the pie chart.

Schedule of Investments February 28, 2023 (Unaudited)

Showing Percentage of Net Assets

U.S. Treasury Debt - 5.1%
	Yield (%)(a)	Principal Amount (b)	Value ($)
U.S. Treasury Obligations - 5.1%
U.S. Treasury Bills
3/2/23 to 5/4/23	3.29 to 4.56	9,000,000	8,967,835
U.S. Treasury Notes
4/30/23 to 10/31/24 (c)	4.73 to 4.95	208,000,000	207,946,091

TOTAL U.S. TREASURY DEBT (Cost $216,913,926)			216,913,926

U.S. Government Agency Debt - 16.5%
	Yield (%)(a)	Principal Amount (b)	Value ($)
Federal Agencies - 16.5%
Federal Farm Credit Bank
7/26/23 to 2/10/25 (c)(d)	4.61 to 4.75	54,000,000	53,998,256
Federal Home Loan Bank
3/1/23 to 11/22/24 (c)	3.38 to 5.15	633,670,000	632,966,209
Freddie Mac
5/3/24 (c)(d)	4.68	12,000,000	12,000,000

TOTAL U.S. GOVERNMENT AGENCY DEBT (Cost $698,964,465)			698,964,465

U.S. Government Agency Repurchase Agreement - 12.8%
	Maturity Amount ($)	Value ($)
In a joint trading account at 4.55% dated 2/28/23 due 3/1/23 (Collateralized by U.S. Government Obligations) #	183,473,208	183,450,000
With:
ABN AMRO Bank NV at 4.55%, dated 2/28/23 due 3/1/23 (Collateralized by U.S. Treasury Obligations valued at $7,148,236, 1.25% - 5.00%, 5/15/27 - 2/1/53)	7,000,885	7,000,000
BMO Harris Bank NA at 4.56%, dated:
2/2/23 due 3/7/23 (Collateralized by U.S. Government Obligations valued at $5,117,442, 3.50% - 6.00%, 10/20/47 - 1/20/53)	5,031,033	5,000,000
2/27/23 due 3/7/23 (Collateralized by U.S. Government Obligations valued at $4,081,034, 3.00%, 9/20/47)	4,012,160	4,000,000
BNP Paribas, SA at:
4.53%, dated:
1/18/23 due 3/7/23 (Collateralized by U.S. Government Obligations valued at $17,483,210, 0.00% - 7.00%, 5/31/23 - 1/20/53)	17,130,489	17,000,000
1/19/23 due 3/7/23 (Collateralized by U.S. Government Obligations valued at $5,126,891, 0.00% - 7.00%, 10/31/23 - 2/1/53)	5,037,750	5,000,000
4.55%, dated 1/23/23 due 3/7/23 (Collateralized by U.S. Treasury Obligations valued at $25,627,210, 0.00% - 6.00%, 4/30/23 - 1/1/57)	25,186,424	25,000,000
4.56%, dated:
2/3/23 due 3/3/23 (Collateralized by U.S. Government Obligations valued at $8,188,883, 0.00% - 6.50%, 3/23/23 - 2/1/53)	8,028,342	8,000,000
2/6/23 due 3/6/23 (Collateralized by U.S. Government Obligations valued at $23,551,659, 0.00% - 7.00%, 4/30/24 - 2/1/53)	23,081,484	23,000,000
2/8/23 due 3/7/23 (Collateralized by U.S. Government Obligations valued at $4,091,047, 0.00% - 4.84%, 1/31/24 - 2/15/53)	4,014,171	4,000,000
4.57%, dated 1/27/23 due 3/7/23 (Collateralized by U.S. Treasury Obligations valued at $4,135,415, 0.00% - 7.00%, 3/28/23 - 5/15/52)	4,029,959	4,000,000
4.75%, dated 2/28/23 due 3/7/23 (Collateralized by U.S. Government Obligations valued at $27,047,903, 0.00% - 6.50%, 4/30/23 - 1/1/53)	26,706,295	26,500,000
4.8%, dated 2/17/23 due 3/7/23 (Collateralized by U.S. Treasury Obligations valued at $10,219,808, 0.00% - 6.00%, 4/30/23 - 2/1/57)	10,118,667	10,000,000
BofA Securities, Inc. at 4.75%, dated 2/28/23 due 3/7/23 (Collateralized by U.S. Treasury Obligations valued at $6,120,864, 0.88%, 9/30/26)	6,051,458	6,000,000
CIBC Bank U.S.A. at:
4.56%, dated 2/16/23 due 3/7/23 (Collateralized by U.S. Government Obligations valued at $4,086,786, 1.88% - 6.00%, 2/28/27 - 3/1/53)	4,012,667	4,000,000
4.62%, dated 2/2/23 due 3/23/23 (Collateralized by U.S. Government Obligations valued at $1,029,895, 0.00% - 7.00%, 8/15/26 - 9/16/63)	1,006,288	1,000,000
Citibank NA at 4.56%, dated 2/23/23 due 3/2/23 (Collateralized by U.S. Treasury Obligations valued at $8,169,259, 0.00% - 8.63%, 4/15/23 - 9/15/65)	8,007,093	8,000,000
Citigroup Global Capital Markets, Inc. at 4.56%, dated:
2/2/23 due 3/1/23 (Collateralized by U.S. Treasury Obligations valued at $8,187,942, 1.38% - 6.68%, 8/31/26 - 1/20/73)	8,027,360	8,000,000
2/23/23 due 3/2/23 (Collateralized by U.S. Government Obligations valued at $7,145,510, 1.63% - 4.50%, 11/30/26 - 5/20/52)	7,006,207	7,000,000
Deutsche Bank AG, New York at 4.56%, dated:
2/23/23 due 3/2/23 (Collateralized by U.S. Treasury Obligations valued at $3,062,420, 4.00%, 10/31/29)	3,002,660	3,000,000
2/28/23 due 3/1/23 (Collateralized by U.S. Government Obligations valued at $10,301,305, 3.75%, 11/15/46)	10,001,267	10,000,000
Goldman Sachs & Co. at 4.56%, dated:
2/22/23 due 3/1/23 (Collateralized by U.S. Government Obligations valued at $24,501,706, 3.00% - 4.50%, 3/1/46 - 4/1/52)	24,021,280	24,000,000
2/24/23 due 3/3/23 (Collateralized by U.S. Government Obligations valued at $35,722,610, 2.50% - 6.50%, 12/15/24 - 6/20/52)	35,031,033	35,000,000
2/28/23 due 3/7/23 (Collateralized by U.S. Government Obligations valued at $11,221,421, 3.50% - 7.50%, 6/1/30 - 6/20/52)	11,009,753	11,000,000
Mitsubishi UFJ Securities (U.S.A.), Inc. at 4.58%, dated:
2/15/23 due 4/26/23 (Collateralized by U.S. Government Obligations valued at $4,087,267, 2.50% - 5.00%, 1/1/26 - 3/1/53)	4,035,622	4,000,000
2/28/23 due 4/26/23 (Collateralized by U.S. Government Obligations valued at $18,362,337, 2.50% - 5.50%, 7/1/24 - 1/1/53)	18,130,530	18,000,000
RBC Dominion Securities at 4.56%, dated 2/2/23 due 3/7/23 (Collateralized by U.S. Government Obligations valued at $22,521,485, 0.00% - 4.50%, 1/15/25 - 8/20/52)	22,136,547	22,000,000
RBC Financial Group at 4.56%, dated 2/2/23 due 3/7/23 (Collateralized by U.S. Government Obligations valued at $50,153,229, 0.13% - 6.50%, 4/30/24 - 2/20/53)	49,304,127	49,000,000
TD Securities (U.S.A.) at 4.56%, dated 2/28/23 due 3/1/23 (Collateralized by U.S. Government Obligations valued at $12,241,551, 2.50%, 7/20/51)	12,001,520	12,000,000
TOTAL U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENT (Cost $543,950,000)		543,950,000

U.S. Treasury Repurchase Agreement - 66.7%
	Maturity Amount ($)	Value ($)
With:
ABN AMRO Bank NV at 4.55%, dated 2/28/23 due 3/1/23 (Collateralized by U.S. Treasury Obligations valued at $9,207,612, 0.50% - 3.38%, 4/30/27 - 8/15/46)	9,001,138	9,000,000
Barclays Bank PLC at 4.55%, dated 2/28/23 due 3/1/23 (Collateralized by U.S. Treasury Obligations valued at $31,624,057, 0.75% - 2.38%, 5/31/26 - 5/15/27)	31,003,918	31,000,000
CIBC Bank U.S.A. at 4.55%, dated 2/2/23 due 3/7/23
(Collateralized by U.S. Treasury Obligations valued at $10,234,981, 0.50% - 3.38%, 2/29/24 - 11/15/50)	10,061,931	10,000,000
(Collateralized by U.S. Treasury Obligations valued at $4,094,065, 0.50% - 4.50%, 7/31/24 - 8/15/48)	4,024,772	4,000,000
Commerz Markets LLC at 4.55%, dated:
2/22/23 due 3/1/23 (Collateralized by U.S. Treasury Obligations valued at $9,188,221, 0.38% - 3.88%, 7/31/24 - 5/15/45)	9,007,963	9,000,000
2/23/23 due 3/2/23 (Collateralized by U.S. Treasury Obligations valued at $11,228,890, 0.25% - 4.00%, 7/31/24 - 5/15/45)	11,009,732	11,000,000
2/28/23 due 3/1/23 (Collateralized by U.S. Treasury Obligations valued at $8,161,073, 1.88% - 3.25%, 7/31/24 - 5/15/45)	8,001,011	8,000,000
Deutsche Bank Securities, Inc. at 4.55%, dated 2/28/23 due 3/1/23 (Collateralized by U.S. Treasury Obligations valued at $3,060,448, 2.50%, 5/15/24)	3,000,379	3,000,000
Federal Reserve Bank of New York at 4.55%, dated 2/28/23 due 3/1/23 (Collateralized by U.S. Treasury Obligations valued at $1,965,248,438, 0.25% - 2.75%, 7/31/23 - 8/15/27)	1,965,248,354	1,965,000,000
Lloyds Bank PLC at:
4.59%, dated:
1/9/23 due 3/9/23 (Collateralized by U.S. Treasury Obligations valued at $3,085,265, 1.25% - 2.88%, 8/15/23 - 9/30/28)	3,022,568	3,000,000
1/23/23 due 3/23/23 (Collateralized by U.S. Treasury Obligations valued at $3,079,069, 1.50% - 3.25%, 8/15/23 - 11/30/28)	3,022,568	3,000,000
2/2/23 due 3/2/23 (Collateralized by U.S. Treasury Obligations valued at $3,070,547, 2.38% - 3.25%, 8/15/23 - 6/30/27)	3,010,710	3,000,000
4.6%, dated 1/13/23 due 3/13/23 (Collateralized by U.S. Treasury Obligations valued at $2,050,578, 2.38% - 3.25%, 8/15/23 - 6/30/27)	2,015,078	2,000,000
4.62%, dated 1/25/23 due 3/27/23 (Collateralized by U.S. Treasury Obligations valued at $2,049,374, 2.38% - 3.25%, 8/15/23 - 6/30/27)	2,015,657	2,000,000
4.75%, dated:
2/6/23 due 5/9/23 (Collateralized by U.S. Treasury Obligations valued at $2,048,857, 2.25% - 3.25%, 8/15/23 - 8/15/27)	2,024,278	2,000,000
2/7/23 due 5/9/23 (Collateralized by U.S. Treasury Obligations valued at $2,044,222, 2.38% - 3.25%, 8/15/23 - 6/30/27)	2,024,014	2,000,000
4.87%, dated 2/22/23 due 5/22/23 (Collateralized by U.S. Treasury Obligations valued at $2,044,927, 0.38% - 2.88%, 8/15/23 - 7/31/27)	2,024,079	2,000,000
4.9%, dated 2/28/23 due 5/30/23 (Collateralized by U.S. Treasury Obligations valued at $3,059,219, 0.25% - 2.50%, 8/15/23 - 9/30/25)	3,037,158	3,000,000
Mizuho Bank, Ltd. at 4.55%, dated 2/28/23 due 3/1/23 (Collateralized by U.S. Treasury Obligations valued at $11,235,602, 0.25%, 3/15/24)	11,001,390	11,000,000
MUFG Securities EMEA PLC at 4.55%, dated 2/28/23 due 3/1/23 (Collateralized by U.S. Treasury Obligations valued at $20,403,038, 1.00%, 7/31/28)	20,002,528	20,000,000
Natixis SA at 4.55%, dated 2/2/23 due 3/7/23 (Collateralized by U.S. Treasury Obligations valued at $6,140,936, 0.00% - 6.00%, 4/25/23 - 2/15/42)	6,037,158	6,000,000
RBS Securities, Inc. at 4.56%, dated 2/24/23 due 3/3/23 (Collateralized by U.S. Treasury Obligations valued at $2,041,297, 6.13% - 6.63%, 2/15/27 - 11/15/27)	2,001,773	2,000,000
Royal Bank of Canada at 4.56%, dated 2/2/23 due 3/7/23 (Collateralized by U.S. Treasury Obligations valued at $1,023,831, 1.25% - 2.75%, 9/30/24 - 8/15/42)	1,004,433	1,000,000
SMBC Nikko Securities America, Inc. at 4.55%, dated 2/28/23 due 3/1/23 (Collateralized by U.S. Treasury Obligations valued at $713,996,559, 0.50% - 2.75%, 10/31/27 - 8/15/32)	700,088,472	700,000,000
Societe Generale at 4.55%, dated:
2/23/23 due 3/2/23 (Collateralized by U.S. Treasury Obligations valued at $3,062,419, 4.00%, 11/15/42)	3,002,654	3,000,000
2/24/23 due 3/3/23 (Collateralized by U.S. Treasury Obligations valued at $9,185,866, 4.00%, 11/15/42)	9,007,963	9,000,000
2/28/23 due 3/7/23 (Collateralized by U.S. Treasury Obligations valued at $2,040,322, 4.00%, 11/15/42)	2,001,769	2,000,000
TOTAL U.S. TREASURY REPURCHASE AGREEMENT (Cost $2,826,000,000)		2,826,000,000

TOTAL INVESTMENT IN SECURITIES - 101.1% (Cost $4,285,828,391)	4,285,828,391
NET OTHER ASSETS (LIABILITIES) - (1.1)%	(45,257,655)
NET ASSETS - 100.0%	4,240,570,736

The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets.

Legend

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

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

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

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

Investment Valuation

All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in these securities. For more information on valuation inputs, refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Other Information
# Additional information on each counterparty to the repurchase agreement is as follows:
Repurchase Agreement / Counterparty	Value ($)
$183,450,000 due 3/01/23 at 4.55%
BNY Mellon Capital Markets LLC	11,310,000
Bank of America, N.A.	19,616,000
Bank of Nova Scotia	3,675,000
BofA Securities, Inc.	10,906,000
Citigroup Global Markets, Inc.	13,622,000
HSBC Securities (USA), Inc.	2,452,000
ING Financial Markets LLC	980,000
JP Morgan Securities LLC	5,449,000
Mitsubishi UFJ Securities Holdings Ltd	2,724,000
Mizuho Securities USA, Inc.	1,362,000
Nomura Securities International	16,347,000
RBC Dominion Securities, Inc.	20,163,000
Sumitomo Mitsui Banking Corp.	41,412,000
Sumitomo Mitsui Banking Corp. NY	19,810,000
Wells Fargo Securities LLC	13,622,000
	183,450,000

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				February 28, 2023 (Unaudited)

Assets
Investment in securities, at value (including repurchase agreements of $3,369,950,000) - See accompanying schedule Unaffiliated issuers (cost $4,285,828,391):			$	4,285,828,391
Cash				16
Receivable for investments sold				2,573,917
Receivable for fund shares sold				2,261,191
Interest receivable				4,638,425
Total assets				4,295,301,940
Liabilities
Payable for investments purchased	$	13,999,824
Payable for fund shares redeemed		40,712,701
Other payables and accrued expenses		18,679
Total Liabilities				54,731,204
Net Assets			$	4,240,570,736
Net Assets consist of:
Paid in capital			$	4,240,542,700
Total accumulated earnings (loss)				28,036
Net Assets			$	4,240,570,736
Net Asset Value , offering price and redemption price per share ($4,240,570,736 ÷ 4,240,547,544 shares)			$	1.00

Statement of Operations
				Six months ended February 28, 2023 (Unaudited)
Investment Income
Interest			$	66,833,014
Expenses
Custodian fees and expenses	$	27,242
Independent trustees' fees and expenses		5,723
Total expenses before reductions		32,965
Expense reductions		(2,919)
Total expenses after reductions				30,046
Net Investment income (loss)				66,802,968
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(61,662)
Total net realized gain (loss)				(61,662)
Net increase in net assets resulting from operations			$	66,741,306

Statement of Changes in Net Assets

		Six months ended February 28, 2023 (Unaudited)		Year ended August 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	66,802,968	$	16,325,351
Net realized gain (loss)		(61,662)		(5,778)
Net increase in net assets resulting from operations		66,741,306		16,319,573
Distributions to shareholders		(66,913,257)		(16,325,108)
Share transactions
Proceeds from sales of shares		3,567,166,419		479,055,294
Reinvestment of distributions		64,907,872		16,320,750
Cost of shares redeemed		(1,764,098,305)		(7,815,340,786)
Net increase (decrease) in net assets and shares resulting from share transactions		1,867,975,986		(7,319,964,742)
Total increase (decrease) in net assets		1,867,804,035		(7,319,970,277)

Net Assets
Beginning of period		2,372,766,701		9,692,736,978
End of period	$	4,240,570,736	$	2,372,766,701

Other Information
Shares
Sold		3,567,166,419		479,055,294
Issued in reinvestment of distributions		64,907,872		16,320,750
Redeemed		(1,764,098,305)		(7,815,340,786)
Net increase (decrease)		1,867,975,986		(7,319,964,742)

Financial Highlights

Fidelity® Series Government Money Market Fund

		Six months ended (Unaudited) February 28, 2023		Years ended August 31, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	1.00	$	1.00	$	1.00	$	1.00	$	1.00	$	1.00
Income from Investment Operations
Net investment income (loss) A		.019		.003		.001		.010		.024		.015
Net realized and unrealized gain (loss)		- B		.002		- B		.001		- B		- B
Total from investment operations		.019		.005		.001		.011		.024		.015
Distributions from net investment income		(.019)		(.005)		(.001)		(.011)		(.024)		(.015)
Total distributions		(.019)		(.005)		(.001)		(.011)		(.024)		(.015)
Net asset value, end of period	$	1.00	$	1.00	$	1.00	$	1.00	$	1.00	$	1.00
Total Return C,D		1.89%		.53%		.10%		1.08%		2.38%		1.53%
Ratios to Average Net Assets A,E,F
Expenses before reductions G		-% H		-%		-%		-%		-%		-%
Expenses net of fee waivers, if any G		-% H		-%		-%		-%		-%		-%
Expenses net of all reductions G		-% H		-%		-%		-%		-%		-%
Net investment income (loss)		3.90% H		.31%		.10%		.98%		2.35%		1.54%
Supplemental Data
Net assets, end of period (000 omitted)	$	4,240,571	$	2,372,767	$	9,692,737	$	9,500,272	$	6,572,472	$	7,839,750

A 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.

B Amount represents less than $.0005 per share.

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

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

E 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.

G Amount represents less than .005%.

H Annualized.

Notes to Financial Statements (Unaudited)

For the period ended February 28, 2023

1. Organization.

Fidelity Series Government Money Market 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. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts.

2. Significant Accounting Policies.

Investment Valuation. 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)

As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.

Investment Transactions and Income. The net asset value 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. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

Expenses. 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.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Book-tax differences are primarily due to losses deferred due to wash sales.

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

Gross unrealized appreciation	$-
Gross unrealized depreciation	-
Net unrealized appreciation (depreciation)	$-
Tax cost	$4,285,828,391

Short-term

$(3,856)

Repurchase Agreements. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, funds and other registered investment companies having management contracts with Fidelity Management and Research Company LLC, or its affiliates are permitted to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. Funds may also invest directly with institutions in repurchase agreements. Repurchase agreements may be collateralized by cash or government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The collateral balance is monitored on a daily basis to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

3. 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 does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

4. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $2,919.

5. Other.

At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

6. Risk and Uncertainties.

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2022 to February 28, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value September 1, 2022	Ending Account Value February 28, 2023	Expenses Paid During Period- C September 1, 2022 to February 28, 2023

Fidelity® Series Government Money Market Fund	-%- D
Actual		$ 1,000	$ 1,018.90	$- E
Hypothetical- B		$ 1,000	$ 1,024.79	$- E

A Annualized expense ratio reflects expenses net of applicable fee waivers.

B 5% return per year before expenses

D Amount represents less than .005%.

E Amount represents less than $.005.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Series Government Money Market Fund

At its September 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.

Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds throughout the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.

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

Administrative Services . The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.

Investment Performance . The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, collective investment trusts, and 529 plans managed by Fidelity and ultimately to enhance the performance of those investment companies, collective investment trusts, and 529 plans.

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

Competitiveness of Management Fee and Total Expense Ratio . The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds, collective investment trusts, and 529 plans that invest in the fund. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.003% through December 31, 2024.

Based on its review, the Board considered that the fund does not pay a management fee and concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability . The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund, with limited exceptions.

Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with certain limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.

Additional Information Requested by the Board . In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.

1.9878696.106

GVM-SANN-0423

Fidelity® SAI Sustainable Core Plus Bond Fund

Semi-Annual Report

February 28, 2023

Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity ® SAI is a product name of Fidelity ® funds dedicated to certain programs affiliated with Strategic Advisers.

Contents

You may also call 1-800-544-3455 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.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.